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0000711642-13-000077.txt : 20130401 0000711642-13-000077.hdr.sgml : 20130401 20130401161144 ACCESSION NUMBER: 0000711642-13-000077 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20121231 FILED AS OF DATE: 20130401 DATE AS OF CHANGE: 20130401 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL TAX CREDIT PARTNERS L P CENTRAL INDEX KEY: 0000847415 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 954205231 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-18541 FILM NUMBER: 13731256 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD STE 201 STREET 2: C/O NAT'L PARTNERSHIP INVESTMENTS CORP CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 2132782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD STREET 2: SUITE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10-K 1 ntcp1212_10k.htm FORM 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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, 2012

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

For the transition period from _________to _________

Commission file number 0-18541

NATIONAL TAX CREDIT PARTNERS, L.P.

(Exact name of registrant as specified in its charter)

California	95-3906167
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

80 International Drive

Greenville, South Carolina 29615

(Address of principal executive offices)

Registrant's telephone number, including area code (864) 239-1000

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

None

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

Limited Partnership Units

(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 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 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 Partnerships in which the Partnership has invested. Readers should carefully review the Partnership’s financial statements and the notes thereto, as well as the other documents the Partnership files from time to time with the Securities and Exchange Commission.

PART I

Item 1. Business.

National Tax Credit Partners, L.P. ("NTCP" or the "Partnership") is a limited partnership formed under the laws of the State of California on March 7, 1989. The Partnership was formed to invest primarily in other limited partnerships (the "Local Partnerships") which own or lease and operate multifamily housing complexes that are eligible for low-income housing tax credits, or in certain cases, historic rehabilitation tax credits (“Tax Credits”). The general partner of the Partnership (the “General Partner”) is National Partnership Investments, LLC (“NAPICO”), a California limited liability company. 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 originally registered 14,000 units, consisting of 28,000 Limited Partnership Interests ("LPI"), and warrants to purchase a maximum of 14,000 Additional Limited Partnership Interests ("ALPI"). The term of the offering expired in June 1990, at which date the Partnership raised $59,749,000 from the sale of 16,336 LPI and warrants representing 7,563 ALPI. The Partnership shall continue in full force and effect until December 31, 2029, unless terminated prior to that, pursuant to the partnership agreement or law.

In general, an owner of a low-income housing apartment complex ("Apartment Complex") is entitled to receive Housing Tax Credits in each year of a ten-year period (the "Credit Period"). The Apartment Complex is subject to a 15-year compliance period (the "Compliance Period") to preserve the Housing Tax Credits. In addition to the Housing Tax Credits, tax credits are available for certain rehabilitation expenditures incurred in improving certified historic structures ("Historic Tax Credits", and together with Housing Tax Credits are referred to as "Tax Credits"). Tax Credits are available to the Limited Partners to reduce their Federal income tax liability. The ability of a Limited Partner to utilize Tax Credits or allocated losses may be restricted by the passive activity loss limitation and the general business tax credit limitation rules. NTCP invested in Local Partnerships that each own an Apartment Complex that was eligible for (i) Housing Tax Credits or (ii) in certain cases, Historic Tax Credits and, in some cases, both. Several of the Local Partnerships also benefit from government programs promoting low or moderate income housing.

The Apartment Complexes owned by the Local Partnerships in which NTCP has invested were developed by the local operating general partners (the “Local Operating General Partners”) who acquired the sites and applied for applicable mortgages and subsidies, if any. NTCP became the principal limited partner in these Local Partnerships pursuant to arm's-length negotiations with the Local Operating General Partners. As a limited partner, NTCP's liability for obligations of the Local Partnership is generally limited to its investment. The Local Operating General Partner of the Local Partnership retains responsibility for developing, constructing, maintaining, operating and managing the Apartment Complex. Under certain circumstances, an affiliate of NAPICO or NTCP may act as the Local Operating General Partner. An affiliate, National Tax Credit, LLC ("NTC") or another affiliate, is acting as a non-managing, administrative general partner or special limited partner of each Local Partnership.

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

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

Item 1A. Risk Factors.

Not applicable.

Item 2. Properties.

The following is a schedule of the occupancy status as of December 31, 2012 and 2011, of the Apartment Complexes owned by Local Partnerships in which NTCP is a limited partner.

SCHEDULE OF PROJECTS OWNED BY LOCAL PARTNERSHIPS

IN WHICH NTCP HAS AN INVESTMENT

DECEMBER 31, 2012

		Units
		Authorized For	Percentage of	Percentage of
		Rental	Total Units	Total Units
	No. of	Assistance Under	Occupied	Occupied
Name and Location	Units	Section 8 (A)	2012	2011

Summit I – Wallace
Philadelphia, PA	17	--	(B)	(B)

Summit II – Bergdoll
Philadelphia, PA	9	--	(B)	(B)

Summit III – Chandler
Philadelphia, PA	25	--	(B)	(B)

TOTAL	51	--

(A) Section 8 of Title II of the Housing and Community Development Act of 1974.

(B) Information is not available.

Ownership Percentages

The following table details the Partnership ownership percentages of the Local Partnerships and the cost of acquisition of such ownership. All interests are limited partner interests. Also included is the total mortgage encumbrance on each property for each of the Local Partnerships as of December 31, 2012.

		Original
		Cost of
	NTCP Percentage	Ownership	Mortgage
Partnership Name	Interest	Interest	Notes
		(in thousands)
Art Museum – Wallace	99%	$ 1,550	(A)
Art Museum – Bergdoll	99%	603	(A)
Art Museum - Chandler	99%	1,985	(A)
Total – December 31, 2012		$ 4,138

(A) Information is not available.

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 the 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 PaineWebber Incorporated. It is not anticipated that any active public market will develop for the purchase and sale of any Limited 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 not be transferred but can be assigned only if certain requirements in the Partnership Agreement are satisfied. At December 31, 2012, there were 3,042 registered holders of 23,464 Limited Partnership Interests in the Partnership. The Partnership was not designed to provide cash distributions to Limited Partners in circumstances other than refinancing or disposition of its investments in Local Partnerships and then such distributions, if any, may be limited. Distributions have not been made from the inception of the Partnership to December 31, 2012.

Bethesda and its affiliates owned 437 limited partnership interests in the Partnership representing 1.86% of the outstanding interests in the Partnership at December 31, 2012. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters, that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Item 6. Selected Financial Data.

Not applicable.

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

This item should be read in conjunction with the financial statements and other items contained elsewhere in this 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 is the receipt of distributions from Local Partnerships in which the Partnership has invested. It is not expected that any of the Local Partnerships in which the Partnership invested will generate cash from operations sufficient to provide distributions to the Limited Partners. Such cash from operations, if any, would first be used to meet operating expenses of the Partnership. The Partnership's investments are not readily marketable and may be affected by adverse general economic conditions which, in turn, could substantially increase the risk of operating losses for the Apartment Complexes, the Local Partnerships and the Partnership. These problems may result from a number of factors, many of which cannot be controlled by the General Partner. In order to replenish the Partnership's cash reserves, the Partnership intends to generate additional cash from sales and refinancings of certain properties owned by Local Partnerships and through sales of the Partnership’s limited partner interests in Local Partnerships.

As of December 31, 2012 and 2011, the Partnership had cash and cash equivalents of approximately $58,000 and $110,000, respectively. The decrease in cash and cash equivalents of approximately $52,000 is due to approximately $102,000 of cash used in operating activities, partially offset by approximately $50,000 of cash provided by investing activities. Cash provided by investing activities consisted of proceeds from the sale of the Partnership’s limited partnership interest in one Local Partnership during 2012.

Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income. During the year ended December 31, 2011, the Partnership received operating distributions of approximately $60,000 from four Local Partnerships in which it does not have an investment balance, which were recognized as income. There were no such distributions received during the year ended December 31, 2012.

The Partnership does not have the ability to assess Limited Partners for additional capital contributions to provide capital if needed by the Partnership or Local Partnerships. Accordingly, if circumstances arise that cause the Local Partnerships to require capital in addition to that contributed by the Partnership and any equity of the local general partners, the only sources from which such capital needs will be able to be satisfied (other than the limited reserves available at the Partnership level) will be (i) third-party debt financing (which may not be available if, as expected, the Apartment Complexes owned by the Local Partnerships are already substantially leveraged), (ii) other equity sources (which could adversely affect the Partnership's interest in operating cash flow and/or proceeds of sale or refinancing of the Apartment Complexes and possibly even result in adverse tax consequences to the Limited Partners), or (iii) the sale or disposition of Apartment Complexes. There can be no assurance that any of such sources would be readily available in sufficient proportions to fund the capital requirements of the Local Partnerships. If such sources are not available, the Local Partnerships would risk foreclosure on their Apartment Complexes if they were unable to renegotiate the terms of their first mortgages and any other debt secured by the Apartment Complexes, which would have significant adverse tax consequences to the Limited Partners.

Results of Operations

The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investment in the Local Partnerships using the equity method. Thus the individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. However, since the Partnership is not legally liable for the obligations of the Local Partnerships, and is not otherwise committed to providing additional support to them, it does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balances until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the statements of operations. During the year ended December 31, 2011, the Partnership received operating distributions of approximately $60,000 from four Local Partnerships in which it does not have an investment balance, which were recognized as income. There were no such distributions received during the year ended December 31, 2012. For those investments where the Partnership has determined that the carrying value of the Partnership’s investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received, and amortization of acquisition costs from those Local Partnerships. The Partnership recognized no equity in income or loss from Local Partnerships during the years ended December 31, 2012 and 2011.

At times, advances are made to Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in limited partnerships. Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense. There were no advances from the Partnership to the Local Partnerships during the years ended December 31, 2012 and 2011. While not obligated to make any advances to any of the Local Partnerships, the Partnership may make advances in order to protect its economic investment in the Local Partnerships.

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

The Partnership’s net loss for the year ended December 31, 2012 was approximately $139,000, compared to net income of approximately $94,000 for the year ended December 31, 2011. The increase in net loss was due to decreases in gain from sales of limited partnership interests in Local Partnerships and distributions from Local Partnerships recognized as income, partially offset by a decrease in total operating expenses.

An annual management fee is payable to the General Partner and is calculated at 0.5 percent of the original invested assets of the remaining partnerships. The management fee represents the annual recurring fee which will be paid to the General Partner for the General Partner’s management of the Partnership's affairs. Management fees were approximately $88,000 and $162,000 for the years ended December 31, 2012 and 2011, respectively. The decrease in management fees is due to the sales of limited partnership interests in four Local Partnerships, Rolling Hills in May 2011 and Apple Tree, Kimberly Court and Torres del Plata I in June 2011.

Operating expenses, exclusive of the management fee, consist of legal and accounting fees for services rendered to the Partnership and general and administrative expenses. For the years ended December 31, 2012 and 2011, legal and accounting fees were approximately $66,000 and $70,000, respectively, and general and administrative expenses were approximately $35,000 and $65,000, respectively. The decrease in general and administrative expenses is primarily due to a decrease in the cost of services included in the management reimbursements paid to the General Partner as allowed under the Partnership Agreement, partially offset by an increase in filing fees related to the sale of partnership interests.

Because of (i) the nature of the Apartment Complexes, (ii) the difficulty of predicting the resale market for low-income housing in the future, and (iii) the inability of the Partnership to directly cause the sale of Apartment Complexes by local general partners, but generally only to require such local general partners to use their respective best efforts to find a purchaser for the Apartment Complexes it is not possible at this time to predict whether the liquidation of substantially all of the Partnership’s assets and the disposition of the proceeds, if any, in accordance with the Partnership Agreement will be able to be accomplished promptly. If a Local Partnership is unable to sell an Apartment Complex, it is anticipated that the local general partner will either continue to operate such Apartment Complex or take such other actions as the local general partner believes to be in the best interest of the Local Partnership.

The Partnership, as a limited partner in the Local Partnerships in which it has invested, is subject to the risks incident to the management and ownership of improved real estate. The Partnership's investments are also subject to adverse general economic conditions, and accordingly, the status of the national economy, including substantial unemployment and concurrent inflation, could increase vacancy levels, rental payment defaults, and operating expenses, which in turn, could substantially increase the risk of operating losses for the Apartment Complexes.

On November 13, 2012, the Partnership transferred its limited partnership interest in Glenark Associates Limited Partnership (“Glenark”), a Local Partnership, and received no proceeds for the transfer. The Partnership’s investment balance in Glenark was zero at the date of transfer and December 31, 2011.

On August 1, 2012, the Partnership assigned its limited partnership interest in Grand Meadows II Limited Dividend Housing Association LP (“Grand Meadows II”), a Local Partnership, for $50,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2012. The Partnership’s investment balance in Grand Meadows II was zero at the date of assignment and December 31, 2011.

On May 25, 2011, the Partnership sold its limited partnership interest in Rolling Hills Apartments, LP, a Local Partnership, for a sales price of $300,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in Rolling Hills was zero at the date of sale.

On June 7, 2011, the Partnership sold its limited partnership interest in two Local Partnerships, Apple Tree Associates and Kimberly Court Associates (“Apple Tree” and “Kimberly Court”, respectively) for a total sales price of $6,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in both Apple Tree and Kimberly Court was zero at the date of sale.

On June 15, 2011, the Partnership sold its limited partnership interest in Torres del Plata I LP, a Local Partnership, for a sales price of approximately $25,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in Torres del Plata I was zero at the date of sale.

In 2003, the property owned by Blue Lake was sold without the consent or knowledge of the Partnership and without the requisite recapture bond. The Partnership filed an action against the Local Operating General Partner of the Local Partnership in 2003 and the matter was settled in 2008. Under the terms of the settlement agreement, the Partnership was to receive payments totaling $300,000 by December 2009. The Partnership received $100,000 in July 2008 and no further payments have been received to date. On October 23, 2008, the Partnership obtained a judgment against the Local Operating General Partner of the Local Partnership as a result of the unpaid balance. The Partnership is taking action to collect the judgment. The Partnership had no investment in the Blue Lake Local Partnership at December 31, 2012 and 2011. Under the terms of the Partnership Agreement, neither the Partnership nor the General Partner is subject to a liability to the limited partners of the Partnership for the amounts of Tax Credits at risk of recapture as a result of the recapture bond not being obtained at the time of the sale of the property. The limited partners will be responsible for any tax credit recapture liability on their respective income tax returns.

Off-Balance Sheet Arrangements

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

Variable Interest Entities

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

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

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

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

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

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

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

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

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

The three VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of three apartment properties with a total of 51 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which was zero at December 31, 2012 and 2011. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Critical Accounting Policies and Estimates

A summary of the Partnership’s significant accounting policies is included in "Note 1 – Organization and Summary of Significant Accounting Policies" which is included in the financial statements in "Item 8. Financial Statements and Supplementary Data". The General Partner believes that the consistent application of these policies enables the Partnership to provide readers of the financial statements with useful and reliable information about the Partnership’s operating results and financial condition. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires the Partnership to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements as well as reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Judgments and assessments of uncertainties are required in applying the Partnership’s accounting policies in many areas. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

Method of Accounting for Investments in Limited Partnerships

The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. See “Item 8. Financial Statements and Supplementary Data, Note 1 – Organization and Summary of Significant Accounting Policies” for a description of the impairment policy. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once its investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income on the 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 Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable.

Item 8. Financial Statements and Supplementary Data.

NATIONAL TAX CREDIT PARTNERS, L.P.

LIST OF FINANCIAL STATEMENTS

Report of Independent Registered Public Accounting Firm

Balance Sheets - December 31, 2012 and 2011

Statements of Operations - Years ended December 31, 2012 and 2011

Statements of Changes in Partners' Deficit - Years ended December 31, 2012 and 2011

Statements of Cash Flows - Years ended December 31, 2012 and 2011

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

The Partners

National Tax Credit Partners, L.P.

We have audited the accompanying balance sheets of National Tax Credit Partners, L.P. as of December 31, 2012 and 2011, and the related statements of operations, changes in partners' deficit and cash flows for each of the two years in the period ended December 31, 2012. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audits.

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

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of National Tax Credit Partners, L.P. at December 31, 2012 and 2011, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.

/s/Ernst & Young LLP

Greenville, South Carolina

April 1, 2013

NATIONAL TAX CREDIT PARTNERS, L.P.

BALANCE SHEETS

(In thousands)

	December 31,
	2012	2011
Assets

Investments in and advances to Local Partnerships	$ --	$ --
Cash and cash equivalents	58	110
Accounts receivable	6	--
Total assets	$ 64	$ 110

Liabilities and Partners' Deficit

Liabilities:
Accounts payable and accrued expenses	$ 40	$ 37
Accrued fees due to affiliates	1,229	1,139
Total liabilities	1,269	1,176

Contingencies	--	--

Partners' deficit
General partner	(530)	(529)
Limited partners	(675)	(537)
Total partners’ deficit	(1,205)	(1,066)
Total liabilities and partners' deficit	$ 64	$ 110

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT PARTNERS, L.P.

STATEMENTS OF OPERATIONS

(In thousands, except per interest data)

	Years Ended
	December 31,
	2012	2011

Revenues	$ --	$ --

Operating expenses:
Management fees – general partner	88	162
General and administrative	35	65
Legal and accounting	66	70
Total operating expenses	189	297

Loss from Partnership operations	(189)	(297)
Gain from sales of limited partnership interests in
Local Partnerships	50	331
Distributions from Local Partnerships recognized
as income	--	60

Net income (loss)	$ (139)	$ 94

Net income (loss) allocated to general partner (1%)	$ (1)	$ 1
Net income (loss) allocated to limited partners (99%)	$ (138)	$ 93

Net income (loss) per limited partnership interest	$ (5.85)	$ 3.93

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT PARTNERS, L.P.

STATEMENTS OF CHANGES IN PARTNERS' DEFICIT

(In thousands)


	General	Limited
	Partner	Partners	Total

Partners' deficit,
December 31, 2010	$ (530)	$ (630)	$(1,160)

Net income (loss) for the year
ended December 31, 2011	1	93	94

Partners' deficit,
December 31, 2011	(529)	(537)	(1,066)

Net income (loss) for the year
ended December 31, 2012	(1)	(138)	(139)

Partners' deficit,
December 31, 2012	$ (530)	$ (675)	$(1,205)

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT PARTNERS, L.P.

STATEMENTS OF CASH FLOWS

(In thousands)

	Years Ended
	December 31,
	2012	2011
Cash flows from operating activities:
Net income (loss)	$ (139)	$ 94
Adjustments to reconcile net income (loss) to net cash used
in operating activities:
Gain from sales of limited partnership interests in
Local Partnerships	(50)	(331)
Change in accounts:
Accounts receivable	(6)	--
Accounts payable and accrued expenses	3	2
Accrued fees due to affiliates	90	(121)
Net cash used in operating activities	(102)	(356)

Cash flows provided by investing activities:
Proceeds from sales of limited partnership interests in
Local Partnerships	50	331

Net decrease in cash and cash equivalents	(52)	(25)

Cash and cash equivalents, beginning of year	110	135

Cash and cash equivalents, end of year	$ 58	$ 110

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT PARTNERS, L.P.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2012

Note 1 - Organization and Summary of Significant Accounting Policies

Organization

National Tax Credit Partners, L.P. (the "Partnership") was formed under the California Revised Limited Partnership Act and organized on March 7, 1989. The Partnership was formed to invest primarily in other limited partnerships (the “Local Partnerships”) which own and operate multifamily housing complexes that are eligible for low-income housing tax credits or, in certain cases, for historic rehabilitation tax credits. The general partner of the Partnership (the "General Partner") is National Partnership Investments, LLC, a California limited liability company ("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 Partner has a 1% interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99% interest in proportion to their respective investments.

The Partnership shall continue in full force and effect until December 31, 2029, unless terminated prior to that, pursuant to the partnership agreement or law.

Basis of Presentation

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

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

Use of Estimates

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

Method of Accounting for Investments in Local Partnerships

The investments in Local Partnerships are accounted for using the equity method. Acquisition, selection and other costs related to the acquisition of the projects acquired are capitalized as part of the investment accounts and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.

Abandoned Interests

During the years ended December 31, 2012 and 2011, the number of Limited Partnership Interests decreased by 132 and 50 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her Limited Partnership Interests, a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment. At December 31, 2012 and 2011, the Partnership had outstanding 23,464 and 23,596 limited partnership interests.

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 23,596 and 23,646 for the years ended December 31, 2012 and 2011, 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 balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

Impairment of Long-Lived Assets

The Partnership reviews its investments in long-lived assets to determine if there has been any 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 to the extent that the carrying value exceeds the estimated fair value. No adjustments for impairment of value were recorded during the years ended December 31, 2012 and 2011.

Segment Reporting

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also 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. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Variable Interest Entities

At December 31, 2012 and 2011, the Partnership holds variable interests in 3 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

The 3 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged in the ownership and management of 3 apartment properties with a total of 51 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which was zero at December 31, 2012 and 2011. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Note 2 - Investments in and Advances to Local Partnerships

At December 31, 2012, the Partnership holds limited partnership interests in 3 Local Partnerships, located in one state, that own residential projects consisting of 51 apartment units. At December 31, 2011, the Partnership held limited partnership interests in 5 Local Partnerships, located in three states, that owned residential projects consisting of 182 apartment units. The general partners responsible for management of the Local Partnerships (the "Local Operating General Partners") are not affiliated with the General Partner of the Partnership, except as discussed below.

National Tax Credit, LLC ("NTC"), an affiliate of the General Partner, typically serves either as a special limited partner or non-managing administrative general partner in which case it receives 0.01 percent of operating profits and losses of the Local Partnerships. NTC or another affiliate of the general partner may serve as the Local Operating General Partner of the Local Partnership in which case it is typically entitled to 0.09 percent of operating profits and losses of the respective Local Partnership. The Partnership is also generally entitled to receive 50 percent of the net cash flow generated by the Apartment Complexes, subject to repayment of any loans made to the Local Partnerships (including loans provided by NTC or an affiliate), repayment for funding of development deficit and operating deficit guarantees by the Local Operating General Partners or their affiliates (excluding NTC and its affiliates), and certain priority payments to the Local Operating General Partners other than NTC or its affiliates.

The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the statements of operations. During the year ended December 31, 2011, the Partnership received operating distributions of approximately $60,000 from four Local Partnerships in which it does not have an investment balance, which were recognized as income. There were no such distributions received during the year ended December 31, 2012.

At times, advances are made to Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in limited partnerships. Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense. There were no advances from the Partnership to Local Partnerships during the years ended December 31, 2012 and 2011. While not obligated to make any advances to any of the Local Partnerships, the Partnership may make advances in order to protect its economic investment in the Local Partnerships.

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

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

No unaudited condensed financial information or investee data for the years ended December 31, 2012 and 2011 are included as there is no information available for Summit I, II and III and due to the sale of the Partnership’s interest in Glenark Landing in November 2012 and Grand Meadows II in August 2012.

Note 3 – Transactions With Affiliated Parties

Under the terms of the Amended and Restated Agreement of the Limited Partnership, the Partnership is obligated to the General Partner for the following fees:

(a) An annual Partnership management fee in an amount equal to 0.5 percent of invested assets (as defined in the Partnership Agreement) as of the beginning of the year is payable to the General Partner. For the years ended December 31, 2012 and 2011, approximately $88,000 and $162,000, respectively, has been expensed. At December 31, 2012 and 2011, approximately $1,227,000 and $1,139,000, respectively, is owed to the General Partner and is included in accrued fees due to affiliates.

(b) A property disposition fee is payable to the General Partner in an amount equal to the lesser of (i) one-half of the competitive real estate commission that would have been charged by unaffiliated third parties providing comparable services in the area where the apartment complex is located, or (ii) 3 percent of the sales price received in connection with the sale or disposition of the apartment complex or local partnership interest, but in no event will the property disposition fee and all amounts payable to unaffiliated real estate brokers in connection with any such sale exceed in the aggregate, the lesser of the competitive rate (as described above) or 6 percent of such sale price. Receipt of the property disposition fee will be subordinated to the distribution of sale or refinancing proceeds by the Partnership until the limited partners have received distributions of sale or refinancing proceeds in an aggregate amount equal to (i) their 10 percent priority return for any year not theretofore satisfied (as defined in the Partnership Agreement) and (ii) an amount equal to the aggregate adjusted investment (as defined in the Partnership Agreement) of the limited partners. No disposition fees have been paid.

(c) The Partnership reimburses NAPICO for certain expenses. The reimbursement expense was approximately $2,000 and $41,000 for the years ended December 31, 2012 and 2011, respectively, and is included in general and administrative expenses. At December 31, 2012 and 2011, approximately $2,000 and zero, respectively, is owed to NAPICO and is included in accrued fees due to affiliates.

As of December 31, 2012, the fees due to the General Partner exceeded the Partnership’s cash. The Partnership Agreement provides that the fees and advances due to the General Partner may only be paid from the Partnership’s available cash, however, the Partnership still remains liable for all such amounts.

NTC, or another affiliate of the General Partner, is the Local Operating General Partner in the Partnership's three Local Partnerships. In addition, NTC is either a special limited partner or an administrative general partner in each Local Partnership.

Note 4 - Income Taxes

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

A reconciliation between the Partnership’s reported net income (loss) and the net income (loss) per tax return follows:

	Years Ended December 31,
	2012	2011
	(in thousands, except per limited partnership interest)
Net income (loss) per financial statements	$ (139)	$ 94
Partnership fees	88	129
Other	(279)	(254)
Gain on Local Partnership disposition	676	11,153
Partnership's share of Local Partnership	(130)	(648)
Income (loss) per tax return	$ 216	$ 10,474

Taxable income (loss) per limited partnership interest	$ 9.16	$ 441.35

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

	Years Ended December 31,
	2012	2011
	(in thousands)
Net liabilities as reported	$ (1,205)	$ (1,066)
Add (deduct):
Intangible (net)	2,566	2,724
Deferred offering costs	7,745	7,745
Investment in Partnerships	(6,274)	(6,819)
Other	1,876	1,908
Net assets (liabilities) – Federal tax basis	$ 4,708	$ 4,492

Note 5 - Contingencies

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

(a) Disclosure Controls and Procedures

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

Management’s Report on Internal Control Over Financial Reporting

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

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

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

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

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

The Partnership’s management assessed the effectiveness of the Partnership’s internal control over financial reporting as of December 31, 2012. In making this assessment, the Partnership’s management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework.

Based on the Partnership’s management’s assessment, the Partnership’s management concluded that, as of December 31, 2012, the Partnership’s internal control over financial reporting is effective.

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

(b) Changes in Internal Control Over Financial Reporting

There has been no change in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of 2012 that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

Item 9B. Other Information.

None.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

National Tax Credit Partners, L.P. (the “Partnership” or the “Registrant”) has no directors or officers. The general partner responsible for conducting the business of the Partnership is National Partnership Investments, LLC, a California limited liability company (“NAPICO” or the “General Partner”).

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

Name	Age	Position
Brian Flaherty	44	Senior Managing Director
Edward Schmidt	28	Director of Reporting

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

Edward Schmidt is the Director of Reporting of the General Partner and Bethesda Holdings II, LLC, and has served as the equivalent of the chief financial officer of the Partnership since February 28, 2013. Since February 2012, Mr. Schmidt has worked with McGrath Investment Management, LLC, most recently as a Director, with responsibilities for fund management and investor reporting. From 2010 through 2012, Mr. Schmidt served as a senior analyst for Aimco, a public reporting real estate investment trust, working in various management capacities, including within the finance function, the transaction finance and analytics department and the fund management department, which handled the internal investor reporting for Aimco. Prior to that, Mr. Schmidt worked in public accounting with Clifton Gunderson, LLP, now known as Clifton Larson Allen, LLP, where he served as a financial accountant for Special District Services, local government consultant, and, from 2008 to 2010, as auditor for the California State Revolving Fund. Mr. Schmidt received a Bachelor of Science Degree with a double concentration in Finance and Accounting from Colorado State University.

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

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

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

Item 11. Executive Compensation.

None of the officers of the General Partner received any remuneration from the Partnership during the year ended December 31, 2012.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

(a) Security Ownership of Certain Beneficial Owners

The General Partner owns all of the outstanding general partnership interests of the Partnership; no person is known to own beneficially in excess of 5 percent of the outstanding Limited Partnership Interests.

(b) None of the officers of the General Partner own directly or beneficially any Limited Partnership Interests in the Partnership.

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

Under the terms of the Amended and Restated Agreement of the Limited Partnership, the Partnership is obligated to the General Partner for the following fees:

The General Partner has no directors.

Item 14. Principal Accounting Fees and Services.

The General Partner has reappointed Ernst & Young LLP as independent auditors to audit the financial statements of the Partnership for 2013. The aggregate fees billed for services rendered by Ernst & Young LLP for 2012 and 2011 are described below.

Audit Fees. Fees for audit services totaled approximately $31,000 and $32,000 for the years 2012 and 2011, respectively. Fees for audit services also include fees for the reviews of the Partnership’s Quarterly Reports on Form 10-Q.

Tax Fees. Fees for tax services totaled approximately $17,000 and $20,000 for the years 2012 and 2011, respectively.

PART IV

Item 15. Exhibits, Financial Statement Schedules.

(a) The following financial statements are included in Item 8:

Balance Sheets – December 31, 2012 and 2011

Statements of Operations - Years ended December 31, 2012 and 2011

Statements of Changes in Partners' Deficit - Years ended December 31, 2012 and 2011

Statements of Cash Flows - Years ended December 31, 2012 and 2011

Notes to Financial Statements

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

(b) Exhibits:

See Exhibit Index

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

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

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

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

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

Accordingly, such representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. The Registrant 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 Registrant may be found elsewhere in this Form 10-K and the Registrant’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

SIGNATURES

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

	NATIONAL TAX CREDIT PARTNERS L.P.
	(a California limited partnership)

	By: National Partnership Investments, LLC.
	General Partner

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

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

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

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

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

NATIONAL TAX CREDIT PARTNERS, L.P.

EXHIBIT INDEX

Exhibit Description of Exhibit

3 Partnership Agreement (herein incorporated by reference to the Partnership's Form S-11 Registration No. 33-27658).

10.3 Assignment and Assumption Agreement, dated April 4, 2011, by and between National Tax Credit Partners, L.P., a California limited partnership; National Tax Credit, Inc., a California corporation; Rolling Hills, AGP LLC, a New Jersey limited liability company; RH-Michaels Investors, LLC, a New Jersey limited liability company; and Rolling Hills-Michaels, LLC, a New Jersey limited liability company, incorporated by reference to the Current Report on Form 8-K, dated May 25, 2011.

10.4 Assignment and Assumption Agreement, (Apple Tree) dated June 7, 2011, by and between National Tax Credit Partners, L.P., a California limited partnership; National Tax Credit, Inc., a California corporation; Tailored Management Services, LLC, an Idaho limited liability company and Marty D. Frantz, an individual, incorporated by reference to the Current Report on Form 8-K, dated June 7, 2011.

10.5 Assignment and Assumption Agreement, (Kimberly Court) dated June 7, 2011, by and between National Tax Credit Partners, L.P., a California limited partnership; National Tax Credit, Inc., a California corporation; Tailored Management Services, LLC, an Idaho limited liability company and Marty D. Frantz, an individual, incorporated by reference to the Current Report on Form 8-K, dated June 7, 2011.

10.6 First Amendment to Amended and Restated Certificate and Agreement of Limited Partnership, dated June 15, 2011, by and between National Tax Credit Partners, L.P., a California limited partnership; National Tax Credit, Inc., a California corporation; Futura Development of Puerto Rico, Inc. a Puerto Rico corporation and Alta Helena Investment, Inc., a Puerto Rico corporation, incorporated by reference to the Current Report on Form 8-K, dated June 15, 2011.

10.7 Assignment and Assumption of Partnership Interests and Third Amendment to the Amended and Restated Certificate and Agreement of Limited Partnership of Grand Meadows II Limited Dividend Housing Association Limited Partnership, a Michigan limited partnership, dated August 1, 2012, by and among National Tax Credit Partners, L.P., a California limited partnership, National Tax Credit, LLC, a California limited liability company, Rural Housing Corporation, a Michigan corporation, Thomas R. Runquist, and CP Grand Meadows II, LLC, a Michigan limited liability company, incorporated by reference to the Current Report on Form 8-K, dated August 1, 2012.

10.8 Third Amendment to Amended and Restated Certificate and Agreement of Limited Partnership of Glenark Associates Limited Partnership, dated November 13, 2012, by and between National Tax Credit Partners, L.P., a California limited partnership, and Rhode Island Housing Development Corporation, a Rhode Island non-profit corporation, incorporated by reference to the Current Report on Form 8-K, dated November 13, 2012.

14 Code of Ethics of National Tax Credit Partners, L.P.

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 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 National Tax Credit Partners, L.P.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statements of changes in partners’ deficit, (iv) statements of cash flows, and (v) notes to financial statements (1)

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

EX-14 2 ntcp_ex14.htm EXHIBIT 14

Exhibit 14

NATIONAL TAX CREDIT PARTNERS, L.P.

CODE OF BUSINESS CONDUCT AND ETHICS

Introduction

This code of business conduct and ethics (this “Code”) has been adopted by National Tax Credit Partners, L.P., on behalf of itself (collectively, the “Company”) pursuant to Item 406 of Regulation S-K (“Regulation S-K”) of the Securities and Exchange Commission (“SEC”), referred to herein as the “Applicable Rules,” in order to provide written standards and guidance to the Company’s directors, officers and employees (collectively, the “Covered Persons”) and covers a wide range of business practices and procedures. While it does not cover every issue that may arise, it sets out basic principles to guide the way Covered Persons conduct the Company’s business. All Covered Persons must conduct themselves accordingly and seek to avoid even the appearance of improper behavior.

The Company is committed to maintaining the highest standards of business conduct and ethics. This Code reflects the business practices and principles of behavior that support this commitment. We expect every Covered Person to read and understand this Code and its application to the performance of your business responsibilities.

Officers, managers and other supervisors are expected to develop in employees a sense of commitment to the spirit, as well as the letter, of this Code. Supervisors are also expected to use best efforts to ensure that all agents and contractors conform to Code standards when working for or on behalf of the Company. The compliance environment within each supervisor’s assigned area of responsibility will be a significant factor in evaluating the quality of that individual’s performance. In addition, any Covered Person who makes an exemplary effort to implement and uphold the Company’s legal and ethical standards will be recognized for that effort in their performance review. Nothing in this Code alters the employment at-will policy of the Company applicable to employees.

This Code cannot possibly describe every practice or principle related to honest and ethical conduct. This Code addresses conduct that is particularly important to proper dealings with the people and entities with which we interact on behalf of the Company, but reflects only a part of our commitment. The Company’s employee handbook contains additional policies of the Company that supplement or amplify this Code in certain areas and should be read in conjunction with this Code.

Action by members of your immediate family, significant others or other persons who live in your household also may potentially result in ethical issues to the extent that they involve Companybusiness. For example, acceptance of inappropriate gifts by a family member from one of the Company’s suppliers could create a conflict of interest and result in a Code violation attributable to you. Consequently, in complying with this Code, you should consider not only your own conduct, but also that of your immediate family members, significant others and other persons who live in your household.

The integrity and reputation of the Company depends on the honesty, fairness and integrity brought to the job by each person associated with us. It is the responsibility of each Covered Person to apply common sense, together with their own highest personal ethical standards, in making business decisions where there is no stated guideline in this Code. Unyielding personal integrity is the foundation of corporate integrity.

You should not hesitate to ask questions about whether any conduct may violate this Code, voice concerns or clarify ambiguous areas. Section 14 below details the compliance resources available to you. In addition, you should be alert to potential violations of this Code by others and report suspected violations, without fear of any form of retaliation, as further described in Section 14.Violations of this Code will not be tolerated. Any Covered Person who violates the standards in this Code may be subject to disciplinary action, up to and including termination of employment and, in appropriate cases, civil legal action or referral for criminal prosecution.

1. Legal Compliance

Obeying the law, both in letter and in spirit, is the foundation of this Code. Our success depends upon each employee operating within legal guidelines and cooperating with local, national and international authorities. It is therefore essential that you understand the legal and regulatory requirements applicable to your business unit and area of responsibility. We will hold periodic training sessions to ensure that all Covered Persons understand the relevant laws, rules and regulations associated with their employment, including laws prohibiting insider trading (which are discussed in further detail in Section 2 below). While we do not expect you to memorize every detail of these laws, rules and regulations, we want you to be able to determine when to seek advice from others. If you do have a question in the area of legal compliance, it is important that you not hesitate to seek answers from your supervisor or the Company’s legal counsel.

Disregard of the law will not be tolerated. Violation of domestic or foreign laws, rules and regulations may subject an individual, as well as the Company, to civil and/or criminal penalties. You should be aware that conduct and records, including emails, are subject to internal and external audits, and to discovery by third parties in the event of a government investigation or civil litigation. It is in everyone’s best interests to know and comply with our legal and ethical obligations.

2. Insider Trading

Covered Persons who have access to confidential (or “inside”) information of the Company are not permitted to use or share that information for trading purposes or for any other purpose except to conduct our business. All non-public information about the Company or about companies with which we do business is considered confidential information of the Company. To use material non-public information in connection with buying or selling securities, including “tipping” others who might make an investment decision on the basis of this information, is not only unethical, it is illegal. Covered Persons must exercise the utmost care when handling material inside information.

3. Environment Compliance

Federal law imposes criminal liability on any person or company that contaminates the environment with any hazardous substance that could cause injury to the community or environment. Violation of environmental laws can be a criminal offense and can involve monetary fines and imprisonment. We expect Covered Persons to comply with all applicable environmental laws.

It is our policy to conduct our business in an environmentally responsible way that minimizes environmental impacts. We are committed to minimizing and, if possible, eliminating the use of any substance or material that may cause environmental damage, reducing waste generation and disposing of all waste through safe and responsible methods, minimizing environmental risks by employing safe technologies and operating procedures, and being prepared to respond appropriately to accidents and emergencies.

4. Conflicts of Interest

A “conflict of interest” occurs when an individual’s personal interest (or the interest of a member of his or her family) may interfere in any way with the performance of his or her duties or the interests of the Company as a whole. A conflict of interest can arise when a Covered Person (or a member of his or her family) takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also arise when a Covered Person (or a member of his or her family) receives improper personal benefits as a result of his or her position in the Company. We expect our employees, officers and directors to be free from influences that conflict with the interests of the Company. Even the appearance of a conflict of interest where none actually exists can be damaging and should be avoided. Whether or not a conflict of interest exists or will exist can be unclear.

If you have any questions about a potential conflict or if you become aware of an actual or potential conflict and you are not an officer or director of the Company, you should discuss the matter with your supervisor or the Company’s legal counsel. Conflicts of interest are prohibited unless specifically approved by authorized persons. Supervisors are not authorized to approve a conflict of interest without first seeking the approval of the Company’s legal counsel and filing with the Company’s legal counsel a written description of the approved activity. If your supervisor is involved in the potential or actual conflict, initially, you should discuss the matter directly with the Company’s legal counsel. Officers and directors may seek authorization from individuals serving in roles functioning as the principal executive officer (the “PEO”) or the principal financial officer (the “PFO”) of the Company. Factors that may be considered in evaluating a potential conflict of interest are, among others:

· whether it may interfere with the Covered Person’s job performance, responsibilities or morale;

· whether the Covered Person has access to confidential information;

· whether it may interfere with the job performance, responsibilities or morale of others within the organization;

· any potential adverse or beneficial impact on our business;

· any potential adverse or beneficial impact on our relationships with our customers or suppliers or other service providers;

· whether it would enhance or support a competitor’s position;

· the extent to which it would result in financial or other benefit (direct or indirect) to the Covered Person;

· the extent to which it would result in financial or other benefit (direct or indirect) to one of our customers, suppliers or other service providers; and

· the extent to which it would appear improper to an outside observer.

The following are examples of situations that may, depending on the facts and circumstances, involve conflicts of interests:

· Employment by (including consulting for) or service on the board of a competitor, customer or supplier or other service provider.Activity that enhances or supports the position of a competitor to the detriment of the Company is prohibited, including employment by or service on the board of a competitor. Employment by or service on the board of a customer or supplier or other service provider is generally discouraged and you must seek authorization in advance if you plan to take such action.

· Lending to, borrowing from or having a material interest (equity or otherwise) in any entity that does business, seeks to do business or competes with us. In addition to the factors described above, persons evaluating ownership for conflicts of interest will consider the size and nature of the investment; the nature of the relationship between the other entity and the Company; the Covered Person’s access to confidential information and the Covered Person’s ability to influence the Company’s decisions. If you would like to acquire a financial interest of that kind, you must seek approval in advance.

· Soliciting or accepting gifts, favors, loans or preferential treatment from any person or entity that does business or seeks to do business with us. See Section 8 for further discussion of the issues involved in this type of conflict.

· Soliciting contributions to any charity or for any political candidate from any person or entity that does business or seeks to do business with us.

· Taking personal advantage of corporate opportunities. See Section 5 for further discussion of the issues involved in this type of conflict.

· Moonlighting without permission.

· Conducting our business transactions with your family member, significant other or person who shares your household or a business in which you have a significant financial interest. Material related-party transactions approved by the Audit Committee and involving any executive officer or director will be publicly disclosed as required by applicable laws and regulations.

· Accepting compensation (in any form) for services performed for the Company from any source other than the Company.

Loans to, or guarantees of obligations of, Covered Persons or their Family Members by the Companycould constitute an improper personal benefit to the recipients of these loans or guarantees, depending on the facts and circumstances. Some loans are expressly prohibited by law and applicable law requires that our Board of Directors approve all loans and guarantees to Covered Persons. As a result, all loans and guarantees by the Companymust be approved in advance by the Audit Committee.

5. Corporate Opportunities

You may not take personal advantage of opportunities that are presented to you or discovered by you as a result of your position with usor through your use of corporate property or information, unless authorized by the PEO, the PFO or the Company’s legal counsel. Even opportunities that are acquired privately by you may be questionable if they are related to the Company’s existing or proposed lines of business. You cannot use your position with usor corporate property or information for improper personal gain. Unless otherwise set forth in any agreement between you and the Company or otherwise approved by the PEO, the PFO or the Company’s legal counsel, you may not compete with usin any way during the term of your engagement with the Company.

6. Maintenance of Corporate Books, Records, Documents and Accounts; Financial Integrity; Public Reporting

The integrity of our records and public disclosure depends on the validity, accuracy and completeness of the information supporting the entries to our books of account. Therefore, our corporate and business records should be completed accurately and honestly. The making of false or misleading entries, whether they relate to financial results or test results, is strictly prohibited. Our records serve as a basis for managing our business and are important in meeting our obligations to customers, suppliers, creditors, employees and others with whom we do business. As a result, it is important that our books, records and accounts accurately and fairly reflect, in reasonable detail, our assets, liabilities, revenues, costs and expenses, as well as all transactions and changes in assets and liabilities.

Our accounting records are also relied upon to produce reports for our management, unitholders and creditors, as well as for governmental agencies. In particular, we rely upon our accounting and other business and corporate records in preparing the periodic and current reports that we file with the SEC. These reports must provide full, fair, accurate, timely and understandable disclosure and fairly present our financial condition and results of operations. Covered Persons who collect, provide or analyze information for or otherwise contribute in any way in preparing or verifying these reports should strive to ensure that our financial disclosure is accurate and transparent and that our reports contain all of the information about the Company that would be important to enable unitholders and potential investors to assess the soundness and risks of our business and finances and the quality and integrity of our accounting and disclosures. In addition:

· no Covered Person may take or authorize any action that would cause our financial records or financial disclosure to fail to comply with generally accepted accounting principles, the rules and regulations of the SEC or other applicable laws, rules and regulations;

· all Covered Persons must cooperate fully with our independent public accountants and counsel, respond to their questions with candor and provide them with complete and accurate information to help ensure that our books and records, as well as our reports filed with the SEC, are accurate and complete; and

· no Covered Person should knowingly make (or cause or encourage any other person to make) any false or misleading statement in any of our reports filed with the SEC or knowingly omit (or cause or encourage any other person to omit) any information necessary to make the disclosure in any of our reports accurate in all material respects.

Any Covered Person who becomes aware of any departure from these standards has a responsibility to report his or her knowledge promptly to a supervisor or one of the other compliance resources described in Section 14. In addition, each Covered Person must promptly bring to the attention of the PEO, the PFO or the Company’s legal counsel any information that the Covered Person may have concerning (a) significant deficiencies in the design or operation of internal control over financial reporting that could adversely affect the Company’s ability to record, process, summarize and report financial data or (b) any fraud, whether or not material, that involves management, directors, or other Covered Persons who have a significant role in the Company’s financial reporting, disclosures or internal controls.

7. Fair Dealing

Each Covered Person must endeavor to deal fairly with the Company’s customers, suppliers, competitors and employees. No Covered Person should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice.

The purpose of business entertainment and gifts in a commercial setting is to create good will and sound working relationships, not to gain unfair advantage. No business gift or entertainment should ever be offered, given, provided or accepted by any Covered Person unless it:

is not a cash or cash equivalent gift;
is consistent with customary business practices;
is objectively not excessive in value;
cannot be construed as a bribe, a payoff, or as otherwise intended to inappropriately influence a business decision; and
does not violate any laws, regulations, or applicable policies.

Please discuss with your supervisor or the Company’s legal counsel any business entertainment or gifts which you are not certain are appropriate.

8. Health and Safety

The Company strives to provide each employee with a safe and healthy work environment. Each Covered Person has responsibility for maintaining a safe and healthy workplace for all employees by following security, health and safety rules. Suspicious or criminal activity, accidents, injuries and unsafe equipment, practices or conditions should be immediately reported to your supervisor. Performing work while under the influence of alcohol, illegal drugs or improperly used prescription medication is unsafe and puts us all at risk. This is prohibited, and working under the influence of such substances will not be tolerated. The only exception to this rule is when alcohol is used responsibly and in moderation at business dinners and at certain authorized events. Violence and threatening behavior are not permitted. Any acts or threatened acts of violence must be immediately reported to your supervisor and Human Resources.

9. Political Involvement or Contributions

The Company respects your right to be involved in, and to participate in, the political process as you see fit. However, when engaging in personal civic and political affairs, your views and actions are your own, and not those of the Company. You may not use the Company’s resources (including work time) to support political parties, causes or candidates, or to promote your personal political views.

10. Protection and Proper Use of Company Assets

All Covered Persons are expected to protect our assets and ensure their efficient use. Theft, carelessness and waste have a direct impact on our profitability. Company property is expected to be used only for legitimate business purposes, although incidental personal use may be permitted. Covered Persons should be mindful of the fact that we retain the right to access, review, monitor and disclose any information transmitted, received or stored using our electronic equipment, with or without an employee’s or third party’s knowledge, consent or approval. Any misuse or suspected misuse of ourassets must be immediately reported to your supervisor or the Company’s legal counsel.

11. Confidentiality

One of our most important assets is our confidential information. Covered Persons who have received or have access to confidential information about the Company should take care to keep this information confidential. Except when disclosure is authorized or legally mandated, you must not share our or our affiliates’ or customers’ confidential information with third parties or others within the Company who have no legitimate business purpose for receiving that information. Unauthorized use or distribution of this information could also be illegal and result in civil liability and/or criminal penalties.

You should also take care not to inadvertently disclose confidential information about the Company. Materials that contain confidential information, such as memos, notebooks and computers should be stored securely. Unauthorized posting or discussion of any information concerning our business, information or prospects on the Internet is prohibited. Be cautious when discussing sensitive information in public places like elevators or airports. All business relatedemails, voicemails and other communications are presumed confidential and should not be forwarded or otherwise disseminated outside of the Company, except where required for legitimate business purposes.

12. Encouraging the Reporting of any Illegal or Unethical Behavior

When there is any ambiguity about the proper ethical or legal action to take in a particular situation, Company employees and other Covered Persons should talk to supervisors or other appropriate personnel. Covered Persons must promptly report potential violations of applicable laws, rules, regulations or this Code (“Potential Violations”). Reports of Potential Violations may be submitted to the Company’s legal counsel anonymously if the Covered Person so desires. The Company will not allow retaliation for reports of Potential Violations that are made in good faith.

13. Waivers

Any waiver of this Code for any Covered Person, including the executive officers (including our principal executive officer, principa l financial officer, principal accounting officer or controller (or persons performing similar functions)) or directors may be authorized only by our general partner. All waivers of this Code will be disclosed to unitholders as required by applicable laws, rules and regulations.

14. Compliance Standards and Procedures

Compliance Resources

The PEO, the PFO and the Company’s legal counsel are responsible for:

· investigating Potential Violations;

· training new employees in Code policies;

· conducting annual training sessions to refresh employees’ familiarity with this Code;

· distributing copies of this Code annually via email to each employee with a reminder that each employee is responsible for reading, understanding and complying with this Code;

· updating this Code as needed and alerting employees to any updates, with appropriate approval of the Audit Committee of the Board of Directors, to reflect changes in the law, the Company operations and in recognized best practices, and to reflect the Company’s experience; and

· otherwise promoting an atmosphere of responsible and ethical conduct.

Your most immediate resource for any matter related to this Code is your supervisor. Your supervisor may have the information you need, or may be able to refer the question to another appropriate source. There may, however, be times when you prefer not to go to your supervisor. In these instances, you should feel free to discuss your concern with the PEO, the PFO or the Company’s legal counsel.

Clarifying Questions and Concerns; Reporting Potential Violations

If you encounter a situation or are considering a course of action and its appropriateness is unclear, discuss the matter promptly with your supervisor; even the appearance of impropriety can be very damaging and should be avoided.

If you are aware of Potential Violation of Code standards by others, you have a responsibility to report it. You are expected to promptly provide a compliance resource with a specific description of the Potential Violation that you believe has occurred, including any information you have about the persons involved and the time of the Potential Violation.Whether you choose to speak with your supervisor or the Compliance Hotline, you should do so without fear of any form of retaliation. We will take prompt disciplinary action against any employee who retaliates against you, up to and including termination of employment.

Supervisors must promptly report any complaints or observations of Potential Violations tothe PEO, the PFO or the Company’s legal counsel, who will report to the designated Company contacts your concern for investigation promptly and with the highest degree of confidentiality that is possible under the specific circumstances. Your cooperation in the investigation will be expected. As needed, the PEO or the PFO will consult with legal counsel and/or the general partner.

If the investigation indicates that a violationof this Code has probably occurred, we will take such action as we believe to be appropriate under the circumstances. If we determine that an employee is responsible for a Code violation, he or she will be subject to disciplinary action up to , and including, termination of employment and , in appropriate cases, civil action or referral for criminal prosecution. Appropriate action may also be taken to deter any future Code violations.

EX-31.1 3 ntcp_ex311.htm EXHIBIT 31.1

Exhibit 31.1

CERTIFICATION

I, Brian Flaherty, certify that:

1. I have reviewed this annual report on Form 10-K of National Tax Credit Partners, L.P.;

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

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

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

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

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

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

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

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

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

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

Date: April 1, 2013

/s/Brian Flaherty

Brian Flaherty

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

EX-31.2 4 ntcp_ex312.htm EXHIBIT 31.2

Exhibit 31.2

CERTIFICATION

I, Edward Schmidt, certify that:

1. I have reviewed this annual report on Form 10-K of National Tax Credit Partners, L.P.;

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

Date: April 1, 2013

/s/Edward Schmidt

Edward Schmidt

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

EX-32.1 5 ntcp_ex321.htm EXHIBIT 32.1

Exhibit 32.1

Certification of CEO and CFO

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Annual Report on Form 10-K of National Tax Credit Partners, L.P. (the "Partnership"), for the fiscal year ended December 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "Report"),Brian Flaherty, as the equivalent of the chief executive officer of the Partnership, and Edward Schmidt, as the equivalent of the chief financial officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

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

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

	/s/Brian Flaherty
	Name: Brian Flaherty
	Date: April 1, 2013

	/s/Edward Schmidt
	Name: Edward Schmidt
	Date: April 1, 2013

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

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Note 1 - Organization and Summary of Significant Accounting Policies   Organization   National Tax Credit Partners, L.P. (the "Partnership") was formed under the California Revised Limited Partnership Act and organized on March 7, 1989.  The Partnership was formed to invest primarily in other limited partnerships (the Local Partnerships) which own and operate multifamily housing complexes that are eligible for low-income housing tax credits or, in certain cases, for historic rehabilitation tax credits.  The general partner of the Partnership (the "General Partner") is National Partnership Investments, LLC, a California limited liability company ("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 Partner has a 1% interest in operating profits and losses of the Partnership.  The limited partners will be allocated the remaining 99% interest in proportion to their respective investments.   The Partnership shall continue in full force and effect until December 31, 2029, unless terminated prior to that, pursuant to the partnership agreement or law.   Basis of Presentation   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   The Partnerships management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes.  Actual results could differ from those estimates.   Method of Accounting for Investments in Local Partnerships   The investments in Local Partnerships are accounted for using the equity method.  Acquisition, selection and other costs related to the acquisition of the projects acquired are capitalized as part of the investment accounts and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.   Abandoned Interests   During the years ended December 31, 2012 and 2011, the number of Limited Partnership Interests decreased by 132 and 50 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her Limited Partnership Interests, a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment. At December 31, 2012 and 2011, the Partnership had outstanding 23,464 and 23,596 limited partnership interests.   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 23,596 and 23,646 for the years ended December 31, 2012 and 2011, 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 balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.   Impairment of Long-Lived Assets   The Partnership reviews its investments in long-lived assets to determine if there has been any 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 to the extent that the carrying value exceeds the estimated fair value. No adjustments for impairment of value were recorded during the years ended December 31, 2012 and 2011.   Segment Reporting   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 280-10, Segment Reporting, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also 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. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.   Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At December 31, 2012 and 2011, the Partnership holds variable interests in 3 and  5  VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:   ·        the general partners conduct and manage the business of the Local Partnerships; ·        the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·        the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·        the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·        the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·        the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The 3 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged« in the ownership and management of 3 apartment properties with a total of 51 units.  The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnerships maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnerships recorded investments in and receivables from these VIEs, which was zero at December 31, 2012 and 2011. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Note 2 - Investments in and Advances to Local Partnerships   At December 31, 2012, the Partnership holds limited partnership interests in 3 Local Partnerships, located in one state, that own residential projects consisting of 51 apartment units. At December 31, 2011, the Partnership held limited partnership interests in 5 Local Partnerships, located in three states, that owned residential projects consisting of 182 apartment units. The general partners responsible for management of the Local Partnerships (the "Local Operating General Partners") are not affiliated with the General Partner of the Partnership, except as discussed below.    National Tax Credit, LLC ("NTC"), an affiliate of the General Partner, typically serves either as a special limited partner or non-managing administrative general partner in which case it receives 0.01 percent of operating profits and losses of the Local Partnerships. NTC or another affiliate of the general partner may serve as the Local Operating General Partner of the Local Partnership in which case it is typically entitled to 0.09 percent of operating profits and losses of the respective Local Partnership.  The Partnership is also generally entitled to receive 50 percent of the net cash flow generated by the Apartment Complexes, subject to repayment of any loans made to the Local Partnerships (including loans provided by NTC or an affiliate), repayment for funding of development deficit and operating deficit guarantees by the Local Operating General Partners or their affiliates (excluding NTC and its affiliates), and certain priority payments to the Local Operating General Partners other than NTC or its affiliates.   The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (99%). The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships partnership agreements. These agreements usually limit the Partnerships distributions to an amount substantially less than its ownership percentage in the Local Partnership.    The individual investments are carried at cost plus the Partnerships share of the Local Partnerships profits less the Partnerships share of the Local Partnerships losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once the Partnerships investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the statements of operations. During the year ended December 31, 2011, the Partnership received operating distributions of approximately $60,000 from four Local Partnerships in which it does not have an investment balance, which were recognized as income. There were no such distributions received during the year ended December 31, 2012.   At times, advances are made to Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in limited partnerships.  Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense. There were no advances from the Partnership to Local Partnerships during the years ended December 31, 2012 and 2011. While not obligated to make any advances to any of the Local Partnerships, the Partnership may make advances in order to protect its economic investment in the Local Partnerships.   For those investments where the Partnership has determined that the carrying value of the Partnerships investments approximates the estimated fair value of those investments, the Partnerships policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount the Partnership expects to ultimately realize.   As of December 31, 2012 and 2011, the investment balance in the three and five Local Partnerships, respectively, had been reduced to zero.   No unaudited condensed financial information or investee data for the years ended December 31, 2012 and 2011 are included as there is no information available for Summit I, II and III and due to the sale of the Partnerships interest in Glenark Landing in November 2012 and Grand Meadows II in August 2012.   On November 13, 2012, the Partnership transferred its limited partnership interest in Glenark Associates Limited Partnership (Glenark), a Local Partnership, and received no proceeds for the transfer. The Partnerships investment balance in Glenark was zero at the date of transfer and December 31, 2011.   On August 1, 2012, the Partnership assigned its limited partnership interest in Grand Meadows II Limited Dividend Housing Association LP (Grand Meadows II), a Local Partnership, for $50,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2012.  The Partnerships investment balance in Grand Meadows II was zero at the date of assignment and December 31, 2011.   On May 25, 2011, the Partnership sold its limited partnership interest in Rolling Hills Apartments, LP, a Local Partnership, for a sales price of $300,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnerships investment balance in Rolling Hills was zero at the date of sale.   On June 7, 2011, the Partnership sold its limited partnership interest in two Local Partnerships, Apple Tree Associates and Kimberly Court Associates (Apple Tree and Kimberly Court, respectively) for a total sales price of $6,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnerships investment balance in both Apple Tree and Kimberly Court was zero at the date of sale.   On June 15, 2011, the Partnership sold its limited partnership interest in Torres del Plata I LP, a Local Partnership, for a sales price of approximately $25,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnerships investment balance in Torres del Plata I was zero at the date of sale.   In 2003, the property owned by Blue Lake was sold without the consent or knowledge of the Partnership and without the requisite recapture bond. The Partnership filed an action against the Local Operating General Partner of the Local Partnership in 2003 and the matter was settled in 2008. Under the terms of the settlement agreement, the Partnership was to receive payments totaling $300,000 by December 2009. The Partnership received $100,000 in July 2008 and no further payments have been received to date. On October 23, 2008, the Partnership obtained a judgment against the Local Operating General Partner of the Local Partnership as a result of the unpaid balance. The Partnership is taking action to collect the judgment. The Partnership had no investment in the Blue Lake Local Partnership at December 31, 2012 and 2011. Under the terms of the Partnership Agreement, neither the Partnership nor the General Partner is subject to a liability to the limited partners of the Partnership for the amounts of Tax Credits at risk of recapture as a result of the recapture bond not being obtained at the time of the sale of the property. The limited partners will be responsible for any tax credit recapture liability on their respective income tax returns.

Note 3 Transactions With Affiliated Parties   Under the terms of the Amended and Restated Agreement of the Limited Partnership, the Partnership is obligated to the General Partner for the following fees:   (a)   An annual Partnership management fee in an amount equal to 0.5 percent of invested assets (as defined in the Partnership Agreement) as of the beginning of the year is payable to the General Partner. For the years ended December 31, 2012 and 2011, approximately $88,000 and $162,000, respectively, has been expensed. At December 31, 2012 and 2011, approximately $1,227,000 and $1,139,000, respectively, is owed to the General Partner and is included in accrued fees due to affiliates.   (b)   A property disposition fee is payable to the General Partner in an amount equal to the lesser of (i) one-half of the competitive real estate commission that would have been charged by unaffiliated third parties providing comparable services in the area where the apartment complex is located, or (ii) 3 percent of the sales price received in connection with the sale or disposition of the apartment complex or local partnership interest, but in no event will the property disposition fee and all amounts payable to unaffiliated real estate brokers in connection with any such sale exceed in the aggregate, the lesser of the competitive rate (as described above) or 6 percent of such sale price. Receipt of the property disposition fee will be subordinated to the distribution of sale or refinancing proceeds by the Partnership until the limited partners have received distributions of sale or refinancing proceeds in an aggregate amount equal to (i) their 10 percent priority return for any year not theretofore satisfied (as defined in the Partnership Agreement) and (ii) an amount equal to the aggregate adjusted investment (as defined in the Partnership Agreement) of the limited partners.  No disposition fees have been paid.   (c)  The Partnership reimburses NAPICO for certain expenses. The reimbursement expense was approximately $2,000 and $41,000 for the years ended December 31, 2012 and 2011, respectively, and is included in general and administrative expenses.  At December 31, 2012 and 2011, approximately $2,000 and zero, respectively, is owed to NAPICO and is included in accrued fees due to affiliates.   As of December 31, 2012, the fees due to the General Partner exceeded the Partnerships cash. The Partnership Agreement provides that the fees and advances due to the General Partner may only be paid from the Partnerships available cash, however, the Partnership still remains liable for all such amounts.   NTC, or another affiliate of the General Partner, is the Local Operating General Partner in the Partnership's three Local Partnerships.  In addition, NTC is either a special limited partner or an administrative general partner in each Local Partnership.   Bethesda and its affiliates owned 437 limited partnership interests in the Partnership representing 1.86% of the outstanding interests in the Partnership at December 31, 2012. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters, that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note 4 - Income Taxes   The Partnership is not taxed on its income.  The partners are taxed in their individual capacities based on their distributive share of the Partnerships taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations.  The taxable income or loss differs from amounts included in the statements of operations because different methods are used in determining the losses of the Local Partnerships as discussed below.  The tax loss is allocated to the partner groups in accordance with Section 704 (b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.    A reconciliation between the Partnerships reported net income (loss) and the net income (loss) per tax return follows:     <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:15.1pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'>   </td> <td width="285" colspan="2" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'> Years Ended December 31, </td> </tr> <tr style='height:15.1pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'> 2012 </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'> 2011 </td> </tr> <tr style='height:22.3pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:22.3pt'>   </td> <td width="285" colspan="2" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:22.3pt'> (in thousands, except per limited partnership interest) </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net income (loss) per financial statements </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $   (139) </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $     94 </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Partnership fees </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>         88 </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>        129 </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Other </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       (279) </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       (254) </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Gain on Local Partnership disposition </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>        676 </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     11,153 </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Partnership's share of Local Partnership </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       (130) </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       (648) </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Income (loss) per tax return </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $    216 </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $ 10,474 </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Taxable income (loss) per limited partnership interest </td> <td width="150" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $   9.16 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $ 441.35 </td> </tr> </table>   The following is a reconciliation between the Partnerships reported amounts and the Federal tax basis of net assets and liabilities:   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="300" colspan="2" valign="top" style='width:2.5in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Years Ended December 31, </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="300" colspan="2" valign="top" style='width:2.5in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Net liabilities as reported </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $ (1,205) </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $ (1,066) </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Add (deduct): </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Intangible (net) </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      2,566 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      2,724 </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Deferred offering costs </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      7,745 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      7,745 </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   Investment in Partnerships </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     (6,274) </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     (6,819) </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   Other </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      1,876 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      1,908 </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Net assets (liabilities) Federal tax basis </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $  4,708 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $  4,492 </td> </tr> </table>

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

Organization   National Tax Credit Partners, L.P. (the "Partnership") was formed under the California Revised Limited Partnership Act and organized on March 7, 1989.  The Partnership was formed to invest primarily in other limited partnerships (the Local Partnerships) which own and operate multifamily housing complexes that are eligible for low-income housing tax credits or, in certain cases, for historic rehabilitation tax credits.  The general partner of the Partnership (the "General Partner") is National Partnership Investments, LLC, a California limited liability company ("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 Partner has a 1% interest in operating profits and losses of the Partnership.  The limited partners will be allocated the remaining 99% interest in proportion to their respective investments.   The Partnership shall continue in full force and effect until December 31, 2029, unless terminated prior to that, pursuant to the partnership agreement or law.

Basis of Presentation   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   The Partnerships management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

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

Method of Accounting for Investments in Local Partnerships   The investments in Local Partnerships are accounted for using the equity method.  Acquisition, selection and other costs related to the acquisition of the projects acquired are capitalized as part of the investment accounts and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.

Abandoned Interests   During the years ended December 31, 2012 and 2011, the number of Limited Partnership Interests decreased by 132 and 50 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her Limited Partnership Interests, a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment. At December 31, 2012 and 2011, the Partnership had outstanding 23,464 and 23,596 limited partnership interests. 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 23,596 and 23,646 for the years ended December 31, 2012 and 2011, 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 balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

Impairment of Long-Lived Assets   The Partnership reviews its investments in long-lived assets to determine if there has been any 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 to the extent that the carrying value exceeds the estimated fair value. No adjustments for impairment of value were recorded during the years ended December 31, 2012 and 2011.

Segment Reporting   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 280-10, Segment Reporting, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also 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. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At December 31, 2012 and 2011, the Partnership holds variable interests in 3 and  5  VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:   ·        the general partners conduct and manage the business of the Local Partnerships; ·        the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·        the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·        the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·        the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·        the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The 3 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged« in the ownership and management of 3 apartment properties with a total of 51 units.  The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnerships maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnerships recorded investments in and receivables from these VIEs, which was zero at December 31, 2012 and 2011. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

<table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:15.1pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'>   </td> <td width="285" colspan="2" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'> Years Ended December 31, </td> </tr> <tr style='height:15.1pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'> 2012 </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:15.1pt'> 2011 </td> </tr> <tr style='height:22.3pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:22.3pt'>   </td> <td width="285" colspan="2" valign="top" style='width:171.0pt;padding:0in 5.4pt 0in 5.4pt;height:22.3pt'> (in thousands, except per limited partnership interest) </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Net income (loss) per financial statements </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $   (139) </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $     94 </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Partnership fees </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>         88 </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>        129 </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Other </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       (279) </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       (254) </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Gain on Local Partnership disposition </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>        676 </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     11,153 </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Partnership's share of Local Partnership </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       (130) </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       (648) </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Income (loss) per tax return </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $    216 </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $ 10,474 </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="135" valign="top" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="489" valign="top" style='width:293.4pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Taxable income (loss) per limited partnership interest </td> <td width="150" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $   9.16 </td> <td width="135" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $ 441.35 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="300" colspan="2" valign="top" style='width:2.5in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Years Ended December 31, </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2011 </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="300" colspan="2" valign="top" style='width:2.5in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (in thousands) </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Net liabilities as reported </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $ (1,205) </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $ (1,066) </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Add (deduct): </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Intangible (net) </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      2,566 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      2,724 </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Deferred offering costs </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      7,745 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      7,745 </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   Investment in Partnerships </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     (6,274) </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     (6,819) </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   Other </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      1,876 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      1,908 </td> </tr> <tr style='height:13.7pt'> <td width="474" valign="top" style='width:3.95in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Net assets (liabilities) Federal tax basis </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $  4,708 </td> <td width="150" valign="top" style='width:1.25in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   $  4,492 </td> </tr> </table> 23464 132 50 23464 23596 23596 23646 3 5 3 51 3 51 5 182 60000 50000 300000 6000 25000 300000 300000 100000 100000 88000 162000 1227000 1139000 2000 41000 2000 437 0.0186

-139000

94000

88000 129000 -279000 -254000 676000 11153000 -130000 -648000 216000 10474000 9.16 441.35 -1205000 -1066000 2566000 2724000

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

Dec. 31, 2012

Dec. 31, 2011

Limited Partnership Units Outstanding for net income (loss) per unit calculation 23,596 23,646

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Note 4 - Income Taxes
12 Months Ended

Dec. 31, 2012

Notes

Note 4 - Income Taxes
Note 4 - Income Taxes

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

A reconciliation between the Partnership’s reported net income (loss) and the net income (loss) per tax return follows:

Years Ended December 31,

2012

2011

(in thousands, except per limited partnership interest)

Net income (loss) per financial statements

$ (139)

$ 94

Partnership fees

 88

 129

Other

 (279)

 (254)

Gain on Local Partnership disposition

 676

 11,153

Partnership's share of Local Partnership

 (130)

 (648)

Income (loss) per tax return

$ 216

$ 10,474

Taxable income (loss) per limited partnership interest

$ 9.16

$ 441.35

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

Years Ended December 31,

2012

2011

(in thousands)

Net liabilities as reported

$ (1,205)

$ (1,066)

Add (deduct):

Intangible (net)

 2,566

 2,724

Deferred offering costs

 7,745

 7,745

Investment in Partnerships

 (6,274)

 (6,819)

Other

 1,876

 1,908

Net assets (liabilities) – Federal tax basis

$ 4,708

$ 4,492

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Note 4 - Income Taxes: Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Net income (loss) $ (139) $ 94

Partnership fees book tax differences in expense 88 129

Other book tax income/expense differences (279) (254)

Gain on Local Partnership disposition book tax difference 676 11,153

Partnership's share of Local Partnership income (loss) (130) (648)

Income (loss) per tax return $ 216 $ 10,474

Taxable income (loss) per limited partnership interest $ 9.16 $ 441.35

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Note 3 - Transactions With Affiliated Parties (Details) (USD $)
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Management fee expense - related party $ 88,000 $ 162,000

Unpaid management fees - related party 1,227,000 1,139,000

Expense reimbursements - related party 2,000 41,000

Unpaid expense reimbursements - related party $ 2,000

Limited Partnership Interests owned by Affiliates 437

Limited Partnership Percentage owned by Affiliates 1.86%

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Dec. 31, 2011

Net assets (liabilities) per book $ (1,205) $ (1,066)

Intangibled (net) book tax differences 2,566 2,724

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Investment in Partnerships book tax difference (6,274) (6,819)

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Note 3 - Transactions With Affiliated Parties
12 Months Ended

Dec. 31, 2012

Notes

Note 3 - Transactions With Affiliated Parties
Note 3 – Transactions With Affiliated Parties

Under the terms of the Amended and Restated Agreement of the Limited Partnership, the Partnership is obligated to the General Partner for the following fees:

(a) An annual Partnership management fee in an amount equal to 0.5 percent of invested assets (as defined in the Partnership Agreement) as of the beginning of the year is payable to the General Partner. For the years ended December 31, 2012 and 2011, approximately $88,000 and $162,000, respectively, has been expensed. At December 31, 2012 and 2011, approximately $1,227,000 and $1,139,000, respectively, is owed to the General Partner and is included in accrued fees due to affiliates.

(b) A property disposition fee is payable to the General Partner in an amount equal to the lesser of (i) one-half of the competitive real estate commission that would have been charged by unaffiliated third parties providing comparable services in the area where the apartment complex is located, or (ii) 3 percent of the sales price received in connection with the sale or disposition of the apartment complex or local partnership interest, but in no event will the property disposition fee and all amounts payable to unaffiliated real estate brokers in connection with any such sale exceed in the aggregate, the lesser of the competitive rate (as described above) or 6 percent of such sale price. Receipt of the property disposition fee will be subordinated to the distribution of sale or refinancing proceeds by the Partnership until the limited partners have received distributions of sale or refinancing proceeds in an aggregate amount equal to (i) their 10 percent priority return for any year not theretofore satisfied (as defined in the Partnership Agreement) and (ii) an amount equal to the aggregate adjusted investment (as defined in the Partnership Agreement) of the limited partners. No disposition fees have been paid.

(c) The Partnership reimburses NAPICO for certain expenses. The reimbursement expense was approximately $2,000 and $41,000 for the years ended December 31, 2012 and 2011, respectively, and is included in general and administrative expenses. At December 31, 2012 and 2011, approximately $2,000 and zero, respectively, is owed to NAPICO and is included in accrued fees due to affiliates.

As of December 31, 2012, the fees due to the General Partner exceeded the Partnership’s cash. The Partnership Agreement provides that the fees and advances due to the General Partner may only be paid from the Partnership’s available cash, however, the Partnership still remains liable for all such amounts.

NTC, or another affiliate of the General Partner, is the Local Operating General Partner in the Partnership's three Local Partnerships. In addition, NTC is either a special limited partner or an administrative general partner in each Local Partnership.

Bethesda and its affiliates owned 437 limited partnership interests in the Partnership representing 1.86% of the outstanding interests in the Partnership at December 31, 2012. It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters, that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

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

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Dec. 31, 2011

Assets

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Cash and cash equivalents 58 110

Accounts receivable 6 0

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Liabilities:

Accounts payable and accrued expenses 40 37

Accrued fees due to affiliates 1,229 1,139

Total liabilities 1,269 1,176

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Limited partners (675) (537)

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The carrying amount of investments in unconsolidated real estate and other joint ventures not separately presented. This includes direct and indirect investments.

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

Dec. 31, 2012

Notes

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

Organization

National Tax Credit Partners, L.P. (the "Partnership") was formed under the California Revised Limited Partnership Act and organized on March 7, 1989. The Partnership was formed to invest primarily in other limited partnerships (the “Local Partnerships”) which own and operate multifamily housing complexes that are eligible for low-income housing tax credits or, in certain cases, for historic rehabilitation tax credits. The general partner of the Partnership (the "General Partner") is National Partnership Investments, LLC, a California limited liability company ("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 Partner has a 1% interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99% interest in proportion to their respective investments.

The Partnership shall continue in full force and effect until December 31, 2029, unless terminated prior to that, pursuant to the partnership agreement or law.

Basis of Presentation

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

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

Use of Estimates

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

Method of Accounting for Investments in Local Partnerships

The investments in Local Partnerships are accounted for using the equity method. Acquisition, selection and other costs related to the acquisition of the projects acquired are capitalized as part of the investment accounts and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.

Abandoned Interests

During the years ended December 31, 2012 and 2011, the number of Limited Partnership Interests decreased by 132 and 50 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her Limited Partnership Interests, a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment. At December 31, 2012 and 2011, the Partnership had outstanding 23,464 and 23,596 limited partnership interests.

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 23,596 and 23,646 for the years ended December 31, 2012 and 2011, 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 balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

Impairment of Long-Lived Assets

The Partnership reviews its investments in long-lived assets to determine if there has been any 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 to the extent that the carrying value exceeds the estimated fair value. No adjustments for impairment of value were recorded during the years ended December 31, 2012 and 2011.

Segment Reporting

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also 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. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Variable Interest Entities

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

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

At December 31, 2012 and 2011, the Partnership holds variable interests in 3 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The 3 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged« in the ownership and management of 3 apartment properties with a total of 51 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which was zero at December 31, 2012 and 2011. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

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

Dec. 31, 2012

Tables/Schedules

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

Years Ended December 31,

2012

2011

(in thousands, except per limited partnership interest)

Net income (loss) per financial statements

$ (139)

$ 94

Partnership fees

 88

 129

Other

 (279)

 (254)

Gain on Local Partnership disposition

 676

 11,153

Partnership's share of Local Partnership

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Income (loss) per tax return

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$ 10,474

Taxable income (loss) per limited partnership interest

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$ 441.35

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

Dec. 31, 2012

Dec. 31, 2011

Limted Partnership Interests Abandoned during the year 132 50

Outstanding Limited Partnership Units 23,464 23,596

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

Dec. 31, 2012

Notes

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

At December 31, 2012, the Partnership holds limited partnership interests in 3 Local Partnerships, located in one state, that own residential projects consisting of 51 apartment units. At December 31, 2011, the Partnership held limited partnership interests in 5 Local Partnerships, located in three states, that owned residential projects consisting of 182 apartment units. The general partners responsible for management of the Local Partnerships (the "Local Operating General Partners") are not affiliated with the General Partner of the Partnership, except as discussed below.

National Tax Credit, LLC ("NTC"), an affiliate of the General Partner, typically serves either as a special limited partner or non-managing administrative general partner in which case it receives 0.01 percent of operating profits and losses of the Local Partnerships. NTC or another affiliate of the general partner may serve as the Local Operating General Partner of the Local Partnership in which case it is typically entitled to 0.09 percent of operating profits and losses of the respective Local Partnership. The Partnership is also generally entitled to receive 50 percent of the net cash flow generated by the Apartment Complexes, subject to repayment of any loans made to the Local Partnerships (including loans provided by NTC or an affiliate), repayment for funding of development deficit and operating deficit guarantees by the Local Operating General Partners or their affiliates (excluding NTC and its affiliates), and certain priority payments to the Local Operating General Partners other than NTC or its affiliates.

The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (99%). The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Partnership.

The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnerships and is not otherwise committed to provide additional support to them. Therefore, it does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the statements of operations. During the year ended December 31, 2011, the Partnership received operating distributions of approximately $60,000 from four Local Partnerships in which it does not have an investment balance, which were recognized as income. There were no such distributions received during the year ended December 31, 2012.

At times, advances are made to Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership's investment in limited partnerships. Advances made to Local Partnerships for which the investment has been reduced to zero are charged to expense. There were no advances from the Partnership to Local Partnerships during the years ended December 31, 2012 and 2011. While not obligated to make any advances to any of the Local Partnerships, the Partnership may make advances in order to protect its economic investment in the Local Partnerships.

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

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

No unaudited condensed financial information or investee data for the years ended December 31, 2012 and 2011 are included as there is no information available for Summit I, II and III and due to the sale of the Partnership’s interest in Glenark Landing in November 2012 and Grand Meadows II in August 2012.

On November 13, 2012, the Partnership transferred its limited partnership interest in Glenark Associates Limited Partnership (“Glenark”), a Local Partnership, and received no proceeds for the transfer. The Partnership’s investment balance in Glenark was zero at the date of transfer and December 31, 2011.

On August 1, 2012, the Partnership assigned its limited partnership interest in Grand Meadows II Limited Dividend Housing Association LP (“Grand Meadows II”), a Local Partnership, for $50,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2012. The Partnership’s investment balance in Grand Meadows II was zero at the date of assignment and December 31, 2011.

On May 25, 2011, the Partnership sold its limited partnership interest in Rolling Hills Apartments, LP, a Local Partnership, for a sales price of $300,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in Rolling Hills was zero at the date of sale.

On June 7, 2011, the Partnership sold its limited partnership interest in two Local Partnerships, Apple Tree Associates and Kimberly Court Associates (“Apple Tree” and “Kimberly Court”, respectively) for a total sales price of $6,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in both Apple Tree and Kimberly Court was zero at the date of sale.

On June 15, 2011, the Partnership sold its limited partnership interest in Torres del Plata I LP, a Local Partnership, for a sales price of approximately $25,000, which was recognized as gain from sales of limited partnership interests in Local Partnerships during the year ended December 31, 2011. The Partnership’s investment balance in Torres del Plata I was zero at the date of sale.

In 2003, the property owned by Blue Lake was sold without the consent or knowledge of the Partnership and without the requisite recapture bond. The Partnership filed an action against the Local Operating General Partner of the Local Partnership in 2003 and the matter was settled in 2008. Under the terms of the settlement agreement, the Partnership was to receive payments totaling $300,000 by December 2009. The Partnership received $100,000 in July 2008 and no further payments have been received to date. On October 23, 2008, the Partnership obtained a judgment against the Local Operating General Partner of the Local Partnership as a result of the unpaid balance. The Partnership is taking action to collect the judgment. The Partnership had no investment in the Blue Lake Local Partnership at December 31, 2012 and 2011. Under the terms of the Partnership Agreement, neither the Partnership nor the General Partner is subject to a liability to the limited partners of the Partnership for the amounts of Tax Credits at risk of recapture as a result of the recapture bond not being obtained at the time of the sale of the property. The limited partners will be responsible for any tax credit recapture liability on their respective income tax returns.

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The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.

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Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended

Dec. 31, 2012

Dec. 31, 2011

Revenues $ 0 $ 0

Operating expenses:

Management fees - general partner 88 162

General and administrative 35 65

Legal and accounting 66 70

Total operating expenses 189 297

Loss from Partnership operations (189) (297)

Gain from sales of limited partnership interests in Local Partnerships 50 331

Distributions from Local Partnerships recognized as income 0 60

Net income (loss) (139) 94

Net income (loss) allocated to general partner (1%) (1) 1

Net income (loss) allocated to limited partners (99%) $ (138) $ 93

Net income (loss) per limited partnership interest $ (5.85) $ 3.93

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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 balances at December 31, 2012 and 2011 are maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account.

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-Name Accounting Research Bulletin (ARB)

-Number 51

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

Dec. 31, 2012

Policies

Basis of Presentation
Basis of Presentation

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

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

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

Dec. 31, 2012

Policies

Organization
Organization

National Tax Credit Partners, L.P. (the "Partnership") was formed under the California Revised Limited Partnership Act and organized on March 7, 1989. The Partnership was formed to invest primarily in other limited partnerships (the “Local Partnerships”) which own and operate multifamily housing complexes that are eligible for low-income housing tax credits or, in certain cases, for historic rehabilitation tax credits. The general partner of the Partnership (the "General Partner") is National Partnership Investments, LLC, a California limited liability company ("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 Partner has a 1% interest in operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99% interest in proportion to their respective investments.

The Partnership shall continue in full force and effect until December 31, 2029, unless terminated prior to that, pursuant to the partnership agreement or law.

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

Dec. 31, 2012

Tables/Schedules

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

Years Ended December 31,

2012

2011

(in thousands)

Net liabilities as reported

$ (1,205)

$ (1,066)

Add (deduct):

Intangible (net)

 2,566

 2,724

Deferred offering costs

 7,745

 7,745

Investment in Partnerships

 (6,274)

 (6,819)

Other

 1,876

 1,908

Net assets (liabilities) – Federal tax basis

$ 4,708

$ 4,492

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

Dec. 31, 2012

Policies

Segment Reporting
Segment Reporting

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 280-10, “Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also 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: Abandoned Interests (Policies)
12 Months Ended

Dec. 31, 2012

Policies

Abandoned Interests
Abandoned Interests

During the years ended December 31, 2012 and 2011, the number of Limited Partnership Interests decreased by 132 and 50 interests, respectively, due to limited partners abandoning their interests. In abandoning his or her Limited Partnership Interests, a limited partner relinquishes all right, title, and interest in the Partnership as of the date of abandonment. At December 31, 2012 and 2011, the Partnership had outstanding 23,464 and 23,596 limited partnership interests.

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

Dec. 31, 2012

Policies

Use of Estimates
Use of Estimates

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

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-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 11, 14

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-Name Accounting Standards Codification

-Topic 275

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-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6143-108592

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

Dec. 31, 2012

Policies

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

The investments in Local Partnerships are accounted for using the equity method. Acquisition, selection and other costs related to the acquisition of the projects acquired are capitalized as part of the investment accounts and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.

X

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Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated domestic subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. Additionally, this element describes the entity's application of the cost method to equity investments or other interests that are not consolidated or accounted for under the equity method of accounting. The disclosure provided may include how equity method or cost investments are assessed for impairment.

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-Article 5

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-URI http://asc.fasb.org/subtopic&trid=2196966

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-Name Accounting Principles Board Opinion (APB)

-Number 18

-Paragraph 19

-Subparagraph h

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

Dec. 31, 2012

Policies

Net Income (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 23,596 and 23,646 for the years ended December 31, 2012 and 2011, respectively.

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

Dec. 31, 2012

Policies

Variable Interest Entities
Variable Interest Entities

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

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

At December 31, 2012 and 2011, the Partnership holds variable interests in 3 and 5 VIEs, respectively, for which the Partnership is not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The 3 VIEs at December 31, 2012 consist of Local Partnerships that are directly engaged« in the ownership and management of 3 apartment properties with a total of 51 units. The Partnership is involved with those VIEs as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIEs is limited to the Partnership’s recorded investments in and receivables from these VIEs, which was zero at December 31, 2012 and 2011. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

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-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 167

-Paragraph 24

-Subparagraph e

-Appendix D

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-Name Accounting Standards Codification

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-SubTopic 10

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

Dec. 31, 2012

Dec. 31, 2011

Number of Variable Interest Entities held by Partnership 3 5

Number of apartment properties held by VIE's 3

Number of apartment units within VIEs 51

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

Dec. 31, 2012

Dec. 31, 2011

Cash flows from operating activities:

Net income (loss) $ (139) $ 94

Adjustments to reconcile net income (loss) to net cash used in operating activities:

Gain from sales of limited partnership interests in Local Partnerships (50) (331)

Change in accounts:

Accounts receivable (6) 0

Accounts payable and accrued expenses 3 2

Accrued fees due to affiliates 90 (121)

Net cash used in operating activities (102) (356)

Cash flows provided by investing activities:

Proceeds from sales of limited partnership interests in Local Partnerships 50 331

Net decrease in cash and cash equivalents (52) (25)

Cash and cash equivalents, beginning of period 110 135

Cash and cash equivalents, end of period $ 58 $ 110

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-Name Regulation S-X (SX)

-Number 210

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

Dec. 31, 2012

Policies

Fair Value of Financial Instruments
Fair Value of Financial Instruments

ASC Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2012, the Partnership believes that the carrying amount of other assets and liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

X

- Definition

Disclosure of accounting policy for fair value measurements, which may include, but is not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.

+ References

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 35

-Paragraph 18G

-URI http://asc.fasb.org/extlink&oid=15229074&loc=SL7494712-110257

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Note 4 - Income Taxes: Reconciliation of Book Net Income (Loss) to Federal Taxable Income (Loss) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Net income (loss)	$ (139)	$ 94
Partnership fees book tax differences in expense	88	129
Other book tax income/expense differences	(279)	(254)
Gain on Local Partnership disposition book tax difference	676	11,153
Partnership's share of Local Partnership income (loss)	(130)	(648)
Income (loss) per tax return	$ 216	$ 10,474
Taxable income (loss) per limited partnership interest	$ 9.16	$ 441.35

Note 3 - Transactions With Affiliated Parties (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Management fee expense - related party	$ 88,000	$ 162,000
Unpaid management fees - related party	1,227,000	1,139,000
Expense reimbursements - related party	2,000	41,000
Unpaid expense reimbursements - related party	$ 2,000
Limited Partnership Interests owned by Affiliates	437
Limited Partnership Percentage owned by Affiliates	1.86%

Note 4 - Income Taxes: Reconciliation of Book Net Assets (Liabilities) to Tax Basis Net Assets (Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Net assets (liabilities) per book	$ (1,205)	$ (1,066)
Intangibled (net) book tax differences	2,566	2,724
Deferred Offering Costs	7,745	7,745
Investment in Partnerships book tax difference	(6,274)	(6,819)
Other book tax balance sheet differences	1,876	1,908
Net assets (liabilities) - Federal tax basis	$ 4,708	$ 4,492

Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012	Dec. 31, 2011
Assets
Investments in and advances to Local Partnerships	$ 0	$ 0
Cash and cash equivalents	58	110
Accounts receivable	6	0
Total assets	64	110
Liabilities:
Accounts payable and accrued expenses	40	37
Accrued fees due to affiliates	1,229	1,139
Total liabilities	1,269	1,176
Contingencies	0	0
Partners' deficit:
General partner	(530)	(529)
Limited partners	(675)	(537)
Total partners' deficit	(1,205)	(1,066)
Total liabilities and partners' deficit	$ 64	$ 110

Note 1 - Organization and Summary of Significant Accounting Policies: Abandoned Interests (Details)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limted Partnership Interests Abandoned during the year	132	50
Outstanding Limited Partnership Units	23,464	23,596

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2012
Document and Entity Information
Entity Registrant Name	NATIONAL TAX CREDIT PARTNERS L P
Document Type	10-K
Document Period End Date	Dec. 31, 2012
Amendment Flag	false
Entity Central Index Key	0000847415
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	23,464
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	FY

Statement of Shareholder Deficit (USD $) In Thousands	General Partner	Limited Partners	Total
Partners' deficit, beginning balance at Dec. 31, 2010	$ (530)	$ (630)	$ (1,160)
Net income (loss)	1	93	94
Partners' deficit, ending balance at Dec. 31, 2011	(529)	(537)	(1,066)
Net income (loss)	(1)	(138)	(139)
Partners' deficit, ending balance at Dec. 31, 2012	$ (530)	$ (675)	$ (1,205)

Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Details)	Dec. 31, 2012	Dec. 31, 2011
Number of Variable Interest Entities held by Partnership	3	5
Number of apartment properties held by VIE's	3
Number of apartment units within VIEs	51

Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Cash flows from operating activities:
Net income (loss)	$ (139)	$ 94
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Gain from sales of limited partnership interests in Local Partnerships	(50)	(331)
Change in accounts:
Accounts receivable	(6)	0
Accounts payable and accrued expenses	3	2
Accrued fees due to affiliates	90	(121)
Net cash used in operating activities	(102)	(356)
Cash flows provided by investing activities:
Proceeds from sales of limited partnership interests in Local Partnerships	50	331
Net decrease in cash and cash equivalents	(52)	(25)
Cash and cash equivalents, beginning of period	110	135
Cash and cash equivalents, end of period	$ 58	$ 110

Note 2 - Investments in and Advances To Local Partnerships (Details) (USD $)	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2011
Limited Partnership Interests held by Partnership	3	5
Apartment units within Investment Partnerships	51	182
Operating distributions received from Investment Partnerships		$ 60,000
Partnership Interest in Grand Meadows II sale proceeds August 2012	50,000
Partnership interest in Rolling Hills sale proceeds May 2011		300,000
Partnership Interest in Apple Tree & Kimberly Court sale proceeds June 2011		6,000
Partnership Interest in Torres del Plata sale proceeds June 2011		25,000
Blue Lake 2008 settlement total proceeds to be received	300,000	300,000
Blue Lake 2008 settlement actual proceeds received to date	$ 100,000	$ 100,000

Name and Location

Variable Interest Entities