NATIONAL TAX CREDIT INVESTORS II

0001376474-13-000438.txt : 20130815 0001376474-13-000438.hdr.sgml : 20130815 20130814175011 ACCESSION NUMBER: 0001376474-13-000438 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130630 FILED AS OF DATE: 20130814 DATE AS OF CHANGE: 20130814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL TAX CREDIT INVESTORS II CENTRAL INDEX KEY: 0000859921 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510] IRS NUMBER: 931017959 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-20610 FILM NUMBER: 131039030 BUSINESS ADDRESS: STREET 1: 9090 WILSHIRE BLVD 2ND FLR STREET 2: STE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 3102782191 MAIL ADDRESS: STREET 1: 9090 WILSHIRE BLVD SUITE 201 CITY: BEVERLY HILLS STATE: CA ZIP: 90211 10-Q 1 ntci_10q.htm NATIONAL TAX CREDIT INVESTORS II - FORM 10-Q NATIONAL TAX CREDIT INVESTORS II - Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

[X]

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

ACT OF 1934

For the quarterly period ended June 30, 2013

[ ]

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

ACT OF 1934

For the transition period from __________ to __________

Commission file number 0-20610

NATIONAL TAX CREDIT INVESTORS II

(Exact name of registrant as specified in its charter)


California	93-1017959
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

PO Box 91274

Los Angeles, California 90009

(Address of principal executive offices)

(720) 387-8135

(Registrant’s telephone number, including area code)

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

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

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

Large accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [ ]

(Do not check if a smaller reporting company)

Smaller reporting company [X]

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

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements

NATIONAL TAX CREDIT INVESTORS II

BALANCE SHEETS

(Unaudited)

(In thousands)


	June 30, 2013	December 31, 2012

ASSETS

Investments in and advances to Local Partnerships	$ --	$ --
Cash and cash equivalents	4,344	5,163
Mortgage note receivable	3,478	3,533
Accounts receivable – limited partners	181	181
Other assets	54	54
Total assets	$ 8,057	$ 8,931

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities:
Accounts payable and accrued expenses	$ 17	$ 40
Accrued fees due to General partner	11	--
Deferred revenue	--	--
Total liabilities	28	40

Contingencies		--

Partners' (deficiency) capital:
General partner	(549)	(540)
Limited partners	8,578	9,431
Total partners’ (deficiency) capital	8,029	8,891
Total liabilities and partners' (deficiency) capital	$ 8,057	$ 8,931

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per interest data)


	Three Months Ended June 30,		Six Months Ended June 30,
	2013	2012	2013	2012

Revenues:
Interest income	$ --	$ 12	$ --	$ 12

Operating expenses:
Management fees – general partner	26	26	53	53
General and administrative	16	16	26	26
Tax expense	--	3	--	7
Legal and accounting	23	23	48	43
Total operating expenses	65	68	127	129

Loss from partnership operations	(65)	(56)	(127)	(117)
Gain from sales of limited partnership interests in Local Partnerships	(474)	3,652	(680)	3,652
Equity in loss of Local Partnerships and amortization of acquisition costs	--	(43)	(55)	(98)

Net income (loss)	$ (539)	$ 3,553	$ (862)	$ 3,437

Net income (loss) allocated to general partner (1%)	$ (5)	$ 36	$ (9)	$ 34
Net income (loss) allocated to limited partners (99%)	$ (534)	$ 3,517	$ (853)	$ 3,403

Net income (loss) per limited partnership interest	$ (7.42)	$ 48.71	$(11.85)	$ 47.13

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENT OF CHANGES IN PARTNERS’ (DEFICIENCY) CAPITAL

(Unaudited)

(In thousands)


	General Partner	Limited Partners	Total
	General Partner	Limited Partners	Total

Partners’ (deficiency) capital, December 31, 2012	$ (540)	$ 9,431	$ 8,891

Net income (loss) for the six months ended June 30, 2013	(9)	(853)	(862)

Partners’ (deficiency) capital, June 30, 2013	$ (549)	$ 8,578	$ 8,029

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)


	Six Months Ended June 30,
	2013	2012
Cash flows from operating activities:
Net income (loss)	$ (862)	$ 3,437
Adjustments to reconcile net income to net cash used in operating activities:
Gain from sales of limited partnership interests in Local Partnerships	--	(3,652)
Equity in loss of Local Partnerships and amortization of acquisition costs	55	98
Change in accounts:
Advance made to Local Partnership
Recognized as expense	680	--
Accounts receivable – limited partners	--	(181)
Other assets	--	(60)
Accounts payable and accrued expenses	(23)	(102)
Accrued fees due to General partner	11	--
Net cash used in operating activities	(139)	(460)

Cash flows provided by investing activities:
Advance to Local Partnership	(680)	--
Proceeds from sales of limited partnership interests in Local Partnerships	--	3,550
	(680)	3,550

Net increase in cash and cash equivalents	(819)	3,090
Cash and cash equivalents, beginning of period	5,163	2,144

Cash and cash equivalents, end of period	$ 4,344	$ 5,234

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS

(Unaudited)

Note 1 - Organization And Summary Of Significant Accounting Policies

General

The information contained in the following notes to the unaudited financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the fiscal year ended December 31, 2012 filed by National Tax Credit Investors II (the “Partnership” or “NTCI-II”). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end. The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year.

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

Organization

NTCI-II is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (“Local Partnerships”) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the “Housing Tax Credit”). The general partner of the Partnership is National Partnership Investments, LLC (the “General Partner” or “NAPICO”), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (“Bethesda”). The business of NTCI–II is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.

The General Partner has a one percent interest in the operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.

Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement. The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement. This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. Disposition fees have not been paid or accrued.

At June 30, 2013 and December 31, 2012, the Partnership had outstanding 72,032 limited partnership interests.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 1 - Organization And Summary Of Significant Accounting Policies (continued)

Basis of Presentation

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

Method of Accounting for Investment in Local Partnerships

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

Mortgage Note Receivable

The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership has recorded its mortgage note receivable at June 30, 2013 and December 31, 2012 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note. An impairment was not recognized during the six months ended June 30, 2013 or 2012. See “Note 3 – Mortgage Note Receivable” for further information.

Impairment of Long-Lived Assets

The Partnership reviews 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. An impairment loss was not recognized during the six months ended June 30, 2013 and 2012.

Net Loss Per Limited Partnership Interest

Net 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 72,032 and 72,205 for the three and six month periods ended June 30, 2013 and 2012, respectively.

Variable Interest Entities

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

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 1 - Organization And Summary Of Significant Accounting Policies (continued)

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 June 30, 2013 and December 31, 2012, the Partnership held variable interests in four VIEs for which the Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The four VIEs at June 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 494 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 approximately $3,478,000 and $3,533,000 at June 30, 2013 and December 31, 2012, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.

Revenue Recognition – Deposit Method

Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met: a sale is consummated, the buyer’s initial and continuing investments are adequate, the seller’s receivable is not subject to future subordination and the risks of ownership have transferred to the buyer. The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 1 - Organization And Summary Of Significant Accounting Policies (continued)

receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. As a result, the Partnership continues to carry the investment on its financial statements.

Note 2 - Investments In and Advances to Local Partnerships

As of June 30, 2013 and December 31, 2012, the Partnership holds limited partnership interests in four Local Partnerships, located in four states. As a limited partner of the Local Partnerships, the Partnership does not have authority over day-to-day management of the Local Partnerships or their properties (the "Apartment Complexes"). 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.

At June 30, 2013 and December 31, 2012, the Local Partnerships own residential projects consisting of 494 apartment units.

The projects owned by the Local Partnerships in which the Partnership has invested were developed by the Local Operating General Partners who acquired the sites and applied for applicable mortgages and subsidies, if any. The Partnership 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, the Partnership’s liability for obligations of the Local Partnerships is limited to its investment. The Local Operating General Partner of the Local Partnerships retains responsibility for developing, constructing, maintaining, operating and managing the Projects. Under certain circumstances, an affiliate of NAPICO or the Partnership may act as the Local Operating General Partner. An affiliate of NAPICO, National Tax Credit Inc. II ("NTC-II") is acting either as a special limited partner or non-managing administrative general partner (the “Administrative General Partner”) of each Local Partnership in which the Partnership had an investment.

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 in the accompanying statements of operations. There were no such distributions received during the six months ended June 30, 2013 and 2012.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 2 - Investments In and Advances to Local Partnerships (continued)

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.

As of June 30, 2013 and December 31, 2012, the investment balance in all four Local Partnerships had been reduced to zero. The Partnership’s remaining investment balance relates to the mortgage note receivable, which is discussed in “Note 3 – Mortgage Note Receivable”.

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 in which the investment balance has been reduced to zero or repayment is uncertain are charged to expense. The Partnership made advances of approximately $680,000 to Michigan Beach during the six months ended June 30, 2013, for operations and capital expenditures at the property. The Partnership did not make any advances during the six months ended June 30, 2012. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

The following are estimated unaudited condensed combined statements of operations for the three and six months ended June 30, 2013 and 2012 for the Local Partnerships in which the Partnership has investments (in thousands). The 2012 amounts exclude Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.


	Three Months Ended June 30, 2013	Three Months Ended June 30, 2012	Six Months Ended June 30, 2013	Six Months Ended June 30, 2012

Revenues:
Rental and other income	$ 864	$ 922	$ 1,788	$ 1,833

Expenses
Operating expenses	681	779	1,412	1,447
Interest	127	231	328	462
Depreciation and amortization	202	209	403	418
Total expenses	1,010	1,219	2,143	2,327

Loss from continuing operations	$ (146)	$ (297)	$ (355)	$ (494)

An affiliate of the General Partner is currently the Local Operating General Partner in one of the Partnership’s four Local Partnerships included above, and a former affiliate received property management fees of approximately five percent of gross revenues from the same Local Partnership (See “Note 4 – Transactions with Affiliated Parties”).

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 2 - Investments In and Advances to Local Partnerships (continued)

During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside North American Partners, L.P. (“Countryside”). The agreement provided for an assignment of the Partnership’s 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of New Jersey Housing and Mortgage Finance Agency which was received during December 2011.

Upon receipt of approval from the Executive Director of New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnership’s 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 31, 2012, the Partnership paid approximately $66,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.

Note 3 – Mortgage Note Receivable

On May 30, 2006, the Partnership purchased the second mortgage for a Local Partnership, Michigan Beach, from the second mortgage holder, PAMI Midatlantic, LLC (“PAMI”) for a

purchase price of $4,320,000. The second mortgage had a principal balance of approximately $3,596,000 and accrued interest outstanding at the time of the purchase. PAMI had filed an action for foreclosure and the appointment of a receivor for the alleged failure to make surplus cash payments and provide required financial reporting. As a result of the purchase, the Partnership was substituted in place of PAMI in the foreclosure action and then the Partnership dismissed the foreclosure action with prejudice on June 9, 2006. The Partnership is the sole limited partner in Michigan Beach.

The second mortgage accrues interest at a fixed rate of 6.11%. Semiannual payments from 50% of surplus cash are required and the note matures in July, 2031. There is an option to the noteholder to accelerate maturity of the second mortgage after October, 2008. There have been no payments made on the loan. The Partnership recognized approximately $55,000 and $98,000 in equity in loss from Michigan Beach during the six months ended June 30, 2013 and 2012, respectively, and reduced the carrying value of the mortgage note receivable. With respect to the second mortgage from Michigan Beach, the Partnership has fully reserved any accrued interest.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 3 – Mortgage Note Receivable (continued)

The following is a summary of the mortgage note receivable activity for the six months ended June 30, 2013 (in thousands):


	Six Months Ended June 30, 2013
Mortgage note receivable balance, beginning of period	$ 3,533
Equity in losses of Local Partnership	(55)
Mortgage note receivable balance, end of period	$ 3,478

Note 4 – Transactions with Affiliated Parties

Under the terms of its Partnership Agreement, 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) at the beginning of the year is payable to the General Partner. For the six months ended June 30, 2013 and 2012, partnership management fees in the amount of approximately $53,000, were recorded as an expense.

(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 sale 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 6 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. Disposition fees have not been paid or accrued.

(c)

The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $14,000 and $15,000 for the six months ended June 30, 2013 and 2012, respectively, and is included in general and administrative expenses.

NTC-II or another affiliate of the General Partner is the Local Operating General Partner in one of the Partnership's four Local Partnerships at June 30, 2013. In addition, NTC-II is typically either a special limited partner or an administrative general partner in each Local Partnership in which the Partnership has an investment.

A former affiliate of the General Partner managed one property owned by a Local Partnership during the six months ended June 30, 2012. The Local Partnership paid the affiliate property management fees in the amount of five percent of its gross rental revenues and data processing fees. The amounts paid were approximately $53,000 for the six months ended June 30, 2012. On October 31, 2012, the former affiliate ceased to manage the property and management was transferred to a third party.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS (continued)

(Unaudited)

Note 4 – Transactions with Affiliated Parties (continued)

ended June 30, 2013 and 2012. The Partnership may receive future advances of funds from the General Partner although the General Partner is not obligated to provide such advances.

Note 5 – Partnership Income Taxes

The Partnership was subject to a New Jersey tax based upon the number of resident and non-resident limited partners and apportionment of income related to the Partnership’s investment in certain Local Partnerships. For the six months ended June 30, 2012 the expense related to this tax is reflected in tax expense in the accompanying statements of operations. During the year ended December 31, 2012, the Partnership paid approximately $66,000 as a required deposit for estimated 2012 New Jersey taxes, which was based on half of the previous year’s taxes. However, the Partnership’s estimate of the actual tax due for 2012 was approximately $12,000. The remaining balance paid of approximately $54,000 is reflected as an other asset on the accompanying balance sheet at June 30, 2013 and December 31, 2012. Approximately $3,000 and $7,000 was recognized as expense during the three and six months ended June 30, 2012. As a result of the sale of Countryside during 2012, the Partnership is no longer subject to pay New Jersey taxes.

Note 6 – Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At June 30, 2013, 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.

Note 7 - Contingencies

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

Note 8 - Subsequent Event

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

Item 2.

Management's Discussion And Analysis Of Financial Condition and Results Of Operations

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements in certain circumstances. Certain information included in this Quarterly Report contains or may contain information that is forward-looking within the meaning of the federal securities laws. Actual results may differ materially from those described in these forward-looking statements and, in addition, will be affected by a variety of risks and factors, some of which are beyond the Partnership’s control, including, without limitation: financing risks, including the availability and cost of financing and the risk that the Partnership’s cash flows from operations may be insufficient to meet required payments of principal and interest; national and local economic conditions, including the pace of job growth and the level of unemployment; the terms of governmental regulations that affect the Partnership and its investment in limited partnerships and interpretations of those regulations; the competitive environment in which the Partnership operates; real estate risks, including fluctuations in real estate values and the general economic climate in local markets and competition for residents in such markets; litigation, including costs associated with prosecuting or defending claims and any adverse outcomes; and possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by the limited partnerships in which the Partnership has invested. Readers should carefully review the Partnership’s financial statements and the notes thereto, as well as the other documents the Partnership files from time to time with the Securities and Exchange Commission.

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

Liquidity and Capital Resources

Some of the properties in which the Partnership has invested, through its investment in other limited partnerships (“Local Partnerships”), receive one or more forms of assistance from the Federal Government. As a result, the Local Partnerships' ability to transfer funds either to the Partnership or among themselves in the form of cash distributions, loans or advances may be restricted by these government assistance programs. These restrictions, however, are not expected to impact the Partnership’s ability to meet its cash obligations.

As of June 30, 2013 and December 31, 2012, the Partnership had cash and cash equivalents of approximately $4,344,000 and $5,163,000, respectively. The decrease in cash and cash equivalents of approximately $819,000 is due to approximately $680,000 of cash used by investing activities, and approximately $139,000 of cash used in operating activities.

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 invests will generate cash from operations sufficient to provide distributions to the Limited Partners in any material amount. Such cash from operations, if any, would first be used to meet operating expenses of the Local Partnership. An infrequent source of funds for the Partnership would be funds received by the Partnership as its share of proceeds from the sale of a property owned by a Local Partnership or the Partnership’s sale of its interest in a Local 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 projects, 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.

The General Partner is not obligated to advance funds to the Partnership for operations or to fund Partnership advances to Local Partnerships, but may voluntarily do so from time to time. There were no advances received by the Partnership during the six months ended June 30, 2013 and 2012. The Partnership may receive future advances of funds from the General Partner, although the General Partner is not obligated to provide such advances.

The General Partner has the right to cause distributions received by the Partnership from the Local Partnerships (that would otherwise be available for distributions as cash flow) to be dedicated to the increase or replenishment of reserves at the Partnership level. The reserves will generally be available to satisfy working capital or operating expense needs of the Partnership (including payment of partnership management fees) and will also be available to pay any excess third-party costs or expenses incurred by the Partnership in connection with the administration of the Partnership, the preparation of reports to the Limited Partners and other investor servicing obligations of the Partnership. At the discretion of the General Partner, reserves may be available for advances to the Local Partnerships.

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 projects 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 projects which would result in adverse tax consequences to the Limited Partners), or (iii) the sale or disposition of projects. 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 projects if they were unable to renegotiate the terms of their first mortgages and any other debt secured by the projects, which would have significant adverse tax consequences to the Limited Partners.

Results of Operations

The Partnership was formed to provide various benefits to its Limited Partners. It is not expected that any of the Local Partnerships in which the Partnership has invested will generate cash flow sufficient to provide for distributions to Limited Partners in any material amount. The Partnership accounts for its investments in the Local Partnerships on the equity method, thereby adjusting its investment balance by its proportionate share of the income or loss of the Local Partnerships. The investments in three of the four Local Partnerships have been reduced to zero as of June 30, 2013. As discussed in Note 3 included in the financial statements in “Item 1. Financial Statements”, during 2006 the Partnership acquired the mortgage note receivable with respect to a Local Partnership.

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 occur. 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 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 projects.

The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investment in the Local Partnerships using the equity method. Thus the individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. However, since the Partnership is not legally liable for the obligations of the Local Partnerships, or is not otherwise committed to provide additional support to them, it does not recognize losses once 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. Subsequent distributions received are recognized as income in the statements of operations. For those investments where the Partnership has determined that the carrying value of 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. During each of the six months ended June 30, 2013 and 2012, the Partnership recognized equity in loss of approximately $55,000 and $98,000 from one Local Partnership, Michigan Beach, that reduced the carrying amount of the mortgage note receivable due from the Local Partnership.

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 in which the investment balance has been reduced to zero or repayment is uncertain are charged to expense. The Partnership made advances of approximately $680,000 to Michigan Beach during the six months ended June 30, 2013 for operations and capital expenditures at the property. The Partnership did not make any advances during the six months ended June 30, 2012. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

At June 30, 2013, the investment balance in all four Local Partnerships had been reduced to zero.

The Partnership’s net loss for the three and six months ended June 30, 2013 was approximately $539,000 and $862,000, respectively, compared to net income of approximately $3,553,000 and $3,437,000 for the three and six months ended June 30, 2012, respectively. The decrease in net income is due to a gain from sales of limited partnership interests in 2012 and advances in 2013 to Local Partnerships in which the investment has been reduced to zero.

A recurring Partnership expense is the annual partnership management fee. The fee, as defined in the Partnership Agreement, is payable to the General Partner and is calculated at 0.5% of the Partnership’s invested assets as of the beginning of the year. The management fee represents the annual recurring fee which will be paid to the General Partner for its continuing management of Partnership affairs. Management fees were approximately $53,000 for the six months ended June 30, 2013 and 2012, and approximately $26,000 for the three months ended June 30, 2013 and 2012.

Operating expenses, exclusive of the management fee, consist of legal and accounting expenses for services rendered to the Partnership, tax expense and general and administrative expenses. Legal and accounting expenses were approximately $48,000 and $43,000 for the six months ended June 30, 2013 and 2012, respectively, and $23,000 for the three months ended June 30, 2013 and 2012. General and administrative expenses were approximately $26,000 for the six months ended June 30, 2013 and 2012, and $16,000 for the three months ended June 30, 2013 and 2012. During 2012, the Partnership was subject to a New Jersey partner tax, which is included in tax expense. For the six months ended June 30, 2012, tax expense was approximately $7,000, and for the three months ended June 30, 2012, the expense was approximately $3,000, respectively. As a result of the sale of Countryside during 2012, the Partnership is no longer subject to a New Jersey partner tax.

Off-Balance Sheet Arrangements

The Partnership owns limited partnership interests in unconsolidated Local Partnerships, in which the Partnership’s ownership percentage ranges from 98.90% to 99%. However, based on the provisions of the relevant partnership agreements, the Partnership, as a limited partner, does not have control or a contractual relationship with the Local Partnerships that would require or allow for consolidation under accounting principles generally accepted in the United States (see “Note 1 – Organization and Summary of Significant Accounting Policies” of the financial statements in “Item 1. Financial Statements”). There are no lines of credit, side agreements or any other derivative financial instruments between the Local Partnerships and the Partnership. Accordingly the Partnership’s maximum risk of loss related to these unconsolidated Local Partnerships is limited to the recorded investments in and receivables from the Local Partnerships. See “Note 2 – Investments In and Advances to Local Partnerships” of the financial statements in “Item 1. Financial Statements” for additional information about the Partnership’s investments in unconsolidated Local Partnerships.

Other

Bethesda and its affiliates owned 397 limited partnership interests (the "Interests") in the Partnership representing .55% of the outstanding Interests in the Partnership at June 30, 2013. It is possible that Bethesda or its affiliates will acquire additional Interests in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, interest holders holding a majority of the Interests are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Variable Interest Entities

The 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.

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

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

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

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

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

Critical Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States, which require the Partnership to make estimates and assumptions. Judgments and assessments of uncertainties are required in applying the Partnership’s accounting policies in many areas. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

Method of Accounting for Investments in Limited Partnerships

The Partnership, as a limited partner, does not have a contractual relationship with the Local 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 of 98.90% to 99%. Distributions of surplus cash from operations from three of the Local Partnerships are restricted by the Local Partnerships’ Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a percentage, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Partnership. For the other Local Partnership, distributions of surplus cash are not restricted. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. These agreements usually limit the Partnership's distributions to an amount substantially less than its ownership percentage in the Local Partnership.

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

Revenue Recognition – Deposit Method

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 4.

Controls And Procedures

(a)

Disclosure Controls and Procedures.

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

(b)

Changes in Internal Control Over Financial Reporting.

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

PART II - OTHER INFORMATION

Item 6.

Exhibits

See Exhibit Index Attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	NATIONAL TAX CREDIT INVESTORS II
	(a California limited partnership)

	By: NATIONAL PARTNERSHIP INVESTMENTS, LLC.
	General Partner

Date: August 14, 2013	By: /s/Brian Flaherty
	Brian Flaherty
	Senior Managing Director

Date: August 14, 2013	By: /s/Edward Schmidt
	Edward Schmidt
	Director of Reporting

NATIONAL TAX CREDIT INVESTORS II

EXHIBIT INDEX

Exhibit

Description of Exhibit

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

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 Investors II’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013, formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statement of changes in partners’ (deficiency) capital, (iv) statements of cash flows, and (v) notes to financial statements (1)

(1)

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

EX-31.1 2 ntci_ex31z1.htm CERTIFICATION CERTIFICATION

Exhibit 31.1

CERTIFICATION

I, Brian Flaherty, certify that:

I have reviewed this quarterly report on Form 10-Q of National Tax Credit Investors II;

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

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

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

(a)

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

(b)

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

(c)

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

(d)

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

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

(a)

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

(b)

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

Date: August 14, 2013

/s/Brian Flaherty

Brian Flaherty

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

EX-31.2 3 ntci_ex31z2.htm CERTIFICATION CERTIFICATION

Exhibit 31.2

CERTIFICATION

I, Edward Schmidt, certify that:

I have reviewed this quarterly report on Form 10-Q of National Tax Credit Investors II;

(a)

(b)

(c)

(d)

(a)

(b)

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

Date: August 14, 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 4 ntci_ex32z1.htm CERTIFICATION OF CEO AND CFO Certification of CEO and CFO

Exhibit 32.1

Certification of CEO and CFO

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

In connection with the Quarterly Report on Form 10-Q of National Tax Credit Investors II (the "Partnership"), for the quarterly period ended June 30, 2013 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Brian Flaherty, as the equivalent of the chief executive officer of the Partnership, and Edward Schmidt, as the equivalent of the chief financial officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of his knowledge:

(1)

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

(2)

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


	/s/Brian Flaherty
	Name: Brian Flaherty
	Date: August 14, 2013

	/s/Edward Schmidt
	Name: Edward Schmidt
	Date: August 14, 2013

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

EX-101.INS 5 ntci2-20130630.xml XBRL INSTANCE DOCUMENT

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

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Q2 2013 2013-06-30 10-Q 0000859921 72032 Yes Smaller Reporting Company NATIONAL TAX CREDIT INVESTORS II No No -55000

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<table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:.8in'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Three Months Ended June 30, 2013 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Three Months Ended June 30, 2012 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Six Months Ended June 30, 2013 </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Six Months Ended June 30, 2012 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Revenues: </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Rental and other income </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   864  </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   922 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,788 </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,833 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Operating expenses </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     681 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     779 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,412  </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,447 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Interest </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     127 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     231 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     328    </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     462 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Depreciation and amortization </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     202 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     209 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     403   </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     418 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       Total expenses </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,010 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,219 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,143 </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,327 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Loss from continuing operations </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (146) </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (297) </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (355) </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (494) </td> </tr> </table>

3652000

-680000

3652000

-474000

26000

16000

-540000

-549000

0 0

Impairment of Long-Lived Assets   The Partnership reviews 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. An impairment loss was not recognized during the six months ended June 30, 2013 and 2012.

-494000

-355000

-297000

-146000

462000

328000

231000

127000

12000

43000

48000

23000

9431000

8578000

-117000

-127000

-56000

-65000

53000 53000 26000 26000 Method of Accounting for Investment in Local Partnerships   The investments in Local Partnerships are accounted for using the equity method. Acquisition fees, selection fees and other costs related to the acquisition of the projects have been capitalized as part of the investment account and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years. Mortgage Note Receivable   The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Partnership has recorded its mortgage note receivable at June 30, 2013 and December 31, 2012 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note.  An impairment was not recognized during the six months ended June 30, 2013 or 2012.  See Note 3 Mortgage Note Receivable for further information.

3533000

3478000

<table border="0" cellspacing="0" cellpadding="0" width="660" style='width:495.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:.5in'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:.5in'>   </td> <td width="168" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.5in'> Six Months Ended June 30, 2013 </td> </tr> <tr style='height:.25in'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:.25in'> Mortgage note receivable balance, beginning of period </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.25in'> $ 3,533  </td> </tr> <tr style='height:13.7pt'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Equity in losses of Local Partnership </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (55)  </td> </tr> <tr style='height:13.7pt'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, end of period </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 3,478  </td> </tr> </table>

3533000

3478000

-460000

-139000

3090000

-819000

3437000

-9000

-853000

-862000

3553000

-539000

34000

-9000

36000

-5000

3403000

-853000

3517000

-534000

47.13

-11.85

48.71

-7.42

Net Loss Per Limited Partnership Interest   Net 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 72,032 and 72,205 for the three and six month periods ended June 30, 2013 and 2012, respectively.

Note 1 - Organization And Summary Of Significant Accounting Policies   General   The information contained in the following notes to the unaudited financial statements is condensed from that which would appear in the annual audited financial statements; accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and related notes thereto contained in the annual report for the fiscal year ended December 31, 2012 filed by National Tax Credit Investors II (the Partnership or NTCI-II). Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end.  The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year.   In the opinion of the Partnership's management, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring items) considered necessary for a fair presentation. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements.   Organization   NTCI-II is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (Local Partnerships) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the Housing Tax Credit). The general partner of the Partnership is National Partnership Investments, LLC (the General Partner or NAPICO), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). The business of NTCIII is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.   The General Partner has a one percent interest in the operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement.  The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement.  This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. Disposition fees have not been paid or accrued.   At June 30, 2013 and December 31, 2012, the Partnership had outstanding 72,032 limited partnership interests.   Basis of Presentation   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   Method of Accounting for Investment in Local Partnerships   The investments in Local Partnerships are accounted for using the equity method. Acquisition fees, selection fees and other costs related to the acquisition of the projects have been capitalized as part of the investment account and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.   Mortgage Note Receivable   The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Partnership has recorded its mortgage note receivable at June 30, 2013 and December 31, 2012 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note.  An impairment was not recognized during the six months ended June 30, 2013 or 2012.  See Note 3 Mortgage Note Receivable for further information.   Impairment of Long-Lived Assets   The Partnership reviews 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. An impairment loss was not recognized during the six months ended June 30, 2013 and 2012.   Net Loss Per Limited Partnership Interest   Net 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 72,032 and 72,205 for the three and six month periods ended June 30, 2013 and 2012, respectively.   Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally   the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At June 30, 2013 and December 31, 2012, the Partnership held variable interests in four VIEs for which the Partnership was not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership.  In making this determination, the Partnership considered the following factors:   ·         the general partners conduct and manage the business of the Local Partnerships; ·         the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·         the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·         the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·         the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·         the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The four VIEs at June 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 494 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 approximately $3,478,000 and $3,533,000 at June 30, 2013 and December 31, 2012, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.   Revenue Recognition Deposit Method   Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met:  a sale is consummated, the buyers initial and continuing investments are adequate, the sellers receivable is not subject to future subordination and the risks of ownership have transferred to the buyer.  The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. As a result, the Partnership continues to carry the investment on its financial statements.

Note 2 - Investments In and Advances to Local Partnerships   As of June 30, 2013 and December 31, 2012, the Partnership holds limited partnership interests in four Local Partnerships, located in four states. As a limited partner of the Local Partnerships, the Partnership does not have authority over day-to-day management of the Local Partnerships or their properties (the "Apartment Complexes"). 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.   At June 30, 2013 and December 31, 2012, the Local Partnerships own residential projects consisting of 494 apartment units.   The projects owned by the Local Partnerships in which the Partnership has invested were developed by the Local Operating General Partners who acquired the sites and applied for applicable mortgages and subsidies, if any. The Partnership 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, the Partnerships liability for obligations of the Local Partnerships is limited to its investment. The Local Operating General Partner of the Local Partnerships retains responsibility for developing, constructing, maintaining, operating and managing the Projects.  Under certain circumstances, an affiliate of NAPICO or the Partnership may act as the Local Operating General Partner.  An affiliate of NAPICO, National Tax Credit Inc. II ("NTC-II") is acting either as a special limited partner or non-managing administrative general partner (the Administrative General Partner) of each Local Partnership in which the Partnership had an investment.   The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 98.9% and 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. See 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 in the accompanying statements of operations. There were no such distributions received during the six months ended June 30, 2013 and 2012.   For those investments where the Partnership has determined that the carrying value of its investments approximates the estimated fair value of those investments, the Partnerships policy is to recognize equity in income of the Local 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.   As of June 30, 2013 and December 31, 2012, the investment balance in all four Local Partnerships had been reduced to zero. The Partnerships remaining investment balance relates to the mortgage note receivable, which is discussed in Note 3 Mortgage Note Receivable.   At times, advances are made to Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnerships investment in limited partnerships.  Advances made to Local Partnerships in which the investment balance has been reduced to zero or repayment is uncertain are charged to expense. The Partnership made advances of approximately $680,000 to Michigan Beach during the six months ended June 30, 2013, for operations and capital expenditures at the property.  The Partnership did not make any advances during the six months ended June 30, 2012. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.   The following are estimated unaudited condensed combined statements of operations for the three and six months ended June 30, 2013 and 2012 for the Local Partnerships in which the Partnership has investments (in thousands). The 2012 amounts exclude Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:.8in'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Three Months Ended June 30, 2013 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Three Months Ended June 30, 2012 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Six Months Ended June 30, 2013 </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Six Months Ended June 30, 2012 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Revenues: </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Rental and other income </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   864  </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   922 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,788 </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,833 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Operating expenses </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     681 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     779 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,412  </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,447 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Interest </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     127 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     231 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     328    </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     462 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Depreciation and amortization </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     202 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     209 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     403   </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     418 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       Total expenses </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,010 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,219 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,143 </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,327 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Loss from continuing operations </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (146) </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (297) </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (355) </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (494) </td> </tr> </table>   An affiliate of the General Partner is currently the Local Operating General Partner in one of the Partnerships four Local Partnerships included above, and a former affiliate received property management fees of approximately five percent of gross revenues from the same Local Partnership (See Note 4 Transactions with Affiliated Parties).   During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside North American Partners, L.P. (Countryside). The agreement provided for an assignment of the Partnerships 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of New Jersey Housing and Mortgage Finance Agency which was received during December 2011.   Upon receipt of approval from the Executive Director of New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnerships 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 31, 2012, the Partnership paid approximately $66,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.

Note 3 Mortgage Note Receivable   On May 30, 2006, the Partnership purchased the second mortgage for a Local Partnership, Michigan Beach, from the second mortgage holder, PAMI Midatlantic, LLC (PAMI) for a purchase price of $4,320,000. The second mortgage had a principal balance of approximately $3,596,000 and accrued interest outstanding at the time of the purchase. PAMI had filed an action for foreclosure and the appointment of a receivor for the alleged failure to make surplus cash payments and provide required financial reporting. As a result of the purchase, the Partnership was substituted in place of PAMI in the foreclosure action and then the Partnership dismissed the foreclosure action with prejudice on June 9, 2006. The Partnership is the sole limited partner in Michigan Beach.   The second mortgage accrues interest at a fixed rate of 6.11%.  Semiannual payments from 50% of surplus cash are required and the note matures in July, 2031.  There is an option to the noteholder to accelerate maturity of the second mortgage after October, 2008. There have been no payments made on the loan. The Partnership recognized approximately $55,000 and $98,000  in equity in loss from Michigan Beach during the six months ended June 30, 2013 and 2012, respectively, and reduced the carrying value of the mortgage note receivable. With respect to the second mortgage from Michigan Beach, the Partnership has fully reserved any accrued interest.   The following is a summary of the mortgage note receivable activity for the six months ended June 30, 2013 (in thousands):   <table border="0" cellspacing="0" cellpadding="0" width="660" style='width:495.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:.5in'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:.5in'>   </td> <td width="168" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.5in'> Six Months Ended June 30, 2013 </td> </tr> <tr style='height:.25in'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:.25in'> Mortgage note receivable balance, beginning of period </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.25in'> $ 3,533  </td> </tr> <tr style='height:13.7pt'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Equity in losses of Local Partnership </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (55)  </td> </tr> <tr style='height:13.7pt'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, end of period </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 3,478  </td> </tr> </table>

Note 4 Transactions with Affiliated Parties   Under the terms of its Partnership Agreement, 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) at the beginning of the year is payable to the General Partner. For the six months ended June 30, 2013 and 2012, partnership management fees in the amount of approximately $53,000, were recorded as an expense.   (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 sale 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 6 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.  Disposition fees have not been paid or accrued.   (c)   The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $14,000 and $15,000 for the six months ended June 30, 2013 and 2012, respectively, and is included in general and administrative expenses.   NTC-II or another affiliate of the General Partner is the Local Operating General Partner in one of the Partnership's four Local Partnerships at June 30, 2013. In addition, NTC-II is typically either a special limited partner or an administrative general partner in each Local Partnership in which the Partnership has an investment.   A former affiliate of the General Partner managed one property owned by a Local Partnership during the six months ended June 30, 2012.  The Local Partnership paid the affiliate property management fees in the amount of five percent of its gross rental revenues and data processing fees. The amounts paid were approximately $53,000 for the six months ended June 30, 2012. On October 31, 2012, the former affiliate ceased to manage the property and management was transferred to a third party.   The General Partner is not obligated to advance funds to the Partnership for operations or to fund Partnership advances to Local Partnerships, but may voluntarily do so from time to time. There were no advances received by the Partnership during the six months   ended June 30, 2013 and 2012. The Partnership may receive future advances of funds from the General Partner although the General Partner is not obligated to provide such advances.

Note 5 Partnership Income Taxes   The Partnership was subject to a New Jersey tax based upon the number of resident and non-resident limited partners and apportionment of income related to the Partnerships investment in certain Local Partnerships. For the six months ended June 30, 2012 the expense related to this tax is reflected in tax expense in the accompanying statements of operations. During the year ended December 31, 2012, the Partnership paid approximately $66,000 as a required deposit for estimated 2012 New Jersey taxes, which was based on half of the previous years taxes. However, the Partnerships estimate of the actual tax due for 2012 was approximately $12,000.  The remaining balance paid of approximately $54,000 is reflected as an other asset on the accompanying balance sheet at June 30, 2013 and December 31, 2012. Approximately $3,000 and $7,000 was recognized as expense during the three and six months ended June 30, 2012. As a result of the sale of Countryside during 2012, the Partnership is no longer subject to pay New Jersey taxes.

Note 6 Fair Value of Financial Instruments   Financial Accounting Standards Board Accounting Standards Codification Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At June 30, 2013, 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.

Note 7 - Contingencies   The General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership.

Note 8 - Subsequent Event   The Partnerships management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.

72205 72032

1447000

1412000

779000

681000

Organization   NTCI-II is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (Local Partnerships) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the Housing Tax Credit). The general partner of the Partnership is National Partnership Investments, LLC (the General Partner or NAPICO), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). The business of NTCIII is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.   The General Partner has a one percent interest in the operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement.  The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement.  This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. Disposition fees have not been paid or accrued.   At June 30, 2013 and December 31, 2012, the Partnership had outstanding 72,032 limited partnership interests.

54000

72032 72032 -540000 9431000 8891000 -549000 8578000 8029000 3550000

1833000

1788000

922000

864000

Revenue Recognition Deposit Method   Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met:  a sale is consummated, the buyers initial and continuing investments are adequate, the sellers receivable is not subject to future subordination and the risks of ownership have transferred to the buyer.  The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. As a result, the Partnership continues to carry the investment on its financial statements.

7000

3000

8931000

8057000

40000

28000

8931000

8057000

129000

127000

68000

65000

8891000

8029000

2327000 2143000 1219000 1010000 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 June 30, 2013 and December 31, 2012, the Partnership held variable interests in four VIEs for which the Partnership was not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership.  In making this determination, the Partnership considered the following factors:   ·         the general partners conduct and manage the business of the Local Partnerships; ·         the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·         the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·         the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·         the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·         the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The four VIEs at June 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 494 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 approximately $3,478,000 and $3,533,000 at June 30, 2013 and December 31, 2012, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future. 0000859921 2012-12-31 0000859921 us-gaap:GeneralPartnerMember 2012-12-31 0000859921 us-gaap:LimitedPartnerMember 2012-12-31 0000859921 2011-12-31 0000859921 2013-01-01 2013-06-30 0000859921 2013-06-30 0000859921 2013-04-01 2013-06-30 0000859921 2012-04-01 2012-06-30 0000859921 2012-01-01 2012-06-30 0000859921 us-gaap:GeneralPartnerMember 2013-01-01 2013-06-30 0000859921 us-gaap:LimitedPartnerMember 2013-01-01 2013-06-30 0000859921 us-gaap:GeneralPartnerMember 2013-06-30 0000859921 us-gaap:LimitedPartnerMember 2013-06-30 0000859921 2012-06-30 0000859921 us-gaap:PartnershipInterestMember 2013-01-01 2013-06-30 0000859921 us-gaap:PartnershipInterestMember 2013-04-01 2013-06-30 0000859921 us-gaap:PartnershipInterestMember 2012-04-01 2012-06-30 0000859921 us-gaap:PartnershipInterestMember 2012-01-01 2012-06-30 0000859921 fil:MortgageNoteReceivableMember 2013-06-30 0000859921 fil:MortgageNoteReceivableMember 2013-01-01 2013-06-30 0000859921 fil:MortgageNoteReceivableMember 2012-12-31 iso4217:USD shares iso4217:USD shares

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Disclosure - Note 3 - Mortgage Note Receivabletruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000859921duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes2false 2us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Note 3 Mortgage Note Receivable   On May 30, 2006, the Partnership purchased the second mortgage for a Local Partnership, Michigan Beach, from the second mortgage holder, PAMI Midatlantic, LLC (PAMI) for a purchase price of $4,320,000. The second mortgage had a principal balance of approximately $3,596,000 and accrued interest outstanding at the time of the purchase. PAMI had filed an action for foreclosure and the appointment of a receivor for the alleged failure to make surplus cash payments and provide required financial reporting. As a result of the purchase, the Partnership was substituted in place of PAMI in the foreclosure action and then the Partnership dismissed the foreclosure action with prejudice on June 9, 2006. The Partnership is the sole limited partner in Michigan Beach.   The second mortgage accrues interest at a fixed rate of 6.11%.  Semiannual payments from 50% of surplus cash are required and the note matures in July, 2031.  There is an option to the noteholder to accelerate maturity of the second mortgage after October, 2008. There have been no payments made on the loan. The Partnership recognized approximately $55,000 and $98,000  in equity in loss from Michigan Beach during the six months ended June 30, 2013 and 2012, respectively, and reduced the carrying value of the mortgage note receivable. With respect to the second mortgage from Michigan Beach, the Partnership has fully reserved any accrued interest.   The following is a summary of the mortgage note receivable activity for the six months ended June 30, 2013 (in thousands):   <table border="0" cellspacing="0" cellpadding="0" width="660" style='width:495.0pt;margin-left:5.4pt;border-collapse:collapse'> <tr style='height:.5in'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:.5in'>   </td> <td width="168" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.5in'> Six Months Ended June 30, 2013 </td> </tr> <tr style='height:.25in'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:.25in'> Mortgage note receivable balance, beginning of period </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.25in'> $ 3,533  </td> </tr> <tr style='height:13.7pt'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Equity in losses of Local Partnership </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (55)  </td> </tr> <tr style='height:13.7pt'> <td width="492" style='width:369.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, end of period </td> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 3,478  </td> </tr> </table>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for investments in certain debt and equity securities.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 115 -Paragraph 3, 19, 20, 21, 22, 137 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end.  The results of operations for the interim periods presented are not necessarily indicative of the results for the entire year.   In the opinion of the Partnership's management, the accompanying unaudited financial statements contain all adjustments (consisting primarily of normal recurring items) considered necessary for a fair presentation. The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements.   Organization   NTCI-II is a limited partnership formed under the California Revised Local Partnership Act as of January 12, 1990. The Partnership was formed to invest primarily in other limited partnerships (Local Partnerships) which own and operate multifamily housing complexes that are eligible for low income housing federal income tax credits (the Housing Tax Credit). The general partner of the Partnership is National Partnership Investments, LLC (the General Partner or NAPICO), a California limited liability company. The General Partner is a subsidiary of Bethesda Holdings II, LLC, a privately held real estate asset management company (Bethesda). The business of NTCIII is conducted primarily by NAPICO. The Partnership shall continue in full force and effect until December 31, 2030, unless terminated earlier pursuant to the Partnership Agreement or law.   The General Partner has a one percent interest in the operating profits and losses of the Partnership. The limited partners will be allocated the remaining 99 percent interest in proportion to their respective investments.   Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the General Partner will be entitled to a property disposition fee as mentioned in the partnership agreement.  The limited partners will have a priority item equal to their invested capital plus 6 percent priority return as defined in the partnership agreement.  This property disposition fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions plus the 6 percent priority return. Disposition fees have not been paid or accrued.   At June 30, 2013 and December 31, 2012, the Partnership had outstanding 72,032 limited partnership interests.   Basis of Presentation   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   Method of Accounting for Investment in Local Partnerships   The investments in Local Partnerships are accounted for using the equity method. Acquisition fees, selection fees and other costs related to the acquisition of the projects have been capitalized as part of the investment account and are being amortized by the straight line method over the estimated lives of the underlying assets, which is generally 30 years.   Mortgage Note Receivable   The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Partnership has recorded its mortgage note receivable at June 30, 2013 and December 31, 2012 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note.  An impairment was not recognized during the six months ended June 30, 2013 or 2012.  See Note 3 Mortgage Note Receivable for further information.   Impairment of Long-Lived Assets   The Partnership reviews 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. An impairment loss was not recognized during the six months ended June 30, 2013 and 2012.   Net Loss Per Limited Partnership Interest   Net 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 72,032 and 72,205 for the three and six month periods ended June 30, 2013 and 2012, respectively.   Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally   the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At June 30, 2013 and December 31, 2012, the Partnership held variable interests in four VIEs for which the Partnership was not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership.  In making this determination, the Partnership considered the following factors:   ·         the general partners conduct and manage the business of the Local Partnerships; ·         the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·         the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·         the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·         the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·         the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The four VIEs at June 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 494 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 approximately $3,478,000 and $3,533,000 at June 30, 2013 and December 31, 2012, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.   Revenue Recognition Deposit Method   Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met:  a sale is consummated, the buyers initial and continuing investments are adequate, the sellers receivable is not subject to future subordination and the risks of ownership have transferred to the buyer.  The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. 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Note 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Policies)	6 Months Ended
Jun. 30, 2013
Policies
Mortgage Note Receivable	Mortgage Note Receivable The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Partnership has recorded its mortgage note receivable at June 30, 2013 and December 31, 2012 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note. An impairment was not recognized during the six months ended June 30, 2013 or 2012. See “Note 3 – Mortgage Note Receivable” for further information.

Note 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Policies)

6 Months Ended

Jun. 30, 2013

Policies

Mortgage Note Receivable

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Statement of Shareholders Equity (Deficit) (Unaudited) (USD $) In Thousands	General Partner	Limited Partners	Total
Partners' (deficiency) capital, beginning balance at Dec. 31, 2012	$ (540)	$ 9,431	$ 8,891
Net Income (Loss)	(9)	(853)	(862)
Partners' (deficiency) capital, ending balance at Jun. 30, 2013	$ (549)	$ 8,578	$ 8,029

- Definition

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

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Note 5 - Partnership Income Taxes	6 Months Ended
Jun. 30, 2013
Notes
Note 5 - Partnership Income Taxes	Note 5 – Partnership Income Taxes The Partnership was subject to a New Jersey tax based upon the number of resident and non-resident limited partners and apportionment of income related to the Partnership’s investment in certain Local Partnerships. For the six months ended June 30, 2012 the expense related to this tax is reflected in tax expense in the accompanying statements of operations. During the year ended December 31, 2012, the Partnership paid approximately $66,000 as a required deposit for estimated 2012 New Jersey taxes, which was based on half of the previous year’s taxes. However, the Partnership’s estimate of the actual tax due for 2012 was approximately $12,000. The remaining balance paid of approximately $54,000 is reflected as an other asset on the accompanying balance sheet at June 30, 2013 and December 31, 2012. Approximately $3,000 and $7,000 was recognized as expense during the three and six months ended June 30, 2012. As a result of the sale of Countryside during 2012, the Partnership is no longer subject to pay New Jersey taxes.

Note 5 - Partnership Income Taxes

6 Months Ended

Jun. 30, 2013

Notes

Note 5 - Partnership Income Taxes

Note 5 – Partnership Income Taxes

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Note 1 - Organization and Summary of Significant Accounting Policies: Organization (Details)	Jun. 30, 2013	Dec. 31, 2012
Details
OutstandingLimitedPartnershipInterests	72,032	72,032

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Note 1 - Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies)	6 Months Ended
Jun. 30, 2013
Policies
Impairment of Long-lived Assets	Impairment of Long-Lived Assets The Partnership reviews 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. An impairment loss was not recognized during the six months ended June 30, 2013 and 2012.

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

6 Months Ended

Jun. 30, 2013

Policies

Impairment of Long-lived Assets

Impairment of Long-Lived Assets

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

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Note 2 - Investments in and Advances To Local Partnerships: Estimated condensed combined statements of operations for Local Partnerships (Details) (Partnership Interest, USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Partnership Interest
Revenues
Rental Income, Nonoperating	$ 864	$ 922	$ 1,788	$ 1,833
Expenses
Operating Costs and Expenses	681	779	1,412	1,447
Interest Expense	127	231	328	462
Depreciation, Depletion and Amortization, Nonproduction	202	209	403	418
TotalExpenses	1,010	1,219	2,143	2,327
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ (146)	$ (297)	$ (355)	$ (494)

- Definition

The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.

+ References+ Details

- Definition

This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest.

+ References+ Details

- Definition

The cost of borrowed funds accounted for as interest that was charged against earnings during the period.

+ References+ Details

XML 21 R26.htm IDEA: XBRL DOCUMENT

Note 1 - Organization and Summary of Significant Accounting Policies: Net Loss Per Limited Partnership Interest (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2013
Details
Number of limited partnership interests	72,032	72,205

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Note 1 - Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Details
Impairment Losses	$ 0	$ 0

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Note 1 - Organization and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2013

Notes

Note 1 - Organization and Summary of Significant Accounting Policies

Note 1 - Organization And Summary Of Significant Accounting Policies

General

Organization

At June 30, 2013 and December 31, 2012, the Partnership had outstanding 72,032 limited partnership interests.

Basis of Presentation

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

Method of Accounting for Investment in Local Partnerships

Mortgage Note Receivable

Impairment of Long-Lived Assets

Net Loss Per Limited Partnership Interest

Variable Interest Entities

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.

· 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.

Revenue Recognition – Deposit Method

- Definition

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

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Note 3 - Mortgage Note Receivable

6 Months Ended

Jun. 30, 2013

Notes

Note 3 - Mortgage Note Receivable

Note 3 – Mortgage Note Receivable

On May 30, 2006, the Partnership purchased the second mortgage for a Local Partnership, Michigan Beach, from the second mortgage holder, PAMI Midatlantic, LLC (“PAMI”) for a purchase price of $4,320,000. The second mortgage had a principal balance of approximately $3,596,000 and accrued interest outstanding at the time of the purchase. PAMI had filed an action for foreclosure and the appointment of a receivor for the alleged failure to make surplus cash payments and provide required financial reporting. As a result of the purchase, the Partnership was substituted in place of PAMI in the foreclosure action and then the Partnership dismissed the foreclosure action with prejudice on June 9, 2006. The Partnership is the sole limited partner in Michigan Beach.

The following is a summary of the mortgage note receivable activity for the six months ended June 30, 2013 (in thousands):

	Six Months Ended June 30, 2013
Mortgage note receivable balance, beginning of period	$ 3,533
Equity in losses of Local Partnership	(55)
Mortgage note receivable balance, end of period	$ 3,478

- Definition

The entire disclosure for investments in certain debt and equity securities.

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+ Details

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Note 6 - Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2013

Notes

Note 6 - Fair Value of Financial Instruments

Note 6 – Fair Value of Financial Instruments

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Note 4 - Transactions With Affiliated Parties

6 Months Ended

Jun. 30, 2013

Notes

Note 4 - Transactions With Affiliated Parties

Note 4 – Transactions with Affiliated Parties

Under the terms of its Partnership Agreement, 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) at the beginning of the year is payable to the General Partner. For the six months ended June 30, 2013 and 2012, partnership management fees in the amount of approximately $53,000, were recorded as an expense.

(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 sale 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 6 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. Disposition fees have not been paid or accrued.

(c) The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $14,000 and $15,000 for the six months ended June 30, 2013 and 2012, respectively, and is included in general and administrative expenses.

ended June 30, 2013 and 2012. The Partnership may receive future advances of funds from the General Partner although the General Partner is not obligated to provide such advances.

- Definition

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

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+ Details

XML 33 R28.htm IDEA: XBRL DOCUMENT

Note 3 - Mortgage Note Receivable: Mortgage Note Receivable Activity (Details) (Mortgage Note Receivable, USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013
Mortgage Note Receivable
Mortgage Note Receivable Balance, Beginning of Period	$ 3,533
Equity in loss of Local Partnership	(55)
Equity in loss of Local Partnership	(55)
Mortgage Note Receivable Balance, End of Period	$ 3,478

- Definition

Amount before allowance of mortgage loans on existing land or building. Includes deferred interest and fees, undisbursed portion of loan balance, unamortized costs and premiums and discounts from face amounts. Excludes loans covered under loss sharing agreements.

+ References+ Details

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Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (a),(c) -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 5 -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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Statement - Statements of Operations (Unaudited) Process Flow-Through: 000050 - Statement - Statements of Cash Flows (Unaudited) Process Flow-Through: Removing column '3 Months Ended Jun. 30, 2013' Process Flow-Through: Removing column '3 Months Ended Jun. 30, 2012' ntci2-20130630.xml ntci2-20130630.xsd ntci2-20130630_cal.xml ntci2-20130630_def.xml ntci2-20130630_lab.xml ntci2-20130630_pre.xml true true XML 40 R3.htm IDEA: XBRL DOCUMENT

Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Statements of Operations
Interest Income		$ 12		$ 12
Operating Expenses:
Management fees - general partner	26	26	53	53
General and administrative	16	16	26	26
Tax expense		3		7
Legal and accounting	23	23	48	43
Total operating expenses	65	68	127	129
Loss from partnership operations	(65)	(56)	(127)	(117)
Gain from sales of limited partnership interests in Local Partnerships	(474)	3,652	(680)	3,652
Equity in loss of Local Partnerships and amortization of acquisition costs		(43)	(55)	(98)
Net Income (Loss)	(539)	3,553	(862)	3,437
Net Income (Loss) allocated to general partner (1%)	(5)	36	(9)	34
Net Income (Loss) allocated to limited partners (99%)	$ (534)	$ 3,517	$ (853)	$ 3,403
Net Income (Loss) per limited partnership interest	$ (7.42)	$ 48.71	$ (11.85)	$ 47.13

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

6 Months Ended

Jun. 30, 2013

Policies

Organization

At June 30, 2013 and December 31, 2012, the Partnership had outstanding 72,032 limited partnership interests.

XML 42 R20.xml IDEA: Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Policies) 2.4.0.8000200 - Disclosure - Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Policies)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000859921duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Policies2false 2fil_Variableinterestentitiespolicyfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Variable 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 June 30, 2013 and December 31, 2012, the Partnership held variable interests in four VIEs for which the Partnership was not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership.  In making this determination, the Partnership considered the following factors:   ·         the general partners conduct and manage the business of the Local Partnerships; ·         the general partners have the responsibility for and sole discretion over selecting a property management agent for the Local Partnerships underlying real estate properties; ·         the general partners are responsible for approving operating and capital budgets for the properties owned by the Local Partnerships; ·         the general partners are obligated to fund any recourse obligations of the Local Partnerships; ·         the general partners are authorized to borrow funds on behalf of the Local Partnerships; and ·         the Partnership, as a limited partner in each of the Local Partnerships, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnerships that most significantly impact such entities economic performance.   The four VIEs at June 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 494 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 approximately $3,478,000 and $3,533,000 at June 30, 2013 and December 31, 2012, respectively. The Partnership may be subject to additional losses to the extent of any financial support that the Partnership voluntarily provides in the future.falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0Variable Interest EntitiesfalseNote 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.napico.com/20130630/role/idr_DisclosureNote1OrganizationAndSummaryOfSignificantAccountingPoliciesVariableInterestEntitiesPolicies12 XML 43 R5.htm IDEA: XBRL DOCUMENT

Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows from operating activities:
Net Income (Loss)	$ (862)	$ 3,437
Adjustments to reconcile Net Income (Loss) to net cash used in operating activities:
Gain from sales of limited partnership interests in Local Partnerships	680	(3,652)
Equity in loss of Local Partnerships and amortization of acquisition costs	55	98
Change in accounts:
Advances made to Local Partnership recognized as expense	680
Change in Accounts Receivable - Limited Partners		(181)
Change in Other Assets		(60)
Change in Accounts payable and accrued expenses	(23)	(102)
Change in Accrued Fees due to General Partner	11
Net cash used in operating activities	(139)	(460)
Cash flows provided by (used in) investing activities:
Advances to Local Partnership	(680)
Proceeds from sales of limited partnership interests in Local Partnerships		3,550
Net decrease in cash and cash equivalents	(819)	3,090
Cash and cash equivalents, beginning of period	5,163	2,144
Cash and cash equivalents, end of period	$ 4,344	$ 5,234

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Balance Sheets (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 4,344	$ 5,163
Mortgage note receivable	3,478	3,533
Accounts receivable - limited partners	181	181
Other assets	54	54
Total assets	8,057	8,931
Liabilities:
Accounts payable and accrued expenses	17	40
Accrued fees due to General Partner	11
Total Liabilities	28	40
Contingencies
Partners' (deficiency) capital:
General partner	(549)	(540)
Limited partners	8,578	9,431
Total partners' (deficiency) capital	8,029	8,891
Total liabilities and partners' (deficiency) capital	$ 8,057	$ 8,931

XML 45 R7.xml IDEA: Note 2 - Investments in and Advances To Local Partnerships 2.4.0.8000070 - Disclosure - Note 2 - Investments in and Advances To Local Partnershipstruefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000859921duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_DisclosureTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Notes2false 2us-gaap_InvestmentsAndOtherNoncurrentAssetsTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Note 2 - Investments In and Advances to Local Partnerships   As of June 30, 2013 and December 31, 2012, the Partnership holds limited partnership interests in four Local Partnerships, located in four states. As a limited partner of the Local Partnerships, the Partnership does not have authority over day-to-day management of the Local Partnerships or their properties (the "Apartment Complexes"). 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.   At June 30, 2013 and December 31, 2012, the Local Partnerships own residential projects consisting of 494 apartment units.   The projects owned by the Local Partnerships in which the Partnership has invested were developed by the Local Operating General Partners who acquired the sites and applied for applicable mortgages and subsidies, if any. The Partnership 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, the Partnerships liability for obligations of the Local Partnerships is limited to its investment. The Local Operating General Partner of the Local Partnerships retains responsibility for developing, constructing, maintaining, operating and managing the Projects.  Under certain circumstances, an affiliate of NAPICO or the Partnership may act as the Local Operating General Partner.  An affiliate of NAPICO, National Tax Credit Inc. II ("NTC-II") is acting either as a special limited partner or non-managing administrative general partner (the Administrative General Partner) of each Local Partnership in which the Partnership had an investment.   The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 98.9% and 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. See 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 in the accompanying statements of operations. There were no such distributions received during the six months ended June 30, 2013 and 2012.   For those investments where the Partnership has determined that the carrying value of its investments approximates the estimated fair value of those investments, the Partnerships policy is to recognize equity in income of the Local 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.   As of June 30, 2013 and December 31, 2012, the investment balance in all four Local Partnerships had been reduced to zero. The Partnerships remaining investment balance relates to the mortgage note receivable, which is discussed in Note 3 Mortgage Note Receivable.   At times, advances are made to Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnerships investment in limited partnerships.  Advances made to Local Partnerships in which the investment balance has been reduced to zero or repayment is uncertain are charged to expense. The Partnership made advances of approximately $680,000 to Michigan Beach during the six months ended June 30, 2013, for operations and capital expenditures at the property.  The Partnership did not make any advances during the six months ended June 30, 2012. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.   The following are estimated unaudited condensed combined statements of operations for the three and six months ended June 30, 2013 and 2012 for the Local Partnerships in which the Partnership has investments (in thousands). The 2012 amounts exclude Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:.8in'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Three Months Ended June 30, 2013 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Three Months Ended June 30, 2012 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Six Months Ended June 30, 2013 </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:.8in'> Six Months Ended June 30, 2012 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Revenues: </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Rental and other income </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   864  </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   922 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,788 </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,833 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Operating expenses </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     681 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     779 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,412  </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,447 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Interest </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     127 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     231 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     328    </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     462 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Depreciation and amortization </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     202 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     209 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     403   </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     418 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       Total expenses </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,010 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,219 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,143 </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,327 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Loss from continuing operations </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (146) </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (297) </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (355) </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $  (494) </td> </tr> </table>   An affiliate of the General Partner is currently the Local Operating General Partner in one of the Partnerships four Local Partnerships included above, and a former affiliate received property management fees of approximately five percent of gross revenues from the same Local Partnership (See Note 4 Transactions with Affiliated Parties).   During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside North American Partners, L.P. (Countryside). The agreement provided for an assignment of the Partnerships 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of New Jersey Housing and Mortgage Finance Agency which was received during December 2011.   Upon receipt of approval from the Executive Director of New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnerships 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 31, 2012, the Partnership paid approximately $66,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for investments and other noncurrent assets.No definition available.false0Note 2 - Investments in and Advances To Local PartnershipsfalseNote 2 - Investments in and Advances To Local PartnershipsUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.napico.com/20130630/role/idr_DisclosureNote2InvestmentsInAndAdvancesToLocalPartnerships12 XML 46 R17.xml IDEA: Note 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Policies) 2.4.0.8000170 - Disclosure - Note 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Policies)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000859921duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Policies2false 2fil_Mortgagenotereceivablepolicyfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Mortgage Note Receivable   The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Partnership has recorded its mortgage note receivable at June 30, 2013 and December 31, 2012 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note.  An impairment was not recognized during the six months ended June 30, 2013 or 2012.  See Note 3 Mortgage Note Receivable for further information.falsefalsefalsenonnum:textBlockItemTypenaNo authoritative reference available.No definition available.false0Mortgage Note ReceivablefalseNote 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Policies)UnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.napico.com/20130630/role/idr_DisclosureNote1OrganizationAndSummaryOfSignificantAccountingPoliciesMortgageNoteReceivablePolicies12 XML 47 R16.xml IDEA: Note 1 - Organization and Summary of Significant Accounting Policies: Method of Accounting For Investment in Local Partnerships (Policies) 2.4.0.8000160 - Disclosure - Note 1 - Organization and Summary of Significant Accounting Policies: Method of Accounting For Investment in Local Partnerships (Policies)truefalsefalse1false falsefalseD130101_130630http://www.sec.gov/CIK0000859921duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_PolicyTextBlockAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Policies2false 2fil_MethodOfAccountingForInvestmentInLocalPartnershipsfil_falsenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00Method of Accounting for Investment in Local Partnerships   The investments in Local Partnerships are accounted for using the equity method. 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Note 3 - Mortgage Note Receivable: Mortgage Note Receivable Activity (Tables)
6 Months Ended

Jun. 30, 2013

Tables/Schedules

Mortgage Note Receivable Activity

Six Months

Ended

June 30, 2013

Mortgage note receivable balance, beginning of period

$ 3,533

Equity in losses of Local Partnership

(55)

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Note 8 - Subsequent Event
6 Months Ended

Jun. 30, 2013

Notes

Note 8 - Subsequent Event
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The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.

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

Jun. 30, 2013

Policies

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

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valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Revenues: </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Rental and other income </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   864  </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   922 </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,788 </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,833 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="102" valign="top" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="96" valign="top" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Operating expenses </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     681 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     779 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,412  </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,447 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 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width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     418 </td> </tr> <tr style='height:12.25pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       Total expenses </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,010 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,219 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,143 </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,327 </td> </tr> <tr style='height:7.9pt'> <td width="282" valign="top" style='width:211.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.9pt'>   </td> <td width="102" valign="bottom" 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Note 7 - Contingencies
6 Months Ended

Jun. 30, 2013

Notes

Note 7 - Contingencies
Note 7 - Contingencies

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

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

Jun. 30, 2013

Notes

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

As of June 30, 2013 and December 31, 2012, the Partnership holds limited partnership interests in four Local Partnerships, located in four states. As a limited partner of the Local Partnerships, the Partnership does not have authority over day-to-day management of the Local Partnerships or their properties (the "Apartment Complexes"). 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.

At June 30, 2013 and December 31, 2012, the Local Partnerships own residential projects consisting of 494 apartment units.

The projects owned by the Local Partnerships in which the Partnership has invested were developed by the Local Operating General Partners who acquired the sites and applied for applicable mortgages and subsidies, if any. The Partnership 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, the Partnership’s liability for obligations of the Local Partnerships is limited to its investment. The Local Operating General Partner of the Local Partnerships retains responsibility for developing, constructing, maintaining, operating and managing the Projects. Under certain circumstances, an affiliate of NAPICO or the Partnership may act as the Local Operating General Partner. An affiliate of NAPICO, National Tax Credit Inc. II ("NTC-II") is acting either as a special limited partner or non-managing administrative general partner (the “Administrative General Partner”) of each Local Partnership in which the Partnership had an investment.

The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnerships or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnerships that would require or allow for consolidation. Accordingly, the Partnership accounts for its investments in the Local Partnerships using the equity method. The Partnership is allocated profits and losses of the Local Partnerships based upon its respective ownership percentage (between 98.9% and 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. See “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 in the accompanying statements of operations. There were no such distributions received during the six months ended June 30, 2013 and 2012.

For those investments where the Partnership has determined that the carrying value of its investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local 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.

As of June 30, 2013 and December 31, 2012, the investment balance in all four Local Partnerships had been reduced to zero. The Partnership’s remaining investment balance relates to the mortgage note receivable, which is discussed in “Note 3 – Mortgage Note Receivable”.

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 in which the investment balance has been reduced to zero or repayment is uncertain are charged to expense. The Partnership made advances of approximately $680,000 to Michigan Beach during the six months ended June 30, 2013, for operations and capital expenditures at the property. The Partnership did not make any advances during the six months ended June 30, 2012. While not obligated to make advances to any of the Local Partnerships, the Partnership may make future advances in order to protect its economic investment in the Local Partnerships.

The following are estimated unaudited condensed combined statements of operations for the three and six months ended June 30, 2013 and 2012 for the Local Partnerships in which the Partnership has investments (in thousands). The 2012 amounts exclude Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.

Three

Months

Ended

June 30,

2013

Three

Months

Ended

June 30,

2012

Six

Months

Ended

June 30,

2013

Six

Months

Ended

June 30,

2012

Revenues:

Rental and other income

$ 864

$ 922

$ 1,788

$ 1,833

Expenses

Operating expenses

 681

 779

1,412

1,447

Interest

 127

 231

 328

 462

Depreciation and amortization

 202

 209

 403

 418

 Total expenses

 1,010

 1,219

2,143

 2,327

Loss from continuing operations

$ (146)

$ (297)

$ (355)

$ (494)

An affiliate of the General Partner is currently the Local Operating General Partner in one of the Partnership’s four Local Partnerships included above, and a former affiliate received property management fees of approximately five percent of gross revenues from the same Local Partnership (See “Note 4 – Transactions with Affiliated Parties”).

During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of Countryside North American Partners, L.P. (“Countryside”). The agreement provided for an assignment of the Partnership’s 99% limited partnership interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of New Jersey Housing and Mortgage Finance Agency which was received during December 2011.

Upon receipt of approval from the Executive Director of New Jersey Housing and Mortgage Finance Agency, the assignment of the Partnership’s 99% limited partnership interest in Countryside became effective on December 30, 2011. Pursuant to the terms of the assignment agreement, the Partnership received a deposit of $150,000 in cash and a promissory note in the principal amount of $3,550,000 in December 2011. The promissory note had a maturity date of June 30, 2012 and bore interest at the annual rate of two percent if paid on or before March 31, 2012 and seven percent if paid after March 31, 2012. At December 31, 2011, this sale was accounted for under the deposit method, as it lacked adequate initial investment by the buyer to qualify as a sale transaction. Accordingly, the Partnership recorded deferred revenues of $145,000 (cash portion of the sales price received less $5,000 of expenses incurred in connection with the assignment) and excluded the promissory note from its assets at December 31, 2011. During the year ended December 31, 2012, the Partnership paid approximately $66,000 of New Jersey taxes associated with the sale, which was recognized as a reduction to the gain. During the year ended December 31, 2012, the Partnership received approximately $3,562,000 in payment of the note receivable of approximately $3,550,000 and accrued interest of approximately $12,000. The Partnership recognized a gain from sale of limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012. The Partnership had no investment balance remaining in this Local Partnership at the date of assignment and accounted for the investment as an asset held for sale at December 31, 2011.

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

Jun. 30, 2013

Policies

Net Loss Per Limited Partnership Interest
Net Loss Per Limited Partnership Interest

Net 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 72,032 and 72,205 for the three and six month periods ended June 30, 2013 and 2012, respectively.

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

Jun. 30, 2013

Policies

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Basis of Presentation

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

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

Jun. 30, 2013

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

Jun. 30, 2013

Policies

Variable Interest Entities
Variable Interest Entities

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

the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.

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

At June 30, 2013 and December 31, 2012, the Partnership held variable interests in four VIEs for which the Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local Partnerships, that the general partner of each of the Local Partnerships is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:

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

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

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

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

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

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

The four VIEs at June 30, 2013 consist of Local Partnerships that are directly engaged in the ownership and management of four apartment properties with a total of 494 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 approximately $3,478,000 and $3,533,000 at June 30, 2013 and December 31, 2012, respectively. 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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Document and Entity Information
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Jun. 30, 2013

Document and Entity Information:

Entity Registrant Name NATIONAL TAX CREDIT INVESTORS II

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Note 1 - Organization and Summary of Significant Accounting Policies: Revenue Recognition - Deposit Method (Policies)
6 Months Ended

Jun. 30, 2013

Policies

Revenue Recognition - Deposit Method
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Profit on the sale of limited partnership interests shall not be recognized under the full accrual method until all of the following criteria are met: a sale is consummated, the buyer’s initial and continuing investments are adequate, the seller’s receivable is not subject to future subordination and the risks of ownership have transferred to the buyer. The Partnership recognizes gains on sale of limited partnership interests using the deposit method when all of the criteria for the full accrual method are not met. Under the deposit method no gain is recognized, no receivable from the buyer is recorded at the closing date and any cash received from the buyer is reported as a deposit liability on the balance sheet. As a result, the Partnership continues to carry the investment on its financial statements.

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Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2013
Document and Entity Information:
Entity Registrant Name	NATIONAL TAX CREDIT INVESTORS II
Document Type	10-Q
Document Period End Date	Jun. 30, 2013
Amendment Flag	false
Entity Central Index Key	0000859921
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	72,032
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2