Form 10-K

0001376474-14-000115.txt : 20140415 0001376474-14-000115.hdr.sgml : 20140415 20140415170050 ACCESSION NUMBER: 0001376474-14-000115 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20131231 FILED AS OF DATE: 20140415 DATE AS OF CHANGE: 20140415 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 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-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20610 FILM NUMBER: 14765627 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-K 1 ntci2_10k.htm FORM 10-K Form 10-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

Form 10-K

(Mark One)

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

For the fiscal year ended December 31, 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)

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

None

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

Units of Limited Partnership Interests

(Title of class)

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

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

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

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

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

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

Large accelerated filer £

Accelerated filer £

Non-accelerated filer £ (Do not check if a

smaller reporting company)

Smaller reporting company S

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

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

DOCUMENTS INCORPORATED BY REFERENCE

None

FORWARD-LOOKING STATEMENTS

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

PART I

Item 1.

Business

National Tax Credit Investors II (“NTCI-II” or the “Partnership”) 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”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The business of the Partnership 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.

On April 23, 1990, the Partnership offered 100,000 Units of Limited Partnership Interests (“Units”) at $1,000 per Unit through a public offering managed by Paine Webber Incorporated. The term of the offering expired on April 22, 1992, at which date a total of 72,404 Units had been sold amounting to $72,404,000 in capital contributions. Offering expenses of approximately $9,413,000 were incurred in connection with the sale of such limited partner interests. Since its initial offering, the Partnership has not received, nor are limited partners required to make additional capital contributions.

The Partnership has no employees. Services are performed for the Partnership by the General Partner and agents retained by the General Partner.

In general, an owner of a low-income housing project is entitled to receive the Housing Tax Credit in each year of a ten-year period (the "Credit Period"). The projects are subject to a minimum compliance period of not less than fifteen years (the "Compliance Period"). Tax Credits are available to the limited partners to reduce their federal income taxes. The ability of a limited partner to utilize such credits may be restricted by the passive activity loss limitation and the general business tax credit limitation rules. NTCI-II has made capital contributions to 37 Local Partnerships.

Prior to 2011, the Partnership lost its interest in 28 Local Partnerships through the sale of the property held by the Local Partnership, foreclosure, or the sale of Partnership interests. During 2011, the Partnership sold its limited partnership interest in four of the Local Partnerships owning residential projects consisting of 237 apartment units. During 2012, the Partnership sold its limited partnership interest in one of the Local Partnerships owning residential projects consisting of 180 apartment units. During 2013, the Partnership assigned its Partnership interest in two Local Partnerships owning residential projects consisting of 139 units. As of December 31, 2013, the Partnership held limited partnership interests in two Local Partnerships located in two states. Each of these Local Partnerships owns a project that is eligible for the Housing Tax Credit. One of the Local Partnerships also benefits from government programs promoting low or moderate income housing.

The projects owned by the Local Partnerships in which NTCI-II has invested were developed by the local operating general partners (the “Local Operating General Partners”) who acquired the sites and applied for applicable mortgages and subsidies, if any. NTCI-II 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, NTCI-II's liability for obligations of the Local Partnership is limited to NTCI-II’s investment. The Local Operating General Partner of the Local Partnership retains responsibility for developing, constructing, maintaining, operating and managing the Projects. Under certain circumstances, an affiliate of NAPICO or NTCI-II 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 has an investment.

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

Item 1A.

Risk Factors

Not applicable.

Item 2.

Properties

During 2013, most of the projects in which NTCI-II had invested were substantially rented. The following is a schedule of the occupancy status as of December 31, 2013 and 2012 of the projects owned by Local Partnerships in which NTCI-II is a limited partner.

SCHEDULE OF PROJECTS OWNED BY LOCAL PARTNERSHIPS

IN WHICH NTCI-II HAS AN INVESTMENT

DECEMBER 31, 2013


			Units
		Financed,	Authorized	Occupancy
		Insured	for Rental	Percentage
		and	Assistance	for the Years Ended
	No. of	Subsidized	Under	December 31,
Name and Location	Units	Under	Section 8	2013	2012

Lincoln Grove Apartments
Greensboro, NC	116	--	--	73%	77%
Michigan Beach Apartments
Chicago, IL	239	(A)	--	93%	92%

(A)

The mortgage is insured by HUD.

The following table details the Partnership’s ownership percentages of the Local Partnerships and the cost of acquisition of such ownership. All interests are limited partner interests. The total mortgage and other encumbrances on each property for each of the Local Partnerships as of December 31, 2013 are also included.


	NTCI-II	Original Cost
	Percentage	of Ownership	Mortgage	Notes
Name and Location	Interest	Interest	Notes	Payable
		(in thousands)	(in thousands)	(in thousands)
Lincoln Grove Apartments
Greensboro, NC	99.00%	$ 840	$ 2,047	$ 0
Michigan Beach Apartments
Chicago, IL	98.90%	$ 1,575	$ 12,375	$ 6,671

Although each Local Partnership in which the Partnership has invested owns a project that must compete with other projects for tenants, government mortgage interest and rent subsidies make it possible for some of the Local Partnerships to rent units to eligible tenants at below market rates. In general, the Partnership believes this insulates the properties from market competition.

In October 2013, the Partnership assigned its limited partnership interest in Jamestown Terrace to an affiliate of the operating General Partner for a total of $10,000. This amount will be recognized as a gain on sales of limited partnership interest in Local Partnerships during the year ended December 31, 2013 as the Partnership had no investment balance remaining at the date of the assignment.

In November 2013, the Partnership assigned its limited partnership interest in Virginia Park Meadows to an affiliate of the operating General Partner for no consideration. This agreement was subject to the Partnership paying a $3,000 transfer fee to the state of Michigan. The Partnership had no investment balance remaining as of the date of the agreement.

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 the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011.

Upon receipt of approval from the Executive Director of the 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.

During September 2013, the Partnership entered into an Assignment and Assumption Agreement to assign its limited partnership interest in Michigan Beach to a third party for a total amount of $10.00. Additionally, during September 2013, the Partnership entered into a Loan Purchase Agreement with the same third party, to sell the second mortgage held by the Partnership for an amount equal to the outstanding principal on the Loan. As of December 31, 2013, the outstanding principal balance on the Loan was $3,596,000. The Partnership's investment balance in Michigan Beach was reduced to zero. The assignment and the Loan purchase are subject to i) the consent of the United States Department of Housing and Urban Development and ii) the consent of Midland Loan Services, Inc. If either condition was not met prior to December 31, 2013, the Assignment Agreement and the Loan Agreement would terminate. All parties have agreed to extend and reinstate the loan agreement. Negotiations are ongoing at this time. An extension is expected to be signed in the second quarter of 2014. In the event that the closing does not timely occur due to the default by Assignee of its obligations under the Assignment Agreement or the Loan Agreement, then the Partnership will be entitled to keep the $1,000 escrow deposit made by Assignee in connection with the Loan Agreement. In the event that the closing does not timely occur due to the default by the Partnership, then the rights and obligations of both parties under both agreements terminate, except for certain indemnification rights.

Item 3.

Legal Proceedings

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

Item 4.

Mine Safety Disclosures

Not applicable.

PART II

Item 5.

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

The limited partnership interests (the “Units”) are not traded on a public exchange but were sold through a public offering managed by PaineWebber Incorporated. It is not anticipated that any active public market will develop for the purchase and sale of any limited partnership interest, therefore an investor may be unable to sell or otherwise dispose of his or her interest in the Partnership. A Unit may not be transferred but can be assigned only if certain requirements in the Partnership Agreement are satisfied. At December 31, 2013, there were 2,880 registered holders of 72,017 Units in the Partnership. The Partnership has invested in certain government assisted projects under programs which in many instances restrict the cash return available to project owners. The Partnership was not designed to provide cash distributions to limited partners in circumstances other than refinancing or disposition of its investments in Local Partnerships. There were no distributions from the Partnership during the years ended December 31, 2013 and 2012.

Bethesda and its affiliates owned 397 Units in the Partnership representing .55% of the outstanding Units in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional Units in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Item 6.

Selected Financial Data

Not applicable.

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

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

Liquidity and Capital Resources

Some of the properties in which the Partnership has invested, through the Partnership’s investment in Local Partnerships, receive one or more forms of assistance from the Federal Government. As a result, a Local Partnership’s ability to transfer funds either to the Partnership or among the Local Partnerships 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 December 31, 2013 and 2012, the Partnership had cash and cash equivalents of approximately $3,577,000 and $5,163,000, respectively. The decrease in cash and cash equivalents of approximately $1,586,000 was due to approximately $1,300,000 of cash used in investing activities, and approximately $200,000 of cash used in operating activities. Cash provided by investing activities consisted of proceeds from the sale of the Partnership’s limited partnership interest in one Local Partnership.

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. 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.

interest in Countryside for $3,700,000. The assignment was subject to the consent of the Executive Director of the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011.

Upon receipt of approval from the Executive Director of the 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 $43,000 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 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 years ended December 31, 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, 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 the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. Subsequent distributions received are recognized as income in the statements of operations. For those investments where the Partnership has determined that the carrying value of the Partnership’s investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received, and amortization of acquisition costs from those Local Partnerships. During the years ended December 31, 2013 and 2012, the Partnership recognized equity in loss

of approximately $55,000 and $141,000, respectively, from one Local Partnership, Michigan Beach, that reduced the carrying amount of the mortgage note receivable due from the Local Partnership. In addition, the Partnership recognized an impairment of $50,000 during the year ended December 31, 2011 to reduce the mortgage note receivable to its expected value. There were no distributions received in 2013 or 2012.

At times, advances are made to Local Partnerships. Advances made by the Partnership to the individual Local Partnerships are considered part of the Partnership’s investment in limited partnerships. Advances made to Local Partnerships in which the investment balance has been reduced to zero are charged to expense. The Partnership made advances of approximately $1,344,000 to Michigan Beach during the year ended December 31, 2013, for deferred capital needs. Subsequent to December 31, 2013, the Partnership advanced approximately $89,000. 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 December 31, 2013, the investment balance in the Local Partnerships had been reduced to zero.

The Partnership’s net income (loss)for the years ended December 31, 2013 and 2012 was approximately $(1,633,000) and $3,300,000, respectively. The decrease in net income for the year ended December 31, 2012 is due to a decrease in gain from sales of limited partnership interests in Local Partnerships, a decrease in loss from partnership operations and a decrease in impairment loss, partially offset by an increase in equity in loss of Local Partnerships and a decrease in distributions from Local Partnerships.

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 the General Partner’s management of the Partnership’s affairs. For the years ended December 31, 2013 and 2012, management fees were approximately $107,000 and $107,000, respectively.

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 $83,000 and $72,000 for the years ended December 31, 2013 and 2012, respectively. General and administrative expenses were approximately $54,000 and $50,000 for the years ended December 31, 2013 and 2012, respectively. The Partnership is subject to a New Jersey partner tax which is included in tax expense. For the years ended December 31, 2013 and 2012, tax expense was approximately $0 and $13,000, respectively. The decrease in tax expense is due to a decrease in the portion of the New Jersey tax that is based on the apportionment of income related to the Partnership’s investment in certain Local Partnerships.

During November 2011, the Partnership entered into an assignment and assumption agreement with a third party affiliated with the operating general partner of 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 the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011.

Upon receipt of approval from the Executive Director of the 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 30, 2012, the Partnership paid approximately $43,000 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 at the date of assignment.

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.

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 complexes or take such other actions as the local general partner believes to be in the best interest of the Local Partnership.

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 8. Financial Statements and Supplementary Data”). There are no lines of credit, side agreements or any other derivative financial instruments between the Local Partnerships and the Partnership. Accordingly the Partnership’s maximum risk of loss related to these unconsolidated Local Partnerships is limited to the recorded investments in and receivables from the Local Partnerships. See “Note 2 – Investments in and Advances to Local Partnerships” of the financial statements in “Item 8. Financial Statements and Supplementary Data” for additional information about the Partnership’s investments in unconsolidated Local Partnerships.

Variable Interest Entities

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

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

At December 31, 2013 and 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local 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 two VIEs at December 31, 2013 consisted of Local Partnerships that were directly engaged in the ownership and management of two apartment properties with a total of 355 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 December 31, 2013 and 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.

Critical Accounting Policies and Estimates

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

Method of Accounting for Investments in Limited Partnerships

The 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 Partnership’s 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 “Item 8. Financial Statements and Supplementary Data – Note 1 – Organization and Summary of Significant Accounting Policies” for a description of the Partnership’s 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 the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the statements of operations.

extent of distributions received and amortization of acquisition costs from those Local Partnerships. Therefore, the Partnership limits its recognition of equity earnings to the amount the Partnership expects to ultimately realize.

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

Item 8.

Financial Statements and Supplementary Data

NATIONAL TAX CREDIT INVESTORS II

LIST OF FINANCIAL STATEMENTS

Reports of Independent Registered Public Accounting Firms

Balance Sheets – December 31, 2013 and 2012

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

Statements of Changes in Partners’ (Deficiency) Capital – Years ended December 31, 2013 and 2012

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

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

The Partners

National Tax Credit Investors II

We have audited the accompanying balance sheet of National Tax Credit Investors II as of December 31, 2013, and the related statements of operations, changes in partners' (deficiency) capital and cash flows for the year ended December 31, 2013. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

In our opinion, based on our audit, the financial statements referred to above present fairly, in all material respects, the financial position of National Tax Credit Investors II at December 31, 2013, and the results of its operations and its cash flows for the year ended December 31, 2013, in conformity with U.S. generally accepted accounting principles.

/s/Carter & Company, CPA, LLC

Destin, Florida

April 15, 2014

Report of Independent Registered Public Accounting Firm

The Partners

National Tax Credit Investors II

We have audited the accompanying balance sheet of National Tax Credit Investors II as of December 31, 2012, and the related statements of operations, changes in partners' (deficiency) capital and cash flows for the year ended December 31, 2012. These financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.

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

In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of National Tax Credit Investors II at December 31, 2012, and the results of its operations and its cash flows for the year ended December 31, 2012, in conformity with U.S. generally accepted accounting principles.

/s/Ernst & Young LLP

Greenville, South Carolina

April 1, 2013

NATIONAL TAX CREDIT INVESTORS II

BALANCE SHEETS

(In thousands)


	December 31,
	2013	2012
ASSETS

Cash and cash equivalents	$ 3,577	$ 5,163
Mortgage note receivable	3,478	3,533
Accounts receivable – limited partners	181	181
Other assets	54	54
Total assets	$ 7,290	$ 8,931

LIABILITIES AND PARTNERS' (DEFICIENCY) CAPITAL

Liabilities:
Accounts payable and accrued expenses	$ 32	$ 40

Partners' (deficiency) capital:
General partner	(556)	(540)
Limited partners	7,814	9,431
Total partners’ (deficiency) capital	7,258	8,891
Total liabilities and partners' (deficiency) capital	$ 7,290	$ 8,931

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENTS OF OPERATIONS

(In thousands, except per interest data)


	Years Ended December 31,
	2013	2012
Revenues:
Interest income	$ --	$ 12
Other income	--	19
Total revenues	--	31

Operating expenses:
Management fees - general partner	107	107
General and administrative	54	50
Tax expense	--	13
Legal and accounting	83	72
Total operating expenses	244	242

Loss from partnership operations	(244)	(211)
Gain from sales of limited partnership interests
in Local Partnerships	10	3,652
Advance recognized as expense
as income (loss)	(1,344)	--
Equity in loss of Local Partnerships	(55)	(141)

Net income (loss)	$(1,633)	$ 3,300

Net income (loss) allocated to general partner (1%)	$ (16)	$ 33
Net income (loss) allocated to limited partners (99%)	$(1,617)	$ 3,267

Net income (loss) per limited partnership interest	$(22.45)	$ 45.25

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENTS OF CHANGES IN PARTNERS'(DEFICIENCY) CAPITAL

(In thousands)


	General	Limited
	Partner	Partners	Total
Partners’ (deficiency) capital at
December 31, 2011	$ (573)	$ 6,164	$ 5,591

Net income for the year ended December 31, 2012	33	3,267	3,300

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

Net loss for the year ended December 31, 2013	(16)	(1,617)	(1,633)

Partners’ (deficiency) capital at
December 31, 2013	$ (556)	$ 7,814	$ 7,258

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

STATEMENTS OF CASH FLOWS

(In thousands)


	Years Ended December 31,
	2013	2012
Cash flows from operating activities:
Net income (loss)	$ (1,633)	$ 3,300
Adjustments to reconcile net income to net cash
used in operating activities:
Gain from sales of limited partnership interests in
Local Partnerships	(10)	(3,652)
Advance made to Local Partnership
Recognized as expense	1,344	--
Equity in loss of Local Partnerships	55	141
Change in accounts:
Accounts receivable – limited partners	--	(181)
Other assets	--	(54)
Accounts payable and accrued expenses	(8)	(85)
Net cash used in operating activities	(252)	(531)

Cash flows from investing activities:
Advance to Local Partnership	(1,344)	--
Proceeds from sales of limited partnership interests in
Local Partnerships	10	3,550
Net cash provided by investing activities	(1,334)	3,550

Net increase (decrease) in cash and cash equivalents	(1,586)	3,019
Cash and cash equivalents, beginning of year	5,163	2,144
Cash and cash equivalents, end of year	$ 3,577	$ 5,163

See Accompanying Notes to Financial Statements

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2013

Note 1 - Organization and Summary of Significant Accounting Policies

Organization

National Tax Credit Investors II (“NTCI II” or the “Partnership”) 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”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The 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 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. No disposition fees have been paid or accrued.

At December 31, 2013 and 2012, the Partnership had outstanding 72,017 and 72,032 limited partnership interests, respectively.

Basis of Presentation

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

Cash and Cash Equivalents

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

Method of Accounting for Investments 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.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

Use of Estimates

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

Net Income Per Limited Partnership Interest

Net income per limited partnership interest was computed by dividing the limited partners' share of net income 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 years ended December 31, 2013 and 2012, respectively.

Abandoned Interests

During 2013 and 2012, the number of limited partnership interests decreased by 15 and 173 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

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 December 31, 2013 and December 31, 2012 at the amount at which the Partnership ultimately expects to receive. No impairment was recognized during the years ended December 31, 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. There were no impairment losses recognized during the years ended December 31, 2013 and 2012.

Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 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.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

Segment Reporting

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

Variable Interest Entities

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;

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

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

Note 2 - Investments In and Advances to Local Partnerships

As of December 31, 2013 and 2012, the Partnership holds limited partnership interests in two and four Local Partnerships, respectively, located in two and four states, respectively. 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 December 31, 2013 and 2012, the Local Partnerships own residential projects consisting of 355 and 494 apartment units, respectively. During the year ended December 31, 2013, the Partnership sold its limited partnership interest in two of the Local Partnerships owning residential projects consisting of 139 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.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

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, the Partnership does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations. During the year ended December 31, 2013 and 2012, there were no such distributions received.

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

In October 2013, the Partnership assigned its limited partnership interest in Jamestown Terrace to an affiliate of the Local Operating General Partner for a total of $10,000. This amount will be recognized as a gain on sales of limited partnership interest in Local Partnerships during the year ended December 31, 2013 as the Partnership had no investment balance remaining at the date of the assignment.

In November 2013, the Partnership assigned its limited partnership interest in Virginia Park Meadows to an affiliate of the Local Operating General Partner for no consideration. This agreement was subject to the Partnership paying a $3,000 transfer fee to the state of Michigan. The Partnership had no investment balance remaining as of the date of the agreement.

Upon receipt of approval from the Executive Director of the 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 $43,000 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

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

limited partnership interest of approximately $3,652,000 and interest income of approximately $12,000 during the year ended December 31, 2012.

As of December 31, 2013 and 2012, the investment balance in one of the two and three of the four Local Partnerships, respectively, 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”.

The difference between the investment per the accompanying balance sheets at December 31, 2013 and 2012 and the equity per the Local Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Partnerships, costs capitalized to the investment account, and cumulative distributions recognized as income.

The Partnership’s value of its investments and its equity in the income/loss and/or distributions from the Local Partnerships are, for certain Local Partnerships, individually, not material to the overall financial position of the Partnership. The financial information from the unaudited condensed combined financial statements of such Local Partnerships at December 31, 2013 and 2012 and for each of the two years in the period then ended is presented below. The Partnership’s value of its investment in Michigan Beach Limited Partnership, (the “Material Investee”) is considered material to the Partnership’s financial position and amounts included below for the Material Investee are included on an audited basis.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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

The following are estimated unaudited condensed combined statements of operations for the years ended December 31, 2013 and 2012 for the Local Partnerships in which the Partnership has investments. The 2013 and 2012 amounts exclude Jamestown and Virginia Park, for which the Partnership assigned its limited partnership interest in October 2013; The 2012 amounts exclude Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.


Condensed Combined Balance Sheets of the Local Partnerships
(in thousands)
	December 31, 2013
Assets:	Unaudited	Material Investee	Total

Land	$ 112	$ 1,010	$ 1,122
Building and improvements	4,109	9,751	13,860
Accumulated depreciation	(2,355)	(4,393)	(6,748)
Other assets	67	588	655
Total assets	$ 1,933	$ 6,956	$ 8,889

Liabilities and Partners Deficit:
Liabilities:
Mortgage notes payable and interest	$ 2,047	$ 12,375	$ 14,422
Other liabilities	284	7,093	7,377
Partners’ deficit	(398)	(12,512)	(12,910)

Total liabilities and partners' deficit	$ 1,933	$ 6,956	$ 8,889




	December 31, 2012
Assets	Unaudited	Material Investee	Total

Land	$ 185	$ 843	$ 1,028
Building and improvements	4,025	8,222	12,247
Accumulated depreciation	(2,241)	(3,967)	(6,208)
Other assets	58	736	794
Total assets	$ 2,027	$ 5,834	$ 7,861

Liabilities and Partners Deficit:
Liabilities:
Mortgage notes payable	$ 2,047	$ 9,073	$ 11,120
Other liabilities	286	9,032	9,318
Partners’ deficit	(306)	(12,271)	(12,577)

Total liabilities and partners' deficit	$ 2,027	$ 5,834	$ 7,861

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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



Condensed Combined Results of Operations of the Local Partnerships
(in thousands)

	For the year Ended December 31, 2013			For the year Ended December 31, 2012

	Unaudited	Material Investee	Total	Unaudited	Material Investee	Total
Rental and other revenue	$ 430	$ 2,433	$ 2,863	$ 459	$ 2,288	$ 2,747

Expenses:
Operating expenses	383	588	971	440	1,837	2,277
Interest and entity
expenses	24	430	454	--	(15)	(15)
Depreciation and amortization	115	1,659	1,774	109	417	526
Total expenses	522	2,677	3,199	549	2,239	2,788

Income (loss) from continuing operations	$ (92)	$ (244)	$ (336)	$ (90)	$ 49	$ (41)

Real Estate and Accumulated Depreciation of Local Partnerships

The following tables exclude the Local Partnerships sold in 2013 and 2012 as described above.



(1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2013) (in thousands):

Description	Encumbrances	Land	Buildings And Related Personal Property	Total	Accumulated Depreciation

Lincoln Grove	$ 2,047	$ 112	$ 4,109	$ 4,221	$ 2,355
Michigan Beach	12,375	1,010	9,751	10,761	4,393
Total	$ 14,422	$ 1,122	$ 13,860	$ 14,982	$ 6,748



(2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

	Year Ended December 31, 2013			Year Ended December 31, 2012
	Unaudited	Material Investee	Total	Unaudited	Material Investee	Total
Real estate:
Balance at beginning of year	$ 4,210	$ 9,065	$ 13,275	$ 4,190	$ 8,557	$12,747
Improvements	11	1,696	1,707	20	508	528
Balance at end of year	$ 4,221	$10,761	$ 14,982	$ 4,210	$ 9,065	$13,275

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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



(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

	Year Ended December 31, 2013			Year Ended December 31, 2012
	Unaudited	Material Investee	Total	Unaudited	Material Investee	Total
Accumulated depreciation:
Balance at beginning of year	$ 2,241	$ 3,967	$ 6,208	$ 2,133	$ 3,555	$ 5,688
Depreciation expense	114	426	540	108	412	520
Balance at end of year	$ 2,355	$ 4,393	$ 6,748	$ 2,241	$ 3,967	$ 6,208

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 5 percent of gross revenues from the same Local Partnership (See “Note 4 – Transactions with Affiliated Parties”).

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 receiver 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 of 2031. There is an option to the noteholder to accelerate maturity of the second mortgage after October of 2008. There have been no payments made on the loan. The Partnership recognized approximately $55,000 and $141,000 in equity in loss from Michigan Beach during the years ended December 31, 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 years ended December 31, 2013 and 2012 (in thousands):
	2013	2012
Mortgage note receivable balance, beginning of year	$ 3,533	$ 3,674
Equity in losses of Local Partnership	(55)	(141)
Mortgage note receivable balance, end of year	$ 3,478	$ 3,533

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

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 years ended December 31, 2013 and 2012, partnership management fees in the amount of approximately $107,000, for each year, 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. No disposition fees have been paid or accrued.

(c)

The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $29,000 for each of the years ended December 31, 2013 and 2012, respectively, and is included in general and administrative expenses.

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 year ended December 31, 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 $91,000 for the year ended December 31, 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 years ended December 31, 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.

Bethesda and its affiliates owned 397 limited partnership interests (the "Units") in the Partnership representing .55% of the outstanding Units in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional Units in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units 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

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

Note 4 – Transactions with Affiliated Parties - continued

remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note 5 - Income Taxes

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


A reconciliation between the Partnership’s reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):

	Years Ended December 31,
	2013	2012
Net income (loss) per financial statements	(1,633)	$ 3,300
Sale of partnership interest	0	(3,612)
Other	0	(177)
Investment in Local Partnerships	5,068	(289)
Net income (loss) per tax return	$ 3,435	$ (778)

Net income (loss) per limited partnership interest	$ 47.22	$ (53.36)


The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets at December 31, 2013 and 2012 (in thousands):
	2013	2012
Net assets as reported	$ 7,258	$ 8,891
Add (deduct):
Deferred offering costs	9,367	9,367
Investment in Local Partnerships	(8,000)	(13,392)
Other	3,349	3,673
Net assets – Federal tax basis	$ 11,974	$ 8,539

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 year ended December 31, 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 another asset on the accompanying balance sheet at December 31, 2013 and 2012. As a result of the sale of Countryside during 2012, the Partnership is no longer subject to pay New Jersey taxes.

NATIONAL TAX CREDIT INVESTORS II

NOTES TO FINANCIAL STATEMENTS - CONTINUED

Note 6 - Contingencies

Note 7 - Subsequent Events

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

Item 9.

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Effective June 7, 2013, the Registrant dismissed its prior independent registered public accounting firm, Ernst & Young LLP and retained as its new independent registered public accounting firm, Carter & Company, CPA, LLC. The reports of Ernst & Young LLP on the financial statements of the Registrant as of and for the years ended December 31, 2012 and 2011 did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles. The decision to change independent accountants was approved by the board of directors of the Managing General Partner of the Partnership. During the two fiscal years ended 2012 and through June 7, 2013, there were no disagreements with Ernst & Young LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure which disagreements if not resolved to the satisfaction of Ernst & Young LLP, would have caused it to make reference to the subject matter of the disagreements in connection with its reports on the Partnership's financial statements for the fiscal years ended December 31, 2012 and 2011.

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

Item 9A.

Controls and Procedures

(a)

Disclosure Controls and Procedures

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

Management’s Report on Internal Control Over Financial Reporting

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

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

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

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

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

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

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

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

(b)

Changes in Internal Control Over Financial Reporting

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

Item 9B.

Other Information

None.

PART III

Item 10.

Directors, Executive Officers, and Corporate Governance.

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

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


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

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

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

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

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

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

Item 11.

Executive Compensation

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

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

(a)

Security Ownership of Certain Beneficial Owners

The General Partner owns all of the outstanding general partnership interests of the Partnership. No person or entity is known to own beneficially in excess of 5 percent of the outstanding limited partnership interests.

(b)

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

Item 13.

Certain Relationships and Related Transactions, and Director Independence

Under the terms of its Partnership Agreement, the Partnership is obligated to the General Partner for the following fees:

(a)

(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. No disposition fees have been paid or accrued.

(c)

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.

Bethesda and its affiliates owned 397 limited partnership interests (the "Units") in the Partnership representing 55% of the outstanding Units in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional Units in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units 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.

The General Partner has no directors.

Item 14.

Principal Accounting Fees and Services

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

Audit Fees. Fees for audit services totaled approximately $20,000 and $35,000 for 2013 and 2012, respectively. Fees for audit services also include fees for the reviews of the Partnership’s Quarterly Reports on Form 10-Q.

Tax Fees. Fees for tax services totaled approximately $10,000 and $19,000 for 2013 and 2012, respectively.

PART IV

Item 15.

Exhibits, Financial Statement Schedules

(a)

The following financial statements of the Partnership are included in Item 8:

Balance Sheets - December 31, 2013 and 2012.

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

Statements of Changes in Partners' (Deficiency) Capital - Years ended December 31, 2013 and 2012.

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

Notes to Financial Statements.

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

(b)

Exhibits:

See Exhibit Index.

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

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

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

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

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

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

SIGNATURES

Pursuant to the requirements of Section 13 or Section 15(d) 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: April 15, 2014	By: /s/Brian Flaherty
	Brian Flaherty
	Senior Managing Director

Date: April 15, 2014	By: /s/Joseph Dryden
	Joseph Dryden
	Director of Reporting

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


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

/s/Joseph Dryden	Director of Reporting	Date: April 15, 2014
Joseph Dryden

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)

Loan Sale Agreement between Pami Midatlantic LLC, a Delaware limited liability company and National Tax Credit Investors II, a California limited partnership dated May 30, 2006. Incorporated by reference to the Partnership’s Current Report on Form 8-K dated May 30, 2006.

Code of Ethics of National Tax Credit Investors II. Incorporated by reference to the Partnership's Annual Report on Form 10-K dated April 1, 2013.

31.1

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

31.2

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

32.1

Certification of the equivalent of the Chief Executive Officer and 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2013, formatted in XBRL: (i) balance sheets, (ii) statements of operations, (iii) statements 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 ntci2_ex31z1.htm CERTIFICATION Certification

Exhibit 31.1

CERTIFICATION

I, Brian Flaherty, certify that:

I have reviewed this annual report on Form 10-K 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 annual report) that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

(a)

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

(b)

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

Date: April 15, 2014

/s/Brian Flaherty

Brian Flaherty

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

EX-31.2 3 ntci2_ex31z2.htm CERTIFICATION Certification

Exhibit 31.2

CERTIFICATION

I, Joseph Dryden, certify that:

I have reviewed this annual report on Form 10-K 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: April 15, 2014

/s/Joseph Dryden

Joseph Dryden

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

EX-32.1 4 ntci2_ex32z1.htm CERTIFICATION Certification

Exhibit 32.1

Certification of CEO and CFO

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

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

(1)

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

(2)

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


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

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

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

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10-K 2013-12-31 false NATIONAL TAX CREDIT INVESTORS II 0000859921 --12-31 72017 0 Smaller Reporting Company Yes No No 2013 FY

Note 1 - Organization and Summary of Significant Accounting Policies   Organization   National Tax Credit Investors II (NTCI II or the Partnership) 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). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust.  The 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 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. No disposition fees have been paid or accrued.   At December 31, 2013 and 2012, the Partnership had outstanding 72,017 and 72,032 limited partnership interests, respectively.   Basis of Presentation   The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.   Cash and Cash Equivalents   Cash and cash equivalents include cash on hand and in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits. The entire cash balance at December 31, 2012 was maintained by an affiliated management company on behalf of affiliated entities in a cash concentration account. In 2013 the affiliated management company maintained separate cash accounts with an FDIC insured bank for each of its affiliated entities including National Tax Credit Investors II.   Method of Accounting for Investments 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.   Use of Estimates   The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.   Net Income Per Limited Partnership Interest   Net income per limited partnership interest was computed by dividing the limited partners' share of net income 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 years ended December 31, 2013 and 2012, respectively.   Abandoned Interests   During 2013 and 2012, the number of limited partnership interests decreased by 15 and 173 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.   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 December 31, 2013 and December 31, 2012 at the amount at which the Partnership ultimately expects to receive. No impairment was recognized during the years ended December 31, 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. There were no impairment losses recognized during the years ended December 31, 2013 and 2012.   Fair Value of Financial Instruments   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 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. <p align="left" style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:31.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:-31.5pt;layout-grid-mode:line;margin-left:0in;text-align:left;text-indent:0in'>  Segment Reporting   ASC Topic 280-10, Segment Reporting, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also established standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment. <p align="left" style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:31.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:-31.5pt;layout-grid-mode:line;margin-left:0in;text-align:left;text-indent:0in'>  Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At December 31, 2013 and 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local 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 two VIEs at December 31, 2013 consisted of Local Partnerships that were directly engaged in the ownership and management of two apartment properties with a total of 355 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 December 31, 2013 and 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.

Note 2 - Investments In and Advances to Local Partnerships   As of December 31, 2013 and 2012, the Partnership holds limited partnership interests in two and four Local Partnerships, respectively, located in two and four states, respectively. 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 December 31, 2013 and 2012, the Local Partnerships own residential projects consisting of 355 and 494 apartment units, respectively. During the year ended December 31, 2013, the Partnership sold its limited partnership interest in two of the Local Partnerships owning residential projects consisting of 139 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 98.90% 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, the Partnership does not recognize losses once the Partnerships investment in each of the Local Partnerships reaches zero.  Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations. During the year ended December 31, 2013 and 2012, there were no such distributions received.   For those investments where the Partnership has determined that the carrying value of the Partnerships investments approximates the estimated fair value of those investments, the Partnerships policy is to recognize equity in income of the Local Partnerships only to the extent of distributions received and amortization of acquisition costs from those Local Partnerships.  Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.   In October 2013, the Partnership assigned its limited partnership interest in Jamestown Terrace to an affiliate of the Local Operating General Partner for a total of $10,000. This amount will be recognized as a gain on sales of limited partnership interest in Local Partnerships during the year ended December 31, 2013 as the Partnership had no investment balance remaining at the date of the assignment.   In November 2013, the Partnership assigned its limited partnership interest in Virginia Park Meadows to an affiliate of the Local Operating General Partner for no consideration. This agreement was subject to the Partnership paying a $3,000 transfer fee to the state of Michigan. The Partnership had no investment balance remaining as of the date of the agreement.   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 the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011.   Upon receipt of approval from the Executive Director of the 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 $43,000 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.   During September 2013, the Partnership entered into an Assignment and Assumption Agreement to assign its limited partnership interest in Michigan Beach to a third party for a total amount of $10.00. Additionally, during September 2013, the Partnership entered into a Loan Purchase Agreement with the same third party, to sell the second mortgage held by the Partnership for an amount equal to the outstanding principal on the Loan. As of December 31, 2013, the outstanding principal balance on the Loan was $3,596,000. The Partnership's investment balance in Michigan Beach was reduced to zero. The assignment and the Loan purchase are subject to i) the consent of the United States Department of Housing and Urban Development and ii) the consent of Midland Loan Services, Inc. If either condition was not met prior to December 31, 2013, the Assignment Agreement and the Loan Agreement would terminate. All parties have agreed to extend and reinstate the loan agreement. Negotiations are ongoing at this time. An extension is expected to be signed in the second quarter of 2014. In the event that the closing does not timely occur due to the default by Assignee of its obligations under the Assignment Agreement or the Loan Agreement, then the Partnership will be entitled to keep the $1,000 escrow deposit made by Assignee in connection with the Loan Agreement. In the event that the closing does not timely occur due to the default by the Partnership, then the rights and obligations of both parties under both agreements terminate, except for certain indemnification rights.   As of December 31, 2013 and 2012, the investment balance in one of the two and three of the four Local Partnerships, respectively, 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 are charged to expense. The Partnership made advances of approximately $1,344,000 to Michigan Beach during the year ended December 31, 2013, for deferred capital needs. Subsequent to December 31, 2013, the Partnership advanced approximately $89,000.  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 difference between the investment per the accompanying balance sheets at December 31, 2013 and 2012 and the equity per the Local Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Partnerships, costs capitalized to the investment account, and cumulative distributions recognized as income.   The Partnerships value of its investments and its equity in the income/loss and/or distributions from the Local Partnerships are, for certain Local Partnerships, individually, not material to the overall financial position of the Partnership. The financial information from the unaudited condensed combined financial statements of such Local Partnerships at December 31, 2013 and 2012 and for each of the two years in the period then ended is presented below.  The Partnerships value of its investment in Michigan Beach Limited Partnership, (the Material Investee) is considered material to the Partnerships financial position and amounts included below for the Material Investee are included on an audited basis.   The following are estimated unaudited condensed combined statements of operations for the years ended December 31, 2013 and 2012 for the Local Partnerships in which the Partnership has investments. The 2013 and 2012 amounts exclude Jamestown and Virginia Park, for which the Partnership assigned its limited partnership interest in October 2013; 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='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="686" colspan="4" valign="bottom" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Balance Sheets of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td width="686" colspan="4" valign="bottom" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands) </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="350" colspan="3" valign="bottom" style='width:262.55pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> December 31, 2013 </td> </tr> <tr style='height:.35in'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Assets: </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Unaudited </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Material Investee </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Total </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Land </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  112   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  1,010  </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,122 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Building and improvements </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  4,109 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,751 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  13,860 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Accumulated depreciation </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  (2,355) </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (4,393) </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (6,748) </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other assets </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     67 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      588 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     655 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total assets </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,933 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,956 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 8,889 </td> </tr> <tr style='height:.1in'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable and interest </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,047 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  12,375 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 14,422 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     284 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    7,093 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    7,377 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Partners deficit </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (398) </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,512) </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,910) </td> </tr> <tr style='height:2.9pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities and partners' deficit </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,933 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,956 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  8,889 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="335" colspan="3" valign="bottom" style='width:251.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> December 31, 2012 </td> </tr> <tr style='height:22.5pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Assets </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Unaudited </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Material Investee </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Total </td> </tr> <tr style='height:8.65pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Land </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   185 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    843 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  1,028 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Building and improvements </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   4,025 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    8,222 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   12,247 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Accumulated depreciation </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (2,241) </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,967) </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (6,208) </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other assets </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      58 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      736 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      794 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total assets </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,027 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,834 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  7,861 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,047 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  9,073 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 11,120 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     286 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,032 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,318 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners deficit </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (306) </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,271) </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,577) </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities and partners' deficit </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,027 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,834 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 7,861 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="684" colspan="8" valign="bottom" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="684" colspan="8" valign="bottom" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Results of Operations of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td width="684" colspan="8" valign="bottom" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands)   </td> </tr> <tr style='height:6.3pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="96" colspan="2" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="252" colspan="4" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> For the year Ended December 31, 2013 </td> <td width="264" colspan="3" valign="bottom" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> For the year Ended December 31, 2012 </td> </tr> <tr style='height:8.55pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> </tr> <tr style='height:.3in'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Rental and other revenue </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    430 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   2,433 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,863 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   459 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,288 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,747 </td> </tr> <tr style='height:9.35pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses: </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Operating expenses </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      383 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      588 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     971 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     440 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,837 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,277 </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  Interest and entity </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    expenses </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       24 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      430 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     454 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      -- </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (15) </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (15) </td> </tr> <tr style='height:19.45pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> Depreciation and     amortization </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>      115 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>    1,659 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>   1,774 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     109 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     417 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     526 </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Total expenses </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      522 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,677 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   3,199 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     549 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,239 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,788 </td> </tr> <tr style='height:5.05pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> </tr> <tr style='height:19.45pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> Income (loss) from continuing operations </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $    (92) </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $   (244) </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $  (336) </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $   (90) </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $    49 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $   (41) </td> </tr> <tr align="left"> <td width="168" style='border:none'></td> <td width="84" style='border:none'></td> <td width="12" style='border:none'></td> <td width="78" style='border:none'></td> <td width="78" style='border:none'></td> <td width="84" style='border:none'></td> <td width="90" style='border:none'></td> <td width="90" style='border:none'></td> </tr> </table>   Real Estate and Accumulated Depreciation of Local Partnerships   The following tables exclude the Local Partnerships sold in 2013 and 2012 as described above.   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.0pt'> <td width="186" valign="bottom" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="108" colspan="2" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="78" colspan="2" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> </tr> <tr style='height:.3in'> <td width="672" colspan="9" valign="bottom" style='width:7.0in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> (1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2013) (in thousands): </td> </tr> <tr style='height:.1in'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="102" colspan="2" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:42.3pt'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'>       Description </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Encumbrances </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Land </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Buildings And Related Personal Property </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Total </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Accumulated Depreciation </td> </tr> <tr style='height:.1in'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.95pt'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Lincoln Grove </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $  2,047 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $   112 </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    $  4,109 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $  4,221 </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 2,355 </td> </tr> <tr style='height:12.95pt'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Michigan Beach </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     12,375 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   1,010 </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       9,751 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    10,761 </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    4,393 </td> </tr> <tr style='height:12.95pt'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Total </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $ 14,422 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 1,122 </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    $ 13,860 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 14,982 </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 6,748 </td> </tr> <tr align="left"> <td width="186" style='border:none'></td> <td width="6" style='border:none'></td> <td width="102" style='border:none'></td> <td width="72" style='border:none'></td> <td width="6" style='border:none'></td> <td width="96" style='border:none'></td> <td width="6" style='border:none'></td> <td width="84" style='border:none'></td> <td width="114" style='border:none'></td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="715" colspan="7" valign="bottom" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="715" colspan="7" valign="bottom" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands): </td> </tr> <tr style='height:8.55pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="498" colspan="6" valign="bottom" style='width:373.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="234" colspan="3" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2013 </td> <td width="264" colspan="3" valign="bottom" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> </tr> <tr style='height:.3in'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Real estate: </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 4,210 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 9,065 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 13,275 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 4,190 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 8,557 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $12,747 </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Improvements </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      11 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   1,696 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    1,707 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      20 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     508 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     528 </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 4,221 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $10,761 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 14,982 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 4,210 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 9,065 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,275 </td> </tr> </table> <p align="left" style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:31.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:-31.5pt;layout-grid-mode:line;margin-left:0in;text-align:left;text-indent:0in'>  <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="715" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="715" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="left" style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:31.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:-31.5pt;layout-grid-mode:line;margin-left:0in;text-align:left;text-indent:0in'>(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands): </td> </tr> <tr style='height:.1in'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="498" colspan="6" valign="top" style='width:373.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="246" colspan="3" valign="top" style='width:184.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2013 </td> <td width="252" colspan="3" valign="top" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> </tr> <tr style='height:.3in'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Accumulated depreciation: </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="90" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 2,241 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,967 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 6,208 </td> <td width="90" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 2,133 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,555 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 5,688 </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Depreciation expense </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      114 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      426 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     540 </td> <td width="90" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      108 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      412 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     520 </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 2,355 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 4,393 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 6,748 </td> <td width="90" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 2,241 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,967 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 6,208 </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 5 percent of gross revenues from the same Local Partnership (See Note 4 Transactions with Affiliated Parties).

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 receiver 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 of 2031.  There is an option to the noteholder to accelerate maturity of the second mortgage after October of 2008. There have been no payments made on the loan. The Partnership recognized approximately $55,000 and $141,000 in equity in loss from Michigan Beach during the years ended December 31, 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.   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:24.3pt'> <td width="654" colspan="3" valign="top" style='width:490.5pt;padding:0in 5.4pt 0in 5.4pt;height:24.3pt'> The following is a summary of the mortgage note receivable activity for the years ended December 31, 2013 and 2012 (in thousands): </td> </tr> <tr style='height:13.7pt'> <td width="426" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2013 </td> <td width="114" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> </tr> <tr style='height:13.7pt'> <td width="426" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, beginning of year </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,533 </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,674 </td> </tr> <tr style='height:13.7pt'> <td width="426" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Equity in losses of Local Partnership </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>        (55) </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       (141) </td> </tr> <tr style='height:13.7pt'> <td width="426" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, end of year </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,478 </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,533 </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 years ended December 31, 2013 and 2012, partnership management fees in the amount of approximately $107,000, for each year, 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.  No disposition fees have been paid or accrued.   (c)   The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $29,000 for each of the years ended December 31, 2013 and 2012, respectively, and is included in general and administrative expenses.   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 year ended December 31, 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 $91,000 for the year ended December 31, 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 years ended December 31, 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.   Bethesda and its affiliates owned 397 limited partnership interests (the "Units") in the Partnership representing .55% of the outstanding Units in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional Units in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note 5 - Income Taxes   The Partnership is not taxed on its income. The partners are taxed in their individual capacities based upon their distributive share of the Partnership's taxable income or loss and are allowed the benefits to be derived from off-setting their distributive share of the tax losses against taxable income from other sources subject to passive loss limitations. The taxable income or loss differs from amounts included in the statements of operations because different methods are used in determining the losses of the Local Partnerships as discussed below. The taxable income or loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:31.05pt'> <td width="637" colspan="3" valign="bottom" style='width:477.9pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> A reconciliation between the Partnerships reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest): </td> </tr> <tr style='height:7.65pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:7.65pt'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.65pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Years Ended December 31, </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2013 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per financial statements </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (1,633) </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 3,300 </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Sale of partnership interest </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        0 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,612) </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        0 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (177) </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Investment in Local Partnerships </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    5,068  </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (289) </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per tax return </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 3,435 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   $  (778) </td> </tr> <tr style='height:5.75pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per limited partnership interest </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 47.22 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ (53.36) </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:32.85pt'> <td width="624" colspan="3" valign="bottom" style='width:6.5in;padding:0in 5.4pt 0in 5.4pt;height:32.85pt'> The following is a reconciliation between the Partnerships reported amounts and the Federal tax basis of net assets at December 31, 2013 and 2012 (in thousands): </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2013 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net assets as reported </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  7,258 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  8,891 </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Add (deduct): </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Deferred offering costs </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        9,367 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        9,367 </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Investment in Local Partnerships </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       (8,000) </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (13,392) </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        3,349 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        3,673 </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net assets Federal tax basis </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $ 11,974 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  8,539 </td> </tr> </table>   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 year ended December 31, 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 another asset on the accompanying balance sheet at December 31, 2013 and 2012. As a result of the sale of Countryside during 2012, the Partnership is no longer subject to pay New Jersey taxes.

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

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

Organization   National Tax Credit Investors II (NTCI II or the Partnership) 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). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (Aimco), a publicly traded real estate investment trust.  The 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 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. No disposition fees have been paid or accrued.   At December 31, 2013 and 2012, the Partnership had outstanding 72,017 and 72,032 limited partnership interests, respectively.

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

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

Method of Accounting for Investments 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.

Net Income Per Limited Partnership Interest   Net income per limited partnership interest was computed by dividing the limited partners' share of net income 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 years ended December 31, 2013 and 2012, respectively.

Abandoned Interests   During 2013 and 2012, the number of limited partnership interests decreased by 15 and 173 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment. 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 December 31, 2013 and December 31, 2012 at the amount at which the Partnership ultimately expects to receive. No impairment was recognized during the years ended December 31, 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. There were no impairment losses recognized during the years ended December 31, 2013 and 2012.

Fair Value of Financial Instruments   Financial Accounting Standards Board Accounting Standards Codification (ASC) Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 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.

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

Variable Interest Entities   The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entitys activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entitys activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.   In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIEs economic performance and which party controls such activities; the amount and characteristics of the Partnerships investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.   At December 31, 2013 and 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was not the primary beneficiary.  The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local 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 two VIEs at December 31, 2013 consisted of Local Partnerships that were directly engaged in the ownership and management of two apartment properties with a total of 355 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 December 31, 2013 and 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.   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="686" colspan="4" valign="bottom" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Balance Sheets of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td width="686" colspan="4" valign="bottom" style='width:7.15in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands) </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="350" colspan="3" valign="bottom" style='width:262.55pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> December 31, 2013 </td> </tr> <tr style='height:.35in'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Assets: </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Unaudited </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Material Investee </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:.35in'> Total </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Land </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  112   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  1,010  </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,122 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Building and improvements </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  4,109 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,751 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  13,860 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Accumulated depreciation </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  (2,355) </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (4,393) </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (6,748) </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other assets </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     67 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      588 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     655 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total assets </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,933 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,956 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 8,889 </td> </tr> <tr style='height:.1in'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable and interest </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,047 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  12,375 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 14,422 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     284 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    7,093 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    7,377 </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Partners deficit </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (398) </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,512) </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,910) </td> </tr> <tr style='height:2.9pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:2.9pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="336" valign="bottom" style='width:252.25pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities and partners' deficit </td> <td width="128" valign="bottom" style='width:96.3pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 1,933 </td> <td width="105" valign="bottom" style='width:78.75pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  6,956 </td> <td width="117" valign="bottom" style='width:87.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  8,889 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.95pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   </td> <td width="335" colspan="3" valign="bottom" style='width:251.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> December 31, 2012 </td> </tr> <tr style='height:22.5pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Assets </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Unaudited </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Material Investee </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:22.5pt'> Total </td> </tr> <tr style='height:8.65pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:8.65pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Land </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   185 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    843 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  1,028 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Building and improvements </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   4,025 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    8,222 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   12,247 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Accumulated depreciation </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (2,241) </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,967) </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (6,208) </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other assets </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      58 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      736 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      794 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total assets </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,027 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,834 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  7,861 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities and Partners Deficit: </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Liabilities: </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Mortgage notes payable </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,047 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  9,073 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 11,120 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other liabilities </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     286 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,032 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    9,318 </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Partners deficit </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (306) </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,271) </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   (12,577) </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="304" valign="bottom" style='width:228.2pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Total liabilities and partners' deficit </td> <td width="122" valign="bottom" style='width:91.85pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,027 </td> <td width="101" valign="bottom" style='width:75.9pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $  5,834 </td> <td width="111" valign="bottom" style='width:83.45pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 7,861 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:.9pt;border-collapse:collapse'> <tr style='height:12.25pt'> <td width="684" colspan="8" valign="bottom" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="684" colspan="8" valign="bottom" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Condensed Combined Results of Operations of the Local Partnerships </td> </tr> <tr style='height:12.25pt'> <td width="684" colspan="8" valign="bottom" style='width:513.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> (in thousands)   </td> </tr> <tr style='height:6.3pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="96" colspan="2" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:6.3pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="252" colspan="4" valign="bottom" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> For the year Ended December 31, 2013 </td> <td width="264" colspan="3" valign="bottom" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> For the year Ended December 31, 2012 </td> </tr> <tr style='height:8.55pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> </tr> <tr style='height:.3in'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Rental and other revenue </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $    430 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   2,433 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,863 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $   459 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,288 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> $ 2,747 </td> </tr> <tr style='height:9.35pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:9.35pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Expenses: </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Operating expenses </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      383 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      588 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     971 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     440 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   1,837 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,277 </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  Interest and entity </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    expenses </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       24 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      430 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     454 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      -- </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (15) </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     (15) </td> </tr> <tr style='height:19.45pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> Depreciation and     amortization </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>      115 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>    1,659 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>   1,774 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     109 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     417 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'>     526 </td> </tr> <tr style='height:12.25pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    Total expenses </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      522 </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    2,677 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   3,199 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     549 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,239 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   2,788 </td> </tr> <tr style='height:5.05pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.05pt'>   </td> </tr> <tr style='height:19.45pt'> <td width="168" valign="bottom" style='width:1.75in;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> Income (loss) from continuing operations </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $    (92) </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $   (244) </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $  (336) </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $   (90) </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $    49 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:19.45pt'> $   (41) </td> </tr> <tr align="left"> <td width="168" style='border:none'></td> <td width="84" style='border:none'></td> <td width="12" style='border:none'></td> <td width="78" style='border:none'></td> <td width="78" style='border:none'></td> <td width="84" style='border:none'></td> <td width="90" style='border:none'></td> <td width="90" style='border:none'></td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:12.0pt'> <td width="186" valign="bottom" style='width:139.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="108" colspan="2" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="78" colspan="2" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="96" valign="bottom" style='width:1.0in;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.0pt'>   </td> </tr> <tr style='height:.3in'> <td width="672" colspan="9" valign="bottom" style='width:7.0in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> (1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2013) (in thousands): </td> </tr> <tr style='height:.1in'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="102" colspan="2" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="90" colspan="2" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:42.3pt'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'>       Description </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Encumbrances </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Land </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Buildings And Related Personal Property </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Total </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:42.3pt'> Accumulated Depreciation </td> </tr> <tr style='height:.1in'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:12.95pt'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Lincoln Grove </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $  2,047 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $   112 </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    $  4,109 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $  4,221 </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 2,355 </td> </tr> <tr style='height:12.95pt'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Michigan Beach </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>     12,375 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   1,010 </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>       9,751 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    10,761 </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    4,393 </td> </tr> <tr style='height:12.95pt'> <td width="192" colspan="2" valign="bottom" style='width:2.0in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> Total </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>   $ 14,422 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'> $ 1,122 </td> <td width="108" colspan="3" valign="bottom" style='width:81.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>    $ 13,860 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 14,982 </td> <td width="114" valign="bottom" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.95pt'>  $ 6,748 </td> </tr> <tr align="left"> <td width="186" style='border:none'></td> <td width="6" style='border:none'></td> <td width="102" style='border:none'></td> <td width="72" style='border:none'></td> <td width="6" style='border:none'></td> <td width="96" style='border:none'></td> <td width="6" style='border:none'></td> <td width="84" style='border:none'></td> <td width="114" style='border:none'></td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="715" colspan="7" valign="bottom" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="715" colspan="7" valign="bottom" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> (2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands): </td> </tr> <tr style='height:8.55pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> <td width="498" colspan="6" valign="bottom" style='width:373.5pt;padding:0in 5.4pt 0in 5.4pt;height:8.55pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="234" colspan="3" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2013 </td> <td width="264" colspan="3" valign="bottom" style='width:2.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> </tr> <tr style='height:.3in'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Real estate: </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 4,210 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 9,065 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 13,275 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 4,190 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 8,557 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $12,747 </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Improvements </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      11 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   1,696 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    1,707 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      20 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     508 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     528 </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 4,221 </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $10,761 </td> <td width="72" valign="bottom" style='width:.75in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 14,982 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 4,210 </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 9,065 </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $13,275 </td> </tr> </table> <p align="left" style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:31.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:-31.5pt;layout-grid-mode:line;margin-left:0in;text-align:left;text-indent:0in'>  <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:13.7pt'> <td width="715" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="715" colspan="7" valign="top" style='width:7.45in;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> <p align="left" style='margin-top:0in;margin-right:0in;margin-bottom:0in;margin-left:31.5pt;margin-bottom:.0001pt;text-align:justify;text-indent:-31.5pt;layout-grid-mode:line;margin-left:0in;text-align:left;text-indent:0in'>(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands): </td> </tr> <tr style='height:.1in'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> <td width="498" colspan="6" valign="top" style='width:373.5pt;padding:0in 5.4pt 0in 5.4pt;height:.1in'>   </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="246" colspan="3" valign="top" style='width:184.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2013 </td> <td width="252" colspan="3" valign="top" style='width:189.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Year Ended December 31, 2012 </td> </tr> <tr style='height:.3in'> <td width="217" valign="bottom" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'>   </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> <td width="90" valign="bottom" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Unaudited </td> <td width="84" valign="bottom" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Material Investee </td> <td width="78" valign="bottom" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:.3in'> Total </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Accumulated depreciation: </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="90" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at beginning of year </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 2,241 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,967 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 6,208 </td> <td width="90" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 2,133 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,555 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 5,688 </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Depreciation expense </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      114 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      426 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     540 </td> <td width="90" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      108 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>      412 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>     520 </td> </tr> <tr style='height:13.7pt'> <td width="217" valign="top" style='width:162.9pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Balance at end of year </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 2,355 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 4,393 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 6,748 </td> <td width="90" valign="top" style='width:67.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 2,241 </td> <td width="84" valign="top" style='width:63.0pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>  $ 3,967 </td> <td width="78" valign="top" style='width:58.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> $ 6,208 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='margin-left:5.4pt;border-collapse:collapse'> <tr style='height:24.3pt'> <td width="654" colspan="3" valign="top" style='width:490.5pt;padding:0in 5.4pt 0in 5.4pt;height:24.3pt'> The following is a summary of the mortgage note receivable activity for the years ended December 31, 2013 and 2012 (in thousands): </td> </tr> <tr style='height:13.7pt'> <td width="426" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>   </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2013 </td> <td width="114" valign="top" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> 2012 </td> </tr> <tr style='height:13.7pt'> <td width="426" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, beginning of year </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,533 </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,674 </td> </tr> <tr style='height:13.7pt'> <td width="426" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Equity in losses of Local Partnership </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>        (55) </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>       (141) </td> </tr> <tr style='height:13.7pt'> <td width="426" style='width:319.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'> Mortgage note receivable balance, end of year </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,478 </td> <td width="114" style='width:85.5pt;padding:0in 5.4pt 0in 5.4pt;height:13.7pt'>    $ 3,533 </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:31.05pt'> <td width="637" colspan="3" valign="bottom" style='width:477.9pt;padding:0in 5.4pt 0in 5.4pt;height:31.05pt'> A reconciliation between the Partnerships reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest): </td> </tr> <tr style='height:7.65pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:7.65pt'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:7.65pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="234" colspan="2" valign="bottom" style='width:175.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Years Ended December 31, </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2013 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per financial statements </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (1,633) </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 3,300 </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Sale of partnership interest </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        0 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    (3,612) </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        0 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (177) </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Investment in Local Partnerships </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>    5,068  </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (289) </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per tax return </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 3,435 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   $  (778) </td> </tr> <tr style='height:5.75pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:5.75pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="403" valign="bottom" style='width:4.2in;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net income (loss) per limited partnership interest </td> <td width="132" valign="bottom" style='width:99.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ 47.22 </td> <td width="102" valign="bottom" style='width:76.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>  $ (53.36) </td> </tr> </table>   <table border="0" cellspacing="0" cellpadding="0" style='border-collapse:collapse'> <tr style='height:32.85pt'> <td width="624" colspan="3" valign="bottom" style='width:6.5in;padding:0in 5.4pt 0in 5.4pt;height:32.85pt'> The following is a reconciliation between the Partnerships reported amounts and the Federal tax basis of net assets at December 31, 2013 and 2012 (in thousands): </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2013 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> 2012 </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net assets as reported </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  7,258 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  8,891 </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Add (deduct): </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Deferred offering costs </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        9,367 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        9,367 </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Investment in Local Partnerships </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>       (8,000) </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>      (13,392) </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>   Other </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        3,349 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>        3,673 </td> </tr> <tr style='height:12.25pt'> <td width="300" valign="bottom" style='width:225.0pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'> Net assets Federal tax basis </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $ 11,974 </td> <td width="162" valign="bottom" style='width:121.5pt;padding:0in 5.4pt 0in 5.4pt;height:12.25pt'>     $  8,539 </td> </tr> </table> 72017 72032 72032 72205 0 0

112000

1010000

4109000

9751000

67000 588000 655000 1933000 6956000 8889000

2047000

12375000

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284000

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185000

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2047000

9073000

11120000

286000

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9318000

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430000

2433000

2863000

459000

2288000

2747000

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588000

971000

440000

1837000

2277000

24000

430000

454000

-15000

115000

1659000

1774000

109000

417000

526000

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49000

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13860000

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1696000

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6748000

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3478000

3533000

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3300000

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-177000

5068000

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3435000 -778000 47220 -53360

7258000

8891000

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Federal tax basis SEC Schedule III, Real Estate, Improvements Lincoln Grove Expenses Other Liabilities Other Partnership Assets Schedule of Reconciliation of accumulated depreciation Condensed Combined Balance Sheets of the Local Partnerships Change in Other Assets Equity in income (loss) of Local Partnerships and amortization of acquisition costs Total partners' (deficiency) capital Total partners' (deficiency) capital Assets, Net Depreciation Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest TotalExpenses Interest Expense Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets Variable Interest Entities Proceeds from sales of limited partnership interests in Local Partnerships Proceeds from sales of limited partnership interests in Local Partnerships Cash flows provided by (used in) investing activities: Cash flows from operating activities: Total operating expenses Total operating expenses Document Fiscal Year Focus Entity Voluntary Filers Assets Reconciliation, Other Note 5 - 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Contingencies Note 4 - Transactions With Affiliated Parties Note 1 - Organization and Summary of Significant Accounting Policies Net cash used in operating activities Net cash used in operating activities Adjustments to reconcile Net Income (Loss) to net cash used in operating activities: Gain from sales of limited partnership interests in Local Partnerships Entity Common Stock, Shares Outstanding Investment in Local Partnerships Effective Income Tax Rate Reconciliation, Other Adjustments, Amount Proceeds from Sale of Interest in Partnership Unit Depreciation, Depletion and Amortization, Nonproduction Basis of Presentation Notes Equity Component Advance recognized as expense as income (loss) Legal and accounting Total Revenues Total Revenues Properties Unaudited Mortgage Note Receivable Organization Note 7 - Subsequent Events Net decrease in cash and cash equivalents Net decrease in cash and cash equivalents Net Income (Loss) {1} Net Income (Loss) Tax expense Partners' (deficiency) capital: Total assets Total assets Entity Well-known Seasoned Issuer Entity Central Index Key Real Estate Assets Real Estate Assets Real Estate Assets OutstandingLimitedPartnershipInterests Schecule of Reconciliation of real estate Note 2 - 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Note 2 - Investments in and Advances To Local Partnerships: Schecule of Reconciliation of real estate (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Real Estate Assets	$ 13,275	$ 12,747
SEC Schedule III, Real Estate, Improvements	1,707	528
Real Estate Assets	14,982	13,275
Unaudited
Real Estate Assets	4,210	4,190
SEC Schedule III, Real Estate, Improvements	11	20
Real Estate Assets	4,221	4,210
Material Investee
Real Estate Assets	9,065	8,557
SEC Schedule III, Real Estate, Improvements	1,696	508
Real Estate Assets	$ 10,761	$ 9,065

Note 1 - Organization and Summary of Significant Accounting Policies: Organization (Details)	Dec. 31, 2013	Dec. 31, 2012
Details
OutstandingLimitedPartnershipInterests	72,017	72,032

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

Dec. 31, 2013

Dec. 31, 2012

Details

OutstandingLimitedPartnershipInterests 72,017 72,032

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Note 2 - Investments in and Advances To Local Partnerships: Condensed Combined Balance Sheets of the Local Partnerships (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

Condensed Combined Balance Sheets of the Local Partnerships

Condensed Combined Balance Sheets of the Local Partnerships

(in thousands)

December 31, 2013

Assets:

Unaudited

Material Investee

Total

Land

$ 112

$ 1,010

$ 1,122

Building and improvements

4,109

9,751

13,860

Accumulated depreciation

(2,355)

(4,393)

(6,748)

Other assets

 67

 588

 655

Total assets

$ 1,933

$ 6,956

$ 8,889

Liabilities and Partners Deficit:

Liabilities:

Mortgage notes payable and interest

$ 2,047

$ 12,375

$ 14,422

Other liabilities

 284

7,093

 7,377

Partners’ deficit

 (398)

 (12,512)

(12,910)

Total liabilities and partners' deficit

$ 1,933

$ 6,956

$ 8,889

December 31, 2012

Assets

Unaudited

Material Investee

Total

Land

$ 185

$ 843

$ 1,028

Building and improvements

4,025

 8,222

12,247

Accumulated depreciation

(2,241)

 (3,967)

 (6,208)

Other assets

 58

 736

 794

Total assets

$ 2,027

$ 5,834

$ 7,861

Liabilities and Partners Deficit:

Liabilities:

Mortgage notes payable

$ 2,047

$ 9,073

$ 11,120

Other liabilities

 286

 9,032

9,318

Partners’ deficit

 (306)

(12,271)

(12,577)

Total liabilities and partners' deficit

$ 2,027

$ 5,834

$ 7,861

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

Dec. 31, 2013

Dec. 31, 2012

Details

Net Income (Loss) $ (1,633) $ 3,300

Proceeds from Sale of Interest in Partnership Unit 0 (3,612)

Effective Income Tax Rate Reconciliation, Other Adjustments, Amount 0 (177)

Investment in Local Partnerships 5,068 (289)

Net income (loss) per tax return $ 3,435 $ (778)

Net income (loss) per limited partnership interest $ 47,220 $ (53,360)

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Note 2 - Investments in and Advances To Local Partnerships: Estimated condensed combined statements of operations for Local Partnerships (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Rental Income, Nonoperating $ 2,863 $ 2,747

Expenses

Operating Costs and Expenses 971 2,277

Interest Expense 454 (15)

Depreciation, Depletion and Amortization, Nonproduction 1,774 526

TotalExpenses 3,199 2,788

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Unaudited

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Material Investee

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Interest Expense 430 (15)

Depreciation, Depletion and Amortization, Nonproduction 1,659 417

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Note 4 - Transactions With Affiliated Parties
12 Months Ended

Dec. 31, 2013

Notes

Note 4 - Transactions With Affiliated Parties
Note 4 – Transactions with Affiliated Parties

Under the terms of 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 years ended December 31, 2013 and 2012, partnership management fees in the amount of approximately $107,000, for each year, 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. No disposition fees have been paid or accrued.

(c) The Partnership reimburses NAPICO for certain expenses. The reimbursement to NAPICO was approximately $29,000 for each of the years ended December 31, 2013 and 2012, respectively, and is included in general and administrative expenses.

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 year ended December 31, 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 $91,000 for the year ended December 31, 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 years ended December 31, 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.

Bethesda and its affiliates owned 397 limited partnership interests (the "Units") in the Partnership representing .55% of the outstanding Units in the Partnership at December 31, 2013. It is possible that Bethesda or its affiliates will acquire additional Units in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the Units are entitled to take action with respect to a variety of matters that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

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

Dec. 31, 2013

Dec. 31, 2012

Details

Assets, Net $ 7,258 $ 8,891

Deferred offering costs 9,367 9,367

Investment in Local Partnerships (8,000) (13,392)

Assets Reconciliation, Other 3,349 3,673

Net assets - Federal tax basis $ 11,974 $ 8,539

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Reconciliation of accumulated depreciation (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

Schedule of Reconciliation of accumulated depreciation

(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

Year Ended December 31, 2013

Year Ended December 31, 2012

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Accumulated depreciation:

Balance at beginning of year

$ 2,241

$ 3,967

$ 6,208

$ 2,133

$ 3,555

$ 5,688

Depreciation expense

 114

 426

 540

 108

 412

 520

Balance at end of year

$ 2,355

$ 4,393

$ 6,748

$ 2,241

$ 3,967

$ 6,208

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Note 2 - Investments in and Advances To Local Partnerships: Schecule of Reconciliation of real estate (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

Schecule of Reconciliation of real estate

(2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

Year Ended December 31, 2013

Year Ended December 31, 2012

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Real estate:

Balance at beginning of year

$ 4,210

$ 9,065

$ 13,275

$ 4,190

$ 8,557

$12,747

Improvements

 11

1,696

 1,707

 20

 508

 528

Balance at end of year

$ 4,221

$10,761

$ 14,982

$ 4,210

$ 9,065

$13,275

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Note 3 - Mortgage Note Receivable: Summary of mortgage note receivable activity (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

Summary of mortgage note receivable activity

The following is a summary of the mortgage note receivable activity for the years ended December 31, 2013 and 2012 (in thousands):

2013

2012

Mortgage note receivable balance, beginning of year

 $ 3,533

 $ 3,674

Equity in losses of Local Partnership

 (55)

 (141)

Mortgage note receivable balance, end of year

 $ 3,478

 $ 3,533

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

Dec. 31, 2013

Tables/Schedules

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

A reconciliation between the Partnership’s reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):

Years Ended December 31,

2013

2012

Net income (loss) per financial statements

 (1,633)

$ 3,300

Sale of partnership interest

 0

 (3,612)

Other

 0

 (177)

Investment in Local Partnerships

5,068

 (289)

Net income (loss) per tax return

$ 3,435

$ (778)

Net income (loss) per limited partnership interest

$ 47.22

$ (53.36)

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Note 3 - Mortgage Note Receivable
12 Months Ended

Dec. 31, 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 receiver 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 of 2031. There is an option to the noteholder to accelerate maturity of the second mortgage after October of 2008. There have been no payments made on the loan. The Partnership recognized approximately $55,000 and $141,000 in equity in loss from Michigan Beach during the years ended December 31, 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 years ended December 31, 2013 and 2012 (in thousands):

2013

2012

Mortgage note receivable balance, beginning of year

 $ 3,533

 $ 3,674

Equity in losses of Local Partnership

 (55)

 (141)

Mortgage note receivable balance, end of year

 $ 3,478

 $ 3,533

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Note 5 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

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

The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets at December 31, 2013 and 2012 (in thousands):

2013

2012

Net assets as reported

 $ 7,258

 $ 8,891

Add (deduct):

Deferred offering costs

 9,367

 9,367

Investment in Local Partnerships

 (8,000)

 (13,392)

Other

 3,349

 3,673

Net assets – Federal tax basis

 $ 11,974

 $ 8,539

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Reconciliation of accumulated depreciation (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

SEC Schedule III, Real Estate Accumulated Depreciation, Beginning Balance $ 6,208 $ 5,688

Depreciation 540 520

SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance 6,748 6,208

Unaudited

SEC Schedule III, Real Estate Accumulated Depreciation, Beginning Balance 2,241 2,133

Depreciation 114 108

SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance 2,355 2,241

Material Investee

SEC Schedule III, Real Estate Accumulated Depreciation, Beginning Balance 3,967 3,555

Depreciation 426 412

SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance $ 4,393 $ 3,967

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

Dec. 31, 2013

Dec. 31, 2012

Assets

Cash and cash equivalents $ 3,577 $ 5,163

Mortgage note receivable 3,478 3,533

Accounts receivable - limited partners 181 181

Other assets 54 54

Total assets 7,290 8,931

Liabilities:

Accounts payable and accrued expenses 32 40

Partners' (deficiency) capital:

General partner (556) (540)

Limited partners 7,814 9,431

Total partners' (deficiency) capital 7,258 8,891

Total liabilities and partners' (deficiency) capital $ 7,290 $ 8,931

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

Dec. 31, 2013

Notes

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

Organization

National Tax Credit Investors II (“NTCI II” or the “Partnership”) 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”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The 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 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. No disposition fees have been paid or accrued.

At December 31, 2013 and 2012, the Partnership had outstanding 72,017 and 72,032 limited partnership interests, respectively.

Basis of Presentation

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

Cash and Cash Equivalents

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

Method of Accounting for Investments 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.

Use of Estimates

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

Net Income Per Limited Partnership Interest

Net income per limited partnership interest was computed by dividing the limited partners' share of net income 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 years ended December 31, 2013 and 2012, respectively.

Abandoned Interests

During 2013 and 2012, the number of limited partnership interests decreased by 15 and 173 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

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 December 31, 2013 and December 31, 2012 at the amount at which the Partnership ultimately expects to receive. No impairment was recognized during the years ended December 31, 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. There were no impairment losses recognized during the years ended December 31, 2013 and 2012.

Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 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.

Segment Reporting

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

Variable Interest Entities

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

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

At December 31, 2013 and 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local 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 two VIEs at December 31, 2013 consisted of Local Partnerships that were directly engaged in the ownership and management of two apartment properties with a total of 355 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 December 31, 2013 and 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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Note 1 - Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Details) (USD $)
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Dec. 31, 2013

Dec. 31, 2012

Details

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

Dec. 31, 2013

Policies

Fair Value of Financial Instruments
Fair Value of Financial Instruments

Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 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.

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Note 2 - Investments in and Advances To Local Partnerships: Condensed Combined Balance Sheets of the Local Partnerships (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

Land $ 1,122 $ 1,028

Buildings and Improvements, Gross 13,860 12,247

SEC Schedule III, Real Estate Accumulated Depreciation (6,748) (6,208) (5,688)

Other Partnership Assets 655 794

Partnership Assets 8,889 7,861

Other Notes Payable 14,422 11,120

Other Liabilities 7,377 9,318

Partnership Equity (Deficit) (12,910) (12,577)

Partnership Liabilities and Equity (Deficit) 8,889 7,861

Unaudited

Land 112 185

Buildings and Improvements, Gross 4,109 4,025

SEC Schedule III, Real Estate Accumulated Depreciation (2,355) (2,241) (2,133)

Other Partnership Assets 67 58

Partnership Assets 1,933 2,027

Other Notes Payable 2,047 2,047

Other Liabilities 284 286

Partnership Equity (Deficit) (398) (306)

Partnership Liabilities and Equity (Deficit) 1,933 2,027

Material Investee

Land 1,010 843

Buildings and Improvements, Gross 9,751 8,222

SEC Schedule III, Real Estate Accumulated Depreciation (4,393) (3,967) (3,555)

Other Partnership Assets 588 736

Partnership Assets 6,956 5,834

Other Notes Payable 12,375 9,073

Other Liabilities 7,093 9,032

Partnership Equity (Deficit) (12,512) (12,271)

Partnership Liabilities and Equity (Deficit) $ 6,956 $ 5,834

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

Dec. 31, 2013

Policies

Variable Interest Entities
Variable Interest Entities

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

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

At December 31, 2013 and 2012, the Partnership held variable interests in two and four VIEs, respectively, for which the Partnership was not the primary beneficiary. The Partnership has concluded, based on its qualitative consideration of the partnership agreement, the partnership structure and the role of the general partner in each of the Local 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 two VIEs at December 31, 2013 consisted of Local Partnerships that were directly engaged in the ownership and management of two apartment properties with a total of 355 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 December 31, 2013 and 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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Note 2 - Investments in and Advances To Local Partnerships
12 Months Ended

Dec. 31, 2013

Notes

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

As of December 31, 2013 and 2012, the Partnership holds limited partnership interests in two and four Local Partnerships, respectively, located in two and four states, respectively. 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 December 31, 2013 and 2012, the Local Partnerships own residential projects consisting of 355 and 494 apartment units, respectively. During the year ended December 31, 2013, the Partnership sold its limited partnership interest in two of the Local Partnerships owning residential projects consisting of 139 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 98.90% 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, the Partnership does not recognize losses once the Partnership’s investment in each of the Local Partnerships reaches zero. Distributions from the Local Partnerships are accounted for as a reduction of the investment balance until the investment balance is reduced to zero. When the investment balance has been reduced to zero, subsequent distributions received are recognized as income in the accompanying statements of operations. During the year ended December 31, 2013 and 2012, there were no such distributions received.

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

In October 2013, the Partnership assigned its limited partnership interest in Jamestown Terrace to an affiliate of the Local Operating General Partner for a total of $10,000. This amount will be recognized as a gain on sales of limited partnership interest in Local Partnerships during the year ended December 31, 2013 as the Partnership had no investment balance remaining at the date of the assignment.

In November 2013, the Partnership assigned its limited partnership interest in Virginia Park Meadows to an affiliate of the Local Operating General Partner for no consideration. This agreement was subject to the Partnership paying a $3,000 transfer fee to the state of Michigan. The Partnership had no investment balance remaining as of the date of the agreement.

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 the New Jersey Housing and Mortgage Finance Agency, which was received during December 2011.

Upon receipt of approval from the Executive Director of the 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 $43,000 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.

During September 2013, the Partnership entered into an Assignment and Assumption Agreement to assign its limited partnership interest in Michigan Beach to a third party for a total amount of $10.00. Additionally, during September 2013, the Partnership entered into a Loan Purchase Agreement with the same third party, to sell the second mortgage held by the Partnership for an amount equal to the outstanding principal on the Loan. As of December 31, 2013, the outstanding principal balance on the Loan was $3,596,000. The Partnership's investment balance in Michigan Beach was reduced to zero. The assignment and the Loan purchase are subject to i) the consent of the United States Department of Housing and Urban Development and ii) the consent of Midland Loan Services, Inc. If either condition was not met prior to December 31, 2013, the Assignment Agreement and the Loan Agreement would terminate. All parties have agreed to extend and reinstate the loan agreement. Negotiations are ongoing at this time. An extension is expected to be signed in the second quarter of 2014. In the event that the closing does not timely occur due to the default by Assignee of its obligations under the Assignment Agreement or the Loan Agreement, then the Partnership will be entitled to keep the $1,000 escrow deposit made by Assignee in connection with the Loan Agreement. In the event that the closing does not timely occur due to the default by the Partnership, then the rights and obligations of both parties under both agreements terminate, except for certain indemnification rights.

As of December 31, 2013 and 2012, the investment balance in one of the two and three of the four Local Partnerships, respectively, 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 are charged to expense. The Partnership made advances of approximately $1,344,000 to Michigan Beach during the year ended December 31, 2013, for deferred capital needs. Subsequent to December 31, 2013, the Partnership advanced approximately $89,000. 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 difference between the investment per the accompanying balance sheets at December 31, 2013 and 2012 and the equity per the Local Partnerships' condensed combined financial statements is due primarily to cumulative unrecognized equity in losses of certain Local Partnerships, costs capitalized to the investment account, and cumulative distributions recognized as income.

The Partnership’s value of its investments and its equity in the income/loss and/or distributions from the Local Partnerships are, for certain Local Partnerships, individually, not material to the overall financial position of the Partnership. The financial information from the unaudited condensed combined financial statements of such Local Partnerships at December 31, 2013 and 2012 and for each of the two years in the period then ended is presented below. The Partnership’s value of its investment in Michigan Beach Limited Partnership, (the “Material Investee”) is considered material to the Partnership’s financial position and amounts included below for the Material Investee are included on an audited basis.

The following are estimated unaudited condensed combined statements of operations for the years ended December 31, 2013 and 2012 for the Local Partnerships in which the Partnership has investments. The 2013 and 2012 amounts exclude Jamestown and Virginia Park, for which the Partnership assigned its limited partnership interest in October 2013; The 2012 amounts exclude Countryside Place, for which the Partnership sold its limited partnership interest in April 2012.

Condensed Combined Balance Sheets of the Local Partnerships

(in thousands)

December 31, 2013

Assets:

Unaudited

Material Investee

Total

Land

$ 112

$ 1,010

$ 1,122

Building and improvements

4,109

9,751

13,860

Accumulated depreciation

(2,355)

(4,393)

(6,748)

Other assets

 67

 588

 655

Total assets

$ 1,933

$ 6,956

$ 8,889

Liabilities and Partners Deficit:

Liabilities:

Mortgage notes payable and interest

$ 2,047

$ 12,375

$ 14,422

Other liabilities

 284

7,093

 7,377

Partners’ deficit

 (398)

 (12,512)

(12,910)

Total liabilities and partners' deficit

$ 1,933

$ 6,956

$ 8,889

December 31, 2012

Assets

Unaudited

Material Investee

Total

Land

$ 185

$ 843

$ 1,028

Building and improvements

4,025

 8,222

12,247

Accumulated depreciation

(2,241)

 (3,967)

 (6,208)

Other assets

 58

 736

 794

Total assets

$ 2,027

$ 5,834

$ 7,861

Liabilities and Partners Deficit:

Liabilities:

Mortgage notes payable

$ 2,047

$ 9,073

$ 11,120

Other liabilities

 286

 9,032

9,318

Partners’ deficit

 (306)

(12,271)

(12,577)

Total liabilities and partners' deficit

$ 2,027

$ 5,834

$ 7,861

Condensed Combined Results of Operations of the Local Partnerships

(in thousands)

For the year Ended December 31, 2013

For the year Ended December 31, 2012

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Rental and other revenue

$ 430

$ 2,433

$ 2,863

$ 459

$ 2,288

$ 2,747

Expenses:

Operating expenses

 383

 588

 971

 440

1,837

2,277

Interest and entity













 expenses

 24

 430

 454

 --

 (15)

 (15)

Depreciation and amortization

 115

 1,659

 1,774

 109

 417

 526

 Total expenses

 522

 2,677

 3,199

 549

 2,239

 2,788

Income (loss) from continuing operations

$ (92)

$ (244)

$ (336)

$ (90)

$ 49

$ (41)

Real Estate and Accumulated Depreciation of Local Partnerships

The following tables exclude the Local Partnerships sold in 2013 and 2012 as described above.

(1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2013) (in thousands):

 Description

Encumbrances

Land

Buildings And Related Personal Property

Total

Accumulated Depreciation

Lincoln Grove

$ 2,047

$ 112

 $ 4,109

$ 4,221

$ 2,355

Michigan Beach

 12,375

 1,010

 9,751

10,761

4,393

Total

$ 14,422

$ 1,122

 $ 13,860

$ 14,982

$ 6,748

(2) Reconciliation of real estate (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

Year Ended December 31, 2013

Year Ended December 31, 2012

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Real estate:

Balance at beginning of year

$ 4,210

$ 9,065

$ 13,275

$ 4,190

$ 8,557

$12,747

Improvements

 11

1,696

 1,707

 20

 508

 528

Balance at end of year

$ 4,221

$10,761

$ 14,982

$ 4,210

$ 9,065

$13,275

(3) Reconciliation of accumulated depreciation (all amounts unaudited except for those amounts relative to the Material Investee) (in thousands):

Year Ended December 31, 2013

Year Ended December 31, 2012

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Accumulated depreciation:

Balance at beginning of year

$ 2,241

$ 3,967

$ 6,208

$ 2,133

$ 3,555

$ 5,688

Depreciation expense

 114

 426

 540

 108

 412

 520

Balance at end of year

$ 2,355

$ 4,393

$ 6,748

$ 2,241

$ 3,967

$ 6,208

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 5 percent of gross revenues from the same Local Partnership (See “Note 4 – Transactions with Affiliated Parties”).

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Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
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Dec. 31, 2012

Revenues:

Interest Income $ 0 $ 12

Other Income 0 19

Total Revenues 0 31

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General and administrative 54 50

Tax expense 0 13

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Total operating expenses 244 242

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Advance recognized as expense as income (loss) (1,344)

Equity in income (loss) of Local Partnerships and amortization of acquisition costs (55) (141)

Net Income (Loss) (1,633) 3,300

Net Income (Loss) allocated to general partner (1%) (16) 33

Net Income (Loss) allocated to limited partners (99%) $ (1,617) $ 3,267

Net Income (Loss) per limited partnership interest $ (22.45) $ 45.25

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

Policies

Net Income Per Limited Partnership Interest
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Net income per limited partnership interest was computed by dividing the limited partners' share of net income 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 years ended December 31, 2013 and 2012, respectively.

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Statement of Changes in Partners' (Deficiency) Capital (USD $)
In Thousands

General Partner

Limited Partners

Total

Partners' (deficiency) capital, beginning balance at Dec. 31, 2011 $ (573) $ 6,164 $ 5,591

Net Income (Loss) 33 3,267 3,300

Partners' (deficiency) capital, ending balance at Dec. 31, 2012 (540) 9,431 8,891

Net Income (Loss) (16) (1,617) (1,633)

Partners' (deficiency) capital, ending balance at Dec. 31, 2013 $ (556) $ 7,814 $ 7,258

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Note 7 - Subsequent Events
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Dec. 31, 2013

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

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Note 6 - Contingencies
12 Months Ended

Dec. 31, 2013

Notes

Note 6 - Contingencies
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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 1 - Organization and Summary of Significant Accounting Policies: Segment Reporting (Policies)
12 Months Ended

Dec. 31, 2013

Policies

Segment Reporting
Segment Reporting

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

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

Dec. 31, 2013

Policies

Abandoned Interests
Abandoned Interests

During 2013 and 2012, the number of limited partnership interests decreased by 15 and 173 units, respectively, due to limited partners abandoning their interests. In abandoning his or her partnership interests, a limited partner relinquishes all right, title and interest in the Partnership as of the date of the abandonment.

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

Dec. 31, 2013

Policies

Cash and Cash Equivalents
Cash and Cash Equivalents

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

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

Dec. 31, 2013

Policies

Organization
Organization

National Tax Credit Investors II (“NTCI II” or the “Partnership”) 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”). Bethesda acquired the General Partner on December 19, 2012, pursuant to an option agreement with Aimco/Bethesda Holdings, Inc., a subsidiary of Apartment Investment and Management Company (“Aimco”), a publicly traded real estate investment trust. The 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 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. No disposition fees have been paid or accrued.

At December 31, 2013 and 2012, the Partnership had outstanding 72,017 and 72,032 limited partnership interests, respectively.

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

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

Dec. 31, 2013

Policies

Basis of Presentation
Basis of Presentation

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

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

Dec. 31, 2013

Policies

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

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

Dec. 31, 2013

Dec. 31, 2012

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 (Policies)
12 Months Ended

Dec. 31, 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. There were no impairment losses recognized during the years ended December 31, 2013 and 2012.

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

Dec. 31, 2013

Tables/Schedules

Estimated condensed combined statements of operations for Local Partnerships

Condensed Combined Results of Operations of the Local Partnerships

(in thousands)

For the year Ended December 31, 2013

For the year Ended December 31, 2012

Unaudited

Material Investee

Total

Unaudited

Material Investee

Total

Rental and other revenue

$ 430

$ 2,433

$ 2,863

$ 459

$ 2,288

$ 2,747

Expenses:

Operating expenses

 383

 588

 971

 440

1,837

2,277

Interest and entity













 expenses

 24

 430

 454

 --

 (15)

 (15)

Depreciation and amortization

 115

 1,659

 1,774

 109

 417

 526

 Total expenses

 522

 2,677

 3,199

 549

 2,239

 2,788

Income (loss) from continuing operations

$ (92)

$ (244)

$ (336)

$ (90)

$ 49

$ (41)

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- Definition

No authoritative reference available.

+ References

No definition available.

+ Details

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XML 53 R41.htm IDEA: XBRL DOCUMENT v2.4.0.8

Note 3 - Mortgage Note Receivable: Summary of mortgage note receivable activity (Details) (USD $)
In Thousands, unless otherwise specified
12 Months Ended

Dec. 31, 2013

Dec. 31, 2012

Details

Mortgage note receivable balance, beginning of year $ 3,533 $ 3,674

Equity in losses of Local Partnership (55) (141)

Mortgage note receivable balance, end of year $ 3,478 $ 3,533

X

- Definition

No authoritative reference available.

+ References

No definition available.

+ Details

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Data Type: xbrli:monetaryItemType

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Period Type: duration

X

- 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

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=28368275&loc=d3e5066-111524

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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-03.7(a)(3))

-URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

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

Dec. 31, 2013

Dec. 31, 2012

Cash flows from operating activities:

Net Income (Loss) $ (1,633) $ 3,300

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

Gain from sales of limited partnership interests in Local Partnerships (10) (3,652)

Advances made to Local Partnership recognized as expense 1,344

Equity in loss of Local Partnerships 55 141

Change in Accounts Receivable - Limited Partners (181)

Change in Other Assets (54)

Change in Accounts payable and accrued expenses (8) (85)

Net cash used in operating activities (252) (531)

Cash flows provided by (used in) investing activities:

Advances to Local Partnership (1,344)

Proceeds from sales of limited partnership interests in Local Partnerships 10 3,550

Net cash flows provided by (used in) investing activities (1,334) 3,550

Net decrease in cash and cash equivalents (1,586) 3,019

Cash and cash equivalents, beginning of period 5,163 2,144

Cash and cash equivalents, end of period $ 3,577 $ 5,163

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Note 5 - Income Taxes
12 Months Ended

Dec. 31, 2013

Notes

Note 5 - Income Taxes
Note 5 - Income Taxes

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

A reconciliation between the Partnership’s reported net income and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):

Years Ended December 31,

2013

2012

Net income (loss) per financial statements

 (1,633)

$ 3,300

Sale of partnership interest

 0

 (3,612)

Other

 0

 (177)

Investment in Local Partnerships

5,068

 (289)

Net income (loss) per tax return

$ 3,435

$ (778)

Net income (loss) per limited partnership interest

$ 47.22

$ (53.36)

The following is a reconciliation between the Partnership’s reported amounts and the Federal tax basis of net assets at December 31, 2013 and 2012 (in thousands):

2013

2012

Net assets as reported

 $ 7,258

 $ 8,891

Add (deduct):

Deferred offering costs

 9,367

 9,367

Investment in Local Partnerships

 (8,000)

 (13,392)

Other

 3,349

 3,673

Net assets – Federal tax basis

 $ 11,974

 $ 8,539

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 year ended December 31, 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 another asset on the accompanying balance sheet at December 31, 2013 and 2012. As a result of the sale of Countryside during 2012, the Partnership is no longer subject to pay New Jersey taxes.

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Encumbrances and Investment Properties (Tables)
12 Months Ended

Dec. 31, 2013

Tables/Schedules

Schedule of Encumbrances and Investment Properties

(1) Schedule of Encumbrances and Investment Properties (all amounts unaudited except for those amounts relative to the Material Investee and are the gross amounts at which carried at December 31, 2013) (in thousands):

 Description

Encumbrances

Land

Buildings And Related Personal Property

Total

Accumulated Depreciation

Lincoln Grove

$ 2,047

$ 112

 $ 4,109

$ 4,221

$ 2,355

Michigan Beach

 12,375

 1,010

 9,751

10,761

4,393

Total

$ 14,422

$ 1,122

 $ 13,860

$ 14,982

$ 6,748

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Note 2 - Investments in and Advances To Local Partnerships: Schedule of Encumbrances and Investment Properties (Details) (USD $)
In Thousands, unless otherwise specified

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2011

SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances $ 14,422

Land 1,122 1,028

Buildings and Improvements, Gross 13,860 12,247

Real Estate Assets 14,982 13,275 12,747

SEC Schedule III, Real Estate Accumulated Depreciation 6,748 6,208 5,688

Lincoln Grove

SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances 2,047

Land 112

Buildings and Improvements, Gross 4,109

Real Estate Assets 4,221

SEC Schedule III, Real Estate Accumulated Depreciation 2,355

Michigan Beach

SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances 12,375

Land 1,010

Buildings and Improvements, Gross 9,751

Real Estate Assets 10,761

SEC Schedule III, Real Estate Accumulated Depreciation $ 4,393

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

Dec. 31, 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 December 31, 2013 and December 31, 2012 at the amount at which the Partnership ultimately expects to receive. No impairment was recognized during the years ended December 31, 2013 or 2012. See “Note 3 – Mortgage Note Receivable” for further information.

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Note 2 - Investments in and Advances To Local Partnerships: Estimated condensed combined statements of operations for Local Partnerships (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Rental Income, Nonoperating	$ 2,863	$ 2,747
Expenses
Operating Costs and Expenses	971	2,277
Interest Expense	454	(15)
Depreciation, Depletion and Amortization, Nonproduction	1,774	526
TotalExpenses	3,199	2,788
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(336)	(41)
Unaudited
Rental Income, Nonoperating	430	459
Expenses
Operating Costs and Expenses	383	440
Interest Expense	24
Depreciation, Depletion and Amortization, Nonproduction	115	109
TotalExpenses	522	549
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(92)	(90)
Material Investee
Rental Income, Nonoperating	2,433	2,288
Expenses
Operating Costs and Expenses	588	1,837
Interest Expense	430	(15)
Depreciation, Depletion and Amortization, Nonproduction	1,659	417
TotalExpenses	2,677	2,239
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$ (244)	$ 49

Note 5 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Details
Assets, Net	$ 7,258	$ 8,891
Deferred offering costs	9,367	9,367
Investment in Local Partnerships	(8,000)	(13,392)
Assets Reconciliation, Other	3,349	3,673
Net assets - Federal tax basis	$ 11,974	$ 8,539

Note 2 - Investments in and Advances To Local Partnerships: Schedule of Reconciliation of accumulated depreciation (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
SEC Schedule III, Real Estate Accumulated Depreciation, Beginning Balance	$ 6,208	$ 5,688
Depreciation	540	520
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance	6,748	6,208
Unaudited
SEC Schedule III, Real Estate Accumulated Depreciation, Beginning Balance	2,241	2,133
Depreciation	114	108
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance	2,355	2,241
Material Investee
SEC Schedule III, Real Estate Accumulated Depreciation, Beginning Balance	3,967	3,555
Depreciation	426	412
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance	$ 4,393	$ 3,967

Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 3,577	$ 5,163
Mortgage note receivable	3,478	3,533
Accounts receivable - limited partners	181	181
Other assets	54	54
Total assets	7,290	8,931
Liabilities:
Accounts payable and accrued expenses	32	40
Partners' (deficiency) capital:
General partner	(556)	(540)
Limited partners	7,814	9,431
Total partners' (deficiency) capital	7,258	8,891
Total liabilities and partners' (deficiency) capital	$ 7,290	$ 8,931

Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Revenues:
Interest Income	$ 0	$ 12
Other Income	0	19
Total Revenues	0	31
Operating Expenses:
Management fees - general partner	107	107
General and administrative	54	50
Tax expense	0	13
Legal and accounting	83	72
Total operating expenses	244	242
Loss from partnership operations	(244)	(211)
Gain from sales of limited partnership interests in Local Partnerships	(10)	(3,652)
Advance recognized as expense as income (loss)	(1,344)
Equity in income (loss) of Local Partnerships and amortization of acquisition costs	(55)	(141)
Net Income (Loss)	(1,633)	3,300
Net Income (Loss) allocated to general partner (1%)	(16)	33
Net Income (Loss) allocated to limited partners (99%)	$ (1,617)	$ 3,267
Net Income (Loss) per limited partnership interest	$ (22.45)	$ 45.25

Document and Entity Information (USD $)	12 Months Ended
Document and Entity Information (USD $)	Dec. 31, 2013	Jun. 30, 2013
Document and Entity Information:
Entity Registrant Name	NATIONAL TAX CREDIT INVESTORS II
Document Type	10-K
Document Period End Date	Dec. 31, 2013
Amendment Flag	false
Entity Central Index Key	0000859921
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding	72,017
Entity Public Float		$ 0
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	FY

Statement of Changes in Partners' (Deficiency) Capital (USD $) In Thousands	General Partner	Limited Partners	Total
Partners' (deficiency) capital, beginning balance at Dec. 31, 2011	$ (573)	$ 6,164	$ 5,591
Net Income (Loss)	33	3,267	3,300
Partners' (deficiency) capital, ending balance at Dec. 31, 2012	(540)	9,431	8,891
Net Income (Loss)	(16)	(1,617)	(1,633)
Partners' (deficiency) capital, ending balance at Dec. 31, 2013	$ (556)	$ 7,814	$ 7,258

Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net Income (Loss)	$ (1,633)	$ 3,300
Adjustments to reconcile Net Income (Loss) to net cash used in operating activities:
Gain from sales of limited partnership interests in Local Partnerships	(10)	(3,652)
Advances made to Local Partnership recognized as expense	1,344
Equity in loss of Local Partnerships	55	141
Change in Accounts Receivable - Limited Partners		(181)
Change in Other Assets		(54)
Change in Accounts payable and accrued expenses	(8)	(85)
Net cash used in operating activities	(252)	(531)
Cash flows provided by (used in) investing activities:
Advances to Local Partnership	(1,344)
Proceeds from sales of limited partnership interests in Local Partnerships	10	3,550
Net cash flows provided by (used in) investing activities	(1,334)	3,550
Net decrease in cash and cash equivalents	(1,586)	3,019
Cash and cash equivalents, beginning of period	5,163	2,144
Cash and cash equivalents, end of period	$ 3,577	$ 5,163

Note 2 - Investments in and Advances To Local Partnerships: Schedule of Encumbrances and Investment Properties (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	$ 14,422
Land	1,122	1,028
Buildings and Improvements, Gross	13,860	12,247
Real Estate Assets	14,982	13,275	12,747
SEC Schedule III, Real Estate Accumulated Depreciation	6,748	6,208	5,688
Lincoln Grove
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	2,047
Land	112
Buildings and Improvements, Gross	4,109
Real Estate Assets	4,221
SEC Schedule III, Real Estate Accumulated Depreciation	2,355
Michigan Beach
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	12,375
Land	1,010
Buildings and Improvements, Gross	9,751
Real Estate Assets	10,761
SEC Schedule III, Real Estate Accumulated Depreciation	$ 4,393