Real Estate Associates LTD Iii 10-K 31 Mar 15 2014 FY Annual report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	12 Months Ended
	Dec. 31, 2014	Jun. 30, 2014
Document and Entity Information:
Entity Registrant Name	REAL ESTATE ASSOCIATES LTD III
Document Type	10-K
Document Period End Date	31-Dec-14
Amendment Flag	FALSE
Entity Central Index Key	318986
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding	11,292
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	2014
Document Fiscal Period Focus	FY

Balance_Sheets

Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
ASSETS
Investments in and advances to Local Partnerships	$298
Accounts Receivable - limited partners	74
Cash and cash equivalents	65	522
Total assets	437	522
Liabilities:
Accounts payable and accrued expenses	28	25
Advance from affiliates	100
Partners' (deficiency) capital:
General partners	-118	-116
Limited partners	427	613
Total partners' (deficiency) capital	309	497
Total liabilities and partners' (deficiency) capital	$437	$522

Statements_of_Operations

Statements of Operations (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Operating expenses:
Management fees - General Partner	$12	$36
General and administrative	43	17
Legal and accounting	118	78
Total operating expenses	173	131
Income (Loss) from partnership operations	-173	-131
Gain from sale of local partnership interest		18
Distribution in excess of investment		719
Advances made to Local Partnerships recognized as expense	-15	96
Net Income (Loss)	-188	702
Net Income (Loss) allocated to general partners (1%)	-2	7
Net Income (Loss) allocated to limited partners (99%)	($186)	$695
Net Income (Loss) per limited partnership interest	($16.47)	$61.40
Distribution per limited partnership interest		$26.85

Statement_of_Changes_in_Partne

Statement of Changes in Partners' (Deficiency) Capital (USD $)	General Partners	Limited Partners	Total
In Thousands
Partners' (deficiency) capital, beginning balance at Dec. 31, 2012	($120)	$222	$102
Distributions	-3	-304	-307
Net Income (Loss)	7	695	702
Distributions to partners			-307
Partners' (deficiency) capital, ending balance at Dec. 31, 2013	-116	613	497
Net Income (Loss)	-2	-186	-188
Partners' (deficiency) capital, ending balance at Dec. 31, 2014	($118)	$427	$309

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	($188)	$702
Gain on sale of interest in Local Partnership		-18
Distribution in excess of investment		-719
Advances made to Local Partnerships recognized as expense	15	-96
Change in accounts:
Accounts receivable - limited partners	-74
Accounts payable and accrued expenses	3	-11
Net cash used in operating activities	-244	-142
Cash flows provided by (used in) investing activities:
Advance from affiliate	100
Proceeds received from sale of interest in Local Partnership		18
Distribution in excess of investment		719
Advances to Local Partnerships	-313	96
Net cash used in investing activities	-213	833
Cash flows provided by (used in) financing activities:
Distributions to partners		-307
Net decrease in cash and cash equivalents	-457	384
Cash and cash equivalents, beginning of period	522	138
Cash and cash equivalents, end of period	$65	$522

Note_1_Organization_and_Summar

Note 1 - Organization and Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2014
Notes
Note 1 - Organization and Summary of Significant Accounting Policies	Note 1.  Organization and Summary of Significant Accounting Policies
	Organization
	Real Estate Associates Limited III (the “Partnership”, or “Registrant”) was formed under the California Limited Partnership Act on July 25, 1980.  The Partnership was formed to invest either directly or indirectly in other partnerships which own and operate primarily federal, state and local government-assisted housing projects.  The general partners are National Partnership Investments, LLC (“NAPICO” or the “General Partner”), a California limited liability company, and National Partnership Investment Associates, a limited partnership.  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 general partners share a one percent interest in profits and losses of the Partnership.  The limited partners share the remaining 99 percent interest in proportion to their respective investments.
	The Partnership shall be dissolved only upon the expiration of 52 complete calendar years (December 31, 2032) from the date of the formation of the Partnership or the occurrence of other events as specified in the terms of the Partnership Agreement.
	Upon total or partial liquidation of the Partnership or the disposition or partial disposition of a project or project interest and distribution of the proceeds, the general partners will be entitled to a liquidation fee as stipulated in the Partnership agreement.  The limited partners will have a priority return equal to their invested capital attributable to the project(s) or project interest(s) sold and shall receive from the sale of the project(s) or project interest(s) an amount sufficient to pay state and federal income taxes, if any, calculated at the maximum rate then in effect.  The general partners' liquidation fee may accrue but shall not be paid until the limited partners have received distributions equal to 100 percent of their capital contributions. No such fees were accrued or paid during the years ended December 31, 2014 and 2013.
	Basis of Presentation
	The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States.
	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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
	Method of Accounting for Investments in the Local Partnership
	The investment in the local limited partnership (the “Local Partnership”) is accounted for using the equity method.
	Abandoned Units
	During the years ended December 31, 2014 and 2013, the number of limited partnership interests decreased by 2 and 26 interests, respectively, due to limited partners abandoning their interests. At December 31, 2014 and 2013, the Partnership had outstanding 11,292 and 11,294 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year.
	Net Income (Loss) and Distribution Per Limited Partnership Interest
	Net income (loss) per limited partnership interest and distribution per limited partnership interest was computed by dividing the limited partners’ share of net income (loss) and distributions by the number of limited partnership interests outstanding at the beginning of the year.  The number of limited partnership interests used was 11,294 and 11,320 for the years ended December 31, 2014 and 2013, respectively.
	Cash and Cash Equivalents
	Cash and cash equivalents include cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits.
	Impairment of Long-Lived Assets
	The Partnership reviews its investments in long-lived assets to determine if there has been any permanent 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 recorded during the years ended December 31, 2014 and 2013.
	Segment Reporting
	Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 280-10, "Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also establishes standards for related disclosures about products and services, geographic areas, and major customers. As defined in ASC Topic 280-10, the Partnership has only one reportable segment.
	Fair Value of Financial Instruments
	ASC Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2014, the Partnership believes that the carrying amount of liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.
	Variable Interest Entities
	The Partnership consolidates any variable interest entities in which the Partnership holds a variable interest and is the primary beneficiary. Generally, a variable interest entity, or VIE, is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. The primary beneficiary of a VIE is generally the entity that has (a) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (b) the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE.
	In determining whether it is the primary beneficiary of a VIE, the Partnership considers qualitative and quantitative factors, including, but not limited to: which activities most significantly impact the VIE’s economic performance and which party controls such activities; the amount and characteristics of the Partnership’s investment; the obligation or likelihood for the Partnership or other investors to provide financial support; and the similarity with and significance to the business activities of the Partnership and the other investors.  Significant judgments related to these determinations include estimates about the current and future fair values and performance of real estate held by these VIEs and general market conditions.
	At December 31, 2014 and 2013, the Partnership held variable interests in one VIE 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 the Local Partnership, that the general partner of the Local Partnership is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:
	·         the general partner conducts and manages the business of the Local Partnership;
	·         the general partner has the responsibility for and sole discretion over selecting a property management agent for the Local Partnership’s underlying real estate properties;
	·         the general partner is responsible for approving operating and capital budgets for the properties owned by the Local Partnership;
	·         the general partner is obligated to fund any recourse obligations of the Local Partnership;
	·         the general partner is authorized to borrow funds on behalf of the Local Partnership; and
	·         the Partnership, as a limited partner in the Local Partnership, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnership that most significantly impact such entity’s economic performance.
	The VIE at December 31, 2014 consists of a Local Partnership that is directly engaged in the ownership and management of one apartment property with a total of 80 units. The Partnership is involved with the VIE as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIE is limited to the Partnership’s recorded investments in and receivables from the VIE, which was zero at December 31, 2014 and 2013. 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_Adva

Note 2 - Investments in and Advances To Local Partnerships	12 Months Ended
	Dec. 31, 2014
Notes
Note 2 - Investments in and Advances To Local Partnerships	Note 2.  Investments in and Advances to Local Partnerships
	As of December 31, 2014 and 2013, the Partnership holds limited partnership interests in one Local Partnership located in Puerto Rico. As of December 31, 2014, the Local Limited Partnership owns a residential low income rental project consisting of 80 apartment units. The mortgage loans of the project are payable to or insured by various governmental agencies.
	The Partnership, as a limited partner, does not have a contractual relationship with the Local Partnership or exercise control over the activities and operations, including refinancing or selling decisions, of the Local Partnership that would require or allow for consolidation. Accordingly, the Partnership accounts for its investment in the Local Partnership using the equity method. The Partnership is allocated profits and losses of the Local Partnership based upon its respective ownership percentage of 99%. Distributions of surplus cash from operations from the Local Partnership are restricted by the Local Partnership’s Regulatory Agreements with the United States Department of Housing and Urban Development (“HUD”). These restrictions limit the distribution to a portion, generally less than 10%, of the initial invested capital. The excess surplus cash is deposited into a residual receipts reserve, of which the ultimate realization by the Partnership is uncertain as HUD frequently retains it upon sale or dissolution of the Local Partnership. The Partnership is allocated profits and losses and receives distributions from refinancings and sales in accordance with the Local Partnerships’ partnership agreements. These agreements usually limit the Partnership’s distributions to an amount substantially less than its ownership percentage in the Local Partnership.
	The individual investments are carried at cost plus the Partnership’s share of the Local Partnership’s profits less the Partnership’s share of the Local Partnership’s losses, distributions and impairment charges. The Partnership is not legally liable for the obligations of the Local Partnership and is not otherwise committed to provide additional support to it. Therefore, it does not recognize losses once its investment
	in the Local Partnership reaches zero.
	Distributions from the Local Partnership 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.
	For those investments where the Partnership has determined that the carrying value of its investments approximates the estimated fair value of those investments, the Partnership’s policy is to recognize equity in income of the Local Partnership only to the extent of distributions received and amortization of acquisition costs from the Local Partnership. Therefore, the Partnership limits its recognition of equity earnings to the amount it expects to ultimately realize.
	At December 31, 2014 and 2013, the investment balance in the one Local Partnership had been reduced to zero.
	In July 2013, the Partnership sold its limited partnership interest in Lakeside Apartments, Ltd. to an affiliate of the operating general partner for no consideration. The Partnership's investment balance in this local partnership was zero at the time of sale.
	In August 2013, the Partnership sold the real estate of Santa Maria Limited Dividend Partnership Assoc. and received approximately $407,000 in proceeds from the sale. Subsequent to the closing, the Partnership received an additional amount of $404,000 from release of reserves. The Partnership's investment balance in this local partnership was zero at at the time of sale.
	In October 2013, the Partnership assigned its limited partnership interest in Alabama Properties, Ltd., V (Ramblewood I) to an affiliate of the operating general partner for a total of $17,600. The Partnership had no investment balance remaining at the date of the assignment.
	At times, advances are made to the Local Partnership. Advances made by the Partnership to the Local Partnership are considered part of the Partnership’s investment in the Local Partnership. During the years ended December 31, 2014 and 2013, the Partnership advanced approximately $372,000 and $67,000, respectively, to the Local Partnerships, Santa Maria and Marina Del Rey, for entity taxes and capital improvements. The advances were recognized as expense. 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.
	Although the Partnership’s recorded value of its investments and its equity in losses/income and/or distributions from the Local Partnership are individually not material to the overall financial position of the Partnership, the following are summaries of the unaudited condensed combined balance sheets of the aforementioned Local Partnership as of December 31, 2014 and 2013 and the unaudited condensed combined results of operations for each of the two years ended December 31, 2014 and December 31, 2013.
	The 2013 amounts exclude the operations of Lakeside Apartments, Ltd. for which the Partnership sold its limited partnership interest in July 2013; exclude the operations of Santa Maria Ltd. for which the Partnership sold the property in August 2013 and exclude Alabama Properties Ltd. for which the Partnership assigned its limited partnership interest in October 2013:
	Condensed Combined Balance Sheets of the Local Partnerships
	(In thousands)
		December 31,
		2014				2013
		(unaudited)				(unaudited)
	Assets
	Land	$ 124				$ 124
	Building and improvements	3,602				3,224
	Accumulated depreciation	(2,955)				(2,896)
	Other assets	335				290
	Total assets	$ 1,106				$ 742
	Liabilities and Partners’ Deficit:
	Liabilities:
	Mortgage notes payable	$ 2,006				$ 2,070
	Other liabilities	471				146
	Total liabilities	2,477				2,216
	Partners' deficit	(1,371)				(1,474)
	Total Liabilities and Partners' Deficit	$ 1,106				$ 742
	Condensed Combined Results of Operations of the Local Partnerships
	(In thousands)
		Year Ended December 31, 2014		Year Ended December 31, 2013
		(unaudited)		(unaudited)
	Rental and other income	$ 688		$ 616
	Expenses:
	Operating expenses	290		305
	Financial expenses	237		244
	Depreciation and amortization	58		50
	Total expenses	585		599
	Income (loss) from continuing operations	$ 103		$ 17
	Real Estate and Accumulated Depreciation of Local Partnerships
	The following is an unaudited summary of real estate, accumulated depreciation and encumbrances of the Local Partnerships (in thousands-unaudited):
	Description	Encumbrances	Land	Buildings and Related Personal Property	Total(1)	Accumulated Depreciation (1)	Date of Construction
	Marina Del Rey Ltd. Dividend Partnership Assoc.	$ 2,006	$ 124	$ 3,602	$ 3,726	$ 2,955	1981-1982
	Reconciliation of real estate (unaudited)
		Years Ended December 31,
		2014		2013
		(in thousands)
	Balance at beginning of year	$ 3,348		$ 3,341
	Improvements	378		7
	Disposals of assets	--		0
	Balance at end of year	$ 3,726		$ 3,348
	Reconciliation of accumulated depreciation (unaudited)
		Years Ended December 31,
		31-Dec-14		31-Dec-13
		(in thousands)
	Balance at beginning of year	$ 2,896		$ 2,846
	Improvements	59		50
	Disposals of assets	0		0
	Balance at end of year	$ 2,955		$ 2,896
	In addition to being the General Partner of the Partnership, NAPICO or one of its affiliates is the local operating general partner for the Local Partnership included above.
The current policy of the United States Department of Housing and Urban Development (“HUD”) is to not renew the Housing Assistance Payment (“HAP”) Contracts on a long-term basis on the existing terms.  In connection with renewals of the HAP Contracts under current law and policy, the amount of rental assistance payments under renewed HAP Contracts will be based on market rentals instead of above market rentals, which may be the case under existing HAP Contracts.  The payments under the renewed HAP Contracts may not be in an amount that would provide sufficient cash flow to permit owners of properties subject to HAP Contracts to meet the debt service requirements of existing loans insured by the Federal Housing Administration of HUD (“FHA”) unless such mortgage loans are restructured. In order to address the reduction in payments under HAP Contracts as a result of current policy, the Multi- family Assisted Housing Reform and Affordability Act of 1997 (“MAHRAA”) provides for the restructuring of mortgage loans insured by the FHA with respect to properties subject to the Section 8 program.  Under MAHRAA, an FHA-insured mortgage loan can be restructured into a first mortgage loan which will be amortized on a current basis and a low interest second mortgage loan payable to FHA which will only be payable on maturity of the first mortgage loan.  This restructuring results in a reduction in annual debt service payable to the owner of the FHA-insured mortgage loan and is expected to result in an insurance payment from FHA to the holder of the FHA-insured loan due to the reduction in the principal amount.  MAHRAA also phases out project-based subsidies on selected properties serving families not located in rental markets with limited supply, converting such subsidies to a tenant-based subsidy.
When the HAP Contracts are subject to renewal, there can be no assurance that the Local Partnerships in which the Partnership has an investment will be permitted to restructure their mortgage indebtedness under MAHRAA.  In addition, the economic impact on the Partnership of the combination of the reduced payments under the HAP Contracts and the restructuring of the existing FHA-insured mortgage loans under MAHRAA is uncertain.

Note_3_Transactions_With_Affil

Note 3 - Transactions With Affiliated Parties	12 Months Ended
	Dec. 31, 2014
Notes
Note 3 - Transactions With Affiliated Parties	Note 3 – Transactions with Affiliated Parties
	Under the terms of the Restated Certificate and Agreement of Limited Partnership, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the Partnership’s original remaining invested assets of the Local Partnerships and is calculated at the beginning of each year. Invested assets are defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interest in the capital accounts of the respective Local Partnerships.  The management fee incurred for the years ended December 31, 2014 and 2013 was approximately $12,000 and $36,000, respectively.
	In addition to being the General Partner of the Partnership, NAPICO or one of NAPICO’s affiliates is the local operating general partner for the Local Partnership.
	In addition to Bethesda’s indirect ownership of the general partnership interest in the Partnership, Bethesda and its affiliates owned 1,154 limited partnership interests in the Partnership representing 10.22% of the outstanding limited partnership interests in the Partnership at December 31, 2014.  It is possible that Bethesda or its affiliates will acquire additional limited partnership interests in the Partnership either through private purchases or tender offers. Pursuant to the Partnership Agreement, unitholders holding a majority of the limited partnership interests are entitled to take action with respect to a variety of matters, that include, but are not limited to, voting on certain amendments to the Partnership Agreement and voting to remove the General Partner. Although the General Partner owes fiduciary duties to the limited partners of the Partnership, the General Partner also owes fiduciary duties to Bethesda as its sole stockholder. As a result, the duties of the General Partner, as general partner, to the Partnership and its limited partners may come into conflict with the duties of the General Partner to Bethesda as its sole stockholder.

Note_4_Income_Taxes

Note 4 - Income Taxes	12 Months Ended
	Dec. 31, 2014
Notes
Note 4 - Income Taxes	Note 4.  Income Taxes
	The Partnership is not taxed on its income. The partners are taxed in their individual capacities based 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 tax loss is allocated to the partner groups in accordance with Section 704(b) of the Internal Revenue Code and therefore is not necessarily proportionate to the interest percentage owned.
	A reconciliation between the Partnership’s reported net loss and the net income (loss) per tax return follows (in thousands, except per limited partnership interest):
		Years Ended December 31,
		2014	2013
		(in thousands)
	Net income (loss) per financial statements	$ (188)		$ 702
	Gain on assignment of limited partnership interest			18
	Other	--		--
	Partnership’s share of Local Partnerships income	150		3,021
	Net income (loss) per tax return	$ (38)		$ 3,741
	Net income (loss) per limited partnership interest	$ (3.33)		$ 327.17
	The following is a reconciliation between the Partnership’s reported amounts and the federal tax basis of net assets and liabilities at December 31, 2014 and 2013 (in thousands):
		2014		2013
	Net assets as reported	$ 309		$ 497
	Add (deduct):
	Investment in Local Partnerships	(2,011)		(2,180)
	Deferred offering expenses	4,275		4,275
	Other	215		237
	Net liabilities – federal tax basis	$ 2,788		$ 2,829

Note_5_Contingencies

Note 5 - Contingencies	12 Months Ended
	Dec. 31, 2014
Notes
Note 5 - Contingencies	Note 5.  Contingencies
	The General Partner is involved in various lawsuits arising from transactions in the ordinary course of business. In the opinion of management and the General Partner, the claims will not result in any material liability to the Partnership.

Note_6_Distributions

Note 6. Distributions	12 Months Ended
	Dec. 31, 2014
Notes
Note 6. Distributions	Note 6. Distributions
	During 2013, the sale of Santa Maria resulted in withholding tax due to Puerto Rico of approximately $307,000. Santa Maria paid the withholding on behalf of the Partnership which flowed to its partners. This payment was recorded as distributions to the Partnerships partners.

Note_7_Subsequent_Event

Note 7 - Subsequent Event	12 Months Ended
	Dec. 31, 2014
Notes
Note 7 - Subsequent Event	Note 7. Subsequent Event
	The Partnership’s management evaluated subsequent events through the time this Annual Report on Form 10-K was filed.

Note_1_Organization_and_Summar1

Note 1 - Organization and Summary of Significant Accounting Policies: Basis of Presentation (Policies)	12 Months Ended
	Dec. 31, 2014
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.

Note_1_Organization_and_Summar2

Note 1 - Organization and Summary of Significant Accounting Policies: Use of Estimates (Policies)	12 Months Ended
	Dec. 31, 2014
Policies
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note_1_Organization_and_Summar3

Note 1 - Organization and Summary of Significant Accounting Policies: Method of Accounting For Investment in Local Partnerships (Policies)	12 Months Ended
	Dec. 31, 2014
Policies
Method of Accounting For Investment in Local Partnerships	Method of Accounting for Investments in the Local Partnership
	The investment in the local limited partnership (the “Local Partnership”) is accounted for using the equity method.

Note_1_Organization_and_Summar4

Note 1 - Organization and Summary of Significant Accounting Policies: Abandoned Units (Policies)	12 Months Ended
	Dec. 31, 2014
Policies
Abandoned Units	Abandoned Units
	During the years ended December 31, 2014 and 2013, the number of limited partnership interests decreased by 2 and 26 interests, respectively, due to limited partners abandoning their interests. At December 31, 2014 and 2013, the Partnership had outstanding 11,292 and 11,294 limited partnership interests, respectively. In abandoning his or her Limited Partnership Interest(s), a limited partner relinquishes all rights, title, and interest in the Partnership as of the date of abandonment. However, the limited partner is allocated his or her share of net income or loss for that year.

Note_1_Organization_and_Summar5

Note 1 - Organization and Summary of Significant Accounting Policies: Net Income (Loss) and Distribution Per Limited Partnership Interest (Policies)	12 Months Ended
	Dec. 31, 2014
Policies
Net Income (Loss) and Distribution Per Limited Partnership Interest	Net Income (Loss) and Distribution Per Limited Partnership Interest
	Net income (loss) per limited partnership interest and distribution per limited partnership interest was computed by dividing the limited partners’ share of net income (loss) and distributions by the number of limited partnership interests outstanding at the beginning of the year.  The number of limited partnership interests used was 11,294 and 11,320 for the years ended December 31, 2014 and 2013, respectively.

Note_1_Organization_and_Summar6

Note 1 - Organization and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)	12 Months Ended
	Dec. 31, 2014
Policies
Cash and Cash Equivalents	Cash and Cash Equivalents
	Cash and cash equivalents include cash in banks. At certain times, the amount of cash deposited at a bank may exceed the limit on insured deposits.

Note_1_Organization_and_Summar7

Note 1 - Organization and Summary of Significant Accounting Policies: Impairment of Long-lived Assets (Policies)	12 Months Ended
	Dec. 31, 2014
Policies
Impairment of Long-lived Assets	Impairment of Long-Lived Assets
	The Partnership reviews its investments in long-lived assets to determine if there has been any permanent 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 recorded during the years ended December 31, 2014 and 2013.

Note_1_Organization_and_Summar8

Note 1 - Organization and Summary of Significant Accounting Policies: Segment Reporting (Policies)	12 Months Ended
	Dec. 31, 2014
Policies
Segment Reporting	Segment Reporting
	Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 280-10, "Segment Reporting”, established standards for the way that public business enterprises report information about operating segments in annual financial statements and requires that those enterprises report selected information about operating segments in interim financial reports. ASC Topic 280-10 also establishes 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.

Note_1_Organization_and_Summar9

Note 1 - Organization and Summary of Significant Accounting Policies: Fair Value of Financial Instruments (Policies)	12 Months Ended
	Dec. 31, 2014
Policies
Fair Value of Financial Instruments	Fair Value of Financial Instruments
	ASC Topic 825, “Financial Instruments”, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate fair value. Fair value is defined as the amount at which the instruments could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. At December 31, 2014, the Partnership believes that the carrying amount of liabilities reported on the balance sheet that require such disclosure approximated their fair value due to the short-term maturity of these instruments.

Recovered_Sheet1

Note 1 - Organization and Summary of Significant Accounting Policies: Variable Interest Entities (Policies)	12 Months Ended
	Dec. 31, 2014
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, 2014 and 2013, the Partnership held variable interests in one VIE 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 the Local Partnership, that the general partner of the Local Partnership is the primary beneficiary of the respective Local Partnership. In making this determination, the Partnership considered the following factors:
	·         the general partner conducts and manages the business of the Local Partnership;
	·         the general partner has the responsibility for and sole discretion over selecting a property management agent for the Local Partnership’s underlying real estate properties;
	·         the general partner is responsible for approving operating and capital budgets for the properties owned by the Local Partnership;
	·         the general partner is obligated to fund any recourse obligations of the Local Partnership;
	·         the general partner is authorized to borrow funds on behalf of the Local Partnership; and
	·         the Partnership, as a limited partner in the Local Partnership, does not have the ability to direct or otherwise significantly influence the activities of the Local Partnership that most significantly impact such entity’s economic performance.
	The VIE at December 31, 2014 consists of a Local Partnership that is directly engaged in the ownership and management of one apartment property with a total of 80 units. The Partnership is involved with the VIE as a non-controlling limited partner equity holder. The Partnership’s maximum exposure to loss as a result of its involvement with the unconsolidated VIE is limited to the Partnership’s recorded investments in and receivables from the VIE, which was zero at December 31, 2014 and 2013. 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_Adva1

Note 2 - Investments in and Advances To Local Partnerships: Condensed Combined Balance Sheets of the Local Partnerships (Tables)	12 Months Ended
	Dec. 31, 2014
Tables/Schedules
Condensed Combined Balance Sheets of the Local Partnerships
	Condensed Combined Balance Sheets of the Local Partnerships
	(In thousands)
		December 31,
		2014	2013
		(unaudited)	(unaudited)
	Assets
	Land	$ 124	$ 124
	Building and improvements	3,602	3,224
	Accumulated depreciation	(2,955)	(2,896)
	Other assets	335	290
	Total assets	$ 1,106	$ 742
	Liabilities and Partners’ Deficit:
	Liabilities:
	Mortgage notes payable	$ 2,006	$ 2,070
	Other liabilities	471	146
	Total liabilities	2,477	2,216
	Partners' deficit	(1,371)	(1,474)
	Total Liabilities and Partners' Deficit	$ 1,106	$ 742

Note_2_Investments_in_and_Adva2

Note 2 - Investments in and Advances To Local Partnerships: Condensed combined statements of operations for Local Partnerships (Tables)	12 Months Ended
	Dec. 31, 2014
Tables/Schedules
Condensed combined statements of operations for Local Partnerships
	Condensed Combined Results of Operations of the Local Partnerships
	(In thousands)
		Year Ended December 31, 2014	Year Ended December 31, 2013
		(unaudited)	(unaudited)
	Rental and other income	$ 688	$ 616
	Expenses:
	Operating expenses	290	305
	Financial expenses	237	244
	Depreciation and amortization	58	50
	Total expenses	585	599
	Income (loss) from continuing operations	$ 103	$ 17

Note_2_Investments_in_and_Adva3

Note 2 - Investments in and Advances To Local Partnerships: Schedule of Real estate, accumulated depreciation and encumbrances of the Local Partnerships (Tables)	12 Months Ended
	Dec. 31, 2014
Tables/Schedules
Schedule of Real estate, accumulated depreciation and encumbrances of the Local Partnerships
	Description	Encumbrances	Land	Buildings and Related Personal Property	Total(1)	Accumulated Depreciation (1)	Date of Construction
	Marina Del Rey Ltd. Dividend Partnership Assoc.	$ 2,006	$ 124	$ 3,602	$ 3,726	$ 2,955	1981-1982

Note_2_Investments_in_and_Adva4

Note 2 - Investments in and Advances To Local Partnerships: Schecule of Reconciliation of real estate (Tables)	12 Months Ended
	Dec. 31, 2014
Tables/Schedules
Schecule of Reconciliation of real estate	Reconciliation of real estate (unaudited)
		Years Ended December 31,
		2014	2013
		(in thousands)
	Balance at beginning of year	$ 3,348	$ 3,341
	Improvements	378	7
	Disposals of assets	--	0
	Balance at end of year	$ 3,726	$ 3,348

Note_2_Investments_in_and_Adva5

Note 2 - Investments in and Advances To Local Partnerships: Schedule of Reconciliation of accumulated depreciation (Tables)	12 Months Ended
	Dec. 31, 2014
Tables/Schedules
Schedule of Reconciliation of accumulated depreciation	Reconciliation of accumulated depreciation (unaudited)
		Years Ended December 31,
		31-Dec-14	31-Dec-13
		(in thousands)
	Balance at beginning of year	$ 2,896	$ 2,846
	Improvements	59	50
	Disposals of assets	0	0
	Balance at end of year	$ 2,955	$ 2,896

Note_4_Income_Taxes_Reconcilia

Note 4 - Income Taxes: Reconciliation between the Partnership's reported net income and the net income (loss) per tax return (Tables)	12 Months Ended
	Dec. 31, 2014
Tables/Schedules
Reconciliation between the Partnership's reported net income and the net income (loss) per tax return
		Years Ended December 31,
		2014	2013
		(in thousands)
	Net income (loss) per financial statements	$ (188)		$ 702
	Gain on assignment of limited partnership interest			18
	Other	--		--
	Partnership’s share of Local Partnerships income	150		3,021
	Net income (loss) per tax return	$ (38)		$ 3,741
	Net income (loss) per limited partnership interest	$ (3.33)		$ 327.17

Note_4_Income_Taxes_Reconcilia1

Note 4 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Tables)	12 Months Ended
	Dec. 31, 2014
Tables/Schedules
Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets
		2014	2013
	Net assets as reported	$ 309	$ 497
	Add (deduct):
	Investment in Local Partnerships	(2,011)	(2,180)
	Deferred offering expenses	4,275	4,275
	Other	215	237
	Net liabilities – federal tax basis	$ 2,788	$ 2,829

Recovered_Sheet2

Note 1 - Organization and Summary of Significant Accounting Policies: Abandoned Units (Details)	Dec. 31, 2014	Dec. 31, 2013
Details
OutstandingLimitedPartnershipInterests	11,292	11,294

Recovered_Sheet3

Note 1 - Organization and Summary of Significant Accounting Policies: Net Income (Loss) and Distribution Per Limited Partnership Interest (Details)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Details
Number of limited partnership interests	11,294	11,320

Note_2_Investments_in_and_Adva6

Note 2 - Investments in and Advances To Local Partnerships (Details) (Alabama Properties, Ltd., USD $)	1 Months Ended
	Oct. 31, 2013
Alabama Properties, Ltd.
Proceeds from sale of limited partnership interest	$17,600

Note_2_Investments_in_and_Adva7

Note 2 - Investments in and Advances To Local Partnerships: Condensed Combined Balance Sheets of the Local Partnerships (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
SEC Schedule III, Real Estate Accumulated Depreciation	($2,955)	($2,896)	($2,846)
Unaudited
Land	124	124
Buildings and Improvements, Gross	3,602	3,224
SEC Schedule III, Real Estate Accumulated Depreciation	-2,955	-2,896
Other Partnership Assets	335	290
Partnership Assets	1,106	742
Other Notes Payable	2,006	2,070
Other Liabilities	471	146
Liabilities, Total	2,477	2,216
Partnership Equity (Deficit)	-1,371	-1,474
Partnership Liabilities and Equity (Deficit)	$1,106	$742

Note_2_Investments_in_and_Adva8

Note 2 - Investments in and Advances To Local Partnerships: Condensed combined statements of operations for Local Partnerships (Details) (Unaudited, USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Unaudited
Rental Income, Nonoperating	$688	$616
Expenses
Operating Costs and Expenses	290	305
Financial Expense	237	244
Depreciation, Depletion and Amortization, Nonproduction	58	50
Total Expenses	585	599
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	$103	$17

Note_2_Investments_in_and_Adva9

Note 2 - Investments in and Advances To Local Partnerships: Schedule of Real estate, accumulated depreciation and encumbrances of the Local Partnerships (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Real Estate Assets	$3,726	$3,348	$3,341
SEC Schedule III, Real Estate Accumulated Depreciation	2,955	2,896	2,846
Marina Del Rey Ltd. Dividend Partnership Assoc.
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances	2,006
Land	124
Buildings and Improvements, Gross	3,602
Real Estate Assets	3,726
SEC Schedule III, Real Estate Accumulated Depreciation	$2,955

Recovered_Sheet4

Note 2 - Investments in and Advances To Local Partnerships: Schecule of Reconciliation of real estate (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Details
Real Estate Assets	$3,348	$3,341
SEC Schedule III, Real Estate, Improvements	378	7
Disposal of Real Estate Assets	0	0
Real Estate Assets	$3,726	$3,348

Recovered_Sheet5

Note 2 - Investments in and Advances To Local Partnerships: Schedule of Reconciliation of accumulated depreciation (Details) (USD $)	12 Months Ended
In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Details
SEC Schedule III, Real Estate Accumulated Depreciation, Beginning Balance	$2,896	$2,846
Disposal of Real Estate Assets	0	0
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance	$2,955	$2,896

Note_4_Income_Taxes_Reconcilia2

Note 4 - Income Taxes: Reconciliation between the Partnership's reported net income and the net income (loss) per tax return (Details) (USD $)	12 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
Details
Net loss	($188)	$702
Gain On Assignment of Limited Partnership Interest		18
Partnership's Share of Local Partnerships Income	150	3,021
Net income (loss) per tax return	($38)	$3,741
Net income (loss) per limited partnership interest	($3.33)	$327.17

Note_4_Income_Taxes_Reconcilia3

Note 4 - Income Taxes: Reconciliation between the Partnership's reported amounts and the Federal tax basis of net assets (Details) (USD $)	Dec. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Details
Net Assets	$309	$497
Investment in Local Partnerships	-2,011	-2,180
Deferred offering costs	4,275	4,275
Assets Reconciliation, Other	215	237
Net assets (liabilities) - Federal tax basis	$2,788	$2,829