WNC Housing Tax Credit Fund Ii Lp Sample Contracts
June 8, 2011 «NAME» «ADDRESS» «CITY», «STATE» «ZIP» Re: WNC Housing Tax Credit Fund II, L.P. (the “Partnership”) Dear Limited Partner:Limited Partnership Agreement • June 8th, 2011 • WNC Housing Tax Credit Fund Ii Lp • Operators of apartment buildings
As you may be aware, the Partnership owned a limited partnership interest in Brantley Housing, Ltd. (“Brantley Housing”); Eclectic Housing, Ltd. (“Eclectic Housing”), Perry County Housing, Ltd. (Perry County Housing”), Pine Hill Housing, Ltd. (“Pine Hill Housing”), & Wadley Housing, Ltd. (“Wadley Housing”), Alabama limited partnerships. All were sold by the Partnership during the current calendar year. In appraisals conducted in 2010, the appraised values of the apartment complexes conducted on a restricted rents basis subject to the short-term leases were determined to be $365,000, $260,000, $200,000, $365,000, and $360,000, respectively. The loan balances as of December 31, 2010 were approximately $546,000, $580,000, $417,000, $518,000, and $419,000, respectively. Inasmuch as the appraisals indicated no remaining equity in the apartment complexes, the transfers were made for consideration intending to be sufficient to pay for the Partnership’s closing costs.