SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
AMENDMENT NO. 1 TO
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 9, 2000
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
(Exact name of registrant as specified in its charter)
California 333-76435 33-0761517
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
3158 Redhill Avenue, Suite 120, Costa Mesa, California 92626
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (714) 662-5565
N/A
Former name or former address, if changed since last report)
023/A.edg
<PAGE>
Item 7. Financial Statements and Exhibits
a. Financial Statements of Businesses Acquired
Not Applicable
b. Proforma Financial Information
Pro Forma Balance Sheet, December 31, 1999 (Unaudited)........FS-1
Pro Forma Statement of Operations for the Period
September 3, 1999 (Date Operations Commenced)
through December 31, 1999 (Unaudited)...................FS-2
Notes to Pro Forma Financial Statements.......................FS-3
c. Exhibits
10.1 Amended and Restated Limited Partnership Agreement of School
Square Limited Partnership*
----------
*Previously filed.
2
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., Series 7
(A California Limited Partnership)
PROFORMA BALANCE SHEET
December 31, 1999
ASSETS
Historical Proforma Proforma
Balance Adjustments Balance
Cash and cash equivalents $ 2,195,749 $ 1,001,440
(82,880)
(785,550) $ 2,328,759
Subscriptions receivable 803,590 785,550 1,589,140
Investment in limited
partnerships 341,570 888,074
82,880 1,312,524
Other assets 440 - 440
----------- ----------- -----------
$ 3,341,349 $ 1,889,514 $ 5,230,863
=========== =========== ===========
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Notes payable to
limited partnerships $ - $ 888,074 $ 888,074
Commisions payable 44,730 - 44,730
Accrued fees and
expenses due to
general partner
and affiliates 155,449 - 155,449
----------- ----------- -----------
200,179 888,074 1,088,253
----------- ----------- -----------
Partners' equity (deficit):
General partner (4,659) (1,826) (6,485)
Limited partners 3,145,829 1,003,266 4,149,095
----------- ----------- -----------
Total partners' equity 3,141,170 1,001,440 4,142,610
----------- ----------- -----------
$ 3,341,349 $ 1,889,514 $ 5,230,863
=========== =========== ===========
Unaudited
See Accompanying Notes to Proforma Financial Statements
FS-1
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
(A California Limited Partnership)
PROFORMA STATEMENT OF OPERATIONS
For the Period September 3, 1999 (Date Operations Commenced)
through December 31, 1999
Historical Proforma Proforma
Balance Adjustments Balance
Interest income $6,082 $6,082
-------- -------
Operating expenses:
Amortization 700 700
Other 12 12
-------- -------
Total operating expenses 712 712
-------- -------
Income from operations 5,370 5,370
Equity in income (loss)
from limited partnerships - (6,690) (6,690)
-------- ------- -------
Net loss $ 5,370 $(6,690) $(1,320)
======== ======== ========
Unaudited
See Accompanying Notes to Proforma Financial Statements
FS-2
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
(A California Limited Partnership)
NOTES TO UNAUDITED PROFORMA FINANCIAL STATEMENTS
NOTE 1 - GENERAL
The information contained in the following notes to the proforma balance sheet
is condensed from that which appears in the financial statements. Accordingly,
this proforma balance sheet should be reviewed in conjunction with the financial
statements and related notes thereto contained in the WNC Housing Tax Credit
Fund VI, L.P., Series 7 financial statements dated December 31, 1999. WNC
Housing Tax Credit Fund VI, L.P., Series 7 is referred to in these notes as the
"Partnership."
NOTE 2 - INTRODUCTION TO PROFORMA ADJUSTMENTS
As of December 31, 1999, the Partnership had not acquired a limited partnership
interest in any limited partnerships. Subsequent to December 31, 1999, the
Partnership has acquired an interest in two limited partnerships: 2nd Fairhaven
Manor, LLC (FAIRHAVEN) and School Square Limited Partnership (SCHOOL SQUARE).
Each owns one apartment complex. The Partnership is negotiating to acquire a
limited partnership interest in one other partnership that owns one apartment
complex: Red Oaks Estates, L.P. (RED OAKS). These investments commit the
Partnership to capital contributions as follows:
FAIRHAVEN $ 356,860
SCHOOL SQUARE 285,574
RED OAKS 245,640
-----------
$ 888,074
===========
FS-3
<PAGE>
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
(A California Limited Partnership)
NOTES TO UNAUDITED PROFORMA FINANCIAL STATEMENTS (Continued)
NOTE 2 - INTRODUCTION TO PROFORMA ADJUSTMENTS (Continued)
- ---------------------------------------------
In accordance with Article 11, Proforma Financial Information of Regulation S-X
of the Securities and Exchange Commission, the accompanying proforma balance
sheet was computed assuming that the limited partnerships discussed above were
acquired at the end of the period presented. The first adjustment to cash and
the adjustment to partners' equity of $1,001,440 reflects the net proceeds from
December 31, 1999 to February 9, 1999 from issuance of 1,304 units of limited
partners' capital ($1,304,000 less notes receivable and commissions and offering
costs of $120,000 and $182,560, respectively.) The third adjustment to cash and
the adjustment to subscriptions receivable of $785,550 reflects the increase in
subscriptions receivable from the above subscriptions. The adjustment to
investment in limited partnerships and the first adjustment to notes payable to
limited partnerships of $888,074 reflects the Partnership's acquisition of the
three limited partnership interests as if the Partnership's date of acquisition
was December 31, 1999. The second adjustment to investment in limited
partnerships and the second adjustment to cash of $82,880 reflects the
acquisition fee from the proceeds raised from December 31, 1999 to February 9,
2000.
The accompanying proforma statement of operations was computed assuming that the
limited partnerships were acquired on the date the Partnership commenced
operations. The SCHOOL SQUARE and RED OAKS apartment complexes were under
construction or rehabilitation during the period presented and had no operations
which should be reported. FAIRHAVEN had operations during the period presented
and a proforma income adjustment of $(6,690) has been recorded to equity in
income (loss) of limited partnerships in the Proforma Statement of Operations to
reflect these operations. The Partnership uses the equity method of accounting
to account for its investments in these local limited partnerships
FS-4
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 7
Date: March 29, 2000 By: WNC & Associates, Inc.,
General Partner
By: /s/ MICHAEL L. DICKENSON
Michael L. Dickenson,
Vice President - Chief Financial
Officer
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