Note 4 - Transactions With Affiliated Parties

6 Months Ended

Jun. 30, 2012

Note 4 - Transactions With Affiliated Parties:

Note 4 - Transactions With Affiliated Parties

NOTE 4 - 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 0.5 percent of the original invested assets of the Local Limited Partnerships at the beginning of the 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 interests in the capital accounts of the respective Local Limited Partnerships. The fee was approximately $47,000 and $66,000 for the six months ended June 30, 2012 and 2011, respectively.

In addition to being the Corporate General Partner, NAPICO, or one of its affiliates, is the general partner for two of the Local Limited Partnerships.