Note 3 - Transactions With Affiliated Parties

9 Months Ended

Sep. 30, 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 0.5 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 $27,000 and $51,000 for the nine months ended September 30, 2014 and 2013, respectively.

In addition to being the General Partner, an affiliate of NAPICO is the general partner for the remaining Local Limited Partnership.