Investments, Equity Method and Joint Ventures

3 Months Ended

Mar. 31, 2012

Investments, Equity Method and Joint Ventures

Equity Method Investments Disclosure [Text Block]

NOTE 3 - INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

On December 21, 2011, Jenny Lind Hall II, L.P., sold its investment property to a third party for a gross sale price of $2,250,000. After payment of closing costs and repayment of the notes payable encumbering the property, the Partnership did not receive any proceeds from the sale. The Partnership had no investment balance remaining in this Local Limited Partnership as of January 31, 2012 or December 31, 2011.

On January 31, 2012, the Partnership assigned its limited partnership interest in Oshtemo Limited Dividend Housing Association to a third party for $350,000. The proceeds received were recognized as gain on sale of interest in Local Limited Partnership for the period from January 1 through January 31, 2012, as the Partnership had no remaining investment balance in the Local Limited Partnership at January 31, 2012 or December 31, 2011. Oshtemo Limited Dividend Housing Association was the Partnership’s sole remaining investment.