Investment in Local Limited Partnership

3 Months Ended

Jun. 30, 2011

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

1.      Investment in Local Limited Partnership

The Partnership currently has a limited partner interest in one Local Limited Partnership which was organized for the purpose of owning and operating a government-assisted multi-family housing complex.  The Partnership's ownership interest in the Local Limited Partnership is 99%. The Partnership may have negotiated or may negotiate options with the Local General Partners to purchase or sell the Partnership’s interest in the Local Limited Partnership at the end of the Compliance Period for a nominal price.  In the event that the Property is sold to a third party or upon dissolution of the Local Limited Partnership, proceeds will be distributed according to the terms of the Local Limited Partnership agreement.

The following is a summary of investment in Local Limited Partnership at June 30, 2011 and March 31, 2011:

	June 30			March 31
Capital contributions paid to Local Limited Partnership and purchase
price paid to withdrawing partners of Local Limited Partnership	$	5,811,236		$	5,811,236
Cumulative equity in losses of Local Limited Partnership		(2,109,932	)		(2,155,769	)
Cumulative cash distributions received from Local Limited Partnership		(19,610	)		(19,610	)
Investment in Local Limited Partnership before adjustments		3,681,694			3,635,857
Excess investment costs over the underlying assets acquired:
Acquisition fees and expenses		178,600			178,600
Cumulative amortization of acquisition fees and expenses		(95,790	)		(94,514	)
Investment in Local Limited Partnership before impairment		3,764,504			3,719,943
Cumulative impairment on investment in Local Limited Partnership		(2,364,000	)		(2,364,000	)
Investment in Local Limited Partnership	$	1,400,504		$	1,355,943

The Partnership has recorded an impairment for its investment in Local Limited Partnership in order to appropriately reflect the estimated net realizable value of this investment.

The Partnership’s share of the net income (loss) of the Local Limited Partnership for the three months ended June 30, 2011 and 2010 is $45,837 and ($10,395) respectively.