Transactions with Affiliates

12 Months Ended

Mar. 31, 2014

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

4.      Transactions with Affiliates

In accordance with the Partnership Agreement, the General Partner earns a base amount of 0.50% (annually adjusted by the CPI factor) of the Gross Proceeds as the annual asset management fee for administering the affairs of the Fund.  Asset management fees for the years ended March 31, 2014 and 2013 are $288,701 and $284,017, respectively.  During the years ended March 31, 2014, and 2013, $287,623 and $1,308,786, respectively, were paid out of available cash flow for asset management fees.  As of March 31, 2014 and 2013, $72,984 and $71,906, respectively, is payable for asset management fees.

An affiliate of the General Partner is reimbursed for the cost of the Fund’s salaries and benefits expenses.  Included in general and administrative expenses for the years ended March 31, 2014 and 2013 are $55,073 and $51,583, respectively, that the Fund incurred for these expenses.  During the years ended March 31, 2014 and 2013, $47,401 and $81,257 respectively, were paid for these expenses.  As of March 31, 2014 and 2013, $12,265 and $4,593 respectively, is payable to the General Partner or its affiliates.

In accordance with the Partnership Agreement, the General Partner or its affiliates may be entitled to a subordinated disposition fee equal to 1.00% of the sales price of a property owned by a Local Limited Partnership.