Investments in Local Limited Partnerships

9 Months Ended

Dec. 31, 2014

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

1.      Investments in Local Limited Partnerships

The Fund currently has a limited partner interest in one Local Limited Partnership which was organized for the purpose of owning and operating government-assisted, multi-family housing complexes. The Fund's ownership interest in the Local Limited Partnership is 77%.  The Fund may have negotiated or may negotiate options with the Local General Partner to purchase or sell the Fund’s interest in the Local Limited Partnership at the end of the 15-year period during which properties that receive tax credits must remain in compliance with rent restrictions and set-aside requirements (the “Compliance Period”) for nominal prices.  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’s partnership agreement.

The following is a summary of investments in Local Limited Partnerships at December 31, 2014 and March 31, 2014:

	December 31		March 31
Capital contributions paid to Local Limited Partnerships	$	1,697,298	$	1,697,298
Cumulative equity in losses of Local Limited Partnerships (excluding
cumulative unrecognized losses of $745,535 and $595,386 at
December 31 and March 31, 2014, respectively)		(1,712,856)		(1,712,856)
Investments in Local Limited Partnerships before adjustments		(15,558)		(15,558)
Excess investment costs over the underlying assets acquired:
Acquisition fees and expenses		21,077		21,077
Cumulative amortization of acquisition fees and expenses		(5,519)		(5,519)
Investments in Local Limited Partnerships	$	-	$	-

The Fund’s share of net income (losses) of the Local Limited Partnerships for the nine months ended December 31, 2014 and 2013 is  ($150,149) and 796,803, respectively.  For the nine months ended December 31, 2014 and 2013, the Fund has not recognized $150,149 and $24,340, respectively, of equity in losses relating to certain Local Limited Partnerships in which cumulative equity in losses and cumulative distributions exceeded its total investment in the Local Limited Partnerships.  Previously unrecognized losses of $0 and $454,240 are included in losses recognized during the nine months ended December 31, 2014 and 2013, respectively.