Investments in Local Limited Partnerships

3 Months Ended

Jun. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments in Local Limited Partnerships

As of June 30, 2015 and March 31, 2015, the Partnership owns Local Limited Partnership interests in 1 and 2 Local Limited Partnerships, each of which owns one Housing Complex consisting an aggregate of 112 and 171 apartment units, respectively. The Local General Partners of the Local Limited Partnerships manage the day to day operations of the entities. Significant Local Limited Partnership business decisions require approval from the Partnership. The Partnership, as a Limited Partner, is generally entitled to 99%, as specified in the Local Limited Partnership governing agreements, of the operating profits and losses, taxable income and losses, and Low Income Housing Tax Credits of the Local Limited Partnerships.

Selected financial information for the three months ended June 30, 2015 and 2014 from the unaudited combined condensed financial statements of the Local Limited Partnerships in which the Partnership has invested is as follows:

COMBINED CONDENSED STATEMENTS OF OPERATIONS
	2015		2014
Revenue	$	190,000	$	312,000
Expenses:
Interest expense		22,000		52,000
Depreciation and amortization		39,000		63,000
Operating expenses		117,000		196,000
Total expenses		178,000		311,000
Net income	$	12,000		1,000
Net income allocable to the Partnership	$	12,000		1,000
Net income recorded by the Partnership	$	-	$	-

Certain Local Limited Partnerships have incurred significant operating losses and/or have working capital deficiencies.  In the event these Local Limited Partnerships continue to incur significant operating losses, additional capital contributions by the Partnership may be required to sustain operations of such Local Limited Partnerships.