Investments in Local Limited Partnerships

3 Months Ended

Jun. 30, 2016

Equity Method Investments and Joint Ventures [Abstract]

Investments in Local Limited Partnerships

As of June 30, 2016 and March 31, 2016, the Partnership owns a Local Limited Partnership interest in 1 Local Limited Partnership, which owns one Housing Complex consisting of an aggregate of 112 apartment units. The Local General Partner of the Local Limited Partnership manages the day to day operations of the entity. 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 Partnership.

Selected financial information for the three months ended June 30, 2016 and 2015 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
		2016		2015
Revenue		$	199,000	$	190,000
Expenses:
Interest expense			21,000		22,000
Depreciation and amortization			37,000		39,000
Operating expenses			134,000		117,000
Total expenses			192,000		178,000
Net income		$	7,000	$	12,000
Net income allocable to the Partnership		$	7,000	$	12,000
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.