ACCOUNTING AND FINANCIAL REPORTING POLICIES

9 Months Ended

Dec. 31, 2011

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2011, and for the nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K.

Amortization

Acquisition costs were originally amortized on the straight-line method over 27.5 years. During the years ended March 31, 2011 and 2010, an impairment loss of $1,764,564 and $1,810,230, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be between 1-6 years.

Accumulated amortization of acquisition costs by Series as of December 31, 2011 is as follows:

	2011
Series 27	$	179,828
Series 41		337,124
Series 42		153,172
Series 43		304,039
Series 44		777,699
Series 45		477,911
Series 46		66,749
	$	2,296,522

The annual amortization for deferred acquisition costs for the years ending December 31, 2012, 2013, 2014, 2015 and 2016 is estimated to be $976,537, $976,537, $911,145, $758,328, and $758,328, respectively.

Capitalized Expenses

Costs incurred with borrowing funds to make capital contributions to Operating Partnerships and certain other costs are capitalized and included in investment in Operating Partnerships. The costs were being amortized on the straight-line method over 27.5 years. During the years ended March 31, 2011 and 2010, an impairment loss of $13,288 and $5,090, respectively, was recorded. As of March 31, 2011 all capitalized expenses have been impaired to zero for all Series.