ACCOUNTING AND FINANCIAL REPORTING POLICIES

6 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of September 30, 2012 and for the six 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, 2012 and 2011, an impairment loss of $1,595,113 and $1,764,564, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be between 1-5 years.

Accumulated amortization of acquisition costs by Series as of September 30, 2012 and 2011, are as follows:

	2012	2011
Series 27	$ 228,871	$ 163,480
Series 41	56,652	298,920
Series 42	34,580	135,242
Series 43	33,396	279,310
Series 44	989,799	706,999
Series 45	8,908	409,638
Series 46	9,272	58,798
	$1,361,478	$2,052,387

The annual amortization for deferred acquisition costs for the years ending September 30, 2013, 2014, 2015, 2016 and 2017 is estimated to be $601,110, $511,763, $455,111, $455,111, and $227,555, respectively.