ACCOUNTING AND FINANCIAL REPORTING POLICIES

3 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Significant Accounting Policies [Text Block]

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of June 30, 2013 and for the three 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 for the fiscal year ended March 31, 2013.

Amortization

Acquisition costs were originally amortized on the straight-line method over 27.5 years. During the years ended March 31, 2013 and 2012, an impairment loss of $147,078 and $1,595,113, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be 4 years.

Accumulated amortization of acquisition costs by Series as of June 30, 2013 and 2012, are as follows:

	2013	2012
Series 27	$  -	$  212,523
Series 41	-	28,326
Series 42	86,450	17,290
Series 43	83,490	16,698
Series 44	1,201,899	919,099
Series 45	22,270	4,454
Series 46	2,525	4,636
	$1,396,634	$1,203,026

The annual amortization for deferred acquisition costs for the years ending June 30, 2014, 2015, 2016 and 2017 is estimated to be $446,667, $446,667, $446,667, and $335,000, respectively.