10-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM 10-Q

(Mark One)

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2016

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from  ______  to  ______

Commission File Number 033-89968

INDEPENDENCE TAX CREDIT PLUS L.P. IV

(Exact name of registrant as specified in its charter)

Delaware	13-3809869
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
1225 17th Street, Denver, Colorado	80202
(Address of principal executive offices)	(Zip Code)

(303) 927-5000

Registrant’s telephone number, including area code

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  ☑ Yes☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  ☑ Yes   ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.  See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. 

Large accelerated filer  ☐	Accelerated filer  ☐
Non-accelerated filer  ☐  (Do not check if a smaller reporting company)	Smaller reporting company  ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  ☐ Yes   ☑ No 

Table of Contents

		Page Numbers
Part I
Item 1.	Financial Statements	3
	Condensed Consolidated Balance Sheets	3
	Condensed Consolidated Statements of Operations	4
	Condensed Consolidated Statement of Changes in Partners’ (Deficit) Capital	5
	Condensed Consolidated Statements of Cash Flows	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	19
Item 4.	Controls and Procedures	19
Part II
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	20
Item 3.	Defaults Upon Senior Securities	20
Item 4.	Mine Safety Disclosures	20
Item 5.	Other Information	20
Item 6.	Exhibits	20
Signatures		21

2

Item 1.  Financial Statements.

INDEPENDENCE TAX CREDIT PLUS L.P. IV

AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

	September 30,		March 31,
	2016		2016
	(Unaudited)		(Audited)
ASSETS
Operating assets
Property and equipment - (at cost, net of accumulated depreciation of $2,283,625 and $7,946,808, respectively)	$	51,677	$	181,152
Cash and cash equivalents		2,626,301		867,364
Cash held in escrow		226,675		622,020
Other assets		18,719		80,560
Total assets	$	2,923,372	$	1,751,096
LIABILITIES AND PARTNERS’ (DEFICIT) CAPITAL
Operating liabilities
Mortgage notes payable (net of deferred costs of $33,890 and $102,389, respectively)	$	1,527,358	$	4,776,876
Accounts payable		46,728		124,790
Accrued interest payable		59,018		63,220
Security deposits payable		16,055		147,226
Due to local general partners and affiliates (Note 2)		165,179		607,082
Due to general partners and affiliates (Note 2)		141,983		85,547
Total liabilities		1,956,321		5,804,741
Commitments and contingencies
Partners’ capital (deficit)
Limited partners  (45,844 BACs issued and outstanding)		1,288,817		(3,812,073)
General partner		(377,081)		(428,605)
Independence Tax Credit Plus L.P. IV total		911,736		(4,240,678)
Noncontrolling interests		55,315		187,033
Total partners’ capital (deficit)		967,051		(4,053,645)
Total liabilities and partners’ capital (deficit)	$	2,923,372	$	1,751,096

See accompanying notes to condensed consolidated financial statements.

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INDEPENDENCE TAX CREDIT PLUS L.P. IV

AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Revenues
Rental income	$	98,865	$	96,071	$	196,388	$	191,518
Other		2,488		2,193		5,872		6,253
Total revenues		101,353		98,263		202,260		197,771
Expenses
General and administrative		135,365		77,409		249,509		157,262
General and administrative-related parties (Note 2)		69,009		117,599		138,903		184,425
Repairs and maintenance		31,046		48,042		52,185		111,768
Operating and other		18,648		14,077		33,003		28,941
Real estate taxes		—		—		—		—
Insurance		4,143		3,215		8,322		7,388
Interest		15,338		18,400		30,676		31,918
Depreciation and amortization		1,133		1,135		2,266		2,267
Total expenses		274,682		279,877		514,864		523,969
Loss from operations		(173,329)		(181,614)		(312,604)		(326,198)
Income from discontinued operations (including gain on sale of property) (Note 4)		5,300,768		5,767,572		5,333,300		10,785,612
Net income		5,127,439		5,585,958		5,020,696		10,459,414
Net (income) loss attributable to noncontrolling interests from operations		(149)		(45)		(317)		338
Net (income) loss attributable to noncontrolling interests from discontinued operations		132,071		(3,164,869)		132,035		(3,651,259)
Net (income) loss attributable to noncontrolling interests		131,924		(3,164,915)		131,718		(3,650,921)
Net income attributable to Independence Tax Credit Plus L.P. IV	$	5,259,363	$	2,421,044	$	5,152,414	$	6,808,493
Loss from operations – limited partners		(171,743)		(179,842)		(309,792)		(322,601)
Income from discontinued operations – limited partners		5,378,511		2,576,676		5,410,682		7,063,009
Net income – limited partners	$	5,206,768	$	2,396,834	$	5,100,890	$	6,740,408
Number of BACs outstanding		45,844		45,844		45,844		45,844
Loss from operations per weighted average BAC	$	(3.75)	$	(3.92)	$	(6.76)	$	(7.04)
Income from discontinued operations per weighted average BAC		117.32		56.21		118.02		154.07
Net (loss) income per weighted average BAC	$	113.57	$	52.28	$	111.26	$	147.03

* Reclassified for comparative purposes.

See accompanying notes to condensed consolidated financial statements.

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INDEPENDENCE TAX CREDIT PLUS L.P. IV

AND SUBSIDIARIES

Condensed Consolidated Statement of Changes in Partners’ (Deficit) Capital

(Unaudited)

			Limited		General		Noncontrolling
	Total		Partners		Partner		Interests
Partners’ (deficit) capital – April 1, 2016	$	(4,053,645)	$	(3,812,073)	$	(428,605)	$	187,033
Net (loss) income		5,020,696		5,100,890		51,524		(131,718)
Partners’ (deficit) capital  – September 30, 2016	$	967,051	$	1,288,817	$	(377,081)	$	55,315

See accompanying notes to condensed consolidated financial statements.

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INDEPENDENCE TAX CREDIT PLUS L.P. IV

AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Six Months Ended
	September 30,
	2016		2015
Cash flows from operating activities:
Net income	$	5,020,696	$	10,459,414
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization		4,575		37,755
Gain on sale of property		(5,247,186)		(10,556,208)
Change in fair value of rate swap		—		(14,000)
Changes in assets and liabilities:
Decrease (increase) in cash held in escrow		625		(61,414)
Decrease in due from local general partners and affiliates		—		1,278
Increase in other assets		(156,097)		(45,639)
Decrease in accounts payable		(62,540)		(7,823)
Increase (decrease) in accrued interest payable		5,021		(49,708)
Increase in security deposit payable		1,076		7,146
Increase (decrease) in due to general partner and affiliates		135,448		(2,222,002)
Total adjustments		(5,319,078)		(12,910,615)
Net cash used in operating activities		(298,382)		(2,451,201)
Cash flows from investing activities:
Decrease (increase) in cash held in escrow		4,267		(14,301)
Acquisition of property and equipment		—		(40,685)
Proceeds from sale of property		2,120,988		10,100,000
Costs paid relating to sale of property		—		(3,167,159)
Net repayments to local general partners and affiliates		56,363		79,787
Net cash provided by investing activities		2,181,618		6,957,642
Cash flows from financing activities:
Repayments of mortgage notes		(124,299)		(148,199)
Distributions to noncontrolling interests		—		(4,079,350)
Net cash used in financing activities		(124,299)		(4,227,549)
Net increase in cash and cash equivalents		1,758,937		278,892
Cash and cash equivalents at beginning of period		867,364		706,652
Cash and cash equivalents at end of period	$	2,626,301	$	985,544
Summarized below are the components of the gain on sale of property:
Proceeds from sale of property	$	(2,120,988)	$	(10,100,000)
Costs paid relating to sale of property		—		3,167,159
Property and equipment, net of accumulated depreciation		127,847		925,865
Deferred costs		65,552		122,057
Other assets		217,938		238,466
Cash held in escrow		390,453		208,625
Accounts payable		(15,522)		(159,881)
Mortgage payable		(3,193,718)		(4,390,007)
Accrued interest		(9,223)		(14,524)
Security deposits		(132,247)		(36,143)
Due to local general partners and affiliates		(498,266)		(373,144)
Due to general partners and affiliates		(79,012)		(138,681)
Interest rate swap		—		(6,000)

See accompanying notes to condensed consolidated financial statements.

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INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

NOTE 1 – General

The condensed consolidated financial statements, as of September 30,  2016, include the accounts of Independence Tax Credit Plus L.P. IV (the “Partnership”) and two other limited partnerships (“subsidiary partnerships”, “subsidiaries” or “Local Partnerships”) owning affordable apartment complexes (“Properties”) that are eligible for the low-income housing tax credits.  As of September 30,  2016, the Partnership has an ownership interest in only one remaining investment.  The general partner of the Partnership is Related Independence L.L.C., a Delaware limited liability company (the “General Partner”). Centerline Holding Company (“Centerline”) was the ultimate parent of Centerline Affordable Housing Advisors LLC (“CAHA”), the sole member of the Manager of the General Partner. On April 15, 2015, Alden Torch Financial LLC, a newly formed Delaware limited company (“ATF”), became the indirect owner of 100% of the equity interests in Centerline. Since April 15, 2015, ATF has been the ultimate parent and indirect owner of 100% of the equity interests in CAHA. Through the rights of the Partnership and/or an affiliate of the General Partner, which affiliate has a contractual obligation to act on behalf of the Partnership to remove the general partner of each of the subsidiary partnerships (each “Local General Partner”) and to approve certain major operating and financial decisions, the Partnership has a controlling financial interest in the subsidiary partnerships.

For financial reporting purposes, the Partnership’s fiscal quarter ends September 30th.The remaining Local Partership’s fiscal quarter ends June 30th.  Accounts of the remaining Local Partnership have been adjusted for intercompany transactions from July 1st  through September 30th. The Partnership’s fiscal quarter ends three months after the remaining Local Partnership in order to allow adequate time for the subsidiary’s financial statements to be prepared and consolidated.  All  intercompany accounts and transactions with the remaining Local Partnership have been eliminated in consolidation.

The net (income) loss attributable to noncontrolling interests amounted to approximately $132,000 and $(3,165,000) and $132,000 and $(3,651,000) for the three and six months ended September 30, 2016 and 2015, respectively.  The Partnership’s investment in each subsidiary is equal to the respective subsidiary’s partners’ equity less noncontrolling interest capital, if any.

Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted or condensed. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2016.

The books and records of the Partnership are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.  In the opinion of the General Partner of the Partnership, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the condensed consolidated financial position of the Partnership as of September 30,  2016 and the results of their operations and their cash flows for the six months ended September 30, 2016 and 2015.  However, the operating results and cash flows for the six months ended September 30, 2016 may not be indicative of the results for the entire year.

Recently Issued Accounting Pronouncements

In March of 2016, the Financial Accounting Standards Board issued Accounting Standards Update ASU No. 2016-09, “Compensation – Stock Compensation: Improvements to Employee Shared Based Payment Accounting: Topic 718” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of how companies account for share-based compensation, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statements of cash flows. ASU 2016-09 is affective for annual periods beginning after December 15, 2016 and early

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INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

adoption is permitted. The new guidance will not have an impact on the Partnership’s condensed consolidated financial statements.

In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02 “Leases – Topic 842” (“ASU 2016-02”). ASU 2016-02 requires recognition of lease assets and lease liabilities by lessees for all leases greather than one year in duration and classified as operating leases under previous GAAP. ASU 2016.02 is effective for fiscal years beginning after December 15, 2018, and for interim periods within that fiscal year. The new guidance will not have an impact on the Partnership’s condensed consolidated financial statements.

In February 2015, the Financial Accounting Standards Board issued Accounting Standard Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The ASU modifies existing consolidation guidance  related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2015 and early adoption is permitted. The new guidance will not have an impact on the Partnership’s condensed consolidated financial statements.

In May 14, 2014, FASB and IASB issued a new joint revenue recognition standard that supersedes nearly all US GAAP guidance on revenue recognition. The core principal of the standard is that revenue recognition should depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new standard is effective for the Partnership for the fiscal year beginning April 1, 2018 and the effects of the standard on the Partnership’s condensed consolidated financial statements are not known at this time.

In August 2014, FASB issued ASU No 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. This standard update provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about an entity’s ability to continue as going concern and to provide related footnote disclosure. The new guidance is effective for all annual and interim periods ending after December 16, 2016. The new guidance will not have an impact on the Partnership’s consolidated financial statements.

Use of Estimates

The preparation of condensed consolidated financial statements requires management to make estimates and assumptions.  These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods.  Actual results could differ from those estimates.

NOTE 2 – Related Party Transactions

A)Related Party Expenses

An affiliate of the General Partner, Independence SLP IV L.P., has a  0.01% interest as a special limited partner in each of the Local Partnerships.

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INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

The costs incurred to related parties from operations for the three and six months ended September 30, 2016 and 2015 were as follows:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Partnership management fees (a)	$	23,615	$	26,582	$	48,115	$	59,978
Expense reimbursement (b)		39,145		84,768		78,290		111,949
Local administrative fee (c)		—		—		—		—
Total general and administrative-General Partners		62,760		111,350		126,405		171,927
Property management fees incurred to affiliates of the subsidiary partnerships’ general partners		6,249		6,249		12,498		12,498
Total general and administrative-related parties	$	69,009	$	117,599	$	138,903	$	184,425

*Reclassified for comparative purposes.

The costs incurred to related parties from discontinued operations for the three and six months ended September 30, 2016 and 2015 were as follows:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Local administrative fee (c)	$	3,160	$	2,356	$	6,317	$	5,000
Total general and administrative-General Partner		3,160		2,356		6,317		5,000
Property management fees incurred to affiliates of the subsidiary partnerships' general partners		15,402		95,823		32,126		117,653
Total general and administrative-related parties	$	18,562	$	98,179	$	38,443	$	122,653

*Reclassified for comparative purposes.

(a) The General Partner is entitled to receive a partnership management fee, after payment of all Partnership expenses, which together with the annual local administrative fees will not exceed a maximum of 0.5% per annum of invested assets (as defined in the Partnership Agreement), for administering the affairs of the Partnership. Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its review of the Partnership’s investments.  Unpaid partnership management fees for any year are deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than those owed to the General Partner and its affiliates.  Partnership management fees owed to the General Partner amounting to approximately $60,000 and $12,000 were accrued and unpaid as of September 30,  2016 and March 31,  2016, respectively.  Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds.  However, the General Partner cannot demand payment of the deferred fees beyond the Partnership’s ability to pay them.

(b) The Partnership reimburses the General Partner and its affiliates for actual Partnership operating expenses incurred by the General Partner and its affiliates on the Partnership’s behalf. The amount of reimbursement from the Partnership is limited by the provisions of the Partnership Agreement. Another affiliate of the General Partner performs asset

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AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

monitoring for the Partnership. These services include site visits and evaluations of the subsidiary partnerships’ performance.  Expense reimbursements and asset monitoring fees owed to the General Partner and its affiliates amounting to approximately $78,000 and $0 were accrued and unpaid as of September 30,  2016 and March 31,  2016, respectively. The General Partner does not intend to demand payment of the deferred payables beyond the Partnership’s ability to pay them.  The Partnership anticipates that these will be paid, if at all, from working capital reserves or future sales proceeds.

(c) Independence SLP IV L.P., a special limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership.  Local administrative fees owed to Independence SLP IV L.P. amounting to $0 and $73,000 were accrued and unpaid as of September 30,  2016 and March 31,  2016, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid, if at all, from working capital reserves or future sales proceeds.

As of September 30,  2016 and March 31,  2016, the Partnership owed approximately $4,000 and $1,000, respectively, to the General Partner for expenses it paid on its behalf.

B)Due to/from Local General Partners and Affiliates

The amounts due to Local General Partners and affiliates from operating liabilities consist of the following:

	September 30,		March 31,
	2016		2016
Development fee payable	$	—	$	481,597
Consulting fee payable		—		—
Operating advances		165,179		125,485
Management and other fees		—		—
	$	165,179	$	607,082

NOTE 3– Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instruments (all of which are held for nontrading purposes) for which it is practicable to estimate that value:

Cash and Cash Equivalents and Cash Held in Escrow

The carrying amount approximates fair value.

Accounts Payable and Other Liabilities

The carrying amounts approximate fair value due to their short-term nature.

Mortgage Notes Payable

The Partnership has categorized the fair value of financial assets and liabilities based upon the fair value hierarchy specified by ASC Topic 820, Fair Value Measurements (“ASC 820”). This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures.  This standard does not require any new fair value measurements, but discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present

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INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost).  This standard provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.  The following is a brief description of those three levels:

Level 1:	Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:	Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.  These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3:	Unobservable inputs that reflect the Partnership’s own assumptions.

The estimated fair value of mortgage notes payable has been determined using available market information or other appropriate valuation methodologies.  However, considerable judgment is required in interpreting market data to develop estimates of fair value.  Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The following are financial instruments for which the Partnership’s estimate of fair value differs from the carrying amounts:

	At September 30, 2016				At March 31, 2016
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
LIABILITIES:
Mortgage notes	$	1,561,248	$	1,387,163	$	4,879,265	$	3,794,072

For the mortgage notes, fair value is estimated using Level 3 inputs and calculated using present value cash flow models based on a discount rate.  The Partnership has not been active in the tender option bond market, through which these bonds have been securitized in the past. To assist in valuing these notes, the Partnership held separate discussions with various third party investment banks who are leaders in the municipal bond business.  The discussions produced assumptions that were based on market conditions as well as the credit quality of the underlying property partnerships, which held the mortgage notes, to determine what discount rates to utilize.

Due to General Partner and Affiliates and Due to/from Local General Partners and Affiliates

Management believes it is not practical to estimate the fair value of due to General Partner and affiliates and due to/from Local General Partners and affiliates because market information on such obligations is not currently available.

NOTE 4 – Sale of Properties

The Partnership has developed a plan to dispose of its last remaining investment.  It is anticipated that this process will take from 12 to 24 months. Through September 30, 2016, the Partnership has sold its limited partnership interest in  nine Local Partnerships and the property and the related assets and liabilities of four Local Partnerships have been sold. There can be no assurance as to when the Partnership will dispose of its last remaining investment or the amount of proceeds which may be received.  However, based on the historical operating results of the Local Partnerships and the current economic conditions, the proceeds from such sales received by the Partnership will not be sufficient to return to the limited partners their original investments.  All gains and losses on sales are included in discontinued operations.

On September 21, 2016, the Partnership sold its limited partnership interest in Bakery Village Urban Renewal Associates, L.P. (“Bakery Village”) to an affiliate of the Local General Partner for a sales price of approximately $2,200,000. The sale

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INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

resulted in a gain of approximately $5,247,000 resulting from the write-off of the deficit basis in the Local Partnership plus the cash recived by the Partnership, which was recorded during the quarter ended September 30, 2016.

On July 27, 2015, the Partnership sold its limited partnership interest in First African Kanisa Apartments (“First African”) to an affiliate of the Local General Partner for a sales price of $1. The sale resulted in a gain of approximately $1,603,000 resulting from the write-off of the deficit basis in the Local Partnership of the same amount at the date of the sale, which was recorded during the quarter ended September 30, 2015. An adjustment to the gain of approximately $88,000 was recorded during the quarter ended March 31, 2016 resulting in an overall gain of $1,515,000.

On June 1, 2015, the Partnership sold its limited partnership interest in KSD Village Apartments Phase II, Ltd. (“KSD Village”) to an unaffiliated third party purchaser for a sales price of $1. The sale resulted in a gain of approximately $293,000 resulting from the write-off of the deficit basis in the Local Partnership of the same amount at the date of the sale, which was recorded during the quarter ended June 30, 2015. An adjustment to the gain of approximately $61,000 was recorded during the quarter ended March 31, 2016 resulting in an overall gain of $232,000.

On June 15, 2015, the property and the related assets and liabilities of Kaneohe Limited Partnership (“Kaneohe”) were sold to an unaffiliated third party purchaser for a sales price of $10,100,000. The Partnership received $2,893,000 as a distribution from this sale after the repayment of the mortgages, other liabilities and closing costs of approximately $7,207,000. The sale resulted in a gain of approximately $4,587,000 which was recorded during the quarter ended June 30, 2015. An adjustment to the gain of approximately $4,073,000 was recorded during the quarter ended September 30, 2015 due to a distribution from this sale in the form of a Security Agreement to the Local General Partner in the amount of $4,069,000. Additional adjustments to the gain of approximately $1,000 and $196,000 were recorded during the quarter ended March 31, 2016 and December 31, 2015, respectively resulting in an overall gain of $8,857,000.  

12

INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

NOTE 5 – Discontinued Operations

The following table summarizes the results of operations of the Local Partnerships that are classified as discontinued operations.  For the three and six months ended September 30, 2016, Bakery Village which was sold during the quarter ended September 30, 2016 was classified as discontinued operations. For the three and six months ended September 30, 2015, First African Kanisa, which was sold in July 2015, KSD Village and Kaneohe, which were sold in June 2015, and Bakery Village, in order to present comparable results to the three and six months ended September 30, 2016, were classified as discontinued operations in the condensed consolidated financial statements.

Condensed Consolidated Statements of Discontinued Operations:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Revenues
Rental income	$	312,707	$	604,938	$	623,322	$	1,231,998
Other		14,806		15,637		33,689		34,926
Gain on sale of property (Note 4)		5,247,186		5,680,072		5,247,186		10,556,208
Total revenue		5,574,699		6,300,647		5,904,197		11,823,132
Expenses
General and administrative		88,135		162,064		195,363		324,212
General and administrative-related parties (Note 2)		18,562		98,179		38,443		122,653
Repairs and maintenance		60,412		69,771		113,667		163,679
Operating and other		38,506		66,531		83,110		144,993
Real estate taxes		26,365		25,135		52,408		50,239
Insurance		14,865		23,692		30,819		46,605
Interest		27,220		62,115		54,778		149,651
Depreciation and amortization		(134)		25,588		2,309		35,488
Total expenses		273,931		533,075		570,897		1,037,520
Income (loss) from discontinued operations		5,300,768		5,767,572	$	5,333,300	$	10,785,612
Noncontrolling interest in (income) loss of subsidiaries from discontinued operations		132,071		(3,164,869)		132,035		(3,651,259)
Income (loss) from discontinued operations – Independence Tax Credit Plus L.P. IV	$	5,432,839	$	2,602,703	$	5,465,335	$	7,134,353
Income (loss) from discontinued operations – limited partners	$	5,378,511	$	2,576,676	$	5,410,682	$	7,063,009
Number of BACs outstanding		45,844		45,844		45,844		45,844
Income (loss) from discontinued operations per weighted average BAC	$	117.32	$	56.21	$	118.02	$	154.07

*Reclassified for comparative purpose.

13

INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

Cash Flows from Discontinued Operations:

	Six Months Ended
	September 30,
	2016		2015 *
Net cash (used in) provided by operating activities	$	(576,963)	$	7,911,642
Net cash provided by (used in) investing activities	$	568,085	$	526,467
Net cash used in financing activities	$	(163,113)	$	(8,469,357)

*Reclassified for comparative purposes.

NOTE 6 – Commitments and Contingencies

a)     Uninsured Cash and Cash Equivalents

The Partnership maintains its cash and cash equivalents in various banks.  The accounts at each bank are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per entity per institution. At times, the balances exceed the FDIC insurance limit.

b)     Cash Distributions

Cash distributions from the Local Partnerships to the Partnership are restricted by the provisions of the respective agreements of limited partnership of the Local Partnerships.

c)     Property Management Fees

Property management fees incurred by the Local Partnerships amounted to approximately $22,000 and $109,000 and $45,000 and $143,000 for the three and six months ended September 30, 2016 and 2015, respectively.  Of these fees, approximately $22,000 and $102,000 and $45,000 and $130,000 were incurred to the Local General Partners for the three and six months ended September 30, 2016 and 2015, respectively, which include approximately $15,000 and $96,000 and $32,000 and $118,000 of fees relating to discontinued operations for the three and six months ended September 30, 2016 and 2015, respectively.

d)     Other

The Partnership is subject to risks incidental to potential losses arising from the management and ownership of real estate.  The Partnership can also be affected by poor economic conditions generally. There are also substantial risks associated with owning properties receiving government assistance, for example the possibility that Congress may not appropriate funds to enable the U.S. Department of Housing and Urban Development (“HUD”) to make rental assistance payments. HUD also restricts annual cash distributions to partners based on operating results and a percentage of the owners’ equity contribution.  The Partnership cannot sell or substantially liquidate its investment in its last remaining subsidiary partnership during the period that the subsidy agreement is in existence without HUD’s approval.  Furthermore there may not be market demand for apartments at full market rents when the rental assistance contract expires.

14

INDEPENDENCE TAX CREDIT PLUS L.P. IV
AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements

September 30, 2016

(Unaudited)

The Partnership and BACs holders began to recognize Tax Credits with respect to a Property when the Credit Period for such Property commenced (generally ten years from the date of investment or, if later, the date the Property is leased to qualified tenants). Because of the time required for the acquisition, completion and rent-up of Properties, the amount of Tax Credits per BAC gradually increased over the first three years of the Partnership.  Tax Credits not recognized in the first three years were recognized in the 11th through 13th years.  As of December 31, 2012, all the Local Partnerships had completed their Credit Periods. However, each Local Partnership must continue to comply with the Tax Credit requirements until the end of the Compliance Period in order to avoid recapture of the Tax Credits.  The remaining Local Partnership has completed its Compliance Period.

e)     Subsequent Events

The Partnership evaluated all subsequent events from the date of the condensed consolidated balance sheet through the issuance date of these financial statements and determined that there were no events or transactions occurring during the subsequent event reporting period which require recognition or disclosure in the condensed consolidated financial statements.

15

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Liquidity and Capital Resources

The Partnership originally invested all of its net proceeds in fourteen Local Partnerships of which, approximately $82,000 remains to be paid to the last remaining Local Partnership (including approximately $82,000 being held in escrow). The Partnership has developed a plan to dispose of its last remaining investment. Through September 30, 2016, the Partnership has sold its limited partnership interests in nine Local Partnerships and the property and the related assets and liabilities of four Local Partnerships have been sold.  There can be no assurance as to when the Partnership will dispose of its last remaining investment or the amount of proceeds which may be received.  However, based on the historical operating results of the Local Partnerships and the current economic conditions, the proceeds from such sale received by the Partnership will not be sufficient to return to the limited partners their original investments.  All gains and losses on sales are included in discontinued operations.    

Short-Term

The Partnership’s primary sources of funds include:  (i) working capital reserves; (ii) interest earned on the working capital reserves; (iii) cash distributions from operations of the Local Partnerships; and (iv) sales and/or refinance proceeds and distributions.  Such funds, although minimal (other than possible sales and/or refinance proceeds and distributions), are available to meet the obligations of the Partnership.  During the six months ended September 30, 2016 and 2015,  there were no distributions from operations of the Local Partnerships. In addition, during the six months ended September 30, 2016 and 2015, distributions to the Partnership from sales proceeds amounted to approximately $2,121,000 and $2,825,000, respectively. The Partnership does not anticipate providing cash distributions to BACs holders in circumstances other than refinancing or sales.

During the six months ended September 30, 2016, cash and cash equivalents of the Partnership and its consolidated Local Partnership increased approximately $1,759,000.  This increase was due to proceeds from the sale of a property of $2,121,000, net repayments to local general partners and affiliates of approximately ($56,000),  and a decrease in cash held in escrow relating to investing activities of approximately ($4,000),  which exceeded cash used in operating activities of approximately ($298,000) and repayment of mortgage notes of approximately ($124,000).  Included in the adjustments to reconcile the net loss to net cash used in operating activities is depreciation and amortization in the amount of approximately ($4,600).

Total expenses from operations for the three and six months ended September 30, 2016 and 2015, excluding depreciation and amortization, interest and general and administrative-related parties, totaled $189,202 and $142,743 and $343,019 and $305,359, respectively. 

Accounts payable from operations as of September 30, 2016 and March 31, 2016 were $46,728 and $124,790, respectively.  Accounts payable are short term liabilities which are expected to be paid from operating cash flows, working capital balances at the Local Partnership level, Local General Partner advances and in certain circumstances advances from the Partnership. Accrued interest payable from operations as of September 30, 2016 and March 31, 2016 was $59,018 and $63,220, respectively.  Such amount represents the accrued interest on all mortgage loans, which include primary and secondary loans.  Certain secondary loans have provisions such that interest is accrued but not payable until a future date.  In addition, the last remaining Local Partnership’s mortgage note is collateralized by the land and buildings of the Local Partnership, and are without further recourse to the Partnership. The maximum loss the Partnership would incur is its net investment in the last remaining Local Partnership.

The Partnership has unconsolidated cash reserves of approximately $2,395,000 at September 30, 2016. Such amount is considered sufficient to cover the Partnership’s day to day operating expenses, excluding fees to the General Partner, for at least the next fiscal year.

16

At September 30, 2016, the Partnership’s assets exceeded liabilities by $967,051 and for the six months ended September 30, 2016, the Partnership recognized net income of $5,020,696.  However, because 1) the provisions of the secondary loans defer the payment of accrued interest of the Local Partnership and will be made from future refinancing or sales proceeds of the Local Partnership, 2) the General Partner continues to defer (pending the Partnership’s receipt of sales and refinancing proceeds) the payment of fees as discussed below and in Note 2 to the Financial Statements, and 3) the Partnership has sufficient unconsolidated working capital reserves to cover the Partnership’s day to day operating expenses, the Partnership (and its last remaining Local Partnership) believes it has sufficient liquidity and ability to generate cash and to meet existing and known or reasonably likely future cash requirements over both the short and long term.

Long-Term

Partnership management fees owed to the General Partner amounting to approximately $60,000 and $12,000 were accrued and unpaid as of September 30, 2016 and March 31, 2016, respectively, and are included in the line item Due to general partners and affiliates in the consolidated balance sheets.  Unpaid partnership management fees for any year are to be deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than to those owed to the General Partner and its affiliates.

All other payables are expected to be paid, if at all, from working capital reserves.  See Note 2 in Item 1 for further discussion of amounts due to the General Partner and its affiliates.  The General Partner does not anticipate making any future advances of operating funds to the last remaining Local Partnership in which the Partnership has invested.  Even if a situation arose where the General Partner and its affiliates needed to but were not able to make operating advances in the future due to lack of funds, the only impact on the Partnership would be that it would lose its investment in its last remaining Local Partnership.  The Partnership’s ability to continue its operations would not be affected.

Since the maximum loss the Partnership would be liable for is its net investment in its last remaining subsidiary partnership, the resolution of any existing contingencies is not anticipated to impact future liquidity or the financial condition of the Partnership in a material way.

Except as described above, management is not aware of any trends or events, commitments or uncertainties, which have not otherwise been disclosed that will or are likely to impact liquidity in a material way. Management believes the only impact would be from laws that have not yet been adopted. The Partnership had originally invested the proceeds of its Offering in 14 Local Partnerships, all of which had their Tax Credits fully in place during the Credit Periods.  As of December 31, 2012, all the Local Partnerships have completed their Credit Periods.

Results of Operations

The Partnership’s results of operations for the three and six months ended September 30, 2016 and 2015, consisted primarily of the results of the Partnership’s investment in the last remaining Local Partnership.  The following discussion excludes the Partnership’s results of its discontinued operations, which are not reflected below.

Rental income increased approximately 3% for the three and six months ended September 30, 2016, as compared to the corresponding period ended September 30, 2015, primarily due to a slight increase in occupancy at the remaining Local Partnership.

Total expenses, excluding general and administrative-related parties expenses,  general and administrative for non-related parties expenses and repairs and maintenance expenses, remained fairly consistent with an increase of approximately 7% and 5% for the three and six months ended September 30, 2016, as compared to the corresponding period ended September 30, 2015.

General and administrative-related parties’ expenses decreased approximately $49,000 and $46,000 for the three and six months ended September 30, 2016, as compared to the corresponding periods ended September 30, 2015,  primarily due to a decrease in overhead expense reimbursements and partnership management fees resulting from the sale of properties at the Partnership level.

17

General and administrative for non-related parties’ expenses increased approximately $58,000 and $92,000 for the three and six months ended September 30, 2016, as compared to the corresponding periods ended September 30, 2015,  primarily due to an increase in legal expenses at the Partnership level.

Repairs and maintenance expense decreased approximately $17,000 and $60,000 for the three and six months ended September 30, 2016, as compared to the corresponding periods ended September 30, 2015, primarily due to an decrease in major repairs expenses and turnover supplies expenses at the remaining Local Partnership.

Depreciation and amortization remained fairly consistent with no change for the three and six months ended September 30, 2016, as compared to the corresponding period ended September 30, 2015.

Off-Balance Sheet Arrangements

The Partnership has no off-balance sheet arrangements.

Fair Value Measurements

See Note 3 in Item 1 for methods and assumptions used to estimate the fair value of each class of financial instruments (all of which are held for nontrading purposes) for which it is practicable to estimate that value.

Critical Accounting Policies and Estimates

The preparation of condensed consolidated financial statements requires management to make estimates and assumptions.  These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period.  Actual results could differ from those estimates.  The following is a summary of certain accounting estimates considered critical by the Partnership.  The summary should be read in conjunction with the more complete discussion of the Partnership’s accounting policies included in Item 8, Note 2 to the consolidated financial statements in the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2016.

Property and Equipment

Property and equipment to be held and used are carried at cost which includes the purchase price, acquisition fees and expenses, construction period interest and any other costs incurred in acquiring the Properties.  The cost of property and equipment is depreciated over their estimated useful lives using accelerated and straight-line methods.  Expenditures for repairs and maintenance are charged to expense as incurred; major renewals and betterments are capitalized.  At the time property and equipment are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the assets and accumulated depreciation accounts and the profit or loss on such disposition is reflected in earnings.  The Partnership complies with ASC 360, Property, Plant and Equipment.  A loss on impairment of assets is recorded when management estimates amounts recoverable through future operations and sale of the Property on an undiscounted basis are below depreciated cost.  At that time, Property investments themselves are reduced to estimated fair value (using the fair market value based on comparative sales) when the Property is considered to be impaired and the depreciated cost exceeds estimated fair value.

At the time management commits to a plan to dispose of a specific asset, said asset is adjusted to the lower of carrying amount or fair value less costs to sell.  These assets are classified as property and equipment-held for sale and are not depreciated.  Property and equipment that are held for sale are included in discontinued operations.  There are no assets classified as property and equipment-held for sale as of September 30, 2016.

During the six months ended September 30, 2016, the Partnership has not recorded any loss on impairment of assets.  Through September 30, 2016, the Partnership has recorded approximately $35,686,000 as an aggregate loss on impairment of property.

18

Revenue Recognition

Rental income is earned primarily under standard residential operating leases and is typically due the first day of each month, but can vary by Property due to the terms of the tenant leases.  Rental income is recognized when earned and charged to tenants’ accounts receivable if not received by the due date.  Rental payments received in advance of the due date are deferred until earned.  Rental subsidies are recognized as rental income during the month in which it is earned.

Other revenues are recorded when earned and consist of the following items:  interest income earned on cash and cash equivalent balances and cash held in escrow balances, income from forfeited security deposits, late charges, laundry and vending income and other rental related items. 

Income Taxes

The Partnership is not required to provide for, or pay, any federal income taxes.  Net income or loss generated by the Partnership is passed through to the partners and is required to be reported by them.  The Partnership may be subject to state and local taxes in jurisdictions in which it operates.  For income tax purposes, the Partnership’s year end is December 31.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk.

Not applicable.

Item 4.  Controls and Procedures.

(a) Evaluation of Disclosure Controls and Procedures.  The President (Principal Executive Officer) and Chief Financial Officer of Related Independence L.L.C, the general partner of the Partnership, have evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”) as of the end of the period covered by this report.  Based on such evaluation, such officers have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures are effective.

(b) Changes in Internal Controls over Financial Reporting.  During the period ended September 30, 2016, there were no changes in the Partnership’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

19

PART II. OTHER INFORMATION

Item 1.	Legal Proceedings. – None
Item 1A.	Risk Factors. – No changes
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds. – None
Item 3.	Defaults upon Senior Securities. – None
Item 4.	Mine Safety Disclosures. – None
Item 5.	Other Information. – None
Item 6.	Exhibits.
	(4)	Form of Amended and Restated Agreement of Limited Partnership of the Partnership (attached to the Prospectus as Exhibit A)*
	(10A)	Form of Subscription Agreement (attached to the Prospectus as Exhibit B)*
	(10B)	Form of Escrow Agreement between the Partnership and the Escrow Agent**
	(10C)	Form of Purchase and Sales Agreement pertaining to the Partnership’s acquisition of Local Partnership Interests**
	(10D)	Form of Amended and Restated Agreement of Limited Partnership of Local Partnerships**
	(31.1)+	Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a)
	(31.2)+	Certification Pursuant to Rule 13a-14(a) or Rule 15d-14(a)
	(32.1)+	Certification Pursuant to Section 1350 of Title 18 of the United States Code (18 U.S.C. 1350)
	(32.2)+	Certification Pursuant to Section 1350 of Title 18 of the United States Code (18 U.S.C. 1350)
	101+	The following items from this Quarterly Report on Form 10-Q formatted in Extensible Business Reporting Language:
		(i) Consolidated Balance Sheets (unaudited), (ii) Consolidated Statement of Operations (unaudited), (iii) Consolidated
		Statement of Changes in Partner's (Deficit) Capital (unaudited), (iv) Consolidated Statement of Cash Flows (unaudited),
		and (v) Notes to the Consolidated Financial Statements.

*Incorporated herein by reference to the final Prospectus as filed pursuant to Rule 424 under the Securities Act of 1933.

**Filed as an exhibit to the Registration Statement on Form S-11 of the Partnership (File No. 33-89968) and incorporated herein by reference thereto.

+Filed herewith.

20

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

INDEPENDENCE TAX CREDIT PLUS L.P. IV

(Registrant)

By:	RELATED INDEPENDENCE L.L.C.,
	General Partner
By:	CENTERLINE MANAGER LLC,
	Manager
By:	CENTERLINE AFFORDABLE HOUSING ADVISORS LLC,
	Sole Member
By:	CENTERLINE CAPITAL GROUP LLC,
	Sole Member

Date:	November 14, 2016	By:	/s/ Ivyl T. Boyce
			Ivyl Boyce
			Chief Financial Officer
Date:	November 14, 2016	By:	/s/ Alan T. Fair
			Alan T. Fair
			President (Principal Executive Officer)

21

EX-31.1

Exhibit 31.1

CERTIFICATION PURSUANT TO RULE

13a-14(a) OR RULE 15d-14(a)

I, Ivyl T. Boyce, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2016, of Independence Tax Credit Plus L.P. IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 14, 2016	By:	/s/ Ivyl T. Boyce
			Ivyl T. Boyce
			Chief Financial Officer of Centerline Capital Group LLC

EX-31.2

Exhibit 31.2

CERTIFICATION PURSUANT TO RULE

13a-14(a) OR RULE 15d-14(a)

I, Alan T. Fair, certify that:

1. I have reviewed this quarterly report on Form 10-Q for the period ended September 30, 2016, of Independence Tax Credit Plus L.P. IV;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	November 14, 2016	By:	/s/ Alan T. Fair
			Alan T. Fair
			President (Principal Executive Officer) of Centerline Capital Group LLC

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT

TO SECTION 1350 OF TITLE 18

OF THE UNITED STATES CODE (18 U.S.C. 1350)

In connection with the Quarterly Report of Independence Tax Credit Plus L.P. IV on Form 10-Q for the period ended September 30, 2016, as filed with the Securities and Exchange Commission (“SEC”) on the date hereof (the “Report”), I, Mark B. Hattier, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the registrant.

A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.

By:	/s/ Ivyl T. Boyce
	Ivyl T. Boyce
	Chief Financial Officer of Centerline Capital Group LLC
	November 14, 2016

EX-32.2

Exhibit 32.2

CERTIFICATION PURSUANT

TO SECTION 1350 OF TITLE 18

OF THE UNITED STATES CODE (18 U.S.C. 1350)

In connection with the Quarterly Report of Independence Tax Credit Plus L.P. IV on Form 10-Q for the period ended September 30, 2016, as filed with the Securities and Exchange Commission (“SEC”) on the date hereof (the “Report”), I, Alan T. Fair, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the registrant.

A signed original of this written statement required by Section 906 has been provided to the registrant and will be retained by the registrant and furnished to the SEC or its staff upon request.

By:	/s/ Alan T. Fair
	Alan T. Fair
	President (Principal Executive Officer) of Centerline Capital Group LLC
	November 14, 2016

XML

Document and Entity Information	6 Months Ended
	Sep. 30, 2016 shares
Document Entity Information [Abstract]
Entity Registrant Name	INDEPENDENCE TAX CREDIT PLUS LP IV
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Document Period Focus	Q2
Document Fiscal Year Focus	2017
Current Fiscal Year End Date	--03-31
Entity Central Index Key	0000940329
Entity Current Reporting Status	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock Shares Outstanding	0

XML

Consolidated Balance Sheets - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Operating Assets [Abstract]
Property and equipment, at cost, less accumulated depreciation (Notes 2 and 4)	$ 51,677	$ 181,152
Cash and cash equivalents (Notes 2, 3 and 12 )	2,626,301	867,364
Cash held in escrow (Notes 2, 3 and 5)	226,675	622,020
Other assets	18,719	80,560
Total assets	2,923,372	1,751,096
Operating Liabilities [Abstract]
Mortgage notes payable (Notes 3 and 7)	1,527,358	4,776,876
Accounts payable and other liabilities	46,728	124,790
Accrued interest payable	59,018	63,220
Security deposits payable	16,055	147,226
Due to local general partners and affiliates (Note 2 and 8)	165,179	607,082
Due to general partners and affiliates (Note 2 and 8)	141,983	85,547
Total liabilities	1,956,321	5,804,741
Commitments and contingencies (Notes 8 and 12)
Partners’ (deficit) capital
Limited partners (100,000 BACs authorized; 45,844 issued and outstanding)	1,288,817	(3,812,073)
General partner	(377,081)	(428,605)
Independence Tax Credit Plus L.P. IV total	911,736	(4,240,678)
Noncontrolling interests	55,315	187,033
Total partners’ (deficit) capital	967,051	(4,053,645)
Total liabilities and partners’ (deficit) capital	$ 2,923,372	$ 1,751,096

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Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Mar. 31, 2015
Statement Of Financial Position [Abstract]
Accumulated depreciation	$ 2,283,625	$ 7,946,808
Deferred costs of mortgage notes payable	$ 33,890	$ 102,389
Limited Partners' Capital Account, Units Issued			45,844	45,844
Limited Partners Capital Account Units Outstanding	45,844	45,844	45,844

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Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues:
Rental income	$ 98,865	$ 96,071	$ 196,388	$ 191,518
Other	2,488	2,193	5,872	6,253
Total revenues	101,353	98,263	202,260	197,771
Expenses
General and administrative	135,365	77,409	249,509	157,262
General and administrative-related parties (Note 8)	69,009	117,599	138,903	184,425
Repairs and maintenance	31,046	48,042	52,185	111,768
Operating and other	18,648	14,077	33,003	28,941
Insurance	4,143	3,215	8,322	7,388
Interest	15,338	18,400	30,676	31,918
Depreciation and amortization	1,133	1,135	2,266	2,267
Total Expenses	274,682	279,877	514,864	523,969
Loss from Operations	(173,329)	(181,614)	(312,604)	(326,198)
Income from discontinued operations	5,300,768	5,767,572	5,333,300	10,785,612
Net income	5,127,439	5,585,958	5,020,696	10,459,414
Net (income) loss attributable to noncontrolling interests from operations	(149)	(45)	(317)	338
Net (income) loss attributable to noncontrolling interests from discontinued operations	132,071	(3,164,869)	132,035	(3,651,259)
Net (income) loss attributable to noncontrolling interests	131,924	(3,164,915)	131,718	(3,650,921)
Net income attributable to Independence Tax Credit Plus L.P. IV	5,259,363	2,421,044	5,152,414	6,808,493
Loss from operations – limited partners	(171,743)	(179,842)	(309,792)	(322,601)
Income from discontinued operations – limited partners	5,378,511	2,576,676	5,410,682	7,063,009
Net income – limited partners	$ 5,206,768	$ 2,396,834	$ 5,100,890	$ 6,740,408
Number Of BACs Outstanding	45,844	45,844	45,844	45,844
Loss from operations limited partners per weighted average BAC	$ (3.75)	$ (3.92)	$ (6.76)	$ (7.04)
Income from discontinued operations- limited partners- per weighted average BAC	117.32	56.21	118.02	154.07
Net income - limited partners- per weighted average BAC	$ 113.57	$ 52.28	$ 111.26	$ 147.03

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Consolidated Statement of Changes in Partners (Deficit) Capital - 6 months ended Sep. 30, 2016 - USD ($)	Limited Partner [Member]	General Partner	Noncontrolling Interest [Member]	Total
Partners' (deficit) capital - beginning balance at Mar. 31, 2016	$ (3,812,073)	$ (428,605)	$ 187,033	$ (4,053,645)
Net Income	5,100,890	51,524	(131,718)	5,020,696
Partners' (deficit) capital - ending balance at Sep. 30, 2016	$ 1,288,817	$ (377,081)	$ 55,315	$ 967,051

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Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Cash flows from operating activities:
Net Income	$ 5,020,696	$ 10,459,414
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Depreciation and amortization	4,575	37,755
Gain on sale of property	(5,247,186)	(10,556,208)
Change in fair value of interest rate swap		(14,000)
Changes in assets and liabilities:
Decrease (increase) in cash held in escrow	625	(61,414)
Decrease in due from local general partners and affiliates		1,278
Increase in other assets	(156,097)	(45,639)
Decrease in accounts payable and other liabilities	(62,540)	(7,823)
Increase (decrease) in accrued interest payable	5,021	(49,708)
Increase in security deposit payable	1,076	7,146
Increase (decrease) in due to general partner and affiliates	135,448	(2,222,002)
Total adjustments	(5,319,078)	(12,910,615)
Net cash used in operating activities	(298,382)	(2,451,201)
Cash flows from investing activities
Decrease (increase) cash held in escrow	4,267	(14,301)
Acquisition of property and equipment		(40,685)
Proceeds from sale of property	2,120,988	10,100,000
Costs paid related to sale of property		(3,167,159)
Net repayments to local general partners and affiliates	56,363	79,787
Net cash provided by investing activities	2,181,618	6,957,642
Cash flows from financing activities
Repayments of mortgage notes	(124,299)	(148,199)
Distributions to noncontrolling interests		(4,079,350)
Net cash used in financing activities	(124,299)	(4,227,549)
Net increase in cash and cash equivalents	1,758,937	278,892
Cash and cash equivalents at beginning of period	867,364	706,652
Cash and cash equivalents at end of period	2,626,301	985,544
Summarized below are the components of the gain on sale of property
Proceeds from sale of property	(2,120,988)	(10,100,000)
Costs paid related to sale of property		3,167,159
Security deposits	(1,076)	(7,146)
Discontinued Operations, Disposed of by Sale [Member]
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Gain on sale of property	(5,247,186)	(10,556,208)
Changes in assets and liabilities:
Increase in security deposit payable	132,247	36,143
Cash flows from investing activities
Proceeds from sale of property	2,120,988	10,100,000
Costs paid related to sale of property		(3,167,159)
Summarized below are the components of the gain on sale of property
Proceeds from sale of property	(2,120,988)	(10,100,000)
Costs paid related to sale of property		3,167,159
Property and equipment, net of accumulated depreciation	127,847	925,865
Deferred Costs	65,552	122,057
Other Assets	217,938	238,466
Cash held in escrow	390,453	208,625
Accounts payable	(15,522)	(159,881)
Mortgage payable	(3,193,718)	(4,390,007)
Accrued interest	(9,223)	(14,524)
Security deposits	(132,247)	(36,143)
Due to local general partners and affiliates	(498,266)	(373,144)
Due to general partners and affiliates	$ (79,012)	(138,681)
Interest rate swap		$ (6,000)

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General

6 Months Ended

Sep. 30, 2016

Disclosure Text Block [Abstract]

General

NOTE 1 – General

The condensed consolidated financial statements, as of September 30,  2016, include the accounts of Independence Tax Credit Plus L.P. IV (the “Partnership”) and two other limited partnerships (“subsidiary partnerships”, “subsidiaries” or “Local Partnerships”) owning affordable apartment complexes (“Properties”) that are eligible for the low-income housing tax credits.  As of September 30,  2016, the Partnership has an ownership interest in only one remaining investment.  The general partner of the Partnership is Related Independence L.L.C., a Delaware limited liability company (the “General Partner”). Centerline Holding Company (“Centerline”) was the ultimate parent of Centerline Affordable Housing Advisors LLC (“CAHA”), the sole member of the Manager of the General Partner. On April 15, 2015, Alden Torch Financial LLC, a newly formed Delaware limited company (“ATF”), became the indirect owner of 100% of the equity interests in Centerline. Since April 15, 2015, ATF has been the ultimate parent and indirect owner of 100% of the equity interests in CAHA. Through the rights of the Partnership and/or an affiliate of the General Partner, which affiliate has a contractual obligation to act on behalf of the Partnership to remove the general partner of each of the subsidiary partnerships (each “Local General Partner”) and to approve certain major operating and financial decisions, the Partnership has a controlling financial interest in the subsidiary partnerships.

For financial reporting purposes, the Partnership’s fiscal quarter ends September 30th.The remaining Local Partership’s fiscal quarter ends June 30th.  Accounts of the remaining Local Partnership have been adjusted for intercompany transactions from July 1st  through September 30th. The Partnership’s fiscal quarter ends three months after the remaining Local Partnership in order to allow adequate time for the subsidiary’s financial statements to be prepared and consolidated.  All  intercompany accounts and transactions with the remaining Local Partnership have been eliminated in consolidation.

The net (income) loss attributable to noncontrolling interests amounted to approximately $132,000 and $(3,165,000) and $132,000 and $(3,651,000) for the three and six months ended September 30, 2016 and 2015, respectively.  The Partnership’s investment in each subsidiary is equal to the respective subsidiary’s partners’ equity less noncontrolling interest capital, if any.

Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been omitted or condensed. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended March 31, 2016.

The books and records of the Partnership are maintained on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America.  In the opinion of the General Partner of the Partnership, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the condensed consolidated financial position of the Partnership as of September 30,  2016 and the results of their operations and their cash flows for the six months ended September 30, 2016 and 2015.  However, the operating results and cash flows for the six months ended September 30, 2016 may not be indicative of the results for the entire year.

Recently Issued Accounting Pronouncements

In March of 2016, the Financial Accounting Standards Board issued Accounting Standards Update ASU No. 2016-09, “Compensation – Stock Compensation: Improvements to Employee Shared Based Payment Accounting: Topic 718” (“ASU 2016-09”). ASU 2016-09 simplifies several aspects of how companies account for share-based compensation, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statements of cash flows. ASU 2016-09 is affective for annual periods beginning after December 15, 2016 and early adoption is permitted. The new guidance will not have an impact on the Partnership’s condensed consolidated financial statements.

In February 2016, the Financial Accounting Standards Board issued ASU No. 2016-02 “Leases – Topic 842” (“ASU 2016-02”). ASU 2016-02 requires recognition of lease assets and lease liabilities by lessees for all leases greather than one year in duration and classified as operating leases under previous GAAP. ASU 2016.02 is effective for fiscal years beginning after December 15, 2018, and for interim periods within that fiscal year. The new guidance will not have an impact on the Partnership’s condensed consolidated financial statements.

In February 2015, the Financial Accounting Standards Board issued Accounting Standard Update 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis. The ASU modifies existing consolidation guidance  related to (i) limited partnerships and similar legal entities, (ii) the evaluation of variable interests for fees paid to decision makers or service providers, (iii) the effect of fee arrangements and related parties on the primary beneficiary determination, and (iv) certain investment funds. These changes are expected to limit the number of consolidation models and place more emphasis on risk of loss when determining a controlling financial interest. The ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2015 and early adoption is permitted. The new guidance will not have an impact on the Partnership’s condensed consolidated financial statements.

In May 14, 2014, FASB and IASB issued a new joint revenue recognition standard that supersedes nearly all US GAAP guidance on revenue recognition. The core principal of the standard is that revenue recognition should depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new standard is effective for the Partnership for the fiscal year beginning April 1, 2018 and the effects of the standard on the Partnership’s condensed consolidated financial statements are not known at this time.

In August 2014, FASB issued ASU No 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern. This standard update provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about an entity’s ability to continue as going concern and to provide related footnote disclosure. The new guidance is effective for all annual and interim periods ending after December 16, 2016. The new guidance will not have an impact on the Partnership’s consolidated financial statements.

Use of Estimates

The preparation of condensed consolidated financial statements requires management to make estimates and assumptions.  These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods.  Actual results could differ from those estimates.

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Related Party Transactions

6 Months Ended

Sep. 30, 2016

Disclosure Text Block [Abstract]

Related Party Transactions

NOTE 2 – Related Party Transactions

A)Related Party Expenses

An affiliate of the General Partner, Independence SLP IV L.P., has a  0.01% interest as a special limited partner in each of the Local Partnerships.

The costs incurred to related parties from operations for the three and six months ended September 30, 2016 and 2015 were as follows:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Partnership management fees (a)	$	23,615	$	26,582	$	48,115	$	59,978
Expense reimbursement (b)		39,145		84,768		78,290		111,949
Local administrative fee (c)		—		—		—		—
Total general and administrative-General Partners		62,760		111,350		126,405		171,927
Property management fees incurred to affiliates of the subsidiary partnerships’ general partners		6,249		6,249		12,498		12,498
Total general and administrative-related parties	$	69,009	$	117,599	$	138,903	$	184,425

*Reclassified for comparative purposes.

The costs incurred to related parties from discontinued operations for the three and six months ended September 30, 2016 and 2015 were as follows:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Local administrative fee (c)	$	3,160	$	2,356	$	6,317	$	5,000
Total general and administrative-General Partner		3,160		2,356		6,317		5,000
Property management fees incurred to affiliates of the subsidiary partnerships' general partners		15,402		95,823		32,126		117,653
Total general and administrative-related parties	$	18,562	$	98,179	$	38,443	$	122,653

*Reclassified for comparative purposes.

(a) The General Partner is entitled to receive a partnership management fee, after payment of all Partnership expenses, which together with the annual local administrative fees will not exceed a maximum of 0.5% per annum of invested assets (as defined in the Partnership Agreement), for administering the affairs of the Partnership. Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its review of the Partnership’s investments.  Unpaid partnership management fees for any year are deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than those owed to the General Partner and its affiliates.  Partnership management fees owed to the General Partner amounting to approximately $60,000 and $12,000 were accrued and unpaid as of September 30,  2016 and March 31,  2016, respectively.  Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds.  However, the General Partner cannot demand payment of the deferred fees beyond the Partnership’s ability to pay them.

(b) The Partnership reimburses the General Partner and its affiliates for actual Partnership operating expenses incurred by the General Partner and its affiliates on the Partnership’s behalf. The amount of reimbursement from the Partnership is limited by the provisions of the Partnership Agreement. Another affiliate of the General Partner performs asset monitoring for the Partnership. These services include site visits and evaluations of the subsidiary partnerships’ performance.  Expense reimbursements and asset monitoring fees owed to the General Partner and its affiliates amounting to approximately $78,000 and $0 were accrued and unpaid as of September 30,  2016 and March 31,  2016, respectively. The General Partner does not intend to demand payment of the deferred payables beyond the Partnership’s ability to pay them.  The Partnership anticipates that these will be paid, if at all, from working capital reserves or future sales proceeds.

(c) Independence SLP IV L.P., a special limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership.  Local administrative fees owed to Independence SLP IV L.P. amounting to $0 and $73,000 were accrued and unpaid as of September 30,  2016 and March 31,  2016, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid, if at all, from working capital reserves or future sales proceeds.

As of September 30,  2016 and March 31,  2016, the Partnership owed approximately $4,000 and $1,000, respectively, to the General Partner for expenses it paid on its behalf.

B)Due to/from Local General Partners and Affiliates

The amounts due to Local General Partners and affiliates from operating liabilities consist of the following:

	September 30,		March 31,
	2016		2016
Development fee payable	$	—	$	481,597
Consulting fee payable		—		—
Operating advances		165,179		125,485
Management and other fees		—		—
	$	165,179	$	607,082

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Fair Value of Financial Instruments

6 Months Ended

Sep. 30, 2016

Disclosure Text Block [Abstract]

Fair Value of Financial Instruments

NOTE 3– Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of financial instruments (all of which are held for nontrading purposes) for which it is practicable to estimate that value:

Cash and Cash Equivalents and Cash Held in Escrow

The carrying amount approximates fair value.

Accounts Payable and Other Liabilities

The carrying amounts approximate fair value due to their short-term nature.

Mortgage Notes Payable

The Partnership has categorized the fair value of financial assets and liabilities based upon the fair value hierarchy specified by ASC Topic 820, Fair Value Measurements (“ASC 820”). This standard defines fair value, provides guidance for measuring fair value and requires certain disclosures.  This standard does not require any new fair value measurements, but discusses valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost).  This standard provides for a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value into three broad levels.  The following is a brief description of those three levels:

Level 1:	Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2:	Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.  These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.
Level 3:	Unobservable inputs that reflect the Partnership’s own assumptions.

The estimated fair value of mortgage notes payable has been determined using available market information or other appropriate valuation methodologies.  However, considerable judgment is required in interpreting market data to develop estimates of fair value.  Consequently, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The following are financial instruments for which the Partnership’s estimate of fair value differs from the carrying amounts:

	At September 30, 2016				At March 31, 2016
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
LIABILITIES:
Mortgage notes	$	1,561,248	$	1,387,163	$	4,879,265	$	3,794,072

For the mortgage notes, fair value is estimated using Level 3 inputs and calculated using present value cash flow models based on a discount rate.  The Partnership has not been active in the tender option bond market, through which these bonds have been securitized in the past. To assist in valuing these notes, the Partnership held separate discussions with various third party investment banks who are leaders in the municipal bond business.  The discussions produced assumptions that were based on market conditions as well as the credit quality of the underlying property partnerships, which held the mortgage notes, to determine what discount rates to utilize.

Due to General Partner and Affiliates and Due to/from Local General Partners and Affiliates

Management believes it is not practical to estimate the fair value of due to General Partner and affiliates and due to/from Local General Partners and affiliates because market information on such obligations is not currently available.

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Sale of Properties

6 Months Ended

Sep. 30, 2016

Disclosure Text Block [Abstract]

Sale Of Properties

NOTE 4 – Sale of Properties

The Partnership has developed a plan to dispose of its last remaining investment.  It is anticipated that this process will take from 12 to 24 months. Through September 30, 2016, the Partnership has sold its limited partnership interest in  nine Local Partnerships and the property and the related assets and liabilities of four Local Partnerships have been sold. There can be no assurance as to when the Partnership will dispose of its last remaining investment or the amount of proceeds which may be received.  However, based on the historical operating results of the Local Partnerships and the current economic conditions, the proceeds from such sales received by the Partnership will not be sufficient to return to the limited partners their original investments.  All gains and losses on sales are included in discontinued operations.

On September 21, 2016, the Partnership sold its limited partnership interest in Bakery Village Urban Renewal Associates, L.P. (“Bakery Village”) to an affiliate of the Local General Partner for a sales price of approximately $2,200,000. The sale resulted in a gain of approximately $5,247,000 resulting from the write-off of the deficit basis in the Local Partnership plus the cash recived by the Partnership, which was recorded during the quarter ended September 30, 2016.

On July 27, 2015, the Partnership sold its limited partnership interest in First African Kanisa Apartments (“First African”) to an affiliate of the Local General Partner for a sales price of $1. The sale resulted in a gain of approximately $1,603,000 resulting from the write-off of the deficit basis in the Local Partnership of the same amount at the date of the sale, which was recorded during the quarter ended September 30, 2015. An adjustment to the gain of approximately $88,000 was recorded during the quarter ended March 31, 2016 resulting in an overall gain of $1,515,000.

On June 1, 2015, the Partnership sold its limited partnership interest in KSD Village Apartments Phase II, Ltd. (“KSD Village”) to an unaffiliated third party purchaser for a sales price of $1. The sale resulted in a gain of approximately $293,000 resulting from the write-off of the deficit basis in the Local Partnership of the same amount at the date of the sale, which was recorded during the quarter ended June 30, 2015. An adjustment to the gain of approximately $61,000 was recorded during the quarter ended March 31, 2016 resulting in an overall gain of $232,000.

On June 15, 2015, the property and the related assets and liabilities of Kaneohe Limited Partnership (“Kaneohe”) were sold to an unaffiliated third party purchaser for a sales price of $10,100,000. The Partnership received $2,893,000 as a distribution from this sale after the repayment of the mortgages, other liabilities and closing costs of approximately $7,207,000. The sale resulted in a gain of approximately $4,587,000 which was recorded during the quarter ended June 30, 2015. An adjustment to the gain of approximately $4,073,000 was recorded during the quarter ended September 30, 2015 due to a distribution from this sale in the form of a Security Agreement to the Local General Partner in the amount of $4,069,000. Additional adjustments to the gain of approximately $1,000 and $196,000 were recorded during the quarter ended March 31, 2016 and December 31, 2015, respectively resulting in an overall gain of $8,857,000.  

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Discontinued Operations

6 Months Ended

Sep. 30, 2016

Disclosure Text Block [Abstract]

Discontinued Operations

NOTE 5 – Discontinued Operations

The following table summarizes the results of operations of the Local Partnerships that are classified as discontinued operations.  For the three and six months ended September 30, 2016,  Bakery Village which was sold during the quarter ended September 30, 2016 was classified as discontinued operations. For the three and six months ended September 30, 2015, First African Kanisa, which was sold in July 2015, KSD Village and Kaneohe, which were sold in June 2015, and Bakery Village, in order to present comparable results to the three and six months ended September 30, 2016, were classified as discontinued operations in the condensed consolidated financial statements.

Condensed Consolidated Statements of Discontinued Operations:

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Revenues
Rental income	$	312,707	$	604,938	$	623,322	$	1,231,998
Other		14,806		15,637		33,689		34,926
Gain on sale of property (Note 4)		5,247,186		5,680,072		5,247,186		10,556,208
Total revenue		5,574,699		6,300,647		5,904,197		11,823,132
Expenses
General and administrative		88,135		162,064		195,363		324,212
General and administrative-related parties (Note 2)		18,562		98,179		38,443		122,653
Repairs and maintenance		60,412		69,771		113,667		163,679
Operating and other		38,506		66,531		83,110		144,993
Real estate taxes		26,365		25,135		52,408		50,239
Insurance		14,865		23,692		30,819		46,605
Interest		27,220		62,115		54,778		149,651
Depreciation and amortization		(134)		25,588		2,309		35,488
Total expenses		273,931		533,075		570,897		1,037,520
Income (loss) from discontinued operations		5,300,768		5,767,572	$	5,333,300	$	10,785,612
Noncontrolling interest in (income) loss of subsidiaries from discontinued operations		132,071		(3,164,869)		132,035		(3,651,259)
Income (loss) from discontinued operations – Independence Tax Credit Plus L.P. IV	$	5,432,839	$	2,602,703	$	5,465,335	$	7,134,353
Income (loss) from discontinued operations – limited partners	$	5,378,511	$	2,576,676	$	5,410,682	$	7,063,009
Number of BACs outstanding		45,844		45,844		45,844		45,844
Income (loss) from discontinued operations per weighted average BAC	$	117.32	$	56.21	$	118.02	$	154.07

*Reclassified for comparative purpose.

Cash Flows from Discontinued Operations:

	Six Months Ended
	September 30,
	2016		2015 *
Net cash (used in) provided by operating activities	$	(576,963)	$	7,911,642
Net cash provided by (used in) investing activities	$	568,085	$	526,467
Net cash used in financing activities	$	(163,113)	$	(8,469,357)

*Reclassified for comparative purposes.

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Commitments and Contingencies

6 Months Ended

Sep. 30, 2016

Disclosure Text Block [Abstract]

Commitments and Contingencies

NOTE 6 – Commitments and Contingencies

a)     Uninsured Cash and Cash Equivalents

The Partnership maintains its cash and cash equivalents in various banks.  The accounts at each bank are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to $250,000 per entity per institution. At times, the balances exceed the FDIC insurance limit.

b)     Cash Distributions

Cash distributions from the Local Partnerships to the Partnership are restricted by the provisions of the respective agreements of limited partnership of the Local Partnerships.

c)     Property Management Fees

Property management fees incurred by the Local Partnerships amounted to approximately $22,000 and $109,000 and $45,000 and $143,000 for the three and six months ended September 30, 2016 and 2015, respectively.  Of these fees, approximately $22,000 and $102,000 and $45,000 and $130,000 were incurred to the Local General Partners for the three and six months ended September 30, 2016 and 2015, respectively, which include approximately $15,000 and $96,000 and $32,000 and $118,000 of fees relating to discontinued operations for the three and six months ended September 30, 2016 and 2015, respectively.

d)     Other

The Partnership is subject to risks incidental to potential losses arising from the management and ownership of real estate.  The Partnership can also be affected by poor economic conditions generally. There are also substantial risks associated with owning properties receiving government assistance, for example the possibility that Congress may not appropriate funds to enable the U.S. Department of Housing and Urban Development (“HUD”) to make rental assistance payments. HUD also restricts annual cash distributions to partners based on operating results and a percentage of the owners’ equity contribution.  The Partnership cannot sell or substantially liquidate its investment in its last remaining subsidiary partnership during the period that the subsidy agreement is in existence without HUD’s approval.  Furthermore there may not be market demand for apartments at full market rents when the rental assistance contract expires.

The Partnership and BACs holders began to recognize Tax Credits with respect to a Property when the Credit Period for such Property commenced (generally ten years from the date of investment or, if later, the date the Property is leased to qualified tenants). Because of the time required for the acquisition, completion and rent-up of Properties, the amount of Tax Credits per BAC gradually increased over the first three years of the Partnership.  Tax Credits not recognized in the first three years were recognized in the 11th through 13th years.  As of December 31, 2012, all the Local Partnerships had completed their Credit Periods. However, each Local Partnership must continue to comply with the Tax Credit requirements until the end of the Compliance Period in order to avoid recapture of the Tax Credits.  The remaining Local Partnership has completed its Compliance Period.

e)     Subsequent Events

The Partnership evaluated all subsequent events from the date of the condensed consolidated balance sheet through the issuance date of these financial statements and determined that there were no events or transactions occurring during the subsequent event reporting period which require recognition or disclosure in the condensed consolidated financial statements.

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Related Party Transaction (Table)

6 Months Ended

Sep. 30, 2016

Schedule of costs incurred to related parties

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Partnership management fees (a)	$	23,615	$	26,582	$	48,115	$	59,978
Expense reimbursement (b)		39,145		84,768		78,290		111,949
Local administrative fee (c)		—		—		—		—
Total general and administrative-General Partners		62,760		111,350		126,405		171,927
Property management fees incurred to affiliates of the subsidiary partnerships’ general partners		6,249		6,249		12,498		12,498
Total general and administrative-related parties	$	69,009	$	117,599	$	138,903	$	184,425

*Reclassified for comparative purposes.

(a) The General Partner is entitled to receive a partnership management fee, after payment of all Partnership expenses, which together with the annual local administrative fees will not exceed a maximum of 0.5% per annum of invested assets (as defined in the Partnership Agreement), for administering the affairs of the Partnership. Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its review of the Partnership’s investments.  Unpaid partnership management fees for any year are deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than those owed to the General Partner and its affiliates.  Partnership management fees owed to the General Partner amounting to approximately $60,000 and $12,000 were accrued and unpaid as of September 30, 2016 and March 31, 2016, respectively.  Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds.  However, the General Partner cannot demand payment of the deferred fees beyond the Partnership’s ability to pay them.

(b) The Partnership reimburses the General Partner and its affiliates for actual Partnership operating expenses incurred by the General Partner and its affiliates on the Partnership’s behalf. The amount of reimbursement from the Partnership is limited by the provisions of the Partnership Agreement. Another affiliate of the General Partner performs asset monitoring for the Partnership. These services include site visits and evaluations of the subsidiary partnerships’ performance.  Expense reimbursements and asset monitoring fees owed to the General Partner and its affiliates amounting to approximately $78,000 and $0 were accrued and unpaid as of September 30, 2016 and March 31, 2016, respectively. The General Partner does not intend to demand payment of the deferred payables beyond the Partnership’s ability to pay them.  The Partnership anticipates that these will be paid, if at all, from working capital reserves or future sales proceeds.

(c) Independence SLP IV L.P., a special limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership.  Local administrative fees owed to Independence SLP IV L.P. amounting to $— and $73,000 were accrued and unpaid as of September 30, 2016 and March 31, 2016, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid, if at all, from working capital reserves or future sales proceeds.

Schedule of due to local general partners and affiliates

	September 30,		March 31,
	2016		2016
Development fee payable	$	—	$	481,597
Consulting fee payable		—		—
Operating advances		165,179		125,485
Management and other fees		—		—
	$	165,179	$	607,082

Discontinued Operations, Disposed of by Sale [Member]

Schedule of costs incurred to related parties

XBRL-Only Content Section

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Partnership management fees (a)	$	23,615	$	26,582	$	48,115	$	59,978
Expense reimbursement (b)		39,145		84,768		78,290		111,949
Local administrative fee (c)		—		—		—		—
Total general and administrative-General Partners		62,760		111,350		126,405		171,927
Property management fees incurred to affiliates of the subsidiary partnerships’ general partners		6,249		6,249		12,498		12,498
Total general and administrative-related parties	$	69,009	$	117,599	$	138,903	$	184,425

*Reclassified for comparative purposes.

(a) The General Partner is entitled to receive a partnership management fee, after payment of all Partnership expenses, which together with the annual local administrative fees will not exceed a maximum of 0.5% per annum of invested assets (as defined in the Partnership Agreement), for administering the affairs of the Partnership. Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its review of the Partnership’s investments.  Unpaid partnership management fees for any year are deferred without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than those owed to the General Partner and its affiliates.  Partnership management fees owed to the General Partner amounting to approximately $60,000 and $12,000 were accrued and unpaid as of September 30, 2016 and March 31, 2016, respectively.  Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds.  However, the General Partner cannot demand payment of the deferred fees beyond the Partnership’s ability to pay them.

(b) The Partnership reimburses the General Partner and its affiliates for actual Partnership operating expenses incurred by the General Partner and its affiliates on the Partnership’s behalf. The amount of reimbursement from the Partnership is limited by the provisions of the Partnership Agreement. Another affiliate of the General Partner performs asset monitoring for the Partnership. These services include site visits and evaluations of the subsidiary partnerships’ performance.  Expense reimbursements and asset monitoring fees owed to the General Partner and its affiliates amounting to approximately $78,000 and $0 were accrued and unpaid as of September 30, 2016 and March 31, 2016, respectively. The General Partner does not intend to demand payment of the deferred payables beyond the Partnership’s ability to pay them.  The Partnership anticipates that these will be paid, if at all, from working capital reserves or future sales proceeds.

(c) Independence SLP IV L.P., a special limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership.  Local administrative fees owed to Independence SLP IV L.P. amounting to $— and $73,000 were accrued and unpaid as of September 30, 2016 and March 31, 2016, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid, if at all, from working capital reserves or future sales proceeds.

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Local administrative fee (c)	$	3,160	$	2,356	$	6,317	$	5,000
Total general and administrative-General Partner		3,160		2,356		6,317		5,000
Property management fees incurred to affiliates of the subsidiary partnerships' general partners		15,402		95,823		32,126		117,653
Total general and administrative-related parties	$	18,562	$	98,179	$	38,443	$	122,653

*Reclassified for comparative purposes.

Independence SLP IV L.P., a special limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership.  Local administrative fees owed to Independence SLP IV L.P. amounting to $— and $73,000 were accrued and unpaid as of September 30, 2016 and March 31, 2016, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid, if at all, from working capital reserves or future sales proceeds.

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Fair Value of Financial Instruments (Table)

6 Months Ended

Sep. 30, 2016

Table Text Block [Abstract]

Schedule of Estimated Fair Value of Mortgage Notes Payable

	At September 30, 2016				At March 31, 2016
	Carrying				Carrying
	Amount		Fair Value		Amount		Fair Value
LIABILITIES:
Mortgage notes	$	1,561,248	$	1,387,163	$	4,879,265	$	3,794,072

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Discontinued Operations (Table)

6 Months Ended

Sep. 30, 2016

Table Text Block [Abstract]

Schedule of consolidated statement of operations of discontinued operations

	Three Months Ended				Six Months Ended
	September 30,				September 30,
	2016		2015*		2016		2015*
Revenues
Rental income	$	312,707	$	604,938	$	623,322	$	1,231,998
Other		14,806		15,637		33,689		34,926
Gain on sale of property (Note 4)		5,247,186		5,680,072		5,247,186		10,556,208
Total revenue		5,574,699		6,300,647		5,904,197		11,823,132
Expenses
General and administrative		88,135		162,064		195,363		324,212
General and administrative-related parties (Note 2)		18,562		98,179		38,443		122,653
Repairs and maintenance		60,412		69,771		113,667		163,679
Operating and other		38,506		66,531		83,110		144,993
Real estate taxes		26,365		25,135		52,408		50,239
Insurance		14,865		23,692		30,819		46,605
Interest		27,220		62,115		54,778		149,651
Depreciation and amortization		(134)		25,588		2,309		35,488
Total expenses		273,931		533,075		570,897		1,037,520
Income (loss) from discontinued operations		5,300,768		5,767,572	$	5,333,300	$	10,785,612
Noncontrolling interest in (income) loss of subsidiaries from discontinued operations		132,071		(3,164,869)		132,035		(3,651,259)
Income (loss) from discontinued operations – Independence Tax Credit Plus L.P. IV	$	5,432,839	$	2,602,703	$	5,465,335	$	7,134,353
Income (loss) from discontinued operations – limited partners	$	5,378,511	$	2,576,676	$	5,410,682	$	7,063,009
Number of BACs outstanding		45,844		45,844		45,844		45,844
Income (loss) from discontinued operations per weighted average BAC	$	117.32	$	56.21	$	118.02	$	154.07

*Reclassified for comparative purpose.

Schedule of consolidated cash flows statement of discontinued operations

	Six Months Ended
	September 30,
	2016		2015 *
Net cash (used in) provided by operating activities	$	(576,963)	$	7,911,642
Net cash provided by (used in) investing activities	$	568,085	$	526,467
Net cash used in financing activities	$	(163,113)	$	(8,469,357)

*Reclassified for comparative purposes.

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General (Details)	3 Months Ended		6 Months Ended
	Sep. 30, 2016 USD ($) shares	Sep. 30, 2015 USD ($) shares	Sep. 30, 2016 USD ($) item shares	Sep. 30, 2015 USD ($) shares	Mar. 31, 2016 USD ($) shares
General [Line Items]
Number of partnerships | item			2
Period between fiscal quarter ends			3 months
Net Income (Loss) Attributable to Noncontrolling Interest	$ (131,924)	$ 3,164,915	$ (131,718)	$ 3,650,921
Number Of BACs Outstanding | shares	45,844	45,844	45,844	45,844	45,844
Limited Partners Capital Account	$ 1,288,817		$ 1,288,817		$ (3,812,073)
Centerline Affordable Housing Advisors LLC [Member]
General [Line Items]
Ownership Percentage	100.00%		100.00%

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Related Party Transaction (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	$ 69,009	$ 117,599	$ 138,903	$ 184,425
Amounts accrued and unpaid	141,983		141,983		$ 85,547
Discontinued Operations, Disposed of by Sale [Member]
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	18,562	98,179	$ 38,443	122,653
Independence SLP IV L.P
Related Party Transaction [Line Items]
Percentage of special limited partner interest in each of subsidiary partnerships			0.01%
Independence SLP IV L.P | Local Administrative Fee [Member]
Related Party Transaction [Line Items]
Amounts accrued and unpaid	0		$ 0		73,000
Local administrative fee, entitlement amount	5,000		5,000
General Partner and Affiliates [Member]
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	62,760	111,350	126,405	171,927
General Partner and Affiliates [Member] | Discontinued Operations, Disposed of by Sale [Member]
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	3,160	2,356	6,317	5,000
General Partner and Affiliates [Member] | Partnership Management Fees [Member]
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	23,615	26,582	48,115	59,978
Amounts accrued and unpaid	60,000		$ 60,000		12,000
General Partner and Affiliates [Member] | Partnership Management Fees [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Partnership management and local administrative fees as percentage of invested assets			0.50%
General Partner and Affiliates [Member] | Expense Reimbursement [Member]
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	39,145	84,768	$ 78,290	111,949
Amounts accrued and unpaid	78,000		78,000		0
General Partner and Affiliates [Member] | Local Administrative Fee [Member] | Discontinued Operations, Disposed of by Sale [Member]
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	3,160	2,356	6,317	5,000
General Partner and Affiliates [Member] | Expenses Paid by General Partner on Behalf of the Partnership [Member]
Related Party Transaction [Line Items]
Amounts accrued and unpaid	4,000		4,000		$ 1,000
Subsidiary Partnerships General Partner and Affiliates [Member] | Property Management Fees [Member]
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	6,249	6,249	12,498	12,498
Subsidiary Partnerships General Partner and Affiliates [Member] | Property Management Fees [Member] | Discontinued Operations, Disposed of by Sale [Member]
Related Party Transaction [Line Items]
General and administrative-related parties (Note 8)	$ 15,402	$ 95,823	$ 32,126	$ 117,653

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Related Party Transaction - Local General Partner and Affiliates (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Related Party Transaction [Line Items]
Due to local general partners and affiliates (Note 2 and 8)	$ 165,179	$ 607,082
Subsidiary Partnerships General Partner and Affiliates [Member]
Related Party Transaction [Line Items]
Due to local general partners and affiliates (Note 2 and 8)	165,179	607,082
Subsidiary Partnerships General Partner and Affiliates [Member] | Development Fee [Member]
Related Party Transaction [Line Items]
Due to local general partners and affiliates (Note 2 and 8)		481,597
Subsidiary Partnerships General Partner and Affiliates [Member] | Operating Advances [Member]
Related Party Transaction [Line Items]
Due to local general partners and affiliates (Note 2 and 8)	$ 165,179	$ 125,485

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Fair Value of Financial Instruments (Details) - USD ($)	Sep. 30, 2016	Mar. 31, 2016
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Mortgage Notes Payable
Mortgage notes payable	$ 1,561,248	$ 4,879,265
Portion at Fair Value, Fair Value Disclosure [Member] | Fair Value, Inputs, Level 3 [Member]
Mortgage Notes Payable
Mortgage notes payable	$ 1,387,163	$ 3,794,072

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Sale of Properties (Details)	3 Months Ended				6 Months Ended
	Sep. 30, 2016 USD ($) item	Mar. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)	Sep. 30, 2015 USD ($)	Sep. 30, 2016 USD ($) item	Sep. 30, 2015 USD ($)	Jul. 27, 2015 USD ($)	Jul. 15, 2015 USD ($)	Jun. 01, 2015 USD ($)
Schedule Of Sale Of Properties [Line Items]
Number of partnerships with net assets sold to date | item	4				4
Gain on sale of property					$ 5,247,186	$ 10,556,208
Decrease in due from local general partners and affiliates						(1,278)
Discontinued Operations, Disposed of by Sale [Member]
Schedule Of Sale Of Properties [Line Items]
Gain on sale of property	$ 5,247,186			$ 5,680,072	5,247,186	10,556,208
First African | Adjustment [Member]
Schedule Of Sale Of Properties [Line Items]
Adjustment to increase (decrease) gain on discontinued operation					(88,000)
First African | Discontinued Operations, Disposed of by Sale [Member]
Schedule Of Sale Of Properties [Line Items]
Consideration received for discontinued operation							$ 1
Gain on sale of property		$ 1,515,000
First African | Discontinued Operations, Disposed of by Sale [Member] | Previously Reported [Member]
Schedule Of Sale Of Properties [Line Items]
Gain on sale of property				1,603,000
KSD Village | Discontinued Operations, Disposed of by Sale [Member]
Schedule Of Sale Of Properties [Line Items]
Consideration received for discontinued operation									$ 1.00
Adjustment to increase (decrease) gain on discontinued operation					232,000
KSD Village | Discontinued Operations, Disposed of by Sale [Member] | Previously Reported [Member]
Schedule Of Sale Of Properties [Line Items]
Gain on sale of property					293,000
KSD Village | Discontinued Operations, Disposed of by Sale [Member] | Adjustment [Member]
Schedule Of Sale Of Properties [Line Items]
Gain on sale of property						(61,000)
Kaneohe
Schedule Of Sale Of Properties [Line Items]
Mortgages and other liabilities and claims paid								$ 7,207,000
Kaneohe | Discontinued Operations, Disposed of by Sale [Member]
Schedule Of Sale Of Properties [Line Items]
Consideration received for discontinued operation								2,893,000
Sales price of property and related assets								$ 10,100,000
Gain on sale of property		$ 8,857,000
Decrease in due from local general partners and affiliates				4,069,000
Kaneohe | Discontinued Operations, Disposed of by Sale [Member] | Previously Reported [Member]
Schedule Of Sale Of Properties [Line Items]
Gain on sale of property						$ 4,587,000
Kaneohe | Discontinued Operations, Disposed of by Sale [Member] | Adjustment [Member]
Schedule Of Sale Of Properties [Line Items]
Adjustment to increase (decrease) gain on discontinued operation			$ 196,000	$ 4,073,000	$ 1,000

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Discontinued Operation (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Revenues:
Rental income	$ 98,865	$ 96,071	$ 196,388	$ 191,518
Other Income	2,488	2,193	5,872	6,253
Gain on sale of property			5,247,186	10,556,208
Total revenues	101,353	98,263	202,260	197,771
Costs and Expenses [Abstract]
General and administrative	135,365	77,409	249,509	157,262
General and administrative-related parties (Note 8)	69,009	117,599	138,903	184,425
Repairs and maintenance	31,046	48,042	52,185	111,768
Operating and other	18,648	14,077	33,003	28,941
Insurance	4,143	3,215	8,322	7,388
Interest	15,338	18,400	30,676	31,918
Depreciation and amortization	1,133	1,135	2,266	2,267
Total Expenses	274,682	279,877	514,864	523,969
Income (Loss) from Discontinued Operations	5,300,768	5,767,572	5,333,300	10,785,612
Noncontrolling interest in (income) loss of subsidiaries from discontinued operations	132,071	(3,164,869)	132,035	(3,651,259)
Income (loss) limited partners from discontinued operations	$ 5,378,511	$ 2,576,676	$ 5,410,682	$ 7,063,009
Number Of BACs Outstanding	45,844	45,844	45,844	45,844	45,844
Income from discontinued operations- limited partners- per weighted average BAC	$ 117.32	$ 56.21	$ 118.02	$ 154.07
Discontinued Operations, Disposed of by Sale [Member]
Revenues:
Rental income	$ 312,707	$ 604,938	$ 623,322	$ 1,231,998
Other Income	14,806	15,637	33,689	34,926
Gain on sale of property	5,247,186	5,680,072	5,247,186	10,556,208
Total revenues	5,574,699	6,300,647	5,904,197	11,823,132
Costs and Expenses [Abstract]
General and administrative	88,135	162,064	195,363	324,212
General and administrative-related parties (Note 8)	18,562	98,179	38,443	122,653
Repairs and maintenance	60,412	69,771	113,667	163,679
Operating and other	38,506	66,531	83,110	144,993
Real estate taxes	26,365	25,135	52,408	50,239
Insurance	14,865	23,692	30,819	46,605
Interest	27,220	62,115	54,778	149,651
Depreciation and amortization	(134)	25,588	2,309	35,488
Total Expenses	273,931	533,075	570,897	1,037,520
Income (Loss) from Discontinued Operations	5,300,768	5,767,572	5,333,300	10,785,612
Noncontrolling interest in (income) loss of subsidiaries from discontinued operations	132,071	(3,164,869)	132,035	(3,651,259)
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent, Total	5,432,839	2,602,703	5,465,335	7,134,353
Income (loss) limited partners from discontinued operations	$ 5,378,511	$ 2,576,676	$ 5,410,682	$ 7,063,009
Number Of BACs Outstanding	45,844	45,844	45,844	45,844
Income from discontinued operations- limited partners- per weighted average BAC	$ 117.32	$ 56.21	$ 118.02	$ 154.07
Net Cash Provided by (Used in) Discontinued Operations [Abstract]
Net cash (used in) provided by operating activities			$ (576,963)	$ 7,911,642
Net cash provided by (used in) investing activities			568,085	526,467
Net cash used in financing activities			$ (163,113)	$ (8,469,357)

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Commitments and Contingencies (Details) - USD ($)	3 Months Ended		6 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Mar. 31, 2016
Net loss	$ (5,127,439)	$ (5,585,958)	$ (5,020,696)	$ (10,459,414)
Mortgage notes payable	1,527,358		1,527,358		$ 4,776,876
Accrued interest.	59,018		59,018		63,220
Federal deposit insurance corporation insurance limit	250,000		250,000
Property management fees including discontinued operations	22,000	109,000	45,000	143,000
Due to general partners and affiliates (Note 2 and 8)	141,983		141,983		85,547
Property management fees to related parties	69,009	117,599	138,903	184,425
Discontinued Operations, Disposed of by Sale [Member]
Property management fees to related parties	18,562	98,179	38,443	122,653
General Partner and Affiliates [Member]
Property management fees to related parties	62,760	111,350	126,405	171,927
General Partner and Affiliates [Member] | Discontinued Operations, Disposed of by Sale [Member]
Property management fees to related parties	3,160	2,356	6,317	5,000
Partnership Management Fees [Member] | General Partner and Affiliates [Member]
Due to general partners and affiliates (Note 2 and 8)	60,000		60,000		$ 12,000
Property management fees to related parties	23,615	26,582	48,115	59,978
Property Management Fees [Member] | Subsidiary Partnerships General Partner and Affiliates [Member]
Property management fees including discontinued operations	22,000	102,000	45,000	130,000
Property management fees to related parties	6,249	6,249	12,498	12,498
Property Management Fees [Member] | Subsidiary Partnerships General Partner and Affiliates [Member] | Discontinued Operations, Disposed of by Sale [Member]
Property management fees to related parties	$ 15,402	$ 95,823	$ 32,126	$ 117,653

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Commitments and Contingencies - Other (Details) - USD ($)	3 Months Ended			6 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Jul. 27, 2015
Tax credit compliance period				10 years
Tax credit period of increase				3 years
Subsequent Events
Gain on sale of property				$ 5,247,186	$ 10,556,208
Discontinued Operations, Disposed of by Sale [Member]
Subsequent Events
Gain on sale of property	$ 5,247,186		$ 5,680,072	$ 5,247,186	$ 10,556,208
Discontinued Operations, Disposed of by Sale [Member] | First African
Subsequent Events
Consideration received for discontinued operation						$ 1
Gain on sale of property		$ 1,515,000