Related Party Transactions

3 Months Ended

Jun. 30, 2012

Related Party Transactions [Abstract]

Related Party Transactions

NOTE 3 - RELATED PARTY TRANSACTIONS

Under the terms of the Partnership Agreement, the Partnership has paid or is obligated to the General Partner or its affiliates the following fees:

(a) An annual asset management fee equal to 0.2% of the Invested Assets of the Partnership, as defined respectively. “Invested Assets” means the sum of the Partnership’s investment in Local Limited Partnership interests and the Partnership’s allocable share of mortgage loans on and other debts related to the Housing Complexes owned by such Local Limited Partnerships. Asset management fees of $15,146 were incurred during each of the three months ended June 30, 2012 and 2011, none of which was paid during the three months ended June 30, 2012 and 2011.

(b) The Partnership reimburses the General Partner or its affiliates for operating expenses incurred by the Partnership and paid for by the General Partner or its affiliates on behalf of the Partnership. No operating expense reimbursements were made during either of the three months ended June 30, 2012 or 2011.

(c) A subordinated disposition fee in an amount equal to 1% of the sales price of real estate sold. Payment of this fee is subordinated to the Limited Partners receiving a preferred return of 12% through December 31, 2008 and 6% thereafter (as defined in the partnership agreement) and is payable only if the General Partner or its affiliates render services in the sales effort. No disposition fees have been incurred for all periods presented.

The accrued fees and expenses due to the General Partner and affiliates consist of the following at:

	June 30, 2012		March 31, 2012
Expenses paid by the General Partner or an affiliate on behalf of the Partnership	$	209,874		171,464
Advances made to the Partnership from the General Partner or affiliates		227,025		227,025
Asset management fee payable		676,447		661,301
Total	$	1,113,346	$	1,059,790

The General Partner and/or its affiliates does not anticipate that these accrued fees will be paid until such time as capital reserves are in excess of future foreseeable working capital requirements of the Partnership.