Investments in Local Limited Partnerships (Tables)

3 Months Ended

Jun. 30, 2012

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Equity Method Investments in Local Limited Partnerships

The following is a summary of the equity method activity of the investments in Local Limited Partnerships for the periods presented below:

	For the Three Months Ended June 30, 2012			For the Year Ended March 31, 2012
Investments per balance sheet, beginning of period	$	8,318,507		$	8,956,651
Distributions received from Local Limited Partnerships		(4,374	)		-
Equity in losses of Local Limited Partnerships		(88,373	)		(353,492	)
Impairment loss		(339,689	)		(215,952	)
Amortization of acquisition fees and costs		(17,166	)		(68,664	)
Amortization of warehouse interest and costs		(9	)		(36	)
Investments per balance sheet, end of period	$	7,868,896		$	8,318,507

	For the Three Months Ended June 30, 2012		For the Year Ended March 31, 2012
Investments in Local Limited Partnerships, net	$	6,350,777	$	6,783,213
Acquisition fees and costs, net of accumulated amortization of $370,989 and $353,823		1,517,301		1,534,467
Capitalized warehouse costs and interest, net of accumulated amortization of $221 and $212		818		827
Investments per balance sheet, end of period	$	7,868,896	$	8,318,507

Schedule of Combined Condensed Statements of Operations

Selected financial information for the three months ended June 30, 2012 and 2011 from the unaudited combined condensed financial statements of the Local Limited Partnerships in which the Partnership has invested is as follows:

COMBINED CONDENSED STATEMENTS OF OPERATIONS

	2012			2011
Revenues	$	1,167,000		$	1,167,000
Expenses:
Interest expense		344,000			344,000
Depreciation and amortization		484,000			484,000
Operating expenses		876,000			885,000
Total expenses		1,704,000			1,713,000
Net loss	$	(537,000	)	$	(546,000	)
Net loss allocable to the Partnership	$	(537,000	)	$	(537,000	)
Net loss recorded by the Partnership	$	(88,000	)	$	(88,000	)