Note 3 - Transactions With Affiliated Parties

3 Months Ended

Mar. 31, 2013

Notes

Note 3 - Transactions With Affiliated Parties

Note 3 – Transactions with Affiliated Parties

Under the terms of the Restated Certificate and Agreement of Limited Partnership, the Partnership is obligated to NAPICO for an annual management fee equal to 0.4 percent of the Partnership’s original remaining invested assets of the Local Limited Partnerships at the beginning of the year.  Invested assets is defined as the costs of acquiring project interests, including the proportionate amount of the mortgage loans related to the Partnership's interests in the capital accounts of the respective Local Limited Partnerships.  The management fee was approximately $3,000 and $5,000 for the three months ended March 31, 2013 and 2012, respectively.

During 2012, an affiliate of NAPICO was the general partner and property management agent for Better Housing Associates.  This Local Limited Partnership paid the affiliate property management fees in the amount of 5 percent of its gross rental revenue and data processing fees. The amount paid was approximately $6,000 for the three months ended March 31, 2012.