Investment in Local Limited Partnership

12 Months Ended

Mar. 31, 2012

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

3.      Investment in Local Limited Partnership

The Partnership currently has a limited partner or member interest in one Local Limited Partnership which was organized for the purpose of owning and operating a multi-family housing complex which is government-assisted.  The Partnership's ownership interest in the Local Limited Partnership is 99%. The Partnership may have negotiated or may negotiate options with the Local General Partners to purchase or sell the Partnership’s interest in the Local Limited Partnership at the end of the Compliance Period for a nominal price.  In the event that  the Property is sold to a third party or upon dissolution of the Local Limited Partnership, proceeds will be distributed according to the terms of the Local Limited Partnership agreement.

The following is a summary of investment in Local Limited Partnership at March 31, 2012 and 2011:

	2012			2011
Capital contributions paid to Local Limited Partnership and purchase
price paid to withdrawing partners of Local Limited Partnership	$	5,811,236		$	5,811,236
Cumulative equity in losses of Local Limited Partnership		(2,273,993	)		(2,155,769	)
Cumulative cash distributions received from Local Limited Partnership		(19,610	)		(19,610	)
Investment in Local Limited Partnership before adjustments		3,517,633			3,635,857
Excess investment costs over the underlying assets acquired:
Acquisition fees and expenses		178,600			178,600
Cumulative amortization of acquisition fees and expenses		(99,617	)		(94,514	)
Investment in Local Limited Partnership before impairment		3,596,616			3,719,943
Cumulative impairment on investment in Local Limited Partnership		(2,364,000	)		(2,364,000	)
Investment in Local Limited Partnership	$	1,232,616		$	1,355,943

The Partnership has recorded an impairment for its investment in Local Limited Partnership in order to appropriately reflect the estimated net realizable value of this investment.

Summarized financial information of the Local Limited Partnership in which the Partnership has invested as of December 31, 2011 and 2010 (due to the Partnership's policy of reporting the financial information of its Local Limited Partnership interest on a 90 day lag basis) is as follows:

Summarized Balance Sheets - as of December 31,

	2011			2010
Assets:
Investment property, net	$	6,220,865		$	6,497,159
Other assets		1,493,860			1,619,435
Total Assets	$	7,714,725		$	8,116,594
Liabilities and Partners' Equity:
Mortgage notes payable	$	2,706,318		$	3,378,972
Other liabilities		1,687,194			1,296,991
Total Liabilities		4,393,512			4,675,963
Partnership's equity		3,321,633			3,439,857
Other partners' equity (deficiency)		(420	)		774
Total Partners' Equity		3,321,213			3,440,631
Total Liabilities and Partners' Equity	$	7,714,725		$	8,116,594

Summarized Statements of Operations - for the years

ended December 31,

	2011			2010
Rental and other income	$	2,955,648		$	2,937,927
Expenses:
Operating		2,486,311			2,103,798
Interest		2,316			48,910
Depreciation and amortization		586,439			599,418
Total Expenses		3,075,066			2,752,126
Net Income (Loss)	$	(119,418	)	$	185,801
Partnership's share of Net Income (Loss)	$	(118,224	)	$	183,943
Other partners' share of Net Income (Loss)	$	(1,194	)	$	1,858

The Partnership’s equity as reflected by the Local Limited Partnership of $3,321,633 and $3,439,857 at December 31, 2011 and 2010, respectively, differs from the Partnership’s investment in Local Limited Partnership before adjustments of $3,517,633 and $3,635,857 at March 31, 2012 and 2011, respectively, due to differences in the accounting treatment of miscellaneous items.