2. Investment in Local Partnerships	9 Months Ended
Dec. 30, 2015
Notes
2. Investment in Local Partnerships	2. Investment in Local Partnerships The Partnership initially acquired limited partner equity interests (the “Local Partnership Interests”) in forty-three partnerships (the “Local Partnerships”) representing capital contributions in the aggregate amount of $29,384,966, which includes voluntary advances (the “Advances”) made to a certain Local Partnership and all of which has been paid. As of December 30, 2015, the Partnership holds a Local Partnership Interest in seven Local Partnerships (see discussion below regarding the Partnership’s sale of three Local Partnership Interests subsequent to December 30, 2015). The Partnership has no legal obligation to fund any operating deficits of the Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the “Local General Partners”) on an unaudited basis during interim periods. In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Partnership is recognized to the extent of the Partnership’s investment balance in each Local Partnership. Equity in loss in excess of the Partnership’s investment balance in a Local Partnership is allocated to other partners’ capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships’ Properties and/or the Partnership’s Local Partnership Interests, the Partnership’s investment in local partnerships reached a zero balance in a prior year. During the nine months ended December 30, 2015, the Partnership sold its Local Partnership Interest in Chowan Senior Manor Associates Limited Partnership (“Chowan Senior Manor”) to an affiliate of the Local General Partner of Chowan Senior Manor. The Partnership received $10,500 in connection with the sale; such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the nine months ended December 30, 2015. Subsequent to December 30, 2015, the Partnership sold its Local Partnership Interests in Long Reach Associates Limited Partnership and Nash Hill Associates Limited Partnership to an affiliate of one of the Local General Partners of such Local Partnerships. Such Local Partnerships have a common Local General Partner. The Partnership received $20,000 in connection with the sale, which amount was received during the nine months ended December 30, 2015 and is reflected as deferred revenue in the accompanying unaudited balance sheet as of December 30, 2015. Such amount will be recorded by the Partnership as gain on sale of limited partner interests/local partnership properties. Subsequent to December 30, 2015, the Partnership sold its Local Partnership Interest in Loma del Norte Limited Partnership (“Loma del Norte”) to an affiliate of one of the Local General Partners of Loma del Norte. The Partnership received $85,000 in connection with the sale; such amount will be recorded by the Partnership as gain on sale of limited partner interests/local partnership properties.

2. Investment in Local Partnerships

9 Months Ended

Dec. 30, 2015

2. Investment in Local Partnerships

The Partnership initially acquired limited partner equity interests (the “Local Partnership Interests”) in forty-three partnerships (the “Local Partnerships”) representing capital contributions in the aggregate amount of $29,384,966, which includes voluntary advances (the “Advances”) made to a certain Local Partnership and all of which has been paid. As of December 30, 2015, the Partnership holds a Local Partnership Interest in seven Local Partnerships (see discussion below regarding the Partnership’s sale of three Local Partnership Interests subsequent to December 30, 2015). The Partnership has no legal obligation to fund any operating deficits of the Local Partnerships. The results of operations of the Local Partnerships are provided by the general partners of the Local Partnerships (the “Local General Partners”) on an unaudited basis during interim periods.

In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Partnership is recognized to the extent of the Partnership’s investment balance in each Local Partnership. Equity in loss in excess of the Partnership’s investment balance in a Local Partnership is allocated to other partners’ capital in any such Local Partnership. As a result of cumulative equity losses and distributions, and the sales of certain Local Partnerships’ Properties and/or the Partnership’s Local Partnership Interests, the Partnership’s investment in local partnerships reached a zero balance in a prior year.

During the nine months ended December 30, 2015, the Partnership sold its Local Partnership Interest in Chowan Senior Manor Associates Limited Partnership (“Chowan Senior Manor”) to an affiliate of the Local General Partner of Chowan Senior Manor. The Partnership received $10,500 in connection with the sale; such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying unaudited statement of operations and comprehensive income (loss) for the nine months ended December 30, 2015.

Subsequent to December 30, 2015, the Partnership sold its Local Partnership Interests in Long Reach Associates Limited Partnership and Nash Hill Associates Limited Partnership to an affiliate of one of the Local General Partners of such Local Partnerships. Such Local Partnerships have a common Local General Partner. The Partnership received $20,000 in connection with the sale, which amount was received during the nine months ended December 30, 2015 and is reflected as deferred revenue in the accompanying unaudited balance sheet as of December 30, 2015. Such amount will be recorded by the Partnership as gain on sale of limited partner interests/local partnership properties.

Subsequent to December 30, 2015, the Partnership sold its Local Partnership Interest in Loma del Norte Limited Partnership (“Loma del Norte”) to an affiliate of one of the Local General Partners of Loma del Norte. The Partnership received $85,000 in connection with the sale; such amount will be recorded by the Partnership as gain on sale of limited partner interests/local partnership properties.