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 0.5% of the invested assets of the Partnership, as defined. “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. Fees of $10,169 and $20,203 were incurred during the three months ended June 30, 2012 and 2011, respectively. The Partnership paid the General Partner and/or its affiliates $35,246 and $28,063 of those fees during the three months ended June 30, 2012 and 2011, respectively.

(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. Operating expense reimbursements was $23,104 and $60,000 during the three months ended June 30, 2012 and 2011, respectively.

(c) A subordinated disposition fee in an amount equal to 1% of the sale price may be received in connection with the sale or disposition of a Housing Complex or Local Limited Partnership interest. Payment of this fee is subordinated to the Limited Partners receiving a preferred return of 6% (as defined in the Partnership Agreement) and is payable only if the General Partner or its affiliates render services in the sales effort. No such fee was incurred for the 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 affiliates on behalf of the Partnership	$	17,880	$	20,985
Accrued asset management fees		2,482,776		2,507,853
Total	$	2,500,656	$	2,528,838

The General Partner and/or its affiliates do 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.