Investment in Local Limited Partnership

6 Months Ended

Sep. 30, 2011

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments Disclosure [Text Block]

1.      Investments in Local Limited Partnerships

 The Fund currently has limited partner interests in four Local Limited Partnerships which were organized for the purpose of owning and operating government-assisted, multi-family housing complexes. The Fund's ownership interest in each Local Limited Partnership is 99%.  The Fund may have negotiated or may negotiate options with the Local General Partners to purchase or sell the Fund’s interests in the Local Limited Partnerships at the end of the Compliance Period for nominal prices.  In the event that Properties are sold to third parties, or upon dissolution of the Local Limited Partnerships, proceeds will be distributed according to the terms of each Local Limited Partnership agreement.

The following is a summary of investments in Local Limited Partnerships at September 30, 2011 and March 31, 2011:

	September 30			March 31
Capital contributions paid to Local Limited Partnerships and purchase
price paid to withdrawing partners of Local Limited Partnerships	$	6,960,327		$	6,960,327
Cumulative equity in losses of Local Limited Partnerships (excluding
cumulative unrecognized losses of $1,546,392 and $1,466,308 at
September 30 and March 31, 2011, respectively)		(1,472,843	)		(1,526,042	)
Cumulative cash distributions received from Local Limited Partnerships		(3,670,674	)		(3,670,674	)
Investments in Local Limited Partnerships before adjustments		1,816,810			1,763,611
Excess investment costs over the underlying assets acquired:
Acquisition fees and expenses		203,586			203,586
Cumulative amortization of acquisition fees and expenses		(92,859	)		(91,823	)
Investments in Local Limited Partnerships before impairment		1,927,537			1,875,374
Cumulative impairment on investments in Local Limited Partnerships		(845,805	)		(845,805	)
Investments in Local Limited Partnerships	$	1,081,732		$	1,029,569

The Fund has recorded an impairment for its investments in certain Local Limited Partnerships in order to appropriately reflect the estimated net realizable value of these investments.

The Fund’s share of the net losses of the Local Limited Partnerships for the six months ended September 30, 2011 and 2010 is $26,885 and $161,623, respectively.  For the six months ended September 30, 2011 and 2010, the Fund has not recognized $112,546 and $201,117, respectively, of equity in losses relating to certain Local Limited Partnerships in which cumulative equity in losses and cumulative distributions exceeded its total investment in these Local Limited Partnerships.  Previously unrecognized losses of $32,462 are included in losses recognized in the six months ended September 30, 2011.