|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Title of each class
|
Name of each exchange on which registered
|
None
|
None
|
CLASS A AND CLASS B UNITS OF LIMITED PARTNERSHIP INTEREST
(Title of Class)
|
Properties owned by
|
Date Interest
|
|
Local Limited Partnerships
|
Location
|
Acquired
|
Leatherwood (formerly Village Oaks)(1)
|
Yoakum, TX
|
12/23/91
|
Tamaric(1)
|
Cedar Park, TX
|
12/23/91
|
Northwest(1)
|
Georgetown, TX
|
12/23/91
|
Pilot House
|
Newport News, VA
|
02/25/92
|
Jardines de Juncos(1)
|
Juncos, PR
|
04/14/92
|
Livingston Arms (1)
|
Poughkeepsie, NY
|
05/01/92
|
Broadway Tower (1)
|
Revere, MA
|
06/02/92
|
45th & Vincennes (1)
|
Chicago, IL
|
06/26/92
|
Phoenix Housing (1)
|
Moorhead, MN
|
07/06/92
|
Cottages of Aspen (1)
|
Oakdale, MN
|
07/02/92
|
Long Creek Court
|
Kittrell, NC
|
07/01/92
|
Atkins Glen (1)
|
Stoneville, NC
|
07/01/92
|
Tree Trail
|
Gainesville, FL
|
10/30/92
|
Meadow Wood (1)
|
Smyrna, TN
|
10/30/92
|
Primrose (1)
|
Grand Forks, ND
|
12/09/92
|
Sycamore (1)
|
Sioux Falls, SD
|
12/17/92
|
Preston Place (1)
|
Winchester, VA
|
12/21/92
|
Kings Grant Court (1)
|
Statesville, NC
|
12/23/92
|
Chestnut Plains (1)
|
Winston-Salem, NC
|
12/24/92
|
Bancroft Court(1)
|
Toledo, OH
|
12/31/92
|
Capitol Park(1)
|
Oklahoma City, OK
|
02/10/93
|
Hudson Square (1)
|
Baton Rouge, LA
|
03/08/93
|
Walker Woods II (1)
|
Dover, DE
|
06/11/93
|
Vista Villa (1)
|
Saginaw County, MI
|
08/04/93
|
Metropolitan (1)
|
Chicago, IL
|
08/19/93
|
Carolina Woods II (1)
|
Greensboro, NC
|
10/11/93
|
Linden Square(1)
|
Genesee County, MI
|
10/29/93
|
New Garden Place (1)
|
Gilmer, NC
|
06/24/94
|
Findley Place (1)
|
Minneapolis, MN
|
07/15/94
|
(1)
|
The Fund no longer has an interest in the Local Limited Partnership which owns this Property.
|
Capital Contributions
|
|||||||||||||||||||||
Local Limited Partnership
|
|||||||||||||||||||||
Property Name
|
Total
|
Paid
|
Mtge. Loans
|
Occupancy at
|
|||||||||||||||||
Property Location
|
Number of
|
Committed at
|
Through
|
Payable at
|
Type of
|
March 31,
|
|||||||||||||||
Local General Partner |
Apt. Units
|
March 31, 2012
|
March 31, 2012
|
December 31, 2011
|
Subsidy *
|
2012
|
|||||||||||||||
Pilot House Associates, L.P
|
|||||||||||||||||||||
Pilot House
|
|||||||||||||||||||||
Newport News, VA
|
|||||||||||||||||||||
Castle Development Corp
|
132 | $ | 2,479,708 | $ | 2,479,708 | $ | 3,642,412 |
None
|
98 | % | |||||||||||
Long Creek Court Limited Partnership
|
|||||||||||||||||||||
Long Creek Court
|
|||||||||||||||||||||
Kittrell, NC
|
|||||||||||||||||||||
Third Renaissance, Inc.
|
14 | 120,476 | 120,476 | 514,168 |
FmHA
|
100 | % | ||||||||||||||
Tree Trail Apartments, A Limited Partnership
|
|||||||||||||||||||||
Tree Trail
|
|||||||||||||||||||||
Gainesville, FL
|
|||||||||||||||||||||
Flournoy Development Co.
|
108 | 2,060,143 | 2,060,143 | - |
None
|
79 | % | ||||||||||||||
254 | $ | 4,660,327 | $ | 4,660,327 | $ | 4,156,580 | |||||||||||||||
|
*
|
FmHA
|
This subsidy, which is authorized under Section 515 of the Housing Act of 1949, can be one or a combination of many different types. For instance, FmHA may provide: (i) direct below-market-rate mortgage loans for rural rental housing; (ii) mortgage interest subsidies which effectively lower the interest rate of the loan to 1%; (iii) a rental assistance subsidy to tenants which allows them to pay no more than 30% of their monthly income as rent with the balance paid by the federal government; or (iv) a combination of any of the above.
|
Amount
|
||||||
Title of
|
Name and Address of
|
Beneficially
|
||||
Class
|
Beneficial Owner
|
Owned
|
Percent of Class
|
|||
Limited
|
Everest Tax Credit Investors
|
2,164.5 Units
|
6 | % | ||
Partner
|
155 North Lake Avenue
|
|||||
Suite 1000
|
||||||
Pasadena, CA 91101
|
2012
|
2011
|
|||||||
Asset management fees
|
$ | 41,806 | $ | 49,710 |
2012
|
2011
|
|||||||
Salaries and benefits expense reimbursements
|
$ | 56,746 | $ | 121,318 |
2012
|
2011
|
|||||||
Audit fees
|
$ | 42,500 | $ | 45,000 |
3.1
|
Amended and Restated Agreement of Limited Partnership, dated as of December 2, 1991 – incorporated by reference from Exhibit A to Prospectus contained in Form S-11
Registration Statement, File no. 33-38408.
|
31.1
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance Document*
|
101.SCH
|
XBRL Taxonomy Extension Schema Document*
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document*
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document*
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document*
|
*
|
Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise not subject to liability under that section. This exhibit shall not be deemed to be incorporated by reference into any filing, except to the extent that the Registrant specifically incorporates this exhibit by reference.
|
2012
|
2011
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 1,476,153 | $ | 1,382,389 | ||||
Investments in Local Limited Partnerships (Note 3)
|
988,520 | 1,029,569 | ||||||
Due from affiliate (Note 5)
|
- | 162 | ||||||
Accounts receivable from the disposition of investments in
|
||||||||
Local Limited Partnerships (Note 3)
|
873,000 | - | ||||||
Other assets
|
408 | 470 | ||||||
Total Assets
|
$ | 3,338,081 | $ | 2,412,590 | ||||
Liabilities and Partners' Equity
|
||||||||
Due to affiliate (Note 5)
|
$ | 9,008 | $ | - | ||||
Accrued expenses
|
24,186 | 26,510 | ||||||
Total Liabilities
|
33,194 | 26,510 | ||||||
General, Initial and Investor Limited Partners' Equity
|
3,304,887 | 2,386,080 | ||||||
Total Liabilities and Partners' Equity
|
$ | 3,338,081 | $ | 2,412,590 |
2012
|
2011
|
|||||||
Revenue:
|
|
|
||||||
Investment
|
$ | 5,089 | $ | 5,434 | ||||
Accretion of Original Issue Discount (Note 4)
|
- | 4,092 | ||||||
Cash distribution income
|
42,123 | 26,432 | ||||||
Total Revenue
|
47,212 | 35,958 | ||||||
Expense:
|
||||||||
Asset management fees, affiliate (Note 5)
|
41,806 | 49,710 | ||||||
Impairment on investments in Local Limited
|
||||||||
Partnerships (Note 3)
|
- | 599,103 | ||||||
General and administrative (includes reimbursements
|
||||||||
to an affiliate in the amount of $56,746 and
|
||||||||
$121,318 in 2012 and 2011, respectively) (Note 5)
|
147,572 | 206,639 | ||||||
Amortization
|
2,071 | 3,994 | ||||||
Total Expense
|
191,449 | 859,446 | ||||||
Loss before equity in income of Local Limited Partnerships
|
||||||||
and gain on disposition of investments in Local Limited
|
||||||||
Partnerships
|
(144,237 | ) | (823,488 | ) | ||||
Equity in income of Local Limited Partnerships (Note 3)
|
190,044 | 182,768 | ||||||
Gain on disposition of investments in Local Limited
|
||||||||
Partnerships (Note 3)
|
873,000 | 27,186 | ||||||
Net Income (Loss)
|
$ | 918,807 | $ | (613,534 | ) | |||
Net Income (Loss) allocated:
|
||||||||
General Partners
|
$ | 9,188 | $ | (10,655 | ) | |||
Class A Limited Partners
|
851,403 | (568,125 | ) | |||||
Class B Limited Partners
|
58,216 | (34,754 | ) | |||||
$ | 918,807 | $ | (613,534 | ) | ||||
Net Income (Loss) per Limited Partner Unit
|
||||||||
Class A Unit (34,643 Units)
|
$ | 24.58 | $ | (16.40 | ) | |||
Class B Unit (3,290 Units)
|
$ | 17.69 | $ | (10.56 | ) |
Investor
|
Investor
|
|||||||||||||||||||
Initial
|
Limited
|
Limited
|
||||||||||||||||||
General
|
Limited
|
Partners,
|
Partners,
|
|||||||||||||||||
Partners
|
Partner
|
Class A
|
Class B
|
Total
|
||||||||||||||||
Balance at March 31, 2010
|
$ | 34,516 | $ | 5,000 | $ | 2,977,293 | $ | 434,805 | $ | 3,451,614 | ||||||||||
Cash distributions
|
- | - | - | (452,000 | ) | (452,000 | ) | |||||||||||||
Net Loss
|
(10,655 | ) | - | (568,125 | ) | (34,754 | ) | (613,534 | ) | |||||||||||
Balance at March 31, 2011
|
23,861 | 5,000 | 2,409,168 | (51,949 | ) | 2,386,080 | ||||||||||||||
Net Income
|
9,188 | - | 851,403 | 58,216 | 918,807 | |||||||||||||||
Balance at March 31, 2012
|
$ | 33,049 | $ | 5,000 | $ | 3,260,571 | $ | 6,267 | $ | 3,304,887 |
2012
|
2011
|
|||||||
Cash flows from operating activities:
|
|
|
||||||
Net Income (Loss)
|
$ | 918,807 | $ | (613,534 | ) | |||
Adjustments to reconcile net income (loss) to net
|
||||||||
cash used for operating activities:
|
||||||||
Equity in income of Local Limited Partnerships
|
(190,044 | ) | (182,768 | ) | ||||
Gain on disposition of investments in Local Limited
|
||||||||
Partnerships
|
(873,000 | ) | (27,186 | ) | ||||
Impairment on investments in Local Limited
|
||||||||
Partnerships
|
- | 599,103 | ||||||
Accretion of Original Issue Discount
|
- | (4,092 | ) | |||||
Amortization
|
2,071 | 3,994 | ||||||
Cash distributions included in net income (loss)
|
(42,123 | ) | (26,432 | ) | ||||
Increase (decrease) in cash arising from changes
|
||||||||
in operating assets and liabilities:
|
||||||||
Due from affiliate
|
- | (162 | ) | |||||
Other assets
|
62 | (121 | ) | |||||
Due to affiliate
|
9,170 | (12,926 | ) | |||||
Accrued expenses
|
(2,324 | ) | (34,526 | ) | ||||
Net cash used for operating activities
|
(177,381 | ) | (298,650 | ) | ||||
Cash flows from investing activities:
|
||||||||
Proceeds from maturities of T-STRIPS
|
- | 452,000 | ||||||
Cash distributions received from Local
|
||||||||
Limited Partnerships
|
271,145 | 158,532 | ||||||
Proceeds received from disposition of investments in
|
||||||||
Local Limited Partnerships
|
- | 27,186 | ||||||
Net cash provided by investing activities
|
271,145 | 637,718 | ||||||
Cash flows from financing activities:
|
||||||||
Cash distributions
|
- | (452,000 | ) | |||||
Net cash used for financing activities
|
- | (452,000 | ) | |||||
Net increase (decrease) in cash and cash equivalents
|
93,764 | (112,932 | ) | |||||
Cash and cash equivalents, beginning of year
|
1,382,389 | 1,495,321 | ||||||
Cash and cash equivalents, end of year
|
$ | 1,476,153 | $ | 1,382,389 | ||||
2012
|
2011
|
|||||||
Capital contributions paid to Local Limited Partnerships and
purchase price paid to withdrawing partners of Local Limited
|
||||||||
Partnerships
|
$ | 4,660,327 | $ | 6,960,327 | ||||
Cumulative equity in losses of Local Limited Partnerships
|
||||||||
(excluding cumulative unrecognized losses of $1,546,000
|
||||||||
and $1,466,308 at March 31, 2012 and 2011, respectively)
|
(1,145,942 | ) | (1,526,042 | ) | ||||
Cumulative cash distributions received from Local Limited Partnerships
|
(2,223,150 | ) | (3,670,674 | ) | ||||
Investments in Local Limited Partnerships before adjustments
|
1,291,235 | 1,763,611 | ||||||
Excess investment costs over the underlying assets acquired:
|
||||||||
Acquisition fees and expenses
|
136,290 | 203,586 | ||||||
Cumulative amortization of acquisition fees and expenses
|
(61,005 | ) | (91,823 | ) | ||||
Investments in Local Limited Partnerships before impairment
|
1,366,520 | 1,875,374 | ||||||
Cumulative impairment on investments in Local Limited Partnerships
|
(378,000 | ) | (845,805 | ) | ||||
Investments in Local Limited Partnerships
|
$ | 988,520 | $ | 1,029,569 |
2011
|
2010
|
|||||||
Assets:
|
||||||||
Investment property, net
|
$ | 4,753,323 | $ | 8,019,284 | ||||
Other assets
|
534,007 | 776,971 | ||||||
Total Assets
|
$ | 5,287,330 | $ | 8,796,255 | ||||
Liabilities and Partners' Equity:
|
||||||||
Mortgage notes payable
|
$ | 4,156,580 | $ | 7,613,025 | ||||
Other liabilities
|
112,126 | 203,572 | ||||||
Total Liabilities
|
4,268,706 | 7,816,597 | ||||||
Fund's equity
|
1,451,121 | 1,866,456 | ||||||
Other partners' deficiency
|
(432,497 | ) | (886,798 | ) | ||||
Total Partners' Equity
|
1,018,624 | 979,658 | ||||||
Total Liabilities and Partners' Equity
|
$ | 5,287,330 | $ | 8,796,255 |
2011
|
2010
|
|||||||
Rental and other income
|
$ | 2,485,121 | $ | 3,447,055 | ||||
Expenses:
|
||||||||
Operating
|
1,384,664 | 2,146,067 | ||||||
Interest
|
554,375 | 650,924 | ||||||
Depreciation and amortization
|
331,094 | 615,155 | ||||||
Total Expenses
|
2,270,133 | 3,412,146 | ||||||
Net Income
|
$ | 214,988 | $ | 34,909 | ||||
Fund’s share of Net Income
|
$ | 239,458 | $ | 34,559 | ||||
Other partners' share of Net Income
|
$ | (24,470 | ) | $ | 350 |
2011
|
2010
|
|||||||
Net Income (Loss) per financial statements
|
$ | 918,807 | $ | (613,534 | ) | |||
Equity in (income) losses of Local Limited Partnerships for financial
|
||||||||
reporting purposes in excess of equity in losses for tax purposes
|
(341,033 | ) | 36,272 | |||||
Equity in losses of Local Limited Partnerships not recognized
|
||||||||
for financial reporting purposes, net of recognition of
|
||||||||
previously unrecognized losses
|
(78,586 | ) | (387,209 | ) | ||||
Adjustment to reflect March 31 fiscal year end to
|
||||||||
December 31 taxable year end
|
(4,983 | ) | (12,463 | ) | ||||
Amortization for tax purposes in excess of amortization
|
||||||||
for financial reporting purposes
|
(5,631 | ) | (5,479 | ) | ||||
Impairment on investments in Local Limited Partnerships
|
||||||||
not deductible for tax purposes
|
- | 599,103 | ||||||
Gain on disposition of investments in Local Limited Partnerships for
|
||||||||
(financial reporting) tax purposes in excess of gain (loss)
|
||||||||
for financial reporting (tax) purposes
|
(1,243,150 | ) | 1,539,409 | |||||
Cash distributions included in net income (loss) for financial
|
||||||||
reporting purposes
|
(42,123 | ) | (26,432 | ) | ||||
Net Income (Loss) per tax return
|
$ | (796,699 | ) | $ | 1,129,667 |
Financial
|
||||||||||||
Reporting
|
Tax
|
|||||||||||
Purposes
|
Purposes
|
Differences
|
||||||||||
Investments in Local Limited Partnerships
|
$ | 988,520 | $ | (2,224,173 | ) | $ | 3,212,693 | |||||
Other assets
|
$ | 2,349,561 | $ | 6,387,873 | $ | (4,038,312 | ) | |||||
Liabilities
|
$ | 33,194 | $ | 30,880 | $ | 2,314 |
Financial
|
||||||||||||
Reporting
|
Tax
|
|||||||||||
Purposes
|
Purposes
|
Differences
|
||||||||||
Investments in Local Limited Partnerships
|
$ | 1,029,569 | $ | (1,462,147 | ) | $ | 2,491,716 | |||||
Other assets
|
$ | 1,383,021 | $ | 6,435,981 | $ | (5,052,960 | ) | |||||
Liabilities
|
$ | 26,510 | $ | 44,315 | $ | (17,805 | ) |
2011
|
2010
|
|||||||
Pilot House Associates Limited Partnership
|
||||||||
Total Assets
|
$ | 4,834,303 | $ | 4,993,688 | ||||
Total Liabilities
|
$ | 3,735,324 | $ | 3,802,106 | ||||
Revenue
|
$ | 1,255,708 | $ | 1,253,231 | ||||
Net Income
|
$ | 104,759 | $ | 104,766 | ||||
Preston Place Associates Limited Partnership
|
||||||||
Total Assets
|
N/A | $ | 3,340,757 | |||||
Total Liabilities
|
N/A | $ | 3,477,211 | |||||
Revenue
|
$ | 1,102,548 | $ | 1,052,868 | ||||
Net Income
|
$ | 109,048 | $ | 3,543 |
1.
|
I have reviewed this annual report on Form 10-K of Boston Financial Tax Credit Fund Plus, A Limited Partnership;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
I have reviewed this annual report on Form 10-K of Boston Financial Tax Credit Fund Plus, A Limited Partnership;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
1.
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
1.
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.
|
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Investments in Local Limited Partnerships
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Mar. 31, 2012
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments Disclosure [Text Block] | 3. Investments in Local Limited Partnerships The Fund currently has limited partner or member interests in three Local Limited Partnerships which were organized for the purpose of owning and operating multi-family housing complexes, all of which are government-assisted. 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 thirdparties, 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 March 31, 2012 and 2011:
The Fund has recordedan impairmentfor its investments in Local Limited Partnerships in order to appropriately reflect the estimated net realizable value of these investments. Summarized combined financial information of the Local Limited Partnerships in which the Fund has invested as of December 31, 2011 and 2010 (due to the Fund's policy of reporting the financial information of its Local Limited Partnership interests on a 90-day lag basis), excluding the financial statements of one Local Limited Partnership, is as follows: Summarized Balance Sheet - as of December 31,
Summarized Statements of Operations - for the years ended December 31,
The financial information of one Local Limited Partnership is not included in the above summarized combined financial information due to the lack of timely receipt of the financial statements of said Local Limited Partnership. The Fund’s estimated equity in loss of this Local Limited Partnership is $128,000 and $239,000 for the years ended March 31, 2012 and 2011, respectively. For the years ended March 31, 2012 and 2011, the Fund has not recognized $128,000 and $387,209, respectively, of equity in losses relating to certain Local Limited Partnerships in which cumulative equity in losses and distributions exceeded its total investment in the Local Limited Partnerships. Previously unrecognized losses of $49,414 are included in losses recognized in the year ended March 31, 2012. The Fund’s equity as reflected by the Local Limited Partnerships of $1,451,121 and $1,866,456 at December 31, 2011 and 2010, respectively, differs from the Fund’s investments in Local Limited Partnerships before adjustments of $1,291,235 and $1,763,611 at March 31, 2012 and 2011, respectively, due to: (i) cumulative unrecognized losses as described above; (ii) the financial information of one Local Limited Partnership that is not included in the summarized financial information due to the lack of timely receipt of the audited financial statements of said Local Limited Partnership; (iii) cash distributions made by Local Limited Partnerships during the quarter ended March 31, 2012 that are not reflected in the December 31, 2011 balance sheets of the Local Limited Partnerships; and (iv) differences in the accounting treatment of miscellaneous items. During the year ended March 31, 2012, the Fund disposed of its interest in one Local Limited Partnership. The Fund’s investment value at the time of the disposition was zero. Proceeds of $873,000 related to the 2012 disposition were received by the Fund in the year ended March 31, 2013. The disposition resulted in a gain of $873,000. During the year ended March 31, 2011, the Fund disposed of its interest in two Local Limited Partnerships. The Fund’s aggregate net investment value at the time of the dispositions was zero. The Fund received $27,186 during the year ended March 31, 2011 from the dispositions of its interest in these Local Limited Partnerships. The dispositions resulted in a gain of $27,186. |