2. Investments in Local Limited Partnerships

6 Months Ended

Sep. 30, 2015

Equity Method Investments and Joint Ventures [Abstract]

Investments in Local Limited Partnerships

As of September 30, 2015 and March 31, 2015, the Partnership owns a Local Limited Partnership interest in one Housing Complex consisting of an aggregate of 56 apartment units. The Local General Partner of the Local Limited Partnership manages the day to day operations of the entity. Significant Local Limited Partnership business decisions require approval from the Partnership. The Partnership, as a Limited Partner, is generally entitled to 99%, as specified in the Local Limited Partnership governing agreement, of the operating profits and losses, taxable income and losses, and Low Income Housing Tax Credits of the Local Limited Partnership.

Selected financial information for the six months ended September 30, 2015 and 2014 from the unaudited combined condensed financial statements of the Local Limited Partnerships in which the partnership has invested is as follows:

COMBINED CONDENSED STATEMENTS OF OPERATIONS

	2015			2014
Revenue	$	299,000		$	300,000
Expenses:
Operating expenses		180,000			202,000
Interest expense		47,000			50,000
Depreciation and amortization		93,000			93,000
Total expenses		320,000			345,000
Net loss	$	(21,000	)	$	(45,000	)
Net loss allocable to the Partnership	$	(21,000	)	$	(45,000	)
Net loss recorded by the Partnership	$	-		$	-

Certain Local Limited Partnerships have incurred significant operating losses and/or have working capital deficiencies.  In the event these Local Limited Partnerships continue to incur significant operating losses, additional capital contributions by the Partnership may be required to sustain operations of such Local Limited Partnerships.