3. Related Party Transactions

6 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

Related Party Transactions

Under the terms of the Partnership Agreement, the Partnership has paid or is obligated to the General Partner or its affiliates for the following items:

(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 Partnerships 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 $12,544 were incurred during each of the six months ended September 30, 2015 and 2014.  No payments were made during either of the six months ended September 30, 2015 and 2014.

(b)   A subordinated disposition fee is an amount equal to 1% of the sales price of real estate sold.  Payment of this fee is subordinated to the Limited Partners receiving a preferred return of 16% through December 31, 2003 and 6% thereafter (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 fees were earned during the periods presented.

(c)   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 were $0 and $10,000 during the six months ended September 30, 2015 and 2014, respectively.

The accrued fees and expenses due to the General Partner and affiliates consist of the following at:

	September 30, 2015		March 31, 2015
Expenses paid by the General Partner or affiliates on behalf of the Partnership	$	284,841	$	238,018
Asset management fee payable		1,659,675		1,647,131
Total	$	1,944,516	$	1,885,149

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.