Related Party Transactions

12 Months Ended

Mar. 31, 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 Partners or its affiliates for the following items:

Acquisition fees equal to 9% of the gross proceeds from the sale of Partnership Units as compensation for services rendered in connection with the acquisition of Local Limited Partnerships. At the end of all periods presented, the Partnership incurred acquisition fees of $1,620,000. Accumulated amortization of these capitalized costs was $1,620,000 as of all periods presented.

Reimbursement of costs incurred by the General Partners or an affiliate in connection with the acquisition of the Local Limited Partnerships. These reimbursements have not exceeded 1.5% of the gross proceeds. As of the end of all periods presented, the Partnership had incurred acquisition costs of $194,019 which have been included in investments in Local Limited Partnerships. As of all periods presented, the acquisition costs were fully amortized.

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. Asset management fees of $92,738, $126,540 and $159,020 were incurred during the years ended March 31, 2012, 2011 and 2010, respectively, of which $429,628, $108,645 and $93,623 was paid during the years ended March 31, 2012, 2011 and 2010, respectively.

The Partnership reimbursed 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 approximately $71,000, $35,000 and $78,000 during the years ended March 31, 2012, 2011 and 2010, respectively. The unpaid operating expenses reimbursable to the General Partner or its affiliates were $14,422, $3,100 and $18 for the years ended March 31, 2012, 2011 and 2010, respectively.

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

	March 31,
	2012		2011
Expenses paid by the General Partner or an affiliate on behalf of the Partnership	$	14,422	$	3,100
Asset management fee payable		1,689,495		2,026,385
Total	$	1,703,917	$	2,029,485

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 the future foreseeable working capital requirements of the Partnership. The Partnership currently has insufficient working capital to fund its operations. Associates has agreed to continue providing advances sufficient enough to fund the operations and working capital requirements of the Partnership through June 30, 2013.