Investments in Local Limited Partnerships

6 Months Ended

Sep. 30, 2013

Equity Method Investments and Joint Ventures [Abstract]

Investments in Local Limited Partnerships

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS

As of September 30, 2013 and March 31, 2013, the Partnership owns Local Limited Partnership interests in 1 and 3 Local Limited Partnerships, respectively. As of September 30, 2013 and March 31, 2013, these Local Limited Partnerships each own one Housing Complex consisting of an aggregate of 56 and 166 apartment units, respectively. The Local General Partners of the Local Limited Partnerships manage the day to day operations of the entities. 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 agreements, of the operating profits and losses, taxable income and losses, and Low Income Housing Tax Credits of the Local Limited Partnerships.

Selected financial information for the six months ended September 30, 2013 and 2012 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

	2013			2012
Revenue	$	431,000		$	625,000
Expenses:
Operating expenses		294,000			469,000
Interest expense		88,000			135,000
Depreciation and amortization		139,000			204,000
Total expenses		521,000			808,000
Net loss	$	(90,000	)		(183,000	)
Net loss allocable to the Partnership	$	(88,000	)	$	(181,000	)
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.