Investments in Local Limited Partnerships

3 Months Ended

Jun. 30, 2014

Equity Method Investments and Joint Ventures [Abstract]

Investments in Local Limited Partnerships

NOTE 2 - INVESTMENTS IN LOCAL LIMITED PARTNERSHIPS

As of June 30, 2014 and March 31, 2014, the Partnership owns a Local Limited Partnership interest in 1 Local Limited Partnership. As of June 30, 2014 and March 31, 2014, the Local Limited Partnership owns 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 agreements, 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 three months ended June 30, 2014 and 2013 from the unaudited combined condensed financial statements of the Local Limited Partnership in which the Partnership has invested is as follows:

COMBINED CONDENSED STATEMENTS OF OPERATIONS

	2014			2013
Revenue	$	150,000		$	281,000
Expenses:
Operating expenses		101,000			200,000
Interest expense		25,000			92,000
Depreciation and amortization		47,000			92,000
Total expenses		173,000			354,000
Net loss	$	(23,000	)		(73,000	)
Net loss allocable to the Partnership	$	(22,000	)		(72,000	)
Net loss recorded by the Partnership	$	-		$	-

At times the Local Limited Partnership has incurred significant operating losses and/or has working capital deficiencies. In the event the Local Limited Partnership continues to incur significant operating losses, additional capital contributions by the Partnership may be required to sustain operations of the Local Limited Partnership.