2. Investment in Local Partnerships

3 Months Ended

Jun. 29, 2012

2. Investment in Local Partnerships:

2. Investment in Local Partnerships

2.   Investment in Local Partnerships

The Trust initially acquired limited partner equity interests (the “Local Partnership Interests”) in ten Local Partnerships representing capital contributions in the aggregate amount of $14,837,956, which includes voluntary advances (the “Advances”) made to certain Local Partnerships and all of which has been paid. As of June 29, 2012, the Trust holds a Local Partnership Interest in nine Local Partnerships. The Trust has no legal obligation to fund any operating deficits of the Local Partnerships.

For the three months ended June 29, 2012, the investment in local partnerships activity consists of the following:

Investment in local partnerships as of March 30, 2012	$ 2,267,000
Equity in income of investment in local partnerships	94,329	*
Distributions from Local Partnerships	(3,750)
Distributions classified as other income	3,750
Investment in local partnerships as of June 29, 2012	$ 2,361,329

*In the event the operations of a Local Partnership result in a loss, equity in loss of each investment in Local Partnership allocated to the Trust is recognized to the extent of the Trust’s investment balance in each Local Partnership. Equity in loss in excess of the Trust’s investment balance in a Local Partnership is allocated to other partners’ capital in any such Local Partnership.

Edgewood Manor Associates, L.P. (“Edgewood”) is currently in default under the terms of its first mortgage and a default has been declared by the lender; delinquent payments of principal, interest and certain fees represent a cumulative arrearage of approximately $52,000 as of July 2012. The Trust has made cumulative Advances of $90,000 to Edgewood to fund operating deficits as of June 29, 2012, none of which were made during the three months then ended. The Trust’s investment balance in Edgewood, after cumulative equity losses, became zero during the year ended March 30, 2005 and Advances made by the Trust were recorded as investment in local partnerships and written off as additional equity in loss of investment in local partnerships.

The Trust’s investment in St. John Housing Associates, L.P. (“St. John Housing”) represents more than 20% of the Trust’s total assets as of June 29, 2012 and the equity in income from the Trust’s investment in St. John Housing represents more than 20% of the Trust’s net income for the three months then ended. The following financial information represents certain unaudited balance sheet and operating statement data of St. John Housing as of and for the three months ended March 31, 2012:

Total assets	$ 5,664,123
Total liabilities	$ 3,257,692
Revenue	$   368,116
Net income	$     95,282