2. Investment in Local Partnerships

3 Months Ended

Dec. 30, 2012

Notes

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 December 30, 2012, the Trust holds a Local Partnership Interest in nine Local Partnerships. See discussion below regarding the disposal of a Local Partnership Interest subsequent to December 30, 2012.  The Trust has no legal obligation to fund any operating deficits of the Local Partnerships.

For the nine months ended December 30, 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		131,519	*
Distributions from Local Partnerships		(10,950)
Distributions classified as other income		6,250
Investment in local partnerships as of December 30, 2012	$	2,393,819

*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”) sold its underlying property in February 2013, in connection with which the Trust received $31,293. Such amount will be recorded by the Trust as gain on sale of limited partner interests/local partnership properties. The Local General Partners of Edgewood intend to dissolve Edgewood as soon as possible. The Trust made cumulative Advances of $90,000 to Edgewood in prior years to fund operating deficits. The Trust’s investment balance in Edgewood, after cumulative equity losses and distributions, 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 December 30, 2012 and the equity in income from the Trust’s investment in St. John Housing represents more than 20% of the Trust’s net loss for the nine 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 nine months ended September 30, 2012:

Total assets	$ 5,527,548
Total liabilities	$ 3,143,681
Revenue	$ 1,094,264
Net income	$   132,847