2. Investment in Local Partnerships

9 Months Ended

Dec. 30, 2015

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, 2015, the Trust holds a Local Partnership Interest in five Local Partnerships (see discussion below regarding the Trust’s sale of its Local Partnership Interest in SB-92 Limited Partnership (“SB-92”) subsequent to December 30, 2015). The Trust has no legal obligation to fund any operating deficits of the Local Partnerships.

During the nine months ended December 30, 2015, the Trust sold its Local Partnership Interest in Ledge/McLaren Limited Partnership (“Ledge/McLaren”) to an affiliate of the Local General Partner of Ledge/McLaren; the Trust received $2,250 in connection with the sale. Such amount is reflected as gain on sale of limited partner interests/local partnership properties in the accompanying statement of operations and comprehensive income (loss) for the nine months ended December 30, 2015. After accounting for its share of cumulative income, losses and distributions, the Trust’s investment in Ledge/McLaren had reached a zero balance prior to the sale.

Subsequent to December 30, 2015, the Trust sold its Local Partnership Interest in SB-92 to an affiliate of the Local General Partner of SB-92; the Trust received $5,000 in connection with the sale.  After accounting for its share of cumulative income, losses and distributions, the Trust’s investment in SB-92 had reached a zero balance prior to the sale; the proceeds will be recorded by the Trust as gain on sale of limited partner interests/local partnership properties.

For the nine months ended December 30, 2015, the investment in local partnerships activity consists of the following:

Investment in local partnerships as of March 30, 2015	$   395,782
Distributions from Local Partnerships	(13,562)
Distributions classified as other income	13,562
Equity in income of investment in local partnerships	17,482	*
Investment in local partnerships as of December 30, 2015	$    413,264

*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.

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, 2015. 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, 2015:

Total assets	$ 5,217,650
Total liabilities	$ 2,612,121
Revenue	$    942,099
Net income	$      17,659