2.4.0.8009 - Disclosure - Investments in Local Limited Partnershiptruefalsefalse1false falsefalseContext_FYE_31-Mar-2013http://www.sec.gov/CIK0000911568duration2012-04-01T00:00:002013-03-31T00:00:001true 1us-gaap_EquityMethodInvestmentsAndJointVenturesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Equity Method Investments and Joint Ventures [Abstract]2false 2us-gaap_EquityMethodInvestmentsDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseverboseLabel1falsefalsefalse00<p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">3.      Investments in Local Limited Partnerships <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">The Fund currently has limited partner or member interests in two Local Limited Partnerships, which were organized for the purpose of owning and operating multi-family housing complexes, both of which are government assisted. The Fund's ownership interest in one Local Limited Partnership is 99%, while the Fund’s ownership interest in the other is 77%.  The Fund may have negotiated or may negotiate options with the Local General Partners to purchase or sell the Fund’s interests in the Local Limited Partnerships at the end of the Compliance Period for  nominal prices.  In the event that the Properties are sold to third parties, or upon dissolution of the Local Limited Partnerships, proceeds will be distributed according to the terms of each Local Limited Partnership agreement. <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">The following is a summary of investments in Local Limited Partnerships at March 31, 2013 and 2012: <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <table style="text-transform: none; text-indent: 0px; width: 100%; font-family: 'times new roman'; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2"> 2013 </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2"> 2012 </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> </tr> <tr> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2">   </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2">   </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Capital contributions and advances paid to Local Limited Partnerships </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 4,015,376 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 15,943,196 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Cumulative equity in losses of Local Limited Partnerships (excluding </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">      cumulative unrecognized losses of $945,515 and $3,202,928 at </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">      March 31, 2013 and 2012, respectively) </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> (2,971,814 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> (8,813,573 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Cumulative cash distributions received from Local Limited Partnerships </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> (43,323 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> (480,795 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Investments in Local Limited Partnerships before adjustments </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 1,000,239 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 6,648,828 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Excess investment costs over the underlying assets acquired: </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Acquisition fees and expenses </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 49,892 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 619,931 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Cumulative amortization of acquisition fees and expenses </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> (15,131 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> (187,865 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Investments in Local Limited Partnerships before valuation allowance </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">     and impairment </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 1,035,000 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 7,080,894 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Cumulative valuation allowance on advances to Local     Limited Partnerships </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">  - </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> (1,417,455 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Cumulative impairment on  investments in Local Limited Partnerships </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%">  (1,035,000 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%">  (3,663,000 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 3pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Investments in Local Limited Partnerships </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> - </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 2,000,439 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> </table> <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">The Fund has recorded an impairment for its investments in certain Local Limited Partnerships in order to appropriately reflect the estimated net realizable value of these investments. <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal"> <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">The following is the summarized combined December 31, 2012 and 2011 financial information of the Local Limited Partnerships in which the Fund invested during the years ended March 31, 2013 and 2012, respectively (due to the Fund's policy of reporting the financial information of its Local Limited Partnership interests on a 90 day lag basis). The following combined financial information excludes the financial statements of one Local Limited Partnership for each of the years ended December 31, 2012 and 2011. <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">Summarized Combined Balance Sheets - as of December 31, <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <table style="text-transform: none; text-indent: 0px; width: 100%; font-family: 'times new roman'; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2"> 2012 </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2"> 2011 </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> </tr> <tr> <td style="padding: 0in;" valign="bottom"> Assets: </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2">   </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2">   </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Investment property, net </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 5,931,273 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 20,343,894 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Other assets </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 1,269,534 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 2,286,156 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 3pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Total Assets </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 7,200,807 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 22,630,050 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Liabilities and Partners' Equity (Deficiency): </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Mortgage notes payable </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 7,027,109 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 10,508,183 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Other liabilities </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 760,120 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 10,584,002 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Total Liabilities </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 7,787,229 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 21,092,185 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Fund's equity </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 97,450 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 3,263,701 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Other partners' deficiency </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> (683,872 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> (1,725,836 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Total Partners' Equity (Deficiency) </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> (586,422 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap"> ) </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 1,537,865 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 3pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Total Liabilities and Partners' Equity (Deficiency) </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 7,200,807 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 22,630,050 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> </table> <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">Summarized Combined Statements of Operations - for the years <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">ended December 31, <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <table style="text-transform: none; text-indent: 0px; width: 100%; font-family: 'times new roman'; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormaltable" border="0" cellspacing="0" cellpadding="0"> <tr> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2"> 2012 </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2"> 2011 </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> </tr> <tr> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2">   </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> <td style="padding: 0in;" valign="bottom">   </td> <td style="padding: 0in;" valign="bottom" colspan="2">   </td> <td style="padding: 0in;" valign="bottom" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Rental and other income </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 5,336,402 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 5,298,513 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Expenses: </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Operating </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 2,244,537 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 2,620,027 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%"> Interest </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%"> 789,298 </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%"> 1,031,261 </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Depreciation and amortization </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 806,722 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 1,058,156 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Total Expenses </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 3,840,557 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 1.5pt solid; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 4,709,444 </td> <td style="padding-bottom: 1.5pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 3pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Net Income </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 1,495,845 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 589,069 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="padding-bottom: 3pt; padding-left: 0in; width: 1435px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="76%"> Fund’s share of Net Income Other partners' share of Net Income </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 170px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 1,489,300   6,545 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 19px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%">   </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 19px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="1%"> $ </td> <td style="border-bottom: black 2.25pt double; border-right-style: none; width: 169px; border-top-style: none; border-left-style: none; padding: 0in;" valign="bottom" width="9%"> 584,531    4,538 </td> <td style="padding-bottom: 3pt; padding-left: 0in; width: 18px; padding-right: 0in; padding-top: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> <tr> <td style="width: 1435px; padding: 0in;" valign="bottom" width="76%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 170px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 19px; padding: 0in;" valign="bottom" width="1%">   </td> <td style="width: 169px; padding: 0in;" valign="bottom" width="9%">   </td> <td style="width: 18px; padding: 0in;" valign="bottom" width="1%" nowrap="nowrap">   </td> </tr> </table> <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">The 2012 financial information of one Local Limited Partnership, which was disposed of during the year ended March 31, 2013 as discussed below, is not included in the above summarized combined financial information.  The Fund’s estimated equity in income of this Local Limited Partnership is $5,000 for the year ended March 31, 2013. <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">The 2011 financial information of one Local Limited Partnership, which was disposed of during the year ended March 31, 2012, as discussed below, is not included in the above summarized combined financial information.  The Fund's estimated equity in loss of this Local Limited Partnership is $80,000 for the year ended March 31, 2012, all of which is not recognized as described below. <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">For the years ended  March 31, 2013 and 2012, the Fund has not recognized $38,647 and $91,112, respectively, of equity in losses  relating to certain Local Limited Partnerships in which cumulative equity in losses and distributions exceeded its total investment in the Local Limited Partnerships.  Previously unrecognized losses of $1,527,947 and $446,090 are included in losses recognized in the years ended March 31, 2013 and 2012, respectively. <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">The Fund’s equity as reflected by the Local Limited Partnerships of $97,450 and $3,263,701 at December 31, 2012 and 2011, respectively, differs from the Fund’s investments in Local Limited Partnerships before adjustments of $1,000,239 and $6,648,828 at March 31, 2013 and 2012, respectively, due to : (i) cumulative unrecognized losses as described above; (ii)  advances to Local Limited Partnerships that the Fund included in investments in Local Limited Partnerships; and (iii) differences in the accounting treatment of miscellaneous items. <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">During the year ended March 31, 2013, the Fund disposed of its interest in two Local Limited Partnerships.  The Fund's aggregate net investment value at the time of the dispositions was $1,989,681.  The Fund received $2,015,000 during the year ended March 31, 2013 from the disposition of its interest in one of these Local Limited Partnerships.  The dispositions resulted in a net gain of $25,319. <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">  <p style="text-transform: none; text-indent: 0px; margin: 0in 0in 0pt; font: 11pt calibri, sans-serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;" class="msonormal">During the year ended March 31, 2012, the Fund disposed of its interest in one Local Limited Partnership.  The Fund’s investment value at the time of the disposition was zero resulting in no gain or loss on disposition of investments in Local Limited Partnerships.falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6382943&loc=d3e33918-111571 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32847-111569 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 35 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=7658923&loc=d3e32787-111569 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 18 -Paragraph 20 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. false0Equity Method Investments Disclosure [Text Block]falseInvestments in Local Limited PartnershipUnKnownUnKnownUnKnownUnKnowntruefalsefalseSheethttp://www.bostonfinancial.com/role/InvestmentInLocalLimitedPartnership12