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Mortgage Notes Payable

12 Months Ended

Mar. 31, 2014

Mortgage Notes Payable Disclosure [Text Block]

NOTE 7 – Mortgage Notes Payable

The mortgage loans from operations are payable in aggregate monthly installments of approximately $112,000 including principal and interest with rates varying from 0% to 8.13% per annum and have maturity dates ranging from 2020 through 2051. The loans are collateralized by the land and buildings of the subsidiary partnerships and the assignment of certain subsidiary partnerships' rents and leases, and are without further recourse. Certain obligations are guaranteed by affiliates of the general partner.

Annual principal payments on the permanent debt requirements for mortgage notes payable from operations for each of the next five calendar years and thereafter are as follows:

Years Ending December 31,	Amount

2014	$	269,959
2015		279,827
2016		282,853
2017		298,578
2018		315,482
Thereafter		15,009,315

	$	16,456,014

Accrued interest payable from operations amounted to approximately $4,627,000 and $4,350,000 as of March 31, 2014 and 2013, respectively. Interest accrues on all mortgage loans, which include primary and secondary loans. Certain secondary loans have provisions such that interest is accrued but not payable until a future date. The Partnership anticipates the payment of accrued interest on the secondary loans (which make up the majority of the accrued interest payable amount and which have been accumulating since the Partnership's investment in the respective Local Partnership) will be made from future refinancings or sales proceeds of the respective Local Partnership or through assumption by the buyer upon sale of the Partnership's interest in the respective Local Partnership. In addition, each Local Partnership's mortgage notes are collateralized by the land and buildings of the respective Local Partnership, and are without further recourse to the Partnership.

The mortgage agreements generally require monthly deposits to replacement reserves. Monthly deposits of approximately $10,000 from operations were made to escrow accounts for real estate taxes, hazard and mortgage insurance and other expenses (Note 5).