An affiliate of the General Partner has a .01% interest as a special limited partner in each of the Local Partnerships.

Pursuant to the Partnership Agreement and the Local Partnership Agreements, the General Partner, the Local General Partners and their respective affiliates receive their pro-rata share of profits, losses and tax credits.

Expenses incurred to related parties from operations for the years ended March 31, 2014 and 2013 were as follows:

		Years Ended March 31,
		2014		2013*

Partnership management fees (a)		$	182,000	$	218,900
Expense reimbursement (b)			188,946		189,950
Local administrative fees (c)			25,441		24,800
Total general and administrative - General Partner			396,387		433,650

Property management fees incurred to affiliates of the
	subsidiary partnerships’ general partners		286,184		281,586
Total general and administrative-related parties		$	682,571	$	715,236

*	Reclassifed for comparative purposes.

Expenses incurred to related parties from discontinued operations for the years ended March 31, 2014 and 2013 were as follows:


		Years Ended March 31,
		2014		2013*

Local administrative fees (c)		$	6,300	$	10,200

Total general and administrative – General Partner			6,300		10,200

Property management fees incurred to affiliates of
	the subsidiary partnerships’ general partners		30,922		75,451

Total general and administrative-related parties		$	37,222	$	85,651

* Reclassified for comparative purposes.

(a) The General Partner is entitled to receive a partnership management fee, after payment of all Partnership expenses, which together with the annual local administrative fees will not exceed a maximum of 0.5% per annum of invested assets (as defined in the Partnership Agreement), for administering the affairs of the Partnership. Subject to the foregoing limitation, the partnership management fee will be determined by the General Partner in its sole discretion based upon its review of the Partnership's investments. Unpaid partnership management fees for any year are accrued without interest and will be payable out of sales or refinancing proceeds only to the extent of available funds after payments on all Partnership liabilities have been made other than those owed to the General Partner and its affiliates. Partnership management fees owed to the General Partner amounting to approximately $2,719,000 and $2,544,000 were accrued and unpaid as of March 31, 2014 and 2013, respectively. Current year partnership management fees may be paid out of operating reserves or refinancing and sales proceeds. However, the General Partner cannot demand payment of the deferred fees beyond the Partnership's ability to pay them.

(b) The Partnership reimburses the General Partner and its affiliates for actual Partnership operating expenses incurred by the General Partner and its affiliates on the Partnership's behalf. The amount of reimbursement from the Partnership is limited by the provisions of the Partnership Agreement. Another affiliate of the General Partner performs asset monitoring for the Partnership. These services include site visits and evaluations of the subsidiary partnerships' performance. Expense reimbursements and asset monitoring fees owed to the General Partner and its affiliates amounting to approximately $83,000 and $37,000 were accrued and unpaid as of March 31, 2014 and 2013, respectively. The General Partner does not intend to demand payment of the deferred payables beyond the Partnership's ability to pay them. The Partnership anticipates that these will be paid, if at all, from working capital reserves or future sales proceeds.

(c) Independence SLP IV L.P., a special limited partner of the subsidiary partnerships, is entitled to receive a local administrative fee of up to $5,000 per year from each subsidiary partnership. Local administrative fees owed to Independence SLP IV L.P. amounting to $291,000 and $271,000 were accrued and unpaid as of March 31, 2014 and 2013, respectively. These fees have been deferred in certain cases and the Partnership anticipates that they will be paid, if at all, from working capital reserves or future sales proceeds.

As of March 31, 2014 and 2013, the Partnership owed $1,000 and $0, respectively, to the General Partner for expenses it paid on the Partnership's behalf.

Due to Local General Partners and affiliates from operating liabilities consists of the following:


	March 31,
	2014		2013

Development fee payable	$	1,467,646	$	1,441,171
Consulting fee payable		50,000		50,000
Operating advances		333,821		356,212
Management and other fees		180		4,637

	$	1,851,647	$	1,852,020

Due from Local General Partners and affiliates from operating liabilities consists of the following:

		March 31,
		2014		2013


	Local general partner receivable	$	670,998	$	662,083