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EXCEL - IDEA: XBRL DOCUMENT - BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P VFinancial_Report.xls
10-Q - BOSTON FINANCIAL - BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P Vqh5q3fy1210q.htm
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EX-32.2 - BOSTON FINANICAL - BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P Vqh5q3fy12ex32-2.htm
EX-31.1 - BOSTON FINANCIAL - BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P Vq5hq3fy12ex31-1.htm
EX-31.2 - BOSTON FINANCIAL - BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P Vqh5q3fy12ex31-2.htm
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v2.4.0.6
Investment in Local Limited Partnership
9 Months Ended
Dec. 31, 2011
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments Disclosure [Text Block]

1.      Investment in Local Limited Partnership

The Partnership currently has a limited partner interest in one Local Limited Partnership which was organized for the purpose of owning and operating a government-assisted multi-family housing complex.  The Partnership's ownership interest in the Local Limited Partnership is 99%. The Partnership may have negotiated or may negotiate options with the Local General Partner to purchase or sell the Partnership’s interest in the Local Limited Partnership at the end of the Compliance Period for a nominal price.  In the event that the Property is sold to a third party or upon dissolution of the Local Limited Partnership, proceeds will be distributed according to the terms of the Local Limited Partnership agreement.

The following is a summary of investment in Local Limited Partnership at December 31, 2011 and March 31, 2011:

 

 

 December 31

 

 

March 31

 

Capital contributions paid to Local Limited Partnership and purchase

 

 

 

 

 

 

price paid to withdrawing partners of Local Limited Partnership

 

$

5,811,236

 

 

$

5,811,236

 

 

 

 

 

 

 

 

 

 

Cumulative equity in losses of Local Limited Partnership

 

 

(1,831,475

)

 

 

(2,155,769

)

 

 

 

 

 

 

 

 

 

Cumulative cash distributions received from Local Limited Partnership

 

 

(19,610

)

 

 

(19,610

)

 

 

 

 

 

 

 

 

 

Investment in Local Limited Partnership before adjustments

 

 

3,960,151

 

 

 

3,635,857

 

 

 

 

 

 

 

 

 

 

Excess investment costs over the underlying assets acquired:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition fees and expenses

 

 

178,600

 

 

 

178,600

 

 

 

 

 

 

 

 

 

 

Cumulative amortization of acquisition fees and expenses

 

 

(98,341

)

 

 

(94,514

)

 

 

 

 

 

 

 

 

 

Investment in Local Limited Partnership before impairment

 

 

4,040,410

 

 

 

3,719,943

 

 

 

 

 

 

 

 

 

 

Cumulative impairment on investment in Local Limited Partnership

 

 

(2,364,000

)

 

 

(2,364,000

)

 

 

 

 

 

 

 

 

 

Investment in Local Limited Partnership

 

$

1,676,410

 

 

$

1,355,943

 

The Partnership has recorded an impairment for its investment in the Local Limited Partnership in order to appropriately reflect the estimated net realizable value of this investment.

The Partnership’s share of the net income of the Local Limited Partnership for the nine months ended December 31, 2011 and 2010 is $324,294 and $257,577, respectively.