Investment in Local Limited Partnership

3 Months Ended

Jun. 30, 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 Partners 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 June 30, 2011 and March 31, 2011:

	June 30			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		(2,109,932	)		(2,155,769	)

Cumulative cash distributions received from Local Limited Partnership		(19,610	)		(19,610	)

Investment in Local Limited Partnership before adjustments		3,681,694			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		(95,790	)		(94,514	)

Investment in Local Limited Partnership before impairment		3,764,504			3,719,943

Cumulative impairment on investment in Local Limited Partnership		(2,364,000	)		(2,364,000	)

Investment in Local Limited Partnership	$	1,400,504		$	1,355,943

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

The Partnership’s share of the net income (loss) of the Local Limited Partnership for the three months ended June 30, 2011 and 2010 is $45,837 and ($10,395) respectively.

- Definition

The entire disclosure for equity investment, or group of investments, for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summarized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20 percent of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.

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BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P V 10-Q/A