NOTE 1  General The condensed consolidated financial statements as of June 30, 2016 include the accounts of Independence Tax Credit Plus L.P. II (the Partnership) and one remaining (of an original fifteen) other limited partnership (subsidiary partnership, subsidiary or Local Partnership) owning affordable apartment complexes (Properties) that are eligible for the low-income housing tax credit. As of June 30, 2016 , the Partnership has ownership interests in one remaining investment. The general partner of the Partnership is Related Independence Associates L.P., a Delaware limited partnership (the General Partner). The general partner of the General Partner is Independent Associates GP LLC, a Delaware limited liability company. Centerline Holding Company (Centerline) was the ultimate parent of Centerline Affordable Housing Advisors LLC (CAHA), the sole member of the Manager of the General Partner. On April 15, 2015, Alden Torch Financial, LLC, a newly formed Delaware limited liability company (ATF), became the indirect owner of 100% of the equity interests in Centerline. Since April 15, 2015, ATF has been the ultimate parent and indirect owner of 100% of the equity interests in CAHA. Through the rights of the Partnership and/or an affiliate of the General Partner, which affiliate has contractual obligation to act on behalf of the Partnership, to remove the general partner of each of the subsidiary partnerships (each a Local General Partner) and to approve certain major operating and financial decisions, the Partnership has a controlling financial interest in the subsidiary partnerships. For financial reporting purposes, the Partnerships fiscal quarter ends June 30 . The remaining Local Partnership s fiscal quarter ends March 31 st . Accounts of the remaining Local Partnership have been adjusted for intercom pany transactions from April 1 through June 30 . The Partnerships fiscal quarter ends on June 30 in order to allow adequate time for the remaining Local Partnerships financial statemen