**SECURITIES AND EXCHANGECOMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-K**

 

**ý****        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THESECURITIES EXCHANGE ACT OF 1934**

 

**For thefiscal year ended March 31, 2003 or**

 

**o****        TRANSITION REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THESECURITIESEXCHANGE ACT OF 1934**

 
|   | **For the transition period from                           to                       ** |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

** **

**Commissionfile number        0-26200**

 

**BOSTON CAPITAL TAX CREDIT FUNDIV L.P.**

(Exactname of registrant as specified in its charter)

 

| **Delaware**                                                                   |   | **04-3208648**                         |
|--------------------------------------------------------------------------------|--------|----------------------------------------|
| (State  or other jurisdiction  of incorporation or organization)               |   | (I.R.S.  Employer  Identification No.) |
|                                                                           |   |                                   |
| **One Boston Place, Suite 2100,  Boston, Massachusetts  02108** |
| (Address  of principal executive offices)  (Zip Code)                |

 

Registrants telephone number, including area code **(617)624-8900**

Securities registered pursuant to Section 12(b) of the Act:

 
| **Title of  each class** |   | **Name of  each exchange  on which registered** |
|--------------------------|--------|-------------------------------------------------|
|                     |   |                                            |
| None                     |   | None                                            |

 

Securitiesregistered pursuant to Section 12(g) of the Act:

 

**Beneficial Assignee Certificates**

 

(Titleof Class)

 

Indicate by check mark whether the Fund (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding twelve months (or for such shorter period that theFund was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.

 
| YES | ý | NO | o |
|-----|--------|----|---|

 

Indicate by check mark if disclosure of delinquent filers pursuant toItem 405 or Regulation S-K ( 229.405 of this chapter) is not contained herein,and will not be contained, to the best of registrant’s knowledge, in definitiveproxy or information statements incorporated by reference in Part III of thisForm 10-K or any amendment to this Form 10-K.

 

XX

 

 

----

 

# DOCUMENTS INCORPORATEDBY REFERENCE

 

The following documents of the Fund are incorporated by reference:

 
| **Form 10-K  Parts** |   | **Document**                      |   |
|----------------------|--------|-----------------------------------|--------|
|                 |   |                              |   |
| Parts I, III         |   | January 3, 1994 Prospectus,       |   |
| as supplemented      |   |                              |   |
|                 |   |                              |   |
| Parts II, IV         |   | Form 8-K dated February 1, 1995   |   |
|                 |   | Form 8-K dated  March 9, 1995     |   |
|                 |   | Form 8-K dated  October 13, 1995  |   |
|                 |   | Form 8-K dated  February 29, 1996 |   |
|                 |   | Form 8-K dated  December 16, 1996 |   |
|                 |   | Form 8-K dated  December 16, 1996 |   |
|                 |   | Form 8-K dated  February 11, 1997 |   |
|                 |   | Form 8-K dated  February 14, 1997 |   |
|                 |   | Form 8-K dated  March 25, 1997    |   |
|                 |   | Form 8-K dated  March 25, 1997    |   |
|                 |   | Form 8-K dated  March 25, 1997    |   |
|                 |   | Form 8-K dated  March 25, 1997    |   |
|                 |   | Form 8-K dated  March 25, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 26, 1997    |   |
|                 |   | Form 8-K dated  March 27, 1997    |   |
|                 |   | Form 8-K dated  March 27, 1997    |   |
|                 |   | Form 8-K dated  March 27, 1997    |   |
|                 |   | Form 8-K dated  April 7, 1997     |   |
|                 |   | Form 8-K dated  May 21, 1998      |   |
|                 |   | Form 8-K dated  July 16, 1997     |   |
|                 |   | Form 8-K dated  July 22, 1997     |   |
|                 |   | Form 8-K dated  July 22, 1997     |   |
|                 |   | Form 8-K dated  July 22, 1997     |   |
|                 |   | Form 8-K dated  July 22, 1997     |   |
|                 |   | Form 8-K dated  July 22, 1997     |   |
|                 |   | Form 8-K dated  August 5, 1997    |   |
|                 |   | Form 8-K dated  August 5, 1997    |   |
|                 |   | Form 8-K dated  August 5, 1997    |   |
|                 |   | Form 8-K dated  August 8, 1997    |   |

 

----

 
| **Form 10-K  Parts** |   | **Document**                       |   |
|----------------------|--------|------------------------------------|--------|
|                 |   |                               |   |
| Parts II, IV         |   | Form 8-K dated April 23, 1998      |   |
|                 |   | Form 8-K dated  April 23, 1998     |   |
|                 |   | Form 8-K dated  April 24, 1998     |   |
|                 |   | Form 8-K dated  April 27, 1998     |   |
|                 |   | Form 8-K dated  April 29, 1998     |   |
|                 |   | Form 8-K dated  April 30, 1998     |   |
|                 |   | Form 8-K dated  April 30, 1998     |   |
|                 |   | Form 8-K dated  April 30, 1998     |   |
|                 |   | Form 8-K dated  May 1, 1998        |   |
|                 |   | Form 8-K dated  June 30, 1999      |   |
|                 |   | Form 8-K dated  June 30, 1999      |   |
|                 |   | Form 8-K dated  July 27, 1999      |   |
|                 |   | Form 8-K dated  July 27, 1999      |   |
|                 |   | Form 8-K dated  November 30, 1999  |   |
|                 |   | Form 8-K dated  December 28, 1999  |   |
|                 |   | Form 8-K dated  December 29, 1999  |   |
|                 |   | Form 8-K dated  January 26, 2000   |   |
|                 |   | Form 8-K dated  February 3, 2000   |   |
|                 |   | Form 8-K dated  February 9, 2000   |   |
|                 |   | Form 8-K dated  February 10, 2000  |   |
|                 |   | Form 8-K dated  February 16, 2000  |   |
|                 |   | Form 8-K dated  September 29, 2000 |   |
|                 |   | Form 8-K dated  September 29, 2000 |   |
|                 |   | Form 8-K dated  September 29, 2000 |   |
|                 |   | Form 8-K dated  September 29, 2000 |   |
|                 |   | Form 8-K dated  September, 2002    |   |
|                 |   | Form 8-K dated  September, 2002    |   |
|                 |   | Form 8-K dated  September, 2002    |   |

 

----

 

BOSTON CAPITAL TAX CREDITFUND IV L.P.

Form 10-K ANNUAL REPORTFOR THE YEAR ENDED MARCH 31, 2003

 

TABLE OF CONTENTS

 
| PART I    |
|-----------|
|      |   |
| Item  1.  | Business |
| Item  2.  | Properties |
| Item  3.  | Legal  Proceedings |
| Item  4.  | Submission  of Matters to a Vote of Security Holders |
|      |   |
| PART II   |
|      |   |
| Item  5.  | Market  for the Fund’s Limited Partnership Interests and Related Partnership Matters |
| Item 6.   | Selected Financial Data |
| Item  7.  | Management’s  Discussion and Analysis of Financial Condition and Results of Operations |
| Item  8.  | Financial  Statements and Supplementary Data |
| Item  9.  | Changes  in and Disagreements with Accountants on Accounting and Financial Disclosure |
|      |   |
| PART III  |
|      |   |
| Item  10. | Directors  and Executive Officers of the Fund |
| Item  11. | Executive  Compensation |
| Item  12. | Security  Ownership of Certain Beneficial Owners and Management |
| Item  13. | Certain  Relationships and Related Transactions |
| Item  14. | Controls  and Procedures |
|      |   |
| PART IV   |
|      |   |
| Item  15. | Exhibits,  Financial Statement Schedules, and Reports on Form 8-K |
|      |   |
|      | Signatures |

 

----

 

# PARTI

 

Item 1.                                                 Business

 

## Organization

 

Boston Capital Tax Credit Fund IV L.P. (the “Fund”) is a limitedpartnership formed under the Delaware Revised Uniform Limited Partnership Actas of October 5, 1993.  Effective as ofJune 1, 2001 there was a restructuring, and as a result, the Fund’s generalpartner was reorganized as follows.  TheGeneral Partner of the Fund continues to be Boston Capital Associates IV L.P.,a Delaware limited partnership.  Thegeneral partner of the General Partner is now BCA Associates LimitedPartnership, a Massachusetts limited partnership, whose sole general partner isC&M Management, Inc., a Massachusetts corporation.  John P. Manning is the principal of BostonCapital Partners, Inc.  The limitedpartner of the General Partner is Capital Investment Holdings, a generalpartnership whose partners are certain officers and employees of Boston CapitalPartners, Inc., and its affiliates.  TheAssignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporationwhich is now wholly-owned by John P. Manning.

 

The Assignor Limited Partner was formed for the purpose of serving inthat capacity for the Fund and will not engage in any other business. Units ofbeneficial interest in the Limited Partnership Interest of the Assignor LimitedPartner will be assigned by the Assignor Limited Partner by means of beneficialassignee certificates (“BACs”) to investors and investors will be entitled toall the rights and economic benefits of a Limited Partner of the Fund includingrights to a percentage of the income, gains, losses, deductions, credits anddistributions of the Fund.

 

A Registration Statement on Form S-11 and the related prospectus, assupplemented (the “Prospectus”) were filed with the Securities and ExchangeCommission and became effective December 16, 1993 in connection with a publicoffering (“Offering”) in one or more series of a minimum of 250,000 BACs and amaximum of 30,000,000 BACs at $10 per BAC. On April 18, 1996 an amendment to Form S-11, which registered anadditional 10,000,000 BACs for sale to the public in one or more series, becameeffective. On April 2, 1998 an amendment to Form S-11, which registered anadditional 25,000,000 BACs for sale to the public in one or more series, becameeffective. On August 31, 1999 an amendment to Form S-11, which registered anadditional 8,000,000 BACs for sale to the public became effective.  On July 26, 2000 an amendment to Form S-11,which registered an additional 7,500,000 BACs for sale to the public becameeffective. On July 23, 2001 an amendment to Form S-11, which registered anadditional 7,000,000 BACs for sale to the public became effective.  On July 24, 2002 an amendment to Form S- 11,which registered an additional 7,000,000 BAC’s for sale to the public becameeffective.  As of March 31, 2003,subscriptions had been received and accepted by the General Partner in Series 20,Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27,Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34,Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41,Series 42, Series 43 and Series 44 for 75,662,578 BAC’s representing capitalcontributions of $756,292,680.

 

The Offering, including information regarding the issuance of BACs inseries, is described on pages 144 to 149 of the Prospectus, as supplemented,under the caption “The Offering”, which is incorporated herein by reference.

 

1

----

 

Description of Business

 

The Fund’s principal business is to invest as a limited partner inother limited partnerships (the “Operating Partnerships”) each of which willown or lease and will operate an Apartment Complex exclusively or partially forlow- and moderate-income tenants.  EachOperating Partnership in which the Fund will invest will own Apartment Complexeswhich are completed, newly-constructed, under construction or rehabilitation,or to-be constructed or rehabilitated, and which are expected to receiveGovernment Assistance.  Each ApartmentComplex is expected to qualify for the low-income housing tax credit underSection 42 of the Code (the “Federal Housing Tax Credit”), thereby providingtax benefits over a period of ten to twelve years in the form of tax creditswhich investors may use to offset income, subject to certain strictlimitations, from other sources. Certain Apartment Complexes may also qualify for the historicrehabilitation tax credit under Section 48 of the Code (the “Rehabilitation TaxCredit”).  The Federal Housing TaxCredit and the Government Assistance programs are described on pages 64 to 88of the Prospectus, as supplemented, under the captions “Tax Credit Programs”and “Government Assistance Programs,” which is incorporated herein byreference.  Section 236 (f) (ii) of theNational Housing Act, as amended, in Section 101 of the Housing and UrbanDevelopment Act of 1965, as amended, each provide for the making by HUD of rentsupplement payments to low income tenants in properties which receive otherforms of federal assistance such as Tax Credits.  The payments for each tenant, which are made directly to theowner of their property, generally are in such amounts as to enable the tenantto pay rent equal to 30% of the adjusted family income.  Some of the Apartment Complexes in which thePartnership has invested are receiving such rent supplements from HUD.  HUD has been in the process of convertingrent supplement assistance to assistance paid not to the owner of the ApartmentComplex, but directly to the individuals. At this time, the Partnership is unable to predict whether Congress willcontinue rent supplement programs payable directly to owners of the ApartmentComplex.

 

As of March 31, 2003 the Fund had invested in 24 Operating Partnershipson behalf of Series 20, 14 Operating Partnership on behalf of Series 21, 29Operating Partnerships on behalf of Series 22, 22 Operating Partnerships onbehalf of Series 23, 24 Operating Partnerships on behalf of Series 24, 22Operating Partnerships on behalf of Series 25, 45 Operating Partnerships onbehalf of Series 26, 16 Operating Partnerships on behalf of Series 27, 26 OperatingPartnerships on behalf of Series 28, 22 Operating Partnerships on behalf ofSeries 29, 20 Operating Partnerships on behalf of Series 30, 27 OperatingPartnerships on behalf of Series 31, 17 Operating Partnerships on behalf ofSeries 32, 10 Operating Partnerships on behalf of Series 33, 14 OperatingPartnerships on behalf of Series 34, 11 Operating Partnerships on behalf ofSeries 35, 11 Operating Partnerships on behalf of Series 36, 7 OperatingPartnerships on behalf of Series 37, 10 Operating Partnerships on behalf ofSeries 38, 9 Operating Partnerships on behalf of Series 39, 16 OperatingPartnerships on behalf of Series 40, 20 Operating Partnerships on behalf ofSeries 41, 17 Operating Partnerships on behalf of Series 42, 16 OperatingPartnerships on behalf of Series 43 and 4 Operating Partnerships on behalf ofSeries 44.  A description of theseOperating Partnerships is set forth in Item 2 herein.

 

2

----

 
| The  business objectives of the Fund are to: |
|----------------------------------------------|
| (1)                                          |   | provide current tax benefits to Investors in the  form of Federal Housing Tax Credits and in limited instances, a small amount  of Rehabilitation Tax Credits, which an Investor may apply, subject to  certain strict limitations, against the investor’s federal income tax  liability from active, portfolio and passive income; |
| (2)                                          |   | preserve and protect the Fund’s capital and provide  capital appreciation and cash distributions through increases in value of the  Fund’s investments and, to the extent applicable, equity buildup through  periodic payments on the mortgage indebtedness with respect to the Apartment  Complexes. |
| (3)                                          |   | provide tax benefits in the form of passive losses  which an Investor may apply to offset his passive income (if any); and |
| (4)                                          |   | provide cash distributions (except with respect to  the Fund’s investment in certain Non-Profit Operating Partnerships) from  Capital Transaction proceeds.  The  Operating Partnerships intend to hold the Apartment Complexes for appreciation  in value.  The Operating Partnerships  may sell the Apartment Complexes after a period of time if financial  conditions in the future make such sales desirable and if such sales are  permitted by government restrictions. |

 

The business objectives and investment policies of the Fund are describedmore fully on pages 49 to 61 of the Prospectus, as supplemented, under thecaption “Investment Objectives and Acquisition Policies,” which is incorporatedherein by reference.

 

Employees

 

The Fund does not have any employees. Services are performed by the General Partner and its affiliates andagents retained by them.

 

Item 2.             Properties

 

The Fund has acquired a Limited Partnership interest in 453 OperatingPartnerships in 25 series, identified in the table set forth below.  The Apartment Complex owned by the OperatingPartnership is eligible for the Federal Housing Tax Credit.  Initial occupancy of a unit in eachApartment Complex which initially complied with the Minimum Set-Aside Test(i.e., initial occupancy by tenants with incomes equal to no more than acertain percentage of area median income) and the Rent Restriction Test (i.e.,gross rent charged tenants does not exceed 30% of the applicable incomestandards) is referred to hereinafter as “Qualified Occupancy.”  The Operating Partnership and the respectiveApartment Complex is described more fully in the Prospectus.  The General Partner believes that there isadequate casualty insurance on the properties.

 

Please refer to Item 7. “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations” for a more detailed discussionof operational difficulties experienced by certain of the OperatingPartnerships.

 

3

----

 

Boston Capital Tax CreditFund IV L.P. - Series 20

 

PROPERTY PROFILE ASOF MARCH 31, 2003

 
| **Property  Name**              |   | **Location**          |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|---------------------------------|--------|-----------------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Ashbury Apartments              |   | Sioux Falls,  SD      |   | 48        |   | $                                     | 1,138,137 |          | 4/94   |            | 6/94   |                              | 100    | %                               | $      | 806,117 |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Bennetts Pointe Apts.           |   | Bennetsville,  SC     |   | 32        |   | 1,328,873                             |      | 3/94          |   | 8/94            |   | 100                               | %      | 281,100                         |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Bradley Manor                   |   | Bradley,  AR          |   | 25        |   | 790,392                               |      | 8/94          |   | 3/95            |   | 100                               | %      | 182,044                         |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Breeze Cove Apts.               |   | Port  Washington,  WI |   | 64        |   | 2,644,416                             |      | 5/94          |   | 10/94           |   | 100                               | %      | 2,601,494                       |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Cascades Commons Apts.          |   | Sterling,  VA         |   | 320       |   | 14,241,563                            |      | 6/94          |   | 10/95           |   | 100                               | %      | 7,132,820                       |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Clarksville Estates             |   | Clarksville,  MO      |   | 32        |   | 686,066                               |      | 6/94          |   | 9/94            |   | 100                               | %      | 142,639                         |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Club Goldenrod II, Apartments   |   | Orlando,  FL          |   | 220       |   | 7,156,224                             |      | 4/94          |   | 6/95            |   | 100                               | %      | 3,681,417                       |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| College Greene Senior Apts      |   | N. Chili,  NY         |   | 110       |   | 3,712,242                             |      | 3/95          |   | 8/95            |   | 100                               | %      | 1,918,496                       |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Concordia Manor I               |   | St. Croix,  VI        |   | 22        |   | 1,451,278                             |      | 8/94          |   | 7/95            |   | 100                               | %      | 490,034                         |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Coushatta Seniors II Apartments |   | Coushatta,  LA        |   | 24        |   | 705,304                               |      | 5/94          |   | 3/94            |   | 100                               | %      | 175,182                         |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| East Douglas Apartment          |   | Bloomington,  IL      |   | 51        |   | 2,083,380                             |      | 7/94          |   | 12/95           |   | 100                               | %      | 1,281,690                       |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Edison Lane Apartments          |   | Edison,  GA           |   | 24        |   | 712,943                               |      | 9/94          |   | 10/95           |   | 100                               | %      | 204,561                         |   |
|                            |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Evergreen Hills Apts.           |   | Macedon,  NY          |   | 72        |   | 2,734,009                             |      | 8/94          |   | 1/95            |   | 100                               | %      | 693,966                         |   |
|                                 |        |                       |        |           |        |                                       |           |               |        |                 |        |                                   |        |                                 |        |  |  |

 

4

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| **Property  Name**                |   | **Location**         |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|-----------------------------------|--------|----------------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Fairoaks Lane Apts.               |   | Rincon,  GA          |   | 44        |   | $                                     | 1,401,662 |          | 7/94   |            | 5/95   |                              | 100    | %                               | $      | 339,284 |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Floral Acres II                   |   | Waggaman,  LA        |   | 32        |   | 1,022,690                             |      | 5/94          |   | 8/94            |   | 100                               | %      | 228,457                         |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Forest Glen Village               |   | Vidalia,  GA         |   | 46        |   | 1,317,667                             |      | 7/94          |   | 2/95            |   | 100                               | %      | 378,777                         |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Gardenview Apartments             |   | Pasedena,  TX        |   | 309       |   | 4,977,496                             |      | 6/94          |   | 9/95            |   | 100                               | %      | 2,261,021                       |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Harrisonburg, Seniors  Apts. |   | Harrison-  burg,  LA |   | 24        |   | 679,874                               |      | 5/94          |   | 1/94            |   | 100                               | %      | 176,621                         |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Hillside Apartments               |   | Cynthiana,  KY       |   | 48        |   | 767,449                               |      | 10/94         |   | 4/95            |   | 100                               | %      | 643,850                         |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Kristine Apartments               |   | Bakersfield,  CA     |   | 60        |   | 1,265,475                             |      | 10/94         |   | 10/94           |   | 100                               | %      | 311,675                         |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Northfield Apts.                  |   | Jackson,  MS         |   | 120       |   | 2,829,171                             |      | 6/94          |   | 8/95            |   | 100                               | %      | 3,273,126                       |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Parkside Apartments               |   | Avondale,  AZ        |   | 54        |   | 649,649                               |      | 12/94         |   | 1/94            |   | 100                               | %      | 282,547                         |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Riverview Apartments              |   | Franklinton,  LA     |   | 47        |   | 1,678,258                             |      | 4/94          |   | 10/94           |   | 100                               | %      | 370,000                         |   |
|                              |   |                 |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Shady Lane Senior Apts.           |   | Winnfield,  LA       |   | 32        |   | 932,056                               |      | 5/94          |   | 10/93           |   | 100                               | %      | 197,200                         |   |
|                                   |        |                      |        |           |        |                                       |           |               |        |                 |        |                                   |        |                                 |        |  |  |

 

5

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BostonCapital Tax Credit Fund IV L.P. - Series 21

 

PROPERTYPROFILE AS OF MARCH 31, 2003

 
| **Property  Name**                |   | **Location**            |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|-----------------------------------|--------|-------------------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Atlantic City Apts.               |   | Atlantic  City,  NJ     |   | 153       |   | $                                     | 5,175,000 |          | 9/94   |            | 10/95  |                              | 100    | %                               | $      | 2,500,000 |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Black River Run                   |   | Black River  Falls,  WI |   | 48        |   | 1,188,136                             |      | 10/94         |   | 12/94           |   | 100                               | %      | 350,531                         |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Cattaraugus Manor                 |   | Cattaraugus,  NY        |   | 24        |   | 1,084,560                             |      | 8/94          |   | 4/95            |   | 100                               | %      | 263,711                         |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Creekside at Tasker’s Chance |   | Frederick,  MD          |   | 120       |   | 4,749,380                             |      | 10/94         |   | 9/95            |   | 100                               | %      | 2,686,170                       |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Forest Glen at Sully Station      |   | Centreville,  VA        |   | 118       |   | 5,731,944                             |      | 11/94         |   | 9/95            |   | 100                               | %      | 2,649,450                       |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Fort Halifax                      |   | Winslow,  ME            |   | 24        |   | 1,111,165                             |      | 9/94          |   | 1/95            |   | 100                               | %      | 389,085                         |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Havelock Manor Apts.              |   | Havelock,  NC           |   | 60        |   | 1,826,589                             |      | 12/94         |   | 10/95           |   | 100                               | %      | 347,557                         |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Holly Village                     |   | Buchanan,  GA           |   | 24        |   | 704,960                               |      | 8/94          |   | 6/95            |   | 100                               | %      | 205,400                         |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Liveoak Village                   |   | Union  Springs,  AL     |   | 24        |   | 755,654                               |      | 10/94         |   | 7/95            |   | 100                               | %      | 176,953                         |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Lookout Ridge Apts.               |   | Covington,  KY          |   | 30        |   | 618,548                               |      | 12/94         |   | 12/94           |   | 100                               | %      | 763,038                         |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Pinedale Apartments II            |   | Menomonie,  WI          |   | 60        |   | 1,331,587                             |      | 10/94         |   | 12/94           |   | 100                               | %      | 869,798                         |   |
|                              |   |                    |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Pumphouse Crossing II Apartments  |   | Chippewa,  WI           |   | 48        |   | 1,217,042                             |      | 10/94         |   | 12/94           |   | 100                               | %      | 692,840                         |   |
|                                   |        |                         |        |           |        |                                       |           |               |        |                 |        |                                   |        |                                 |        |  |  |

 

6

----

 
| **Property  Name**    |   | **Location**    |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|-----------------------|--------|-----------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| The Woods Apartments  |   | Campton,  NH    |   | 20        |   | $                                     | 1,013,413 |          | 8/94   |            | 10/94  |                              | 100    | %                               | $      | 269,500 |   |
|                  |   |            |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Tower View Apartments |   | Tower City,  PA |   | 25        |   | 1,115,293                             |      | 11/94         |   | 5/95            |   | 100                               | %      | 268,863                         |   |
|                       |        |                 |        |           |        |                                       |           |               |        |                 |        |                                   |        |                                 |        |  |  |

 

7

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 22

 

PROPERTY PROFILEAS OF MARCH 31, 2003

 
| **Property  Name**     |   | **Location**            |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|------------------------|--------|-------------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Albemarle Village      |   | Hertford,  NC           |   | 36        |   | $                                     | 1,431,305 |           | 1/95   |             | 9/94   |                              | 100    | %                               | $      | 321,628 |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Apple Village          |   | Edmond,  OK             |   | 160       |   | 3,768,496                             |      | 11/94          |   | 3/96             |   | 100                               | %      | 1,572,166                       |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bayou Crossing         |   | Riverview,  FL          |   | 290       |   | 8,615,411                             |      | 11/94          |   | 1/96             |   | 100                               | %      | 2,854,036                       |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bellwood Gardens       |   | Ford City,  PA          |   | 28        |   | 1,235,761                             |      | 6/95           |   | 9/9 5            |   | 100                               | %      | 308,152                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Black River Run Apts.  |   | Black River  Falls,  WI |   | 48        |   | 1,188,136                             |      | 3/95           |   | 12/94            |   | 100                               | %      | 395,279                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Clarendon Court        |   | Summerton,  SC          |   | 40        |   | 1,435,854                             |      | 10/94          |   | 4/95             |   | 100                               | %      | 340,737                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Club II Goldenrod      |   | Orlando,  FL            |   | 220       |   | 7,156,224                             |      | 3/95           |   | 6/95             |   | 100                               | %      | 2,106,975                       |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cobblestone Apartments |   | Fuquay,  NC             |   | 33        |   | 1,401,719                             |      | 1/95           |   | 5/94             |   | 100                               | %      | 326,054                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor II     |   | St. Croix,  VI          |   | 20        |   | 1,480,613                             |      | 1/95           |   | 11/95            |   | 100                               | %      | 259,444                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor III    |   | St. Croix,  VI          |   | 20        |   | 1,469,851                             |      | 2/95           |   | 12/95            |   | 100                               | %      | 264,007                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Drakes Branch Elderly  |   | Drakes  Branch,  VA     |   | 32        |   | 1,254,181                             |      | 1/95           |   | 6/95             |   | 100                               | %      | 232,722                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Elks Towers Apartments |   | Litchfield,  IL         |   | 27        |   | 795,675                               |      | 10/95          |   | 12/96            |   | 100                               | %      | 750,656                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Fonda Terrace          |   | Fonda,  NY              |   | 24        |   | 1,013,411                             |      | 12/94          |   | 10/94            |   | 100                               | %      | 259,387                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Highland House         |   | Boston,  MA             |   | 14        |   | 715,700                               |      | 12/96          |   | 5/97             |   | 100                               | %      | 571,829                         |   |
|                        |        |                         |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

8

----

 
| **Property  Name**     |   | **Location**            |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|------------------------|--------|-------------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Kimbark 1200 Apts.     |   | Longmont,  CO           |   | 48        |   | $                                     | 1,960,989 |           | 9/95   |             | 12/95  |                              | 100    | %                               | $      | 321,843 |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Kingsway Apartments    |   | Swedsboro,  NJ          |   | 36        |   | 1,800,015                             |      | 7/95           |   | 6/95             |   | 100                               | %      | 46,290                          |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake City Apartments   |   | Lake City,  PA          |   | 44        |   | 1,275,486                             |      | 8/98           |   | 6/98             |   | 100                               | %      | 240,900                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake Street Apartments |   | Girard,  PA             |   | 32        |   | 1,347,650                             |      | 4/95           |   | 9/95             |   | 100                               | %      | 342,369                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lost Tree Apartments   |   | Branson,  MO            |   | 88        |   | 1,549,505                             |      | 4/95           |   | 6/95             |   | 100                               | %      | 474,948                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maplewood Apartments   |   | Sacramento,  KY         |   | 12        |   | 430,597                               |      | 8/95           |   | 9/95             |   | 100                               | %      | 110,881                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Marksville Square      |   | Marksville,  LA         |   | 32        |   | 950,950                               |      | 1/95           |   | 1/96             |   | 100                               | %      | 268,848                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Neshoba County         |   | Philadelphia,  MS       |   | 25        |   | 842,112                               |      | 7/95           |   | 8/95             |   | 100                               | %      | 251,411                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Philadelphia Square    |   | Philadelphia,  MS       |   | 16        |   | 538,952                               |      | 7/95           |   | 8/95             |   | 100                               | %      | 149,950                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Quankey Hills          |   | Halifax,  NC            |   | 24        |   | 1,000,533                             |      | 1/95           |   | 3/95             |   | 100                               | %      | 200,496                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Richmond Square        |   | Richmond,  MO           |   | 32        |   | 840,696                               |      | 12/94          |   | 2/95             |   | 100                               | %      | 818,770                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Salem Wood Apartments  |   | Salemburg,  NC          |   | 24        |   | 940,085                               |      | 1/95           |   | 12/94            |   | 100                               | %      | 181,355                         |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| The Birches            |   | Old Orchard  Beach,  ME |   | 88        |   | 2,800,000                             |      | 1/95           |   | 3/96             |   | 100                               | %      | 1,514,512                       |   |
|                   |   |                    |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Troy Villa Apartments  |   | Troy,  MO               |   | 64        |   | 1,842,166                             |      | 12/94          |   | 6/95             |   | 100                               | %      | 1,810,416                       |   |
|                        |        |                         |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

9

----

 
| **Property  Name** |   | **Location** |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|--------------------|--------|--------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Twin City Villa    |   | Festus,  MO  |   | 40        |   | $                                     | 1,369,910 |           | 1/95   |             | 11/95  |                              | 100    | %                               | $      | 679,176 |   |
|                    |        |              |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

10

----

 

Boston Capital Tax CreditFund IV L.P. - Series 23

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**       |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|--------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Apple Village            |   | Edmond,  OK       |   | 160       |   | $                                     | 3,768,496 |           | 11/94  |             | 3/96   |                              | 100    | %                               | $      | 1,572,166 |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bayou Crossing           |   | Riverview,  FL    |   | 290       |   | 8,615,411                             |      | 4/95           |   | 1/96             |   | 100                               | %      | 4,281,054                       |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor II       |   | St. Croix,  VI    |   | 20        |   | 1,480,613                             |      | 1/95           |   | 11/95            |   | 100                               | %      | 259,445                         |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor III      |   | St. Croix,  VI    |   | 20        |   | 1,469,851                             |      | 2/95           |   | 12/95            |   | 100                               | %      | 264,007                         |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Commons         |   | Hempstead,  NY    |   | 37        |   | 1,219,072                             |      | 5/95           |   | 5/95             |   | 100                               | %      | 1,501,605                       |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country Hill Apts. Ph II |   | Cedar Rapids,  IA |   | 92        |   | 2,003,329                             |      | 8/95           |   | 6/96             |   | 100                               | %      | 1,981,495                       |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Great Pines Apts.        |   | Hurleyville,  NY  |   | 26        |   | 1,154,952                             |      | 7/95           |   | 12/95            |   | 100                               | %      | 340,835                         |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heatheridge Estates **   |   | Barling,  AR      |   | 17        |   | 765,304                               |      | 7/95           |   | 11/95            |   | 100                               | %      | 748,240                         |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Ithaca Apts. I           |   | Ithaca,  MI       |   | 28        |   | 639,712                               |      | 11/95          |   | 7/95             |   | 100                               | %      | 164,008                         |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Kimbark 1200 Apts.       |   | Longmont,  CO     |   | 48        |   | 1,960,989                             |      | 9/95           |   | 12/95            |   | 100                               | %      | 965,530                         |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| La Pensione K Apts.      |   | Sacramento,  CA   |   | 129       |   | 2,451,101                             |      | 9/95           |   | 12/96            |   | 100                               | %      | 2,650,580                       |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mathis Apartments        |   | Mathis,  TX       |   | 32        |   | 900,794                               |      | 1/95           |   | 1/95             |   | 100                               | %      | 219,045                         |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mid City Apartments      |   | Jersey City,  NJ  |   | 58        |   | 2,841,065                             |      | 9/95           |   | 6/94             |   | 100                               | %      | 113,679                         |   |
|                     |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Orange Grove Seniors     |   | Orange Grove,  TX |   | 24        |   | 659,878                               |      | 5/95           |   | 2/95             |   | 100                               | %      | 104,728                         |   |
|                          |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

11

----

 
| **Property  Name**     |   | **Location**           |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|------------------------|--------|------------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Philmont Terrace       |   | Philmont,  LA          |   | 32        |   | $                                     | 1,481,857 |           | 5/95   |             | 5/95   |                              | 100    | %                               | $      | 370,750 |   |
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Riverview Apartments   |   | St. Louis,  MO         |   | 42        |   | 1,135,578                             |      | 8/95           |   | 12/95            |   | 100                               | %      | 1,160,308                       |   |
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| South Hills Apartments |   | Bellevue,  NE          |   | 72        |   | 1,827,280                             |      | 6/95           |   | 2/96             |   | 100                               | %      | 1,686,354                       |   |
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| St. Peters Villa       |   | St. Peters,  MO        |   | 54        |   | 1,748,012                             |      | 7/95           |   | 3/96             |   | 100                               | %      | 1,495,685                       |   |
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| The Birches            |   | Old Orchard  Beach, ME |   | 88        |   | 2,800,000                             |      | 1/95           |   | 3/96             |   | 100                               | %      | 1,399,532                       |   |
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Twin City Villa        |   | Festus,  MO            |   | 40        |   | 1,369,910                             |      | 2/95           |   | 11/95            |   | 100                               | %      | 679,176                         |   |
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Village Woods Est.     |   | Kansas City,  KS       |   | 45        |   | 1,537,726                             |      | 5/95           |   | 12/95            |   | 100                               | %      | 1,704,928                       |   |
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Vinsett Estates **     |   | Van Buren,  AR         |   | 10        |   |                                  | **        | 7/95           |   | 11/95            |   | 100                               | %      |                            | **     |
|                   |   |                   |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Woodland Hills         |   | Roland,  OK            |   | 10        |   | 293,200                               |      | 7/95           |   | 6/95             |   | 100                               | %      | 274,540                         |   |
|                        |        |                        |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

----

**  Two properties which make upone Operating Partnership named Barlee Properties L.P. with 27 units.  Entire mortgage balance and contributionsare listed with Heatheridge Estates.

 

12

----

 

Boston Capital Tax CreditFund IV L.P. - Series 24

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**      |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|-------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Autumn Ridge Apartments |   | Shenandoah,  VA  |   | 34        |   | $                                     | 1,525,327 |           | 7/96   |             | 1/97   |                              | 100    | %                               | $      | 319,466 |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brooks Summit           |   | Blue Ridge,  GA  |   | 36        |   | 1,106,420                             |      | 12/95          |   | 11/96            |   | 100                               | %      | 223,280                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brownsville Apartments  |   | Brownsville,  TN |   | 36        |   | 1,190,954                             |      | 9/95           |   | 9/95             |   | 100                               | %      | 267,091                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East Apts. IV   |   | Bismark,  ND     |   | 24        |   | 611,365                               |      | 8/95           |   | 8/95             |   | 100                               | %      | 399,962                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East Apts. V    |   | Bismark,  ND     |   | 24        |   | 611,365                               |      | 11/95          |   | 9/95             |   | 100                               | %      | 399,962                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Centenary Towers Apts.  |   | St. Louis,  MO   |   | 100       |   | 2,435,000                             |      | 5/97           |   | 12/97            |   | 100                               | %      | 679,577                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cooper’s Crossing  |   | Irving,  TX      |   | 93        |   | 3,485,836                             |      | 6/96           |   | 12/95            |   | 100                               | %      | 848,708                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edenfield Apartments    |   | Millen,  GA      |   | 48        |   | 1,251,535                             |      | 1/96           |   | 12/96            |   | 100                               | %      | 314,827                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Elm Street Apartments   |   | Yonkers,  NY     |   | 35        |   | 1,771,308                             |      | 1/96           |   | 1/96             |   | 100                               | %      | 407,601                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heritage Glen Apts.     |   | Coolidge,  AZ    |   | 28        |   | 1,121,443                             |      | 4/96           |   | 4/96             |   | 100                               | %      | 373,388                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hillridge Apts          |   | Los Lunas,  NM   |   | 38        |   | 215,000                               |      | 8/96           |   | 6/96             |   | 100                               | %      | 1,019,255                       |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake Apts I             |   | Fargo,  ND       |   | 24        |   | 592,831                               |      | 8/95           |   | 7/95             |   | 100                               | %      | 399,962                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lakeway Apts            |   | Zwolle,  LA      |   | 32        |   | 857,875                               |      | 11/95          |   | 4/96             |   | 100                               | %      | 110,902                         |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Laurelwood Park Apts.   |   | High Point,  NC  |   | 100       |   | 2,279,621                             |      | 2/96           |   | 10/96            |   | 100                               | %      | 2,120,403                       |   |
|                    |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Park IV         |   | Boston,  MA      |   | 143       |   | 7,480,131                             |      | 5/96           |   | 3/97             |   | 97                                | %      | 1,218,903                       |   |
|                         |        |                  |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

13

----

 
| **Property  Name**       |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|--------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| New Hilltop Apartments   |   | Laurens,  SC     |   | 72        |   | $                                     | 1,669,914 |           | 11/95  |             | 11/95  |                              | 100    | %                               | $      | 450,039 |   |
|                     |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| North Hampton Pl.        |   | Columbia,  MO    |   | 36        |   | 752,514                               |      | 11/95          |   | 3/96             |   | 100                               | %      | 1,002,996                       |   |
|                     |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Northfield Housing, L.P. |   | Jackson,  MS     |   | 5         |   | 183,259                               |      | 12/96          |   | 9/96             |   | 100                               | %      | 217,266                         |   |
|                     |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pahrump Valley Apts.     |   | Pahrump,  NV     |   | 32        |   | 1,383,399                             |      | 7/96           |   | 7/96             |   | 100                               | %      | 335,225                         |   |
|                     |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Meadow Apartments   |   | Gaylord,  MI     |   | 80        |   | 1,781,058                             |      | 9/95           |   | 4/97             |   | 100                               | %      | 1,753,158                       |   |
|                     |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Shadowcreek Apartments   |   | Overton,  NV     |   | 24        |   | 1,216,411                             |      | 6/96           |   | 9/96             |   | 100                               | %      | 361,320                         |   |
|                     |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Stanton Village Apts.    |   | Stanton,  TN     |   | 40        |   | 1,201,329                             |      | 9/95           |   | 9/95             |   | 100                               | %      | 279,730                         |   |
|                     |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Woodlands Apartments     |   | Elko,  NV        |   | 24        |   | 1,125,907                             |      | 11/95          |   | 9/95             |   | 100                               | %      | 269,867                         |   |
|                     |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Wyandotte Apartments     |   | Los Angeles,  CA |   | 73        |   | 3,245,714                             |      | 4/96           |   | 2/97             |   | 100                               | %      | 1,663,747                       |   |
|                          |        |                  |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

14

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 25

 

PROPERTY PROFILEAS OF MARCH 31, 2003

 
| **Property   Name**   |   | **Location**        |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|-----------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Dogwood Park Apts .   |   | Athens,  GA         |   | 127       |   | $                                     | 2,532,344 |           | 12/95  |             | 10/96  |                              | 100    | %                               | $      | 3,538,760 |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Dunlap Acres          |   | West Point,  MS     |   | 50        |   | 1,078,206                             |      | 9/96           |   | 4/96             |   | 100                               | %      | 522,160                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East II Apts. |   | Bismark,  ND        |   | 24        |   | 522,284                               |      | 8/96           |   | 6/96             |   | 100                               | %      | 371,183                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Clarke Manor Apts.    |   | Pokamoke  City,  MD |   | 30        |   | 1,211,927                             |      | 2/96           |   | 4/96             |   | 100                               | %      | 440,107                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hannah Heights Apts.  |   | Ethel,  MS          |   | 28        |   | 806,612                               |      | 6/96           |   | 12/96            |   | 100                               | %      | 321,584                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heartland Green Cave  |   | Horse Cave,  KY     |   | 24        |   | 839,140                               |      | 5/96           |   | 11/96            |   | 100                               | %      | 270,132                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hurricane Hills       |   | Hurricane,  UT      |   | 49        |   | 1,232,903                             |      | 9/96           |   | 4/97             |   | 100                               | %      | 2,242,394                       |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Laurelwood Park Apts. |   | High Point,  NC     |   | 100       |   | 2,307,935                             |      | 2/96           |   | 10/96            |   | 100                               | %      | 946,539                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lenox Ave. Apts.      |   | Manhattan,  NY      |   | 18        |   | 513,285                               |      | 10/96          |   | 9/97             |   | 100                               | %      | 903,792                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Park IV       |   | Boston,  MA         |   | 143       |   | 7,480,131                             |      | 5/96           |   | 3/97             |   | 97                                | %      | 2,116,938                       |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Main Everett Apts.    |   | New  Rochelle,  NY  |   | 11        |   | 603,112                               |      | 6/96           |   | 1/97             |   | 100                               | %      | 782,852                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maple Hill            |   | New Haven,  CT      |   | 32        |   | 998,687                               |      | 2/97           |   | 2/98             |   | 100                               | %      | 199,951                         |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mary Ryder Home       |   | St. Louis,  MO      |   | 48        |   | 72,887                                |      | 1/97           |   | 6/96             |   | 100                               | %      | 1,591,573                       |   |
|                  |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Osborne Apts.         |   | White  Plains,  NY  |   | 7         |   | 416,061                               |      | 6/96           |   | 12/96            |   | 100                               | %      | 522,325                         |   |
|                       |        |                     |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

15

----

 
| **Property  Name**   |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|----------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Rose Square          |   | Connellsville,  PA |   | 11        |   | $                                     | 386,504 |           | 10/96  |             | 2/97   |                              | 100    | %                               | $      | 288,209 |   |
|                 |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Rosewood Estates, II |   | Bladenboro,  NC    |   | 16        |   | 673,896                               |    | 9/96           |   | 12/96            |   | 100                               | %      | 124,304                         |   |
|                 |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sandstone Village    |   | Great Falls,  MT   |   | 48        |   | 1,175,986                             |    | 11/95          |   | 8/96             |   | 100                               | %      | 1,295,623                       |   |
|                 |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Shannon Rentals      |   | Shannon,  MS       |   | 48        |   | 1,252,959                             |    | 4/96           |   | 1/97             |   | 100                               | %      | 324,990                         |   |
|                 |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Smith House          |   | Roxbury,  MA       |   | 132       |   | 1,837,630                             |    | 4/96           |   | 3/97             |   | 100                               | %      | 1,031,269                       |   |
|                 |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sutton Place         |   | Indianopolis,  IN  |   | 360       |   | 5,980,786                             |    | 11/96          |   | 10/97            |   | 100                               | %      | 647,751                         |   |
|                 |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Washington Arms      |   | Dayton,  OH        |   | 93        |   | 1,837,828                             |    | 2/96           |   | 2/95             |   | 100                               | %      | 203,859                         |   |
|                 |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Wyandotte Apts.      |   | Los Angeles,  CA   |   | 73        |   | 3,245,714                             |    | 4/96           |   | 2/97             |   | 100                               | %      | 2,280,623                       |   |
|                      |        |                    |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

16

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 26

 

PROPERTY PROFILEAS OF MARCH 31, 2003

 
| **Property  Name**       |   | **Location**        |   | **Units** |   | **Mortgage  Balance as of  12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|--------------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Academy Apts.            |   | West Point,  VA     |   | 32        |   | $                                     | 1,155,756 |           | 4/97   |             | 3/98   |                              | 100    | %                               | $      | 263,722 |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bradley Estates Phase I  |   | Meriden,  CT        |   | 74        |   | 1,778,168                             |      | 2/97           |   | 12/97            |   | 100                               | %      | 671,336                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bradley Estates Phase II |   | Meriden,  CT        |   | 42        |   | 1,060,133                             |      | 2/97           |   | 12/97            |   | 100                               | %      | 486,861                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brookhaven Apts.         |   | Shrevport,  LA      |   | 35        |   | 1,027,761                             |      | 2/97           |   | 1/97             |   | 100                               | %      | 573,912                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Butler Estates           |   | Leesville,  LA      |   | 10        |   | 165,930                               |      | 8/96           |   | 10/96            |   | 100                               | %      | 77,627                          |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory Apts. I          |   | Bismark,  ND        |   | 24        |   | 611,356                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory Apts. II         |   | Bismark,  ND        |   | 24        |   | 613,933                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory Apts. III        |   | Bismark, ND         |   | 24        |   | 608,731                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cameron Apts.            |   | Cameron,  LA        |   | 40        |   | 748,420                               |      | 8/96           |   | 10/96            |   | 100                               | %      | 475,965                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country Edge Apts.       |   | Fargo,  ND          |   | 48        |   | 1,039,512                             |      | 7/97           |   | 12/97            |   | 100                               | %      | 1,128,587                       |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Devonshire II Apts.      |   | London,  OH         |   | 28        |   | 761,022                               |      | 1/97           |   | 12/96            |   | 100                               | %      | 182,070                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Devonshire West Apts.    |   | W. Jefferson,  OH   |   | 19        |   | 528,913                               |      | 1/97           |   | 1/97             |   | 100                               | %      | 126,983                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| East Park II Apts.       |   | Dilworth,  MN       |   | 24        |   | 552,350                               |      | 8/96           |   | 8/96             |   | 100                               | %      | 525,631                         |   |
|                     |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edgewood Park Apts.      |   | Milledge-ville,  GA |   | 61        |   | 1,500,000                             |      | 5/96           |   | 1/97             |   | 100                               | %      | 1,477,023                       |   |
|                          |        |                     |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

17

----

 
| **Property  Name**           |   | **Location**        |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|------------------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Edgewood Estates Apts.       |   | Edgewood,  TX       |   | 22        |   | $                                     | 606,296 |           | 6/97   |             | 11/96  |                              | 100    | %                               | $      | 173,436 |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Esche Street SRO             |   | Trenton,  NJ        |   | 104       |   | 2,297,001                             |    | 4/97           |   | 5/98             |   | 100                               | %      | 3,734,928                       |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Grandview Apartments         |   | Fargo,  ND          |   | 36        |   | 1,131,756                             |    | 8/96           |   | 8/96             |   | 100                               | %      | 1,069,522                       |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Grayson Manor                |   | Independence,  VA   |   | 32        |   | 1,046,397                             |    | 3/98           |   | 11/98            |   | 100                               | %      | 656,156                         |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hallman Court Apts.          |   | Rochester,  NY      |   | 77        |   | 9,044,710                             |    | 1/99           |   | 7/00             |   | 100                               | %      | 283,873                         |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hanover Apts.                |   | Ashland,  VA        |   | 40        |   | 1,270,518                             |    | 11/97          |   | 4/98             |   | 100                               | %      | 295,538                         |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hanover Towers Apts.         |   | Meriden,  CT        |   | 100       |   | 4,586,221                             |    | 2/97           |   | 11/97            |   | 100                               | %      | 1,065,649                       |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hazeltine Apts.              |   | Los Angeles,  CA    |   | 35        |   | 1,379,996                             |    | 6/96           |   | 1/97             |   | 100                               | %      | 1,606,155                       |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Holly Heights Apts.          |   | Bowling  Green,  KY |   | 30        |   | 1,251,476                             |    | 5/97           |   | 8/97             |   | 100                               | %      | 362,738                         |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lake Apts. IV                |   | Fargo,  ND          |   | 24        |   | 623,821                               |    | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lake Apts. V                 |   | Fargo,  ND          |   | 24        |   | 597,881                               |    | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lauderdale County Properties |   | Meriden,  MS        |   | 48        |   | 1,111,687                             |    | 12/98          |   | 5/99             |   | 100                               | %      | 444,136                         |   |
|                         |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Liberty Village Apts.        |   | Liberty,  NY        |   | 32        |   | 1,731,599                             |    | 1/97           |   | 5/97             |   | 100                               | %      | 437,448                         |   |
|                              |        |                     |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

18

----

 
| **Property  Name**         |   | **Location**        |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|----------------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Little Valley Est.         |   | Little  Valley,  NY |   | 24        |   | $                                     | 1,141,423 |           | 1/97   |             | 4/97   |                              | 100    | %                               | $      | 284,257 |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maxton Green Apts.         |   | Maxton,  NC         |   | 32        |   | 958,818                               |      | 9/96           |   | 12/96            |   | 100                               | %      | 263,281                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Apartments         |   | Miami Beach,  FL    |   | 17        |   | 1,080,227                             |      | 3/96           |   | 6/97             |   | 100                               | %      | 896,695                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mason Manor Apts.          |   | Mason,  TN          |   | 24        |   | 922,794                               |      | 2/96           |   | 1/96             |   | 100                               | %      | 229,775                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mosby Forest Apts.         |   | Littleton,  NC      |   | 24        |   | 677,824                               |      | 10/96          |   | 10/96            |   | 100                               | %      | 496,753                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| New Hope Bailey Apts.      |   | De Ridder,  LA      |   | 40        |   | 817,064                               |      | 8/96           |   | 9/96             |   | 100                               | %      | 455,212                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Nordhoff Apts.             |   | North Hills,  CA    |   | 38        |   | 1,962,631                             |      | 9/96           |   | 7/97             |   | 100                               | %      | 1,787,961                       |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Ridge Apartments      |   | Jackson,  TN        |   | 136       |   | 5,000,000                             |      | 11/98          |   | 12/99            |   | 100                               | %      | 835,861                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Powell Valley Village      |   | Jonesville,  VA     |   | 34        |   | 735,464                               |      | 3/98           |   | 12/98            |   | 100                               | %      | 1,423,248                       |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Southwind Apts. A LDHA     |   | Jennings,  LA       |   | 36        |   | 834,653                               |      | 8/96           |   | 12/96            |   | 100                               | %      | 428,742                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| T.R. Bobb Apts.            |   | New Iberia,  LA     |   | 30        |   | 676,662                               |      | 8/96           |   | 12/96            |   | 100                               | %      | 428,742                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Timmons- Ville Green Apts. |   | Timmonsville,  SC   |   | 32        |   | 1,062,564                             |      | 10/96          |   | 2/97             |   | 100                               | %      | 292,587                         |   |
|                       |   |                |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Tremont Station Apartments |   | Tremont,  PA        |   | 24        |   | 1,149,464                             |      | 5/96           |   | 11/96            |   | 100                               | %      | 349,889                         |   |
|                            |        |                     |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

19

----

 
| **Property  Name**    |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|-----------------------|--------|------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Village Estates Apts. |   | Victoria,  VA    |   | 32        |   | $                                     | 1,148,517 |           | 4/97   |             | 10/98  |                              | 100    | %                               | $      | 270,204 |   |
|                  |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Village Green Apts.   |   | Gloucester,  VA  |   | 32        |   | 1,142,469                             |      | 4/97           |   | 11/97            |   | 100                               | %      | 251,779                         |   |
|                  |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Warrensburg Heights   |   | Warrensburg,  MO |   | 28        |   | 1,105,339                             |      | 12/96          |   | 11/96            |   | 100                               | %      | 308,825                         |   |
|                  |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Westside Apts.        |   | Salem,  AR       |   | 29        |   | 1,032,590                             |      | 8/96           |   | 10/96            |   | 100                               | %      | 265,020                         |   |
|                  |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| The Willows Apts.     |   | Smithville,  TX  |   | 32        |   | 798,420                               |      | 5/96           |   | 5/96             |   | 100                               | %      | 209,768                         |   |
|                       |        |                  |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

20

----

 

Boston Capital Tax CreditFund IV L.P. - Series 27

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property   Name**                          |   | **Location**       |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |          | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|----------------------------------------------|--------|--------------------|--------|-----------|--------|-----------------------------------------|---------------|----------------|--------|------------------|--------|-------------------------------------|--------|---------------------------------|--------|
| AHAB Rental Units Phase II                   |   | Springfield,   MO  |   | 17        |   | $                                       |  480,285 |           | 6/97   |             | 11/97  |                                | 100    | %                               | $      |  578,458 |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Angelou Court Apts.                          |   | New York,   NY     |   | 23        |   | 986,635                                 |          | 10/97          |   | 8/99             |   | 100                                 | %      | 1,791,275                       |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Canisteo Manor                               |   | Canisteo,  NY      |   | 24        |   | 889,480                                 |          | 4/98           |   | 4/98             |   | 100                                 | %      | 621,857                         |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| The Casa Rosa                                |   | San Juan,  PR      |   | 97        |   | 851,418                                 |          | 9/97           |   | 4/98             |   | 100                                 | %      | 1,232,936                       |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Forest Glen At Sulluy Station Phase II Atps. |   | Centreville,  VA   |   | 119       |   | 6,462,143                               |          | 8/96           |   | 6/97             |   | 100                                 | %      | 1,362,808                       |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Harrison Heights Apts.                       |   | Harrisonville,  MO |   | 48        |   | 1,252,626                               |          | 1/98           |   | 12/96            |   | 100                                 | %      | 245,516                         |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Harbor Towers Apts.                          |   | Meriden,  CT       |   | 202       |   | 11,400,636                              |          | 2/97           |   | 11/97            |   | 100                                 | %      | 2,895,280                       |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Holly Heights Apts.                          |   | Storm Lake,  IA    |   | 32        |   | 491,156                                 |          | 4/97           |   | 8/98             |   | 100                                 | %      | 614,058                         |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Lake Apts. II                                |   | Fargo,  ND         |   | 24        |   | 593,060                                 |          | 1/97           |   | 12/95            |   | 100                                 | %      | 396,024                         |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Magnolia Place Apts.                         |   | Gautier,  MS       |   | 40        |   | 866,894                                 |          | 11/97          |   | 1/98             |   | 100                                 | %      | 800,027                         |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Northrock Apts.                              |   | Topeka,  KS        |   | 76        |   | 2,539,290                               |          | 5/00           |   | 5/00             |   | 100                                 | %      | 610,365                         |   |
|                                         |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                            |   |
| Park Crest Apts.                             |   | Sherwood,  AR      |   | 216       |   | 9,200,000                               |          | 11/99          |   | 6/99             |   | 100                                 | %      | 115,311                         |   |
|                                              |        |                    |        |           |        |                                         |               |                |        |                  |        |                                     |        |                                 |        |  |  |

 

21

----

 

 
| **Property  Name**    |   | **Location**       |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |          | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|-----------------------|--------|--------------------|--------|-----------|--------|-----------------------------------------|---------------|----------------|--------|------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Pear Village Apts.    |   | Leitchfile,  KY    |   | 16        |   | $                                       |  495,710 |           | 8/96   |             | 2/97   |                                | 100    | %                                 | $      |  488,822 |   |
|                  |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                              |   |
| Randolph Village      |   | Silver Spring,  MD |   | 130       |   | 5,695,044                               |          | 9/96           |   | 8/97             |   | 100                                 | %      | 2,240,075                         |   |
|                  |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                              |   |
| Summer Hill Sr. Apts. |   | Wayne,  NJ         |   | 164       |   | 9,074,569                               |          | 11/96          |   | 4/98             |   | 100                                 | %      | 2,337,000                         |   |
|                  |   |               |   |      |   |                                    |          |           |   |             |   |                                |   |                              |   |
| Sunday Sun Apts.      |   | Bowling Green,  KY |   | 30        |   | 866,579                                 |          | 10/96          |   | 12/96            |   | 100                                 | %      | 714,938                           |   |
|                       |        |                    |        |           |        |                                         |               |                |        |                  |        |                                     |        |                                   |        |  |  |

 

22

----

 

Boston Capital Tax CreditFund IV L.P. - Series 28

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**            |   | **Location**           |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |    | **Acq.   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru  3/31/03** |   |
|-------------------------------|--------|------------------------|--------|-----------|--------|----------------------------------------|---------|-----------------|--------|-------------------|--------|-------------------------------------|--------|----------------------------------|--------|
| 1374 Boston Road L.P.         |   | New York,  NY          |   | 15        |   | $                                      | 492,293 |            | 2/97   |              | 6/97   |                                | 100    | %                                | $      | 522,065 |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Ashberry Manor Apts.          |   | Bardstown,  KY         |   | 24        |   | 636,455                                |    | 2/97            |   | 3/97              |   | 100                                 | %      | 561,330                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Bienville III Apts.           |   | Ringold,  LA           |   | 32        |   | 955,724                                |    | 2/97            |   | 2/97              |   | 100                                 | %      | 349,186                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Blanchard Apts.               |   | Blanchard,  LA         |   | 32        |   | 906,098                                |    | 7/97            |   | 7/97              |   | 100                                 | %      | 307,218                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Chandler Village Apts         |   | Chandler,  OK          |   | 32        |   | 901,986                                |    | 4/97            |   | 7/97              |   | 100                                 | %      | 255,639                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Cottonwood Apts.              |   | Cottonwood,  LA        |   | 24        |   | 731,207                                |    | 7/97            |   | 7/97              |   | 100                                 | %      | 248,058                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Cottonwood Apts.              |   | Holly Grove,  AR       |   | 24        |   | 926,458                                |    | 2/97            |   | 4/97              |   | 100                                 | %      | 254,856                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Evangeline Apts.              |   | Lake Arthur,  LA       |   | 32        |   | 966,118                                |    | 11/97           |   | 1/98              |   | 100                                 | %      | 366,284                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Fairway Apts. II              |   | Marlette,  MI          |   | 48        |   | 1,031,364                              |    | 12/96           |   | 3/97              |   | 100                                 | %      | 255,353                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Falcon Pointe Apts.           |   | Rosenburg,  TX         |   | 102       |   | 3,067,836                              |    | 4/98            |   | 10/99             |   | 100                                 | %      | 3,191,142                        |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Jackson Place Apts.           |   | Jackson,  LA           |   | 40        |   | 998,492                                |    | 7/97            |   | 10/97             |   | 100                                 | %      | 983,615                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Mapelwood Apts.               |   | Winnfield,  LA         |   | 40        |   | 903,952                                |    | 3/98            |   | 8/98              |   | 100                                 | %      | 922,119                          |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Milton Village Apts.          |   | Milton,  NY            |   | 32        |   | 1,172,913                              |    | 2/97            |   | 6/97              |   | 100                                 | %      | 1,192,184                        |   |
|                          |   |                   |   |      |   |                                   |    |            |   |              |   |                                |   |                             |   |
| Neighborhood Restorations VII |   | West Philadelphia,  PA |   | 72        |   | 2,114,533                              |    | 2/98            |   | 2/98              |   | 100                                 | %      | 3,809,335                        |   |
|                               |        |                        |        |           |        |                                        |         |                 |        |                   |        |                                     |        |                                  |        |  |  |

 

23

----

 
| **Property  Name**              |   | **Location**       |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |      | **Acq   Date** |   | **Const  Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|---------------------------------|--------|--------------------|--------|-----------|--------|----------------------------------------|-----------|----------------|--------|------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Park Plaza I & II |   | West Memphis,  AR  |   | 128       |   | $                                      | 2,946,619 |           | 12/97  |             | 11/96  |                                | 100    | %                                 | $      | 553,954 |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Park Village Apts.              |   | Athens,  TN        |   | 80        |   | 1,189,692                              |      | 10/98          |   | 6/99             |   | 100                                 | %      | 1,992,486                         |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Pin Oak Village                 |   | Bowie,  MD         |   | 110       |   | 8,926,368                              |      | 11/97          |   | 1/96             |   | 100                                 | %      | 3,804,585                         |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Southern Villa Apts.            |   | Russellville,  KY  |   | 32        |   | 1,333,380                              |      | 11/97          |   | 4/98             |   | 100                                 | %      | 323,500                           |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Randolph Village                |   | Silver Spring,  MD |   | 130       |   | 5,695,044                              |      | 12/97          |   | 8/97             |   | 100                                 | %      | 909,471                           |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Sand Lane Manor Apts.           |   | Henderson,  KY     |   | 24        |   | 665,700                                |      | 8/97           |   | 4/98             |   | 100                                 | %      | 556,478                           |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Senior Suites of Chicago        |   | Chicago,  IL       |   | 84        |   | 4,073,056                              |      | 12/97          |   | 12/98            |   | 100                                 | %      | 3,176,031                         |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Sumner House                    |   | Hartford,  CT      |   | 79        |   | 1,110,066                              |      | 1/98           |   | 7/98             |   | 100                                 | %      | 2,010,966                         |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Terraceview Townhomes Apts.     |   | Litchfield  MN     |   | 22        |   | 682,335                                |      | 7/97           |   | 10/97            |   | 100                                 | %      | 726,402                           |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Tilghman Square                 |   | Dunn,  NC          |   | 20        |   | 769,657                                |      | 11/97          |   | 10/97            |   | 100                                 | %      | 307,605                           |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Wellston Village Apts.          |   | Wellston,  OK      |   | 14        |   | 372,809                                |      | 4/97           |   | 8/97             |   | 100                                 | %      | 107,258                           |   |
|                            |   |               |   |      |   |                                   |      |           |   |             |   |                                |   |                              |   |
| Yale Village Apts.              |   | Yale,  OK          |   | 8         |   | 196,955                                |      | 2/98           |   | 7/98             |   | 100                                 | %      | 69,341                            |   |
|                                 |        |                    |        |           |        |                                        |           |                |        |                  |        |                                     |        |                                   |        |  |  |

 

24

----

 

Boston Capital Tax CreditFund IV L.P. - Series 29

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property   Name**   |   | **Location**       |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |      | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy  3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|-----------------------|--------|--------------------|--------|-----------|--------|-----------------------------------------|-----------|----------------|--------|-------------------|--------|------------------------------------|--------|-----------------------------------|--------|
| The Arbor Park Apts.  |   | Jackson,  MS       |   | 160       |   | $                                       | 5,640,000 |           | 12/96  |              | 6/98   |                               | 100    | %                                 | $      | 2,809,826 |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| The Arbors            |   | Richmond,  VA      |   | 85        |   | 2,871,026                               |      | 7/97           |   | 11/98             |   | 100                                | %      | 2,480,576                         |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Barrington Cove Apts. |   | Barrington,  RI    |   | 60        |   | 2,041,191                               |      | 4/97           |   | 5/97              |   | 100                                | %      | 4,264,830                         |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Bent Tree Apts.       |   | Jacksboro,  TX     |   | 24        |   | 594,156                                 |      | 12/97          |   | 1/98              |   | 100                                | %      | 161,552                           |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Colonial Apts.        |   | Poplarville,  MS   |   | 16        |   | 392,005                                 |      | 10/97          |   | 7/97              |   | 100                                | %      | 86,039                            |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Dogwood Apts.         |   | Appomattox,  VA    |   | 48        |   | 1,362,344                               |      | 10/98          |   | 5/99              |   | 100                                | %      | 637,151                           |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Emerald Trace Apts.   |   | Ruston,  LA        |   | 48        |   | 1,325,314                               |      | 8/98           |   | 4/99              |   | 100                                | %      | 981,089                           |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Edgewood Apts.        |   | Baker,  LA         |   | 72        |   | 1,965,451                               |      | 3/97           |   | 9/98              |   | 100                                | %      | 1,856,539                         |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Glenbrook Apts.       |   | Saint Jo,  TX      |   | 24        |   | 501,979                                 |      | 12/97          |   | 3/97              |   | 100                                | %      | 145,871                           |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Harbor Pointe Apts.   |   | Benton Harbor,  MI |   | 84        |   | 1,537,416                               |      | 1/99           |   | 10/99             |   | 100                                | %      | 3,209,292                         |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| The Lincoln Hotel     |   | San Diego,  CA     |   | 41        |   | 797,847                                 |      | 2/97           |   | 7/97              |   | 100                                | %      | 676,576                           |   |
|                  |   |               |   |      |   |                                    |      |           |   |              |   |                               |   |                              |   |
| Lombard Heights Apts. |   | Springfield,  MO   |   | 24        |   | 965,294                                 |      | 10/98          |   | 7/98              |   | 100                                | %      | 302,808                           |   |
|                       |        |                    |        |           |        |                                         |           |                |        |                   |        |                                    |        |                                   |        |  |  |

 

25

----

 
| **Property   Name**     |   | **Location**     |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |    | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|-------------------------|--------|------------------|--------|-----------|--------|----------------------------------------|---------|----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Lutkin Bayou Apts.      |   | Drew,  MS        |   | 36        |   | $                                      | 818,994 |           | 11/97  |              | 6/97   |                                | 100    | %                                 | $      | 192,283 |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Nacogdoches Plaza Apts. |   | Nacodgoches,  TX |   | 70        |   | 1,551,817                              |    | 4/97           |   | 3/98              |   | 100                                 | %      | 2,793,695                         |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Newcastle Apts.         |   | Collins,  MS     |   | 36        |   | 676,232                                |    | 9/97           |   | 6/98              |   | 100                                 | %      | 194,259                           |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Park Crest Apts.        |   | Sherwood,  AZ    |   | 216       |   | 9,200,000                              |    | 2/98           |   | 6/99              |   | 100                                 | %      | 3,199,520                         |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Palmetto Place Apts.    |   | Benton,  LA      |   | 40        |   | 1,094,545                              |    | 10/98          |   | 4/99              |   | 100                                 | %      | 1,153,878                         |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Pecan Hill Apts.        |   | Bryson,  TX      |   | 16        |   | 378,621                                |    | 8/97           |   | 1/98              |   | 100                                 | %      | 110,600                           |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Regency Apts.           |   | Poplarville,  MS |   | 16        |   | 454,684                                |    | 10/97          |   | 7/97              |   | 100                                 | %      | 102,419                           |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Rhome Apts.             |   | Rhome,  TX       |   | 24        |   | 506,027                                |    | 12/97          |   | 2/97              |   | 100                                 | %      | 160,551                           |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Westfield Apts.         |   | Welsh,  LA       |   | 40        |   | 790,627                                |    | 11/97          |   | 8/98              |   | 100                                 | %      | 918,605                           |   |
|                    |   |             |   |      |   |                                   |    |           |   |              |   |                                |   |                              |   |
| Willow Point Apts. III  |   | Jackson,  MS     |   | 120       |   | 4,525,000                              |    | 12/96          |   | 2/98              |   | 100                                 | %      | 2,035,596                         |   |
|                         |        |                  |        |           |        |                                        |         |                |        |                   |        |                                     |        |                                   |        |  |  |

 

26

----

 

Boston Capital Tax CreditFund IV L.P. - Series 30

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**     |   | **Location**      |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |      | **Acq.   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|------------------------|--------|-------------------|--------|-----------|--------|----------------------------------------|-----------|-----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Byam Village           |   | Waterbury,  CT    |   | 46        |   | $                                      | 1,036,125 |            | 2/97   |              | 2/98   |                                | 100    | %                                 | $      | 426,008 |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Country Estates Apts.  |   | Farmville,  VA    |   | 24        |   | 888,206                                |      | 3/98            |   | 7/99              |   | 100                                 | %      | 223,562                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Emerald Trace II Apts  |   | Ruston,  LA       |   | 24        |   | 390,581                                |      | 7/98            |   | 12/98             |   | 100                                 | %      | 717,594                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Farewell Mills Apts.   |   | Lisbon,  ME       |   | 27        |   | 775,606                                |      | 8/97            |   | 3/98              |   | 100                                 | %      | 662,864                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Hillside Terrace Apts. |   | Poughkeepsie,  NY |   | 64        |   | 1,781,009                              |      | 4/99            |   | 7/00              |   | 100                                 | %      | 542,326                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Lakewood Apts.         |   | Clarksville,  VA  |   | 52        |   | 1,542,500                              |      | 3/98            |   | 10/99             |   | 100                                 | %      | 394,349                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Lone Oak Apts.         |   | Graham,  TX       |   | 64        |   | 1,504,641                              |      | 8/97            |   | 9/98              |   | 100                                 | %      | 408,634                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Mesa Grande Apts.      |   | Carlsbad,  NM     |   | 72        |   | 1,958,321                              |      | 2/98            |   | 12/98             |   | 100                                 | %      | 2,160,782                         |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Millwood Park Apts.    |   | Douglasville,  GA |   | 172       |   | 8,191,837                              |      | 12/98           |   | 11/99             |   | 100                                 | %      | 971,164                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| New River Gardens      |   | Radford,  VA      |   | 48        |   | 1,461,053                              |      | 10/98           |   | 5/99              |   | 100                                 | %      | 637,321                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Nocona Terrace Apts.   |   | Nocona,  TX       |   | 36        |   | 817,388                                |      | 8/97            |   | 12/98             |   | 100                                 | %      | 249,394                           |   |
|                   |   |              |   |      |   |                                   |      |            |   |              |   |                                |   |                              |   |
| Northgate Apts.        |   | Bryant,  AR       |   | 20        |   | 653,773                                |      | 4/99            |   | 11/99             |   | 100                                 | %      | 834,557                           |   |
|                        |        |                   |        |           |        |                                        |           |                 |        |                   |        |                                     |        |                                   |        |  |  |

 

27

----

 
| **Property  Name**   |   | **Location**        |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |      | **Acq.   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|----------------------|--------|---------------------|--------|-----------|--------|-----------------------------------------|-----------|-----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Park Trace Apts.     |   | Jackson,  TN        |   | 84        |   | $                                       | 1,615,999 |            | 11/97  |              | 3/99   |                                | 100    | %                                 | $      | 3,353,303 |   |
|                 |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                              |   |
| Pine Forest Apts.    |   | Dahlgren,  VA       |   | 40        |   | 1,864,956                               |      | 3/98            |   | 2/99              |   | 100                                 | %      | 503,181                           |   |
|                 |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                              |   |
| Riverbend Apts.      |   | Swanzey,  NH        |   | 24        |   | 611,750                                 |      | 7/97            |   | 2/98              |   | 100                                 | %      | 1,321,798                         |   |
|                 |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                              |   |
| Royal Crest Apts.    |   | Bowie,  TX          |   | 48        |   | 1,101,383                               |      | 8/97            |   | 10/98             |   | 100                                 | %      | 337,545                           |   |
|                 |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                              |   |
| Broadway Place Apts. |   | Hobbs,  NM          |   | 32        |   | 769,445                                 |      | 2/98            |   | 12/98             |   | 100                                 | %      | 1,837,527                         |   |
|                 |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                              |   |
| Trinity Life Gardens |   | Pueblo,  CO         |   | 44        |   | 1,276,805                               |      | 4/99            |   | 12/99             |   | 100                                 | %      | 1,952,175                         |   |
|                 |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                              |   |
| Western Trails Apts. |   | Council Bluffs,  IA |   | 30        |   | 919,789                                 |      | 7/98            |   | 6/99              |   | 100                                 | %      | 912,827                           |   |
|                 |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                              |   |
| Whistle Stop Apts.   |   | Gentry,  AR         |   | 27        |   | 699,934                                 |      | 9/97            |   | 5/98              |   | 100                                 | %      | 726,507                           |   |
|                      |        |                     |        |           |        |                                         |           |                 |        |                   |        |                                     |        |                                   |        |  |  |

 

28

----

 

Boston Capital Tax CreditFund IV L.P. - Series 31

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property   Name**           |   | **Location**       |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |      | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|-------------------------------|--------|--------------------|--------|-----------|--------|-----------------------------------------|-----------|----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Bent Tree Apts.               |   | San Angelou,  TX   |   | 112       |   | $                                       | 2,645,902 |           | 12/97  |              | 7/99   |                                | 100    | %                                 | $      | 3,521,950 |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Brittney Square Apts.         |   | Bowling Green,  KY |   | 20        |   | 615,951                                 |      | 7/98           |   | 7/98              |   | 100                                 | %      | 629,917                           |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Canton Manor Apts.            |   | Canton,  MS        |   | 32        |   | 809,397                                 |      | 11/97          |   | 7/98              |   | 100                                 | %      | 271,306                           |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Canton Village Apts.          |   | Canton,  MS        |   | 42        |   | 1,128,638                               |      | 11/97          |   | 7/98              |   | 100                                 | %      | 363,557                           |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Double Springs Manor II Apts. |   | Bowling Green,  KY |   | 25        |   | 384,455                                 |      | 9/98           |   | 3/99              |   | 100                                 | %      | 985,432                           |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Eagles Ridge Terrace          |   | Decatur,  TX       |   | 89        |   | 1,807,880                               |      | 12/97          |   | 5/98              |   | 100                                 | %      | 467,063                           |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Elmwood Apts.                 |   | Ellisville,  MS    |   | 32        |   | 655,941                                 |      | 12/97          |   | 6/98              |   | 100                                 | %      | 243,483                           |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Giles Apts.                   |   | Amelia,  VA        |   | 16        |   | 716,501                                 |      | 3/98           |   | 2/99              |   | 100                                 | %      | 183,711                           |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Henderson Terrace Apts.       |   | Bridgeport,  TX    |   | 24        |   | 518,106                                 |      | 11/97          |   | 9/98              |   | 100                                 | %      | 120,846                           |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Hurricane Hills               |   | Hurricane,  UT     |   | 28        |   | 770,408                                 |      | 9/97           |   | 8/98              |   | 100                                 | %      | 2,020,271                         |   |
|                          |   |               |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Madison Height Apts.          |   | Canton,  MS        |   | 80        |   | 2,231,124                               |      | 11/97          |   | 7/98              |   | 100                                 | %      | 786,614                           |   |
|                               |        |                    |        |           |        |                                         |           |                |        |                   |        |                                     |        |                                   |        |  |  |

 

29

----

 
| **Property  Name**                 |   | **Location**             |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |    | **Acq.   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|------------------------------------|--------|--------------------------|--------|-----------|--------|-----------------------------------------|---------|-----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Lakeview Court                     |   | City of  Little Elm,  TX |   | 24        |   | $                                       | 442,121 |            | 11/97  |              | 1/99   |                                | 100    | %                                 | $      | 83,390 |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Mesquite Trails                    |   | Jacksboro,  TX           |   | 35        |   | 678,710                                 |    | 11/97           |   | 11/98             |   | 100                                 | %      | 193,766                           |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Munjoy South Townhouse  Apts. |   | Portland,  ME            |   | 140       |   | 3,662,717                               |    | 9/97            |   | 10/98             |   | 100                                 | %      | 706,503                           |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Nottoway Manor                     |   | Blackstone,  VA          |   | 28        |   | 858,810                                 |    | 3/98            |   | 4/99              |   | 100                                 | %      | 214,977                           |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Parktowne Apts.                    |   | Cleveland,  TN           |   | 84        |   | 1,566,428                               |    | 11/97           |   | 6/98              |   | 100                                 | %      | 3,363,097                         |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Park Ridge Apts.                   |   | McKee,  KY               |   | 22        |   | 885,130                                 |    | 10/97           |   | 5/98              |   | 100                                 | %      | 338,464                           |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Pilot Point Apts.                  |   | Pilot Point,  VA         |   | 40        |   | 762,219                                 |    | 11/97           |   | 2/99              |   | 100                                 | %      | 142,680                           |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Plantation Ridge                   |   | Sugar Hill,  GA          |   | 218       |   | 12,790,000                              |    | 5/98            |   | 5/99              |   | 100                                 | %      | 1,974,354                         |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Riverbend Apts.                    |   | Bedford,  ME             |   | 28        |   | 778,501                                 |    | 10/97           |   | 7/98              |   | 100                                 | %      | 1,578,561                         |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Roth Village                       |   | Mechanicsburg,  PA       |   | 61        |   | 2,121,747                               |    | 10/97           |   | 9/98              |   | 100                                 | %      | 2,664,992                         |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Royal Estates Apts.                |   | Canton,  MS              |   | 32        |   | 836,757                                 |    | 11/97           |   | 7/98              |   | 100                                 | %      | 282,525                           |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Silver Creek Apts.                 |   | Flat Rock,  MI           |   | 112       |   | 3,326,722                               |    | 3/98            |   | 8/99              |   | 100                                 | %      | 4,525,381                         |   |
|                               |   |                     |   |      |   |                                    |    |            |   |              |   |                                |   |                              |   |
| Springs Manor Apts.                |   | Rawls Spring,   MS       |   | 32        |   | 824,549                                 |    | 12/97           |   | 6/98              |   | 100                                 | %      | 328,693                           |   |
|                                    |        |                          |        |           |        |                                         |         |                 |        |                   |        |                                     |        |                                   |        |  |  |

 

30

----

 
| **Property  Name**          |   | **Location** |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|-----------------------------|--------|--------------|--------|-----------|--------|----------------------------------------|-----------|----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Summerdale Commons Phase II |   | Atlanta,  GA |   | 108       |   | $                                      | 3,733,111 |           | 12/98  |              | 4/99   |                                | 100    | %                                 | $      | 2,496,904 |   |
|                        |   |         |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Windsor Hills Apts.         |   | Ferris,  TX  |   | 16        |   | $                                      | 450,241   |           | 5/00   |              | 9/00   |                                | 100    | %                                 | 77,706 |   |
|                        |   |         |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Windsor Park Apts.          |   | Jackson,  MS |   | 279       |   | 7,500,000                              |      | 11/97          |   | 3/99              |   | 100                                 | %      | 2,346,847                         |   |
|                             |        |              |        |           |        |                                        |           |                |        |                   |        |                                     |        |                                   |        |  |  |

 

31

----

 

Boston Capital Tax CreditFund IV L.P. - Series 32

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**    |   | **Location**       |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con  paid thru   3/31/03** |   |
|-----------------------|--------|--------------------|--------|-----------|--------|----------------------------------------|-----------|----------------|--------|-------------------|--------|-------------------------------------|--------|----------------------------------|--------|
| Carriage Pointe Apts. |   | Old Bridge,  NJ    |   | 18        |   | $                                      | 7,439,635 |           | 1/98   |              | 1/97   |                                | 100    | %                                | $      | 3,051,011 |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Chardonnay Apts.      |   | Oklahoma City,  OK |   | 14        |   | 73,891                                 |      | 1/98           |   | 1/97              |   | 100                                 | %      | 393,700                          |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Cogic Village Apts.   |   | Benton Harbor,  MI |   | 136       |   | 2,380,023                              |      | 4/98           |   | 7/99              |   | 100                                 | %      | 6,669,762                        |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Courtside Apts.       |   | Cottonwood,  AZ    |   | 44        |   | 894,138                                |      | 6/98           |   | 7/98              |   | 100                                 | %      | 1,667,188                        |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Clear Creek Apts.     |   | N. Manchester,  IN |   | 64        |   | 1,643,345                              |      | 7/98           |   | 9/99              |   | 100                                 | %      | 1,884,358                        |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Columbia Luxar        |   | Dallas,  TX        |   | 125       |   | 3,589,850                              |      | 8/98           |   | 12/99             |   | 100                                 | %      | 3,947,106                        |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Colony Park Apts.     |   | Pearl,  MS         |   | 192       |   | 8,000,000                              |      | 6/98           |   | 12/99             |   | 100                                 | %      | 2,911,900                        |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Gilette Manor         |   | Sayreville,  NJ    |   | 100       |   |                                   | **        | 1/98           |   | 1992              |   | 100                                 | %      |                             | **     |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Hallman Court Apts.   |   | Rochester,  NY     |   | 77        |   | 9,044,710                              |      | 1/99           |   | 7/00              |   | 100                                 | %      | 232,259                          |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Martinsville Apts.    |   | Shelbyville,  KY   |   | 125       |   | 236,938                                |      | 8/99           |   | 2/00              |   | 100                                 | %      | 345,791                          |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Parkside Plaza Apts   |   | New York,  NY      |   | 39        |   | 1,283,045                              |      | 7/99           |   | 5/01              |   | 100                                 | %      | 2,611,014                        |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Park Ridge Apts.      |   | Jackson,  TN       |   | 136       |   | 5,000,000                              |      | 11/98          |   | 12/99             |   | 100                                 | %      | 1,637,102                        |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Park Village Apts.    |   | Athens,  TN        |   | 80        |   | 1,189,692                              |      | 10/98          |   | 6/99              |   | 100                                 | %      | 1,503,103                        |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Pearlwood Apts.       |   | Pearl,  MS         |   | 40        |   | 947,268                                |      | 2/98           |   | 5/98              |   | 100                                 | %      | 745,648                          |   |
|                  |   |               |   |      |   |                                   |      |           |   |              |   |                                |   |                             |   |
| Rose Villa Apts.      |   | Ganado,  TX        |   | 8         |   | 216,466                                |      | 5/01           |   | 11/01             |   | 100                                 | %      | 43,692                           |   |
|                       |        |                    |        |           |        |                                        |           |                |        |                   |        |                                     |        |                                  |        |  |  |

 

32

----

 
| **Property  Name**   |   | **Location**      |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |    | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con  paid thru   3/31/03** |   |
|----------------------|--------|-------------------|--------|-----------|--------|-----------------------------------------|---------|----------------|--------|-------------------|--------|-------------------------------------|--------|----------------------------------|--------|
| Pecan Manor Apts.    |   | Natchitoches,  LA |   | 40        |   | $                                       | 777,437 |           | 7/98   |              | 10/98  |                                | 100    | %                                | $      | 1,501,914 |   |
|                 |   |              |   |      |   |                                    |    |           |   |              |   |                                |   |                             |   |
| Pineridge Apts.      |   | Franklinton,  LA  |   | 40        |   | 796,591                                 |    | 7/98           |   | 1/99              |   | 100                                 | %      | 1,497,889                        |   |
|                 |   |              |   |      |   |                                    |    |           |   |              |   |                                |   |                             |   |
| Sterling Creek Apts. |   | Independence,  MO |   | 48        |   | 912,529                                 |    | 5/98           |   | 5/00              |   | 100                                 | %      | 1,973,594                        |   |
|                 |   |              |   |      |   |                                    |    |           |   |              |   |                                |   |                             |   |
| Woodhaven Apts.      |   | S. Brunswick,  NJ |   | 80        |   |                                    | **      | 1/98           |   | 1995              |   | 100                                 | %      |                             | **     |
|                      |        |                   |        |           |        |                                         |         |                |        |                   |        |                                     |        |                                  |        |  |  |

 

----

**               3 properties whichmake up one Operating Partnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capitalcontributions paid reported with Carriage Pointe Apartments LP.

 

33

----

 

Boston Capital Tax CreditFund IV L.P. - Series 33

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**           |   | **Location**        |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |      | **Acq   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|------------------------------|--------|---------------------|--------|-----------|--------|-----------------------------------------|-----------|----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Bradford Park Apts.          |   | Southhaven,  MS     |   | 208       |   | $                                       | 9,790,000 |           | 10/98  |              | 12/99  |                                | 100    | %                                 | $      | 302,884 |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Bradford Square North Apts.  |   | Jefferson City,  TN |   | 50        |   | 1,049,494                               |      | 10/98          |   | 9/99              |   | 100                                 | %      | 1,456,415                         |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Carriage Pointe Apts.        |   | Old Bridge,  NJ     |   | 18        |   | 7,439,635                               |      | 3/98           |   | 1/97              |   | 100                                 | %      | 3,051,011                         |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Columbia Luxar               |   | Dallas,  TX         |   | 125       |   | 3,589,850                               |      | 8/98           |   | 12/99             |   | 100                                 | %      | 3,947,106                         |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Foxridge Apts.               |   | Durham,  NC         |   | 92        |   | 3,060,514                               |      | 3/98           |   | 7/99              |   | 100                                 | %      | 3,652,119                         |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Gilette Manor                |   | Sayreville,  NJ     |   | 100       |   |                                    | **        | 1/98           |   | 1992              |   | 100                                 | %      |                              | **     |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Harbor Pointe                |   | Benton Harbor,  MI  |   | 84        |   | 1,537,416                               |      | 1/99           |   | 10/99             |   | 100                                 | %      | 1,157,091                         |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Merchant Court               |   | Dallas,  GA         |   | 192       |   | 5,980,841                               |      | 10/98          |   | 12/99             |   | 100                                 | %      | 2,422,226                         |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Northrock Apts.              |   | Topeka,  KS         |   | 76        |   | 2,539,290                               |      | 5/99           |   | 5/00              |   | 100                                 | %      | 1,133,534                         |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Stearns-Assisted             |   | Millinocket,  ME    |   | 20        |   | 435,500                                 |      | 12/99          |   | 3/01              |   | 100                                 | %      | 675,984                           |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Stonewall Retirement Village |   | Stonewall,  LA      |   | 40        |   | 879,266                                 |      | 7/98           |   | 1/99              |   | 100                                 | %      | 1,495,966                         |   |
|                         |   |                |   |      |   |                                    |      |           |   |              |   |                                |   |                              |   |
| Woodhaven Apts.              |   | S. Brunswick,  NJ   |   | 80        |   |                                    | **        | 1/98           |   | 1995              |   | 100                                 | %      |                              | **     |
|                              |        |                     |        |           |        |                                         |           |                |        |                   |        |                                     |        |                                   |        |  |  |

 

----

**               3 properties whichmake up one Operating Partnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capitalcontributions paid reported with Carriage Pointe Apartments LP.

 

34

----

 

Boston Capital Tax CreditFund IV L.P. - Series 34

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**                   |   | **Location**             |   | **Units** |   | **Mortgage   Balance as   of 12/31/02** |    | **Acq   Date** |   | **Const   Comp** |   | **Qualified   Occupancy**

**3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|--------------------------------------|--------|--------------------------|--------|-----------|--------|-----------------------------------------|---------|----------------|--------|------------------|--------|----------------------------------------|--------|-----------------------------------|--------|
| Abby Ridge Apts.                     |   | Elizabethtown,  KY       |   | 24        |   | $                                       | 472,651 |           | 2/00   |             | 1/00   |                                   | 100    | %                                 | $      | 1,577,723 |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Allsion Apts.                        |   | Mt. Washington,  KY      |   | 24        |   | 871,667                                 |    | 11/98          |   | 1/99             |   | 100                                    | %      | 850,013                           |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Belmont Affordable Housing Two Apts. |   | Philadelphia,  PA        |   | 20        |   | 505,044                                 |    | 1/99           |   | 12/99            |   | 100                                    | %      | 1,820,797                         |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Boerne Creekside Apts.               |   | Boerne,  TX              |   | 71        |   | 2,020,713                               |    | 11/98          |   | 6/00             |   | 100                                    | %      | 2,303,497                         |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Bradford Park Apts.                  |   | Southaven,  MS           |   | 208       |   | 9,790,000                               |    | 3/99           |   | 12/99            |   | 100                                    | %      | 2,868,684                         |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Hillside Club Apts.                  |   | Bear Creek Township,  MI |   | 56        |   | 1,670,656                               |    | 10/98          |   | 12/99            |   | 100                                    | %      | 2,087,333                         |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Howard Park Apts                     |   | Florida City,  FL        |   | 16        |   | 379,144                                 |    | 4/99           |   | 12/99            |   | 100                                    | %      | 630,834                           |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Kerrville Meadows Apts.              |   | Kerrville,  TX           |   | 72        |   | 1,577,114                               |    | 11/98          |   | 4/00             |   | 100                                    | %      | 2,329,758                         |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Merchant Court Apts.                 |   | Dallas,  GA              |   | 192       |   | 5,980,841                               |    | 10/98          |   | 12/99            |   | 100                                    | %      | 4,718,773                         |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Millwood Park Apts.                  |   | Douglasville,  GA        |   | 172       |   | 8,191,837                               |    | 12/98          |   | 11/99            |   | 100                                    | %      | 1,870,576                         |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Northwood Homes                      |   | Leitchfield,  KY         |   | 24        |   | 783,030                                 |    | 4/99           |   | 6/99             |   | 100                                    | %      | 1,185,712                         |   |
|                                 |   |                     |   |      |   |                                    |    |           |   |             |   |                                   |   |                              |   |
| Romeo Village Apts.                  |   | Montour Falls,  NY       |   | 24        |   | 1,020,464                               |    | 10/98          |   | 4/99             |   | 100                                    | %      | 753,362                           |   |
|                                      |        |                          |        |           |        |                                         |         |                |        |                  |        |                                        |        |                                   |        |  |  |

 

35

----

 
| **Property  Name**    |   | **Location** |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |       | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|-----------------------|--------|--------------|--------|-----------|--------|----------------------------------------|------------|----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Summer Park Apts.     |   | Jackson,  MS |   | 216       |   | $                                      | 10,550,000 |           | 10/99  |              | 6/00   |                                | 100    | %                                 | $      | 1,106,814 |   |
|                  |   |         |   |      |   |                                   |       |           |   |              |   |                                |   |                              |   |
| Washington Courtyards |   | Houston,  TX |   | 74        |   | 2,839,869                              |       | 8/99           |   | 8/00              |   | 100                                 | %      | 1,448,573                         |   |
|                       |        |              |        |           |        |                                        |            |                |        |                   |        |                                     |        |                                   |        |  |  |

 

36

----

 

Boston Capital Tax CreditFund IV L.P. - Series 35

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**              |   | **Location**      |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|---------------------------------|--------|-------------------|--------|-----------|--------|----------------------------------------|-----------|----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Ashton Cove Apts.               |   | Kingsland,  GA    |   | 72        |   | $                                      | 1,953,875 |           | 1/00   |              | 4/00   |                                | 100    | %                                 | $      | 2,557,680 |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Autumn Park                     |   | Dickson,  TN      |   | 104       |   | 5,000,000                              |      | 4/99           |   | 12/99             |   | 100                                 | %      | 1,463,162                         |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Brazoswood Apts.                |   | Clute,  TX        |   | 72        |   | 1,985,833                              |      | 7/99           |   | 7/00              |   | 100                                 | %      | 3,074,829                         |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Columbia Woods Townhomes        |   | Newman,  GA       |   | 120       |   | 5,516,794                              |      | 10/00          |   | 6/02              |   | 100                                 | %      | 1,310,103                         |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Country Walk Apts.              |   | Mulvane,  KS      |   | 68        |   | 1,979,350                              |      | 12/98          |   | 11/99             |   | 100                                 | %      | 1,923,697                         |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Cypress Pointe Retirement Apts. |   | Casa Grande,  AZ  |   | 104       |   | 1,595,206                              |      | 4/99           |   | 3/00              |   | 100                                 | %      | 2,680,499                         |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Garden Gates Apts. II           |   | New Caney,  TX    |   | 32        |   | 850,681                                |      | 3/99           |   | 3/00              |   | 100                                 | %      | 1,067,950                         |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Hillside Terrace Apts.          |   | Poughkeepsie,  NY |   | 64        |   | 1,781,009                              |      | 4/99           |   | 7/00              |   | 100                                 | %      | 3,977,051                         |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Riverwalk Apt. Homes Phase II   |   | Sheboygan,  WI    |   | 20        |   | 413,880                                |      | 12/98          |   | 7/99              |   | 100                                 | %      | 1,354,092                         |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Washington Courtyards           |   | Houston,  TX      |   | 74        |   | 2,839,869                              |      | 8/99           |   | 8/00              |   | 100                                 | %      | 606,140                           |   |
|                            |   |              |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Wedgewood Park Apts.            |   | Evans,  GA        |   | 180       |   | 5,421,280                              |      | 12/99          |   | 8/00              |   | 100                                 | %      | 3,229,037                         |   |
|                                 |        |                   |        |           |        |                                        |           |                |        |                   |        |                                     |        |                                   |        |  |  |

 

37

----

 

Boston Capital Tax CreditFund IV L.P. - Series 36

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**                          |   | **Location**      |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |       | **Acq.   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|---------------------------------------------|--------|-------------------|--------|-----------|--------|----------------------------------------|------------|-----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Annadale Apts.                              |   | Fresno,  CA       |   | 222       |   | $                                      | 11,144,863 |            | 1/00   |              | 6/90   |                                | 100    | %                                 | $      | 548,563 |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Ashton Ridge                                |   | Jackson,  MI      |   | 144       |   | 2,646,471                              |       | 2/00            |   | 12/00             |   | 100                                 | %      | 1,430,296                         |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Farmington Meadows                          |   | Aloha,  OR        |   | 69        |   | 3,396,420                              |       | 8/99            |   | 11/99             |   | 100                                 | %      | 530,154                           |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Nowata Village                              |   | Nowata,  OK       |   | 28        |   | 1,256,757                              |       | 8/99            |   | 2/00              |   | 100                                 | %      | 330,497                           |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Paris Place                                 |   | Paris,  KY        |   | 32        |   | 1,256,104                              |       | 6/00            |   | 9/00              |   | 100                                 | %      | 930,412                           |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Riverview Bend Apts.                        |   | Cystal City,  MO  |   | 94        |   | 3,312,500                              |       | 11/99           |   | 3/00              |   | 100                                 | %      | 1,210,500                         |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Senior Suites Of Chicago Washington Heights |   | Chicago,  IL      |   | 85        |   | 3,413,006                              |       | 12/99           |   | 11/00             |   | 100                                 | %      | 2,220,659                         |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Valleyview Estates Apts.                    |   | Branson West,  MO |   | 32        |   | 463,819                                |       | 11/99           |   | 5/00              |   | 100                                 | %      | 1,306,789                         |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Wedgewood Park Apts.                        |   | Evans,  GA        |   | 180       |   | 5,421,280                              |       | 12/99           |   | 8/00              |   | 100                                 | %      | 3,229,037                         |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Willowbrook Apts.                           |   | Lafayette,  LA    |   | 40        |   | 1,053,826                              |       | 6/99            |   | 9/99              |   | 100                                 | %      | 1,200,789                         |   |
|                                        |   |              |   |      |   |                                   |       |            |   |              |   |                                |   |                              |   |
| Wingfield Apts.                             |   | Kinder,  LA       |   | 40        |   | 684,516                                |       | 6/99            |   | 7/99              |   | 100                                 | %      | 1,645,817                         |   |
|                                             |        |                   |        |           |        |                                        |            |                 |        |                   |        |                                     |        |                                   |        |  |  |

 

38

----

 

Boston Capital Tax CreditFund IV L.P. - Series 37

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property   Name**                 |   | **Location**     |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |      | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|-------------------------------------|--------|------------------|--------|-----------|--------|----------------------------------------|-----------|----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Ashton Ridge Apts.                  |   | Jackson,  MS     |   | 144       |   | $                                      | 2,646,471 |           | 02/00  |              | 12/00  |                                | 100    | %                                 | $      | 6,003,938 |   |
|                                |   |             |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Baldwin Villas                      |   | Pontiac,  MI     |   | 65        |   | 7,648,775                              |      | 10/99          |   | 7/01              |   | 100                                 | %      | -0-                               |   |
|                                |   |             |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Columbia Woods Townhomes            |   | Newnan,  GA      |   | 120       |   | 5,516,794                              |      | 10/00          |   | 6/02              |   | 100                                 | %      | 3,285,137                         |   |
|                                |   |             |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Senior Suites of Washington Heights |   | Chicago,  IL     |   | 85        |   | 3,413,006                              |      | 12/99          |   | 11/00             |   | 100                                 | %      | 2,220,659                         |   |
|                                |   |             |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Silver Pond Apts.                   |   | Wallingford,  CT |   | 160       |   | 4,503,931                              |      | 6/00           |   | 12/01             |   | 100                                 | %      | 1,484,663                         |   |
|                                |   |             |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Stearns Assisted Apts.              |   | Millinocket,  ME |   | 20        |   | 435,500                                |      | 12/99          |   | 3/01              |   | 100                                 | %      | 1,407,173                         |   |
|                                |   |             |   |      |   |                                   |      |           |   |              |   |                                |   |                              |   |
| Summer Park                         |   | Jackson,  MS     |   | 216       |   | 10,550,000                             |      | 10/99          |   | 6/00              |   | 100                                 | %      | 2,379,767                         |   |
|                                     |        |                  |        |           |        |                                        |           |                |        |                   |        |                                     |        |                                   |        |  |  |

 

39

----

 

Boston Capital Tax CreditFund IV L.P. - Series 38

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property   Name**         |   | **Location**        |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |      | **Acq.   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|-----------------------------|--------|---------------------|--------|-----------|--------|----------------------------------------|-----------|-----------------|--------|-------------------|--------|-------------------------------------|--------|---------------------------------|--------|
| Andover Crossing Apts.      |   | Andover,  KS        |   | 80        |   | $                                      | 2,635,662 |            | 5/00   |              | 12/00  |                                | 100    | %                               | $      | 1,772,874 |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Arbors at Eagle Crest Apts. |   | Mount Pleasant,  MI |   | 120       |   | 1,778,353                              |      | 12/00           |   | 10/01             |   | 100                                 | %      | 3,512,499                       |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Bristow Place Apts.         |   | Bristow,  OK        |   | 28        |   | 1,238,788                              |      | 6/01            |   | 12/00             |   | 100                                 | %      | 487,648                         |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Columbia Creek Apts.        |   | Woodstock,  GA      |   | 172       |   | 5,600,000                              |      | 8/01            |   | 11/01             |   | 100                                 | %      | 2,795,601                       |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Cushing Place Apts.         |   | Cushing,  OK        |   | 24        |   | 1,104,910                              |      | 3/00            |   | 10/00             |   | 100                                 | %      | 428,559                         |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Hammond Place Apts.         |   | Hammond,  LA        |   | 40        |   | 494,484                                |      | 3/00            |   | 4/00              |   | 100                                 | %      | 1,706,341                       |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Shoreham Apts.              |   | Houston,  TX        |   | 120       |   | 2,124,578                              |      | 4/00            |   | 7/01              |   | 100                                 | %      | 6,020,750                       |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Vanderbilt Apts.            |   | Edna,  TX           |   | 12        |   | 327,979                                |      | 5/01            |   | 10/01             |   | 100                                 | %      | 96,530                          |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Whitley Park Apts.          |   | Whitley City,  KY   |   | 21        |   | 910,854                                |      | 6/00            |   | 6/00              |   | 100                                 | %      | 302,339                         |   |
|                        |   |                |   |      |   |                                   |      |            |   |              |   |                                |   |                            |   |
| Willowbrook II Apts.        |   | Lafayette,  LA      |   | 40        |   | 972,135                                |      | 3/00            |   | 5/00              |   | 100                                 | %      | 1,247,680                       |   |
|                             |        |                     |        |           |        |                                        |           |                 |        |                   |        |                                     |        |                                 |        |  |  |

 

40

----

 

Boston Capital Tax CreditFund IV L.P. - Series 39

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**          |   | **Location**        |   | **Units** |   | **Mortgage   Balance as  of  12/31/02** |      | **Acq.   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Capital  Contributions   Paid Through   3/31/03** |   |
|-----------------------------|--------|---------------------|--------|-----------|--------|-----------------------------------------|-----------|-----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------------------------|--------|
| Arbors at Eagle Crest Apts. |   | Mount Pleasant,  MI |   | 120       |   | $                                       | 1,778,353 |            | 12/00  |              | 10/01  |                                | 100    | %                                                   | $      | 3,512,499 |   |
|                        |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                                                |   |
| Arbors at Ironwood Apts.    |   | Mishawaka,  IN      |   | 88        |   | 1,815,392                               |      | 7/00            |   | 9/01              |   | 100                                 | %      | 3,772,295                                           |   |
|                        |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                                                |   |
| Austin Acres Atps.          |   | Hopkinsville,  KY   |   | 32        |   | 874,755                                 |      | 11/00           |   | 9/01              |   | 100                                 | %      | 1,268,756                                           |   |
|                        |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                                                |   |
| Columbia Creek Apts.        |   | Woodstock,  GA      |   | 172       |   | 5,600,000                               |      | 8/01            |   | 11/01             |   | 100                                 | %      | 2,909,708                                           |   |
|                        |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                                                |   |
| Daystar Village Apts.       |   | Bowling Green,  KY  |   | 32        |   | 807,075                                 |      | 2/01            |   | 1/01              |   | 100                                 | %      | 1,113,443                                           |   |
|                        |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                                                |   |
| Hillview Apts.              |   | Leitchfield,  KY    |   | 34        |   | 919,540                                 |      | 5/01            |   | 12/01             |   | 100                                 | %      | 325,587                                             |   |
|                        |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                                                |   |
| Pine Grove Community        |   | Gouverneur,  NY     |   | 48        |   | 1,125,000                               |      | 12/00           |   | 10/01             |   | 100                                 | %      | 2,923,942                                           |   |
|                        |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                                                |   |
| Tally-Ho Apts.              |   | Campti,  CA         |   | 26        |   | 580,993                                 |      | 6/01            |   | 12/01             |   | 100                                 | %      | 485,057                                             |   |
|                        |   |                |   |      |   |                                    |      |            |   |              |   |                                |   |                                                |   |
| Timber Trails Apts.         |   | Pineville,  LA      |   | 32        |   | 821,164                                 |      | 6/01            |   | 7/01              |   | 100                                 | %      | 499,829                                             |   |
|                             |        |                     |        |           |        |                                         |           |                 |        |                   |        |                                     |        |                                                     |        |  |  |

 

41

----

 

Boston Capital Tax CreditFund IV L.P. - Series 40

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**         |   | **Location**      |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |   | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|----------------------------|--------|-------------------|--------|-----------|--------|----------------------------------------|--------|----------------|--------|-------------------|--------|-------------------------------------|--------|-----------------------------------|--------|
| Arbors @ Ironwood Apts. II |   | Mishawaka,  IN    |   | 40        |   | 903,000                                |   | 2/01           |   | 11/01             |   | 100                                 | %      | 1,771,758                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Baldwin Villas Apts.       |   | Pontiac,  MI      |   | 65        |   | 7,648,775                              |   | 8,01           |   | 7/01              |   | 100                                 | %      | -0-                               |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Carlyle Apts.              |   | Aberdeen,  SD     |   | 44        |   | 906,643                                |   | 2/01           |   | 6/01              |   | 100                                 | %      | 1,359,155                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Center Place Apts.         |   | Center,  TX       |   | 32        |   | 786,740                                |   | 08/01          |   | 10/01             |   | 100                                 | %      | 428,835                           |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Eagle Lake Gardens Apts.   |   | Azle,  TX         |   | 60        |   | 1,245,222                              |   | 10/01          |   | 5/02              |   | 100                                 | %      | 666,179                           |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Londontown Homes Apts.     |   | London,  KY       |   | 24        |   | 598,355                                |   | 2/01           |   | 6/01              |   | 100                                 | %      | 1,836,027                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Mason’s Point Apts.   |   | Hopkinsville,  KY |   | 41        |   | 1,208,315                              |   | 06/01          |   | 7/02              |   | 100                                 | %      | 1,824,270                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Meadowside Apts.           |   | Milo,  NY         |   | 40        |   | 1,576,004                              |   | 05/01          |   | 12/01             |   | 100                                 | %      | 855,372                           |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Northrock Apts. II         |   | Topeka,  KS       |   | 60        |   | 2,385,435                              |   | 07/01          |   | 5/02              |   | 100                                 | %      | 1,838,666                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Oakland Apts.              |   | Oakdale,  LA      |   | 46        |   | 1,249,560                              |   | 2/01           |   | 7/01              |   | 100                                 | %      | 767,451                           |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Parkview Apts.             |   | Springfield,  MA  |   | 25        |   | 1,526,654                              |   | 2/01           |   | 2/02              |   | 100                                 | %      | 1,099,359                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Sedgewick Sundance Apts.   |   | Sedgewick,  KS    |   | 24        |   | 915,000                                |   | 09/01          |   | 10/01             |   | 100                                 | %      | 1,365,004                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Southbrook Humes Apts.     |   | Kily,  KY         |   | 24        |   | 545,460                                |   | 04/01          |   | 11/01             |   | 100                                 | %      | 1,866,896                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Shalom Plaza Apts.         |   | Kansas City,  MO  |   | 126       |   | 3,857,866                              |   | 08/01          |   | 11/01             |   | 100                                 | %      | 1,273,119                         |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Springfield Crossing       |   | Springfield,  VA  |   | 347       |   | 26,052,055                             |   | 6/02           |   | 10/01             |   | 100                                 | %      | 574,922                           |   |
|                       |   |              |   |      |   |                                   |   |           |   |              |   |                                |   |                              |   |
| Western Gardens Apts.      |   | Dequincey,  LA    |   | 48        |   | 1,297,391                              |   | 2/01           |   | 7/01              |   | 100                                 | %      | 782,188                           |   |

 

42

----

 

Boston Capital Tax CreditFund IV L.P. - Series 41

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**             |   | **Location**         |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |    | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con  paid thru   3/31/03** |   |
|--------------------------------|--------|----------------------|--------|-----------|--------|----------------------------------------|---------|----------------|--------|-------------------|--------|-------------------------------------|--------|----------------------------------|--------|
| Bienville Apts.                |   | Ringhold,  LA        |   | 32        |   | $                                      | 815,086 |           | 12/01  |              | 11/01  |                                | 100    | %                                | $      | 488,488 |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Breezewood Villas I            |   | Frederiksted,  VI    |   | 12        |   | 1,000,454                              |    | 10/01          |   | 6/02              |   | 100                                 | %      | 493,536                          |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Brookstone Place II Apts.      |   | Port Huron,  MI      |   | 72        |   | 2,481,872                              |    | 8/01           |   | 8/02              |   | 100                                 | %      | 2,838,577                        |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Cedar Grove Apartments Phase I |   | Shepherdsville,  KY  |   | 36        |   | 1,066,439                              |    | 5/02           |   | 7/01              |   | 100                                 | %      | 424,955                          |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Cranberry Cove Apartments      |   | Beckley,  WV         |   | 28        |   | 1,001,136                              |    | 5/02           |   | 1/02              |   | 100                                 | %      | 514,844                          |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Dawson Square                  |   | Thornton,  CO        |   | 36        |   | 1,716,000                              |    | 7/02           |   | U/C               |   | N/A                                 |   | -0                               | -      |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Franklin Green                 |   | Franklin Grove,  IL  |   | 12        |   | 393,878                                |    | 5/02           |   | 9/01              |   | 100                                 | %      | 268,476                          |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Harbor Point II Apts.          |   | Benton Township,  MI |   | 72        |   | 1,672,163                              |    | 8/01           |   | 10/02             |   | 100                                 | %      | 2,043,005                        |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Hollywood Palms Apts.          |   | San Diego,  CA       |   | 94        |   | 10,004,500                             |    | 3/02           |   | 11/02             |   | 100                                 | %      | 1,895,913                        |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Marina Woods Apts.             |   | Halfmoon,  NY        |   | 32        |   | 1,348,733                              |    | 7/01           |   | 4/02              |   | 100                                 | %      | 1,396,645                        |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Marwood Senior Apts.           |   | Upper Marlboro,  MD  |   | 155       |   | 12,377,110                             |    | 7/01           |   | 8/02              |   | 57                                  | %*     | 969,716                          |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Meadowside Apts.               |   | Milo,  NY            |   | 40        |   | 1,576,004                              |    | 5/01           |   | 12/01             |   | 100                                 | %      | 855,372                          |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Mill Creek Village             |   | Mt. Carroll,  IL     |   | 12        |   | 417,278                                |    | 5/02           |   | 9/01              |   | 100                                 | %      | 237,980                          |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Northline Terrace              |   | Mentoda,  IL         |   | 24        |   | 739,001                                |    | 5/02           |   | 6/01              |   | 100                                 | %      | 478,869                          |   |
|                           |   |                 |   |      |   |                                   |    |           |   |              |   |                                |   |                             |   |
| Palisades Park                 |   | Fulton,  IL          |   | 16        |   | 558,001                                |    | 5/02           |   | 9/01              |   | 100                                 | %      | 346,361                          |   |
|                                |        |                      |        |           |        |                                        |         |                |        |                   |        |                                     |        |                                  |        |  |  |

 

43

----

 
| **Property   Name**    |   | **Location**       |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |   | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified  Occupancy   3/31/03** |   | **Cap Con   paid thru   3/31/03** |   |
|------------------------|--------|--------------------|--------|-----------|--------|----------------------------------------|--------|----------------|--------|-------------------|--------|------------------------------------|--------|-----------------------------------|--------|
| Red Hill Apts. I       |   | Farmerville,  LA   |   | 32        |   | 839,469                                |   | 11/01          |   | 6/01              |   | 100                                | %      | 502,692                           |   |
|                   |   |               |   |      |   |                                   |   |           |   |              |   |                               |   |                              |   |
| Sandalwood Apartments  |   | Toppenish,  WA     |   | 20        |   | 998,413                                |   | 5/02           |   | 7/01              |   | 100                                | %      | 293,983                           |   |
|                   |   |               |   |      |   |                                   |   |           |   |              |   |                               |   |                              |   |
| Southpark Apts. II     |   | Newton,  KS        |   | 60        |   | 1,586,355                              |   | 9/01           |   | 5/02              |   | 100                                | %      | 2,117,956                         |   |
|                   |   |               |   |      |   |                                   |   |           |   |              |   |                               |   |                              |   |
| Springfield Crossing   |   | Springfield,  VA   |   | 347       |   | 26,052,055                             |   | 6/02           |   | 10/01             |   | 100                                | %      | 702,682                           |   |
|                   |   |               |   |      |   |                                   |   |           |   |              |   |                               |   |                              |   |
| Sunshine Village Apts. |   | Elizabethtown,  KY |   | 32        |   | 892,495                                |   | 3/02           |   | 8/02              |   | 100                                | %      | 1,158,254                         |   |

 

----

U/C=Property was under construction as of March 31, 2003.

*Property was in lease-up phase as of March 31,2003.

 

44

----

 

Boston Capital Tax CreditFund IV L.P. - Series 42

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**          |   | **Location**         |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |   | **Acq.   Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru  3/31/03** |      |
|-----------------------------|--------|----------------------|--------|-----------|--------|----------------------------------------|--------|-----------------|--------|-------------------|--------|-------------------------------------|--------|----------------------------------|-----------|
| Bellamy Mills Apartments    |   | Dover,  NH           |   | 30        |   | 1,678,496                              |   | 4/02            |   | 12/02             |   | 73                                  | %*     | $                                | 1,910,000 |   |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Breezed Villas II           |   | Frederiksted,  VI    |   | 12        |   | 756,490                                |   | 4/02            |   | 3/03              |   | 0                                   | %*     | 373,791                          |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Canon Club                  |   | Canon City,  CO      |   | 46        |   | 1,190,000                              |   | 7/02            |   | U/C               |   | N/A                                 |   | -0-                              |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Clifton Family Housing      |   | Clifton,  CO         |   | 51        |   | 3,019,000                              |   | 7/02            |   | U/C               |   | N/A                                 |   | -0-                              |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Dorchester Apartments       |   | Port Huron,  MI      |   | 131       |   | 1,521,613                              |   | 4/02            |   | U/C               |   | N/A                                 |   | 724,167                          |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Harbor Pointe Apartments II |   | Benton Township,  MI |   | 72        |   | 1,672,163                              |   | 4/02            |   | 10/02             |   | 100                                 | %      | 1,541,290                        |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Helios Station              |   | Lafayette,  CO       |   | 30        |   | 1,735,000                              |   | 7/02            |   | U/C               |   | N/A                                 |   | -0-                              |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Hollywood Palm Apartments   |   | San Diego,  CA       |   | 94        |   | 10,004,500                             |   | 8/02            |   | 11/02             |   | 100                                 | %      | 1,283,388                        |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Lynelle Landing Apts.       |   | Charleston,  WV      |   | 56        |   | 1,613,096                              |   | 3/02            |   | 9/02              |   | 100                                 | %      | 1,609,227                        |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Natchez Place Apartments    |   | Natchez,  MS         |   | 32        |   | 843,071                                |   | 8/02            |   | 11/01             |   | 100                                 | %      | 554,881                          |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Park Plaza IV               |   | West Memphis,  AR    |   | 24        |   | 1,053,936                              |   | 6/02            |   | 10/02             |   | 100                                 | %      | 1,162,702                        |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Park West Seniors           |   | Denver,  CO          |   | 41        |   | 1,546,000                              |   | 7/02            |   | U/C               |   | N/A                                 |   | -0-                              |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Parkhurst Place             |   | Amherst,  NH         |   | 42        |   | 3,563,000                              |   | 1/02            |   | 9/02              |   | 50                                  | %*     | 406,409                          |      |
|                        |   |                 |   |      |   |                                   |   |            |   |              |   |                                |   |                             |      |
| Strawberry Lane Apts.       |   | Clayton,  NY         |   | 71        |   | 1,987,305                              |   | 3/02            |   | 8/02              |   | 100                                 | %      | 605,330                          |      |
|                             |        |                      |        |           |        |                                        |        |                 |        |                   |        |                                     |        |                                  |           |  |

 

45

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| **Property  Name**      |   | **Location**     |   | **Units** |   | **Mortgage   Balance as  of 12/31/02** |   | **Acq.  Date** |   | **Const   Comp.** |   | **Qualified   Occupancy   3/31/03** |   | **Cap Con   paid thru  3/31/03** |   |
|-------------------------|--------|------------------|--------|-----------|--------|----------------------------------------|--------|----------------|--------|-------------------|--------|-------------------------------------|--------|----------------------------------|--------|
| Sunrise Manor Seniors.  |   | Buena Vista,  CO |   | 40        |   | 2,014,000                              |   | 7/02           |   | U/C               |   | N/A                                 |   | -0-                              |   |
|                    |   |             |   |      |   |                                   |   |           |   |              |   |                                |   |                             |   |
| Tiffany Square          |   | Lakewood,  CO    |   | 52        |   | 1,671,000                              |   | 7/02           |   | U/C               |   | N/A                                 |   | -0-                              |   |
|                    |   |             |   |      |   |                                   |   |           |   |              |   |                                |   |                             |   |
| Wingfield Apartments II |   | Kinder,  LA      |   | 42        |   | 612,434                                |   | 8/02           |   | 11/01             |   | 100                                 | %      | 1,066,780                        |   |

 

----

U/C=Property was under construction as of March 31, 2003.

* Property was in lease-up phase as of March 31, 2003.

 

46

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Boston Capital Tax CreditFund IV L.P. - Series 43

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**        |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |   | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |      |
|---------------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|--------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|-----------|
| Alexander Mill Apartments |   | Lawrenceville,  GA |   | 224       |   | 13,800,000                            |   | 12/02          |   | 1/03             |   | 34                                | %*     | $                               | 1,317,468 |   |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Aspen Meadows             |   | Aurora,  CO        |   | 100       |   | 5,169,000                             |   | 9/02           |   | U/C              |   | N/A                               |   | -0-                             |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Ashbury Park              |   | Aurora,  CO        |   | 44        |   | 2,492,000                             |   | 9/02           |   | U/C              |   | N/A                               |   | -0-                             |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Carpenter School          |   | Natchez,  MS       |   | 38        |   | -0-                                   |   | 1/03           |   | U/C              |   | N/A                               |   | -0-                             |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Charlevoix Apartments     |   | Charlevoix,  MI    |   | 40        |   | 1,277,701                             |   | 9/02           |   | 11/02            |   | 100                               | %      | 220,530                         |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Cloverlane Apartments     |   | Lakeview,  MI      |   | 24        |   | 500,916                               |   | 9/02           |   | 10/02            |   | 100                               | %      | 352,666                         |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Dorchester Apartments     |   | Port Huron,  MI    |   | 131       |   | 1,521,613                             |   | 9/02           |   | U/C              |   | 64                                | %*     | 524,415                         |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Hollywood Palm Apartments |   | San Diego,  CA     |   | 94        |   | 10,004,500                            |   | 12/02          |   | 11/02            |   | 100                               | %      | 2,654,279                       |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Kearney Plaza             |   | Commerce City,  CO |   | 51        |   | 1,533,000                             |   | 9/02           |   | U/C              |   | N/A                               |   | -0-                             |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Lakewood Apartments       |   | Saranac,  MI       |   | 24        |   | 846,675                               |   | 9/02           |   | 10/02            |   | 100                               | %      | 380,485                         |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Parkside Apartments       |   | Coleman,  MI       |   | 40        |   | 1,002,017                             |   | 9/02           |   | 12/02            |   | 90                                | %*     | 711,492                         |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Riverview Apartments      |   | Blissfield,  MI    |   | 32        |   | 756,287                               |   | 9/02           |   | 02/02            |   | 94                                | %*     | 359,064                         |      |
|                      |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Seven Points Apartments   |   | Seven Points,  TX  |   | 36        |   | 743,643                               |   | 9/02           |   | U/C              |   | 64                                | %*     | 524,415                         |      |
|                           |        |                    |        |           |        |                                       |        |                |        |                  |        |                                   |        |                                 |           |  |

 

47

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| **Property  Name**                 |   | **Location**   |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |   | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |   |
|------------------------------------|--------|----------------|--------|-----------|--------|---------------------------------------|--------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Sheridan Gardens                   |   | Englewood,  CO |   | 48        |   | 2,167,000                             |   | 9/02           |   | U/C              |   | N/A                               |   | -0-                             |   |
|                               |   |           |   |      |   |                                  |   |           |   |             |   |                              |   |                            |   |
| Stottville   Court Apartments |   | Stockport,  NY |   | 28        |   | 625,823                               |   | 9/02           |   | U/C              |   | N/A                               |   | 703,290                         |   |
|                               |   |           |   |      |   |                                  |   |           |   |             |   |                              |   |                            |   |
| Village Gardens                    |   | Aurora,  CO    |   | 55        |   | 2,026,000                             |   | 9/02           |   | U/C              |   | N/A                               |   | -0-                             |   |

 

48

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Boston Capital Tax CreditFund IV L.P. - Series 44

 

PROPERTY PROFILE AS OFMARCH 31, 2003

 
| **Property  Name**   |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/02** |   | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/03** |   | **Cap Con  paid thru  3/31/03** |      |
|----------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|--------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|-----------|
| Alexander Mills Apts |   | Lawrenceville,  GA |   | 224       |   | N/A                                   |   | 2/03           |   | 1/03             |   | 34                                | %      | $                               | 1,610,241 |   |
|                 |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Aurora Village Sr.   |   | Aurora,  CO        |   | 100       |   | N/A                                   |   | 2/03           |   | U/C              |   | N/A                               |   | -0-                             |      |
|                 |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Green’s Landing |   | Whitley,  KY       |   | 24        |   | N/A                                   |   | 2/03           |   | U/C              |   | N/A                               |   | -0-                             |      |
|                 |   |               |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Oxford Manor         |   | New Oxford,  PA    |   | 32        |   | N/A                                   |   | 3/03           |   | U/C              |   | N/A                               |   | -0-                             |      |
|                      |        |                    |        |           |        |                                       |        |                |        |                  |        |                                   |        |                                 |           |  |

 

49

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| Item 3. | Legal  Proceedings                                  |
|---------|-----------------------------------------------------|
|    |                                                |
|    | None.                                               |
|    |                                                |
| Item 4. | Submission of Matters to a Vote of Security Holders |
|    |                                                |
|    | None.                                               |

 

50

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PART II

 
| Item   |   | 5.     |   | Market  for the Fund’s Interests and Related Fund Matters                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | (a)    |   | Market Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |   |   | The Fund is classified as a limited partnership and  thus has no common stock.  There is no  established public trading market for the BACs and it is not anticipated that  any public market will develop.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | (b)    |   | Approximate number of security holders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   |   |   | As of March 31, 2003, the Fund has 40,176 BAC  holders for an aggregate of 75,662,578 BACs, at a subscription price of $10  per BAC, received and accepted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |   |   | The BACs were issued in series.  Series 20 consists of 2,355  investors holding 3,866,700 BACs, Series 21 consists of 1,180  investors holding 1,892,700 BACs, Series 22 consists of 1,662  investors holding 2,564,400 BACs, Series 23 consists of 2,104  investors holding 3,336,727 BACs, Series 24 consists of 1,304  investors holding 2,169,878 BACs, Series 25 consists of 1,808  investors holding 3,026,109 BACs, Series 26 consists of 2,334  investors holding 3,995,900 BACs, Series 27 consists of 1,363  investors holding 2,460,700 BACs, Series 28 consists of 2,092  investors holding 4,000,738 BACs, Series 29 consists of 2,341  investors holding 3,991,800 BACs, Series 30 consists of 1,413  investors holding 2,651,000 BACs, Series 31 consists of 2,176  investors holding 4,417,857 BACs, Series 32 consists of 2,418  investors holding 4,754,198 BACs, Series 33 consists of 1,301  investors holding 2,636,533 BACs, Series 34 consists of 1,785  investors holding 3,529,319 BACs, Series 35 consists of 1,718  investors holding 3,300,463 BACs, Series 36 consists of 1,038  investors holding 2,106,837 BACs, Series 37 consists of 1,166  investors holding 2,512,500 BACs, Series 38 consists of 1,248  investors holding 2,543,100 BACs, Series 39 consists of 1,020  investors holding 2,292,152 BACs, Series 40 consists of 1,124  investors holding 2,630,256 BACs, Series 41 consists of 1,418  investors holding 2,891,626 BACs, Series 42 consists of 1,266  investors holding 2,744,262 BACs, Series 43 consists of 1,686  investors holding 3,637,987 BACs and Series 44 consists of 833  investors holding 1,708,836 BACs at March 31, 2003 |
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | (c)    |   | Dividend history and restriction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |   |   | The Fund has made no distributions of Net Cash Flow  to its BAC Holders from its inception, October 5, 1993 through March 31,  2003.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |   |   | The Fund Agreement provides that Profits, Losses and  Credits will be allocated each month to the holder of record of a BAC as of  the last day of such month.   Allocation of Profits, Losses and Credits among BAC Holders will be  made in proportion to the number of BACs held by each BAC Holder.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   |   |   | Any distributions of Net Cash Flow or Liquidation,  Sale or Refinancing Proceeds will be made within 180 days of the end of the  annual period to which they relate.   Distributions will be made to the holders of record of a BAC as of the  last day of each month in the ratio which (i) the BACs held by such Person on  the last day of the calendar month bears to (ii) the aggregate number of BACs  outstanding on the last day of such month.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

 

51

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|   |   |   |   | Fund allocations and distributions are described on  pages 99 to 101 of the Prospectus, as supplemented, under the caption  “Sharing Arrangements:  Profits,  Credits, Losses, Net Cash Flow and Residuals”, which is incorporated herein  by reference.                                                                                                                                                          |
|--------|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |   |   | During the year ended March 31, 1999, the Fund made  a return of equity distribution to the Series 27 Limited Partners in the  amount of $275,000.  During the year  ended March 31, 2000 the Fund made a return of equity distribution to the  Series 29 Limited Partners in the amount of $238,040.  The distributions were the result of certain  Operating Partnerships not achieving their projected tax credits. |

 

52

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Item 6.             SelectedFinancial Data

 

The information set forth below presents selected financial data of theFund. This financial information represents a weighted average over the entireFund and does not represent the actual results for any particular series.Additional detailed financial information is set forth in the audited financialstatements listed in Item 15 hereof. Selected financial data for year and Periods ended March 31,

 
| **Operations**                           |   | **2003**    |        | **2002**    |   | **2001**    |   | **2000**    |        | **1999**    |   |
|------------------------------------------|--------|-------------|-------------|-------------|--------|-------------|--------|-------------|-------------|-------------|--------|
| Interest &  Other Income             |   | $           | 1,111,234   |        | $      | 926,439     |   | $           | 2,478,585   |        | $      | 3,089,965 |   | $ | 4,604,150 |   |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Share of Loss of  Operating Partnerships |   | (26,840,274 | )           | (30,093,432 | )      | (27,258,366 | )      | (22,255,032 | )           | (16,178,884 | )      |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Operating  Expenses                      |   | (8,633,964  | )           | (7,077,762  | )      | (6,872,178  | )      | (7,491,481  | )           | (5,902,620  | )      |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Net Income  (Loss)                  |   | $           | (34,363,004 | )           | $      | (36,244,755 | )      | $           | (31,651,959 | )           | $      | (26,656,548 | ) | $ | (17,477,354 | ) |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Net Income  (Loss) per BAC               |   | $           | (.49        | )           | $      | (.54        | )      | $           | (.52        | )           | $      | (.47 | ) | $ | (.36 | ) |

 
| **Balance Sheet**                                                                                                       |   | **2003** | ** **  | **2002** | ** ** | **2001**    | ** ** | **2000** | ** **  | **1999** | ** ** |
|-------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|------------|-------------|------------|----------|-------------|----------|------------|
|                                                                                                                    |   |     |        |     |       |        |       |     |        |     |       |
| Total Assets                                                                                                            |   | $        | 515,493,920 |     | $          | 493,374,022 |       | $        | 477,547,823 |     | $          | 478,148,369 |   | $ | 456,501,585 |   |
|                                                                                                                    |   |     |        |     |       |        |       |     |        |     |       |
| Total  Liabilities                                                                                                      |   | $        | 51,517,741  |     | $          | 57,058,109  |       | $        | 53,445,738  |     | $          | 62,060,171 |   | $ | 79,434,074 |   |
|                                                                                                                    |   |     |        |     |       |        |       |     |        |     |       |
| Partners’  Capital                                                                                                 |   | $        | 463,976,179 |     | $          | 436,315,913 |       | $        | 424,102,085 |     | $          | 416,088,198 |   | $ | 377,067,511 |   |
|                                                                                                                    |   |     |        |     |       |        |       |     |        |     |       |
| Other Data                                                                                                              |   |     |        |     |       |        |       |     |        |     |       |
| Tax Credits per  BAC for the Investors Tax Year, the Twelve Months Ended December 31, 2002,  2001, 2000, 1999, and 1998 |   | $        | .95         |     | $          | .97         |       | $        | .96         |     | $          | .78 |   | $ | .71 |   |

 

53

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Item 7.             Management’sDiscussion and Analysis of Financial Condition and Results of Operations

 

This Management’s Discussion and Analysis of Financial Condition andResults of Operations contains forward-looking statements such as ourintentions, hopes, beliefs, expectations, strategies and predictions of ourfuture activities, or other future events or conditions. Such statements are“forward looking statements” within the meaning of Section 27A of theSecurities Act of 1993, as amended, and Section 21E of the Securities ExchangeAct of 1934, as amended, and are intended to be covered by the safe harborscreated thereby. Investors are cautioned that all forward-looking statementsinvolve risks and uncertainty, including, without limitation, the factors identifiedin Part I, Item 1 of this Report. Although we believe that the assumptionsunderlying the forward-looking statements contained herein are reasonable, anyof the assumptions could be inaccurate, and, therefore, there can be noassurance that the forward-looking statements included in this Report willprove to be accurate. In light of the significant uncertainties inherent in theforward-looking statements included herein, the inclusion of such informationshould not be regarded as a representation by us or any other person that ourobjectives and plans will be achieved.

 

## Liquidity

 

The Fund’s primary source of funds is the proceeds of its PublicOffering.  Other sources of liquiditywill include (i) interest earned on capital contributions held pendinginvestment or on working capital reserves (ii) cash distributions fromoperations of the Operating Partnerships in which the Fund has and will investand (iii) a line of credit.  All sourcesof liquidity are available to meet the obligations of the Fund.  The Fund does not anticipate significantcash distributions in the long or short term from operations of the OperatingPartnerships.

 

The Fund has entered into a line of credit financing agreement withFleet National Bank whereby the Fund can borrow up to $40 million for up to 90days to meet short-term cash needs required for the investment in certainOperating Partnerships.  Under the termsof the agreement, the Fund pledges their interest in a particular OperatingPartnership in order to draw funds from the line.  The repayment of any draws is anticipated to be made once theFund has received sufficient investor proceeds.  Repayments on the line are tied to specific OperatingPartnerships, which are then released as collateral by the bank.  The obligations under the line of credit arenon-recourse to the Fund, its partners and assets, other than the interest inthe particular Operating Partnerships pledged.

 

The Fund invests in short-term tax-exempt municipal bonds to decreasethe amount of taxable interest income that flows through to it’sinvestors.  The Fund anticipates thatthe investments it purchases will be held to maturity, but periodically theFund must sell investments to meet certain obligations.  Many of the investments sold during theyears ended March 31, 2002 and 2003 were yielding coupon rates higher thanmarket rates.  A premature sale of theseinvestments may have resulted in realized losses, but when combined with thehigher coupon yields the resulting actual yields were consistent with marketrates.  In selecting investments topurchase and sell, the general partner and it’s advisors stringently monitorthe ratings of the investments, thereby maximizing safety of principal.

 

54

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## Capital Resources

 

The Fund is offering BACs in a Public Offering originally declaredeffective by the Securities and Exchange Commission on December 16, 1993.  The Fund received and accepted subscriptionsfor $756,292,860 representing 75,662,578 BACs from investors admitted as BACHolders in Series 20 through 44 of the Fund. As of March 31, 2003 the Fund was continuing to offer BACs in Series 44.

 

(Series 20).  The Fund commencedoffering BACs in Series 20 on January 21, 1994.  The Fund received and accepted subscriptions for $38,667,000representing 3,866,700 BACs from investors admitted as BAC Holders in Series20.  Offers and sales of BACs in Series20 were completed and the last of the BACs in Series 20 were issued by the Fundon June 24, 1994.

 

During the fiscal year ended March 31, 2003, none of Series 20 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2003 proceeds from the offer and sale of BACs in Series 20 had been used toinvest in 24 Operating Partnerships in an aggregate amount of $28,614,472 andthe Fund had completed payment of all installments of its capital contributionsto 23 of the Operating Partnerships. Series 20 has outstanding contributionspayable to one operating partnership in the amount of $388,026 as of March 31,2003. Of the amount outstanding, $252,771 has been advanced to the OperatingPartnership.  The advance will beconverted to capital and the remaining contributions of $135,255 will bereleased when the Operating Partnership has achieved the conditions set forthin its partnership agreement.

 

(Series 21).  The Fund commencedoffering BACs in Series 21 on July 5, 1994. The Fund received and accepted subscriptions for $18,927,000representing 1,892,700 BACs from investors admitted as BAC Holders in Series21.  Offers and sales of BACs in Series21 were completed and the last of the BACs in Series 21 were issued by the Fundon September 30, 1994.

 

During the fiscal year ended March 31, 2003, none of Series 21 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2003 proceeds from the offer and sale of BACs in Series 21 had been used toinvest in 14 Operating Partnerships in an aggregate amount of $13,872,728 andthe Fund had completed payment of all installments of its capital contributionsto 12 of the Operating Partnerships. Series 21 has outstanding contributionspayable to 2 operating partnerships in the amount of $457,642 as of March 31,2003, all of which has been loaned to the Operating Partnerships.  The loans will be converted to capital whenthe Operating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 22).  The Fund commencedoffering BACs in Series 22 on October 12, 1994.  The Fund received and accepted subscriptions for $25,644,000representing 2,564,400 BACs from investors admitted as BAC Holders in Series22.  Offers and sales of BACs in Series22 were completed and the last of the BACs in Series 22 were issued by the Fundon December 28, 1994.

 

During the fiscal year ended March 31, 2003, $1,500 of Series 22 netoffering proceeds were used to pay installments of its capital contributions to1 of the Operating Partnerships.  As ofMarch 31, 2003 proceeds from the offer and sale of BACs in Series 22 had beenused to invest in 29 Operating Partnerships

 

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in an aggregate amount of $18,758,748 and the Fund had completedpayment of all installments of its capital contributions to 26 of the OperatingPartnerships. Series 22 has outstanding contributions payable to 3 operatingpartnerships in the amount of $480,996 as of March 31, 2003, all of which hasbeen loaned to the Operating Partnerships. The loans will be converted to capital when the Operating Partnershipshave achieved the conditions set forth in their partnership agreements.

 

(Series 23).  The Fund commencedoffering BACs in Series 23 on January 10, 1995.  The Fund received and accepted subscriptions for $33,366,000representing 3,336,727 BACs from investors admitted as BAC Holders in Series23.  Offers and Sales of BACs in Series23 were completed and the last of the BACs in Series 23 were issued by the Fundon June 23, 1995.

 

During the fiscal year ended March 31, 2003, none of Series 23 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2003 proceeds from the offer and sale of BACs in Series 23 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $24,352,278 andthe Fund had completed payment of all installments of its capital contributionsto 19 of the Operating Partnerships. Series 23 has outstanding contributionspayable of $117,796 as of March 31, 2003 to 3 operating partnerships, all ofwhich has been advanced or loaned to the Operating Partnerships.  The advances and loans will be converted tocapital when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

(Series 24).  The Fund commencedoffering BACs in Series 24 on June 9, 1995. The Fund received and accepted subscriptions for $21,697,000representing 2,169,878 BACs from investors admitted as BAC Holders in Series 24.  Offers and Sales of BACs in Series 24 werecompleted and the last of the BACs in Series 24 were issued by the Fund onSeptember 22, 1995.

 

During the fiscal year ended March 31, 2003, the Fund used $88,621 ofSeries 24 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series24 had been used to invest in 24 Operating Partnerships in an aggregate amountof $15,749,684 and the Fund had completed payment of all installments of itscapital contributions to 20 of the Operating Partnerships. Series 24 hasoutstanding contributions payable to 4 operating partnerships in the amountof  $368,239 as of March 31, 2003.  Of the amount outstanding, $358,239 has beenadvanced or loaned to the Operating Partnerships.  The advances and loans will be converted to capital and theremaining contributions of $10,000 will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

(Series 25).  The Fund commencedoffering BACs in Series 25 on September 30, 1995.  The Fund received and accepted subscriptions for $30,248,000representing 3,026,109 BACs from investors admitted as BAC Holders in Series25.  Offers and Sales of BACs in Series25 were completed and the last of the BACs in Series 25 were issued by the Fundon December 29, 1995.

 

During the fiscal year ended March 31, 2003, the Fund used $134,613 ofSeries 25 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series25 had been used to invest in 22 Operating Partnerships in an aggregate amountof $22,461,222 and the Fund had completed payment of all

 

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installments of its capital contributions to 17 of the OperatingPartnerships. Series 25 has outstanding contributions payable to 5 OperatingPartnerships in the amount of $943,704 as of March 31, 2003. Of the amountoutstanding, $706,465 has been advanced to some of the Operating Partnerships.The advances will be converted to capital and the remaining contributions of$237,239 will be released when Operating Partnerships have achieved the conditionsset forth in their partnership agreements.

 

(Series 26).  The Fund commencedoffering BACs in Series 26 on January 18, 1996.  The Fund received and accepted $39,959,000 representing 3,995,900BACs from investors admitted as BAC Holders in Series 26. Offers and sales ofBACs in Series 26 were completed and the last of the BACS in Series 26 wereissued by the Fund on June 14, 1996.

 

During the fiscal year ended March 31, 2003, the Fund used $50,978 ofSeries 26 net offering proceeds to pay installments of its capitalcontributions to the Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series26 had been used to invest in 45 Operating Partnerships in an aggregate amountof $29,390,860 and the Fund had completed payment of all installments of itscapital contributions to 34 of the Operating Partnerships. Series 26 hasoutstanding contributions payable to 11 Operating Partnerships in the amount of$1,475,380, as of March 31, 2003.  Ofthe amount outstanding, $1,400,060 has been advanced or loaned to some of theOperating Partnerships. In addition, $15,000 has been funded into escrowaccounts on behalf of other Operating Partnerships.  The advances and loans will be converted to capital and theremaining contributions of $60,320, as well as the escrowed funds, will bereleased when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

(Series 27).  The Fund commencedoffering BACs in Series 27 on June 17, 1996. The Fund received and accepted$24,607,000 representing 2,460,700 BACs from investors admitted as BAC Holdersin Series 27. Offers and sales of BACs in Series 27 were completed and the lastof the BACS in Series 27 were issued by the Fund on September 27, 1996.

 

During the fiscal year ended March 31, 2003, the Fund used $107,464 ofSeries 27 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series27 had been used to invest in 16 Operating Partnerships in an aggregate amountof $17,881,544 and the Fund had completed payment of all installments of itscapital contributions to 13 of the Operating Partnerships. Series 27 hasoutstanding contributions payable to 3 operating partnerships in the amount of$39,749 as of March 31, 2003.  Of theamount outstanding, $6,500 has been advanced to one of the OperatingPartnerships.  The advance will beconverted to capital and the remaining contributions of $33,249 will bereleased when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

(Series 28).  The Fund commencedoffering BACs in Series 28 on September 30, 1996.  The Fund received and accepted $39,999,000 representing 4,000,738BACs from investors admitted as BAC Holders in Series 28. Offers and sales ofBACs in Series 28 were completed and the last of the BACS in Series 28 wereissued by the Fund on January 31, 1997.

 

During the fiscal year ended March 31, 2003, none of Series 28 netoffering proceeds were used to pay installments of its capital contributions tothe

 

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Operating Partnerships.  As ofMarch 31, 2003 proceeds from the offer and sale of BACs in Series 28 had beenused to invest in 26 Operating Partnerships in an aggregate amount of$29,211,996 and the Fund had completed payment of all installments of itscapital contributions to 22 of the Operating Partnerships. Series 28 hasoutstanding contributions payable to 4 operating partnerships in the amount of$148,783 as of March 31, 2003.  Theremaining contributions will be released when the Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

(Series 29).  The Fund commencedoffering BACs in Series 29 on February 10, 1997.  The Fund received and accepted $39,918,000 representing 3,991,800BACs from investors admitted as BAC Holders in Series 29.  Offer and sales of BACs in Series 29 werecompleted on June 20, 1997.

 

During the fiscal year ended March 31, 2003, none of Series 29 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2003 proceeds from the offer and sale of BACs in Series 29 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $29,137,877 andthe Fund had completed payment of all installments of its capital contributionsto 17 of the Operating Partnerships. Series 29 has outstanding contributionspayable to 5 operating partnerships in the amount of $304,770 as of March 31,2003. Of the amount outstanding, $20,935 has been loaned to one of theOperating Partnerships.  The loan willbe converted to capital and the remaining contributions of $283,835 will be releasedwhen the Operating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 30).  The Fund commencedoffering BACs in Series 30 on June 23, 1997. The Fund received and accepted$26,490,750 representing 2,651,000 BACs from investors admitted as BAC Holdersin Series 30.  Offer and sales of BACsin Series 30 were completed on September 10, 1997.

 

During the fiscal year ended March 31, 2003, the Fund used $54,232 ofSeries 30 net offering proceeds to pay installments of its capitalcontributions to 1 Operating Partnership. As of March 31, 2003 proceeds from the offer and sale of BACs in Series30 had been used to invest in 20 Operating Partnerships in an aggregate amountof $19,497,872, and the Fund had completed payment of all installments of itscapital contributions to 14 of the Operating Partnerships. Series 30 hasoutstanding contributions payable to 6 operating partnerships in the amount of$134,311 as of March 31, 2003.  Theremaining contributions of will be released when Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

(Series 31).  The Fund commencedoffering BACs in Series 31 on September 11, 1997.  The Fund had received and accepted $44,057,750 representing 4,417,857BACs from investors admitted as BAC Holders in Series 31.  Offer and sales of BACs in Series 31 werecompleted on January 18, 1998.

 

During the fiscal year ended March 31, 2003, the Fund used $324,248 ofSeries 31 net offering proceeds to pay installments of its capitalcontributions to 4 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series31 had been used to invest in 27 Operating Partnerships in an aggregate amountof $32,188,856 and the Fund had completed payment of all installments of itscapital contributions to 20 of the Operating Partnerships. Series 31 hasoutstanding contributions payable to 7 Operating Partnerships in the amount of$705,771 as of March 31, 2003.  Of theamount outstanding, $615,674 has been advanced or loaned to some of theOperating Partnerships.

 

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In addition, $25,000 has been funded into an escrow account on behalfanother Operating Partnerships.  Theadvances and loans will be converted to capital and the remaining contributionsof $65,097, as well as the escrowed funds, will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

(Series 32).  The Fund commencedoffering BACs in Series 32 on January 19, 1998.  The Fund had received and accepted $47,431,000 representing4,754,198 BACs from investors admitted as BAC Holders in Series 32.  Offer and sales of BACs in Series 32 werecompleted on June 23, 1998.

 

During the fiscal year ended March 31, 2003, the Fund used $99,104 ofSeries 32 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series32 had been used to invest in 17 Operating Partnerships in an aggregate amountof $33,947,052 and the Fund had completed payment of all installments of itscapital contributions to 9 of the Operating Partnerships. Series 32 hasoutstanding contributions payable to 9 Operating Partnerships in the amount of$936,164 as of March 31, 2003.  Of theamount outstanding, $488,244 has been advanced or loaned to some of theOperating Partnerships.  In addition,$125,000 has been funded into escrow accounts on behalf of another otherOperating Partnership.  The loans willbe converted to capital and the remaining contributions of $322,920, as well asthe escrowed funds, will be released when Operating Partnerships have achievedthe conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 1999, the Fund had purchasedassignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II ofMassachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers ofMassachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill ofMassachusetts LLC.  Under the terms ofthe Assignments of Membership Interests dated December 1, 1998 the series isentitled to certain profits, losses, tax credits, cash flow, proceeds fromcapital transactions and capital account as defined in the individual OperatingAgreements.  The Fund utilized$1,092,847 of Series 32 net offering proceeds to invest in OperatingPartnerships for this investment.  Theseinvestments are reported in the Investment in Operating Limited Partnershipsline item on the balance sheet.

 

(Series 33).  The Fund commencedoffering BACs in Series 33 on June 22, 1998. The Fund received and accepted$26,362,000 representing 2,636,533 BACs from investors admitted as BAC Holdersin Series 33.  Offer and sales of BACsin Series 33 were completed on September 21, 1998.

 

During the fiscal year ended March 31, 2003, the Fund used $549,801 ofSeries 33 net offering proceeds to pay installments of its capitalcontributions to 1 Operating Partnership. As of March 31, 2003 proceeds from the offer and sale of BACs in Series33 had been used to invest in 10 Operating Partnerships in an aggregate amountof $19,594,099 and the Fund had completed payment of all installments of itscapital contributions to 7 of the Operating Partnerships. Series 33 hasoutstanding contributions payable to 3 Operating Partnerships in the amount of$202,285 as of March 31, 2003.  Of theamount outstanding, $74,635 has been loaned to one of the OperatingPartnerships.  In addition, $125,000 hasbeen funded into an escrow account on behalf of another OperatingPartnership.  The loans will beconverted to capital and the remaining contributions of $2,650, as well as theescrowed funds, will be released when the Operating Partnerships have achievedthe conditions set forth in their partnership agreements.

 

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(Series 34).  The Fund commencedoffering BACs in Series 34 on September 22, 1998.  The Fund had received and accepted $35,273,000 representing3,529,319 BACs from investors admitted as BAC Holders in Series 34.  Offer and sales of BACs in Series 34 werecompleted on February 11, 1999.

 

During the fiscal year ended March 31, 2003, the Fund used $56,333 ofSeries 34 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series34 had been used to invest in 14 Operating Partnerships in an aggregate amountof $25,738,977 and the Fund had completed payment of all installments of itscapital contributions to 9 of the Operating Partnerships. Series 34 hasoutstanding contributions payable 5 Operating Partnerships in the amount of$95,968 as of March 31, 2003.  Theremaining contributions will be released when the Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

(Series 35).  The Fund commencedoffering BACs in Series 35 on February 22, 1999.  The Fund received and accepted $33,002,000 representing 3,300,463BACs from investors admitted as BAC Holders in Series 35. Offer and sales ofBACs in Series 35 were completed on June 28, 1999.

 

During the fiscal year ended March 31, 2003, the Fund used $746,922 ofSeries 35 net offering proceeds to pay installments of its capitalcontributions to 1 Operating Partnership. As of March 31, 2003 proceeds from the offer and sale of BACs in Series35 had been used to invest in 11 Operating Partnerships in an aggregate amountof $24,002,390 and the Fund had completed payment of all installments of itscapital contributions 8 of the Operating Partnerships.  Series 35 has outstanding contributionspayable to 3 Operating Partnerships in the amount of $603,740 as of March 31, 2003.  Of the amount outstanding, $422,173 has beenloaned or advanced to some of the Operating Partnerships.  In addition, $10,855 has been funded into anescrow account on behalf of another Operating Partnership.  The loans and advances will be converted tocapital and the remaining contributions of $170,172, as well as the escrowedfunds, will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 36).  The Fund commencedoffering BACs in Series 36 on June 22, 1999. The Fund received and accepted$21,068,375 representing 2,106,837 BACs from investors admitted as BAC Holdersin Series 36. Offer and sales of BACs in Series 36 were completed on September28, 1999.

 

During the fiscal year ended March 31, 2003, none of Series 36 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2003 proceeds from the offer and sale of BACs in Series 36 had been used toinvest in 11 Operating Partnerships in an aggregate amount of $15,277,044, andthe Fund had completed payment of all installments of its capital contributionsto 8 of the Operating Partnerships. Series 36 has outstanding contributionspayable to 3 Operating Partnerships in the amount of $680,429 as of March 31,2003.  Of the amount outstanding,$657,998 has been loaned or advanced to some of the Operating Partnerships. Theloans and advances will be converted to capital and the remaining contributionsof $22,431, will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 37).  The Fund commencedoffering BACs in Series 37 on October 29, 1999.  The Fund received and accepted $25,125,000 representing 2,512,500BACs

 

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from investors admitted as BAC Holders in Series 37. Offer and sales ofBACs in Series 37 were completed on January 28, 2000.

 

During the fiscal year ended March 31, 2003, the Fund used $162,434 ofSeries 37 net offering proceeds to pay installments of its capitalcontributions to 3 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series37 had been used to invest in 7 Operating Partnerships in an aggregate amountof $18,725,648 and the Fund had completed payment of all installments of itscapital contributions to 4 of the Operating Partnerships. Series 37 hasoutstanding contributions payable to 3 Operating Partnerships in the amount of$1,944,309 as of March 31, 2003. Of the amount outstanding, $1,733,152 has beenloaned or advanced to some of the Operating Partnerships. The loan and advanceswill be converted to capital and the remaining contributions of $211,157 willbe released when the Operating Partnerships have achieved the conditions setforth in their partnership agreements.

 

(Series 38).  The Fund commencedoffering BACs in Series 38 on February 1, 2000.  The Fund received and accepted $25,431,000 representing 2,543,100BACs from investors admitted as BAC Holders in Series 38.  Offer and sales of BACs in Series 38 werecompleted on July 31, 2000.

 

During the fiscal year ended March 31, 2003, the Fund used $1,099,731of Series 38 net offering proceeds to pay installments of its capitalcontributions to 5 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series38 had been used to invest in 10 Operating Partnerships in an aggregate amountof $18,612,287 and the Fund had completed payment of all installments of itscapital contributions to 8 of the Operating Partnerships.  Series 38 has outstanding contributionspayable to 2 Operating Partnerships in the amount of $135,173 as of March 31,2003.  The remaining contributions willbe released when the Operating Partnerships have achieved the conditions setforth in their partnership agreements.

 

During the fiscal year ended March 31, 2002, the Fund used $420,296 ofSeries 38 net offering proceeds to acquire a limited partnership equityinterest in a limited liability company, which is the general partner of otheroperating limited partnerships, which own or are constructing, rehabilitatingor opearting apartment complexes.  Theseries is entitled to a percentage of the profits, losses and tax credits ofthe limited liability company.  Theinvestment is reported in the Investment in Operating Limited Partnerships lineitem on the balance sheet.

 

(Series 39).  The Fund commencedoffering BACs in Series 39 on August 1, 2000. The Fund received and accepted$22,921,000 representing 2,292,152 BACs from investors admitted as BAC Holdersin Series 39. Offer and sales of BACs in Series 39 were completed on January31, 2001.

 

During the fiscal year ended March 31, 2003, the Fund used $1,036,128of Series 39 net offering proceeds to pay installments of its capital contributionsto 5 Operating Partnerships.  As ofMarch 31, 2003 proceeds from the offer and sale of BACs in Series 39 had beenused to invest in 9 Operating Partnerships in an aggregate amount of$17,115,495 and the Fund had completed payment of all installments of itscapital contributions to 6 of the Operating Partnerships.  Series 39 has outstanding contributionspayable to 3 Operating Partnerships in the amount of $161,805 as of March 31,2003.  The remaining contributions willbe released when the Operating Partnerships have achieved the conditions setforth in their partnership agreements.

 

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During the fiscal year ended March 31, 2002, the Fund used $192,987 ofSeries 39 net offering proceeds to acquire a limited partnership equityinterest in a limited liability company, which is the general partner of otheroperating limited partnerships, which own or are constructing, rehabilitatingor operating apartment complexes.  Theseries is entitled to a percentage of the profits, losses and tax credits ofthe limited liability company.  Theinvestment is reported in the Investment in Operating Limited Partnerships lineitem on the balance sheet.

 

(Series 40).  The Fund commencedoffering BACs in Series 40 on February 1, 2001.  The Fund received and accepted $26,269,250 representing 2,630,256BACs from investors admitted as BAC Holders in Series 40.  Offer and sales of BACs in Series 40 werecompleted on July 31, 2001.

 

During the fiscal year ended March 31, 2003, the Fund used $3,577,924of Series 40 net offering proceeds to pay installments of its capitalcontributions to 13 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series40 had been used to invest in 16 Operating Partnerships in an aggregate amountof $19,043,470, and the Fund had completed payment of all installments of itscapital contributions to 12 of the Operating Partnerships.  Series 40 has outstanding contributions payableto 4 Operating Partnerships in the amount of $651,411 as of March 31,2003.  Of the amount outstanding,$143,730 has been advanced to one of the Operating Partnerships.  The advances will be converted to capitaland the remaining contributions of $507,681 will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

During the fiscal year ended March 31, 2002, the Fund used $578,755 ofSeries 40 net offering proceeds to acquire 5 limited partnership equityinterests in limited liability companies, which are the general partners ofother operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses andtax credits of the limited liability companies.  The investment is reported in the Investment in Operating LimitedPartnerships line item on the balance sheet.

 

(Series 41).  The Fund commencedoffering BACs in Series 41 on August 1, 2001. The Fund received and accepted$28,916,260 representing 2,891,626 BACs from investors admitted as BAC Holdersin Series 41. Offer and sales of BACs in Series 41 were completed on January31, 2002.

 

During the fiscal year ended March 31, 2003, the Fund used $8,775,315of Series 41 net offering proceeds pay installments of its capitalcontributions to 19 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series41 had been used to invest in 20 Operating Partnerships in an aggregate amountof $20,356,184 and the Fund had completed payment of all installments of itscapital contributions to 9 Operating Partnerships.  Series 41 has outstanding contributions payable to 11 OperatingPartnerships in the amount of $2,284,064 as of March 31, 2003.  Of the amount outstanding, $548,553 has beenadvanced or loaned to the Operating Partnerships. The loan and advances will beconverted to capital and the remaining contributions of $1,735,511 will bereleased when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

During the fiscal year ended March 31, 2002, the Fund used $195,248 ofSeries 41 net offering proceeds to acquire a limited partnership equityinterest in a

 

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limited liability company, which is the general partner of otheroperating limited partnerships, which own or are constructing, rehabilitatingor operating apartment complexes.  Theseries is entitled to a percentage of the profits, losses and tax credits ofthe limited liability company.  Theinvestment is reported in the Investment in Operating Limited Partnerships lineitem on the balance sheet.

 

(Series 42).  The Fund commencedoffering BACs in Series 42 on February 1, 2002.  The Fund received and accepted $27,442,620 representing 2,744,262BACs from investors admitted as BAC Holders in Series 42. Offer and sales ofBACs in Series 42 were completed on July 31, 2002.

 

During the fiscal year ended March 31, 2003, the Fund used $8,391,189of Series 42 net offering proceeds to pay installments of its capitalcontributions to 10 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series42 had been used to invest in 17 Operating Partnerships in an aggregate amountof $20,033,501, and the Fund had completed payment of all installments of itscapital contributions to 1 Operating Partnership.  Series 42 has outstanding contributions payable to 16 OperatingPartnerships in the amount of $8,777,237 as of March 31, 2003. Of the amountoutstanding, $3,017,584 has been advanced or loaned to the OperatingPartnerships. The loan and advances will be converted to capital and theremaining contributions of $5,579,653 will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

(Series 43).  The Fund commencedoffering BACs in Series 43 on August 1, 2002. The Fund received and accepted$36,379,870 representing 3,637,987 BACs from investors admitted as BAC Holdersin Series 43. Offer and sales of BACs in Series 43 were completed on December31, 2002.

 

During the fiscal year ended March 31, 2003, the Fund used $8,823,760of Series 43 net offering proceeds to pay initial installments of its capitalcontributions to 10 Operating Partnerships. As of March 31, 2003 proceeds from the offer and sale of BACs in Series43 had been used to invest in 16 Operating Partnerships in an aggregate amountof $17,828,570, and the Fund had not completed payment of all installments ofits capital contributions to any of the Operating Partnerships.  Series 43 has outstanding contributionspayable to the Operating Partnerships in the amount of $9,830,712 as of March31, 2003. Of the amount outstanding, $3,460,572 has been advanced or loaned tothe Operating Partnerships. The loans and advances will be converted to capitaland the remaining contributions of $6,370,140 will be released when theOperating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

During the fiscal year ended March 31, 2003, the Fund used $805,160 ofSeries 43 net offering proceeds to acquire 7 limited partnership equityinterests in limited liability companies, which are the general partner ofother operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses andtax credits of the limited liability companies.  The investment is reported in the Investment in Operating LimitedPartnerships line item on the balance sheet.

 

(Series 44).  The Fund commencedoffering BACs in Series 44 on January 14, 2003. The Fund received and accepted$17,088,360 representing 1,708,836 BACs

 

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from investors admitted as BAC Holders in Series 44 as of March 31,2003. Offer and sales of BACs in Series 44 were completed on April 30, 2003and, in total, the Fund received and accepted $27,019,730 representing2,701,973 BACs in Series 44.

 

During the fiscal year ended March 31, 2003, the Fund used $1,620,951of Series 44 net offering proceeds to pay initial installments of its capitalcontributions to 4 Operating Partnership. As of March 31, 2003 proceeds from the offer and sale of BACs in Series44 had been used to invest in 4 Operating Partnerships in an aggregate amountof $4,640,966, and the Fund had not completed payment of all installments ofits capital contributions to any of the Operating Partnerships.  Series 44 has outstanding contributionspayable to the Operating Partnerships in the amount of $3,030,725 as of March31, 2003. Of the amount outstanding, $1,363,915 has been loaned to some of theOperating Partnerships. The loans will be converted to capital and theremaining contributions of $1,666,810 will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

## Results of Operations

 

The Fund incurs a fund management fee to the General Partner and/or itsaffiliates in an amount equal to 0.5% of the aggregate cost of the ApartmentComplexes owned by the Operating Partnerships, less the amount of certainpartnership management and reporting fees paid by the Operating Partnerships.The annual fund management fee incurred, net of fees received, for the fiscalyears ended March 31, 2003 and 2002 was $5,283,658 and $4,762,222,respectively. The amount is anticipated to increase in subsequent fiscal yearsas additional Operating Partnerships are acquired.

 

The Fund’s investment objectives do not include receipt of significantcash flow distributions from the Operating Partnerships in which it hasinvested or intends to invest.  TheFund’s investments in Operating Partnerships have been and will be madeprincipally with a view towards realization of Federal Housing Tax Credits forallocation to its partners and BAC holders.

 

As funds are utilized by the individual series for payment of fundmanagement fees, operating expenses and capital contributions to the OperatingPartnerships, it is anticipated that the combination of the “cash and cashequivalents” and “investments available for sale” amounts for each series willdecrease.  As a result of the reduction,it is expected that interest income reported by each series will begin todecrease after the first full year of operations.  Occasionally the Fund will make interest-bearing loans to certainOperating Partnerships against contributions due for release at a later date.

 

(Series 20).  As of March 31,2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 24 OperatingPartnerships at March 31, 2003, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $2,194,841 and $1,918,054, respectively in passive income taxlosses that were passed through to the investors and also provided $1.33 forboth years in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 20 was $12,675,770 and $14,695,373, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method.

 

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By using the equity method the Fund adjusts its investment cost for itsshare of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $2,384,789 and $2,387,830, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee. It is anticipated thatthe net loss for Series 20 will remain relatively consistent in future yearssince the series has finished acquiring Operating Partnerships and they are allfully operational.

 

Series 20 has invested in 4 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Coushatta Seniors II Apartments, FloralAcres Apartments II, Harrisonburg Seniors Apartments and Shady LaneApartments.  The affordable housingproperties owned by the Calhoun Partnerships are located in Louisiana andconsist of approximately 112 apartment units in total.  The low income housing tax credit availableannually to Series 20 from the Calhoun Partnerships is approximately $143,240,which is approximately 3% of the total annual tax credit available to investorsin Series 20.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 OperatingPartnerships in which Series 20 is not an investor. The Investment LimitedPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships. In effect,it appears that the contractor which built the apartment properties (anaffiliate of Mr. Calhoun’s) overbilled the respective Partnerships,thereby improperly inflating the cost certification and the amount of taxcredit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are also

 

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pursuing a resolution with the IRS whereby escrow funds would be usedto make a settlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which has beenthe Operating General Partner, the Investment General Partner and itsaffiliates, are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have has alsoundertaken discussions with the Rural Housing Service of theU.S. Department of Agriculture, in its capacity as first mortgage lenderfor each of the Calhoun Partnerships, to make sure that all of the mortgageloans are and will continue to be in good standing notwithstanding theoverstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it willconsent to the replacement of general partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Breeze Cove Limited Partnership (Breeze Cove Apartments) operatedsignificantly below breakeven due to high debt, high operating expenses, lowoccupancy, and poor tenant rental collections. The Investment General Partner and the Operating General Partner, anaffiliate of the Investment General Partner, successfully negotiated a debtrestructure with US Bank which closed in the fourth quarter of 2002. The agreementcalled for a pay down of the mortgage balance from $2,650,000 to $1,850,000;the establishment of a $100,000 operating reserve; a recasting of the debt overa thirty year payment schedule with a maturity of January 2, 2010; and areduction of the interest rate from a fixed 9% to a floating rate of prime plus2.5% through December 8, 2003, then prime plus 3%.  In order to fund the debt paydown and operating escrow, Series 20sold 33.33% of its interest in 6 Operating Partnerships to Series 41 on April 1,2003.  Since the debt restructure neededto be funded prior to the April 1, 2003 transfer date, Series 41 loaned thesales proceeds to the Operating Partnership at the time of the debtrestructure.  The only alternative tothe debt restructure would have been bankruptcy and a costly Chapter 11filing.  The outcome to such a filingwas likely to be negative and would have included a recapture of creditspreviously taken by the Series 20 investors. The Investment General Partner believed it was in the best interest ofthe Series 20 investors to avoid recapture by selling a portion of their futurecredits and using the proceeds to complete the debt restructure. Future taxcredit benefits estimated to be $.2925 per BAC will not be realized by theinvestors in Series 20, however, the consequences of recapture and penalties tothe investors, estimated to be approximately $.6825 per BAC, were avoided.

 

Effective January 25, 2003, East Douglas Apartments Limited Partnership(East Douglas Apartments) retained SanMar Properties for propertymanagement.  Occupancy through March2003 has averaged 95%.  In the fourthquarter of 2001

 

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the Operating Partnership petitioned HUD and Illinois HousingDevelopment Authority (IDHA) to increase rents.   IHDA denied the request to increase rents at that time citingthe HOME Loan rent restrictions.  ThePartnership is working on another request for a rent increase.   The Partnership is also working with thecity to secure historical preservation funding to assist with the cost ofrestoring original windows and needed tuck-pointing of the brick exteriorwalls.   The mortgage company has beenreluctant to utilize replacement reserve funds for this purpose.   East Douglas Apartments passed the 2002compliance inspection by IHDA at which time there was some indication that IHDAmay be more receptive to increasing rents in 2003.   The transition in management and potential repairs being made tothe windows and exterior brick may assist in obtaining a rent increase.   The mortgage, property taxes, insurance andaccounts payable are current as of April 30, 2003.

 

On November 29, 2002, there was a fire at Cynthiana Properties Limited(Hillside Apartments) in Cynthiana Kentucky. The fire damaged three units and a central stairway.  As of March 31, 2003, all of the fire damagerepair was complete and the 3 damaged units were back on line and leased.  The insurance covered all of the repairs(replacement value) and the loss of rent from the 3 units that were vacatedafter the fire.

 

(Series 21).  As of March 31,2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had a total of 14 properties atMarch 31, 2003, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $1,000,796 and $1,626,653, respectively, in passive income taxlosses that were passed through to the investors and also provided $1.21 forboth years in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 21 was $2,393,876 and $2,929,817, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $658,405 and $2,967,656, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee. The difference in netloss is primarily due to an impairment loss reported by Atlantic City HousingUrban Renewal Associates L.P in the prior year.  Additional detail on the operations of this Operating Partnershipis provided below. It is anticipated that future net losses will be moreconsistent with the amount reported in the fiscal year 2003.

 

Atlantic City Housing Urban Renewal Associates L.P. (Atlantic CityApartments) continued to operate below breakeven for the first quarter of 2003.The Operating Partnership filed for protection under Chapter 11 of theBankruptcy Code in June of 2001. During the quarter, two bondholder entities,PCM and Green Leaf Construction, filed objections to the OperatingPartnership’s proposed reorganization plan and announced that competing planswould be proposed. The Investment General Partner is negotiating with GreenLeaf to join with it and a not-for-profit community development corporation,Vision 2000,

 

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to submit a revised plan and the withdrawal of Green Leaf’s objectionto the current plan. Throughout the quarter, court hearings, legal filings andnumerous drafts were developed. It is anticipated that a revised Plan will besubmitted during the third quarter that will reflect $1,500,000 in payment tothe bondholders. The bankruptcy court has continued to authorize cash collateralfor payment of the property operating expenses.  Occupancy for the first quarter of 2003 decreased to 75%. TheCity of Atlantic City Housing Authority will not approve any further rental ofthe vacant units until all code violations are addressed. Funds for theserepairs are provided for in the Plan. The Operating General Partner isdiligently working toward resolving these issues, but has limited capital withwhich to complete the required repairs. One component of the ReorganizationPlan is the funding of $500,000 from the Investment General Partner. Partialsale of remaining credits and advances from the series will be the source ofthis contribution. The timeline for bondholder voting and Plan confirmation bythe Bankruptcy Court is expected to be during the third quarter 2003.

 

Centrum Fairfax LP (Forest Glen at Sully Station)is a 119-unit seniorcomplex located in Fairfax, VA. This property continues to experience lowoccupancy.  The occupancy declined to70% in the first quarter 2003 from a 2002 average occupancy of 79%.  In 2003 the management company will continueworking to attract prospective tenants and improve occupancy by increasing theadvertisements and promotions, organizing monthly events at the property andcreating resident referral programs. The property is in excellent physical condition. The Operating GeneralPartners continue to fund operating deficits in accordance with the PartnershipAgreement; however, the guarantee is due to expire in the third quarter 2003.The mortgage, taxes, insurance and payables are current.

 

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a48-unit, family property located in Chippewa, Wisconsin.  The property operated with an averageoccupancy of 79% for the year 2002.  Thefirst quarter 2003 occupancy

increased to an average of 87% from 81% in the fourth quarter 2002. Theoperating expenses are below the state average. As a result of the high vacancyrate and the low rental rates in the area, the property did not achievebreakeven operations in the first quarter of 2003. The management companycontinues to market the available units by working closely with the housingauthority and continuing various marketing efforts to attract qualifiedresidents. The Operating General Partner continues to financially support thepartnership. The mortgage, taxes, insurance and payables are current.

 

Black River Run, LP (River Run Apartments) is a 48-unit, familyproperty located in Black River Falls, Wisconsin. The property operated with anaverage occupancy of 86% for the year 2002. The first quarter 2003 occupancyincreased to an average of 91%, which is consistent with the fourth quarter of2002. The operating expenses are below the state average. Although theoccupancy increased slightly, the low rental rates in the area prevented theproperty from achieving breakeven operations in the first quarter of 2003. Themanagement agent continues to market the available units by working closelywith the housing authority and continuing various marketing efforts to attractqualified residents. The Operating General Partner continues to financiallysupport the partnership. The mortgage, taxes, insurance and payables arecurrent.

 

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Lookout Ridge LP (Lookout Ridge Apts.) is a 30 unit development locatedin Covington, KY. Average occupancy of the property is high at 99%, but it isunable to support its operations due to high operating expenses and low rentalrates. It is currently operating with a debt coverage ratio of .27 and hasoutstanding payables slightly in excess of $60,000. Although rents are currently at the maximum allowable taxcredit rate for the area, the average rent on the property is only $426.  Operating expenses of $4,347 per unit arevery high for the area and must be reduced significantly in order for  the property to break even. The OperatingGeneral Partner indicated that a portion of the high expenses have beenattributable to improper tenant screening by the management company, which resultedin high turnover and repair cost. The screening problem has since beencorrected. The property’s operating reserve account has a balance of $33,940,and the Operating General Partner has an obligation to fund any operatingdeficits through 2007.

 

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family propertylocated in Menomonie, Wisconsin. The property operated with an averageoccupancy of 95% for the year 2002 which slightly declined to 91% for the firstquarter 2003.  The property’s operatingexpenses are below the state average. Despite the occupancy being in the 90’s, the low rental rates in thearea prevented the property from achieving breakeven operations in the firstquarter of 2003. The management agent continues to market the available unitsby working closely with the housing authority and continuing various marketingefforts to attract qualified residents. The Operating General Partner continuesto financially support the partnership. The mortgage, taxes, insurance andpayables are current.

 

(Series 22).  As of March 31,2003 and 2002, the average Qualified Occupancy for the series was 100%.  The series had total of 29 properties atMarch 31, 2003, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $1,864,572 and $1,869,136, respectively, in passive income taxlosses that were passed through to the investors and also provided $1.25 and$1.26, respectively, in tax credit per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 22 was $9,514,695 and $11,087,299, respectively.  The decrease is primarily a result of theway the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $1,825,108 and $1,693,382, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee. It is anticipated thatthe net loss will remain relatively consistent in future years as the serieshas finished acquiring Operating Partnerships and all are reporting stableoperations.

 

Black River Run, LP (River Run Apartments) is a 48-unit, familyproperty located in Black River Falls, Wisconsin. The property operated with anaverage occupancy of 86% for the year 2002. The first quarter 2003 occupancyincreased to an average of 91%, which is consistent with the fourth quarter of2002. The operating expenses are below the state average. Although theoccupancy

 

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increased slightly, the low rental rates in the area prevented theproperty from achieving breakeven operations in the first quarter of 2003. Themanagement agent continues to market the available units by working closelywith the housing authority and continuing various marketing efforts to attractqualified residents. The Operating General Partner continues to financiallysupport the partnership. The mortgage, taxes, insurance and payables arecurrent.

 

Roxbury Veterans Housing, Limited Partnership (Highland House) is a 14unit property located in Roxbury, Massachusetts.  The Operating General partner has been very inconsistent inreporting occupancy and operational numbers to the Investment General Partner.  In addition, the Investment General Partneridentified potential discrepancies in the tax returns submitted and iscurrently working with the Operating General Partner to resolve these issues.

 

(Series 23). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 22 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $1,651,061 and $2,076,947, respectively, in passive income taxlosses that were passed through to investors and also provided $1.31 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 23 was $16,373,993 and $17,726,828, respectively.   The decrease is a result of the way theFund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $1,611,679 and $1,634,244, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee.  It is anticipated that the net loss will berelatively consistent in future years as the series has finished acquiringOperating Partnerships and they are fully operational.

 

Series 23 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Mathis Apartments. Ltd. and Orange GroveSeniors.  The affordable housingproperties owned by the Calhoun Partnerships are located in Texas and consistof approximately 56 apartment units in total. The low income housing tax credit available annually to Series 23 fromthe Calhoun Partnerships is approximately $73,077, which is approximately 2% ofthe total annual tax credit available to investors in Series 23.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax

 

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credit calculation with respect to approximately 40 OperatingPartnerships in which Series 23 is not an investor.  The Investment Limited Partner used these certifications indetermining the tax credits investors would receive through their investment inthe Calhoun Partnerships. In effect, it appears that the contractor which builtthe apartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliates insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensate investorsfor any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

South Hills Apartments L.P. (South Hills Apartments) is a 72-unit,family property located in Bellevue, Nebraska. The property operated with anaverage occupancy of 83% in 2002. The occupancy increased to 89% in the firstquarter

 

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of 2003. The management company hired a new manager in April 2002, andthere were several evictions during the second and third quarters of 2002. Themanagement company continues to offer rental concessions to increase applicanttraffic. The Operating General Partner continues to fund the operatingdeficits, as needed. The property’s mortgage, taxes and insurance are allcurrent.

 

(Series 24). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 99.9% and 100%, respectively.  The series had a total of 24 properties atMarch 31, 2003. Out of the total, 22 were at 100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $970,718 and $1,357,571, respectively, in passive income taxlosses that were passed through to investors and also provided $1.28 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 24 was $9,168,660 and $9,240,905, respectively.  The decrease is primarily the result of theway the Fund accounts for such investments, the equity method. By using theequity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued

 

For the years ended March 31, 2003 and 2002, the net loss of the Serieswas $206,100 and $2,001,698, respectively. The major components of theseamounts are the Fund’s share of losses from Operating Partnerships and the fundmanagement fee.  The difference in netloss is primarily due to events that effected operations in the current fiscalyear for two of the Operating Partnerships. In the prior year a large loss wasreported by a foreclosed on property, Los Lunas Apts. In the current year therewas a recission of foreclosure and income was reported to reverse the prioryear entries.  Income was also reportedfor the discount of debt and forgiven debt interest.  Further detail on events effecting this Operating Partnership isprovided below. The reduction in net loss is also due to settlement proceedsincome reported by one of the Operating Partnerships, which had filed a suitagainst its former Operating General Partner. In addition, the Operating Partnership used some the settlement proceedsto repay interest bearing loans and interest to the Investment Partnershipresulting in increased interest income in the current fiscal year. It isanticipated that the net loss in future years will be more consistent with theprior year as these events are not expected to effect future years.

 

Series 24 has invested in Zwolle Partnership, A LA Partnership inCommendam (the “Calhoun Partnership”) in which the Operating General Partner isRiemer Calhoun, Jr. or an entity which is affiliated with and controlledby Riemer Calhoun (the “Riemer Calhoun Group”).  The affordable housing property owned by the Calhoun Partnershipis located in Louisiana and consist of approximately 32 apartment units intotal.  The low income housing taxcredit available annually to Series 24 from the Calhoun Partnership is approximately$39,393, which is approximately 1% of the total annual tax credit available toinvestors in Series 24.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas

 

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under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 Operating Partnershipsin which Series 24 is not an investor. The Investment Limited Partner used these certifications in determiningthe tax credits investors would receive through their investment in the CalhounPartnerships. In effect, it appears that the contractor which built theapartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

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Elm Street Associates Limited Partnership (Elm Street Apartments) islocated in Yonkers, New York.  Theneighborhood has been a difficult one in which to operate due in part to highcrime.  Almost all tenants have somepublic subsidy, making this a very management-intensive property.  Poor tenancy has historically resulted inoperating deficits.  Management issues,including poor rent collections and deferred maintenance, had negativelyimpacted  the property.  Consequently, the existing managementcompany was replaced by Westhab, Inc. on January 1, 2003.  Westhab is a non-profit housing developerand manager dedicated to providing housing for low income residents ofWestchester County.  An affiliate ofWesthab also was admitted as a replacement Operating General Partner on January1, 2003.

 

Subsequent to the Westhab takeover, property operations have improvedmarkedly. Physical occupancy at the property for the first quarter ranged from94% to 97%. Westhab however may need to evict some of the current residents inorder to complete the process of restablizing the property.  Economic occupancy averaged 95% for thequarter, even with some extraordinary expenses arising from the need to addressdeferred maintenance.

 

In early February 2002, the Operating Partnership concluded a restructureof the first mortgage loan with the loan servicer, Community PreservationCorporation(CPC). The loan had been in default for more than a year.  The newly restructured loan has a lower loanbalance, a longer amortization schedule and a lower interest rate, which willmake the loan more affordable to the Partnership.  Series 24 has contributed approximately $35,000 to therestructure of the Partnership and the first mortgage loan.  It is anticipated that Westhab will continuethe stabilization process and that going forward the property will operate ator near breakeven.

 

Los Lunas Apartments Limited (Hillridge Apartments) was foreclosed uponon January 14, 2002 by New Mexico Housing Finance Authority.  In the third quarter of 2002, the InvestmentGeneral Partner was successful in rescinding the foreclosure sale byrestructuring the debt.  In order tofund the debt restructure, Series 24 sold 33.33% of its interest in 5 OperatingPartnerships to Series 42 on April 1, 2003. Since the debt restructure needed to be funded prior to the April 1,2003 transfer date, Series 42 loaned the sales proceeds to the OperatingPartnership at the time of the debt restructure.  The purpose of the recession was to avoid the consequences of arecapture of the credits previously taken by Series 24, thereby protecting theyield to its investors. Future tax credit benefits that were sold to Series 42,estimated to be $.487 per BAC, will not be realized by the investors in Series24, however, the consequences of recapture and penalties to the investors,estimated to be approximately $.568 per BAC, were avoided.

 

North Hampton Place Limited Partnership (North Hampton Place), locatedin Columbia, Missouri, operated below breakeven during 2002 and the firstquarter of 2003. The main reason for its continuing cash deficit is lowoccupancy, which averaged 87% for the first quarter of 2003 and 71% overall in2002, and high operating expenses.  Themortgage was refinanced in the fourth quarter of 2002 with a more favorableinterest rate and amortization period, and this

 

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should help to alleviate the property’s cash deficit.  To address the low occupancy at theproperty, the management company replaced the site manager.  New management is marketing the property topossible tenants through newspapers, churches and civic groups and occupancyhad improved to 97% at April 30, 2003. The property’s mortgage, taxes andinsurance were all current as of March 31, 2003.

 

(Series 25). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 99.9%.  Theseries had a total of 22 properties at March 31, 2003.  Out of the total, 21 were at 100% qualifiedoccupancy.

 

For the tax year ended December 31, 2002 and 2001, the series, intotal, generated $1,381,624 and $1,707,535, respectively in passive income taxlosses that were passed through to investors and also provided $1.24 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 25 was $15,315,756 and $16,265,562, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $1,063,014 and $1,557,890, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee. The reduction in netloss is primarily due to settlement proceeds income received by one of theOperating Partnerships, which had filed a suit against its former OperatingGeneral Partner.  The OperatingPartnership used some the settlement proceeds to repay interest bearing loansand interest to the Investment Partnership resulting in increased interestincome in the current fiscal year.  Itis anticipated that the net loss in future years will be more consistent withthe prior year as these events are not expected to effect future years.

 

Ohio Investors Limited Partnership (Washington Arms) is a 93 unitproperty located in Dayton, Ohio.  Theproperty operated significantly below breakeven due to low occupancy, lowrental rates, and high debt service. Average occupancy for the first quarter of 2003 was 89%.  The management company attributes the lowoccupancy to high turnover.  The projectrequested a rent increase; however, the project is currently charging themaximum allowable rent possible, per section 8 requirements.  Average physical occupancy for 2002 was 92%,and the property expended cash of just over $50,500.  The Operating General Partner contributed $57,500 to the propertyduring 2002 to cover the excess expenses, despite the fact that his guaranteeexpired in September of 2001.  TheOperating General Partner is in the process of restructuring the debt with thecurrent lender, Key Bank.  The lenderhas proposed to extend the loan term 15- years beyond the original maturitydate (October 2011).  As a result, themonthly debt service payment would drop from $21,739 to $15,749, representingan approximate savings of $5,990 per month, which should allow the property tobreakeven.

 

Sutton Place Apartments, L.P. (Sutton Place Apartments) owns andoperates a 360 unit complex in Indianapolis, Indiana. The property has operatedwith an average occupancy rate of 95% in 2002 compared to an average of 93% forthe

 

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year that ended December 31, 2001. Management believes that stability in the office staff and maintenancestaff is resulting in continued high occupancy and continuing economic gains aswell.  Economic occupancy has alsoimproved and, through December 31, 2002 has been close to 95%. Despite thisimprovement in overall operations, first quarter 2003 occupancy was weak at91%. During April 2003, however, occupancy climbed back up to 95%.

 

The property still suffers somewhat from high maintenance expenses as aresult of tenant abuse and unit turnover, but the property was able to controloperating expenses throughout 2002 and has continued to do so through the firstquarter of 2003. When coupled with the increase in income resulting fromimproved occupancy, net operating income increased by 11% in 2002. Based uponits first quarter 2003 performance, it is anticipated that the property willcontinue to improve throughout 2003. Criminal activity, which has historicallybeen high, has declined substantially over the last year.  This results from the fact that the propertyhired uniformed, off duty police officers as security and with the fact thatcriminal activity overall has declined in Indianapolis.  The Operating General Partner is obligatedunder his guarantee to fund operating deficits and in 2002 he funded $96,250.The mortgage, taxes and insurance were all current as of March 31, 2003.

 

352 Lenox Associates, LP, (Lenox Avenue Apartments) is an 18 unitproperty located in Manhattan, NY. During 2002, the property operated belowbreakeven, primarily as a result of high operating expenses.  The property has an inefficient gas firedboiler, which contributed significantly toward the negative cash flow.  As a result of the negative cash flow, theproperty has high payables and insufficient working capital.   The physical occupancy at the property hasbeen consistently strong since inception, averaging above 95%.  Occupancy as of March 31, 2003 is at100%.  The Investment General Partner isworking with the Operating General Partner to decrease operating expenses andstabilize the property.  The OperatingGeneral Partner is funding all operating deficits. The mortgage, taxes, and propertyinsurance are all current.

 

M.R.H., L.P. (The Mary Ryder Home), a 48 unit property located in St.Louis, MO, received a 60-day letter issued by the IRS proposing to reduce theamount of low income housing tax credits allowable because it asserts thatcertain fees and other expenditures were not includible in the eligible basisof the property. The 60-day letter was the result of an IRS audit of theOperating Partnership’s books and records. As a result of their audit, the IRShas proposed an adjustment that would disallow approximately 18% of past andfuture tax credits. The adjustment would also include interest. The InvestmentGeneral Partner and its counsel along with the Operating General Partner andits counsel will likely file an appeal and continue negotiations with the IRSAppeals Office.

 

(Series 26). As of March 31, 2002 and 2001, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 45 properties at March 31, 2002, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $2,046,344 and $2,711,648, respectively, in passive income taxlosses that were passed through to investors and also provided $1.18 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnerships

 

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for Series 26 was $23,716,013 and $24,785,250, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $1,428,884 and $2,264,403, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships, the fund management fee and interest income.  The reduction in net loss is primarily dueto settlement proceeds income received by one of the Operating Partnerships,which had filed a suit against its former Operating General Partner.  The Operating Partnership used some thesettlement proceeds to repay interest bearing loans and interest to theInvestment Partnership resulting in increased interest income in the currentfiscal year.  It is anticipated that thenet loss in future years will be more consistent with the prior year as theseevents are not expected to effect future years.

 

Series 26 has invested in 6 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The operating partnerships are Bearuegard Apartments Partnership,Brookhaven Apartments Partnership, Butler Estates, Cameron ApartmentsPartnership, Southwind Apartments and TR Bobb Apartments A LDHA.  Theaffordable housing properties owned by the Calhoun Partnerships are located inLouisiana and consist of approximately 191 apartment units in total.  The low income housing tax credit availableannually to Series 26 from the Calhoun Partnerships is approximately $617,547,which is approximately 13% of the total annual tax credit available to investorsin Series 26.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 OperatingOartnerships in which Series 26 is not an investor.  The Investment Limited Partner used these certifications in determiningthe tax credits investors would receive through their investment in the CalhounPartnerships. In effect, it appears that the contractor which built theapartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

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The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affected Partnershipsand investors to restate tax returns to reflect less credit and then payadditional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partner andits affiliates have confirmed directly with the US Attorney that no evidencewas found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Warrensburg Heights, Limited Partnership, (Warrensburg Heights) locatedin Warrensburg, Missouri, operated below breakeven during 2002 and the firstquarter of 2003. The main reason for its continuing cash deficit is lowoccupancy, which averaged 74% for the first five months of 2003 and 89% overallin 2002, and high operating expenses. High turnover at the property has caused occupancy levels to stagnate,and operating expenses were high during the first quarter due to the highturnover.  During the fourth quarter of2002, the site manager at the property was replaced, and the property is beingmarketed through newspapers, churches and civic groups.  The property’s mortgage, taxes and insurancewere all current as of March 31, 2003.

 

Country Edge LP (Country Edge Apts.) is a 48 unit property located inFargo, North Dakota.   During 2002, theproperty operated below breakeven, primarily due to strong competition stemmingfrom a significant increase in newer tax credit properties with more amenitiesin Fargo.  The significant increase incompetition has negatively impacted the occupancy at the property.  As a result of the negative cash flow, theproperty had insufficient working capital during the year.   During 2002, the Operating General Partnerdecreased rents and implemented concessions to stabilize occupancy, whichaveraged 90% for the year.  As of March31, 2003, occupancy was 92% and averaged 87% for the first quarter, which was11% higher than the first

 

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quarter of 2002.  However, theproperty continued to operate below breakeven during the first quarter of 2003due to the continued lowered rents and concessions.  The Investment General Partner will continue to work with theOperating General Partner to stabilize the occupancy.   In addition, the economy in the Fargo area is expected to expandduring 2003, which should have a positive impact on demand for affordable housing.  The Operating General Partner continues tofund all operating deficits, despite the expiration of their guarantee.  The mortgage, trade payables, propertytaxes, and insurance are current.

 

Grandview Apartments (Grandview Apts.) is a 48 unit property located inFargo, North Dakota.  During 2002, theproperty operated below breakeven primarily due to strong competition stemmingfrom a significant increase in newer tax credit properties with more amenitiesin Fargo.  The significant increase incompetition has negatively impacted the occupancy at the property.  During 2002, the Operating General Partnerdecreased rents and implemented concessions to stabilize occupancy, whichaveraged 87% for the year.  As of March31, 2003, occupancy was 75% and averaged 82% for the first quarter, which was2% higher than the first quarter of 2002. However, the property continued tooperate below breakeven during the first quarter of 2003 due to the continuedlowered rents and concessions.  TheInvestment Limited Partner will continue to work with the Operating GeneralPartner to stabilize the physical occupancy. In addition, the economy in the Fargo area is expected to expand during2003, which should have a positive impact on demand for affordablehousing.  The Operating General Partnercontinues to fund all operating deficits, despite the expiration of theirguarantee.  The mortgage, tradepayables, property taxes, and insurance are current.

 

(Series 27). As of March 31, 2003 and 2002 the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 16 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $1,225,573 and $1,221,646, respectively, in passive income taxlosses that were passed through to investors and also provided $1.14,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 27 was $14,645,587 and $15,447,161, respectively.  The balance was affected by the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the year ended March 31, 2003 and 2002, the net loss of the serieswas $1,080,803 and $598,368, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee.  The difference in net loss is mainly theresult of cancellation of debt income reported by one of the OperatingPartnerships in the prior year.  It isanticipated that the net loss will begin to stabilize in future years as theOperating Partnerships stabilize operations.

 

Series 27 has invested in Magnolia Place Apartments Partnership (the“Calhoun Partnership”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The affordable housing property owned by the Calhoun

 

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Partnership is located in Mississippi and consist of approximately 40apartment units in total.  The lowincome housing tax credit available annually to Series 27 from the CalhounPartnership is approximately $129,037, which is approximately 5% of the totalannual tax credit available to investors in Series 27.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 OperatingPartnerships in which Series 27 is not an investor.  The Investment Limited Partner used these certifications indetermining the tax credits investors would receive through their investment inthe Calhoun Partnerships. In effect, it appears that the contractor which builtthe apartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that no evidencewas found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department of

 

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Agriculture, in its capacity as first mortgage lender for each of theCalhoun Partnerships, to make sure that all of the mortgage loans are and willcontinue to be in good standing notwithstanding the overstated credit and thecriminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Holly Heights Limited Partnership (Holly Heights Apartments) continuesto incur operating deficits due to high tenant turnover. Occupancy hasincreased to 88% for the first quarter of 2003 from the fourth quarter 2002average of 86%. There are limited job opportunities in this area and, as aresult, some residents have moved from the area to find work.  Management will continue to offer rentalconcessions until occupancy has stabilized. As a result of the low occupancy in 2002, there was negative cash flowand high payables. An audit by the state regulatory agency identified issues ofnon-compliance.  The Operating GeneralPartner is diligently working to resolve all issues and the Investment GeneralPartner will continue to closely monitor the property. The mortgage, taxes, andinsurance are all current.

 

Angelou Court (Angelou Court Apts.) is a 23 unit property located in Harlem, New York.  During 2002, the property operated belowbreakeven, primarily due to high operating expenses.  Physical occupancy has been consistent at 100% since inception ofthe property.  As a result of thenegative cash flow, the property has insufficient working capital to covertrade accounts payable.  The InvestmentGeneral Partner will work with the Operating General Partner to developalternatives to reduce operating expenses and stabilize the property. TheOperating General Partner is responsible for funding all operating deficits andhas an unlimited guarantee to the property. The mortgage and property insurance are current.  The property pays no property taxes as theresult of a tax abatement.

 

(Series 28). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 26 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $1,089,909 and $2,512,925, respectively, in passive income taxlosses that were passed through to investors and also provided $1.05 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 28 was $25,184,476 and $26,355,147, respectively.  The decrease is a result the way the Fundaccounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the year ended March 31, 2003 and 2002 the net loss of the serieswas $1,443,856 and $1,802,088, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee.  It is anticipated that operations will berelatively consistent in future years as series had finished acquiringOperating Partnerships and they are all reporting stable operations.

 

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Series 28 has invested in 6 Operating Partnerships (the “Calhoun Partnerships”)in which the Operating General Partner is Riemer Calhoun, Jr. or an entitywhich is affiliated with and controlled by Riemer Calhoun (the “Riemer CalhounGroup”).  The Operating Partnerships areBienville III Apartments, Blanchard Partnership, Cottonwood Partnership, inCommendam, Evangeline Partnership, Jackson Place Apartments LP and MaplewoodApartments Partnership.  The affordablehousing properties owned by the Calhoun Partnerships are located in Louisianaand consist of approximately 200 apartment units in total.  The low income housing tax credit availableannually to Series 28 from the Calhoun Partnerships is approximately $516,536,which is approximately 12% of the total annual tax credit available toinvestors in Series 28.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 OperatingPartnerships in which Series 28 is not an investor.  The Investment Limited Partner used these certifications indetermining the tax credits investors would receive through their investment inthe Calhoun Partnerships. In effect, it appears that the contractor which builtthe apartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level

 

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management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department of Agriculture,in its capacity as first mortgage lender for each of the Calhoun Partnerships,to make sure that all of the mortgage loans are and will continue to be in goodstanding notwithstanding the overstated credit and the criminal prosecutionresulting therefrom.  RHS has alsoindicated that it will consent to the replacement of general partners notedabove.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

1374 Boston Road L.P. (1374 Boston Road) is a 15 unit property locatedin New York City.  During 2002 theproperty operated below breakeven, primarily due to high debt service andoperating expenses.  The debt servicecoverage ratio for 2002 was .50.  As aresult of the negative cash flow, the property had insufficient workingcapital.  The Investment General Partnerwill work with the Operating General Partner to develop potential refinanceoptions and explore alternatives to reduce operating expenses and stabilize theproperty.  The Operating General Partneris responsible for funding all operating deficits. The mortgage, property taxesand insurance are current.

 

(Series 29). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 22 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001 the series, intotal, generated $2,066,987 and $2,674,479, respectively in passive income taxlosses that were passed through to investors and also provided $1.08 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnerships forSeries 29 was $22,450,900 and $24,490,660, respectively.  The decrease is a result the way the Fundaccounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the year ended March 31, 2003 and 2002, the net loss of the serieswas $2,395,108 and $2,421,150, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee. It is anticipated thatoperations will be relatively consistent in future years as series had finishedacquiring Operating Partnerships and they are reporting stable operations.

 

Series 29 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Edgewood Apartments Partnership, PlamettoPlace Apartments and Westfield Apartments Partnership.  The affordable housing properties owned bythe Calhoun Partnerships are located in Louisiana and consist of approximately152 apartment units in

 

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total.  The low income housingtax credit available annually to Series 29 from the Calhoun Partnerships isapproximately $603,385, which is approximately 14% of the total annual taxcredit available to investors in Series 29.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 OperatingPartnerships in which Series 29 is not an investor.  The Investment Limited Partner used these certifications in determiningthe tax credits investors would receive through their investment in the CalhounPartnerships. In effect, it appears that the contractor which built theapartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will

 

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continue to be in good standing notwithstanding the overstated creditand the criminal prosecution resulting therefrom.  RHS has also indicated that it will consent to thereplacement of general partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Lombard Partners LP (Lombard Heights Apts.) located in Springfield,Missouri, operated below breakeven during the first quarter of 2003. The mainreason for its continuing cash expenditure is its low occupancy, which averaged88% for the quarter.  To address the lowoccupancy at the property, management is marketing the property throughnewspapers, churches and civic groups. The property’s mortgage, taxes and insurance were all current as ofMarch 31, 2003.

 

(Series 30). As of March 31, 2003 and 2002 the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 20 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $1,710,868 and $1,747,744, respectively, in passive income taxlosses that were passed through to investors and also provided $1.06 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 30 was $16,661,934 and $17,826,875, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $1,425,215 and $1,298,251, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships and the Fundmanagement fee. It is anticipated that operations will be relatively consistentin future years as series had finished acquiring Operating Partnerships andthey are for the most part reporting stable operations.

 

Mesa Grande, LP (Mesa Grande Apartments) is a 72-unit, family propertylocated in Carlsbad, New Mexico.  Themortgage lender submitted default letters to the Investment Limited Partner andthe Operating General Partner on April 2, 2003 for the following deficiencies:two months unpaid mortgage payments, unpaid tax payment and under fundedreplacement reserve account.  TheInvestment General Partner and the Operating General Partner executed anagreement on April 25, 2003 that remedied the mortgage note deficiencies.  The Operating General Partner made the mostcurrent mortgage payment and the Investment General Partner provided approvalto release funds from the property’s operating reserve to remedy the remainingfinancial deficiencies.  On May 2, 2003,Form 8823 was issued by the New Mexico Mortgage Finance Authority for failureto pay the annual tax credit monitoring fee. The Investment General Partner will work with the Operating GeneralPartner to ensure that the non-compliance issue is corrected.  As a result of the defaults by the OperatingGeneral Partner and Management Company, a related entity, the InvestmentGeneral Partner will be looking to replace the Management Company by August 1,2003.

 

Sunrise Homes, LP (Broadway Place Apartments) is a 32-unit, familyproperty

 

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located in Hobbs, New Mexico. The mortgage lender submitted default letters to the Investment LimitedPartner and the Operating General Partner on April 2, 2003 for the followingdeficiencies: one month unpaid mortgage payment, unpaid tax payment and underfunded replacement reserve account.  TheInvestment Genral Partner and the Operating General Partner executed anagreement on April 25, 2003 that remedied the mortgage note deficiencies.  The Operating General Partner made the mostcurrent mortgage payment and the Investment General Partner provided approvalto release funds from the operating reserve to remedy the remaining financialdeficiencies.  On May 2, 2003, Form 8823was issued by the New Mexico Mortgage Finance Authority for failure to pay theannual tax credit monitoring fee.  TheInvestment General Partner will work with the Operating General Partner toensure that the non-compliance issue is corrected.  As a result of the defaults by the Operating General Partner andManagement Company, a related entity, the Investment General Partner will belooking to replace the Management Company by August 1, 2003.

 

JMC Limited Liability Company (Farwell Mills Apts.) is a 27-unitdevelopment located in Lisbon, ME. For the first quarter of 2003, occupancy was93%, which is consistent with past performance. The property has been unable tobreak even due to high operating expenses. In 2002, operating expenses were$4,827 per unit, which is $553 per unit higher than the Investment GeneralPartner’s state average of $4,274. Despite favorable financing arrangements,the property is operating with a debt coverage ratio of .12. The InvestmentGeneral Partner has been working closely with the management company to improveoperations on this property. The management company was recently able to securea 4% increase, from the Maine State Housing Authority, in voucher amounts forthe units. They have also transferred who they consider to be their best sitemanager to the property to improve operations.

 

Linden Partners II (Western Trails Apartments II) is a 30-unit propertylocated in Council Bluffs, IA, which suffered from high payables and hightenant account receivables. Although the occupancy was stabilized there was acash flow deficit as a result of high operating expenses. The tax expense for2002 was paid in full along with the 2001 tax deficit.  The property was reassessed in 2002 and thereassessed value will decrease the tax liability going forward.

 

(Series 31). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 27 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $3,159,272 and $3,159,272, respectively, in passive income taxlosses to pass through to the investors and also provided $1.03 for both yearsin tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 31 was $25,656,110 and $27,720,981, respectively.  The decrease is a result the way the Fundaccounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.  Theamount was also affected by the acquisition of one additional operatingpartnership.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $2,409,358 and $2,489,687, respectively. The major components of these

 

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amounts are the Fund’s share of loss from Operating Partnerships andthe fund management fee.  The improvedoperations were mainly the result of a decrease in interest expense anddepreciation reported by one of the Operating Partnerships in the currentfiscal year.  It is anticipated thatoperations will stabilize in future years as the series has finished acquiringoperating partnerships, and construction and lease-up is complete for all ofthe partnerships.

 

Seagraves Apartments, Limited Partnership (Western Hills Apartments) isa 16-unit family property located in Ferris, TX.  Occupancy averaged 91% in 2002, but extremely high utilityexpenses caused the property to operate below breakeven.  Occupancy dropped to 83% for the firstquarter 2003 due to a rental increase that was implemented in January2003.  The Operating General Partner,who also acts as the management agent is confident that occupancy will returnto the low 90s in the next few months. Despite the drop in occupancy, the property operated above breakeven inthe first quarter of 2003, due to the increase in rental rates.  The Operating General Partner’s focus is toincrease occupancy to the mid 90s and reduce utility expenses.  The Investment General Partner will continueto monitor this property on a monthly basis.

 

(Series 32). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 17 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $2,507,281 and $3,065,920, respectively in passive income taxlosses that were passed through to investors, and also provided $1.04 and$1.02, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 32 was $31,094,955 and $32,959,161, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.  The balance was also affectedby the acquisition of one additional operating partnership.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $2,292,954 and $2,429,115, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships and the fund management fee.  It is anticipated that the net loss will stabilize in futureyears as the series has finished acquiring Operating Partnerships andconstruction and lease-up are complete for all of the partnerships.

 

Series 32 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Pearlwood Apartments LP, Pecan ManorApartments and Pineridge Apartments Partnership.  The affordable housing properties owned by the CalhounPartnerships are located in Louisiana or Mississippi and consist ofapproximately 120 apartment units in total. The low income housing tax credit available annually to Series 32 from theCalhoun Partnerships is approximately $537,868, which is approximately 11% ofthe total annual tax credit available to investors in Series 32.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana

 

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notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 OperatingPartnerships in which Series 32 is not an investor.  The Investment Limited Partner used these certifications indetermining the tax credits investors would receive through their investment inthe Calhoun Partnerships. In effect, it appears that the contractor which builtthe apartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

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Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Series 32 invested in FFLM Associates an Operating Partnership thatowns 3 limited partner interests, one of which is Carriage Pointe Investors,LP.  Carriage Pointe Investors LP(Carriage Pointe Apartments) historically has suffered from negative cash flow,high accounts payables, and under-funded replacement reserves, in part due tothe fact that the property only has 18 units. Several options were considered in recent months to improve theperformance of the property, including replacement of the Operating GeneralPartner and refinancing the first mortgage. Neither of these options proved to be viable. The Operating GeneralPartner continues to fund all operating deficits and the first mortgage lenderis content to leave the loan in place.

 

Martinsville I, Ltd. (Martinsville Apartments) is a 13-unit propertylocated in Shelbyville, Kentucky. The property was 100% occupied and hadpositive cash flow for the first quarter of 2003.  The Operating General Partner refuses to consider settling withplaintiffs in lawsuits regarding sub-contractor payment disputes. There hasbeen no legal activity regarding these suits so far in 2003.  The Operating General Partner has rebuffedattempts of the Investment General Partner to assist in settling the sub-contractorissues. So long as these matters are outstanding, the Operating GeneralPartners’ personal guarantees remain in place.

 

Indiana Development Limited Partnership (Clear Creek Apartments),located in North Manchester, Indiana is a 64-unit development.  The occupancy level at this propertydeclined to a first quarter 2003 average of 83%, resulting in below break evenoperations for the quarter.  TheOperating General indicated that the decline in occupancy is the direct resultof hiring a new management company that has been focusing on evicting badtenants.  The Operating General Partneranticipates that occupancy will rebound over the next several months.

 

(Series 33). As of March 31, 2003 and 2002 the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 10 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $1,335,367 and $1,600,955, respectively in passive income taxlosses that were passed through to investors, and also provided $1.05 and$1.03, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 33 was $17,734,775 and $18,625,977, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the Serieswas $1,118,654 and $1,259,944, respectively. The major components of these

 

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amounts are the Fund’s share of loss from Operating Partnerships andthe fund management fee.  It isanticipated that operations will be relatively consistent in future years asseries had finished acquiring Operating Partnerships and they are all reportingstable operations.

 

Series 33 has invested in Forest Park Apartments (the “CalhounPartnership”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The affordable housing property owned by the Calhoun Partnership islocated in Louisiana and consist of approximately 40 apartment units intotal.  The low income housing taxcredit available annually to Series 33 from the Calhoun Partnership isapproximately $208,599, which is approximately 8% of the total annual taxcredit available to investors in Series 33.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 OperatingPartnerships in which Series 33 is not an investor.  The Investment Limited Partner used these certifications indetermining the tax credits investors would receive through their investment inthe Calhoun Partnerships. In effect, it appears that the contractor which builtthe apartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with the US Attorneyin the investigation, and there has been no suggestion of any wrongdoing on thepart of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level

 

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management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Series 33 invested in FFLM Associates an Operating Partnership thatowns 3 limited partner interests, one of which is Carriage Pointe Investors,LP.  Carriage Pointe Investors LP(Carriage Pointe Apartments) historically has suffered from negative cash flow,high accounts payables, and under-funded replacement reserves, in part due tothe fact that the property only has 18 units. Several options were considered in recent months to improve theperformance of the property, including replacement of the Operating GeneralPartner and refinancing the first mortgage. Neither of these options proved to be viable. The Operating GeneralPartner continues to fund all operating deficits and the first mortgage lenderis content to leave the loan in place.

 

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing),is a 20-unit property in Millinocket, ME providing congregate housing toseniors. Stearns Assisted Housing is the rehabilitation of the George StearnsHigh School. The building contains another property, which is affiliated withthe Investment General Partner called Stearns Congregate Housing.

 

The Fire Marshall of Millinocket delayed the issuance of theCertificates of Occupancy until June 2001. Stearns Congregate HousingAssociates was projected to be 100% leased-up by August 2001. It achieved 100%qualified occupancy in December 2001. The property is in a remote location,which added to the difficulties of the lease-up efforts. Occupancy is no longeran issue for this property as it averaged 98% for 2002 and the first quarter of2003.

 

The Investment Limited Partner visited the property in June 2002 andwas pleased with the property’s physical attributes and very positive responsefrom the tenants. The Investment Limited Partner also met with the Town Managerand discussed the economic challenges within the Town of Millinocket.

 

Coastal Affordable, a non-profit organization, became a co-generalpartner in June 2002.  The admission ofthe non-profit general partner allows the partnership to utilize a PILOTProgram that will reduce real estate taxes from $40,000 to $20,000 annually.Although this will help reduce expenses, the property’s high operating expensesremain the biggest concern.  Due to the

 

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inefficiency of the old building the property occupies, utilityexpenses are abnormally high. Through December 31, 2002 utility expense was$2,579 per unit. The Investment General Partner is currently working withmanagement to investigate methods to reduce the property’s utility expense.Until the property can substantially reduce its operating expenses, it willcontinue to operate at a loss. The property was recently granted a rentincrease of $93 per month on 9 of its 20 units, which will help offset aportion of the unusually high utility expenses. The Operating General Partneris obligated, as part of his development guarantee, to fund all deficits.

 

Bradford Group Partners of Jefferson County, L.P. (Bradford SquareNorth Apartments) is a 50 unit senior complex located in Jefferson City, TN.The occupancy at this property averaged 85% for 2002 decreasing from the 2001average of 99%. Due to a downturn in the local economy, occupancy averaged 84%for the first quarter of 2003. Some vacating tenants moved into a nearby,subsidized housing project, which has rental assistance. Additionally, thepartnership suffers from high payables. The site manager was replaced in Julyof 2002. The new manager aggressively marketed the property, which resulted inan increase in occupancy to 94% at the end of May 2003. The taxes and insuranceare being properly escrowed and the mortgage is current.

 

(Series 34). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 14 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $2,254,136 and $2,343,979, respectively in passive income taxlosses that were passed through to investors, and also provided $.98 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002 Investments in Operating Partnerships forSeries 34 was $22,240,109 and $23,851,276, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the Serieswas $1,986,319 and $2,113,249, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships and the fund management fee. It is anticipated thatoperations will stabilize in future years as the series has finished acquiringOperating Partnerships and construction and lease-up are complete for thepartnerships.

 

RHP 96-I Limited Partnership****(Hillside Club Apartments), a 56-unitproperty located in Petosky, Michigan, operated below breakeven during thefirst quarter of 2003 as a result of a low occupancy, which averaged 64% forthe first quarter of 2003. The Operating General Partner indicates that thelocal economy relies heavily on seasonal employment.  These types of businesses have been negatively impacted by theoverall downturn in the economy, which has resulted in higher than normal moveouts at Hillside Club Apartments.  It isanticipated that occupancy will rebound over the second and third quarters of2003.

 

(Series 35). As of March 31, 2003 and 2002 the average Qualified Occupancyfor the series was 100% and 93.1%, respectively.  The series had a total of 11 properties at March 31, 2003 all ofwhich were at 100% qualified occupancy.

 

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For the tax year ended December 31, 2002 and 2001 the series, in total,generated $2,075,209 and $1,614,496, respectively in passive income tax lossesthat were passed through to investors and also provided $.95 and $.88,respectively in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 35 was $19,767,681 and $20,932,858, respectively.  Investments in Operating Partnerships waseffected by the acquisition of one additional Operating Partnership and by theway the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2003 and 2002 the net loss of the serieswas $1,530,349 and $1,211,672, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, the fund management fee and amortization of acquisitioncosts. It is anticipated that the net loss will fluctuate in future years untilthe Operating Partnerships they become fully leased and stabilize operations.

 

(Series 36). As of March 31, 2003 and 2002 the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 11 properties at March 31, 2003, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001 the series, intotal, generated $1,600,625 and $503,717, respectively in passive income taxlosses that were passed through to investors and also provided $.98 and $.99,respectively in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 36 was $12,486,013 and $13,473,738, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the year ended March 31, 2003 and 2002, the net loss of the serieswas $1,250,570 and $1,529,736, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee and amortization of acquisition costs. The difference in netloss is primarily the result of a interest expense reported by one of theOperating Partnerships in the last fiscal year to correct for understatedinterest in prior years.  It isanticipated that operations will stabilize in future years as the series hasfinished acquiring Operating Partnerships and construction and lease-up arecomplete for all of the partnerships.

 

Series 36 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Willowbrook Apartments Partnership andWingfield Apartments LP.  The affordablehousing properties owned by the Calhoun Partnerships are located in Louisianaand consist of approximately 80 apartment units in total.  The low income housing tax credit availableannually to Series 36 from the Calhoun Partnerships is approximately $382,522,which is approximately 18% of the total annual tax credit available toinvestors in Series 36.

 

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In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation with respect to approximately 40 OperatingPartnerships in which Series 36 is not an investor.  The Investment Limited Partner used these certifications indetermining the tax credits investors would receive through their investment inthe Calhoun Partnerships. In effect, it appears that the contractor which builtthe apartment properties (an affiliate of Mr. Calhoun’s) overbilled therespective partnerships, thereby improperly inflating the cost certificationand the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wire fraudand conspiracy to commit equity skimming.  Sentencing is scheduled for late July, 2003 and is likely to involvefines and incarceration.  (Certain otherbusiness associates of Riemer Calhoun earlier pleaded guilty to various relatedcharges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the Calhoun Partnershipswhich will finally determine the amount of overstated tax credits.  At the Investment General Partner and itsaffiliate’s insistence, Riemer Calhoun has personally funded an escrow in theamount of $1,282,202 which will be available to compensate investors for anytax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhoun hasbeen the Operating General Partner or in control of an entity which has beenthe Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

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Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Annadale Housing Partners (Annadale Apartments) has historicallyreported net losses due to operational issues associated with theproperty.  As a result of efforts by the management companyoperations have improved significantly. Rental increases combined with improved collections, increased rentalrevenues by $96,611 in 2002. Expenses (particularly maintenance) saw increasesin 2002. This is in part due to repairs mandated by the Housing Agency as aresult of a site inspection done during 2002. Another factor affecting maintenance costs are the provisions of theloan documents, which stipulate that the Partnership must spend a minimum of$55,000 per year on capital improvements funded from operations.  As a result of the increased rentalrevenues, the property operated at breakeven despite the increase inexpenses.     A welfare tax exemptionwas approved in 2001, and the Partnership received a refund of $29,982 inJanuary 2002.  Occupancy averaged 88.29%in 2002, however, occupancy dropped to 86% in December and has averaged only83.78% in the first quarter of 2003. The majority of the vacancies are in the elderly designated units.  Management is trying to broaden the scope ofadvertising to attract more potential residents to the site.  Although operations have demonstratedsignificant improvement, we will continue to monitor this Partnership untiloccupancy increases and stabilizes.

 

(Series 37). As of March 31, 2003 and 2002 the average QualifiedOccupancy for the series was 100% and 88.7%, respectively.  The series had a total of 7 properties atMarch 31, 2003 all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $2,000,990 and $932,687, respectively in passive income taxlosses that were passed through to investors and also provided $.91 and $.71,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 37 was $16,153,757 and $17,469,596, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $1,634,835 and $1,051,460, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee and amortization of acquisition costs. It is anticipated thatthe net loss will increase in future years until the series finishes acquiringOperating Partnerships, construction is completed on the OperatingPartnerships, they become fully leased-up, and stabilize operations.

 

Stearns Assisted Housing Associates, L.P. (Stearms Assisted Housing),is a 20-unit property in Millinocket, ME providing congregate housing toseniors. Stearns Assisted Housing is the rehabilitation of the George StearnsHigh School. The building contains another property, which is affiliated withthe Investment General Partner called Stearns Congregate Housing.

 

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The Fire Marshall of Millinocket delayed the issuance of theCertificates of Occupancy until June 2001. Stearns Congregate HousingAssociates was projected to be 100% leased-up by August 2001. It achieved 100%qualified occupancy in December 2001. The property is in a remote location,which added to the difficulties of the lease-up efforts. Occupancy is no longeran issue for this property as it averaged 98% for 2002 and the first quarter of2003.

 

The Investment Limited Partner visited the property in June 2002 andwas pleased with the property’s physical attributes and very positive responsefrom the tenants. The Investment Limited Partner also met with the Town Managerand discussed the economic challenges within the Town of Millinocket.

 

Coastal Affordable, a non-profit organization, became a co-generalpartner in June 2002.  The admission ofthe non-profit general partner allows the partnership to utilize a PILOTProgram that will reduce real estate taxes from $40,000 to $20,000 annually.Although this will help reduce expenses, the property’s high operating expensesremain the biggest concern. Due to the inefficiency of the old building theproperty occupies, utility expenses are abnormally high. Through December 31,2002 utility expense was $2,579.00 per unit. The Investment General Partner iscurrently working with management to investigate methods to reduce theproperty’s utility expense. Until the property can substantially reduce itsoperating expenses, it will continue to operate at a loss. The property wasrecently granted a rent increase of $93 per month on 9 of its 20 units, whichwill help offset a portion of the unusually high utility expenses. TheOperating General Partner is obligated, as part of his development guarantee,to fund all deficits.

 

(Series 38). As of March 31, 2003 and 2002, the average QualifiedOccupancy for the series was 100% and 92.7%, respectively.  The series had a total of 10 properties atMarch 31, 2003, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2002 and 2001, the series, intotal, generated $1,712,857 and $145,959 in passive income tax losses that werepassed through to investors.  The seriesalso provided tax credits to the investors of $.42 for 2001 and between $.08and $.13 for 2000, depending on the investors’ date of admission.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 38 was $16,658,700 and $17,632,089, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.  The balance was also affectedby the acquisition of one additional Operating Partnership in the current fiscalyear.

 

For the years ended March 31, 2003 and 2002, the net loss of the serieswas $1,170,974 and $1,405,509, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, the fund management fee and amortization of acquisitioncosts. It is anticipated that the net loss will fluctuate in future years untilthe Operating Partnerships become fully leased-up and stabilize operations.

 

Series 38 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the

 

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“Riemer Calhoun Group”).  TheOperating Partnerships are Hammond Place Apartments Partnership and WillowbrookII Apartments Partnership.  Theaffordable housing properties owned by the Calhoun Partnerships are located inLouisiana and consist of approximately 80 apartment units in total.  The low income housing tax credit availableannually to Series 38 from the Calhoun Partnerships is approximately $386,388,which is approximately 16% of the total annual tax credit available toinvestors in Series 38.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner affiliate that the RiemerCalhoun Group was under investigation by several federal agencies for thealleged manipulation of property cost certifications. In early 2003, theInvestment General Partner learned that the US Attorney intended to bringcriminal charges against certain members of the Riemer Calhoun Group forfalsifying the certified cost basis upon which the Louisiana Housing FinanceAgency determined the tax credit calculation with respect to approximately 40Operating Partnerships in which Series 38 is not an investor.  The Investment Limited Partner used thesecertifications in determining the tax credits investors would receive throughtheir investment in the Calhoun Partnerships. In effect, it appears that thecontractor which built the apartment properties (an affiliate ofMr. Calhoun’s) overbilled the respective partnerships, thereby improperlyinflating the cost certification and the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun. TheInvestment General

 

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Partner and its affiliates have also undertaken discussions with theRural Housing Service of the U.S. Department of Agriculture, in itscapacity as first mortgage lender for each of the Calhoun Partnerships, to makesure that all of the mortgage loans are and will continue to be in goodstanding notwithstanding the overstated credit and the criminal prosecutionresulting therefrom.  RHS has alsoindicated that it will consent to the replacement of general partners notedabove.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

(Series 39). As of March 31, 2003 and 2002 the average QualifiedOccupancy for the series was 100% and 86.1%, respectively.  The series had a total of 9 properties atMarch 31, 2003, all of which were at 100% qualified occupancy.

 

For the tax year ended December 31, 2002 and 2001 the series, in total,generated $1,623,752 and $1,257,903, respectively, in passive income that werepassed through to investors. The series also provided $.84 and $.22,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 39 was $14,730,373 and $16,095,151, respectively. The decrease is aresult of the way the Fund accounts for such investments, the equity method. Byusing the equity method the Fund adjusts its investment cost for its share ofeach Operating Partnership’s results of operations and for any distributionsreceived or accrued.  The balance wasalso affected by the acquisition of two additional Operating Partnerships in thecurrent fiscal year.

 

For the years ended March 31, 2003 and 2002 the net loss of the serieswas $1,340,819 and $1,126,847, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee, amortization of acquisition costs and interest income.  It is anticipated that the net loss willfluctuate in future years until the Operating Partnerships become fullyleased-up and stabilize operations.

 

Series 39 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Tally-Ho II Partnership and Timber TrailsI Partnership.  The affordable housingproperties owned by the Calhoun Partnerships are located in Louisiana andconsist of approximately 58 apartment units in total.  The low income housing tax credit available annually to Series 39from the Calhoun Partnerships is approximately $126,268, which is approximately6% of the total annual tax credit available to investors in Series 39.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation for each of the Calhoun

 

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Partnerships (as well as with respect to approximately 38 otheroperating partnerships in which Series 39 is not an investor).  The Investment Limited Partner used thesecertifications in determining the tax credits investors would receive throughtheir investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartmentproperties (an affiliate of Mr. Calhoun’s) overbilled the respectivepartnerships, thereby improperly inflating the cost certification and theamount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

(Series 40). As of March 31, 2003 and 2002 the average QualifiedOccupancy for the series was 100% and 92.5%, respectively.  The series had a total of 16 properties atMarch 31, 2003 all of which were at 100%

 

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For the tax years ended December 31, 2002 and 2001 the series, intotal, generated $1,093,023 and $642,925, respectively in passive income taxlosses that were passed through to investors. The series also provided tax credits to the investors of $.79 for 2002and between $.11 and $.18 for 2001, depending on the investors’ date ofadmission.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 40 was $18,256,397 and $18,540,930, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.  Theamount was also effected by the acquisition of one additional OperatingPartnership.

 

For the years ended March 31, 2003 and 2002 the net loss of the serieswas $1,121,025 and $597,386, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, the fund management fee and interest income.  It is anticipated that the net loss willfluctuate in future years until the Operating Partnerships become fullyleased-up and stabilize operations.

 

Series 40 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships areCenter Place Apartments II LP and Oakland Partnership.  The affordable housing properties owned bythe Calhoun Partnerships are located in Louisiana or Texas and consist ofapproximately 126 apartment units in total. The low income housing tax credit available annually to Series 40 fromthe Calhoun Partnerships is approximately $255,292, which is approximately 10%of the total annual tax credit available to investors in Series 40.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun Group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation for eachof the Calhoun Partnerships (as well as with respect to approximately 37 otheroperating partnerships in which Series 40 is not an investor).  The Investment Limited Partner used thesecertifications in determining the tax credits investors would receive throughtheir investment in the Calhoun Partnerships. In effect, it appears that the contractor which built the apartmentproperties (an affiliate of Mr. Calhoun’s) overbilled the respectivepartnerships, thereby improperly inflating the cost certification and theamount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in

 

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the investigation, and there has been no suggestion of any wrongdoingon the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

(Series 41) As of March 31, 2003 and 2002 the average QualifiedOccupancy for the series was 97.8% and 100%, respectively.  The series had a total of 20 properties atMarch 31, 2003.  Out of the total, 18were at 100% qualified occupancy and 1 was in initial lease-up.  The series also had 1 property that wasstill under construction at March 31, 2003.

 

For the tax year ended December 31, 2002 and 2001 the series, in total,generated $2,707,332 and $642,925, respectively in passive income that werepassed through to investors.  The seriesalso provided $.46 and less than $.004, respectively, in tax credits per BACthe investors.

 

As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 41 was $19,421,142 and $20,029,680, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any

 

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distributions received or accrued. The amount was also affected by the acquisition of 9 additionalinterests in Operating Partnerships.

 

For year ended March 31, 2003 and the period ended March 31, 2002 thenet loss of the series was $1,848,385 and $283,923, respectively.  The major components of these amounts arethe Fund’s share of loss from Operating Partnerships, the fund management feeand amortization of acquisition costs. It is anticipated that the net loss will fluctuate in future years untilthe Operating Partnerships fully leased-up and stabilize operations.

 

Series 41 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is Riemer Calhoun, Jr.or an entity which is affiliated with and controlled by Riemer Calhoun (the“Riemer Calhoun Group”).  The OperatingPartnerships are Bienville Partnership and Red Hill Apartments I Partnership.  The affordable housing properties owned bythe Calhoun Partnerships are located in Louisiana and consist of approximately64 apartment units in total.  The lowincome housing tax credit available annually to Series 41 from the CalhounPartnerships is approximately $128,767, which is approximately 5% of the totalannual tax credit available to investors in Series 41.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminalcharges against certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation for each of the Calhoun Partnerships (as well aswith respect to approximately 38 other operating partnerships in which Series41 is not an investor).  The InvestmentLimited Partner used these certifications in determining the tax creditsinvestors would receive through their investment in the CalhounPartnerships.  In effect, it appearsthat the contractor which built the apartment properties (an affiliate ofMr. Calhoun’s) overbilled the respective partnerships, thereby improperlyinflating the cost certification and the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affected

 

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Partnerships and investors to restate tax returns to reflect lesscredit and then pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun.  Murray Calhoun is the principal of CalhounProperty Management, L.L.C., which has provided property level managementservices for the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limited Partner,BCP/Fox Hollow LLC have filed a law suit against the former Operating GeneralPartner and its affiliates for breaches of various agreements.  The former Operating General Partner and itsaffiliates have filed a counter law suit against the Operating LimitedPartnership, its Limited Partner and affiliates. The law suits are in discoverystage.  The Investment General Partnerbelieves the counter claim is without merit and intends to defend it positionvigorously.

 

(Series 42). As of March 31, 2003 the average Qualified Occupancy forthe series was 91.2%.  The series had atotal of 17 properties at March 31, 2003. Out of the total 7, were at 100%qualified occupancy and 3 were in initial lease-up.  The series also had 7 properties that were still underconstruction at March 31, 2003.  Sinceall of the properties were under construction at March 31, 2002 there is nocomparative information to report.

 

For the tax year ended December 31, 2002 the series, in total,generated $786,767 in passive income tax losses that were passed through toinvestors.  The series also provided taxcredits to the investors.  Below is asummary of tax credits per BAC by month of admission.
| March |   | $ | .20 |   |
|-------|--------|---|-----|--------|
| April |   | $ | .18 |   |
| May   |   | $ | .16 |   |
| June  |   | $ | .14 |   |
| July  |   | $ | .12 |   |

 

Since the series did not commence operations until subsequent toDecember 31, 2001, it does not have comparative information to report.

 

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As of March 31, 2003 and 2002, Investments in Operating Partnershipsfor Series 42 was $19,580,489 and $2,675,537, respectively. The increase is aresult of the Fund acquiring 15 additional interests in Operating Partnerships.Investments in Operating Partnerships was also affected by the way the Fundaccounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the year ended March 31, 2003 and for the period ended March 31,2002 the net loss of the series was $521,411 and $110,267, respectively. theFund’s share of loss from Operating Partnerships, the fund management fee,interest income and organization expenses. It is anticipated that the net loss will increase in future years untilthe series finishes acquiring Operating Partnerships, construction is completedon the Operating Partnerships and they become fully leased-up and stabilizeoperations.

 

Series 42 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with and controlled byRiemer Calhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Natchez Place II Partnership and WingfieldApartments Partnership II.  Theaffordable housing properties owned by the Calhoun Partnerships are located inLouisiana and consist of approximately 74 apartment units in total.  The low income housing tax credit availableannually to Series 42 from the Calhoun Partnerships is approximately $286,417,which is approximately 13% of the total annual tax credit available toinvestors in Series 42.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun Groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the InvestmentGeneral Partner learned that the US Attorney intended to bring criminal chargesagainst certain members of the Riemer Calhoun Group for falsifying thecertified cost basis upon which the Louisiana Housing Finance Agency determinedthe tax credit calculation for each of the Calhoun Partnerships (as well aswith respect to approximately 38 other operating partnerships in which Series42 is not an investor).  The InvestmentLimited Partner used these certifications in determining the tax creditsinvestors would receive through their investment in the CalhounPartnerships.  In effect, it appearsthat the contractor which built the apartment properties (an affiliate ofMr. Calhoun’s) overbilled the respective partnerships, thereby improperlyinflating the cost certification and the amount of tax credit generated.

 

In late March, 2003, Riemer Calhoun pleaded guilty to charges of wirefraud and conspiracy to commit equity skimming.   Sentencing is scheduled for late July, 2003 and is likely toinvolve fines and incarceration. (Certain other business associates of Riemer Calhoun earlier pleadedguilty to various related charges.)

 

The Investment General Partner has cooperated fully with theUS Attorney in the investigation, and there has been no suggestion of anywrongdoing on the part of it or any of its affiliates.

 

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The Internal Revenue Service has commenced an audit of the CalhounPartnerships which will finally determine the amount of overstated taxcredits.  At the Investment GeneralPartner and its affiliate’s insistence, Riemer Calhoun has personally funded anescrow in the amount of $1,282,202 which will be available to compensateinvestors for any tax credits which are ultimately disallowed by the IRS.  It is hoped, but not certain, that theescrow fund will be sufficient to fully protect investors. (We are alsopursuing a resolution with the IRS whereby escrow funds would be used to make asettlement payment directly to the IRS instead of requiring affectedPartnerships and investors to restate tax returns to reflect less credit andthen pay additional taxes.)

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and its affiliatesare in the process of replacing them with another entity which is controlled byMurray Calhoun, the son of Riemer Calhoun. Murray Calhoun is the principal of Calhoun PropertyManagement, L.L.C., which has provided property level management servicesfor the apartment properties owned by the Calhoun Partnerships.  Murray Calhoun also cooperated fully withthe criminal investigation of his father, and the Investment General Partnerand its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have also undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limitedPartner, BCP/Fox Hollow LLC have filed a law suit against the former OperatingGeneral Partner and its affiliates for breaches of various agreements.  The former Operating General Partner and itsaffiliates have filed a counter law suit against the Operating LimitedPartnership, its Limited Partner and affiliates. The law suits are in discoverystage.  The Investment General Partnerbelieves the counter claim is without merit and intends to defend it positionvigorously.

 

(Series 43) As of March 31, 2003 the average Qualified Occupancy forthe series was 85.3%. The series had a total of 16 properties as of March 31,2003.  Out of the total, 4 were at 100%qualified occupancy and 3 were in initial lease-up.  The series also had 8 properties under construction and 1property with multiple buildings, some of which were under construction andsome of which were in lease-up at March 31, 2003.

 

For the tax year ended December 31, 2002 the series, in total,generated $63,946 in passive income tax losses that were passed through toinvestors.  The series also provided taxcredits to the investors.  Below is a summaryof tax credits per BAC by month of admission.

 

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| September |   | $ | .07 |   |
|-----------|--------|---|-----|--------|
| October   |   | $ | .05 |   |
| November  |   | $ | .03 |   |
| December  |   | $ | .02 |   |

 

As of March 31, 2003, Investments in Operating Partnerships for Series43 was $18,349,599.  The amount is aresult of the Fund acquiring 16 interests in Operating Partnerships.  Investments in Operating Partnerships, wasalso affected by the way the Fund accounts for such investments, the equitymethod. By using the equity method the Fund adjusts its investment cost for itsshare of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the period ended March 31, 2003 the net loss of the series was$490,370.  The major components of thisamount are the Fund’s share of loss from Operating Partnerships and organizationexpenses.

 

Since Series 43 did not commence operations until after March 31, 2002, it does not have any comparative information to report.

 

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its limited Partner, BCP/Fox Hollow LLC have filed a law suit against the former Operating General Partner and its affiliates for breaches of various agreements.  The former Operating General Partner and its affiliates have filed a counter law suit against the Operating Limited Partnership, its Limited Partner and affiliates. The law suits are in discovery stage.  The Investment General Partner believes the counter claim is without merit and intends to defend it position vigorously.

 

(Series 44). As of March 31, 2003 the average Qualified Occupancy for the series was 34%. The series had a total of 4 properties as of March 31, 2003. Out of the total, 3 were under construction and 1 was in initial lease-up.

 

The series had not admitted any investors as of December 31, 2002, therefore, it had no passive income tax losses or tax credits to pass through to the investors for the tax years ended December 31, 2002 or 2001.

 

As of March 31, 2003, Investments in Operating Partnerships for Series 44 was $4,651,676.  The amount is a result of the Fund acquiring 4 interests in Operating Partnerships.  In the future, Investments in Operating Partnerships, will also be affected by the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the period ended March 31, 2003 the net loss of the series was $115,020.  The major component of this amount is organization expenses.  It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.

 

Since Series 44 did not commence operations until after March 31, 2002, it does not have any comparative information to report.

 

106

 

Critical Accounting Policies and Estimates

 

The financial statements are prepared in accordance with accountingprinciples generally accepted in the United States of America, which requiresthe Partnership to make certain estimates and assumptions.  A summary of significant accounting policiesis provided in Note A to the financial statements.  The following section is a summary of certain aspects of thoseaccounting policies that may require subjective or complex judgments and aremost important to the portrayal of Partnership’s financial condition andresults of operations.  The Partnershipbelieves that there is a low probability that the use of different estimates orassumptions in making these judgments would result in materially differentamounts being reported in the financial statements.

 

The Partnership accounts for its investment in localpartnerships in accordance with the equity method of accounting since thePartnership does not control the operations of an Operating Partnership.

 

If the book value of Partnership’s investment in a OperatingPartnership exceeds the estimated value derived by management, the Partnershipreduces its investment in any such Operating Partnership and includes suchreduction in equity in loss of investment in operating partnerships.

 

Recent Accounting Statements Not Yet Adopted

 

In August 2001, the Financial Accounting Standards Board issued SFASNo. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”.  SFAS No. 144 provides accounting guidancefor financial accounting and reporting of impairment or disposal of long-livedassets.  SFAS No.144 supercedes SFAS No.121, “Accounting for the Impairment of Long-Lived Assts and for Long-LivedAssets to be Disposed Of”.  SFAS No. 144is effective for fiscal years beginning after December 15, 2001. Implementationof SFAS No. 144 has not had a material effect on the financial position orresults of the operation of the partnership.

 

In January 2003, the FASB issued Interpretation No. 46 (FIN 46),“Consolidation of Variable Interest Entities”, an interpretation of ARB No. 51,“Consolidated Financial Statements”, which provides new accounting guidance onwhen to consolidate a variable interest, as defined in FIN 46, in anotherentity.  FIN 46 applies to variableinterests in variable interest entities acquired after January 31, 2003.  FIN 46 should be implemented no later thanDecember 31, 2004. The general partner is in the process of analyzing FIN 46 todetermine the impact, if any, on the Partnership’s financial statements.  Management has not yet made anydetermination of the potential impact FIN 46 might have on the Partnership’scurrent accounting for its investments in operating partnerships or whether anyof those investments might be required to be consolidated.

 

107

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| Item 7A. |   | Quantitative and Qualitative Disclosure About Market  Risk                                                  |
|----------|--------|-------------------------------------------------------------------------------------------------------------|
|     |   |                                                                                                        |
|     |   | Not Applicable                                                                                              |
|     |   |                                                                                                        |
| Item 8.  |   | Financial Statements and Supplementary Data                                                                 |
|     |   |                                                                                                        |
|     |   | The information required by this item is contained  in Part IV, Item 15 of this Annual Report on Form 10-K. |
|     |   |                                                                                                        |
| Item 9.  |   | Changes in and Disagreements with Accountants on  Accounting and Financial Disclosure                       |
|     |   |                                                                                                        |
|     |   | None                                                                                                        |

 

# PARTIII

 
| Item 10. |   | Directors and Executive Officers of the Registrant |
|----------|--------|----------------------------------------------------|
|     |   |                                               |
|     |   | (a),  (b), (c), (d) and (e)                        |

 

The Partnership has no directors or executives officers of itsown.  The following biographicalinformation is presented for the partners of the General Partners andaffiliates of those partners (including Boston Capital Partners, Inc. (“BostonCapital”)) with principal responsibility for the Partnership’s affairs.

 

108

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**John P.Manning**, age 55, is co-founder, and since 1974 has been thePresident and Chief Executive Officer of Boston Capital Corporation, where heis primarily responsible for strategic planning and business development. Inaddition to his responsibilities at Boston Capital Corporation, Mr. Manning isa proactive leader in the industry.  Heserved in 1990 as a member of the Mitchell-Danforth Task Force, which reviewedand suggested reforms to the Low Income Housing Tax Credit program.  He was the founding President of theAffordable Housing Tax Credit Coalition, is a former member of the board of theNational Leased Housing Association, and currently sits on the**ExecutiveCommittees of the National Housing Conference and the National Multi HousingCouncil.  During the 1980s, he served asa member of the Massachusetts Housing Policy Committee as an appointee of theGovernor of Massachusetts.  In addition,Mr. Manning has testified before the U.S. House Ways and Means Committee andthe U.S. Senate Finance Committee on the critical role of the private sector inthe success of the Low Income Housing Tax Credit Program.  In 1996, President Clinton appointed him tothe President’s Advisory Committee on the Arts at the John F. Kennedy Centerfor the Performing Arts.  In 1998,President Clinton appointed Mr. Manning to the President’s Export Council,which is the premiere committee comprised of major corporate CEOs that advisethe President on matters of foreign trade and commerce.  Mr. Manning sits on the Board of Directorsof the John F. Kennedy Presidential Library in Boston where he serves asChairman of the Distinguished Visitors Program. He also serves as a member ofthe Advisory Board of the Woodrow Wilson Institute for International Scholarsin Washington D.C.   Mr. Manning is agraduate of Boston College.

 

Mr. Manning is the principal shareholder of C&M Management, Inc., aMassachusetts corporation which is the ultimate general partner of BostonCapital. Mr. Manning is also the principal of Boston Capital Corporation. WhileBoston Capital is not a direct subsidiary of Boston Capital Corporation, eachof the entities is under the common control of Mr. Manning.

 

**Richard J. DeAgazio**,age 57, has been the Executive Vice President of Boston Capital Corporation,and is President of Boston Capital Services, Inc., Boston Capital’s NASDregistered broker/dealer since 1981. Mr. DeAgazio formerly served on the national Board of Governors of the NationalAssociation of Securities Dealers (NASD). He recently served as a member of theNational Adjudicatory Council of the NASD. He was the Vice Chairman of theNASD’s District 11 Committee, and served as Chairman of the NASD’s Statutory 80Disqualification Subcommittee of the National Business Conduct Committee. Healso served on the NASD State Liaison Committee and the Direct ParticipationProgram Committee.

 

He is a founderand past President of the National Real Estate Investment Association, pastPresident of the Real Estate Securities and Syndication Institute(Massachusetts Chapter) and the Real Estate Investment Association. Prior tojoining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President andDirector of the Brokerage Division of Dresdner Securities (USA), Inc., an internationalinvestment banking firm owned by four major European banks, and was a VicePresident of Burgess & Leith/Advest. He has been a member of the BostonStock Exchange since 1967.  He is on theBoard of

 

109

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Directors ofFurnitureFind.com and Cognistar Corporation. He is a leader in the communityand serves on Board of Trustees for Bunker Hill Community College, the BusinessLeaders Council of the Boston Symphony, Board of Trustees of Junior Achievementof Northern New England, the Board of Advisors for the Ron Burton TrainingVillage and is on the Board of Corporators of Northeastern University. Hegraduated from Northeastern University.

** **

**Jeffrey H. Goldstein**,age 41, is Chief Operating Officer and Director of Real Estate of BostonCapital Corporation since 1996. He directs Boston Capital Corporation’scomprehensive real estate services, which include all aspects of origination,underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsiblefor the financial and operational areas of Boston Capital Corporation andassists in the design and implementation of business development and strategicplanning objectives. Mr. Goldstein previously served as the Director of theAsset Management division as well as the head of the dispositions and troubledassets group. Utilizing his 16 years experience in the real estate syndicationand development industry, Mr. Goldstein has been instrumental in thediversification and expansion of Boston Capital Corporation’s businesses. Priorto joining Boston Capital Corporation in 1990, Mr. Goldstein was Manager ofFinance for A.J. Lane & Co., where he was responsible for placing debt onall new construction projects and debt structure for existing apartment properties.Prior to that, he served as Manager for Homeowner Financial Services, afinancial consulting firm for residential and commercial properties, and workedas an analyst responsible for budgeting and forecasting for the New York CityCouncil Finance Division. He graduated from the University of Colorado andreceived his MBA from Northeastern University.

 

**Kevin P.Costello**, age 57, has been the Executive Vice President andDirector of Institutional Investing for Boston Capital Corporation since 1994.Kevin Costello directs Boston Capital Corporation’s institutional investmentbusiness. He has overseen this segment of Boston Capital Corporation’sinvestment business which encompasses investment activities for corporateinstitutional funding, private proprietary funds and state CRA funds, since itsinception in 1992. Mr. Costello has over 20 years experience in the real estatesyndication and investment services industry, including previous roles atBoston Capital Corporation leading the acquisition team and managing thestructuring and distribution of conventional and tax credit private placements.Prior to joining Boston Capital in 1987, he held senior management positionswith Reynolds Securities, Bache & Company and First Winthrop where hefocused on real estate syndication. Mr. Costello graduated from StonehillCollege and received his MBA with honors from Rutgers’ Graduate School ofBusiness Administration.

 

**Marc N.Teal**, age 39, was promoted to Chief Financial Officer in2003. Mr. Teal previously served as Senior Vice President and Director ofAccounting of Boston Capital Corporation and has been with Boston CapitalCorporation since 1990.  He oversees allof the accounting, financial reporting, SEC reporting, budgeting, audit, taxand compliance for Boston Capital, its affiliated entities and all BostonCapital Corporation sponsored partnerships. Additionally, he is responsible formaintaining all banking and borrowing relationships of Boston CapitalCorporation and management of all working capital reserves. Prior to joiningBoston Capital in 1990, Mr. Teal was a Senior Accountant for Cabot, Cabot &Forbes, a multifaceted real estate company, and prior to that was a SeniorAccountant for Liberty Real Estate Corp. He received a Bachelor of Science Accountancyfrom Bentley College and a Masters in Finance from Suffolk University.

 

110

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| (f)      |   | Involvement in certain legal proceedings. |
|----------|--------|-------------------------------------------|
|     |   |                                      |
|     |   | None.                                     |
|     |   |                                      |
| (g)      |   | Promoters  and control persons.           |
|     |   |                                      |
|     |   | None.                                     |
|     |   |                                      |
| Item 11. |   | Executive Compensation                    |
|     |   | (a),  (b), (c), (d) and (e)               |

 

The Fund has no officers or directors. However, under the terms of the Amended and Restated Agreement andCertificate of Limited Partnership of the Fund, the Fund has paid or accruedobligations to the General Partner and its affiliates for the following feesduring the 2002 fiscal year:

 

1.   An annual fund managementfee based on .5 percent of the aggregate cost of all Apartment Complexesacquired by the Operating Partnerships, less the amount of reporting feesreceived, has been accrued or paid to Boston Capital Asset Management LimitedPartnership. The annual fund management fees charged to operations for the yearended March 31, 2003 was $5,283,658.

 

2.  The Fund has reimbursed anaffiliate of the General Partner a total of $619,497 for amounts charged tooperations during the year ended March 31, 2003.  The reimbursement includes, but may not be limited to postage,printing, travel, and overhead allocations.

 

3.  The Fund has reimbursedaffiliates of the General Partner a total of $278,384 for amounts charged tosyndication during the year ended March 31, 2003.  The reimbursement includes, but may not be limited to postage,printing, travel, and overhead allocations.

 

4.  The General Partner has theright to charge acquisition fees and expenses in connection with the purchaseof Operating Partnership interests. During the 2003 fiscal year, the Fund accrued or paid $6,488,282 ofacquisition fees and expenses to the General Partner or its affiliates.

 

5.  Dealer Manager fees of$1,139,235 were accrued or paid to Boston Capital Services, Inc. during the2003 fiscal year in respect to the sale of units.
| Item 12. |   |   |   | Security Ownership of Certain Beneficial Owners and  Management                                                                                                     |
|----------|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |   |   |   |                                                                                                                                                                |
|     |   | (a)    |   | Security ownership of certain beneficial owners.                                                                                                                    |
|     |   |   |   |                                                                                                                                                                |
|     |   |   |   | As of March 31, 2003, 75,662,578 BACs had been  issued.  No person is known to own  beneficially in excess of 5% of the outstanding BACs in any of the series. |

 

111

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|     |   | (b)    |   | Security  ownership of management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|----------|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   |   |   | The General Partner has a 1% interest in all  Profits, Losses, Credits and distributions of the Fund.  The Fund’s response to Item 12(a) is  incorporated herein by reference.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | (c)    |   | Changes in control.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   |   |   | There exists no arrangement known to the Fund the  operation of which may at a subsequent date result in a change in control of  the Fund.  There is a provision in the  Limited Partnership Agreement which allows, under certain circumstances, the  ability to change control.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Item 13. |   |   |   | Certain Relationships and Related Transactions                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | (a)    |   | Transactions with management and others.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   |   |   | The Fund has no officers or directors.  However, under the terms of the public  offering, various kinds of compensation and fees are payable to the General  Partner and its Affiliates during the organization and operation of the Fund.  Additionally, the General Partner will receive distributions from the  partnership if there is cash available for distribution or residual proceeds  as defined in the Fund Agreement.  The  amounts and kinds of compensation and fees are described on page 43 of the  Prospectus, as supplemented, under the caption “Compensation and Fees”, which  is incorporated herein by reference.   See Note B of Notes to Financial Statements in Item 15 of this Annual  Report on Form 10-K for amounts accrued or paid to the General Partner and  its affiliates for the period April 1, 1995 through March 31, 2003. |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | (b)    |   | Certain business relationships.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   |   |   | The Fund response to Item 13(a) is incorporated  herein by reference.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | (c)    |   | Indebtedness of management.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   |   |   | None.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | (d)    |   | Transactions with promoters.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|     |   |   |   | Not applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Item 14. |   |   |   | Controls & Procedures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | (a)    |   | Evaluation of Disclosure Controls and Procedures                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|     |   |   |   | Within the 90 days prior to the date of this report,  the Partnership’s Chief Executive Officer and Chief Financial Officer carried  out an evaluation of the effectiveness of the Partnership’s “disclosure  controls and procedures” as defined in the Securities Exchange Act of 1934  Rules 13a-14(c) and 15(d)-14(c). Based on that evaluation, the Partnership’s  Chief Executive Officer and Principal Financial Officer have concluded that  as of the date of the evaluation, the Partnership’s disclosure controls and  procedures were adequate and effective in timely alerting them to material  information relating to the Partnership required to be included in the  Partnership’s periodic SEC filings.                                                                                                                               |

 

112

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|   |   | (b)    |   | Changes in Internal Controls                                                                                                                                                                                             |
|--------|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   | There were no significant changes in the  Partnership’s internal controls or in other factors that could significantly  affect the Partnership’s internal controls subsequent to the date of that  evaluation. |
|   |   |   |   |                                                                                                                                                                                                                     |

 

# PARTIV

 

 
| Item 15.      |   | Exhibits, Financial Statement Schedules, and Reports  on Form 8-K                                                                                                                                  |
|---------------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (a) 1 & 2 |   | Financial Statements and Financial Statement  Schedules; Filed herein as Exhibits 13 and 99.4                                                                                                      |
|          |   |                                                                                                                                                                                               |
|          |   | Boston Capital Tax Credit IV L.P.; filed herein as  exhibit 13                                                                                                                                     |
|          |   |                                                                                                                                                                                               |
|          |   |                                                                                                                                                                                               | Independent Auditors’ Report |
|          |   |                                                                                                                                                                                               |   |
|          |   |                                                                                                                                                                                               | Balance Sheets, March 31, 2003 and 2002 |
|          |   |                                                                                                                                                                                               |   |
|          |   |                                                                                                                                                                                               | Statements of Operations for the years or periods  ended March 31, 2003, 2002 and 2001 |
|          |   |                                                                                                                                                                                               |   |
|          |   |                                                                                                                                                                                               | Statements of Changes in Partners’ Capital for the  years or periods ended March 31, 2003, 2002 and 2001 |
|          |   |                                                                                                                                                                                               |   |
|          |   |                                                                                                                                                                                               | Statements of Cash Flows for the years or periods  ended March 31, 2003, 2002, and 2001 |
|          |   |                                                                                                                                                                                               |   |
|          |   |                                                                                                                                                                                               | Notes to Financial Statements, March 31, 2003, 2002  and 2001 |
|          |   |                                                                                                                                                                                               |   |
|          |   |                                                                                                                                                                                               | Schedule III - Real Estate and Accumulated  Depreciation Notes to Schedule III |
|          |   |                                                                                                                                                                                               |   |
|          |   | Schedules not listed are omitted because of the  absence of the conditions under which they are required or because the  information is included in the financial statements or the notes thereto. |

 

113

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| (b) 1  |   | Reports on Form 8-K                                                                            |
|--------|--------|------------------------------------------------------------------------------------------------|
|   |   |                                                                                           |
|   |   |                                                                                           | Report on Form 8-K dated September 2002 concerning  the Partnership’s investment in Breezewood II Limited Partnership filed with  the commission on October 30, 2002; incorporated by reference. |
|   |   |                                                                                           |   |
|   |   |                                                                                           | Report on Form 8-K dated September 2002 concerning  the Partnership’s investment in Wingfield Apartments II filed with the  commission on November 12, 2002; incorporated by reference. |
|   |   |                                                                                           |   |
|   |   |                                                                                           | Report on Form 8-K dated September 2002 concerning  the Partnership’s investment in Natchez Place Apartments filed with the  commission on November 13, 2002; incorporated by reference.. |
|   |   |                                                                                           |   |
| (c) 1  |   | Exhibits (listed according to the number assigned in  the table in Item 601 of Regulation S-K) |

 
| Exhibit No. 3 - Organization Documents.                                                     |
|---------------------------------------------------------------------------------------------|
|                                                                                        |   |   |
| a.                                                                                          |   | Certificate of Limited Partnership of Boston Capital  Tax Credit Fund IV L.P.  (Incorporated  by reference from Exhibit 3 to the Fund’s Registration Statement No. 33-70564  on Form S-11 as filed with the Securities and Exchange Commission on October  19, 1993. |
|                                                                                        |   |   |
| Exhibit No. 4 - Instruments defining the rights of  security holders, including indentures. |
|                                                                                        |   |   |
| a.                                                                                          |   | Agreement of Limited Partnership of Boston Capital  Tax Credit Fund IV L.P.  (Incorporated  by reference from Exhibit 4 to the Fund’s Registration Statement No. 33-70564  on Form S-11 as filed with the Securities and Exchange Commission on October  19, 1993. |
|                                                                                        |   |   |
| Exhibit No. 10 - Material contracts.                                                        |
|                                                                                        |   |   |
| a.                                                                                          |   | Beneficial Assignee Certificate.  (Incorporated by reference from Exhibit  10A to the Fund’s Registration Statement No. 33-70564 on Form S-11 as filed  with the Securities and Exchange Commission on October 19, 1993 |
|                                                                                        |   |   |
| Exhibit No. 13 - Financial Statements.                                                      |
|                                                                                        |   |   |
| a.                                                                                          |   | Audited Financial Statement of Boston Capital Tax  Credit Fund IV L.P.; Filed herein. |
|                                                                                        |   |   |
| Exhibit No. 28 - Additional exhibits.                                                       |
|                                                                                        |   |   |
| a.                                                                                          |   | Agreement of Limited Partnership of Better Homes for  Havelock Limited Partnership (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on February 1, 1995). |

 

114

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| b.     |   | Agreement of Limited Partnership of Cynthiana  Properties Limited (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange Commission on  February 1, 1995).                       |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                              |
| c.     |   | Agreement of Limited Partnership of North Hampton  Place Limited Partnership (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on October 13, 1995).  |
|   |   |                                                                                                                                                                                                                                              |
| d.     |   | Agreement of Limited Partnership of Brook Summitt  Apartments, LP (Incorporated by reference from Registrant’s current report on  Form 8-K as filed with the Securities and Exchange Commission on  February 29, 1996).            |
|   |   |                                                                                                                                                                                                                                              |
| e.     |   | Agreement of Limited Partnership of New Madison Park  IV Limited Partnership (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange Commission on  December 16, 1997). |
|   |   |                                                                                                                                                                                                                                              |
| f.     |   | Agreement of Limited Partnership of Smith House II  Limited Partnership (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange Commission on  December 16, 1997).      |
|   |   |                                                                                                                                                                                                                                              |
| g.     |   | Agreement of Limited Partnership of New Madison Park  IV Limited Partnership (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange Commission on  February 11, 1997). |
|   |   |                                                                                                                                                                                                                                              |
| h.     |   | Agreement of Limited Partnership of M.R.H., L.P.  (Incorporated by reference from Registrant’s current report on Form 8-K as  filed with the Securities and Exchange Commission on February 14, 1997).                                       |
|   |   |                                                                                                                                                                                                                                              |
| i.     |   | Agreement of Limited Partnership of 352 Lenox  Associates, L.P.(Incorporated by reference from Registrant’s current report  on Form 8-K as filed with the Securities and Exchange Commission on December  16, 1997).                         |
|   |   |                                                                                                                                                                                                                                              |
| j.     |   | Agreement of Limited Partnership of Decro Nordoff,  L.P. (Incorporated by reference from Registrant’s current  report on Form 8-K  as filed with the Securities and Exchange  Commission on December 16, 1997).                    |
|   |   |                                                                                                                                                                                                                                              |
| k.     |   | Agreement of Limited Partnership of Hurricane Hills,  L.P. (Incorporated by reference from Registrant’s current report on Form 8-K  as filed with the Securities and Exchange Commission on March 25, 1997).                                 |
|   |   |                                                                                                                                                                                                                                              |
| l.     |   | Agreement of Limited Partnership of Main Everett  Housing, L.P. (Incorporated by reference from Registrant’s current report on  Form 8-K as filed with the Securities and Exchange Commission on March 25,  1997).                           |
|   |   |                                                                                                                                                                                                                                              |
| m.     |   | Agreement of Limited Partnership of Mokapoke Limited  Partnership (Incorporated by reference from Registrant’s current report on  Form 8-K as filed with the Securities and Exchange Commission on March 25,  1997).                         |

 

115

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| n.     |   | Agreement of Limited Partnership of Autumn Ridge  L.P. (Incorporated by reference from Registrant’s current report on Form 8-K  as filed with the Securities and Exchange Commission on March 26, 1997).                                         |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                  |
| o.     |   | Agreement of Limited Partnership of Century East  Apartments II Limited Partnership (Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 26, 1997). |
|   |   |                                                                                                                                                                                                                                                  |
| p.     |   | Agreement of Limited Partnership of Coolidge-Pinal  II Associates (Incorporated by reference from Registrant’s current report on  Form 8-K as filed with the Securities and Exchange Commission on March 26,  1997).                             |
|   |   |                                                                                                                                                                                                                                                  |
| q.     |   | Agreement of Limited Partnership of Dublin Housing  Associates Phase II (Incorporated by reference from Registrant’s current  report on Form K as filed with the Securities and Exchange Commission on  March 26, 1997).                         |
|   |   |                                                                                                                                                                                                                                                  |
| r.     |   | Agreement of Limited Partnership of East Park  Apartments II Limited Partnership(Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on March 26, 1997).     |
|   |   |                                                                                                                                                                                                                                                  |
| s.     |   | Agreement of Limited Partnership of Edenfield Place  Apartments, L.P. (Incorporated by reference from Registrant’s current report  on Form 8-K as filed with the Securities and Exchange Commission on  March 26, 1997).               |
|   |   |                                                                                                                                                                                                                                                  |
| t.     |   | Agreement of Limited Partnership of Ethel Housing,  L.P. (Incorporated by reference from Registrant’s current report on Form 8-K  as filed with the Securities and Exchange Commission on March 26, 1997).                                       |
|   |   |                                                                                                                                                                                                                                                  |
| u.     |   | Agreement of Limited Partnership of Los Lunas  Limited Partnership(Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange Commission on  March 26, 1997).                             |
|   |   |                                                                                                                                                                                                                                                  |
| v.     |   | Agreement of Limited Partnership of New Devonshire  West, Limited Partnership (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on March 26, 1997).       |
|   |   |                                                                                                                                                                                                                                                  |
| w.     |   | Agreement of Limited Partnership of Northfield  Housing, L.P.(Incorporated by reference from Registrant’s current report on  Form 8-K as filed with the Securities and Exchange Commission on March 26,  1997).                                  |
|   |   |                                                                                                                                                                                                                                                  |
| x.     |   | Agreement of Limited Partnership of Ohio Investors  Limited Partnership (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange Commission on  March 26, 1997).             |

 

116

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| y.     |   | Agreement of Limited Partnership of Osborne Housing,  L.P.(Incorporated by reference from Registrant’s current report on Form 8-K  as filed with the Securities and Exchange Commission on March 26, 1997).                                    |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                |
| z.     |   | Agreement of Limited Partnership of Overton  Associates Limited Partnership(Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on March 26, 1997).        |
|   |   |                                                                                                                                                                                                                                                |
| aa.    |   | Agreement of Limited Partnership of Pahrump Valley  Investors (Incorporated by reference from Registrant’s current report on Form  8-K as filed with the Securities and Exchange Commission on March 26, 1997).                                |
|   |   |                                                                                                                                                                                                                                                |
| ab.    |   | Agreement of Limited Partnership of Osborne Housing,  L.P.(Incorporated by reference from Registrant’s current report on Form 8-K  as filed with the Securities and Exchange Commission on March 26, 1997).                                    |
|   |   |                                                                                                                                                                                                                                                |
| ac.    |   | Agreement of Limited Partnership of Shannon Housing,  L.P. (Incorporated by reference from Registrant’s current report on Form 8-K  as filed with the Securities and Exchange Commission on March 26, 1997).                                   |
|   |   |                                                                                                                                                                                                                                                |
| ad.    |   | Agreement of Limited Partnership of Sutton Place  Apartments (Incorporated by reference from Registrant’s current report on  Form 8-K as filed with the Securities and Exchange Commission on March 26,  1997).                                |
|   |   |                                                                                                                                                                                                                                                |
| ae.    |   | Agreement of Limited Partnership of West Point  Housing, L.P.(Incorporated by reference from Registrant’s current report on  Form 8-K as filed with the Securities and Exchange Commission on March 26,  1997).                                |
|   |   |                                                                                                                                                                                                                                                |
| af.    |   | Agreement of Limited Partnership of Jeremy  Associates Limited Partnership (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on March 27, 1997).        |
|   |   |                                                                                                                                                                                                                                                |
| ag.    |   | Agreement of Limited Partnership of Laurelwood Park  Limited Partnership (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange Commission on  March 27, 1997).          |
|   |   |                                                                                                                                                                                                                                                |
| ah.    |   | Agreement of Limited Partnership of Jeremy  Associates Limited Partnership (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on March 27, 1997).        |
|   |   |                                                                                                                                                                                                                                                |
| ai.    |   | Agreement of Limited Partnership of Roxbury Housing  Veterans Limited Partnership (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on March 27, 1997). |
|   |   |                                                                                                                                                                                                                                                |
| aj.    |   | Agreement of Limited Partnership of Elm Street  Associates, L.P. (incorporated by reference from Registrants current report  on form 8-k as filed with the Securities and Exchange Commission on April 7,  1997.)                                   |

 

117

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| ak.    |   | Agreement of Limited Partnership of Brookhaven  Apartments Partnership (incorporated by reference from Registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  May 21, 1997.)                 |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                   |
| al.    |   | Agreement of Limited Partnership of Maple Limited  Partnership (incorporated by reference from Registrants current report on  form 8-k as filed with the Securities and Exchange Commission on July 16,  1997.)                        |
|   |   |                                                                                                                                                                                                                                   |
| am.    |   | Agreement of Limited Partnership of Byam Limited  Partnership (incorporated by reference from Registrants current report on  form 8-k as filed with the Securities and Exchange Commission on July 22,  1997.)                         |
|   |   |                                                                                                                                                                                                                                   |
| an.    |   | Agreement of Limited Partnership of Harbor Limited  Partnership (incorporated by reference from registrants current report on  form 8-k as filed with the Securities and Exchange Commission on July 22,  1997.)                       |
|   |   |                                                                                                                                                                                                                                   |
| ao.    |   | Agreement of Limited Partnership of Bradley Phase II  Limited Partnership (incorporated by Reference from registrants current  report on form 8-K as filed with the Securities and Exchange Commission on  July 22, 1997.)             |
|   |   |                                                                                                                                                                                                                                   |
| ap.    |   | Agreement of Limited Partnership of Butler  Street/Hanover Towers Limited Partnership (incorporated by reference from  registrants current report on form 8-k as filed with the Securities and  Exchange Commission on July 22, 1997.) |
|   |   |                                                                                                                                                                                                                                   |
| aq.    |   | Agreement of Limited Partnership of Bradley Phase I  Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  July 22, 1997.)              |
|   |   |                                                                                                                                                                                                                                   |
| ar.    |   | Agreement of Limited Partnership of 1374 Boston Road  Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  August 5, 1997.)            |
|   |   |                                                                                                                                                                                                                                   |
| as.    |   | Agreement of Limited Partnership of Centenary  Housing Limited Partnership (incorporated by reference from registrants  current report on form 8-k as filed with the Securities and Exchange  Commission on August 5, 1997.)           |
|   |   |                                                                                                                                                                                                                                   |
| at.    |   | Agreement of Limited Partnership of Lake Apartments  II Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  August 5, 1997.)          |
|   |   |                                                                                                                                                                                                                                   |
| au.    |   | Agreement of Limited Partnership of AHAB Project  One, LP (incorporated by reference from registrants current report on form  8-k as filed with the Securities and Exchange Commission on August 8, 1997.)                             |

 

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| av.    |   | Agreement of Limited Partnership of Grandview  Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  April 23, 1998.)                          |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                          |
| aw.    |   | Agreement of Limited Partnership of Angelou  Associates, L.P. (incorporated by reference from registrants current report  on form 8-k as filed with the Securities and Exchange Commission on April 23,  1998.)                               |
|   |   |                                                                                                                                                                                                                                          |
| ax.    |   | Agreement of Limited Partnership of Country Edge  Apartments I Limited Partnership(incorporated by reference from registrants  current report on form 8-k as filed with the Securities and Exchange  Commission on April 24, 1998.) |
|   |   |                                                                                                                                                                                                                                          |
| ay.    |   | Agreement of Limited Partnership of Sumner House  Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  April 27, 1998.)                       |
|   |   |                                                                                                                                                                                                                                          |
| az.    |   | Agreement of Limited Partnership of Magnolia Place  Apartments Partnerships (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  April 30, 1998.)                 |
|   |   |                                                                                                                                                                                                                                          |
| ba.    |   | Agreement of Limited Partnership of Edgewood  Apartments Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  April 30, 1998.)                        |
|   |   |                                                                                                                                                                                                                                          |
| bb.    |   | Agreement of Limited Partnership of Harrisonville  Heights L.P. (incorporated by reference from registrants current report on  form 8-k as filed with the Securities and Exchange Commission on April 30,  1998.)                             |
|   |   |                                                                                                                                                                                                                                          |
| bc.    |   | Agreement of Limited Partnership of Neighborhood  Restorations Limited Partnership VII incorporated by reference from  registrants current report on form 8-k as filed with the Securities and  Exchange Commission on April 30, 1998.)       |
|   |   |                                                                                                                                                                                                                                          |
| bd.    |   | Agreement of Limited Partnership of Escher SRO  Project, L.P. (incorporated by reference from registrants current report on  form 8-k as filed with the Securities and Exchange Commission on May 1,  1998.)                                  |
|   |   |                                                                                                                                                                                                                                          |
| be.    |   | Agreement of Limited Partnership of Silver Creek/MHT  Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  June 30, 1999.)                    |
|   |   |                                                                                                                                                                                                                                          |
| bf.    |   | Agreement of Limited Partnership of Meridian Housing  Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  June 30, 1999.)                    |

 

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| bg.    |   | Agreement of Limited Partnership of Southaven  Partners I, L.P. (incorporated by reference from registrants current report  on form 8-j as filed with the Securities and Exchange on July 27, 1999.)                                                                 |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                 |
| bh.    |   | Agreement of Limited Partnership of Athens Partners,  L.P. (incorporated by reference from registrants current report on form 8-k  as filed with the Securities and Exchange Commission on July 27, 1999.)                                                           |
|   |   |                                                                                                                                                                                                                                                                 |
| bi.    |   | Agreement of Limited Partnership of Pearl Partners,  L.P. (incorporated by reference from registrants current report on form 8-k  as filed with the Securities and Exchange Commission on November 30, 1999.)                                                        |
|   |   |                                                                                                                                                                                                                                                                 |
| bj.    |   | Agreement of Limited Partnership of Harbor  Pointe/MHT Limited Dividend Housing Association Limited Partnership (incorporated  by reference from registrants current report on form 8-k as filed with the  Securities and Exchange Commission on December 28, 1999.) |
|   |   |                                                                                                                                                                                                                                                                 |
| bk.    |   | Agreement of Limited Partnership of Level Creek  Partners, L.P. (incorporated by reference from registrants current report on  form 8-k as filed with the Securities and Exchange Commission on December 29,  1999.)                                                 |
|   |   |                                                                                                                                                                                                                                                                 |
| bm.    |   | Agreement of Limited Partnership of Lake City  Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  February 3, 2000.)                                               |
|   |   |                                                                                                                                                                                                                                                                 |
| bn.    |   | Agreement of Limited Partnership of Pine Ridge  Apartments Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange on on February  9, 2000.)                                                   |
|   |   |                                                                                                                                                                                                                                                                 |
| bo.    |   | Agreement of Limited Partnership of Pecan Manor  Apartments Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  February 10, 2000.)                               |
|   |   |                                                                                                                                                                                                                                                                 |
| bp.    |   | Agreement of Limited Partnership of Pyramid Four  Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with the Securities and Exchange Commission on  February 16, 2000.)                                 |
|   |   |                                                                                                                                                                                                                                                                 |
| bq.    |   | Agreement of Limited Partnership of Lombard  Partners, L.P. (incorporated by reference from registrants current report on  form 8-k as filed with the Securities and Exchange Commission on January 26,  2000.)                                                      |
|   |   |                                                                                                                                                                                                                                                                 |
| br.    |   | Agreement of Limited Partnership of Belmont Affordable  Housing II LP (incorporated by reference from registrants current report on  form 8-k as filed with the Securities and Exchange Commission on  September 29, 2000.)                                |

 

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| bs.    |   | Agreement of Limited Partnership of Jackson Bond LP  (incorporated by reference from registrants current report on form 8-k as  filed with the Securities and Exchange Commission on September 29, 2000.)               |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                    |
| bt.    |   | Agreement of Limited Partnership of Fort Bend NHC,  L.P. (incorporated by reference from registrants current report on form 8-k  as filed with the Securities and Exchange Commission on September 29, 2000.)           |
|   |   |                                                                                                                                                                                                                    |
| bu.    |   | Agreement of Limited Partnership of Breezewood II,  L.P. (incorporated by reference from registrants current report on form 8-k  as filed with the Securities and Exchange Commission on October 30, 2002.)             |
|   |   |                                                                                                                                                                                                                    |
| bv.    |   | Agreement of Limited Partnership of Wingfield  Apartments II L.P. (incorporated by reference from registrants current report  on form 8-k as filed with the Securities and Exchange Commission on November  12, 2002.)  |
|   |   |                                                                                                                                                                                                                    |
| bw.    |   | Agreement of Limited Partnership of Natchez Place  Apartments L.P. (incorporated by reference from registrants current report on  form 8-k as filed with the Securities and Exchange Commission on November 13,  2002.) |

 
| Exhibit  No. 99 - Additional exhibits |
|---------------------------------------|
| 1.                                    |   | Certification pursuant to 18 U.S.C. Section 1350,  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein |
|                                  |   |   |
| 2.                                    |   | Certification pursuant to 18 U.S.C. Section 1350,  pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herein |
|                                  |   |   |
| 3.                                    |   | Independent Auditor’s Reports for Operating  Partnerships, filed herein. |

 

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# SIGNATURES

 

Pursuant to the requirements of Section 13 of the Securities ExchangeAct of 1934, the Fund has duly caused this Report to be signed on its behalf bythe undersigned, thereunto duly authorized.

 
|                       | Boston  Capital Tax Credit Fund IV L.P. |
|----------------------------|-----------------------------------------|
|                       |                                    |   |
|                       | By:                                     | Boston Capital Associates IV L.P.  General Partner |
|                       |                                    |   |
|                       | By:                                     | BCA Associates Limited Partnership  General Partner |
|                       |                                    |   |
|                       | By:                                     | C&M Management, Inc.  General Partner |
|                       |                                    |   |
| Date:  July  15, 2003 | By:                                     | /s/ John P. Manning |   |
|                       |                                    | John P. Manning |
|                       |                                    |   |

 

Pursuant to the requirements of the Securities Exchange Act of 1934,this report has been signed below by the following persons on behalf of theFund and in the capacities and on the dates indicated:

 
| **DATE:**       |   | **SIGNATURE:**      |   | **TITLE:**                                                                                                                                              |
|-----------------|--------|---------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |   |                |   |                                                                                                                                                    |
| July 15, 2003   |   | /s/ John P. Manning |   | Director, President (Principal Executive Officer),  C&M Management, Inc.; Director, President (Principal Executive Officer)  BCTC IV Assignor Corp. |
| John P. Manning |

 

122

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I, John P. Manning,certify that:

 

1.  I have reviewed this annualreport on Form 10-K of Boston Capital Tax Credit Fund IV L.P. (the “Fund”);

 

2.  Based on my knowledge, thisannual report does not contain any untrue statement of a material fact or omitto state a material fact necessary to make the statements made, in light of thecircumstances under which such statements were made, not misleading withrespect to the period covered by this annual report;

 

3.  Based on my knowledge, thefinancial statements, and other financial information included in this annualreport, fairly present in all material respects the financial condition,results of operations and cash flows of the Company as of, and for, the periodspresented in this annual report;

 

4.  The Fund’s other certifyingofficer and I are responsible for establishing and maintaining disclosure controlsand procedures (as defined in Exchange Act Rules 13a-14 and 15d-14) for theCompany and we have:

 

(a)  designedsuch disclosure controls and procedures to ensure that material informationrelating to the Fund, including its consolidated subsidiaries, is made known tous by others within those entities, particularly during the period in whichthis annual report is being prepared;

 

(b)  evaluatedthe effectiveness of the Fund’s disclosure controls and procedures as of a date(the “Evaluation Date”) within 90 days prior to the filing date of this annualreport; and

 

(c)  presentedin this annual report our conclusions about the effectiveness of the disclosurecontrols and procedures based on our evaluation as of the Evaluation Date;

 

5.  The Fund’s other certifyingofficer and I have disclosed, based on our most recent evaluation, to theFund’s auditors and the audit committee of the Fund’s board of directors (orpersons performing the equivalent function):

 

(a)  allsignificant deficiencies in the design or operation of internal controls whichcould adversely affect the Fund’s ability to record, process, summarize andreport financial data and have identified for the Fund’s auditors any materialweaknesses in internal controls; and

 

(b)  any fraud,whether or not material, that involves management or other employees who have asignificant role in the Fund’s internal controls; and

 

6.  The Fund’s other certifyingofficer and I have indicated in this annual report whether or not there weresignificant changes in internal controls or in other factors that couldsignificantly affect internal controls subsequent to the Evaluation Date,including any corrective actions with regard to significant deficiencies andmaterial weaknesses.

 
| Date:  July  15, 2003 | /s/ John P. Manning  |   |
|----------------------------|----------------------|--------|
|                       | John P. Manning      |
|                       | Director, President  |
|                       | (Principal Executive |
|                       | Officer), C&M    |
|                       | Management Inc.;     |

 

123

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I, Marc Teal, certifythat:

 

1.          I havereviewed this annual report on Form 10-K of Boston Capital Tax Credit Fund IVL.P. (the “Fund”);

 

2.  Based on myknowledge, this annual report does not contain any untrue statement of amaterial fact or omit to state a material fact necessary to make the statementsmade, in light of the circumstances under which such statements were made, notmisleading with respect to the period covered by this annual report;

 

3.  Based on myknowledge, the financial statements, and other financial information includedin this annual report, fairly present in all material respects the financialcondition, results of operations and cash flows of the Company as of, and for,the periods presented in this annual report;

 

4.  The Fund’sother certifying officer and I are responsible for establishing and maintainingdisclosure controls and procedures (as defined in Exchange Act Rules 13a-14 and15d-14) for the Company and we have:

 

(d)  designedsuch disclosure controls and procedures to ensure that material informationrelating to the Fund, including its consolidated subsidiaries, is made known tous by others within those entities, particularly during the period in whichthis annual report is being prepared;

 

(e)  evaluatedthe effectiveness of the Fund’s disclosure controls and procedures as of a date(the “Evaluation Date”) within 90 days prior to the filing date of this annualreport; and

 

(f)  presentedin this annual report our conclusions about the effectiveness of the disclosurecontrols and procedures based on our evaluation as of the Evaluation Date;

 

5.  The Fund’sother certifying officer and I have disclosed, based on our most recentevaluation, to the Fund’s auditors and the audit committee of the Fund’s boardof directors (or persons performing the equivalent function):

 

(c)  allsignificant deficiencies in the design or operation of internal controls whichcould adversely affect the Fund’s ability to record, process, summarize andreport financial data and have identified for the Fund’s auditors any materialweaknesses in internal controls; and

 

(d)  any fraud,whether or not material, that involves management or other employees who have asignificant role in the Fund’s internal controls; and

 

6.  The Fund’sother certifying officer and I have indicated in this annual report whether ornot there were significant changes in internal controls or in other factorsthat could significantly affect internal controls subsequent to the EvaluationDate, including any corrective actions with regard to significant deficienciesand material weaknesses.

 
| Date:  July  15, 2003 | /s/ Marc N. Teal                       |   |
|----------------------------|----------------------------------------|--------|
|                       | Marc N. Teal, Chief  Financial Officer |

 

124

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