**SECURITIES AND EXCHANGE COMMISSION**

**Washington,D.C. 20549**

 

**FORM 10-K**

 

| **ý****       ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT  OF 1934**                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                     |
| **For the fiscal year ended March 31, 2005 or**                                                                                                                                          |
|                                                                                                                                                                                     |
| **o****     TRANSITION  REPORT PERSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF  1934**                                                       |
|                                                                                                                                                                                     |
| **For the transition period from               to             ** |
|                                                                                                                                                                                     |
| **Commission file number  0-26200**                                                                                                                                                 |

 

**BOSTON CAPITAL TAX CREDIT FUND IVL.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 pursuantto 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 whetherthe Fund (1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding twelve months (orfor such shorter period that the Fund was required to file such reports), and(2) has been subject to such filing requirements for the past 90 days.

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

 

Indicate by check mark ifdisclosure of delinquent filers pursuant to Item 405 or Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, tothe best of registrant’s knowledge,  indefinitive proxy or information statements incorporated by reference in PartIII of this Form 10-K or any amendment to this Form 10-K.

 

ý

 

Indicate by check mark whetherthe registrant is an accelerated filer (as defined in Rule 12b-2 of the ACT)

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

 

 

----

 

# DOCUMENTS INCORPORATEDBY REFERENCE

 

The following documents of theFund are incorporated by reference:

 
| **Form 10-K  Parts**          | ** ** | **Document**                      |
|-------------------------------|------------|-----------------------------------|
|                          |       |                              |
| Parts I, III  as supplemented |       | January 3,  1994 Prospectus,      |
|                          |       |                              |
| 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    |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated June 3, 2003       |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated June 3, 2003       |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K dated  October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated May 29, 2003       |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |
|                 |       | Form 8-K  dated October 21, 2002   |

 

----

 
| **Form 10-K  Parts** | ** ** | **Document**                      |
|----------------------|------------|-----------------------------------|
|                 |       |                              |
| Parts II, IV         |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K dated  October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated October 21, 2002  |
|                 |       | Form 8-K  dated February 1, 2002  |
|                 |       | Form 8-K  dated October 1, 2003   |
|                 |       | Form 8-K  dated May 1, 2002       |
|                 |       | Form 8-K  dated June 1, 2002      |
|                 |       | Form 8-K  dated July 1, 2002      |
|                 |       | Form 8-K  dated July 1, 2002      |
|                 |       | Form 8-K  dated November 1, 2002  |
|                 |       | Form 8-K  dated July 1, 2003      |
|                 |       | Form 8-K  dated February 1, 1997  |
|                 |       | Form 8-K  dated November 30, 1999 |

 

----

 
| **Form 10-K  Parts** | ** ** | **Document**                     |
|----------------------|------------|----------------------------------|
|                 |       |                             |
| Parts II, IV         |       | Form 8-K  dated April 1, 1999    |
|                 |       | Form 8-K  dated October 1, 1998  |
|                 |       | Form 8-K  dated April 27, 2000   |
|                 |       | Form 8-K  dated June 1, 2004     |
|                 |       | Form 8-K  dated June 11, 2004    |
|                 |       | Form 8-K  dated June 23, 2004    |
|                 |       | Form 8-K  dated July 1, 2004     |
|                 |       | Form 8-K  dated December 1, 2003 |
|                 |       | Form 8-k  dated February 1, 2004 |
|                 |       | Form 8-K  dated June 1, 2004     |

 

----

 

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2005

 

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  and Issuer Purchases of Partnership Interests |   |
| Item 6.  | Selected Financial Data                                                                                                                  |   |
| Item 7.  | Management’s Discussion and Analysis of  Financial Condition and Results of Operations                                              |   |
| Item 7A. | Quantitative and Qualitative Disclosures  About Market Risk                                                                              |   |
| Item 8.  | Financial Statements and Supplementary Data                                                                                              |   |
| Item 9.  | Changes in and Disagreements with  Accountants on Accounting and Financial Disclosure                                                    |   |
| Item 9A. | Controls and Procedures                                                                                                                  |   |
|     |                                                                                                                                     |   |
|     | 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. | Principal Accountant Fees and Services                                                                                                   |   |
|     |                                                                                                                                     |   |
|     | PART  IV                                                                                                                                 |   |
|     |                                                                                                                                     |   |
| Item 15. | Exhibits, Financial Statement Schedules,  and Reports on Form 8-K                                                                        |   |
|     |                                                                                                                                     |   |
|     | Signatures                                                                                                                               |   |

 

----

 

# PARTI

 

Item 1.                    Business

 

Organization

 

Boston Capital Tax Credit FundIV L.P. (the “Fund”) is a limited partnership formed under the Delaware RevisedUniform Limited Partnership Act as of October 5, 1993.  Effective as of June 1, 2001 there was arestructuring, and as a result, the Fund’s general partner was reorganized asfollows.  The General Partner of the Fundcontinues to be Boston Capital Associates IV L.P., a Delaware limitedpartnership.  The general partner of theGeneral Partner is now BCA Associates Limited Partnership, a Massachusettslimited partnership, whose sole general partner is C&M Management, Inc., aMassachusetts corporation.  John P.Manning is the principal executive officer of C&M Management, Inc.  The limited partner of the General Partner isCapital Investment Holdings, a general partnership whose partners are certainofficers and employees of Boston Capital Partners, Inc., and its affiliates.  The Assignor Limited Partner is BCTC IVAssignor Corp., a Delaware corporation which is now wholly-owned by John P.Manning.

 

The Assignor Limited Partnerwas formed for the purpose of serving in that capacity for the Fund and willnot engage in any other business. Units of beneficial interest in the LimitedPartnership Interest of the Assignor Limited Partner will be assigned by theAssignor Limited Partner by means of beneficial assignee certificates (“BACs”)to investors and investors will be entitled to all the rights and economicbenefits of a Limited Partner of the Fund including rights to a percentage ofthe income, gains, losses, deductions, credits and distributions of the Fund.

 

A Registration Statement onForm S-11 and the related prospectus, as supplemented (the “Prospectus”) were filedwith the Securities and Exchange Commission and became effective December 16,1993 in connection with a public offering (“Offering”) in one or more series ofa minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC.  On April 18, 1996 an amendment to Form S-11,which registered an additional 10,000,000 BACs for sale to the public in one ormore series, became effective. On April 2, 1998 an amendment to Form S-11,which registered an additional 25,000,000 BACs for sale to the public in one ormore series, became effective. On August 31, 1999 an amendment to Form S-11,which registered an additional 8,000,000 BACs for sale to the public becameeffective.  On July 26, 2000 an amendmentto Form S-11, which registered an additional 7,500,000 BACs for sale to thepublic became effective. On July 23, 2001 an amendment to Form S-11, whichregistered an additional 7,000,000 BACs for sale to the public becameeffective.  On July 24, 2002 an amendmentto Form S- 11, which registered an additional 7,000,000 BAC’s for sale to thepublic became effective. On July 1, 2003 an amendment to Form S- 11, whichregistered an additional 7,000,000 BAC’s for sale to the public becameeffective.  As of March 31, 2005,subscriptions had been received and accepted by the General Partner in Series20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series41, Series 42, Series 43 Series 44, Series 45 and Series 46 for 83,651,080BAC’s representing capital contributions of $836,177,880.

 

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

 

1

----

 

Description ofBusiness

 

The Fund’s principal businessis to invest as a limited partner in other limited partnerships (the “OperatingPartnerships”) each of which will own or lease and will operate an ApartmentComplex exclusively or partially for low- and moderate-income tenants.  Each Operating Partnership in which the Fundwill invest will own Apartment Complexes which are completed,newly-constructed, under construction or rehabilitation, or to-be constructedor rehabilitated, and which are expected to receive Government Assistance.  Each Apartment Complex is expected to qualifyfor the low-income housing tax credit under Section 42 of the Code (the“Federal Housing Tax Credit”), thereby providing tax benefits over a period often to twelve years in the form of tax credits which investors may use tooffset income, subject to certain strict limitations, from other sources.  Certain Apartment Complexes may also qualifyfor the historic rehabilitation tax credit under Section 47 of the Code (the“Rehabilitation Tax Credit”).  TheFederal Housing Tax Credit and the Government Assistance programs are describedon pages 64 to 88 of the Prospectus, as supplemented, under the captions “TaxCredit Programs” and “Government Assistance Programs,” which is incorporatedherein by reference.  Section 236 (f)(ii) of the National Housing Act, as amended, in Section 101 of the Housing andUrban Development Act of 1965, as amended, each provide for the making by HUDof rent supplement payments to low income tenants in properties which receiveother forms of federal assistance such as Tax Credits.  The payments for each tenant, which are madedirectly to the owner of their property, generally are in such amounts as toenable the tenant to 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, 2005 the Fundhad invested in 24 Operating Partnerships on behalf of Series 20, 14 OperatingPartnership on behalf of Series 21, 29 Operating Partnerships on behalf ofSeries 22, 22 Operating Partnerships on behalf of Series 23, 24 OperatingPartnerships on behalf of Series 24, 22 Operating Partnerships on behalf ofSeries 25, 45 Operating Partnerships on behalf of Series 26, 16 OperatingPartnerships on behalf of Series 27, 26 Operating Partnerships on behalf ofSeries 28, 22 Operating Partnerships on behalf of Series 29, 20 OperatingPartnerships on behalf of Series 30, 27 Operating Partnerships on behalf ofSeries 31, 17 Operating Partnerships on behalf of Series 32, 10 OperatingPartnerships on behalf of Series 33, 14 Operating Partnerships on behalf ofSeries 34, 11 Operating Partnerships on behalf of Series 35, 11 OperatingPartnerships on behalf of Series 36, 7 Operating Partnerships on behalf ofSeries 37, 10 Operating Partnerships on behalf of Series 38, 9 OperatingPartnerships on behalf of Series 39, 16 Operating Partnerships on behalf ofSeries 40, 23 Operating Partnerships on behalf of Series 41, 22 OperatingPartnerships on behalf of Series 42, 22 Operating Partnerships on behalf ofSeries 43, 8 Operating Partnerships on behalf of Series 44, 28 OperatingPartnerships on behalf of Series 45 and 12 Operating partnerships on behalf ofSeries 46.  A description of these OperatingPartnerships 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 andinvestment policies of the Fund are described more fully on pages 49 to 61 ofthe Prospectus, as supplemented, under the caption “Investment Objectives andAcquisition Policies,” which is incorporated herein by reference.

 

Employees

 

The Fund does not have anyemployees.  Services are performed by theGeneral Partner and its affiliates and agents retained by them.

 

Item 2.                    Properties

 

The Fund has acquired a LimitedPartnership interest in 499 Operating Partnerships in 27 series, identified inthe table set forth below.  The ApartmentComplex owned by the Operating Partnership is eligible for the Federal HousingTax Credit.  Initial occupancy of a unitin each Apartment Complex which initially complied with the Minimum Set-AsideTest (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 of Financial Condition and Results ofOperations” for a more detailed discussion of operational difficultiesexperienced by certain of the Operating Partnerships.

 

3

----

 

Boston Capital Tax Credit Fund IV L.P. - Series 20

 

PROPERTY PROFILE AS OF MARCH 31, 2005

 
| **Property  Name**              | ** ** | **Location**         | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** **      | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|---------------------------------|------------|----------------------|------------|-----------|------------|---------------------------------------|-----------------|---------------|------------|-----------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Ashbury Apartments              |       | Sioux Falls,  SD     |       | 48        |       | $                                     |  1,229,655 |          | 4/94       |            | 6/94       |                              | 100        | %                               | $          |  806,117 |   |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Bennetts Pointe Apts.           |       | Bennetsville,  SC    |       | 32        |       | 1,318,108                             |            | 3/94          |       | 8/94            |       | 100                               | %          | 281,100                         |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Bradley Manor                   |       | Bradley, AR          |       | 25        |       | 784,306                               |            | 8/94          |       | 3/95            |       | 100                               | %          | 182,044                         |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Breeze Cove Apts.               |       | Port  Washington, WI |       | 64        |       | 1,800,215                             |            | 5/94          |       | 10/94           |       | 100                               | %          | 2,601,494                       |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Cascades Commons Apts.          |       | Sterling, VA         |       | 320       |       | 22,945,147                            |            | 6/94          |       | 10/95           |       | 100                               | %          | 7,132,820                       |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Clarksville Estates             |       | Clarksville,  MO     |       | 32        |       | 678,988                               |            | 6/94          |       | 9/94            |       | 100                               | %          | 142,639                         |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Club Goldenrod II, Apartments   |       | Orlando, FL          |       | 220       |       | 7,135,683                             |            | 4/94          |       | 6/95            |       | 100                               | %          | 3,681,417                       |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| College Greene Senior Apts      |       | N. Chili, NY         |       | 110       |       | 3,676,802                             |            | 3/95          |       | 8/95            |       | 100                               | %          | 1,918,496                       |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Concordia Manor I               |       | St. Croix,  VI       |       | 22        |       | 1,440,585                             |            | 8/94          |       | 7/95            |       | 100                               | %          | 490,034                         |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Coushatta Seniors II Apartments |       | Coushatta,  LA       |       | 24        |       | 698,296                               |            | 5/94          |       | 3/94            |       | 100                               | %          | 175,182                         |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| East Douglas Apartment          |       | Bloomington,  IL     |       | 51        |       | 2,009,055                             |            | 7/94          |       | 12/95           |       | 100                               | %          | 1,281,690                       |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Edison Lane Apartments          |       | Edison, GA           |       | 24        |       | 708,037                               |            | 9/94          |       | 10/95           |       | 100                               | %          | 204,561                         |       |
|                            |       |                 |       |      |       |                                  |            |          |       |            |       |                              |       |                            |       |
| Evergreen Hills Apts.           |       | Macedon, NY          |       | 72        |       | 2,687,190                             |            | 8/94          |       | 1/95            |       | 100                               | %          | 693,966                         |       |
|                                 |            |                      |            |           |            |                                       |                 |               |            |                 |            |                                   |            |                                 |            |  |  |

 

4

----

 
| **Property  Name**          | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Fairoaks Lane Apts.         |       | Rincon, GA        |       | 44        |       | $                                     | 1,392,505  |          | 7/94       |            | 5/95       |                              | 100        | %                               | $          | 339,284 |   |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Floral Acres II             |       | Waggaman, LA      |       | 32        |       | 1,014,613                             |       | 5/94          |       | 8/94            |       | 100                               | %          | 228,457                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Forest Glen Village         |       | Vidalia, GA       |       | 46        |       | 1,308,117                             |       | 7/94          |       | 2/95            |       | 100                               | %          | 378,777                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Gardenview Apartments       |       | Pasedena, TX      |       | 309       |       | 4,844,567                             |       | 6/94          |       | 9/95            |       | 100                               | %          | 2,261,021                       |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Harrisonburg, Seniors Apts. |       | Harrisonburg,  LA |       | 24        |       | 672,861                               |       | 5/94          |       | 1/94            |       | 100                               | %          | 176,621                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Hillside Apartments         |       | Cynthiana,  KY    |       | 48        |       | 700,217                               |       | 10/94         |       | 4/95            |       | 100                               | %          | 643,850                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Kristine Apartments         |       | Bakersfield,  CA  |       | 60        |       | 1,215,057                             |       | 10/94         |       | 10/94           |       | 100                               | %          | 311,675                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Northfield Apts.            |       | Jackson, MS       |       | 120       |       | 2,749,768                             |       | 6/94          |       | 8/95            |       | 100                               | %          | 3,273,126                       |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Parkside Apartments         |       | Avondale, AZ      |       | 54        |       | 626,322                               |       | 12/94         |       | 1/94            |       | 100                               | %          | 282,547                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Riverview Apartments        |       | Franklinton,  LA  |       | 47        |       | 1,661,730                             |       | 4/94          |       | 10/94           |       | 100                               | %          | 370,000                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Shady Lane Senior Apts.     |       | Winnfield,  LA    |       | 32        |       | 922,329                               |       | 5/94          |       | 10/93           |       | 100                               | %          | 197,200                         |       |
|                             |            |                   |            |           |            |                                       |            |               |            |                 |            |                                   |            |                                 |            |  |  |

 

5

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 21

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**                | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** **    | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------------------|------------|------------------------|------------|-----------|------------|---------------------------------------|---------------|---------------|------------|-----------------|------------|-----------------------------------|------------|---------------------------------|------------|
| 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        |       | 1,139,142                             |          | 10/94         |       | 12/94           |       | 100                               | %          | 350,531                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Cattaraugus Manor                 |       | Cattaraugus,  NY       |       | 24        |       | 1,072,594                             |          | 8/94          |       | 4/95            |       | 100                               | %          | 263,711                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Creekside at Tasker’s Chance |       | Frederick,  MD         |       | 120       |       | 4,625,481                             |          | 10/94         |       | 9/95            |       | 100                               | %          | 2,686,170                       |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Forest Glen at Sully Station      |       | Centreville,  VA       |       | 119       |       | 5,577,160                             |          | 11/94         |       | 9/95            |       | 100                               | %          | 2,649,450                       |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Fort Halifax                      |       | Winslow, ME            |       | 24        |       | 1,077,580                             |          | 9/94          |       | 1/95            |       | 100                               | %          | 389,085                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Havelock Manor Apts.              |       | Havelock, NC           |       | 60        |       | 1,808,726                             |          | 12/94         |       | 10/95           |       | 100                               | %          | 347,557                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Holly Village                     |       | Buchanan, GA           |       | 24        |       | 702,079                               |          | 8/94          |       | 6/95            |       | 100                               | %          | 205,400                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Liveoak Village                   |       | Union Springs,  AL     |       | 24        |       | 748,646                               |          | 10/94         |       | 7/95            |       | 100                               | %          | 176,953                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Lookout Ridge Apts.               |       | Covington,  KY         |       | 30        |       | 584,279                               |          | 12/94         |       | 12/94           |       | 100                               | %          | 763,038                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Pinedale Apartments II            |       | Menomonie,  WI         |       | 60        |       | 1,277,977                             |          | 10/94         |       | 12/94           |       | 100                               | %          | 869,798                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Pumphouse Crossing II Apartments  |       | Chippewa, WI           |       | 48        |       | 1,163,004                             |          | 10/94         |       | 12/94           |       | 100                               | %          | 692,840                         |       |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| The Woods Apartments              |       | Campton, NH            |       | 20        |       | $                                     |  999,670 |          | 8/94       |            | 10/94      |                              | 100        | %                               | $          |  269,500 |   |
|                              |       |                   |       |      |       |                                  |          |          |       |            |       |                              |       |                            |       |
| Tower View Apartments             |       | Tower City,  PA        |       | 25        |       | 1,105,292                             |          | 11/94         |       | 5/95            |       | 100                               | %          | 268,863                         |       |

 

6

----

 

Boston Capital Tax Credit Fund IV L.P. - Series 22

 

PROPERTY PROFILE AS OF MARCH 31, 2005

 
| **Property  Name**     | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------|------------|------------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Albemarle Village      |       | Hertford, NC           |       | 36        |       | $                                     | 1,413,735  |           | 1/95       |             | 9/94       |                              | 100        | %                               | $          | 321,628 |   |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Apple Village          |       | Edmond, OK             |       | 160       |       | 3,663,803                             |       | 11/94          |       | 3/96             |       | 100                               | %          | 1,572,166                       |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bayou Crossing         |       | Riverview,  FL         |       | 290       |       | 8,530,658                             |       | 11/94          |       | 1/96             |       | 100                               | %          | 2,854,036                       |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bellwood Gardens       |       | Ford City,  PA         |       | 28        |       | 1,226,469                             |       | 6/95           |       | 9/95             |       | 100                               | %          | 308,152                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Black River Run Apts.  |       | Black River  Falls, WI |       | 48        |       | 1,139,142                             |       | 3/95           |       | 12/94            |       | 100                               | %          | 395,279                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Clarendon Court        |       | Summerton,  SC         |       | 40        |       | 1,425,453                             |       | 10/94          |       | 4/95             |       | 100                               | %          | 340,737                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Club II Goldenrod      |       | Orlando, FL            |       | 220       |       | 7,135,683                             |       | 3/95           |       | 6/95             |       | 100                               | %          | 2,106,975                       |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cobblestone Apartments |       | Fuquay, NC             |       | 33        |       | 1,390,945                             |       | 1/95           |       | 5/94             |       | 100                               | %          | 326,054                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Concordia Manor II     |       | St. Croix,  VI         |       | 20        |       | 1,470,622                             |       | 1/95           |       | 11/95            |       | 100                               | %          | 259,444                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Concordia Manor III    |       | St. Croix,  VI         |       | 20        |       | 1,457,518                             |       | 2/95           |       | 12/95            |       | 100                               | %          | 264,007                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Drakes Branch Elderly  |       | Drakes  Branch, VA     |       | 32        |       | 1,244,705                             |       | 1/95           |       | 6/95             |       | 100                               | %          | 232,722                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Elks Towers Apartments |       | Litchfield,  IL        |       | 27        |       | 793,771                               |       | 10/95          |       | 12/96            |       | 100                               | %          | 753,656                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Fonda Terrace          |       | Fonda, NY              |       | 24        |       | 1,000,540                             |       | 12/94          |       | 10/94            |       | 100                               | %          | 259,387                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Highland House         |       | Boston, MA             |       | 14        |       | 715,700                               |       | 12/96          |       | 5/97             |       | 100                               | %          | 571,829                         |       |
|                        |            |                        |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

7

----

 
| **Property  Name**     | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------|------------|------------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Kimbark 1200 Apts.     |       | Longmont, CO           |       | 48        |       | $                                     | 1,939,052  |           | 9/95       |             | 12/95      |                              | 100        | %                               | $          | 321,843 |   |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Kingsway Apartments    |       | Swedsboro,  NJ         |       | 36        |       | 1,447,976                             |       | 7/95           |       | 11/01            |       | 100                               | %          | 46,290                          |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lake City Apartments   |       | Lake City,  PA         |       | 44        |       | 1,267,404                             |       | 8/98           |       | 6/98             |       | 100                               | %          | 240,900                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lake Street Apartments |       | Girard, PA             |       | 32        |       | 1,338,799                             |       | 4/95           |       | 9/95             |       | 100                               | %          | 342,369                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lost Tree Apartments   |       | Branson, MO            |       | 88        |       | 1,504,307                             |       | 4/95           |       | 6/95             |       | 100                               | %          | 474,948                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Maplewood Apartments   |       | Sacramento,  KY        |       | 12        |       | 427,126                               |       | 8/95           |       | 9/95             |       | 100                               | %          | 110,881                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Marksville Square      |       | Marksville,  LA        |       | 32        |       | 942,360                               |       | 1/95           |       | 1/96             |       | 100                               | %          | 268,848                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Neshoba County         |       | Philadelphia,  MS      |       | 25        |       | 836,812                               |       | 7/95           |       | 8/95             |       | 100                               | %          | 251,411                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Philadelphia Square    |       | Philadelphia,  MS      |       | 16        |       | 535,560                               |       | 7/95           |       | 8/95             |       | 100                               | %          | 149,950                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Quankey Hills          |       | Halifax, NC            |       | 24        |       | 990,905                               |       | 1/95           |       | 3/95             |       | 100                               | %          | 200,496                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Richmond Square        |       | Richmond, MO           |       | 32        |       | 796,159                               |       | 12/94          |       | 2/95             |       | 100                               | %          | 818,770                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Salem Wood Apartments  |       | Salemburg,  NC         |       | 24        |       | 922,688                               |       | 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        |       | 1,746,407                             |       | 12/94          |       | 6/95             |       | 100                               | %          | 1,810,416                       |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Twin City Villa        |       | Festus, MO             |       | 40        |       | $                                     | 1,299,539  |           | 1/95       |             | 11/95      |                              | 100        | %                               | $          | 679,176 |   |

 

8

----

 

Boston Capital Tax Credit Fund IV L.P. - Series 23

 

PROPERTY PROFILE AS OF MARCH 31, 2005

 
| **Property  Name**       | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|--------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Apple Village            |       | Edmond, OK        |       | 160       |       | $                                     | 3,663,803  |           | 11/94      |             | 3/96       |                              | 100        | %                               | $          | 1,572,166 |   |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bayou Crossing           |       | Riverview,  FL    |       | 290       |       | 8,530,658                             |       | 4/95           |       | 1/96             |       | 100                               | %          | 4,281,054                       |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Concordia Manor II       |       | St. Croix,  VI    |       | 20        |       | 1,470,622                             |       | 1/95           |       | 11/95            |       | 100                               | %          | 259,445                         |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Concordia Manor III      |       | St. Croix,  VI    |       | 20        |       | 1,457,518                             |       | 2/95           |       | 12/95            |       | 100                               | %          | 264,007                         |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Columbia Commons         |       | Hempstead,  NY    |       | 37        |       | 1,026,250                             |       | 5/95           |       | 5/95             |       | 100                               | %          | 1,501,605                       |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Country Hill Apts. Ph II |       | Cedar  Rapids, IA |       | 92        |       | 1,939,086                             |       | 8/95           |       | 6/96             |       | 100                               | %          | 1,981,495                       |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Great Pines Apts.        |       | Hurleyville,  NY  |       | 26        |       | 1,141,085                             |       | 7/95           |       | 12/95            |       | 100                               | %          | 340,835                         |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Heatheridge Estates **   |       | Barling, AR       |       | 17        |       | 778,189                               |       | 7/95           |       | 11/95            |       | 100                               | %          | 748,240                         |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Ithaca Apts. I           |       | Ithaca, MI        |       | 28        |       | 618,441                               |       | 11/95          |       | 7/95             |       | 100                               | %          | 164,008                         |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Kimbark 1200 Apts.       |       | Longmont, CO      |       | 48        |       | 1,939,052                             |       | 9/95           |       | 12/95            |       | 100                               | %          | 965,530                         |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| La Pensione K Apts.      |       | Sacramento,  CA   |       | 129       |       | 2,418,747                             |       | 9/95           |       | 12/96            |       | 100                               | %          | 2,650,580                       |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mathis Apartments        |       | Mathis, TX        |       | 32        |       | 892,075                               |       | 1/95           |       | 1/95             |       | 100                               | %          | 219,045                         |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mid City Apartments      |       | Jersey City,  NJ  |       | 58        |       | 2,699,343                             |       | 9/95           |       | 6/94             |       | 100                               | %          | 113,679                         |       |
|                     |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Orange Grove Seniors     |       | Orange  Grove, TX |       | 24        |       | 653,205                               |       | 5/95           |       | 2/95             |       | 100                               | %          | 104,728                         |       |
|                          |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

9

----

 
| **Property  Name**     | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------|------------|------------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Philmont Terrace       |       | Philmont, LA           |       | 32        |       | $                                     | 1,472,965  |           | 5/95       |             | 5/95       |                              | 100        | %                               | $          |  370,750 |   |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Riverview Apartments   |       | St. Louis,  MO         |       | 42        |       | 1,132,852                             |       | 8/95           |       | 12/95            |       | 100                               | %          | 1,160,308                       |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| South Hills Apartments |       | Bellevue, NE           |       | 72        |       | 1,791,267                             |       | 6/95           |       | 2/96             |       | 100                               | %          | 1,686,354                       |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| St. Peters Villa       |       | St. Peters,  MO        |       | 54        |       | 1,658,747                             |       | 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        |       | 1,299,539                             |       | 2/95           |       | 11/95            |       | 100                               | %          | 679,176                         |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Village Woods Est.     |       | Kansas City,  KS       |       | 45        |       | 1,481,758                             |       | 5/95           |       | 12/95            |       | 100                               | %          | 1,704,928                       |       |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Vinsett Estates **     |       | Van Buren,  AR         |       | 10        |       |                                  | **         | 7/95           |       | 11/95            |       | 100                               | %          |                            | **         |
|                   |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Woodland Hills         |       | Roland, OK             |       | 10        |       | 355,140                               |       | 7/95           |       | 6/95             |       | 100                               | %          | 274,540                         |       |
|                        |            |                        |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

----

**  Two properties which make up one OperatingPartnership named Barlee Properties L.P. with 27 units.  Entire mortgage balance and contributions arelisted with Heatheridge Estates.

 

10

----

 

Boston Capital Tax Credit Fund IV L.P. - Series 24

 

PROPERTY PROFILE AS OF MARCH 31, 2005

 
| **Property  Name**      | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Autumn Ridge Apartments |       | Shenandoah,  VA  |       | 34        |       | $                                     | 1,515,491  |           | 7/96       |             | 1/97       |                              | 100        | %                               | $          | 319,466 |   |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Brooks Summit           |       | Blue Ridge,  GA  |       | 36        |       | 1,098,862                             |       | 12/95          |       | 11/96            |       | 100                               | %          | 223,280                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Brownsville Apartments  |       | Brownsville,  TN |       | 36        |       | 1,182,598                             |       | 9/95           |       | 9/95             |       | 100                               | %          | 267,091                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Century East Apts. IV   |       | Bismark, ND      |       | 24        |       | 596,507                               |       | 8/95           |       | 8/95             |       | 100                               | %          | 399,962                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Century East Apts. V    |       | Bismark, ND      |       | 24        |       | 596,507                               |       | 11/95          |       | 9/95             |       | 100                               | %          | 399,962                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Centenary Towers Apts.  |       | St. Louis,  MO   |       | 100       |       | 2,330,000                             |       | 5/97           |       | 12/97            |       | 100                               | %          | 679,577                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cooper’s Crossing  |       | Irving, TX       |       | 93        |       | 3,392,623                             |       | 6/96           |       | 12/95            |       | 100                               | %          | 848,708                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Edenfield Apartments    |       | Millen, GA       |       | 48        |       | 1,221,540                             |       | 1/96           |       | 12/96            |       | 100                               | %          | 314,827                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Elm Street Apartments   |       | Yonkers, NY      |       | 35        |       | 1,633,936                             |       | 1/96           |       | 1/96             |       | 100                               | %          | 407,601                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Heritage Glen Apts.     |       | Coolidge, AZ     |       | 28        |       | 1,112,144                             |       | 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        |       | 581,523                               |       | 8/95           |       | 7/95             |       | 100                               | %          | 399,962                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lakeway Apts            |       | Zwolle, LA       |       | 32        |       | 844,742                               |       | 11/95          |       | 4/96             |       | 100                               | %          | 110,902                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Laurelwood Park Apts.   |       | High Point,  NC  |       | 100       |       | 2,248,689                             |       | 2/96           |       | 10/96            |       | 100                               | %          | 2,120,403                       |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Madison Park IV         |       | Boston, MA       |       | 143       |       | 7,111,499                             |       | 5/96           |       | 3/97             |       | 97                                | %          | 1,220,537                       |       |
|                         |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

11

----

 
| **Property  Name**       | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|--------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| New Hilltop Apartments   |       | Laurens, SC      |       | 72        |       | $                                     | 1,639,513  |           | 11/95      |             | 11/95      |                              | 100        | %                               | $          | 450,039 |   |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| North Hampton Pl.        |       | Columbia, MO     |       | 36        |       | 716,966                               |       | 11/95          |       | 3/96             |       | 100                               | %          | 1,002,996                       |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Northfield Housing, L.P. |       | Jackson, MS      |       | 5         |       | 173,380                               |       | 12/96          |       | 9/96             |       | 100                               | %          | 217,266                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Pahrump Valley Apts.     |       | Pahrump, NV      |       | 32        |       | 1,373,829                             |       | 7/96           |       | 7/96             |       | 100                               | %          | 335,225                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Park Meadow Apartments   |       | Gaylord, MI      |       | 80        |       | 1,707,489                             |       | 9/95           |       | 4/97             |       | 100                               | %          | 1,753,158                       |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Shadowcreek Apartments   |       | Overton, NV      |       | 24        |       | 1,208,049                             |       | 6/96           |       | 9/96             |       | 100                               | %          | 361,320                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Stanton Village Apts.    |       | Stanton, TN      |       | 40        |       | 1,193,187                             |       | 9/95           |       | 9/95             |       | 100                               | %          | 279,730                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Woodlands Apartments     |       | Elko, NV         |       | 24        |       | 1,118,260                             |       | 11/95          |       | 9/95             |       | 100                               | %          | 269,867                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Wyandotte Apartments     |       | Los Angeles,  CA |       | 73        |       | 3,153,436                             |       | 4/96           |       | 2/97             |       | 100                               | %          | 1,663,747                       |       |
|                          |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

12

----

 

Boston Capital Tax Credit Fund IV L.P. - Series 25

 

PROPERTY PROFILE AS OF MARCH 31, 2005

 
| **Property  Name**    | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Dogwood Park Apts.    |       | Athens, GA         |       | 127       |       | $                                     | 2,469,845  |           | 12/95      |             | 10/96      |                              | 100        | %                               | $          | 3,538,760 |   |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Dunlap Acres          |       | West Point,  MS    |       | 50        |       | 988,590                               |       | 9/96           |       | 4/96             |       | 100                               | %          | 522,160                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Century East II Apts. |       | Bismark, ND        |       | 24        |       | 501,622                               |       | 8/96           |       | 6/96             |       | 100                               | %          | 371,183                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Clarke Manor Apts.    |       | Pokamoke  City, MD |       | 30        |       | 1,203,749                             |       | 2/96           |       | 4/96             |       | 100                               | %          | 440,107                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hannah Heights Apts.  |       | Ethel, MS          |       | 28        |       | 801,018                               |       | 6/96           |       | 12/96            |       | 100                               | %          | 321,584                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Heartland Green Cave  |       | Horse Cave,  KY    |       | 24        |       | 832,338                               |       | 5/96           |       | 11/96            |       | 100                               | %          | 270,132                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hurricane Hills       |       | Hurricane,  UT     |       | 49        |       | 1,205,219                             |       | 9/96           |       | 4/97             |       | 100                               | %          | 2,242,394                       |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Laurelwood Park Apts. |       | High Point,  NC    |       | 100       |       | 2,248,689                             |       | 2/96           |       | 10/96            |       | 100                               | %          | 946,539                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lenox Ave. Apts.      |       | Manhattan,  NY     |       | 18        |       | 645,080                               |       | 10/96          |       | 9/97             |       | 100                               | %          | 903,792                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Madison Park IV       |       | Boston, MA         |       | 143       |       | 7,111,499                             |       | 5/96           |       | 3/97             |       | 97                                | %          | 2,169,843                       |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Main Everett Apts.    |       | New  Rochelle, NY  |       | 11        |       | 585,712                               |       | 6/96           |       | 1/97             |       | 100                               | %          | 782,852                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Maple Hill            |       | New Haven,  CT     |       | 32        |       | 948,852                               |       | 2/97           |       | 2/98             |       | 100                               | %          | 199,951                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Osborne Apts.         |       | White  Plains, NY  |       | 7         |       | 404,508                               |       | 6/96           |       | 12/96            |       | 100                               | %          | 522,325                         |       |
|                       |            |                    |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

13

----

 
| **Property  Name**    | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Rose Square           |       | Connellsville, PA |       | 11        |       | $                                     | 383,532    |           | 10/96      |             | 2/97       |                              | 100        | %                               | $          | 288,209 |   |
|                  |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Rosewood  Estates, II |       | Bladenboro, NC    |       | 16        |       | 669,350                               |       | 9/96           |       | 12/96            |       | 100                               | %          | 124,304                         |       |
|                  |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sandstone  Village    |       | Great Falls, MT   |       | 48        |       | 1,306,806                             |       | 11/95          |       | 8/96             |       | 100                               | %          | 1,295,623                       |       |
|                  |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Shannon Rentals       |       | Shannon, MS       |       | 48        |       | 1,243,208                             |       | 4/96           |       | 1/97             |       | 100                               | %          | 324,990                         |       |
|                  |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Smith House           |       | Roxbury, MA       |       | 132       |       | 1,593,025                             |       | 4/96           |       | 3/97             |       | 100                               | %          | 1,031,269                       |       |
|                  |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sutton Place          |       | Indianopolis, IN  |       | 360       |       | 5,780,000                             |       | 11/96          |       | 10/97            |       | 100                               | %          | 823,257                         |       |
|                  |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Washington Arms       |       | Dayton, OH        |       | 93        |       | 1,563,141                             |       | 2/96           |       | 2/95             |       | 100                               | %          | 203,859                         |       |
|                  |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Wyandotte Apts.       |       | Los Angeles, CA   |       | 73        |       | 3,153,436                             |       | 4/96           |       | 2/97             |       | 100                               | %          | 2,280,623                       |       |
|                       |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

14

----

 

Boston Capital Tax CreditFund IV L.P. - Series 26

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**        | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as of  12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|---------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Academy Apts.             |       | West Point, VA     |       | 32        |       | $                                     | 1,147,910  |           | 4/97       |             | 3/98       |                              | 100        | %                               | $          | 263,722 |   |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bradley Estates  Phase I  |       | Meriden, CT        |       | 74        |       | 1,461,545                             |       | 2/97           |       | 12/97            |       | 100                               | %          | 671,336                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bradley Estates Phase  II |       | Meriden, CT        |       | 42        |       | 834,979                               |       | 2/97           |       | 12/97            |       | 100                               | %          | 486,861                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Brookhaven Apts.          |       | Shrevport, LA      |       | 35        |       | 1,018,718                             |       | 2/97           |       | 1/97             |       | 100                               | %          | 573,912                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Butler Estates            |       | Leesville, LA      |       | 10        |       | 161,004                               |       | 8/96           |       | 10/96            |       | 100                               | %          | 77,627                          |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Calgory Apts. I           |       | Bismark, ND        |       | 24        |       | 593,471                               |       | 2/96           |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Calgory Apts. II          |       | Bismark, ND        |       | 24        |       | 597,526                               |       | 2/96           |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Calgory Apts.  III        |       | Bismark, ND        |       | 24        |       | 589,008                               |       | 2/96           |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cameron Apts.             |       | Cameron, LA        |       | 40        |       | 741,764                               |       | 8/96           |       | 10/96            |       | 100                               | %          | 475,965                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Country Edge  Apts.       |       | Fargo, ND          |       | 48        |       | 1,004,759                             |       | 7/97           |       | 12/97            |       | 100                               | %          | 1,128,587                       |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Devonshire II  Apts.      |       | London, OH         |       | 28        |       | 746,446                               |       | 1/97           |       | 12/96            |       | 100                               | %          | 182,070                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Devonshire West  Apts.    |       | W. Jefferson, OH   |       | 19        |       | 519,766                               |       | 1/97           |       | 1/97             |       | 100                               | %          | 126,983                         |       |
|                      |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| East Park II  Apts.       |       | Dilworth, MN       |       | 24        |       | 534,145                               |       | 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                       |       |
|                           |            |                    |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

15

----

 
| **Property  Name**           | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as of  12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Edgewood Estates  Apts.      |       | Edgewood, TX      |       | 22        |       | $                                     | 596,862    |           | 6/97       |             | 11/96      |                              | 100        | %                               | $          | 173,436 |   |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Esche Street SRO             |       | Trenton, NJ       |       | 104       |       | 2,164,893                             |       | 4/97           |       | 5/98             |       | 100                               | %          | 3,734,928                       |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Grandview  Apartments        |       | Fargo, ND         |       | 36        |       | 1,106,856                             |       | 8/96           |       | 8/96             |       | 100                               | %          | 1,069,522                       |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Grayson Manor                |       | Independence, VA  |       | 32        |       | 1,028,947                             |       | 3/98           |       | 11/98            |       | 100                               | %          | 656,156                         |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hallman Court  Apts.         |       | Rochester, NY     |       | 77        |       | 8,916,766                             |       | 1/99           |       | 7/00             |       | 100                               | %          | 325,768                         |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hanover Apts.                |       | Ashland, VA       |       | 40        |       | 1,260,770                             |       | 11/97          |       | 4/98             |       | 100                               | %          | 295,538                         |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hanover Towers  Apts.        |       | Meriden, CT       |       | 100       |       | 4,281,125                             |       | 2/97           |       | 11/97            |       | 100                               | %          | 1,065,649                       |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hazeltine Apts.              |       | Los Angeles, CA   |       | 35        |       | 1,341,497                             |       | 6/96           |       | 1/97             |       | 100                               | %          | 1,606,155                       |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Holly Heights  Apts.         |       | Bowling Green, KY |       | 30        |       | 1,195,927                             |       | 5/97           |       | 8/97             |       | 100                               | %          | 362,738                         |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lake Apts. IV                |       | Fargo, ND         |       | 24        |       | 611,868                               |       | 2/96           |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lake Apts. V                 |       | Fargo, ND         |       | 24        |       | 586,571                               |       | 2/96           |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lauderdale County Properties |       | Meriden, MS       |       | 48        |       | 1,080,057                             |       | 12/98          |       | 5/99             |       | 100                               | %          | 444,136                         |       |
|                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Liberty Village  Apts.       |       | Liberty, NY       |       | 32        |       | 1,724,779                             |       | 1/97           |       | 5/97             |       | 100                               | %          | 437,448                         |       |
|                              |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

16

----

 
| **Property  Name**         | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|----------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Little Valley  Est.        |       | Little Valley, NY |       | 24        |       | $                                     | 1,133,920  |           | 1/97       |             | 4/97       |                              | 100        | %                               | $          | 284,257 |   |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Maxton Green  Apts.        |       | Maxton, NC        |       | 32        |       | 949,106                               |       | 9/96           |       | 12/96            |       | 100                               | %          | 263,281                         |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Madison  Apartments        |       | Miami Beach, FL   |       | 17        |       | 1,064,800                             |       | 3/96           |       | 6/97             |       | 100                               | %          | 896,695                         |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mason Manor  Apts.         |       | Mason, TN         |       | 24        |       | 916,401                               |       | 2/96           |       | 1/96             |       | 100                               | %          | 229,775                         |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mosby Forest  Apts.        |       | Littleton, NC     |       | 24        |       | 635,206                               |       | 10/96          |       | 10/96            |       | 100                               | %          | 496,753                         |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| New Hope Bailey  Apts.     |       | De Ridder, LA     |       | 40        |       | 809,123                               |       | 8/96           |       | 9/96             |       | 100                               | %          | 455,212                         |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Nordhoff Apts.             |       | North Hills, CA   |       | 38        |       | 1,943,929                             |       | 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        |       | 705,102                               |       | 3/98           |       | 12/98            |       | 100                               | %          | 1,423,248                       |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Southwind Apts. A LDHA     |       | Jennings, LA      |       | 36        |       | 826,296                               |       | 8/96           |       | 12/96            |       | 100                               | %          | 428,742                         |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| T.R. Bobb Apts.            |       | New Iberia, LA    |       | 30        |       | 671,326                               |       | 8/96           |       | 12/96            |       | 100                               | %          | 428,742                         |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Timmons- Ville Green Apts. |       | Timmonsville, SC  |       | 32        |       | 1,055,250                             |       | 10/96          |       | 2/97             |       | 100                               | %          | 292,587                         |       |
|                       |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Tremont Station Apartments |       | Tremont, PA       |       | 24        |       | 1,137,123                             |       | 5/96           |       | 11/96            |       | 100                               | %          | 349,889                         |       |
|                            |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

17

----

 
| **Property  Name**    | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Village Estates Apts. |       | Victoria, VA    |       | 32        |       | $                                     | 1,140,272  |           | 4/97       |             | 10/98      |                              | 100        | %                               | $          | 270,204 |   |
|                  |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Village Green Apts.   |       | Gloucester, VA  |       | 32        |       | 1,134,971                             |       | 4/97           |       | 11/97            |       | 100                               | %          | 296,893                         |       |
|                  |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Warrensburg Heights   |       | Warrensburg, MO |       | 28        |       | 1,095,696                             |       | 12/96          |       | 11/96            |       | 100                               | %          | 308,825                         |       |
|                  |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Westside Apts.        |       | Salem, AR       |       | 29        |       | 1,024,134                             |       | 8/96           |       | 10/96            |       | 100                               | %          | 265,020                         |       |
|                  |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| The Willows Apts.     |       | Smithville, TX  |       | 32        |       | 785,708                               |       | 5/96           |       | 5/96             |       | 100                               | %          | 209,768                         |       |
|                       |            |                 |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

18

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**                           | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|----------------------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| AHAB Rental Units  Phase II                  |       | Springfield, MO   |       | 17        |       | $                                     | 473,602    |           | 6/97       |             | 11/97      |                              | 100        | %                               | $          | 578,458 |   |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Angelou Court Apts.                          |       | New York, NY      |       | 23        |       | 961,359                               |       | 10/97          |       | 8/99             |       | 100                               | %          | 1,791,275                       |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Canisteo Manor                               |       | Canisteo, NY      |       | 24        |       | 887,445                               |       | 4/98           |       | 4/98             |       | 100                               | %          | 621,857                         |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| The Casa Rosa                                |       | San Juan, PR      |       | 97        |       | 740,981                               |       | 9/97           |       | 4/98             |       | 100                               | %          | 1,232,936                       |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Forest Glen At Sulluy Station Phase II Atps. |       | Centreville, VA   |       | 119       |       | 6,270,736                             |       | 8/96           |       | 6/97             |       | 100                               | %          | 1,362,808                       |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Harrison Heights Apts.                       |       | Harrisonville, MO |       | 48        |       | 1,190,670                             |       | 1/98           |       | 12/96            |       | 100                               | %          | 245,516                         |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Harbor Towers Apts.                          |       | Meriden, CT       |       | 202       |       | 10,699,229                            |       | 2/97           |       | 11/97            |       | 100                               | %          | 2,895,280                       |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Holly Heights Apts.                          |       | Storm Lake, IA    |       | 32        |       | 484,326                               |       | 4/97           |       | 8/98             |       | 100                               | %          | 614,058                         |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lake Apts. II                                |       | Fargo, ND         |       | 24        |       | 581,866                               |       | 1/97           |       | 12/95            |       | 100                               | %          | 396,024                         |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Magnolia Place Apts.                         |       | Gautier, MS       |       | 40        |       | 850,506                               |       | 11/97          |       | 1/98             |       | 100                               | %          | 800,027                         |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Northrock Apts.                              |       | Topeka, KS        |       | 76        |       | 2,432,594                             |       | 5/00           |       | 5/00             |       | 100                               | %          | 610,365                         |       |
|                                         |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Park Crest Apts.                             |       | Sherwood, AR      |       | 216       |       | 9,200,000                             |       | 11/99          |       | 6/99             |       | 100                               | %          | 115,311                         |       |
|                                              |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

19

----

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Pear Village Apts.     |       | Leitchfile, KY    |       | 16        |       | $                                     | 483,698    |           | 8/96       |             | 2/97       |                              | 100        | %                               | $          | 488,822 |   |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Randolph Village       |       | Silver Spring, MD |       | 130       |       | 5,525,048                             |       | 9/96           |       | 8/97             |       | 100                               | %          | 2,240,075                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Summer Hill Sr.  Apts. |       | Wayne, NJ         |       | 164       |       | 8,788,784                             |       | 11/96          |       | 4/98             |       | 100                               | %          | 2,337,000                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sunday Sun Apts.       |       | Bowling Green, KY |       | 30        |       | 825,583                               |       | 10/96          |       | 12/96            |       | 100                               | %          | 714,938                         |       |
|                        |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

20

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**            | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------------|------------|-----------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| 1374 Boston Road L.P.         |       | New York, NY          |       | 15        |       | $                                     | 416,737    |           | 2/97       |             | 6/97       |                              | 100        | %                               | $          | 522,065 |   |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Ashberry Manor Apts.          |       | Bardstown, KY         |       | 24        |       | 631,416                               |       | 2/97           |       | 3/97             |       | 100                               | %          | 561,330                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bienville III Apts.           |       | Ringold, LA           |       | 32        |       | 949,722                               |       | 2/97           |       | 2/97             |       | 100                               | %          | 349,186                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Blanchard Apts.               |       | Blanchard, LA         |       | 32        |       | 899,325                               |       | 7/97           |       | 7/97             |       | 100                               | %          | 307,218                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Chandler Village Apts         |       | Chandler, OK          |       | 32        |       | 895,369                               |       | 4/97           |       | 7/97             |       | 100                               | %          | 255,639                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cottonwood Apts.              |       | Cottonwood, LA        |       | 24        |       | 725,742                               |       | 7/97           |       | 7/97             |       | 100                               | %          | 248,058                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cottonwood Apts.              |       | Holly Grove, AR       |       | 24        |       | 918,997                               |       | 2/97           |       | 4/97             |       | 100                               | %          | 254,856                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Evangeline Apts.              |       | Lake Arthur, LA       |       | 32        |       | 959,920                               |       | 11/97          |       | 1/98             |       | 100                               | %          | 366,284                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Fairway Apts. II              |       | Marlette, MI          |       | 48        |       | 1,002,765                             |       | 12/96          |       | 3/97             |       | 100                               | %          | 255,353                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Falcon Pointe Apts.           |       | Rosenburg, TX         |       | 102       |       | 3,018,495                             |       | 4/98           |       | 10/99            |       | 100                               | %          | 3,782,145                       |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Jackson Place Apts.           |       | Jackson, LA           |       | 40        |       | 987,097                               |       | 7/97           |       | 10/97            |       | 100                               | %          | 983,615                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mapelwood Apts.               |       | Winnfield, LA         |       | 40        |       | 894,438                               |       | 3/98           |       | 8/98             |       | 100                               | %          | 922,119                         |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Milton Village Apts.          |       | Milton, NY            |       | 32        |       | 1,167,648                             |       | 2/97           |       | 6/97             |       | 100                               | %          | 1,192,184                       |       |
|                          |       |                  |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Neighborhood Restorations VII |       | West Philadelphia, PA |       | 72        |       | 1,838,310                             |       | 2/98           |       | 2/98             |       | 100                               | %          | 3,809,335                       |       |
|                               |            |                       |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

21

----

 
| **Property  Name**          | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Park Plaza I & II       |       | West Memphis, AR  |       | 128       |       | $                                     | 2,870,487  |          | 12/97      |             | 11/96      |                              | 100        | %                               | $          | 553,954 |   |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Village Apts.          |       | Athens, TN        |       | 80        |       | 1,167,412                             |       | 10/98         |       | 6/99             |       | 100                               | %          | 1,992,486                       |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pin Oak Village             |       | Bowie, MD         |       | 110       |       | 10,229,288                            |       | 11/97         |       | 1/96             |       | 100                               | %          | 3,880,319                       |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Southern Villa Apts.        |       | Russellville, KY  |       | 32        |       | 1,324,685                             |       | 11/97         |       | 4/98             |       | 100                               | %          | 323,500                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Randolph Village            |       | Silver Spring, MD |       | 130       |       | 5,225,048                             |       | 12/97         |       | 8/97             |       | 100                               | %          | 909,471                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Sand Lane Manor Apts.       |       | Henderson, KY     |       | 24        |       | 652,360                               |       | 8/97          |       | 4/98             |       | 100                               | %          | 556,478                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Senior Suites of Chicago    |       | Chicago, IL       |       | 84        |       | 4,040,569                             |       | 12/97         |       | 12/98            |       | 100                               | %          | 3,208,112                       |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Sumner House                |       | Hartford, CT      |       | 79        |       | 1,083,696                             |       | 1/98          |       | 7/98             |       | 100                               | %          | 2,010,966                       |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Terraceview Townhomes Apts. |       | Litchfield MN     |       | 22        |       | 578,985                               |       | 7/97          |       | 10/97            |       | 100                               | %          | 726,402                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Tilghman Square             |       | Dunn, NC          |       | 20        |       | 742,683                               |       | 11/97         |       | 10/97            |       | 100                               | %          | 307,605                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Wellston Village Apts.      |       | Wellston, OK      |       | 14        |       | 370,407                               |       | 4/97          |       | 8/97             |       | 100                               | %          | 107,258                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Yale Village Apts.          |       | Yale, OK          |       | 8         |       | 195,641                               |       | 2/98          |       | 7/98             |       | 100                               | %          | 74,341                          |       |
|                             |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

22

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| The Arbor Park  Apts.  |       | Jackson, MS       |       | 160       |       | $                                     | 5,560,000  |           | 12/96      |             | 6/98       |                              | 100        | %                               | $          | 2,809,826 |   |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| The Arbors             |       | Richmond, VA      |       | 85        |       | 2,791,582                             |       | 7/97           |       | 11/98            |       | 100                               | %          | 2,480,576                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Barrington Cove  Apts. |       | Barrington, RI    |       | 60        |       | 2,003,357                             |       | 4/97           |       | 5/97             |       | 100                               | %          | 4,264,830                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bent Tree Apts.        |       | Jacksboro, TX     |       | 24        |       | 581,114                               |       | 12/97          |       | 1/98             |       | 100                               | %          | 161,552                         |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Colonial Apts.         |       | Poplarville, MS   |       | 16        |       | 389,199                               |       | 10/97          |       | 7/97             |       | 100                               | %          | 86,039                          |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Dogwood Apts.          |       | Appomattox, VA    |       | 48        |       | 1,351,740                             |       | 10/98          |       | 5/99             |       | 100                               | %          | 637,151                         |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Emerald Trace  Apts.   |       | Ruston, LA        |       | 48        |       | 1,303,769                             |       | 8/98           |       | 4/99             |       | 100                               | %          | 1,199,141                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Edgewood Apts.         |       | Baker, LA         |       | 72        |       | 1,937,010                             |       | 3/97           |       | 9/98             |       | 100                               | %          | 1,856,539                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Glenbrook Apts.        |       | Saint Jo, TX      |       | 24        |       | 489,529                               |       | 12/97          |       | 3/97             |       | 100                               | %          | 145,871                         |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Harbor Pointe  Apts.   |       | Benton Harbor, MI |       | 84        |       | 1,503,965                             |       | 1/99           |       | 10/99            |       | 100                               | %          | 3,209,292                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| The Lincoln  Hotel     |       | San Diego, CA     |       | 41        |       | 806,522                               |       | 2/97           |       | 7/97             |       | 100                               | %          | 676,576                         |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lombard Heights  Apts. |       | Springfield,MO    |       | 24        |       | 945,294                               |       | 10/98          |       | 7/98             |       | 100                               | %          | 302,808                         |       |
|                        |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

23

----

 
| **Property  Name**      | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Lutkin Bayou  Apts.     |       | Drew, MS        |       | 36        |       | $                                     | 811,931    |           | 11/97      |             | 6/97       |                              | 100        | %                               | $          | 192,283 |   |
|                    |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Nacodgoches Plaza Apts. |       | Nacodgoches, TX |       | 70        |       | 1,511,982                             |       | 4/97           |       | 3/98             |       | 100                               | %          | 2,793,695                       |       |
|                    |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Newcastle Apts.         |       | Collins, MS     |       | 36        |       | 666,110                               |       | 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        |       | 1,081,414                             |       | 10/98          |       | 4/99             |       | 100                               | %          | 1,153,878                       |       |
|                    |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Pecan Hill Apts.        |       | Bryson, TX      |       | 16        |       | 370,310                               |       | 8/97           |       | 1/98             |       | 100                               | %          | 110,600                         |       |
|                    |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Regency Apts.           |       | Poplarville, MS |       | 16        |       | 451,102                               |       | 10/97          |       | 7/97             |       | 100                               | %          | 102,419                         |       |
|                    |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Rhome Apts.             |       | Rhome, TX       |       | 24        |       | 493,476                               |       | 12/97          |       | 2/97             |       | 100                               | %          | 160,551                         |       |
|                    |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Westfield Apts.         |       | Welsh, LA       |       | 40        |       | 782,306                               |       | 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                       |       |
|                         |            |                 |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

24

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**      | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Broadway Place  Apts.   |       | Hobbs, NM        |       | 32        |       | $                                     | 988,471    |           | 2/98       |             | 12/98      |                              | 100        | %                               | $          | 1,837,527 |   |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Byam Village            |       | Waterbury, CT    |       | 46        |       | 783,976                               |       | 2/97           |       | 2/98             |       | 100                               | %          | 426,008                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Country Estates  Apts.  |       | Farmville, VA    |       | 24        |       | 882,772                               |       | 3/98           |       | 7/99             |       | 100                               | %          | 223,562                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Emerald Trace II  Apts  |       | Ruston, LA       |       | 24        |       | 362,103                               |       | 7/98           |       | 12/98            |       | 100                               | %          | 717,594                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Farewell Mills  Apts.   |       | Lisbon, ME       |       | 27        |       | 768,371                               |       | 8/97           |       | 3/98             |       | 100                               | %          | 662,864                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hillside Terrace  Apts. |       | Poughkeepsie, NY |       | 64        |       | 1,806,058                             |       | 4/99           |       | 7/00             |       | 100                               | %          | 542,326                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lakewood Apts.          |       | Clarksville, VA  |       | 52        |       | 1,533,209                             |       | 3/98           |       | 10/99            |       | 100                               | %          | 394,349                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lone Oak Apts.          |       | Graham, TX       |       | 64        |       | 1,473,589                             |       | 8/97           |       | 9/98             |       | 100                               | %          | 408,634                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mesa Grande  Apts.      |       | Carlsbad, NM     |       | 72        |       | 1,941,403                             |       | 2/98           |       | 12/98            |       | 100                               | %          | 2,160,782                       |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Millwood Park  Apts.    |       | Douglasville, GA |       | 172       |       | 7,971,287                             |       | 12/98          |       | 11/99            |       | 100                               | %          | 971,164                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| New River  Gardens      |       | Radford, VA      |       | 48        |       | 1,449,626                             |       | 10/98          |       | 5/99             |       | 100                               | %          | 637,321                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Nocona Terrace  Apts.   |       | Nocona, TX       |       | 36        |       | 791,692                               |       | 8/97           |       | 12/98            |       | 100                               | %          | 249,394                         |       |
|                    |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Northgate Apts.         |       | Bryant, AR       |       | 20        |       | 639,889                               |       | 4/99           |       | 11/99            |       | 100                               | %          | 834,557                         |       |
|                         |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

25

----

 
| **Property  Name**    | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Park Trace Apts.      |       | Jackson, TN        |       | 84        |       | $                                     | 1,586,010  |           | 11/97      |             | 3/99       |                              | 100        | %                               | $          | 3,353,303 |   |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Pine Forest  Apts.    |       | Dahlgren, VA       |       | 40        |       | 1,852,544                             |       | 3/98           |       | 2/99             |       | 100                               | %          | 503,181                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Riverbend Apts.       |       | Swanzey, NH        |       | 24        |       | 594,219                               |       | 7/97           |       | 2/98             |       | 100                               | %          | 1,321,798                       |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Royal Crest  Apts.    |       | Bowie, TX          |       | 48        |       | 1,066,758                             |       | 8/97           |       | 10/98            |       | 100                               | %          | 337,545                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Trinity Life  Gardens |       | Pueblo, CO         |       | 44        |       | 1,198,848                             |       | 4/99           |       | 12/99            |       | 100                               | %          | 1,952,175                       |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Western Trails  Apts. |       | Council Bluffs, IA |       | 30        |       | 935,861                               |       | 7/98           |       | 6/99             |       | 100                               | %          | 912,827                         |       |
|                  |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Whistle Stop  Apts.   |       | Gentry, AR         |       | 27        |       | 709,991                               |       | 9/97           |       | 5/98             |       | 100                               | %          | 726,507                         |       |
|                       |            |                    |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

26

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**            | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Bent Tree Apts.               |       | San Angelou, TX   |       | 112       |       | $                                     | 2,586,538  |           | 12/97      |             | 7/99       |                              | 100        | %                               | $          | 3,521,950 |   |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Brittney Square Apts.         |       | Bowling Green, KY |       | 20        |       | 593,344                               |       | 7/98           |       | 7/98             |       | 100                               | %          | 629,917                         |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Canton Manor Apts.            |       | Canton, MS        |       | 32        |       | 801,813                               |       | 11/97          |       | 7/98             |       | 100                               | %          | 271,306                         |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Canton Village Apts.          |       | Canton, MS        |       | 42        |       | 1,119,487                             |       | 11/97          |       | 7/98             |       | 100                               | %          | 363,557                         |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Double Springs Manor II Apts. |       | Bowling Green, KY |       | 25        |       | 365,221                               |       | 9/98           |       | 3/99             |       | 100                               | %          | 985,432                         |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Eagles Ridge Terrace          |       | Decatur, TX       |       | 89        |       | 1,769,971                             |       | 12/97          |       | 5/98             |       | 100                               | %          | 467,063                         |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Elmwood Apts.                 |       | Ellisville, MS    |       | 32        |       | 642,974                               |       | 12/97          |       | 6/98             |       | 100                               | %          | 243,483                         |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Giles Apts.                   |       | Amelia, VA        |       | 16        |       | 711,705                               |       | 3/98           |       | 2/99             |       | 100                               | %          | 183,711                         |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Henderson Terrace Apts.       |       | Bridgeport, TX    |       | 24        |       | 507,558                               |       | 11/97          |       | 9/98             |       | 100                               | %          | 120,846                         |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hurricane Hills               |       | Hurricane, UT     |       | 28        |       | 744,793                               |       | 9/97           |       | 8/98             |       | 100                               | %          | 2,020,271                       |       |
|                          |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Madison Height Apts.          |       | Canton, MS        |       | 80        |       | 2,211,076                             |       | 11/97          |       | 7/98             |       | 100                               | %          | 786,614                         |       |
|                               |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

27

----

 
| **Property  Name**           | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------------|------------|------------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Lakeview Court               |       | City of Little Elm, TX |       | 24        |       | $                                     | 433,120    |           | 11/97      |             | 1/99       |                              | 100        | %                               | $          | 83,390 |   |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mesquite Trails              |       | Jacksboro, TX          |       | 35        |       | 664,894                               |       | 11/97          |       | 11/98            |       | 100                               | %          | 193,766                         |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Munjoy South Townhouse Apts. |       | Portland, ME           |       | 140       |       | 3,536,038                             |       | 9/97           |       | 10/98            |       | 100                               | %          | 706,503                         |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Nottoway Manor               |       | Blackstone, VA         |       | 28        |       | 852,579                               |       | 3/98           |       | 4/99             |       | 100                               | %          | 214,977                         |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Parktowne Apts.              |       | Cleveland, TN          |       | 84        |       | 1,537,092                             |       | 11/97          |       | 6/98             |       | 100                               | %          | 3,363,097                       |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Park Ridge Apts.             |       | McKee, KY              |       | 22        |       | 878,642                               |       | 10/97          |       | 5/98             |       | 100                               | %          | 338,464                         |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Pilot Point Apts.            |       | Pilot Point, VA        |       | 40        |       | 746,701                               |       | 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        |       | 767,085                               |       | 10/97          |       | 7/98             |       | 100                               | %          | 1,578,561                       |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Roth Village                 |       | Mechanicsburg, PA      |       | 61        |       | 2,044,857                             |       | 10/97          |       | 9/98             |       | 100                               | %          | 2,664,992                       |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Royal Estates Apts.          |       | Canton, MS             |       | 32        |       | 831,794                               |       | 11/97          |       | 7/98             |       | 100                               | %          | 282,525                         |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Silver Creek Apts.           |       | Flat Rock, MI          |       | 112       |       | 3,254,501                             |       | 3/98           |       | 8/99             |       | 100                               | %          | 4,535,381                       |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Springs Manor Apts.          |       | Rawls Spring, MS       |       | 32        |       | 817,926                               |       | 12/97          |       | 6/98             |       | 100                               | %          | 328,693                         |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Summerdale Commons Phase II  |       | Atlanta, GA            |       | 108       |       | $                                     | 3,690,224  |           | 12/98      |             | 4/99       |                              | 100        | %                               | $          | 2,496,904 |   |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Western Hills Apts.          |       | Ferris, TX             |       | 16        |       | 441,315                               |       | 5/00           |       | 9/00             |       | 100                               | %          | 91,419                          |       |
|                         |       |                   |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Windsor Park Apts.           |       | Jackson, MS            |       | 279       |       | 7,686,601                             |       | 11/97          |       | 3/99             |       | 100                               | %          | 2,346,847                       |       |

 

28

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Carriage Pointe  Apts. |       | Old Bridge, NJ    |       | 18        |       | $                                     | 7,114,301  |           | 1/98       |             | 1/97       |                              | 100        | %                               | $          | 3,051,011 |   |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Chardonnay Apts.       |       | Oklahoma City, OK |       | 14        |       | 65,023                                |       | 1/98           |       | 1/97             |       | 100                               | %          | 393,700                         |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cogic Village  Apts.   |       | Benton Harbor, MI |       | 136       |       | 2,320,017                             |       | 4/98           |       | 7/99             |       | 100                               | %          | 6,669,762                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Courtside Apts.        |       | Cottonwood, AZ    |       | 44        |       | 872,081                               |       | 6/98           |       | 7/98             |       | 100                               | %          | 1,667,188                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Clear Creek  Apts.     |       | N. Manchester, IN |       | 64        |       | 1,493,505                             |       | 7/98           |       | 9/99             |       | 100                               | %          | 2,112,665                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Columbia Luxar         |       | Dallas, TX        |       | 125       |       | 3,516,789                             |       | 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        |       | 8,916,766                             |       | 1/99           |       | 7/00             |       | 100                               | %          | 266,536                         |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Martinsville  Apts.    |       | Shelbyville, KY   |       | 125       |       | 410,334                               |       | 8/99           |       | 2/00             |       | 100                               | %          | 345,791                         |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Parkside Plaza  Apts   |       | New York, NY      |       | 39        |       | 1,338,507                             |       | 7/99           |       | 5/01             |       | 100                               | %          | 2,764,603                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Park Ridge Apts.       |       | Jackson, TN       |       | 136       |       | 5,000,000                             |       | 11/98          |       | 12/99            |       | 100                               | %          | 1,637,102                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Park Village  Apts.    |       | Athens, TN        |       | 80        |       | 1,167,412                             |       | 10/98          |       | 6/99             |       | 100                               | %          | 1,503,103                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Pearlwood Apts.        |       | Pearl, MS         |       | 40        |       | 921,189                               |       | 2/98           |       | 5/98             |       | 100                               | %          | 745,648                         |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Rose Villa Apts.       |       | Ganado, TX        |       | 8         |       | 208,532                               |       | 5/01           |       | 11/01            |       | 100                               | %          | 51,582                          |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Pecan Manor  Apts.     |       | Natchitoches, LA  |       | 40        |       | $                                     | 770,274    |           | 7/98       |             | 10/98      |                              | 100        | %                               | $          | 1,501,914 |   |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Pineridge Apts.        |       | Franklinton, LA   |       | 40        |       | 789,248                               |       | 7/98           |       | 1/99             |       | 100                               | %          | 1,497,889                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sterling Creek  Apts.  |       | Independence, MO  |       | 48        |       | 877,767                               |       | 5/98           |       | 5/00             |       | 100                               | %          | 1,973,594                       |       |
|                   |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Woodhaven Apts.        |       | S. Brunswick, NJ  |       | 80        |       |                                  | **         | 1/98           |       | 1995             |       | 100                               | %          |                            | **         |

 

----

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

 

29

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**           | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Bradford Park Apts.          |       | Southhaven, MS     |       | 208       |       | $                                     | 9,790,000  |          | 10/98      |             | 12/99      |                              | 100        | %                               | $          | 302,884 |   |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Bradford Square North Apts.  |       | Jefferson City, TN |       | 50        |       | 1,035,123                             |       | 10/98         |       | 9/99             |       | 100                               | %          | 1,456,415                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Carriage Pointe Apts.        |       | Old Bridge, NJ     |       | 18        |       | 7,114,301                             |       | 3/98          |       | 1/97             |       | 100                               | %          | 3,051,011                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Columbia Luxar               |       | Dallas, TX         |       | 125       |       | 3,516,789                             |       | 8/98          |       | 12/99            |       | 100                               | %          | 3,947,106                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Foxridge Apts.               |       | Durham, NC         |       | 92        |       | 2,999,934                             |       | 3/98          |       | 7/99             |       | 100                               | %          | 3,652,119                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Gilette Manor                |       | Sayreville, NJ     |       | 100       |       |                                  | **         | 1/98          |       | 1992             |       | 100                               | %          |                            | **         |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Harbor Pointe                |       | Benton Harbor, MI  |       | 84        |       | 1,503,965                             |       | 1/99          |       | 10/99            |       | 100                               | %          | 1,157,091                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Merchant Court               |       | Dallas, GA         |       | 192       |       | 5,851,397                             |       | 10/98         |       | 12/99            |       | 100                               | %          | 2,422,226                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Northrock Apts.              |       | Topeka, KS         |       | 76        |       | 2,432,594                             |       | 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        |       | 870,404                               |       | 7/98          |       | 1/99             |       | 100                               | %          | 1,495,966                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Woodhaven Apts.              |       | S. Brunswick, NJ   |       | 80        |       |                                  | **         | 1/98          |       | 1995             |       | 100                               | %          |                            | **         |
|                              |            |                    |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

----

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

 

30

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**                   | ** ** | **Location**            | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|--------------------------------------|------------|-------------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Abby Ridge Apts.                     |       | Elizabethtown, KY       |       | 24        |       | $                                     | 447,706    |          | 2/00       |            | 1/00       |                              | 100        | %                               | $          | 1,577,723 |   |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Allison Apts.                        |       | Mt. Washington, KY      |       | 24        |       | 810,057                               |       | 11/98         |       | 1/99            |       | 100                               | %          | 850,013                         |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Belmont Affordable Housing Two Apts. |       | Philadelphia, PA        |       | 20        |       | 474,586                               |       | 1/99          |       | 12/99           |       | 100                               | %          | 1,820,797                       |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Boerne Creekside Apts.               |       | Boerne, TX              |       | 71        |       | 1,973,953                             |       | 11/98         |       | 6/00            |       | 100                               | %          | 2,324,652                       |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| 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        |       | 1,638,355                             |       | 10/98         |       | 12/99           |       | 100                               | %          | 2,097,333                       |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Howard Park Apts                     |       | Florida City, FL        |       | 16        |       | 379,144                               |       | 4/99          |       | 12/99           |       | 100                               | %          | 640,834                         |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Kerrville Meadows Apts.              |       | Kerrville, TX           |       | 72        |       | 1,537,960                             |       | 11/98         |       | 4/00            |       | 100                               | %          | 2,335,827                       |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Merchant Court Apts.                 |       | Dallas, GA              |       | 192       |       | 5,851,397                             |       | 10/98         |       | 12/99           |       | 100                               | %          | 4,718,773                       |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Millwood Park Apts.                  |       | Douglasville, GA        |       | 172       |       | 7,971,287                             |       | 12/98         |       | 11/99           |       | 100                               | %          | 1,870,576                       |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Northwood Homes                      |       | Leitchfield, KY         |       | 24        |       | 750,114                               |       | 4/99          |       | 6/99            |       | 100                               | %          | 1,185,712                       |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Romeo Village Apts.                  |       | Montour Falls, NY       |       | 24        |       | 1,018,145                             |       | 10/98         |       | 4/99            |       | 100                               | %          | 753,362                         |       |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Summer Park  Apts.                   |       | Jackson, MS             |       | 216       |       | $                                     | 10,550,000 |          | 10/99      |            | 6/00       |                              | 100        | %                               | $          | 1,106,814 |   |
|                                 |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Washington  Courtyards               |       | Houston, TX             |       | 74        |       | 2,773,701                             |       | 8/99          |       | 8/00            |       | 100                               | %          | 1,448,573                       |       |
|                                      |            |                         |            |           |            |                                       |            |               |            |                 |            |                                   |            |                                 |            |  |  |  |

 

31

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**              | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|---------------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Ashton Cove Apts.               |       | Kingsland, GA    |       | 72        |       | $                                     | 1,900,805  |           | 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        |       | 1,965,833                             |       | 7/99           |       | 7/00             |       | 100                               | %          | 3,074,829                       |       |
|                            |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Columbia Woods Townhomes        |       | Newman, GA       |       | 120       |       | 4,343,241                             |       | 10/00          |       | 6/02             |       | 100                               | %          | 1,310,103                       |       |
|                            |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Country Walk Apts.              |       | Mulvane, KS      |       | 68        |       | 1,875,343                             |       | 12/98          |       | 11/99            |       | 100                               | %          | 1,923,697                       |       |
|                            |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cypress Pointe Retirement Apts. |       | Casa Grande, AZ  |       | 104       |       | 1,563,789                             |       | 4/99           |       | 3/00             |       | 100                               | %          | 2,680,499                       |       |
|                            |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Garden Gates Apts. II           |       | New Caney, TX    |       | 32        |       | 823,669                               |       | 3/99           |       | 3/00             |       | 100                               | %          | 1,067,950                       |       |
|                            |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hillside Terrace Apts.          |       | Poughkeepsie, NY |       | 64        |       | 1,789,168                             |       | 4/99           |       | 7/00             |       | 100                               | %          | 3,977,051                       |       |
|                            |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Riverwalk Apt. Homes Phase II   |       | Sheboygan, WI    |       | 20        |       | 401,184                               |       | 12/98          |       | 7/99             |       | 100                               | %          | 1,354,092                       |       |
|                            |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Washington Courtyards           |       | Houston, TX      |       | 74        |       | 2,773,701                             |       | 8/99           |       | 8/00             |       | 100                               | %          | 606,140                         |       |
|                            |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Wedgewood Park Apts.            |       | Evans, GA        |       | 180       |       | 5,316,724                             |       | 12/99          |       | 8/00             |       | 100                               | %          | 3,229,037                       |       |
|                                 |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

32

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**                          | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|---------------------------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Annadale Apts.                              |       | Fresno, CA       |       | 222       |       | $                                     | 11,821,311 |           | 1/00       |             | 6/90       |                              | 100        | %                               | $          | 548,563 |   |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Ashton Ridge                                |       | Jackson, MI      |       | 144       |       | 2,602,326                             |       | 2/00           |       | 12/00            |       | 100                               | %          | 1,430,296                       |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Farmington Meadows                          |       | Aloha, OR        |       | 69        |       | 3,274,186                             |       | 8/99           |       | 11/99            |       | 100                               | %          | 530,154                         |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Nowata Village                              |       | Nowata, OK       |       | 28        |       | 1,248,571                             |       | 8/99           |       | 2/00             |       | 100                               | %          | 330,497                         |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Paris Place                                 |       | Paris, KY        |       | 32        |       | 1,223,974                             |       | 6/00           |       | 9/00             |       | 100                               | %          | 930,412                         |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Riverview Bend Apts.                        |       | Cystal City, MO  |       | 94        |       | 3,225,000                             |       | 11/99          |       | 3/00             |       | 100                               | %          | 1,210,500                       |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Senior Suites Of Chicago Washington Heights |       | Chicago, IL      |       | 85        |       | 3,379,068                             |       | 12/99          |       | 11/00            |       | 100                               | %          | 2,243,090                       |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Valleyview Estates Apts.                    |       | Branson West, MO |       | 32        |       | 434,216                               |       | 11/99          |       | 5/00             |       | 100                               | %          | 1,306,789                       |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Wedgewood Park Apts.                        |       | Evans, GA        |       | 180       |       | 5,316,724                             |       | 12/99          |       | 8/00             |       | 100                               | %          | 3,229,037                       |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Willowbrook Apts.                           |       | Lafayette, LA    |       | 40        |       | 1,006,448                             |       | 6/99           |       | 9/99             |       | 100                               | %          | 1,200,789                       |       |
|                                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Wingfield Apts.                             |       | Kinder, LA       |       | 40        |       | 679,487                               |       | 6/99           |       | 7/99             |       | 100                               | %          | 1,645,817                       |       |
|                                             |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

33

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**                  | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Ashton Ridge Apts.                  |       | Jackson, MS     |       | 144       |       | $                                     | 2,602,326  |           | 02/00      |             | 12/00      |                              | 100        | %                               | $          | 6,003,938 |   |
|                                |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Baldwin Villas                      |       | Pontiac, MI     |       | 65        |       | 4,833,000                             |       | 10/99          |       | 7/01             |       | 100                               | %          | 1,678,972                       |       |
|                                |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Columbia Woods Townhomes            |       | Newnan, GA      |       | 120       |       | 4,343,241                             |       | 10/00          |       | 6/02             |       | 100                               | %          | 3,285,137                       |       |
|                                |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Senior Suites of Washington Heights |       | Chicago, IL     |       | 85        |       | 3,379,068                             |       | 12/99          |       | 11/00            |       | 100                               | %          | 2,243,090                       |       |
|                                |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Silver Pond Apts.                   |       | Wallingford, CT |       | 160       |       | 4,442,427                             |       | 6/00           |       | 12/01            |       | 100                               | %          | 1,563,634                       |       |
|                                |       |            |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| 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                       |       |
|                                     |            |                 |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

34

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**          | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Andover Crossing Apts.      |       | Andover, KS        |       | 80        |       | $                                     | 2,533,077  |           | 5/00       |             | 12/00      |                              | 100        | %                               | $          | 1,772,874 |   |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Arbors at Eagle Crest Apts. |       | Mount Pleasant, MI |       | 120       |       | 1,753,986                             |       | 12/00          |       | 10/01            |       | 100                               | %          | 3,512,499                       |       |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bristow Place Apts.         |       | Bristow, OK        |       | 28        |       | 1,231,366                             |       | 6/01           |       | 12/00            |       | 100                               | %          | 487,648                         |       |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Columbia Creek Apts.        |       | Woodstock, GA      |       | 172       |       | 5,518,912                             |       | 8/01           |       | 11/01            |       | 100                               | %          | 2,795,601                       |       |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cushing Place Apts.         |       | Cushing, OK        |       | 24        |       | 1,098,190                             |       | 3/00           |       | 10/00            |       | 100                               | %          | 428,559                         |       |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hammond Place Apts.         |       | Hammond, LA        |       | 40        |       | 492,035                               |       | 3/00           |       | 4/00             |       | 100                               | %          | 1,706,341                       |       |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Shoreham Apts.              |       | Houston, TX        |       | 120       |       | 3,534,219                             |       | 4/00           |       | 7/01             |       | 100                               | %          | 6,138,485                       |       |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Vanderbilt Apts.            |       | Edna, TX           |       | 12        |       | 318,056                               |       | 5/01           |       | 10/01            |       | 100                               | %          | 104,181                         |       |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Whitley Park Apts.          |       | Whitley City, KY   |       | 21        |       | 903,658                               |       | 6/00           |       | 6/00             |       | 100                               | %          | 302,339                         |       |
|                        |       |               |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Willowbrook II Apts.        |       | Lafayette, LA      |       | 40        |       | 928,778                               |       | 3/00           |       | 5/00             |       | 100                               | %          | 1,247,680                       |       |
|                             |            |                    |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

35

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**          | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of  12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Capital  Contributions  Paid Through  3/31/05** | ** ** |
|-----------------------------|------------|--------------------|------------|-----------|------------|----------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------------------------|------------|
| Arbors at Eagle Crest Apts. |       | Mount Pleasant, MI |       | 120       |       | $                                      | 1,753,986  |           | 12/00      |             | 10/01      |                              | 100        | %                                                 | $          | 3,512,499 |   |
|                        |       |               |       |      |       |                                   |       |           |       |             |       |                              |       |                                              |       |
| Arbors at Ironwood Apts.    |       | Mishawaka, IN      |       | 88        |       | 1,786,235                              |       | 7/00           |       | 9/01             |       | 100                               | %          | 3,772,295                                         |       |
|                        |       |               |       |      |       |                                   |       |           |       |             |       |                              |       |                                              |       |
| Austin Acres Atps.          |       | Hopkinsville, KY   |       | 32        |       | 859,293                                |       | 11/00          |       | 9/01             |       | 100                               | %          | 1,275,155                                         |       |
|                        |       |               |       |      |       |                                   |       |           |       |             |       |                              |       |                                              |       |
| Columbia Creek Apts.        |       | Woodstock, GA      |       | 172       |       | 5,518,912                              |       | 8/01           |       | 11/01            |       | 100                               | %          | 2,909,708                                         |       |
|                        |       |               |       |      |       |                                   |       |           |       |             |       |                              |       |                                              |       |
| Daystar Village Apts.       |       | Bowling Green, KY  |       | 32        |       | 785,516                                |       | 2/01           |       | 1/01             |       | 100                               | %          | 1,113,443                                         |       |
|                        |       |               |       |      |       |                                   |       |           |       |             |       |                              |       |                                              |       |
| Hillview Apts.              |       | Leitchfield, KY    |       | 34        |       | 904,324                                |       | 5/01           |       | 12/01            |       | 100                               | %          | 327,226                                           |       |
|                        |       |               |       |      |       |                                   |       |           |       |             |       |                              |       |                                              |       |
| Pine Grove Community        |       | Gouverneur, NY     |       | 48        |       | 1,185,584                              |       | 12/00          |       | 10/01            |       | 100                               | %          | 3,077,767                                         |       |
|                        |       |               |       |      |       |                                   |       |           |       |             |       |                              |       |                                              |       |
| Tally-Ho Apts.              |       | Campti, CA         |       | 26        |       | 573,742                                |       | 6/01           |       | 12/01            |       | 100                               | %          | 485,057                                           |       |
|                        |       |               |       |      |       |                                   |       |           |       |             |       |                              |       |                                              |       |
| Timber Trails Apts.         |       | Pineville, LA      |       | 32        |       | 813,312                                |       | 6/01           |       | 7/01             |       | 100                               | %          | 499,829                                           |       |
|                             |            |                    |            |           |            |                                        |            |                |            |                  |            |                                   |            |                                                   |            |  |  |

 

36

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**         | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|----------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Arbors @ Ironwood Apts. II |       | Mishawaka, IN    |       | 40        |       | $                                     | 889,912    |           | 2/01       |             | 11/01      |                              | 100        | %                               | $          | 1,771,758 |   |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Baldwin Villas Apts.       |       | Pontiac, MI      |       | 65        |       | 4,833,000                             |       | 8,01           |       | 7/01             |       | 100                               | %          | 344,405                         |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Carlyle Apts.              |       | Aberdeen, SD     |       | 44        |       | 837,652                               |       | 2/01           |       | 6/01             |       | 100                               | %          | 1,359,155                       |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Center Place Apts.         |       | Center, TX       |       | 32        |       | 781,178                               |       | 08/01          |       | 10/01            |       | 100                               | %          | 428,835                         |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Eagle Lake Gardens Apts.   |       | Azle, TX         |       | 60        |       | 1,206,738                             |       | 10/01          |       | 5/02             |       | 100                               | %          | 666,179                         |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Londontown Homes Apts.     |       | London, KY       |       | 24        |       | 572,024                               |       | 2/01           |       | 6/01             |       | 100                               | %          | 1,836,027                       |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mason’s Point Apts.   |       | Hopkinsville, KY |       | 41        |       | 1,211,345                             |       | 06/01          |       | 7/02             |       | 100                               | %          | 1,824,270                       |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Meadowside Apts.           |       | Milo, NY         |       | 40        |       | 1,577,002                             |       | 05/01          |       | 12/01            |       | 100                               | %          | 855,372                         |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Northrock Apts. II         |       | Topeka, KS       |       | 60        |       | 2,327,850                             |       | 07/01          |       | 5/02             |       | 100                               | %          | 1,838,666                       |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Oakland Apts.              |       | Oakdale, LA      |       | 46        |       | 1,241,388                             |       | 2/01           |       | 7/01             |       | 100                               | %          | 767,451                         |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Parkview Apts.             |       | Springfield, MA  |       | 25        |       | 1,344,632                             |       | 2/01           |       | 2/02             |       | 100                               | %          | 1,221,510                       |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sedgewick Sundance Apts.   |       | Sedgewick, KS    |       | 24        |       | 366,178                               |       | 09/01          |       | 10/01            |       | 100                               | %          | 1,372,208                       |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Southbrook Humes Apts.     |       | Kily, KY         |       | 24        |       | 517,515                               |       | 04/01          |       | 11/01            |       | 100                               | %          | 1,866,896                       |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Shalom Plaza Apts.         |       | Kansas City, MO  |       | 126       |       | 3,780,725                             |       | 08/01          |       | 11/01            |       | 100                               | %          | 1,273,119                       |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Springfield Crossing       |       | Springfield, VA  |       | 347       |       | 26,897,265                            |       | 6/02           |       | 10/01            |       | 100                               | %          | 574,922                         |       |
|                       |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Western Gardens Apts.      |       | Dequincey, LA    |       | 48        |       | 1,289,643                             |       | 2/01           |       | 7/01             |       | 100                               | %          | 782,188                         |       |
|                            |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

37

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**             | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|--------------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Bienville Apts.                |       | Ringhold, LA        |       | 32        |       | $                                     | 804,266    |           | 12/01      |             | 11/01      |                              | 100        | %                               | $          | 488,488 |   |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Breeze Cove Apartments         |       | Port Washington, WI |       | 64        |       | 1,800,215                             |       | 4/03           |       | 10/94            |       | 100                               | %          | 148,559                         |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Breezewood Villas I            |       | Frederiksted, VI    |       | 12        |       | 995,081                               |       | 10/01          |       | 6/02             |       | 100                               | %          | 494,361                         |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Brookstone Place II Apts.      |       | Port Huron, MI      |       | 72        |       | 2,441,248                             |       | 8/01           |       | 8/02             |       | 100                               | %          | 3,092,382                       |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cascades Crossing              |       | Sterling, VA        |       | 320       |       | 22,945,147                            |       | 4/03           |       | 10/95            |       | 100                               | %          | 734,116                         |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cedar Grove Apartments Phase I |       | Shepherdsville, KY  |       | 36        |       | 1,058,612                             |       | 5/02           |       | 7/01             |       | 100                               | %          | 424,955                         |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cranberry Cove Apartments      |       | Beckley, WV         |       | 28        |       | 994,309                               |       | 5/02           |       | 1/02             |       | 100                               | %          | 514,844                         |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Dawson Square                  |       | Thornton, CO        |       | 36        |       | 1,833,217                             |       | 7/02           |       | 12/03            |       | 100                               | %          | 525,562                         |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Forest Glen Village            |       | Vidalia, GA         |       | 46        |       | 1,308,117                             |       | 4/03           |       | 2/95             |       | 100                               | %          | 21,275                          |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Franklin Green                 |       | Franklin Grove, IL  |       | 12        |       | 381,546                               |       | 5/02           |       | 9/01             |       | 100                               | %          | 308,576                         |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Harbor Point II Apts.          |       | Benton Township, MI |       | 72        |       | 1,665,307                             |       | 8/01           |       | 10/02            |       | 100                               | %          | 2,295,523                       |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hollywood Palms Apts.          |       | San Diego, CA       |       | 94        |       | 8,136,814                             |       | 3/02           |       | 11/02            |       | 100                               | %          | 1,895,913                       |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Marina Woods Apts.             |       | Halfmoon, NY        |       | 32        |       | 1,387,733                             |       | 7/01           |       | 4/02             |       | 100                               | %          | 1,626,221                       |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Marwood Senior Apts.           |       | Upper Marlboro, MD  |       | 155       |       | 13,043,509                            |       | 7/01           |       | 8/02             |       | 100                               | %          | 1,177,512                       |       |
|                           |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Meadowside Apts.               |       | Milo, NY            |       | 40        |       | 1,577,002                             |       | 5/01           |       | 12/01            |       | 100                               | %          | 855,372                         |       |
|                                |            |                     |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

38

----

 
| **Property  Name**      | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Mill Creek  Village     |       | Mt. Carroll, IL   |       | 12        |       | $                                     | 408,221    |           | 5/02       |             | 9/01       |                              | 100        | %                               | $          | 264,354 |   |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Northline  Terrace      |       | Mentoda, IL       |       | 24        |       | 720,071                               |       | 5/02           |       | 6/01             |       | 100                               | %          | 545,979                         |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Palisades Park          |       | Fulton, IL        |       | 16        |       | 542,832                               |       | 5/02           |       | 9/01             |       | 100                               | %          | 396,061                         |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Red Hill Apts. I        |       | Farmerville, LA   |       | 32        |       | 831,986                               |       | 11/01          |       | 6/01             |       | 100                               | %          | 502,692                         |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sandalwood  Apartments  |       | Toppenish, WA     |       | 20        |       | 993,119                               |       | 5/02           |       | 7/01             |       | 100                               | %          | 293,983                         |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Southpark Apts.  II     |       | Newton, KS        |       | 60        |       | 1,547,627                             |       | 9/01           |       | 5/02             |       | 100                               | %          | 2,117,956                       |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Springfield  Crossing   |       | Springfield, VA   |       | 347       |       | 26,897,265                            |       | 6/02           |       | 10/01            |       | 100                               | %          | 702,682                         |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sunshine Village  Apts. |       | Elizabethtown, KY |       | 32        |       | 870,479                               |       | 3/02           |       | 8/02             |       | 100                               | %          | 1,277,070                       |       |
|                         |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

39

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**                | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Bellamy Mills Apartments          |       | Dover, NH           |       | 30        |       | $                                     | 1,515,856  |           | 4/02       |             | 12/02      |                              | 100        | %                               | $          | 2,888,317 |   |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Breezewood Villas II              |       | Frederiksted, VI    |       | 12        |       | 994,431                               |       | 4/02           |       | 3/03             |       | 100                               | %          | 505,416                         |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Canon Club                        |       | Canon City, CO      |       | 46        |       | 1,225,878                             |       | 7/02           |       | 12/03            |       | 100                               | %          | 449,626                         |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Centenary Towers Apts.            |       | St. Louis, MO       |       | 100       |       | 2,330,000                             |       | 4/03           |       | 12/97            |       | 100                               | %          | 110,749                         |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Clifton Family Housing            |       | Clifton, CO         |       | 51        |       | 2,593,360                             |       | 7/02           |       | 12/03            |       | 100                               | %          | 798,494                         |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cooper’s Crossing Apartments |       | Los Colinas, TX     |       | 93        |       | 3,392,623                             |       | 4/03           |       | 12/95            |       | 100                               | %          | 87,199                          |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Dorchester Apartments             |       | Port Huron, MI      |       | 131       |       | 4,425,404                             |       | 4/02           |       | 8/03             |       | 100                               | %          | 2,578,034                       |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Harbor Pointe Apartments II  |       | Benton Township, MI |       | 72        |       | 1,662,470                             |       | 4/02           |       | 10/02            |       | 100                               | %          | 1,731,786                       |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Helios Station                    |       | Lafayette, CO       |       | 30        |       | 2,614,832                             |       | 7/02           |       | 12/03            |       | 100                               | %          | 516,263                         |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hillridge Apartments              |       | Los Lunas, NM       |       | 38        |       | 215,000                               |       | 4/03           |       | 6/96             |       | 100                               | %          | 112,211                         |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hollywood Palm Apartments         |       | San Diego, CA       |       | 94        |       | 8,136,814                             |       | 8/02           |       | 11/02            |       | 100                               | %          | 1,283,388                       |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lynnelle Landing Apts.            |       | Charleston, WV      |       | 56        |       | 1,423,738                             |       | 3/02           |       | 9/02             |       | 100                               | %          | 2,009,976                       |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Marwood Senior Apartments         |       | Upper Marlboro, MD  |       | 67        |       | 13,043,509                            |       | 09/04          |       | 08/02            |       | 100                               | %          | 160,174                         |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Natchez Place Apartments          |       | Natchez, MS         |       | 32        |       | 834,500                               |       | 8/02           |       | 11/01            |       | 100                               | %          | 554,881                         |       |
|                              |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Northfield Housing, LP            |       | Jackson, MS         |       | 5         |       | 173,380                               |       | 4/03           |       | 12/96            |       | 100                               | %          | 24,330                          |       |
|                                   |            |                     |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

40

----

 
| **Property  Name**       | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|--------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Park Meadow  Apartments  |       | Gaylord, MI      |       | 80        |       | $                                     | 1,707,489  |           | 4/03       |             | 4/97       |                              | 100        | %                               | $          | 228,511 |   |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Park Plaza IV            |       | West Memphis, AR |       | 24        |       | 757,904                               |       | 6/02           |       | 10/02            |       | 100                               | %          | 1,219,397                       |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Parkhurst Place          |       | Amherst, NH      |       | 42        |       | 3,534,151                             |       | 1/02           |       | 9/02             |       | 100                               | %          | 478,876                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Strawberry Lane  Apts.   |       | Clayton, NY      |       | 71        |       | 2,087,567                             |       | 3/02           |       | 8/02             |       | 100                               | %          | 672,589                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sunrise Manor  Seniors.  |       | Buena Vista, CO  |       | 40        |       | 1,648,406                             |       | 7/02           |       | 12/03            |       | 100                               | %          | 642,431                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Tiffany Square           |       | Lakewood, CO     |       | 52        |       | 2,008,448                             |       | 7/02           |       | 12/03            |       | 100                               | %          | 479,244                         |       |
|                     |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Wingfield  Apartments II |       | Kinder, LA       |       | 42        |       | 363,477                               |       | 8/02           |       | 11/01            |       | 100                               | %          | 1,422,373                       |       |
|                          |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

41

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**        | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|---------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Alexander Mill Apartments |       | Lawrenceville,GA  |       | 224       |       | $                                     | 13,800,000 |           | 12/02      |             | 1/03       |                              | 100        | %                               | $          | 1,489,686 |   |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Aspen Meadows             |       | Aurora, CO        |       | 100       |       | 3,657,081                             |       | 9/02           |       | 12/03            |       | 100                               | %          | 1,256,823                       |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Ashbury Park              |       | Aurora, CO        |       | 44        |       | 2,468,167                             |       | 9/02           |       | 12/03            |       | 100                               | %          | 635,172                         |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bohannon Place Apts.      |       | Bowling Green, KY |       | 12        |       | 294,529                               |       | 5/03           |       | 10/03            |       | 100                               | %          | 900,465                         |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Carpenter School          |       | Natchez, MS       |       | 38        |       | 1,494,437                             |       | 1/03           |       | 12/03            |       | 100                               | %          | 1,278,002                       |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Charlevoix Apartments     |       | Charlevoix, MI    |       | 40        |       | 1,265,088                             |       | 9/02           |       | 11/02            |       | 100                               | %          | 302,357                         |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Cloverlane Apartments     |       | Lakeview, MI      |       | 24        |       | 463,607                               |       | 9/02           |       | 10/02            |       | 100                               | %          | 356,228                         |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Dorchester Apartments     |       | Port Huron, MI    |       | 131       |       | 4,425,404                             |       | 9/02           |       | 8/03             |       | 100                               | %          | 2,500,823                       |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Geneva Sr. Citizen Apts.  |       | Geneva, NY        |       | 32        |       | 1,398,594                             |       | 4/03           |       | 12/03            |       | 100                               | %          | 2,035,378                       |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Gilbert Apts.             |       | Corbin, KY        |       | 40        |       | 884,167                               |       | 7/03           |       | 5/04             |       | 100                               | %          | 2,773,848                       |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Hollywood Palm Apartments |       | San Diego, CA     |       | 94        |       | 8,136,814                             |       | 12/02          |       | 11/02            |       | 100                               | %          | 2,654,279                       |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Kearney Plaza             |       | Commerce City, CO |       | 51        |       | 1,607,845                             |       | 9/02           |       | 12/03            |       | 100                               | %          | 543,096                         |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lakewood Apartments       |       | Saranac, MI       |       | 24        |       | 839,430                               |       | 9/02           |       | 10/02            |       | 100                               | %          | 475,606                         |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| The Landing Apts.         |       | Whitley, KY       |       | 24        |       | 1,227,016                             |       | 4/03           |       | 6/04             |       | 100                               | %          | 302,763                         |       |
|                      |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Library Square Apts.      |       | Mandan, ND        |       | 46        |       | 2,236,792                             |       | 9/03           |       | 8/03             |       | 100                               | %          | 2,752,868                       |       |
|                           |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

42

----

 
| **Property  Name**          | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-----------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Parkside Plaza Apartments   |       | New York, NY     |       | 34        |       | $                                     | 1,338,507  |           | 1/04       |             | 5/01       |                              | 100        | %                               | —     |   |
|                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Parkside Apartments         |       | Coleman, MI      |       | 40        |       | 976,669                               |       | 9/02           |       | 12/02            |       | 100                               | %          | 832,371                         |       |
|                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Riverview Apartments        |       | Blissfield, MI   |       | 32        |       | 746,858                               |       | 9/02           |       | 2/02             |       | 100                               | %          | 509,938                         |       |
|                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Seven Points Apartments     |       | Seven Points, TX |       | 36        |       | 1,029,425                             |       | 9/02           |       | 3/03             |       | 100                               | %          | 687,978                         |       |
|                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sheridan Gardens            |       | Englewood, CO    |       | 48        |       | 2,072,512                             |       | 9/02           |       | 12/03            |       | 100                               | %          | 571,759                         |       |
|                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Stottville Court Apartments |       | Stockport, NY    |       | 28        |       | 1,115,695                             |       | 9/02           |       | 5/03             |       | 100                               | %          | 1,073,805                       |       |
|                        |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Strawberry Lake Apts.       |       | Norway, MI       |       | 32        |       | 1,074,000                             |       | 7/03           |       | 12/03            |       | 100                               | %          | 763,285                         |       |
|                             |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |

 

43

----

 

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

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**      | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Alexander Mills  Apts.  |       | Lawrenceville, GA |       | 224       |       | $                                     | 13,800,000 |           | 2/03       |             | 1/03       |                              | 100        | %                               | $          | 1,820,730 |   |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Aurora Village  Sr.     |       | Aurora, CO        |       | 100       |       | 4,637,203                             |       | 2/03           |       | 3/03             |       | 100                               | %          | 1,439,680                       |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Families First  II      |       | W. Memphis, AR    |       | 66        |       | 1,900,000                             |       | 5/03           |       | 6/04             |       | 100                               | %          | 1,886,623                       |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Memphis 102             |       | Memphis, TN       |       | 102       |       | 1,890,994                             |       | 5/03           |       | 8/04             |       | 100                               | %          | 3,144,686                       |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Northrock Apts.  III    |       | Topeka, KS        |       | 32        |       | 1,024,574                             |       | 6/03           |       | 11/03            |       | 100                               | %          | 1,565,194                       |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Orchard Manor  Apts.    |       | Ukiah, CA         |       | 64        |       | 7,286,364                             |       | 10/03          |       | 9/03             |       | 100                               | %          | 2,231,125                       |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Orchard River  Apts.    |       | Ukiah, CA         |       | 48        |       |                                  | **         | 10/03          |       | 7/03             |       | 100                               | %          |                            | **         |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Oxford Manor  Apts.     |       | New Oxford, PA    |       | 32        |       | 1,355,688                             |       | 3/03           |       | 5/03             |       | 100                               | %          | 454,862                         |       |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| River Gardens  Apts.    |       | Fort Bragg, CA    |       | 48        |       |                                  | **         | 10/03          |       | 11/03            |       | 100                               | %          |                            | **         |
|                    |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Villages at  Aspen Club |       | Bealton, VA       |       | 30        |       | 1,975,573                             |       | 4/03           |       | 10/03            |       | 100                               | %          | 1,371,313                       |       |
|                         |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

----

**          3 properties which makeup one Operating Partnership named Orchard River Associates LP with 160units.  Entire mortgage balance andcapital contributions paid reported with Orchard Manor Apts.

 

44

----

 

Boston Capital Tax CreditFund IV L.P. - Series 45

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**               | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|----------------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Baldwin Villas Apts.             |       | Pontiac, MI         |       | 65        |       | $                                     | 4,833,000  |           | 12/03      |             | 6/01       |                              | 100        | %                               | $          | 106,137 |   |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Bartlett Bayou                   |       | Pascagoula, MS      |       | 48        |       | 977,829                               |       | 7/03           |       | U/C              |       | N/A                               |       | 1,945,634                       |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Breezewood Villas II             |       | Frederiksted, VI    |       | 12        |       | 994,431                               |       | 12/03          |       | 8/03             |       | 100                               | %          | 53,729                          |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Brookside Park                   |       | Atlanta, GA         |       | 200       |       | 11,843,422                            |       | 12/03          |       | 3/05             |       | 15                                | %*         | 2,933,512                       |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Brookside Square                 |       | Boykins, VA         |       | 32        |       | 1,762,196                             |       | 7/03           |       | 8/04             |       | 100                               | %          | 557,279                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Brookstone Place II Apts.        |       | Port Huron, MI      |       | 72        |       | 2,441,248                             |       | 12/03          |       | 8/02             |       | 100                               | %          | 100,874                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Chevy Place Hallman Court        |       | Rochester, NY       |       | 77        |       | 8,916,766                             |       | 12/03          |       | 7/00             |       | 100                               | %          | 81,177                          |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Eastview Family Apartments       |       | Watonga, OK         |       | 16        |       | 765,873                               |       | 9/04           |       | 6/04             |       | 100                               | %          | 112,457                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Fairview Manor                   |       | Childress, TX       |       | 48        |       | 861,503                               |       | 5/03           |       | 3/04             |       | 100                               | %          | 776,301                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Harbet Avenue LP                 |       | Cedar Rapids, IA    |       | 28        |       | 940,538                               |       | 1/04           |       | 7/03             |       | 100                               | %          | 1,197,000                       |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Harbot Pt. II Apts.              |       | Benton Township, MI |       | 72        |       | 1,662,470                             |       | 12/03          |       | 10/02            |       | 100                               | %          | 201,369                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Jefferson House                  |       | Lynchburg, VA       |       | 101       |       | —                                |       | 12/04          |       | U/C              |       | N/A                               |       | 925,273                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Heritage Christian Home III |       | Brighton, NY        |       | 12        |       | 570,560                               |       | 1/04           |       | 1/04             |       | 100                               | %          | 561,358                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Kings Pt. Apts.                  |       | Sheridan, CO        |       | 50        |       | 2,493,904                             |       | 8/03           |       | 12/03            |       | 100                               | %          | 788,729                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| La Mirage Apts.                  |       | Borger, TX          |       | 12        |       | 980,266                               |       | 8/03           |       | 10/03            |       | 100                               | %          | 635,897                         |       |
|                             |       |                |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lakeview Station                 |       | Shepardsville, KY   |       | 28        |       | 822,436                               |       | 7/03           |       | 9/03             |       | 100                               | %          | 1,402,270                       |       |
|                                  |            |                     |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

45

----

 
| **Property  Name**                 | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|------------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Lawrenceville Manor Apts.          |       | Lawrenceville, VA |       | 24        |       | $                                     | 737,243    |           | 7/03       |             | 8/04       |                              | 100        | %                               | 578,753    |   |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lincoln Apts.                      |       | Shinnston, WV     |       | 32        |       | 1,076,562                             |       | 10/03          |       | 12/03            |       | 100                               | %          | 786,617                         |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lone Terrace Apts.                 |       | Lone Grove, OK    |       | 32        |       | 1,279,014                             |       | 7/03           |       | 1/04             |       | 100                               | %          | 290,564                         |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Lorie Village                      |       | Bowling Green, KY |       | 32        |       | 968,199                               |       | 7/03           |       | 11/03            |       | 100                               | %          | 1,282,076                       |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Marina Woods Apts.                 |       | Halfmoon, NY      |       | 32        |       | 1,387,733                             |       | 12/03          |       | 4/02             |       | 100                               | %          | 4,435                           |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Mill Race Apts.                    |       | Plainwell, MI     |       | 32        |       | 1,060,123                             |       | 7/03           |       | 12/03            |       | 100                               | %          | 347,253                         |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Orchard View Apst.                 |       | Farmington, MO    |       | 40        |       | 992,845                               |       | 7/03           |       | 6/04             |       | 100                               | %          | 2,226,954                       |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Reese Village Apartments           |       | Emporia, VA       |       | 40        |       | —                                |       | 03/05          |       | 11/04            |       | 100                               | %          | —                          |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Ridge Crest Apts.                  |       | St. Louis, MO     |       | 83        |       | 4,064,788                             |       | 8/03           |       | 9/04             |       | 100                               | %          | 1,963,450                       |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sulphur Terrace Apts.              |       | Sulphur, OK       |       | 32        |       | 1,251,314                             |       | 7/03           |       | 1/04             |       | 100                               | %          | 339,460                         |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| University Plaza Sr. Complex       |       | Greely, CO        |       | 34        |       | 1,168,879                             |       | 7/03           |       | 9/03             |       | 100                               | %          | 332,128                         |       |
|                               |       |              |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Willow Oak and Oroville Apartments |       | Willows, CA       |       | 122       |       | 5,667,301                             |       | 07/04          |       | 10/03            |       | 100                               | %          | 313,474                         |       |
|                                    |            |                   |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |

 

----

U/C=Property was under construction as of March 31, 2005.

*Property was in lease-up phase as of March 31, 2005.

 

46

----

 

Boston Capital Tax CreditFund IV L.P. - Series 46

 

PROPERTY PROFILE AS OFMARCH 31, 2005

 
| **Property  Name**            | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/04** | ** ** | **Acq.  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/05** | ** ** | **Cap Con  paid thru  3/31/05** | ** ** |
|-------------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Clayton Station Apartments    |       | Munfordville, KY |       | 29        |       | $                                     | 821,200    |           | 4/04       |             | 9/04       |                              | 100        | %                               | $          | 1,087,218 |   |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Deer Meadow Apartments        |       | Tishomingo, OK   |       | 24        |       | 1,242,295                             |       | 2/04           |       | 3/04             |       | 100                               | %          | 295,701                         |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Elma Gardens                  |       | Elma, WA         |       | 40        |       | 1,305,710                             |       | 3/05           |       | 1/04             |       | 100                               | %          | 489,628                         |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Jacksonville Square Apts.     |       | Jacksonville, TX |       | 44        |       | 1,126,590                             |       | 11/03          |       | 7/04             |       | 100                               | %          | 604,100                         |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Kensington Heights Apts.      |       | Kansas City, MO  |       | 126       |       | 4,900,000                             |       | 10/03          |       | 10/04            |       | 100                               | %          | 2,327,193                       |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Kimberly Place Apartments     |       | Danbury, CT      |       | 117       |       | 7,608,111                             |       | 6/04           |       | U/C              |       | 100                               | %          | 1,971,292                       |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Ocean East Housing            |       | Portland, ME     |       | 32        |       | 1,538,887                             |       | 2/04           |       | U/C              |       | N/A                               |       | 2,314,269                       |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Panola Apts.                  |       | Carthage, TX     |       | 32        |       | 804,556                               |       | 12/03          |       | 4/04             |       | 100                               | %          | 392,337                         |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Rosehill Apts.                |       | Topeka, KS       |       | 46        |       | 2,721,404                             |       | 12/03          |       | 9/04             |       | 100                               | %          | 2,159,428                       |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Sandy Hill Apartments         |       | Greenville, KY   |       | 29        |       | 619,559                               |       | 4/04           |       | 10/04            |       | 100                               | %          | 1,095,446                       |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Tanglewood Village Apartments |       | Panama, OK       |       | 24        |       | 1,198,926                             |       | 9/04           |       | 5/04             |       | 100                               | %          | 253,865                         |       |
|                          |       |             |       |      |       |                                  |       |           |       |             |       |                              |       |                            |       |
| Wagoner Village               |       | Wagoner, OK      |       | 31        |       | 992,436                               |       | 1/04           |       | 1/04             |       | 100                               | %          | 341,377                         |       |
|                               |            |                  |            |           |            |                                       |            |                |            |                  |            |                                   |            |                                 |            |  |  |

 

----

U/C=Property was under construction as of March 31, 2005.

 

47

----

 

Item 3.                    LegalProceedings

 

None.

 

Item 4.                    Submissionof Matters to a Vote of Security Holders

 

None.

 

48

----

 

PART II

 
| Item   |   | 5.     |   | Market for  the Fund’s Limited Partnership Interests and Related Partnership Matters and  Issuer Purchases of Partnership Interests                                                                                                                                                               |
|--------|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                                                                                                                                                   |
|   |   | (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, 2005, the Fund has 43,893 BAC holders for an aggregate of 83,651,080  BACs, at a subscription price of $10 per BAC, received and accepted.                                                                                                                                            |
|   |   |   |   |                                                                                                                                                                                                                                                                                                   |
|   |   |   |   | The BACs  were issued in series. Series 20 consists of 2,344                                                                                                                                                                                                                                           |
|   |   |   |   | investors  holding 3,866,700 BACs, Series 21 consists of 1,179                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 1,892,700 BACs, Series 22 consists of 1,638                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,564,400 BACs, Series 23 consists of 2,108                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 3,336,727 BACs, Series 24 consists of 1,296                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,169,878 BACs, Series 25 consists of 1,781                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 3,026,109 BACs, Series 26 consists of 2,344                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 3,995,900 BACs, Series 27 consists of 1,361                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,460,700 BACs, Series 28 consists of 2,084                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 4,000,738 BACs, Series 29 consists of 2,276                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 3,991,800 BACs, Series 30 consists of 1,388                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,651,000 BACs, Series 31 consists of 2,208                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 4,417,857 BACs, Series 32 consists of 2,360                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 4,754,198 BACs, Series 33 consists of 1,316                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,636,533 BACs, Series 34 consists of 1,798                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 3,529,319 BACs, Series 35 consists of 1,743                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 3,300,463 BACs, Series 36 consists of 1,045                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,106,837 BACs, Series 37 consists of 1,178                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,512,500 BACs, Series 38 consists of 1,260                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,543,100 BACs, Series 39 consists of 1,024                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,292,152 BACs, Series 40 consists of 1,135                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,630,256 BACs, Series 41 consists of 1,444                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,891,626 BACs, Series 42 consists of 1,276                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,744,262 BACs, Series 43 consists of 1,705                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 3,637,987 BACs, Series 44 consists of 1,314                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 2,701,973 BACs, Series 45 consists of 1,847                                                                                                                                                                                                                                         |
|   |   |   |   | investors  holding 4,014,367 BACS and Series 46 consists of 1,441                                                                                                                                                                                                                                      |
|   |   |   |   | investors  holding 2,980,998 BACS at March 31, 2005                                                                                                                                                                                                                                                    |
|   |   |   |   |                                                                                                                                                                                                                                                                                                   |
|   |   | (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, 2004.                                                                                                                                                                   |
|   |   |   |   |                                                                                                                                                                                                                                                                                                   |
|   |   |   |   | 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. |

 

49

----

 
|   |   |   |   | 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. |
|--------|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |   |   | 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.                                  |

 

50

----

 

Item 6.                    SelectedFinancial Data

 

The information set forth belowpresents selected financial data of the Fund. This financial informationrepresents a weighted average over the entire Fund and does not represent theactual results for any particular series. Additional detailed financialinformation is set forth in the audited financial statements listed in Item 15hereof.  Selected financial data for yearand Periods ended March 31,

 
| ** **                              | ** ** | **(UNAUDITED)**** | ** **  | ** **  | ** ** | ** **  | ** ** | ** **  | ** **  | ** **  | ** ** |
|-----------------------------------------|------------|-------------------|-------------|-------------|------------|-------------|------------|-------------|-------------|-------------|------------|
| **Operations**                          | ** ** | **2005**          | ** **  | **2004**    | ** ** | **2003**    | ** ** | **2002**    | ** **  | **2001**    | ** ** |
| Interest & Other Income             |       | $                 | 1,155,535   |        | $          | 1,197,911   |       | $           | 1,111,234   |        | $          | 926,439 |   | $ | 2,478,585 |   |
|                                    |       |              |        |        |       |        |       |        |        |        |       |
| Share of Loss of Operating Partnerships |       | (35,192,607       | )           | (32,079,974 | )          | (26,840,274 | )          | (30,093,432 | )           | (27,258,366 | )          |
|                                    |       |              |        |        |       |        |       |        |        |        |       |
| Operating Expenses *                    |       | (45,778,069       | )           | (16,982,034 | )          | (8,633,964  | )          | (7,077,762  | )           | (6,872,178  | )          |
|                                    |       |              |        |        |       |        |       |        |        |        |       |
| Net Income (Loss)                       |       | $                 | (79,815,141 | )           | $          | (47,864,097 | )          | $           | (34,363,004 | )           | $          | (36,244,755 | ) | $ | (31,651,959 | ) |
|                                    |       |              |        |        |       |        |       |        |        |        |       |
| Net Income (Loss) per BAC               |       | $                 | (.94        | )           | $          | (.60        | )          | $           | (.49        | )           | $          | (.54 | ) | $ | (.52 | ) |

 
| **Balance  Sheet**     | ** ** | **2005** | ** **  | **2004** | ** ** | **2003**    | ** ** | **2002** | ** **  | **2001** | ** ** |
|------------------------|------------|----------|-------------|----------|------------|-------------|------------|----------|-------------|----------|------------|
| Total Assets           |       | $        | 455,953,085 |     | $          | 544,650,665 |       | $        | 515,493,920 |     | $          | 493,374,022 |   | $ | 477,547,823 |   |
|                   |       |     |        |     |       |        |       |     |        |     |       |
| Total Liabilities      |       | $        | 45,893,866  |     | $          | 54,613,124  |       | $        | 51,517,741  |     | $          | 57,058,109 |   | $ | 53,445,738 |   |
|                   |       |     |        |     |       |        |       |     |        |     |       |
| Partners’ Capital |       | $        | 410,059,219 |     | $          | 490,037,541 |       | $        | 463,976,179 |     | $          | 436,315,913 |   | $ | 424,102,085 |   |

 

----

*      Operating Expense includesImpairment Losses recorded in the amounts of $36,127,368 for 2005, $7,631,525for 2004, and $770,199 for 2003.

 

**   Refer to Exceptions toCertifications discussing presentation of Unaudited Financial Statements

 

51

----

 

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

 

This Management’s Discussionand Analysis of Financial Condition and Results of Operations containsforward-looking statements such as our intentions, hopes, beliefs,expectations, strategies and predictions of our future activities, or otherfuture events or conditions. Such statements are “forward looking statements”within the meaning of Section 27A of the Securities Act of 1993, as amended,and Section 21E of the Securities Exchange Act of 1934, as amended, and areintended to be covered by the safe harbors created thereby. Investors arecautioned that all forward-looking statements involve risks and uncertainty,including, without limitation, the factors identified in Part I, Item 1 of thisReport. Although we believe that the assumptions underlying the forward-lookingstatements contained herein are reasonable, any of the assumptions could beinaccurate, and, therefore, there can be no assurance that the forward-lookingstatements included in this Report will prove to be accurate. In light of thesignificant uncertainties inherent in the forward-looking statements includedherein, the inclusion of such information should not be regarded as arepresentation by us or any other person that our objectives and plans will beachieved.

 

## Liquidity

 

The Fund’s primary source offunds is the proceeds of its Public Offering. Other sources of liquidity will include (i) interest earned on capitalcontributions held pending investment or on working capital reserves and (ii)cash distributions from operations of the Operating Partnerships in which theFund has and will invest.  All sources ofliquidity are available to meet the obligations of the Fund.  The Fund does not anticipate significant cashdistributions in the long or short term from operations of the OperatingPartnerships.

 

The Fund had entered into aline of credit financing agreement with Fleet National Bank whereby the Fundcould borrow up to $40 million for up to 90 days to meet short-term cash needsrequired for the investment in certain Operating Partnerships.  Under the terms of the agreement, the Fundpledges their interest in a particular Operating Partnership in order to drawfunds from the line.  The repayment ofany draws is anticipated to be made once the Fund has received sufficientinvestor proceeds.  Repayments on theline were tied to specific Operating Partnerships, which are then released ascollateral by the bank.  The obligationsunder the line of credit were non-recourse to the Fund, its partners andassets, other than the interest in the particular Operating Partnershipspledged.  As of March 31, 2005 the Fundwas no longer a party to the line of credit.

 

The Fund invests in short-termtax-exempt municipal bonds to decrease the amount of taxable interest incomethat flows through to it’s investors. The Fund anticipates that the investments it purchases will be held tomaturity, but periodically the Fund must sell investments to meet certain obligations.  Many of the investments sold during the yearsended March 31, 2004 and 2005 were yielding coupon rates higher than marketrates.  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 its advisors stringently monitor theratings of the investments, thereby maximizing safety of principal.

 

52

----

 

## Capital Resources

 

The Fund is offering BACs in aPublic Offering originally declared effective by the Securities and ExchangeCommission on December 16, 1993.  TheFund received and accepted subscriptions for $836,177,880 representing83,651,080 BACs from investors admitted as BAC Holders in Series 20 through 46of the Fund.  On December 19, 2003 theFund concluded its public offering of BACs in Boston Capital Tax Credit Fund IVL.P.

 

(Series 20).  The Fund commenced offering BACs in Series 20on January 21, 1994.  The Fund receivedand accepted subscriptions for $38,667,000 representing 3,866,700 BACs frominvestors admitted as BAC Holders in Series 20. Offers and sales of BACs in Series 20 were completed and the last of theBACs in Series 20 were issued by the Fund on June 24, 1994.

 

During the fiscal year endedMarch 31, 2005, none of Series 20 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 20 had been used to invest in 24 OperatingPartnerships in an aggregate amount of $28,614,472 and the Fund had completedpayment of all installments of its capital contributions to 23 of the OperatingPartnerships. Series 20 has outstanding contributions payable to one operatingpartnership in the amount of $388,026 as of March 31, 2005. Of the amountoutstanding, $252,771 has been advanced to the Operating Partnership.  The advance will be converted to capital andthe remaining contributions of $135,255 will be released when the OperatingPartnership has achieved the conditions set forth in its partnership agreement.

 

(Series 21).  The Fund commenced offering BACs in Series 21on July 5, 1994.  The Fund received andaccepted subscriptions for $18,927,000 representing 1,892,700 BACs frominvestors admitted as BAC Holders in Series 21. Offers and sales of BACs in Series 21 were completed and the last of theBACs in Series 21 were issued by the Fund on September 30, 1994.

 

During the fiscal year endedMarch 31, 2005, none of Series 21 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 21 had been used to invest in 14 OperatingPartnerships in an aggregate amount of $13,872,728 and the Fund had completedpayment of all installments of its capital contributions to 12 of the OperatingPartnerships. Series 21 has outstanding contributions payable to 2 operatingpartnerships in the amount of $457,642 as of March 31, 2005, 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 22).  The Fund commenced offering BACs in Series 22on October 12, 1994.  The Fund receivedand accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investorsadmitted as BAC Holders in Series 22. Offers and sales of BACs in Series 22 were completed and the last of theBACs in Series 22 were issued by the Fund on December 28, 1994.

 

During the fiscal year endedMarch 31, 2005, $1,500 of Series 22 net offering proceeds were used to payinstallments of its capital contributions to 1 of the OperatingPartnerships.  As of March 31, 2005proceeds from the offer and sale of BACs in Series 22 had been used to investin 29 Operating Partnerships

 

53

----

 

in an aggregate amount of$18,758,748 and the Fund had completed payment of all installments of itscapital contributions to 26 of the Operating Partnerships. Series 22 hasoutstanding contributions payable to 3 operating partnerships in the amount of$477,996 as of March 31, 2005, all of which has been loaned to the OperatingPartnerships.  The loans will beconverted to capital when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 23).  The Fund commenced offering BACs in Series 23on January 10, 1995.  The Fund receivedand accepted subscriptions for $33,366,000 representing 3,336,727 BACs frominvestors admitted as BAC Holders in Series 23. Offers and Sales of BACs in Series 23 were completed and the last of theBACs in Series 23 were issued by the Fund on June 23, 1995.

 

During the fiscal year endedMarch 31, 2005, none of Series 23 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 23 had been used to invest in 22 OperatingPartnerships in an aggregate amount of $24,352,278 and the Fund had completedpayment of all installments of its capital contributions to 19 of the OperatingPartnerships. Series 23 has outstanding contributions payable of $117,796 as ofMarch 31, 2005 to 3 operating partnerships, all of which has been advanced orloaned to the Operating Partnerships. The advances and loans will be converted to capital when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

(Series 24).  The Fund commenced offering BACs in Series 24on June 9, 1995.  The Fund received andaccepted subscriptions for $21,697,000 representing 2,169,878 BACs frominvestors admitted as BAC Holders in Series 24. Offers and Sales of BACs in Series 24 were completed and the last of theBACs in Series 24 were issued by the Fund on September 22, 1995.

 

During the fiscal year endedMarch 31, 2005, none of Series 24 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 24 had been used to invest in 24 OperatingPartnerships in an aggregate amount of $15,980,238 and the Fund had completedpayment of all installments of its capital contributions to 20 of the OperatingPartnerships. Series 24 has outstanding contributions payable to 4 operatingpartnerships in the amount of $368,239 as of March 31, 2005.  Of the amount outstanding, $358,239 has beenadvanced or loaned to the Operating Partnerships.  The advances and loans will be converted tocapital and the remaining contributions of $10,000 will be released when theOperating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 25).  The Fund commenced offering BACs in Series 25on September 30, 1995.  The Fund receivedand accepted subscriptions for $30,248,000 representing 3,026,109 BACs frominvestors admitted as BAC Holders in Series 25. Offers and Sales of BACs in Series 25 were completed and the last of theBACs in Series 25 were issued by the Fund on December 29, 1995.

 

During the fiscal year endedMarch 31, 2005, $175,506 of Series 25 net offering proceeds were used to payinstallments of its capital contributions to 1 of the OperatingPartnerships.  As of March 31, 2005proceeds from the offer and sale of BACs in Series 25 had been used to investin 22 Operating Partnerships in an aggregate amount of $22,324,539 and the Fundhad completed payment of all installments of its capital contributions to 18 ofthe Operating Partnerships. Series 25 has outstanding contributions payable to4

 

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Operating Partnerships in theamount of $768,198 as of March 31, 2005. Of the amount outstanding, $706,465has been advanced to some of the Operating Partnerships. The advances will beconverted to capital and the remaining contributions of $61,733 will bereleased when Operating Partnerships have achieved the conditions set forth intheir partnership agreements.

 

(Series 26).  The Fund commenced offering BACs in Series 26on January 18, 1996.  The Fund receivedand accepted $39,959,000 representing 3,995,900 BACs from investors admitted asBAC Holders in Series 26. Offers and sales of BACs in Series 26 were completedand the last of the BACS in Series 26 were issued by the Fund on June 14, 1996.

 

During the fiscal year endedMarch 31, 2005, none of Series 26 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 26 had been used to invest in 45 OperatingPartnerships in an aggregate amount of $29,446,327 and the Fund had completedpayment of all installments of its capital contributions to 35 of the OperatingPartnerships. Series 26 has outstanding contributions payable to 10 OperatingPartnerships in the amount of $1,443,838, as of March 31, 2005.  Of the amount outstanding, $1,400,060 hasbeen advanced or loaned to some of the Operating Partnerships. The advances andloans will be converted to capital and the remaining contributions of $43,778,will be released when the Operating Partnerships have achieved the conditionsset forth in their partnership agreements.

 

(Series 27).  The Fund commenced offering BACs in Series 27on June 17, 1996. The Fund received and accepted $24,607,000 representing2,460,700 BACs from investors admitted as BAC Holders in Series 27. Offers andsales of BACs in Series 27 were completed and the last of the BACS in Series 27were issued by the Fund on September 27, 1996.

 

During the fiscal year endedMarch 31, 2005, none of Series 27 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 27 had been used to invest in 16 OperatingPartnerships in an aggregate amount of $17,881,574 and the Fund had completedpayment of all installments of its capital contributions to 13 of the OperatingPartnerships. Series 27 has outstanding contributions payable to 3 operatingpartnerships in the amount of $39,749 as of March 31, 2005.  Of the amount outstanding, $6,500 has beenadvanced to one of the Operating Partnerships. The advance will be converted to capital and the remaining contributionsof $33,249 will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 28).  The Fund commenced offering BACs in Series 28on September 30, 1996.  The Fund receivedand accepted $39,999,000 representing 4,000,738 BACs from investors admitted asBAC Holders in Series 28. Offers and sales of BACs in Series 28 were completedand the last of the BACS in Series 28 were issued by the Fund on January 31,1997.

 

During the fiscal year endedMarch 31, 2005, none of Series 28 net offering proceeds were used to payinstallments of its capital contributions to

 

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the OperatingPartnerships.  As of March 31, 2005proceeds from the offer and sale of BACs in Series 28 had been used to investin 26 Operating Partnerships in an aggregate amount of $29,211,996 and the Fundhad completed payment of all installments of its capital contributions to 23 ofthe Operating Partnerships. Series 28 has outstanding contributions payable to3 operating partnerships in the amount of $40,968 as of March 31, 2005.  The remaining contributions will be releasedwhen the Operating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 29).  The Fund commenced offering BACs in Series 29on February 10, 1997.  The Fund receivedand accepted $39,918,000 representing 3,991,800 BACs from investors admitted asBAC Holders in Series 29.  Offer andsales of BACs in Series 29 were completed on June 20, 1997.

 

During the fiscal year endedMarch 31, 2005, the Fund used $20,000 of Series 29 net offering proceeds to payinstallments of its capital contributions to 1 of the OperatingPartnerships.  As of March 31, 2005proceeds from the offer and sale of BACs in Series 29 had been used to investin 22 Operating Partnerships in an aggregate amount of $29,137,877 and the Fundhad completed payment of all installments of its capital contributions to 18 ofthe Operating Partnerships. Series 29 has outstanding contributions payable to4 operating partnerships in the amount of $66,718 as of March 31, 2005. Of theamount outstanding, $20,935 has been loaned to one of the OperatingPartnerships.  The loan will be convertedto capital and the remaining contributions of $45,783 will be released when theOperating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 30).  The Fund commenced offering BACs in Series 30on June 23, 1997. The Fund received and accepted $26,490,750 representing2,651,000 BACs from investors admitted as BAC Holders in Series 30.  Offer and sales of BACs in Series 30 werecompleted on September 10, 1997.

 

During the fiscal year endedMarch 31, 2005, none of Series 30 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 30 had been used to invest in 20 OperatingPartnerships in an aggregate amount of $19,497,872, and the Fund had completedpayment of all installments of its capital contributions to 16 of the OperatingPartnerships. Series 30 has outstanding contributions payable to 4 operatingpartnerships in the amount of $128,167 as of March 31, 2005.  The remaining contributions of will bereleased when Operating Partnerships have achieved the conditions set forth intheir partnership agreements.

 

(Series 31).  The Fund commenced offering BACs in Series 31on September 11, 1997.  The Fund hadreceived and accepted $44,057,750 representing 4,417,857 BACs from investorsadmitted as BAC Holders in Series 31. Offer and sales of BACs in Series 31 were completed on January 18, 1998.

 

During the fiscal year endedMarch 31, 2005, the Fund used $13,713 of Series 31 net offering proceeds to payinstallments of its capital contributions to 1 Operating Partnership.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 31 had been used to invest in 27 OperatingPartnerships in an aggregate amount of $32,188,856 and the Fund had completedpayment of all installments of its capital contributions to 21 of the OperatingPartnerships. Series 31 has outstanding contributions payable to 6 OperatingPartnerships in the amount of $682,058 as of March 31, 2005.  Of the amount outstanding, $615,674 has beenadvanced or loaned to some of the Operating Partnerships.

 

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In addition, $25,000 has beenfunded into an escrow account on behalf of another Operating Partnerships.  The advances and loans will be converted tocapital and the remaining contributions of $41,384, as well as the escrowedfunds, will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 32).  The Fund commenced offering BACs in Series 32on January 19, 1998.  The Fund hadreceived and accepted $47,431,000 representing 4,754,198 BACs from investorsadmitted as BAC Holders in Series 32. Offer and sales of BACs in Series 32 were completed on June 23, 1998.

 

During the fiscal year endedMarch 31, 2005, the Fund used $155,223 of Series 32 net offering proceeds topay installments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 32 had been used to invest in 17 OperatingPartnerships in an aggregate amount of $33,955,675 and the Fund had completedpayment of all installments of its capital contributions to 12 of the OperatingPartnerships. Series 32 has outstanding contributions payable to 5 OperatingPartnerships in the amount of $520,571 as of March 31, 2005.  Of the amount outstanding, $261,571 has beenadvanced or loaned to some of the Operating Partnerships.  In addition, $125,000 has been funded intoescrow accounts on behalf of another other Operating Partnership.  The loans will be converted to capital andthe remaining contributions of $134,000, as well as the escrowed funds, will bereleased when Operating Partnerships have achieved the conditions set forth intheir partnership agreements.

 

During the fiscal year endedMarch 31, 1999, the Fund had purchased assignments in Bradley Phase I ofMassachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village ofMassachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers ofMassachusetts LLC and Maple Hill of Massachusetts LLC.  Under the terms of the Assignments ofMembership Interests dated December 1, 1998 the series is entitled to certainprofits, losses, tax credits, cash flow, proceeds from capital transactions andcapital account as defined in the individual Operating Agreements.  The Fund utilized $1,092,847 of Series 32 netoffering proceeds to invest in Operating Partnerships for this investment.  These investments are reported in theInvestment in Operating Limited Partnerships line item on the balance sheet.

 

(Series 33).  The Fund commenced offering BACs in Series 33on June 22, 1998. The Fund received and accepted $26,362,000 representing2,636,533 BACs from investors admitted as BAC Holders in Series 33.  Offer and sales of BACs in Series 33 werecompleted on September 21, 1998.

 

During the fiscal year endedMarch 31, 2005, none of Series 33 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 33 had been used to invest in 10 OperatingPartnerships in an aggregate amount of $19,594,099 and the Fund had completedpayment of all installments of its capital contributions to 7 of the OperatingPartnerships. Series 33 has outstanding contributions payable to 3 OperatingPartnerships in the amount of $202,285 as of March 31, 2005.  Of the amount outstanding, $58,877 has beenloaned to one of the Operating Partnerships. In addition, $125,000 has been funded into an escrow account on behalfof another Operating Partnership.  Theloans will be converted to capital and the remaining contributions of $18,408,as well as the escrowed funds, will be released when the Operating Partnershipshave achieved the conditions set forth in their partnership agreements.

 

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(Series 34).  The Fund commenced offering BACs in Series 34on September 22, 1998.  The Fund hadreceived and accepted $35,273,000 representing 3,529,319 BACs from investorsadmitted as BAC Holders in Series 34. Offer and sales of BACs in Series 34 were completed on February 11,1999.

 

During the fiscal year endedMarch 31, 2005, the Fund used $37,224 of Series 34 net offering proceeds to payinstallments of its capital contributions to 3 Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 34 had been used to invest in 14 OperatingPartnerships in an aggregate amount of $25,738,977 and the Fund had completedpayment of all installments of its capital contributions to 12 of the OperatingPartnerships. Series 34 has outstanding contributions payable 2 OperatingPartnerships in the amount of $48,744 as of March 31, 2005.  Of the amount outstanding, $11,473 has beenadvanced to the Operating Partnerships. The advances will be converted to capital and the remainingcontributions of $37,271 will be released when the Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

(Series 35).  The Fund commenced offering BACs in Series 35on February 22, 1999.  The Fund receivedand accepted $33,002,000 representing 3,300,463 BACs from investors admitted asBAC Holders in Series 35. Offer and sales of BACs in Series 35 were completedon June 28, 1999.

 

During the fiscal year ended March31, 2005, none of Series 35 net offering proceeds were used to pay installmentsof its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 35 had been used to invest in 11 OperatingPartnerships in an aggregate amount of $24,002,390 and the Fund had completedpayment of all installments of its capital contributions to 8 of the OperatingPartnerships. Series 35 has outstanding contributions payable to 3 OperatingPartnerships in the amount of $603,740 as of March 31, 2005.  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 commenced offering BACs in Series 36on June 22, 1999. The Fund received and accepted $21,068,375 representing2,106,837 BACs from investors admitted as BAC Holders in Series 36. Offer andsales of BACs in Series 36 were completed on September 28, 1999.

 

During the fiscal year endedMarch 31, 2005, none of Series 36 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 36 had been used to invest in 11 OperatingPartnerships in an aggregate amount of $15,277,044, and the Fund had completedpayment of all installments of its capital contributions to 9 of the OperatingPartnerships. Series 36 has outstanding contributions payable to 2 OperatingPartnerships in the amount of $657,998 as of March 31, 2005, all of which hasbeen loaned or advanced to the Operating Partnerships. The loan and advanceswill be converted to capital when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 37).  The Fund commenced offering BACs in Series 37on October 29, 1999.  The Fund receivedand accepted $25,125,000 representing 2,512,500 BACs

 

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from investors admitted as BACHolders in Series 37. Offer and sales of BACs in Series 37 were completed onJanuary 28, 2000.

 

During the fiscal year endedMarch 31, 2005, none of Series 37 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 37 had been used to invest in 7 OperatingPartnerships in an aggregate amount of $18,735,143 and the Fund had completedpayment of all installments of its capital contributions to 6 of the OperatingPartnerships. Series 37 has outstanding contributions payable to 1 OperatingPartnership in the amount of $155,363 as of March 31, 2005.  Of the amount outstanding, $122,562 has beenloaned or advanced to some of the Operating Partnerships.  The loans and advances will be converted tocapital and the remaining contributions of $32,801. The loan and advances willbe converted to capital when the Operating Partnerships have achieved the conditionsset forth in their partnership agreements.

 

(Series 38).  The Fund commenced offering BACs in Series 38on February 1, 2000.  The Fund receivedand accepted $25,431,000 representing 2,543,100 BACs from investors admitted asBAC Holders in Series 38.  Offer andsales of BACs in Series 38 were completed on July 31, 2000.

 

During the fiscal year endedMarch 31, 2005, the Fund used $117,735 of Series 38 net offering proceeds topay installments of its capital contributions to 1 Operating Partnership.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 38 had been used to invest in 10 OperatingPartnerships in an aggregate amount of $18,612,287 and the Fund had completedpayment of all installments of its capital contributions to the OperatingPartnerships.

 

During the fiscal year endedMarch 31, 2002, the Fund used $420,296 of Series 38 net offering proceeds toacquire a limited partnership equity interest in a limited liability company,which is the general partner of other operating limited partnerships, which ownor are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 39).  The Fund commenced offering BACs in Series 39on August 1, 2000. The Fund received and accepted $22,921,000 representing2,292,152 BACs from investors admitted as BAC Holders in Series 39. Offer andsales of BACs in Series 39 were completed on January 31, 2001.

 

During the fiscal year endedMarch 31, 2005, none of Series 39 net offering proceeds to were used to payinstallments of its capital contributions to 3 Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 39 had been used to invest in 9 OperatingPartnerships in an aggregate amount of $17,115,495 and the Fund had completedpayment of all installments of its capital contributions to all of theOperating Partnerships.

 

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During the fiscal year endedMarch 31, 2002, the Fund used $192,987 of Series 39 net offering proceeds toacquire a limited partnership equity interest in a limited liability company,which is the general partner of other operating limited partnerships, which ownor are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 40).  The Fund commenced offering BACs in Series 40on February 1, 2001.  The Fund receivedand accepted $26,269,250 representing 2,630,256 BACs from investors admitted asBAC Holders in Series 40.  Offer andsales of BACs in Series 40 were completed on July 31, 2001.

 

During the fiscal year endedMarch 31, 2005, none of Series 40 net offering proceeds were used to payinstallments of its capital contributions to the Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 40 had been used to invest in 16 OperatingPartnerships in an aggregate amount of $19,030,772, and the Fund had completedpayment of all installments of its capital contributions to 14 of the OperatingPartnerships. Series 40 has outstanding contributions payable to 2 OperatingPartnerships in the amount of $152,424 as of March 31, 2005.  Of the amount outstanding, $143,730 has beenadvanced to one of the Operating Partnerships. The advances will be converted to capital and the remainingcontributions of $8,694 will be released when the Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

During the fiscal year endedMarch 31, 2002, the Fund used $578,755 of Series 40 net offering proceeds toacquire 5 limited partnership equity interests in limited liability companies,which are the general partners of other operating limited partnerships, whichown or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability companies.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 41).  The Fund commenced offering BACs in Series 41on August 1, 2001. The Fund received and accepted $28,916,260 representing2,891,626 BACs from investors admitted as BAC Holders in Series 41. Offer andsales of BACs in Series 41 were completed on January 31, 2002.

 

During the fiscal year endedMarch 31, 2005, the Fund used $295,264 of Series 41 net offering proceeds payinstallments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 41 had been used to invest in 23 OperatingPartnerships in an aggregate amount of $21,278,631 and the Fund had completedpayment of all installments of its capital contributions to 19 OperatingPartnerships.  Series 41 has outstandingcontributions payable to 4 Operating Partnerships in the amount of $480,554 asof March 31, 2005.  Of the amountoutstanding, $440,966 has been advanced or loaned to the OperatingPartnerships. The loans and advances will be converted to capital and theremaining contributions of $39,588 will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

During the fiscal year endedMarch 31, 2002, the Fund used $195,248 of Series 41 net offering proceeds toacquire a limited partnership equity interest in a

 

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limited liability company,which is the general partner of other operating limited partnerships, which ownor are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 42).  The Fund commenced offering BACs in Series 42on February 1, 2002.  The Fund receivedand accepted $27,442,620 representing 2,744,262 BACs from investors admitted asBAC Holders in Series 42. Offer and sales of BACs in Series 42 were completedon July 31, 2002.

 

During the fiscal year endedMarch 31, 2005, the Fund used $1,265,580 of Series 42 net offering proceeds topay installments of its capital contributions to 8 Operating Partnerships.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 42 had been used to invest in 22 OperatingPartnerships in an aggregate amount of $20,083,679, and the Fund had completedpayment of all installments of its capital contributions to 14 OperatingPartnerships.  Series 42 has outstandingcontributions payable to 8 Operating Partnerships in the amount of $680,975 asof March 31, 2005. Of the amount outstanding, $183,296 has been advanced orloaned to the Operating Partnerships. The loan and advances will be convertedto capital and the remaining contributions of $497,679 will be released whenthe Operating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 43).  The Fund commenced offering BACs in Series 43on August 1, 2002. The Fund received and accepted $36,379,870 representing3,637,987 BACs from investors admitted as BAC Holders in Series 43. Offer andsales of BACs in Series 43 were completed on December 31, 2002.

 

During the fiscal year endedMarch 31, 2005, the Fund used $3,380,245 of Series 43 net offering proceeds topay installments of its capital contributions to 13 OperatingPartnerships.  As of March 31, 2005proceeds from the offer and sale of BACs in Series 43 had been used to investin 22 Operating Partnerships in an aggregate amount of $25,934,306, and theFund had completed payment of all installments of its capital contributions to12 of the Operating Partnerships.  Series43 has outstanding contributions payable to 10 Operating Partnerships in theamount of $822,429 as of March 31, 2005. Of the amount outstanding, $327,513has been advanced or loaned to the Operating Partnerships. The loans andadvances will be converted to capital and the remaining contributions of$494,916 will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

During the fiscal yearended March 31, 2005, the Fund used $268,451 of Series 43 net offering proceedsto acquire 1 limited partnership equity interests in a limited liabilitycompany, which is the general partner of other operating limited partnerships,which own or are constructing, rehabilitating or operating apartment complexes.During the fiscal year ended March 31 2003, the Fund used $805,160 of Series 43net offering proceeds to acquire 7 limited partnership equity interests inlimited liability companies, which are the general partner of other operatinglimited partnerships, which own or are constructing, rehabilitating oroperating apartment complexes.  Theseries is entitled to a percentage of the profits, losses and tax credits ofthe limited liability companies.  Theinvestments are reported in the Investment in Operating Limited Partnershipsline item on the balance sheet.

 

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(Series 44).  The Fund commenced offering BACs in Series 44on January 14, 2004. The Fund received and accepted $27,019,730 representing2,701,973 BACs from investors admitted as BAC Holders in Series 44. Offer andsales of BACs in Series 44 were completed on April 30, 2003.

 

During the fiscal year endedMarch 31, 2005, the Fund used $286,143 of Series 44 net offering proceeds topay installments of its capital contributions to 2 Operating Partnership.  As of March 31, 2005 proceeds from the offerand sale of BACs in Series 44 had been used to invest in 8 OperatingPartnerships in an aggregate amount of $16,018,063, and the Fund had completedpayment of all installments of its capital contributions to 2 of the OperatingPartnerships. Series 44 has outstanding contributions payable to 6 OperatingPartnerships in the amount of $1,207,614 as of March 31, 2005.  The remaining contributions will be releasedwhen the Operating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

During the fiscal year endedMarch 31, 2005 the Fund used $164,164 of Series 44 net offering proceeds toacquire 1 limited partnership equity interest in limited liability companies, whichare the general partner of other operating limited partnerships, which own orare constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability companies.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 45). The Fund commencedoffering BACs in Series 45 on July 1, 2003. The Fund received and accepted$40,143,670 representing 4,014,367 BACs from investors admitted as BAC Holdersin Series 45. Offer and sales of BACs in Series 45 were completed on September16, 2003.

 

During the fiscal year endedMarch 31, 2005, the Fund used $6,934,454 of Series 45 net offering proceeds topay installments of its capital contributions to 21 OperatingPartnerships.  As of March 31, 2005proceeds from the offer and sale of BACs in Series 45 had been used to investin 28 Operating Partnerships in an aggregate amount of $26,592,070, and theFund had completed payment of all installments of its capital contributions to13 of the Operating Partnerships.  Series45 has outstanding contributions payable to 15 Operating Partnerships in theamount of $5,381,087 as of March 31, 2005. Of the amount outstanding, $989,317has been advanced or loaned to the Operating Partnerships. The loans andadvances will be converted to capital and the remaining contributions of$4,391,770 will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

During the fiscal year endedMarch 31, 2005 the Fund used $302,862 of Series 45 net offering proceeds toacquire 1 limited partnership equity interest in limited liability companies,which are the general partner of other operating limited partnerships, whichown or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability companies.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 46).  The Fund commenced offering BACs in Series 46on September 23, 2003.  The Fund receivedand accepted $29,809,980 representing 2,980,998 BACs from investors admitted asBAC Holders in Series 46. Offer and sales of BACs in Series 46 were completedon December 19, 2003.

 

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During the fiscal year endedMarch 31, 2005, the Fund used $9,143,190 of Series 46 net offering proceeds topay installments of its capital contributions to 12 OperatingPartnerships.  As of March 31, 2005proceeds from the offer and sale of BACs in Series 46 had been used to investin 12 Operating Partnerships in an aggregate amount of $17,073,722, and theFund had completed payment of all installments of its capital contributions to1 of the Operating Partnerships.  Series46 has outstanding contributions payable to 11 Operating Partnerships in theamount of $3,741,868 as of March 31, 2005. The remaining contributions will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

During the fiscal year endedMarch 31, 2005, the Fund used $228,691 of Series 46 net offering proceeds toacquire 1 limited partnership equity interests in a limited liability company,which are the general partner of other operating limited partnerships, whichown or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability companies.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

## Results of Operations

 

The Fund incurs a fundmanagement fee to the General Partner and/or its affiliates in an amount equalto 0.5% of the aggregate cost of the Apartment Complexes owned by the OperatingPartnerships, less the amount of certain partnership management and reportingfees paid by the Operating Partnerships. The annual fund management feeincurred, net of fees received, for the fiscal years ended March 31, 2005 and2004 was $6,057,625 and $5,942,231, respectively. The amount is anticipated toincrease in subsequent fiscal years as additional Operating Partnerships areacquired.

 

The Fund’s investmentobjectives do not include receipt of significant cash flow distributions fromthe Operating Partnerships in which it has invested or intends to invest.  The Fund’s investments in Operating Partnershipshave been and will be made principally with a view towards realization ofFederal Housing Tax Credits for allocation to its partners and BAC holders.

 

As funds are utilized by theindividual series for payment of fund management fees, operating expenses andcapital contributions to the Operating Partnerships, it is anticipated that thecombination of the “cash and cash equivalents” and “investments available forsale” amounts for each series will decrease. As a result of the reduction, it is expected that interest incomereported by each series will begin to decrease after the first full year ofoperations.  Occasionally the Fund willmake interest-bearing loans to certain Operating Partnerships againstcontributions due for release at a later date.

 

(Series 20).  As of March 31, 2005 and 2004, the averageQualified Occupancy for the series was 100%. The series had a total of 24 Operating Partnerships at March 31, 2005,all of which were at 100% qualified occupancy.

 

For the tax years endedDecember 31, 2004 and 2003, the series, in total, generated $2,986,473 and$1,818,698, respectively in passive income tax losses that were passed throughto the investors and also provided $1.09 and $1.22, respectively, in taxcredits per BAC to the investors. The decrease in tax credits generated per BACis a result of the sale of a portion of the remaining credits of 3 OperatingPartnerships to finance the debt restructure

 

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of one of the OperatingPartnerships.  For further details pleaserefer to the Fund’s March 31, 2003 report on 10-K disclosure related to BreezeCove.

 

As of March 31, 2005 and 2004,Investments in Operating Partnerships for Series 20 was $3,992,146 and$9,951,958, respectively.  The decreaseis a result of the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.  The decrease in the Investment in OperatingPartnerships is mainly the result of a refinance from one OperatingPartnership, additional information is disclosed below.

 

For the years ended March 31,2005 and 2004, the net loss of the series was $2,959,091 and $2,481,376,respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships,impairment losses, and the fund management fee. It is anticipated that the net loss for Series 20 will remain relativelyconsistent in future years since the series has finished acquiring OperatingPartnerships and they are all fully operational.

 

Series 20 has invested in 4Operating Partnerships (the “Calhoun Partnerships”) in which the OperatingGeneral Partner initially was Reimer Calhoun, Jr. or an entity which wasaffiliated with or controlled by Reimer Calhoun (the “Reimer CalhounGroup”).  The Operating Partnerships areCoushatta Seniors II Apartments, Floral Acres Apartments II, HarrisonburgSeniors Apartments and Shady Lane Apartments. The affordable housing properties owned by the Calhoun Partnerships arelocated in Louisiana and consist of approximately 112 apartment units intotal.  The low income housing tax creditavailable annually to Series 20 from the Calhoun Partnerships is approximately$143,240, which is approximately 3% of the total annual tax credit available toinvestors in Series 20.

 

In the summer of 2002, theUS Attorney for the Western District of Louisiana notified the InvestmentGeneral Partner that the Reimer Calhoun group was under investigation byseveral federal agencies for the alleged manipulation of property costcertifications.  In early 2003, theInvestment General Partner learned that the US Attorney intended to bringcriminal charges against certain members of the Reimer 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 20 is not an investor.  The Investment General Partner used thesecertifications in determining the tax credits investors would receive throughtheir investment in the Calhoun Partnerships. In effect, it appears that thecontractor that built the apartment properties (an affiliate ofMr. Calhoun’s) overbilled the respective Operating Partnerships, therebyimproperly inflating the cost certification and the amount of tax creditgenerated.

 

In late March, 2003, ReimerCalhoun, Jr. pleaded guilty to charges of wire fraud and conspiracy to commitequity skimming.  At that time, theInvestment General Partner obtained $1,282,202, currently held in escrow, fromReimer Calhoun for the purpose of offsetting any potential losses to taxcredits caused by Mr. Calhoun’s fraud.

 

On September 25, 2003, judgmentin a criminal case was entered against Reimer Calhoun, Jr. and TF Management,Inc.  On Count 1, alleging wire fraud,Reimer Calhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2,Mr. Calhoun received a concurrent 60 month

 

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sentence.  Mr. Calhoun’s prison sentence began onOctober 13, 2003.  Mr. Calhoun wasfurther fined $500,000 and ordered to pay restitution of $4,363,683 to variousparties.  The amount of restitutionordered paid to the Investment General Partner was $1,559,723.  This amount includes the monies previouslypaid by Mr. Calhoun. The additional $277,521 was received in December 2003.

 

The Investment General Partner hascooperated fully with the US Attorney in the investigation, and there has beenno suggestion of any wrongdoing on the part of it or any of its affiliates.

 

In 2003, the Internal RevenueService commenced an audit of the Calhoun partnerships in order to finallydetermine the amount of overstated tax credits. The Investment General Partner has reached a resolution with the IRSwhereby the adjustments to tax credits will be made only for the tax years 2004and thereafter in order to avoid amending tax returns already filed for theyears 2001, 2002 and 2003. Final Closing Agreements have now been entered intowith the IRS for each of the partnerships. At this point, the InvestmentPartnerships have incurred substantial legal and accounting costs based upon Mr.Calhoun’s fraud. It is further anticipated that the $1,559,723 will besufficient to fully protect the investors and provide restitution to theInvestment Partnerships affected.

 

With respect to each of theCalhoun Partnerships either (a) Reimer Calhoun’s controlling interest in theOperating General Partner has been assigned to Murray Calhoun the son of ReimerCalhoun or (b) in some cases the Operating General Partner entity itself hasbeen replaced with a new entity controlled by Murray Calhoun and in whichReimer Calhoun has no interest. 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 with thecriminal 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.

 

Murray Calhoun and theInvestment General Partner and its affiliates have all undertaken discussionswith the Rural 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.

 

In addition, Murray Calhoun andthe Investment General Partner and its affiliates have entered into agreementswhich (a) cause Murray Calhoun to guarantee performance of all of theobligations to limited partners previously guaranteed by Reimer Calhoun, (b)tighten up the consent rights of the Investment General Partner in connectionwith changing general partners, management agents and partnership accountants,and (c) clarify the rights of the Investment General Partner to remove ageneral partner in the future in the event of certain specified events.

 

Finally, the Investment GeneralPartner and its affiliates are reviewing their business dealings with theCalhoun Partnerships in general to attempt to determine if any otherirregularities have occurred.

 

Cascade Commons LP (CascadesCrossing) is a 320 unit affordable multifamily resident located in Sterling,Va., the suburbs of Washington, D.C.  The

 

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Operating General Partnerrequested the Investment General Partners’ approval to refinance the existingmortgage, increasing debt from $14,985,000 to $23,000,000.  The Investment General Partner, as part ofthe approval process, conceded a priority return of equity and a 50/50 cashflow split (after accounting for the incentive management fee), in exchange fora $5,000,000 priority return of equity paid upon the refinancing of theproperty, a 30% share of future cash flow, and a 30% share of future capitalproceeds. In addition, exit language was negotiated into the OperatingPartnership Agreement to allow the Investment General Partner, at itsdiscretion, to exit the partnership upon expiration of the complianceperiod.  Upon completed the refinance theOperating Partnership paid its investment Limited Partners $5,429,737 inrefinance proceeds and estimated cash flow through 2004.  Series 20 received $3,360,677 from therefinance, an amount that was determined based on its percentage ownership inthe Operating Partnership.  The balanceof the proceeds were paid to the other Limited Partners, one which isaffiliated and one which is non-affiliated with the Series.  The amount received by each limited partnerwas based on their percentage ownership in the Operating Partnership.  Series 20 used $1,118,423 to make a partialpayment of accrued asset management fees. It is anticipated that Series 20 will use approximately $1,860,000 ofthe proceeds to make a distribution to its investors.  Provided that this is the actual amountdistributed each investor will receive $.48 per BAC.  The proceeds remaining will be retained toimprove the Series reserves, and in the event that the cash flow estimate wasover stated, make a cash flow reimbursement back to the Operating Partnership.

 

Breeze Cove Limited Partnership(Breeze Cove Apartments) operated significantly below breakeven for the firstquarter of 2005 due to low occupancy, high operating expenses, and rentcollection problems.  Occupancy for thefirst quarter of 2005 is 86%.  Severalresidents were evicted in March 2005, which resulted in approximately $17,000of bad debts being written off during the first quarter of 2005.  By the end of April 2005 occupancy was 75%with four units leased and three move-out notices for a net projected occupancyof 77%.  The recent move-outs are aresult of management enforcing the rules regarding rent collections andevictions.  The property offered onemonth free rent for the first four months of 2005.   As of May 2005 14 applications with depositswere in the process of being reviewed. Occupancy is projected to be 95% by theend of second quarter of 2005.

 

Pinnacle Management Services,began managing the property in December 2003. In an effort to improve operations, the Operating General Partnertransferred management to Affiliated Management Group in April, 2005.  Affiliated Management Group has extensiveexperience with the market in southeast Wisconsin and troubled properties.  Operations remain below breakeven due to highvacancy loss, administrative expense, maintenance expense and bad debtsexpense. The property is in fair condition due to the need for asphalt repairsand window replacements.  The mortgage,taxes and insurance are current.  Withcontinued high occupancy and improved rent collections, the long-term prospectsfor this property are favorable.  Amarket and sales analysis was prepared by a national real estate brokerage firmin January 2005.  The analysis reportedthat the property could be sold at a substantial profit.  The potential for disposing of this assetwill continue to be reviewed taking into consideration current propertyoperations and tax considerations.

 

East Douglas Apartments LimitedPartnership (East Douglas Apartments) produced a negative cash flow of $3,087for 2004 due to a combination of the low rent structure allowed by the statetax credit monitoring agency, the Illinois Housing Development Authority(IHDA), and high debt.  The propertyoperated at

 

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just below breakeven throughthe fourth quarter of 2004.  Physicaloccupancy averaged 94% and economic occupancy averaged 92% through the fourthquarter of 2004.  Available operatingcash along with the TIF refund that was received in the third quarter andposted in the fourth quarter was sufficient to pay the accounts payable through2004.  The most recent rental rates andutility allowances released by IHDA actually results in an approximate 1%decrease in rents and 3-5% increase in the utility allowance.  The Operating General Partner had planned tosubmit a mortgage application to IHDA during the second quarter of 2004 toreplace the high interest first mortgage loan held by Arbor CommercialMortgage.  In July, Arbor, the existingloan servicing company, expressed interest in possibly renegotiating thecurrent first mortgage.  An initialpackage has been presented to their analyst who expressed interest andindicated that Arbor may be able to restructure the current firstmortgage.  Arbor has since assigned aspecific analyst to develop possible mortgage restructuring strategies for theproperty. The mandatory “Physical Needs Assessment” has been completed and hasbeen delivered to Arbor as part of the mortgage application package.  Arbor consequently offered a bridge loan solutionthat has been reviewed and determined not to be a worthwhile solution to thedebt structure issue.  It is hoped that anew mortgage will yield the necessary funds to complete the exterior repairsand preventative maintenance needs including tuck pointing, replacement of theremaining original windows, repair and replacement of deteriorating woodentrim, exterior paint, replacement of the clay tile caps and other miscellaneousrepairs.  If successful, the reducedinterest rate mortgage will have a positive effect on future cash flow.  Current solutions being reviewed includegoing back to IHDA to seek a restructuring of the existing debt and seekingpotential Not For Profit Organizations to step in as the replacement GeneralPartner.  On January 1, 2004, Mark IIIManagement Corporation of Indianapolis, Indiana assumed property managementresponsibilities for the property.  MarkIII is a reputable company with operations based within a two-hour drive of theproperty.  It is hoped that theirfamiliarity with the mid-west market and readily available corporate resourceswill continue to contribute to improved operations and cash flow.  The mortgage, property taxes and insuranceare all current.

 

Evergreen Hills Associates,L.P. (Evergreen Hills Apartments) is a 72 unit property located in Macedon, NYthat has historically operated below breakeven, and continued to do so in2004.  Below breakeven operations hasbeen attributed to both high operating expenses, and declining occupancy.Occupancy averaged only 81.94% in 2004. New management has been effective in their marketing efforts, and theirability to identify a pool of qualified tenants.  As a result, occupancy as of March 2005increased to 100%.  They also have establisheda waitlist of qualified tenants.  Rentcollections have improved, and receivables have been significantlyreduced.  Management has stopped offeringrent concessions, and plan on implementing a rent increase effective June 1,2005.  The current focus of management ison controlling operating expenses. Management have reduced the number of full time leasing staff, and aredoing more maintenance in house.  Theonly services currently contracted out are snow removal and carpetcleaning.  Prior years shortfalls havebeen funded by the Operating General Partner. The mortgage, trade payables, and taxes are all current.  The property will continue to be monitoreduntil operations stabilize.

 

Parkside Housing, LP (ParksideApartments) is a 54-unit family apartment complex in Avondale, Arizona.  The property generated negative cash flow of$30,447 in 2003, mainly due to high administrative and maintenanceexpenses.  Although the property has beenable to lower operating expenses in 2004, the average year to date occupancywhich increased slightly since the last quarter

 

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to 82.2%, is still shy of lastyears average occupancy of 90%.  In aneffort to increase occupancy, the property management company continues toadvertise through newspapers and flyers. In addition, the property continues to provide concessions such asdiscounted security deposits, one month free rent and move in gifts to enticeoccupants.   The operating deficitguarantee is unlimited in time and amount. In March 2005, the Operating General Partner entered into an agreementto sell the property and the transaction is anticipated to close in the secondquarter of 2005.  As part of the purchaseagreement, the buyer is required to maintain the property as affordable housingthrough the end of the tax credit compliance period, and to provide a recapturebond to avoid the recapture of the tax credits that have been taken.  After payment of the outstanding mortgagebalance of approximately $960,068, $84,028 represents re-payment of loans dueto partners; $12,000 represents payment of outstanding reporting fees; $20,000represents payment of outstanding partnership management fees due to theOperating Partnership and $57,000 represents payment of a salespreparation.  Net sales proceeds availableto Series 20 are $371,348.  The totalreturned to the investors will be distributed based on the number of BACs heldby each investor at the time of the sale. Provided that this is the actual amount distributed, the investor perBAC distribution will be $.10.  Theremaining proceeds of $58,177 is anticipated to be paid to BCAMLP or otherrelated entities for fees and expenses related to the sale and partialreimbursements of amounts payable to affiliates.  The breakdown of the amount to be paid toBCAMLP is as follows: $19,000 represents a fee for overseeing and managing thedisposition of the property; $30,177 represents partial reimbursement foroutstanding asset management fees; and $9,000 represents reimbursement forexpenses incurred related to the sale, which includes but is not limited tolegal and mailing costs.

 

Clarksville Estates, LP(Clarksville Estates) is a 32 - unit property located in Clarksville,Missouri.  Despite an average occupancyof 85%, the property operated above breakeven in 2004.  Occupancy was low throughout most of 2004because there was insufficient operating income to perform major turnover andtenant damage repairs to several vacant units. Management tried to get approvalfrom Rural Development to use Replacement Reserve funds for the renovations;however, RD would not approve the withdrawal. In October 2004 the property hadgenerated enough operating income to hire two maintenance personnel who turnedall of the vacant units over as rent-ready. As a result, occupancy is at 91%and the property generated cash in the first quarter of 2005. As operationshave improved and stabilized, we will no longer provide special disclosure onthis Partnership.

 

(Series 21).  As of March 31, 2005 and 2004, the averageQualified Occupancy for the series was 100%. The series had a total of 14 properties at March 31, 2005, all of whichwere at 100% qualified occupancy.

 

For the tax years endedDecember 31, 2004 and 2003, the series, in total, generated $1,501,418 and$884,412, respectively, in passive income tax losses that were passed throughto the investors and also provided $1.21 for both years in tax credits per BACto the investors.

 

As of March 31, 2005 and 2003,Investments in Operating Partnerships for Series 21 was $796,088 and$1,527,512, respectively.  The decrease isa result of the way 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 31,2005 and 2004, the net loss of the series was $976,644 and $1,333,928,respectively.  The major components ofthese amounts

 

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are the Fund’s share of lossesfrom Operating Partnerships, impairment losses, and the fund managementfee.  It is anticipated that future netlosses will be more consistent with the amount reported in the prior year asthe impairment losses are not expected to have as significant an effect on futureyears.

 

Atlantic City Housing UrbanRenewal Associates L.P. (Atlantic City Apartments) filed for protection underChapter 11 of the Bankruptcy Code in June of 2001.  The property remainsin bankruptcy but is expected to be resolved in third quarter of 2005.  Vision 2000 and Subsidized Properties LLCwill acquire the Operating General Partnership interest in the property.  It is anticipated that the replacementOperating General Partners can more effectively operate the property throughthe compliance period.  The presentOperating General Partners/Guarantors will withdraw in consideration of makinga $400,000 payment to the partnership, which will release them of all guaranteeobligations.  The new Operating GeneralPartner will not have any guarantee obligations.  The Investment General Partner will grant anunsecured $500,000 loan, at 1.7% interest, amortized over seven years. It willmature at the end of the compliance period. The new Operating General Partnermay execute a $1 buy-out option at that time.

 

The restructure also calls fora surrender of the existing municipal bond debt and replacement with a newissue at $0.60 per dollar of the existing principal balance.  Theapproximate amount of the new debt will be $2.31 million.  The board of the Atlantic City HousingAuthority has approved the issuance of the New Bonds in accordance with thePlan. HUD approval of the reorganization is expected in second quarter of 2005.

 

The management company achievedaverage occupancy of 97% for the first quarter of 2005. Revenue for the quarterwas $401,699 with operating expenses of $420,332. Expenses for the quartercontinue to be high due to the costs of rehabilitating the units and preparingfor REAC and city inspections. Expenses are expected to decrease next quarteras repairs are completed. The negative cash flow related to repairs is beingfunded by advances from Subsidized Properties LLC.

 

Centrum Fairfax LP (Forest Glenat Sully Station) is a 119-unit senior complex located in Fairfax, VA which hashistorically experienced low occupancy. In 2004, average physical occupancy was 74%.  Through the first quarter of 2005, theaverage occupancy was 72%. In an effort to increase and stabilize occupancy themanagement company replaced the site manager in September of 2004.  The new site manager has extensive leasingexperience and will pursue new marketing ideas such as networking with localcivic and community groups. The management company will also increase thevolume of advertising in community newspapers and local churches to attractpotential tenants.  Management willcontinue to offer monthly rental concession of $100 to $200 on the apartmenttypes that are not leasing.  The propertyis in excellent physical condition.  TheOperating General Partner’s contractual obligation to fund operating deficitsexpired in the third quarter of 2003. Despite this expiration, the Operating General Partner has continued tofund deficits and has indicated a commitment to continue to do so through thecompliance period. The mortgage, taxes, insurance and payables are current.

 

Pumphouse Crossing II, LP(Pumphouse Crossing II Apartments) is a 48-unit, family property located inChippewa, Wisconsin.  The propertyoperated with an average occupancy of 91% in 2004. Through the first quarter of2005, the average occupancy was 90%. Operating expenses are below theInvestment General Partner’s state average. Although occupancy increased andexpenses remain reasonable, low rental rates in the area prevented the propertyfrom achieving breakeven operations through the first quarter of 2005. Themanagement company

 

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continues to market theavailable units by working closely with the housing authority and by continuingvarious marketing efforts to attract qualified residents. The Operating GeneralPartner continues to financially support the Operating Partnership. Themortgage, taxes, insurance and payables are current.

 

Black River Run, LP (River RunApartments) is a 48-unit, family property located in Black River Falls,Wisconsin. The property operated with an average occupancy of 83% for the year2004. Occupancy increased to an average of 87% for the first quarter of 2005.Although operating expenses are below the Investment General Partner’s stateaverage, declining occupancy, coupled with low rental rates in the areaprevented the property from achieving breakeven operations through the firstquarter of 2005. 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 Operating Partnership. The mortgage, taxes,insurance and payables are current.

 

Lookout Ridge LP (Lookout RidgeApts.) is a 30 unit development located in Covington, KY.  The property is unable to support itsoperations due to high operating expenses and low rental rates. Early in 2004the full time property manager and maintenance staff personnel were let go, inan attempt to lower operating expenses. The staff was replaced by a new part time property manager, andsubcontracts for all maintenance related items. However, the property could not break even due to both high operatingexpenses and low occupancy. Operating expenses were above the state average byapproximately $1,500/unit. Occupancy was mediocre in 2004. As of March 2005 theproperty was 96.7% occupied.

 

Additionally, the managementagent began implementing a $40 per unit, per month rent increase in the secondquarter of 2004 to help increase revenue at the property.  The new property manager also began anaggressive rental collection policy, which has assisted in increasing revenuein the fourth quarter.

 

The current Operating GeneralPartner remains in negotiations with a replacement Operating General Partnerthat will be able to provide better economies of scale with regards to payrolland other operating expenses.

 

Pinedale II, LP (PinedaleApartments II) is a 60-unit, family property located in Menomonie, Wisconsin.The property operated with an average occupancy of 94% in 2004. Occupancydecreased to an average of 91% through the first quarter of 2005. Theproperty’s operating expenses are below the Investment General Partner’s stateaverage.  Despite occupancy in the 90’s,low rental rates in the area prevented the property from achieving breakevenoperations through the first quarter of 2005. The management agent continues tomarket the available units by working closely with the housing authority andcontinuing various marketing efforts to attract qualified residents. TheOperating General Partner continues to financially support the partnership. Themortgage, taxes, insurance and payables are current.

 

(Series 22).  As of March 31, 2005 and 2004, the averageQualified Occupancy for the series was 100%. The series had total of 29 properties at March 31, 2005, all of whichwere at 100% qualified occupancy.

 

For the tax years endedDecember 31, 2004 and 2003, the series, in total, generated $1,338,156 and$1,351,658, respectively, in passive income tax losses that were passed throughto the investors and also provided $1.26 for both years in tax credits per BACto the investors.

 

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As of March 31, 2005 and 2004,Investments in Operating Partnerships for Series 22 was $3,776,184 and$7,983,840, respectively.  The decreaseis primarily a result of the way the Fund accounts for such investments, theequity method.  By using the equitymethod the 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 31,2005 and 2004, the net loss of the series was $4,469,581 and $1,825,424,respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships,impairment losses and the fund management fee. The increase in net loss is mainly attributed to impairment lossesrecorded in the current year.  It isanticipated that the net loss will remain relatively consistent in future yearsas the series has finished acquiring Operating Partnerships and all arereporting stable operations.

 

Elks Tower Apartments LP (ElksTower Apartments), is a 27-unit development located in Litchfield, IL.  The property suffered a downturn inoperations in 2004 due to home purchases and competition from other LHTCproperties in the area. The first quarter of 2005 has seen this trend reverseand occupancy has climbed rapidly to 89%. The improvement is due to a slow downin single-family home purchases and the competing properties reaching near 100%occupancy.   The resulting rise in rentalincome is expected to help stabilize operations and reduce losses.  The Operating General Partner continues tomarket the property aggressively.

 

Black River Run, LP (River RunApartments) is a 48-unit, family property located in Black River Falls,Wisconsin. The property operated with an average occupancy of 83% for the year2004. Occupancy increased to an average of 87% for the first quarter of 2005.Although operating expenses are below the Investment General Partner’s stateaverage, declining occupancy, coupled with low rental rates in the areaprevented the property from achieving breakeven operations through the firstquarter of 2005. 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 Operating Partnership. The mortgage, taxes,insurance and payables are current.

 

Bayou Crossing LimitedPartnership (Bayou Crossing Apartments) is a 290 unit property located inHillsborough County, Florida.  Mediocreoccupancy and high expenses have hindered the property’s performance, causingit to operate below breakeven for the first quarter of 2005.  Occupancy averaged 88.5% in 2004, butimproved in the first quarter of 2005, averaging 91.5%.   Management expects occupancy to increaseduring the second quarter of 2005. Operating expenses were approximately $1,300 above state average in2004.  However, management was able to lowerexpenses by 10% during the first quarter of 2005 compared to 2004 expenses.

 

Roxbury Veterans Housing,Limited Partnership (Highland House) is a 14 unit property located in Roxbury,Massachusetts.  The Operating GeneralPartner has been very inconsistent in reporting occupancy and operationalnumbers to the Investment General Partner and no audited financials had beenreported since 2002 other than tax returns, until June 2004 when a draft of the2002 audit was received. In addition, the Investment Limited Partner identifiedpotential discrepancies in the tax returns submitted for year-end 2003 and iscurrently working to resolve these issues. Reported occupancy for the fourthquarter of 2004 was 93%.  The InvestmentGeneral Partner has aggressively pursued the

 

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submission of the 2003 and 2004audited financial reports and the auditor has reported that they will becompleted in June 2005. The Operating General Partner has a guarantee that isunlimited in time and amount.

 

Lake Street Apartments, L.P.(Lake Street Apartments) is a 32 unit property located in Girard, PA.  Average occupancy through the first quarterof 2005 is 90%. Occupancy has steadily increased over the past year. Managementpays the utilities for all of the units, and prices are very high.  The utility company is owned by the communityin which the project is located. Rents were increased in 2004 by $38 per unit.As a result of increased rental revenue and decreased operating expenses, theproperty operated above breakeven in 2004 and the first quarter of 2005. Boththe mortgage and real estate taxes are current and the Operating GeneralPartner’s operating deficit guaranty is unlimited in time and amount.  As operations have improved and stabilized,we will no longer provide special disclosure on this Partnership.

 

Kimbark 1200 Apartments is a48-unit property for families located in Longmont, CO.  The average occupancy for the first quarterof 2005 was 80%.  The area economyremains weak, making the rental market difficult.  To attract applicants, the management companycontinues to offer concessions, such as $99 first month’s rent and tenantreferral fees.  Rents were also reducedby $150 to be competitive with other properties in the area.  The average rent decrease for both affordableand market-rate apartments in Longmont and Boulder ranged between $150 - $200per unit.  Due to the high turnover,maintenance expenses also increased. However, the Operating General Partner continues to fund all operatingdeficits and accounts payable are current. The Investment General Partner willmonitor the management company’s efforts to improve operations.  All taxes, insurance and mortgage paymentsare current.

 

Edmond Properties is a 160 unitproperty located in Edmond, OK.   TheOperating Partnership operated above breakeven in 2004.   Due to the poor performance the on-sitemanager was replaced in May 2004. Management revised their marketing plan and occupancy improved towardsthe end of 2004 with December occupancy of 92%. As of the end of the first quarter in 2005 occupancy was 80% due to lackof leasing oversight at the property. The staff positions are expected to be evaluated at the end of May 2005to determine if additional staff changes are needed.  Current marketing efforts consists of move-inspecials, rent reductions in the two and three bedroom units until 95%occupancy is achieved.

 

Swanton Limited Partnership(Swanton Meadows Apartments) is a 20 unit property located in Swanton, VT.  Occupancy was strong during 2004, averaging95.4%, and the property has been stable at 95% occupancy during the firstquarter of 2005.  However, the propertyoperated below break even in the first quarter of 2005 because the site isplagued by high operating expenses.  Inparticular, the site experienced high seasonal costs for natural gas used forheating, heating system repairs, and snow removal.  The Operating General Partner hired a newproperty manager who is committed to keeping expenses in line with theproperty’s budget.

 

(Series 23). As of March 31,2005 and 2004, the average Qualified Occupancy for the series was 100%.  The series had a total of 22 properties atMarch 31, 2005, all of which were at 100% qualified occupancy.

 

For the tax years endedDecember 31, 2004 and 2003, the series, in total, generated $1,502,046 and $1,639,886,respectively, in passive income tax losses that were passed through toinvestors and also provided $1.31 for both years in tax credits per BAC to theinvestors.

 

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As of March 31, 2005 and 2004,Investments in Operating Partnerships for Series 23 was $8,808,920 and$14,271,144, respectively.   The decreaseis a result of the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund 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 31,2005 and 2004, the net loss of the series was $5,725,483 and $2,378,745,respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships,impairment losses and the fund management fee. The increase in net loss is mainly attributed to impairment lossesrecorded in the current year.  It isanticipated that the net loss will be relatively consistent in future years asthe series has finished acquiring Operating Partnerships and they are fullyoperational.

 

Series 23 has invested in 2Operating Partnerships (the “Calhoun Partnerships”) in which the OperatingGeneral Partner initially was Reimer Calhoun, Jr. or an entity which wasaffiliated with or controlled by Reimer Calhoun (the “Reimer CalhounGroup”).  The Operating Partnerships areMathis Apartments. Ltd. and Orange Grove Seniors.  The affordable housing properties owned bythe Calhoun Partnerships are located in Texas and consist of approximately 56apartment units in total.  The low incomehousing tax credit available annually to Series 23 from the CalhounPartnerships is approximately $73,077, which is approximately 2% of the totalannual tax credit available to investors in Series 23.

 

In the summer of 2002, theUS Attorney for the Western District of Louisiana notified the InvestmentGeneral Partner that the Reimer Calhoun group was under investigation by severalfederal agencies for the alleged manipulation of property costcertifications.  In early 2003, theInvestment General Partner learned that the US Attorney intended to bringcriminal charges against certain members of the Reimer Calhoun group for falsifyingthe certified cost basis upon which the Louisiana Housing Finance Agencydetermined the tax credit calculation with respect to approximately 40Operating Partnerships in which Series 23 is not an investor.  The Investment General Partner used these certificationsin determining the tax credits investors would receive through their investmentin the Calhoun Partnerships. In effect, it appears that the contractor thatbuilt the apartment properties (an affiliate of Mr. Calhoun’s) overbilledthe respective Operating Partnerships, thereby improperly inflating the costcertification and the amount of tax credit generated.

 

In late March, 2003, ReimerCalhoun, Jr. pleaded guilty to charges of wire fraud and conspiracy to commitequity skimming.  At that time, theInvestment General Partner obtained $1,282,202, currently held in escrow, fromReimer Calhoun for the purpose of offsetting any potential losses to taxcredits caused by Mr. Calhoun’s fraud.

 

On September 25, 2003, judgmentin a criminal case was entered against Reimer Calhoun, Jr. and TF Management,Inc.  On Count 1, alleging wire fraud,Reimer Calhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2,Mr. Calhoun received a concurrent 60 month sentence.  Mr. Calhoun’s prison sentence began onOctober 13, 2003.  Mr. Calhoun wasfurther fined $500,000 and ordered to pay restitution of $4,363,683 to variousparties.  The amount of restitutionordered paid to the Investment General Partner was $1,559,723.  This amount includes the monies previouslypaid by Mr. Calhoun. The additional $277,521 was received in December 2003.

 

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The Investment General Partnerhas cooperated fully with the US Attorney in the investigation, and there hasbeen no suggestion of any wrongdoing on the part of it or any of itsaffiliates.

 

In 2003, the Internal RevenueService commenced an audit of the Calhoun partnerships in order to finallydetermine the amount of overstated tax credits. The Investment General Partner has reached a resolution with the IRSwhereby the adjustments to tax credits will be made only for the tax years 2004and thereafter in order to avoid amending tax returns already filed for theyears 2001, 2002 and 2003. Final Closing Agreements have now been entered intowith the IRS for each of the partnerships. At this point, the InvestmentPartnerships have incurred substantial legal and accounting costs based uponMr. Calhoun’s fraud. It is further anticipated that the $1,559,723 will besufficient to fully protect the investors and provide restitution to theInvestment Partnerships affected.

 

With respect to each of theCalhoun Partnerships either (a) Reimer Calhoun’s controlling interest in theOperating General Partner has been assigned to Murray Calhoun the son of ReimerCalhoun or (b) in some cases the Operating General Partner entity itself hasbeen replaced with a new entity controlled by Murray Calhoun and in whichReimer Calhoun has no interest.  MurrayCalhoun is the principal of Calhoun Property Management, L.L.C., which hasprovided property level management services for the apartment properties ownedby the Calhoun Partnerships.  MurrayCalhoun also cooperated fully with the criminal investigation of his father,and the Investment General Partner and its affiliates have confirmed directlywith the US Attorney that no evidence was found of any wrongdoing on the partof Murray Calhoun.

 

Murray Calhoun and theInvestment General Partner and its affiliates have all undertaken discussionswith the Rural 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.

 

In addition, Murray Calhoun andthe Investment General Partner and its affiliates have entered into agreementswhich (a) cause Murray Calhoun to guarantee performance of all of theobligations to limited partners previously guaranteed by Reimer Calhoun, (b)tighten up the consent rights of the Investment General Partner in connectionwith changing general partners, management agents and partnership accountants,and (c) clarify the rights of the Investment General Partner to remove ageneral partner in the future in the event of certain specified events.

 

Finally, the Investment GeneralPartner and its affiliates are reviewing their business dealings with theCalhoun Partnerships in general to attempt to determine if any otherirregularities have occurred.

 

Mid City Associates (Mid CityApartments) is a 58 unit, scatter site family property located in Jersey City,NJ. The property operated with an average occupancy rate of 90% in 2003.Occupancy has improved in 2004 and averaged 95%. As a result, the propertyoperated above the breakeven and was able to fund all the required reserves.Occupancy has averaged 94% in the first quarter of 2005.  The Operating General Partner indicated thathe will continue to fund shortfalls if needed despite the expiration of theguarantee. The mortgage and taxes are current.

 

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South Hills Apartments L.P.(South Hills Apartments) is a 72-unit, family property located in Bellevue,Nebraska. The property operated with an average occupancy of 77% in 2004. Theaverage occupancy improved slightly to 80% through March 2005. There are fewqualified prospective residents that can afford the tax credit rents withoutobtaining rental assistance. Currently there is limited assistance as evidencedby a nine-month waiting list at the local housing authority. The OperatingGeneral Partner completed a site management change at the end of the fourthquarter.  They are currently offering a$100/month rent reduction for the first 12 months for all new tenants. Per anagreement with the Operating General Partner, the Management Company isdeferring all fees until operations improve. The Operating General Partnercontinues to fund the operating deficits, as needed. The property’s mortgage,taxes and insurance are all current.

 

Sacramento SRO, L.P. (LaPensione K Apartments), is a 129-unit single-room occupancy (SRO)****property, for special needs residents, located inSacramento, CA.** **Firstquarter 2005****occupancy remains at 93%, thesame as year-end 2004. Although the property has had the same property managerfor the past seven months and overall operations are more stable, operationsare below break-even.  Administrativesalary expenses are high due to the level of staffing required for an SRO ofthis size, including 24-hour security and property housekeeper to support thespecial needs population.** **The Operating General Partner hasongoing discussions with social service agencies to provide additionalindividual monitoring and service to potentially reduce security, maintenanceand operating expenses.****Taxes, insurance,and mortgage payments are all current and the Operating General Partnercontinues to fund deficits.

 

Edmond Properties is a 160 unitproperty located in Edmond, OK.   TheOperating Partnership operated above breakeven in 2004.   Due to the poor performance the on-sitemanager was replaced in May 2004. Management revised their marketing plan and occupancy improved towardsthe end of 2004 with December occupancy of 92%. As of the end of the first quarter in 2005 occupancy was 80% due to lackof leasing oversight at the property. The staff positions are expected to be evaluated at the end of May 2005to determine if additional staff changes are needed.  Current marketing efforts consists of move-inspecials, rent reductions in the two and three bedroom units until 95%occupancy is achieved.

 

(Series 24). As of March 31,2005 and 2004, the average Qualified Occupancy for the series was 99.9%.  The series had a total of 24 properties atMarch 31, 2005. Out of the total, 23 were at 100% qualified occupancy.

 

For the tax years endedDecember 31, 2004 and 2003, the series, in total, generated $857,412 and$909,981, respectively, in passive income tax losses that were passed throughto investors and also provided $1.15 and $1.18, respectively, in tax credits perBAC to the investors.  The decrease intax credits generated per BAC is a result of the sale of a portion of theremaining credits of 5 Operating Partnerships to finance the debt restructureof one of the Operating Partnerships. For further details please refer to the Fund’s March 31, 2003 report on10-K disclosure for Los Lunas.

 

As of March 31, 2005 and 2004,Investments in Operating Partnerships for Series 24 was $5,663,873 and$7,862,910, respectively.  The decreaseis primarily the result of the way the Fund accounts for such investments, theequity 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

 

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For the years ended March 31,2005 and 2004, the net loss of the Series was $2,435,902 and $967,714,respectively. The major components of these amounts are the Fund’s share oflosses from Operating Partnerships, the fund management fee, and impairmentlosses.  The increase in net loss ismainly attributed to impairment losses recorded in the current year.  It is anticipated that the net loss in futureyears will be more consistent with the current year as the prior year eventsare not expected to effect future years.

 

Series 24 has invested inZwolle Partnership, A LA Partnership in Commendam (the “Calhoun Partnership”)in which the Operating General Partner initially was Reimer Calhoun, Jr.or an entity which was affiliated with or controlled by Reimer Calhoun (the“Reimer Calhoun Group”).  The affordablehousing property owned by the Calhoun Partnership is located in Louisiana andconsist of approximately 32 apartment units in total.  The low income housing tax credit availableannually to Series 24 from the Calhoun Partnership is approximately $39,393,which is approximately 1% of the total annual tax credit available to investorsin Series 24.

 

In the summer of 2002, theUS Attorney for the Western District of Louisiana notified the InvestmentGeneral Partner that the Reimer Calhoun group was under investigation byseveral federal agencies for the alleged manipulation of property costcertifications.  In early 2003, theInvestment General Partner learned that the US Attorney intended to bringcriminal charges against certain members of the Reimer 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 24 is not an investor.  The Investment General Partner used thesecertifications in determining the tax credits investors would receive throughtheir investment in the Calhoun Partnerships. In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, ReimerCalhoun, Jr. pleaded guilty to charges of wire fraud and conspiracy to commitequity skimming.  At that time, theInvestment General Partner obtained $1,282,202, currently held in escrow, fromReimer Calhoun for the purpose of offsetting any potential losses to taxcredits caused by Mr. Calhoun’s fraud.

 

On September 25, 2003, judgmentin a criminal case was entered against Reimer Calhoun, Jr. and TF Management,Inc.  On Count 1, alleging wire fraud,Reimer Calhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2,Mr. Calhoun received a concurrent 60 month sentence.  Mr. Calhoun’s prison sentence began onOctober 13, 2003.  Mr. Calhoun wasfurther fined $500,000 and ordered to pay restitution of $4,363,683 to variousparties.  The amount of restitutionordered paid to the Investment General Partner was $1,559,723.  This amount includes the monies previouslypaid by Mr. Calhoun. The additional $277,521 was received in December 2003.

 

The Investment General Partnerhas cooperated fully with the US Attorney in the investigation, and there hasbeen no suggestion of any wrongdoing on the part of it or any of itsaffiliates.

 

In 2003, the Internal RevenueService commenced an audit of the Calhoun partnerships in order to finallydetermine the amount of overstated tax credits. The Investment General Partner has reached a resolution with the IRS

 

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whereby the adjustments to taxcredits will be made only for the tax years 2004 and thereafter in order toavoid amending tax returns already filed for the years 2001, 2002 and 2003.Final Closing Agreements have now been entered into with the IRS for each ofthe partnerships. At this point, the Investment Partnerships have incurred substantiallegal and accounting costs based upon Mr. Calhoun’s fraud. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of theCalhoun Partnerships either (a) Reimer Calhoun’s controlling interest in theOperating General Partner has been assigned to Murray Calhoun the son of ReimerCalhoun or (b) in some cases the Operating General Partner entity itself hasbeen replaced with a new entity controlled by Murray Calhoun and in whichReimer Calhoun has no interest.  MurrayCalhoun is the principal of Calhoun Property Management, L.L.C., which hasprovided property level management services for the apartment properties ownedby the Calhoun Partnerships.  MurrayCalhoun also cooperated fully with the criminal investigation of his father,and the Investment General Partner and its affiliates have confirmed directlywith the US Attorney that no evidence was found of any wrongdoing on the partof Murray Calhoun.

 

Murray Calhoun and theInvestment General Partner and its affiliates have all undertaken discussionswith the Rural 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 also indicatedthat it will consent to the replacement of general partners noted above.

 

In addition, Murray Calhoun andthe Investment General Partner and its affiliates have entered into agreementswhich (a) cause Murray Calhoun to guarantee performance of all of theobligations to limited partners previously guaranteed by Reimer Calhoun, (b)tighten up the consent rights of the Investment General Partner in connectionwith changing general partners, management agents and partnership accountants,and (c) clarify the rights of the Investment General Partner to remove ageneral partner in the future in the event of certain specified events.

 

Finally, the Investment GeneralPartner and its affiliates are reviewing their business dealings with theCalhoun Partnerships in general to attempt to determine if any otherirregularities have occurred.

 

Elm StreetAssociates Limited Partnership (Elm Street Apartments) is located in Yonkers,New York.  The neighborhood has been adifficult one in which to operate due in part to high crime.  Almost all tenants have some public 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.  Due to aggressivemarketing by management, occupancy has improved to 94.29% in the first quarterof 2005.  The property isoperating below breakeven due to the vacancies and high operating expenses.Although operating expenses are running higher than budgeted, some expensesrelate to Westhab’s program to re-stabilize the property and are expected tonormalize once the transition and re-stabilization is complete.  The Operating General Partner has beenrequesting withdrawals from reserves to help fund some of the operatingdeficits.  The Operating General Partneris also looking into other options such as applying for a significant abatementof the real estate taxes, and refinancing the current mortgage.  Westhab has secured an additional loan

 

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from the City of Yonkers inorder to cure some deferred maintenance issues. The loan is in the amount of $150,000 which has been earmarked for thereplacement of hot water tanks, concrete repairs in the rear of the building,updating the electrical systems, and the installation of security cameras. Thesecurity cameras and the installation of magnetic locks on the front entrydoors were projects that were both completed in the first quarter of 2005. Ithad been previously noted that the $150,000 was to be in the form of a grant,however the City is requesting a zero percent cash flow loan.  The Investment General Partner will continueto monitor this Operating Partnership until property operations havestabilized.

 

North Hampton Place LimitedPartnership (North Hampton Place), located in Columbia, Missouri, operatedbelow breakeven in 2004 due to fluctuations in occupancy. Occupancy averaged94.4% in the first quarter of 2005 and the property was able to operate abovebreakeven.  Management also enacted arent increase effective March 2005 that should help the property continue tooperate above breakeven.  Due to theimproved operations, this property may not require special disclosure in thefuture.

 

Jeremy Associates L.P., a 93-unitfamily development located in Las Colinas, Texas operated below breakevenduring 2003.  Occupancy changes and theoverall decline in the sub-market during 2003 and 2004 are related to increasedcompetition with other tax credit communities. To remain competitive, the property increased advertising and outreachmarketing to local business and retail centers, reduced prices on two and threebedrooms to remain competitive with newer conventional product with moreamenities, increased hours of operation to include Sundays and increasedinternet advertising.  Average occupancythrough year-end 2004 is 88.6% and trending up to 94.62% for the first quarterof 2005.  The property also experiencedhigh operating costs attributed to foundation and stress cracks over the pastseveral years.  Between 2001 and 2003 atotal of $61,310 in foundation work was completed.  An engineer’s report was conducted to inspectall buildings for foundation movement in 2003. The inspection identified fivebuildings with current foundation movement. The 2004 capital expenditures reflect monies for immediate repair torebuild three stair towers and two landings related to foundation movement attotal cost of $23,140;  Metal perimeterfence repair on west side of community re-braced due to ground movement and cardamage at total cost of $5,290 were completed in March 2005. Other capital workconsisted of carpet replacements, vinyl replacement, boiler repairs, a new heatexchanger and swimming pool repair work related to code changes.

 

The foundation work was notcompleted in 2004.  The overall estimateto complete the foundation work and address the interior issues as a result ofthe movement is estimated at $170,000. However, several emergency repairs were needed to rebuild three deterioratingstair towers, resulting from foundation movement.  At this point the Operating General Partneris monitoring movement in the five buildings identified in the engineer’sreport before proceeding further.

 

The Investment General Partnervisited the property in 2004 and reviewed the work that has been completed anddiscussed the future improvements with the Operating General Partner.   The Investment General Partner will continueto work with the Operating General Partner through the completion of theimprovements and reduction of the operating expenses. The mortgage, tradepayables, property taxes and insurance are current.

 

Los Lunas Apartments, LP(Hillridge Apartments), located in Los Lunas, NM, is a 39 unit property.  In 2004 the property operated below breakevenand maintained an average occupancy of 86%. The Operating General Partner felt

 

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the management company was notoverseeing the property sufficiently and stepped in as the management agent inJanuary 2005.  Since the new managementhas taken over, operations have improved through the first quarter of 2005 andthe property was able to operate above breakeven.

 

Century East IV, LP is a 24unit development located in Bismarck, ND. Average occupancy for the first quarter of 2005 was 88.89%.  The property is located in a highlycompetitive area and in an attempt to maintain occupancy levels the OperatingGeneral Partner lowers rental rates whenever occupancy levels drop below 90%.The property expended cash in 2004, while operating with a Debt CoverageService Ratio of 0.73 and maintaining an average occupancy of 87.15%.  The Investment Limited Partner will continueto work with the Operating General Partner to monitor operations and occupancyat the property. The Operating General Partner continues to fund all operatingdeficits, despite the expiration of their guarantee. Although the property hashad low occupancy, there are no deferred maintenance items at this time.  The mortgage, trade payables, property taxes,and insurance are current.

 

Century East V, LP is a 24 unitdevelopment located in Bismarck, ND. Average occupancy for the first quarter of 2005 was 91.67%.  The property is located in a highlycompetitive area and in an attempt to maintain occupancy levels the OperatingGeneral Partner lowers rental rates whenever occupancy levels drop below90%.  The property generated cash in2004, while operating with a Debt Coverage Service Ratio of 1.0 and maintainingan average occupancy of 88.19%.  TheInvestment Limited Partner will continue to work with the Operating GeneralPartner to monitor operations and occupancy at the property. The OperatingGeneral Partner continues to fund all operating deficits, despite theexpiration of their guarantee. Although the property has had low occupancy,there are no deferred maintenance items at this time.  The mortgage, trade payables, property taxes,and insurance are current.

 

(Series 25). As of March 31,2005 and 2004, the average Qualified Occupancy for the series was 99.9%.  The series had a total of 22 properties atMarch 31, 2005.  Out of the total, 21were at 100% qualified occupancy.

 

For the tax year ended December31, 2004 and 2003, the series, in total, generated $1,576,398 and $1,441,318,respectively in passive income tax losses that were passed through to investorsand also provided $1.24 for both years in tax credits per BAC to the investors.

 

As of March 31, 2005 and 2004,Investments in Operating Partnerships for Series 25 was $11,624,522 and$14,051,041, respectively.  The decreaseis a result of 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 years ended March 31,2005 and 2004, the net loss of the series was $2,599,663 and $1,564,406,respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships,impairment losses and the fund management fee. The current year net loss was effected by impairment losses recordedagainst the investment value of some of the operating partnerships.  It is anticipated that the net loss in futureyears will be more consistent with the current year as these events are notexpected to effect future years.

 

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Ohio Investors LimitedPartnership (Washington Arms) is a 93 unit property located in Dayton, Ohio.The property suffers from high turnover and insufficient rental revenue.Management has requested a rent increase, but rents are at their maximum perSection 8 housing guidelines.  Theproperty operated below breakeven in 2004, expending ($23,000) in cash.  Despite these setbacks, occupancy hassteadily increased and reached 100% as of March 2005. The replacement reserveaccount has been adequately funded.  TheOperating General Partner continues to fund operating deficits despite the factthat the guarantee expired in September of 2001.  The Investment General Partner anticipatesthat the Operating General Partner will continue to do so and has workeddiligently with the management company to reduce expenses and increase rentalrevenue.

 

Sutton Place Apartments, L.P.(Sutton Place Apartments) is a 357 unit apartment complex in Indianapolis,Indiana. Despite occupancy of about 93%, the property did not break even in2004 due to very high operating expenses. Operating expenses averaged $5,007 per unit in 2004 (approximately$1,000 above the state average). However, the Operating Partnership underwent a Operating GeneralPartner/Management Company transfer in January 2005. The incoming OperatingGeneral Partner/Management Company has a stronger presence in the Indianapolismetro area, stronger operational abilities and is working to lower operatingexpenses. The new management company lowered operating expenses in the firstquarter of 2005 to $4,014 per unit by significantly reducing salaries.Management projects occupancy to stabilize at 97% to 98% during the secondquarter of 2005, and is currently considering rent increases.

 

352 Lenox Associates, LP,(Lenox Avenue Apartments) is an 18-unit property located in Harlem, NY.  In the first quarter of 2005, the propertyhad average occupancy of 100% and operated above breakeven after adjusting forout-of-phase utility expenses.  Thisimprovement is primarily due to the refinancing in 2004 that reduced the debtservice payment by $11,000 annually.  Inthe summer of 2005, submetering will commence on the commercial spaces.  This is expected to reduce the utilityexpenses of the property and increase cash flow.  The commercial tenants contributed to fundthe submetering expense.  The 2005 auditshowed withdrawals by the Operating General Partner that were not in accordancewith the Partnership Agreement.  Thereturn of these funds is currently being discussed with the Operating GeneralPartner.  The Investment General Partnercontinues to work with the management company in reducing operatingexpenses.  The mortgage, taxes, andproperty insurance are all current.  Asthe operations have improved and stabilized, special disclosure will not bereported in the future.

 

M.R.H., L.P. (The Mary RyderHome), a 48 unit property located in St. Louis, MO, received a 60-day letterissued by the IRS proposing to reduce the amount of low income housing taxcredits allowable because it asserts that certain fees and other expenditureswere not includible in the eligible basis of the property. The 60-day letterwas the result of an IRS audit of the Operating Partnership’s books andrecords. As a result of their audit, the IRS has proposed an adjustment thatwould disallow approximately 18% of past and future tax credits. The adjustmentwould also include interest. The Investment General Partner and its counselalong with the Operating General Partner and its counsel filed an appeal onJune 30, 2003 and continue negotiations with the IRS Appeals Office.  As of the first quarter of 2005, there hasnot been a resolution to the issue.

 

On March 23, 2004, theOperating Partnership received a Notice of Final Partnership AdministrativeAdjustment denying the appeal of June 30, 2003. The Operating Partnership had the opportunity to challenge the denialand

 

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petition the tax court.  On June 22, 2004, the Operating GeneralPartner and its counsel filed a petition in tax court for the tax years ending2000 and 2001. The Investment General Partner and its counsel will continue tomonitor the court proceedings and report on them accordingly.

 

Rose Square L.P. (Rose SquareApartments) is an 11 unit property located in Connellsville, PA. The propertygenerated cash in the first quarter of 2005 although it operated belowbreakeven in 2004 due to low occupancy. The area in which this property is located is very depressed and themarketing efforts have not been successful in stabilizing occupancy above 90%.Occupancy increased to 90% in late 2004 following a long period of lowoccupancy but has fallen to an average of 86% in the first quarter of2005.  When the property was built a taxabatement was in place.  The abatementexpired in February 2002, and taxes increased to $9,800.  Spread over 11 units, this was prohibitive togenerating cash flow.  The property wasre-assessed by the county, and received a reduction in real estate taxes ofapproximately 40% to $5,600 in 2004. The Investment General Partner willcontinue to monitor operations and occupancy.

 

Century Ease II Apartments, LPis a 24 unit property located in Bismarck, ND. Average occupancy for the firstquarter of 2005 was 79.17%, a substantial decline from the previous year whereoccupancy was as high as 95%.  Theproperty is located in a highly competitive area and in an attempt to maintainoccupancy levels the General Partner lowers rental rates whenever occupancylevels drop below 90%.  The propertyexpended cash in 2004, while operating with a Debt Coverage Service Ratio of0.77 and maintaining an average occupancy of 85.76%.  The Investment Limited Partner will continueto work with the Operating General Partner to monitor operations and occupancyat the property.  The Operating GeneralPartner continues to fund all operating deficits, despite the expiration oftheir guarantee. Although the property has had low occupancy, there are nodeferred maintenance items at this time. The mortgage, trade payables, property taxes, and insurance are current.

 

(Series 26). As of March 31,2005 and 2004, the average Qualified Occupancy for the series was 100%.  The series had a total of 45 properties atMarch 31, 2005, all of which were at 100% qualified occupancy.

 

For the tax years endedDecember 31, 2004 and 2003, the series, in total, generated $1,958,619 and $2,125,592,respectively, in passive income tax losses that were passed through toinvestors and also provided $1.18 for both years in tax credits per BAC to theinvestors.

 

As of March 31, 2005 and 2004,Investments in Operating Partnerships for Series 26 was $17,047,575 and$22,225,204, respectively.  The decreaseis a result of 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 years ended March 31,2005 and 2004, the net loss of the series was $5,623,588 and $1,910,450,respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships, thefund management fee, impairment losses, and interest income.  The increase in net loss is mainly attributedto impairment losses recorded in the current year.  It is anticipated that the net loss in futureyears will be more consistent with the current year as these events are notexpected to effect future years.

 

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Series 26 has invested in 6Operating Partnerships (the “Calhoun Partnerships”) in which the OperatingGeneral Partner initially was Reimer Calhoun, Jr. or an entity which wasaffiliated with or controlled by Reimer Calhoun (the “Reimer CalhounGroup”).  The operating partnerships areBearuegard Apartments Partnership, Brookhaven Apartments Partnership, ButlerEstates, Cameron Apartments Partnership, Southwind Apartments and TR BobbApartments A LDHA.  The affordablehousing properties owned by the Calhoun Partnerships are located in Louisianaand 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 toinvestors in Series 26.

 

In the summer of 2002, theUS Attorney for the Western District of Louisiana notified the InvestmentGeneral Partner that the Reimer Calhoun group was under investigation byseveral federal agencies for the alleged manipulation of property costcertifications.  In early 2003, theInvestment General Partner learned that the US Attorney intended to bringcriminal charges against certain members of the Reimer 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 26 is not an investor.  The Investment General Partner used thesecertifications in determining the tax credits investors would receive throughtheir investment in the Calhoun Partnerships. In effect, it appears that thecontractor that built the apartment properties (an affiliate ofMr. Calhoun’s) overbilled the respective Operating Partnerships, therebyimproperly inflating the cost certification and the amount of tax creditgenerated.

 

In late March, 2003, ReimerCalhoun, Jr. pleaded guilty to charges of wire fraud and conspiracy to commitequity skimming.  At that time, theInvestment General Partner obtained $1,282,202, currently held in escrow, fromReimer Calhoun for the purpose of offsetting any potential losses to taxcredits caused by Mr. Calhoun’s fraud.

 

On September 25, 2003, judgmentin a criminal case was entered against Reimer Calhoun, Jr. and TF Management,Inc.  On Count 1, alleging wire fraud,Reimer Calhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2,Mr. Calhoun received a concurrent 60 month sentence.  Mr. Calhoun’s prison sentence began onOctober 13, 2003.  Mr. Calhoun wasfurther fined $500,000 and ordered to pay restitution of $4,363,683 to variousparties.  The amount of restitutionordered paid to the Investment General Partner was $1,559,723.  This amount includes the monies previouslypaid by Mr. Calhoun. The additional $277,521 was received in December 2003.

 

The Investment General Partnerhas cooperated fully with the US Attorney in the investigation, and there hasbeen no suggestion of any wrongdoing on the part of it or any of itsaffiliates.

 

In 2003, the Internal RevenueService commenced an audit of the Calhoun partnerships in order to finallydetermine the amount of overstated tax credits. The Investment General Partner has reached a resolution with the IRSwhereby the adjustments to tax credits will be made only for the tax years 2004and thereafter in order to avoid amending tax returns already filed for theyears 2001, 2002 and 2003. Final Closing Agreements have now been entered intowith the IRS for each of the partnerships. At this point, the InvestmentPartnerships have incurred substantial legal and accounting costs based upon

 

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Mr. Calhoun’s fraud. It is further anticipated that the $1,559,723will be sufficient to fully protect the investors and provide restitution tothe Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.Murray Calhoun is the principal of Calhoun Property Management, L.L.C., whichhas provided property level management services for the apartment propertiesowned by the Calhoun Partnerships. Murray Calhoun also cooperated fully with the criminal investigation ofhis father, and the Investment General Partner and its affiliates haveconfirmed directly with the US Attorney that no evidence was found of anywrongdoing on the part of Murray Calhoun.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,management agents and partnership accountants, and (c) clarify the rightsof the Investment General Partner to remove a general partner in the future inthe event of certain specified events.

 

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) is a 28-unitproperty located in Warrensburg, Missouri. Occupancy improved to 93% in the first quarter of 2005 from an averageof 88% in 2004.  As a result of theimproved occupancy the property operated above breakeven in the first quarterof 2005.  Occupancy has increasedpartially due long-standing vacant units being made rent-ready. Management wasunable to get Rural Development to approve Replacement Reserve withdrawals formajor turnover and tenant damage repairs. Instead these renovations were funded from operating income. Asoperations have improved and stabilized, special disclosure will not bereported in the future.

 

Country Edge LP (Country Edge Apts.) is a 48-unit property located inFargo, North Dakota.  The propertyexpended cash in 2004, while operating with a Debt Coverage Service Ratio of0.82 and maintaining an average occupancy of 89.93%. Average occupancy for thefirst quarter of 2005 was 95.14%. The property’s occupancy issues arose becauseof issues surrounding a refugee population similar to 2002.  A number of refugees had rented apartmentsafter meeting the resident selection criteria. However, a few of the residents had criminal backgrounds that were notexposed during the typical background check. Management will need to begin eviction proceedings on the problemresidents as well as non-paying residents which may leave the development witha large

 

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vacancy rate.  The OperatingGeneral Partner/management company continues to offer rent concessions and ratereductions as a rental incentive. The manager was replaced in the month of October toa more seasoned manager.  As a resultoccupancy has increased slightly.  TheInvestment General Partner will continue to work with the Operating GeneralPartner to stabilize occupancy.   TheOperating General Partner continues to fund all operating deficits, despite theexpiration of their guarantee. Although the property has had low occupancy,there are no deferred maintenance items at this time.  The mortgage, trade payables, property taxes,and insurance are current.

 

Grandview Apartments (Grandview Apts.) is a 36-unit property located inFargo, North Dakota.  The propertyexpended cash in 2004, while operating with a Debt Coverage Service Ratio of..92 and maintaining an average occupancy of 91.2%. Average Occupancy hasremained steady at 93.52% through the first quarter of 2005 as a result of rentconcessions and rate reductions.  Despitethe increase in occupancy, concessions and rate reductions have contributed tothe negative cash flow at the property. The Investment General Partner will continue to work with the OperatingGeneral Partner to stabilize the physical occupancy.  The Operating General Partner continues tofund all operating deficits, despite the expiration of their guarantee.  The mortgage, trade payables, property taxes,and insurance are current.

 

Calgory Apartments II, LP is a 24 unit development located in Bismarck,ND.  The property expended cash in 2004,while operating with a Debt Coverage Service Ratio of 0.78 and maintaining anaverage occupancy of 84%.  Averageoccupancy for the first quarter of 2005 was 81.94%. The property is located ina highly competitive area and in an attempt to maintain occupancy levels theOperating General Partner lowers rental rates whenever occupancy levels dropbelow 90%.  The Investment GeneralPartner will continue to work with the Operating General Partner to stabilizethe physical occupancy.  The OperatingGeneral Partner continues to fund all operating deficits, despite theexpiration of their guarantee.  Themortgage, trade payables, property taxes, and insurance are current.

 

Grayson Manor LP (Grayson Manor Apartments), a 32 unit developmentlocated in Independence, VA, suffered a lightning strike and subsequent fire onMay 10, 2005.  The resulting damageforced the residents of 8 units from their apartments.  Those living in 6 of the 8 units were allowedto return to their homes after the building’s sprinkler system wasre-activated, approximately one week later. The 2 remaining units and the attic area above them suffered substantialdamage and the units are unoccupied as the Operating General Partner solicitsbids for the repair work.  At the time ofthis report, no timetable is available for the reconstruction of these unitsand the repair of the attic area.

 

Calgory Apartments III, LP is a 24 unit development located inBismarck, ND.  The property generatedcash in 2004, while operating with a Debt Coverage Service Ratio of 0.82 andmaintaining an average occupancy of 82.29%. Average occupancy for the firstquarter of 2005 was 76.39%.  The propertyis located in a highly competitive area and in an attempt to maintain occupancylevels the Operating General Partner lowers rental rates whenever occupancylevels drop below 90%.  The InvestmentGeneral Partner will continue to work with the Operating General Partner tostabilize the physical occupancy.  TheOperating General Partner continues to fund all operating deficits, despite theexpiration of their guarantee.  Themortgage, trade payables, property taxes, and insurance are current.

 

Jackson Bond LP (Park Ridge Apartments) is a 136 unit property locatedin Jackson, TN. The property operated above break even in 2004, with a 1.16Debt

 

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Coverage Service Ratio. Occupancy averaged 83.15% during 2004, but has continued to improve inthe last two quarters. The property was 88.9% occupied as of March 2005. A61% overall score on the property’s site visit report, dated June 2004,has warranted additional examination of the property. The external physicalcondition of the property, as well as the site’s file audit, scored poorly onthe site visit.

 

(Series 27).As of March 31, 2005 and 2004 the average Qualified Occupancy for theseries was 100%.  The series had a totalof 16 properties at March 31, 2005, all of which were at 100% qualifiedoccupancy.

 

Forthe tax years ended December 31, 2004 and 2003, the series, in total,generated $1,425,916 and $1,683,553, respectively, in passive income tax lossesthat were passed through to investors and also provided $1.14, respectively, intax credits per BAC to the investors.

 

As of March 31, 2005 and 2004, Investments in OperatingPartnerships for Series 27 was $12,001,035 and $13,905,222,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity 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 year ended March 31, 2005 and 2004, the net loss of theseries was $2,241,006 and $1,076,184, respectively.  The major components of these amounts are theFund’s share of losses from Operating Partnerships, the fund management fee,and impairment losses. The increase in net loss is mainly attributed toimpairment losses recorded in the current year. It is anticipated that the net loss will be relatively consistent infuture years as the series has finished acquiring Operating Partnerships andthey are fully operational.

 

Series 27 has invested in Magnolia Place Apartments Partnership(the “Calhoun Partnership”) in which the Operating General Partner initiallywas Reimer Calhoun, Jr. or an entity which was affiliated with orcontrolled by Reimer Calhoun (the “Reimer Calhoun Group”).  The affordable housing property owned by theCalhoun Partnership is located in Mississippi and consist of approximately 40apartment units in total.  The low incomehousing 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 Reimer 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 Reimer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 27 isnot an investor.  The Investment GeneralPartner used these certifications in determining the tax credits investors wouldreceive through their investment in the Calhoun Partnerships. In effect, itappears that the contractor that built the apartment properties (an affiliateof Mr. Calhoun’s) overbilled the respective Operating Partnerships,thereby improperly inflating the cost certification and the amount of taxcredit generated.

 

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In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was entered againstReimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, ReimerCalhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Reimer Calhouneither (a) Reimer Calhoun’s controlling interest in the Operating GeneralPartner has been assigned to Murray Calhoun the son of Reimer Calhoun or (b) insome cases the Operating General Partner entity itself has been replaced with anew entity controlled by Murray Calhoun and in which Reimer Calhoun has nointerest. Murray Calhoun is the principal of Calhoun Property Management,L.L.C., which has provided property level management services for the apartmentproperties owned by the Calhoun Partnerships. Murray Calhoun also cooperated fully with the criminal investigation ofhis father, and the Investment General Partner and its affiliates haveconfirmed directly with the US Attorney that no evidence was found of anywrongdoing on the part of Murray Calhoun.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,

 

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management agents and partnership accountants, and (c) clarify therights of the Investment General Partner to remove a general partner in thefuture in the event of certain specified events.

 

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) is a 30unit property located in Storm Lake, Iowa. The property continues to incuroperating deficits due to high tenant turnover and low rental rates. Thisproperty operated with an average occupancy of 73% for 2004. Occupancyincreased slightly and averaged 78% through the first quarter of 2005.  The site manager stated there has beenincreased activity at the property due the increase in the military populationat the area base.  Despite the recent upswing, there are still limited job opportunities in the area, and as a result,residents continue to move to other areas to find work.  Also, management continues a strong campaignof evicting residents who do not pay their rent. In response to declining occupancy,the management agent intensified leasing efforts by offering concessions of 1month free rent and other incentives, such as lower rents, no security depositsand increased resident referral rewards. As a result of the low occupancy,there is negative cash flow and high payables. The Investment General Partnerwill continue to closely monitor the property. The Operating General Partnercontinues to fund the operating deficits, as needed. The mortgage, taxes, andinsurance are all current.

 

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property locatedin Harlem, New York.  The propertypreviously operated below breakeven due to low rental income, collections lossand high expenses.  In the first quarterof 2005, the partnership implemented a 10% rent increase that resulted in abovebreakeven operations.  To discouragedelinquencies, the management company is planning to assess the shareholdersfor past legal fees incurred totaling $35,000 for filing of notices andevictions.  Other methods of improvingcollections are also being discussed with the management company.  To reduce utility expenses, the managementcompany is considering a utility study to determine improvements that mightresult in expense reductions.  TheInvestment General Partner continues to work with the Operating General Partnerto improve operations.  All mortgages andinsurance payments are current. The property pays no property taxes as theresult of tax abatement.

 

(Series 28). As of March 31, 2005 and 2004, the averageQualified Occupancy for the series was 100%. The series had a total of 26 properties at March 31, 2005, all ofwhich were at 100% qualified occupancy.

 

For the tax years ended December 31, 2004 and 2003, the series, intotal, generated $1,892,030 and $1,835,770, 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, 2005 and 2004, Investments in OperatingPartnerships for Series 28 was $19,465,921 and $23,747,689, respectively.  The decrease is a result the way the Fundaccounts 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 year ended March 31, 2005 and 2004 the net loss of theseries was $4,547,831 and $1,734,215, respectively.  The major components of these amounts are theFund’s share of losses from Operating Partnerships, the fund

 

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management fee, and impairment losses. The increase in net loss ismainly attributed to impairment losses recorded in the current year.  It is anticipated that operations will berelatively consistent in future years as series had finished acquiringOperating Partnerships and they are all reporting stable operations.

 

Series 28 has invested in 6 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer Calhoun Group”). The Operating Partnerships are Bienville III Apartments, BlanchardPartnership, Cottonwood Partnership, in Commendam, Evangeline Partnership,Jackson Place Apartments LP and Maplewood Apartments Partnership.  The affordable housing properties owned bythe Calhoun Partnerships are located in Louisiana and consist of approximately200 apartment units in total.  The lowincome housing tax credit available annually to Series 28 from the CalhounPartnerships is approximately $516,536, which is approximately 12% of the totalannual tax credit available to investors in Series 28.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Reimer 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 Reimer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 28 isnot an investor.  The Investment GeneralPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships. In effect,it appears that the contractor that built the apartment properties (anaffiliate of Mr. Calhoun’s) overbilled the respective OperatingPartnerships, thereby improperly inflating the cost certification and theamount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, ReimerCalhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated tax

 

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credits.  The Investment GeneralPartner has reached a resolution with the IRS whereby the adjustments to taxcredits will be made only for the tax years 2004 and thereafter in order toavoid amending tax returns already filed for the years 2001, 2002 and 2003.Final Closing Agreements have now been entered into with the IRS for each ofthe partnerships. At this point, the Investment Partnerships have incurred substantiallegal and accounting costs based upon Mr. Calhoun’s fraud. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.  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 with thecriminal 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.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,management agents and partnership accountants, and (c) clarify the rightsof the Investment General Partner to remove a general partner in the future inthe event of certain specified events.

 

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 the Bronx, New York.  The property hadbelow breakeven operations due to low occupancy and high debt servicepayments.  Occupancy averaged 79% in thefirst quarter of 2005 due to evictions of non-paying residents and management’sslow lease up of vacant units.  Due to ahistory of non-paying residents, they are tightening their tenant screeningcriteria.  However, due to the lack ofcredit-worthy applicants, units remained vacant for months before beingrented.  In 2003, the Operating GeneralPartner loaned the partnership $112,000 to pay for a tax lien.  This loan was being repaid at 7% interest,and is not in accordance with the Partnership Agreement.  The Investment General Partner’s repeatedrequests to restructure the loan were not heeded.  Legal counsel is being consulted to determinethe proper course of action.  TheInvestment General Partner continues to monitor this property.  The mortgage, property taxes and insuranceare current.

 

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Clubview Partners (Park Plaza 1 and 2) is a 128 unit property locatedin West Memphis, AR.  Low occupancy andhigh expenses have caused the property to operate below break even in2004.  2004 occupancy averaged 88%.  Occupancy has not improved during the firstquarter of 2005. Historically, occupancy has always been a problem for the site.  Tenants have been deterred by the property’sviews of the interstate highway, as well as the quality of theneighborhood.  Management is offeringrent concessions in the form of rent reductions, move-in specials, and waivingsecurity deposits requirements in an effort to lure tenants.

 

(Series 29). As of March 31, 2005 and 2004, the averageQualified Occupancy for the series was 100%. The series had a total of 22 properties at March 31, 2005, all ofwhich were at 100% qualified occupancy.

 

For the tax years ended December 31, 2004 and 2003 the series, intotal, generated $2,105,986 and $2,043,295, 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, 2005 and 2003, Investments in OperatingPartnerships for Series 29 was $13,896,918 and $19,475,261,respectively.  The decrease is a resultthe way 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 year ended March 31, 2005 and 2004, the net loss of theseries was $5,923,465 and $3,277,673, respectively.  The major components of these amounts are theFund’s share of losses from Operating Partnerships, impairment losses and thefund management fee.  The increase in netloss is mainly attributed to impairment losses recorded in the current year, aswell as a fire at one of the Operating Partnership which is discussed below.  It is anticipated that operations will bemore consistent with the prior year since the impairment losses are notexpected to have as large an effect on future operations, and the series hadfinished acquiring Operating Partnerships and they are reporting stableoperations.

 

Series 29 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer Calhoun Group”). The Operating Partnerships are Edgewood Apartments Partnership, PlamettoPlace Apartments and Westfield Apartments Partnership.  The affordable housing properties owned by theCalhoun Partnerships are located in Louisiana and consist of approximately 152apartment units in total.  The low incomehousing tax credit available annually to Series 29 from the CalhounPartnerships is approximately $603,385, which is approximately 14% of the totalannual tax credit 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 Reimer 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 Reimer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 29 isnot an investor.  The Investment GeneralPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.

 

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In effect, it appears that the contractor that built the apartmentproperties (an affiliate of Mr. Calhoun’s) overbilled the respectiveOperating Partnerships, thereby improperly inflating the cost certification andthe amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.  On September 25, 2003,judgment in a criminal case was entered against Reimer Calhoun, Jr. and TFManagement, Inc.  On Count 1,alleging wire fraud, Reimer Calhoun, Jr. was sentenced to 60 months in thecustody of the United States Bureau of Prisons. On Count 2, Mr. Calhoun received a concurrent 60 monthsentence.  Mr. Calhoun’s prisonsentence began on October 13, 2003. Mr. Calhoun was further fined $500,000 and ordered to payrestitution of $4,363,683 to various parties. The amount of restitution ordered paid to the Investment General Partnerwas $1,559,723.  This amount includes themonies previously paid by Mr. Calhoun. The additional $277,521 wasreceived in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.  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 with thecriminal 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.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun to

 

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guarantee performance of all of the obligations to limited partnerspreviously guaranteed by Reimer Calhoun, (b) tighten up the consent rightsof the Investment General Partner in connection with changing general partners,management agents and partnership accountants, and (c) clarify the rightsof the Investment General Partner to remove a general partner in the future inthe event of certain specified events.

 

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 in 2004. The main reason for its cashexpenditure is its low occupancy, which improved to average 92% for the fourthquarter of 2004.  The Operating GeneralPartner felt that the property was operating below breakeven due to the performanceof the management company. The Operating General Partner took over managementof the property at the beginning of the first quarter of 2005.  At that time, they evicted a number ofnon-paying residents and the re-leasing of the units has been slow, which hascaused the property to continue to operate below breakeven.  In the past the Operating General Partner hashad difficulty reporting in a timely manner. The Investment General Partnerwill be working closely with the new management company and the OperatingGeneral Partner to improve reporting for the property.

 

Lincoln Hotel Partnership, L.P. (Lincoln Hotel), is a 41-unitsingle-room occupancy (SRO) property located in downtown San Diego, CA.** **The property had anaverage physical occupancy of 95% through 2003 and an average occupancy of 93%through year end 2004.****Despite strongoccupancy, the property operated below breakeven due to high administrativeexpenses and very low rents.  Due toadditional program funding requirements, rents at the property are capped atapproximately 50% lower than “usual” maximum tax credit rents.  This results in an average rent of $272 perunit per month In May, 2004 management received approval to implement an 8%rent increase on lease renewal that is expected to bring the property back tobreakeven operations.    The LincolnHotel also has a commercial tenant at the property which accounts forapproximately 44% of the annual income to the property. **  **Taxes, insurance, and mortgagepayments are all current and the Operating General Partner continues to fundoperating deficits.

 

Glenbrook Apartments, L.P. (Glenbrook Apartments) is a 24-unit propertylocated in Saint Jo, Texas.  Occupancywas 88% as of March 2005.  Due tohigh operating expenses, ($4,225) in cash was expended in 2004.  The Operating General Partner has reportedsimilar occupancy struggles at the nearest adjacent property, both of which are100 miles outside of Dallas. The Investment General Partner is working closelywith the Operating General Partner to boost occupancy to generate more incomefor the property.  The Operating GeneralPartner has an unlimited guarantee in both time and amount, to fund allshortfalls.

 

Forest Hill Apartments L.P.  (TheArbors) is an 85 unit, Senior Property located in Richmond, VA.  In the first quarter of 2004, the propertywas severely damaged by a fire. There were no reported injuries as a result ofthe loss and all of the residents were successfully relocated. The fire marshalhas been unable to definitively determine the cause of the fire.  The Operating General Partner received aninitial insurance payment totaling $500,000 and it was determined that thebuilding should be raised due to the significant fire and water damage.  After bidding the property repairs, the OperatingGeneral Partner determined that there were additional costs of

 

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approximately $1.4 million due to building code changes since itsoriginal construction in 1998. The Operating General Partner’s primaryunderwriter, and their excess property insurance carrier, determined that thepolicy did not cover code changes of more then $10,000.  The Operating General Partner appealed theirinitial determination regarding additional coverage and to date have had noformal resolution. The Operating General Partner received an additionalinsurance payment totaling $2 million dollars, representing the insurancecompany’s estimate to rebuild the community minus the code change upgrades indispute. The insurance proceeds are currently being held by the lender.  The lender approved the release of sufficientinsurance proceeds $148,000 to raise the property which occurred in the thirdquarter of 2004.

 

As of January 2005, construction had not begun at the property asthe Operating General Partner is not prepared to fund the current $1.4 milliondifference between replacement cost, including the code changes and theinsurance proceeds allocated to the project to date. The insurance company, asnoted above, has taken the position that the policy covers only $10,000 of thecode changes.   However the OperatingGeneral Partner believes their policy should cover up to $2.5 million dollarsin code changes. The Operating General Partner has been diligently attemptingto get a resolution to code change coverage and has provided the InvestmentGeneral Partner with e-mails and documents supporting their efforts. Theinsurance company has continued to use stalling tactics, pushing the claim fromone underwriter to another.

 

Determining that Operating General Partner is at an impasse with theinsurance company,  to resolve the codechange issues, the Operating General Partner has retained counsel and prepareda suit that was filed in the first quarter of 2005. The case can reasonably beexpected to be heard late in the second quarter or early in the third quarterof 2005.  However, the Operating GeneralPartner believes that there is a strong likelihood that the case will besettled once the suit is filed. It is the Operating General Partner’s intentionto reconstruct the property once the issues with its insurance company areresolved.

 

It is important to note that the Operating General Partner is anexperienced developer with experience in loss claims. While he anticipates hewill be successful in obtaining the additional proceeds required, InvestmentGeneral Partner is working with legal counsel to determine its recourse shouldthe Operating General Partner’s claim be unsuccessful.

 

As the Operating General Partner awaits the receipt of the insuranceproceeds, the Investment Limited Partner must ascertain whether tax credits canbe taken on these units. Currently, there is a potential risk of loss ofcurrent and future tax credits. In order to properly assess this risk theInvestment Limited Partner will continue to monitor the progress of rebuildingForest Hill Apartments.

 

(Series 30). As of March 31, 2005 and 2004 the averageQualified Occupancy for the series was 100%. The series had a total of 20 properties at March 31, 2005, all ofwhich were at 100% qualified occupancy.

 

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For the tax years ended December 31, 2004 and 2003, the series, intotal, generated $1,460,823 and $1,531,889, 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, 2005 and 2004, Investments in OperatingPartnerships for Series 30 was $12,475,745 and $15,343,813,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity 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, 2005 and 2003, the net loss of theseries was $3,119,175 and $1,541,998, respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships,impairment losses and the fund management fee. The increase in net loss ismainly attributed to impairment losses recorded in the current year.  It is anticipated that operations will berelatively consistent in future years as series had finished acquiringOperating Partnerships and they are for the most part reporting stableoperations.

 

Mesa Grande, LP (Mesa Grande Apartments) is a 72-unit, family propertylocated in Carlsbad, New Mexico. On April 2, 2003, the mortgage lenderissued a default notice for monetary and non-monetary defaults.  Although the Operating General Partner wasaware of the defaults, no steps were taken to remedy the situation.  On June 16, 2003, the Lender notifiedthe Operating and Investment General Partners of its right to accelerate thenote.  As a result of the defaults, theInvestment General Partner requested a change in the management company, whichwas a related entity of the Operating General Partner.  Effective November 1, 2003, a newmanagement agent took over the property management duties. Throughout 2004, theInvestment General Partner and the management agent made numerous requests forfunding from the Operating General Partner, with no response.  Due to the unresponsiveness, the Fund filed aCivil Action against the Operating General Partners with the intent to forcethem to honor their obligation and fund all operating deficits.  The suit was filed on April 8, 2004,prior to the termination of their Operating Deficit Guarantee in May 2004.A demand notice was issued on September 4, 2004 to the Operating GeneralPartner with a 30-day cure period.  Noresponse was received. On October 22, 2004 an interim Operating GeneralPartner, affiliated with the Investment General Partner was named until asuitable replacement can be found.

 

On September 10, 2004, the non-performing loan was sold to a newlender. The new lender issued an Acceleration Notice on October 20, 2004with a ten-day notice to cure. The Investment General Partner reviewed optionsto correct the loan default. Property operations had been suffering due tomarket conditions, high payables and much needed deferred maintenance.  The management company had improved thetenant profile at the property in an effort to increase collections and improvethe reputation of the property within the community, however operations werestill suffering. The deferred maintenance and high payables were a directresult of the negligence of the prior management company.  The Investment General Partner filed alawsuit against the former Operating General Partner to recover all operatingdeficits incurred as a result of his negligence. The Investment General Partnervisited the property to evaluate its condition and determine if a cash infusionis necessary in order for the management company to operate the property effectively.The Investment General Partner carefully reviewed the cash needs of theproperty and met with the lender during the fourth quarter to propose awork-out plan

 

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that included restructuring the debt to allow for a significant cashinfusion for deferred maintenance and back taxes.  The lender refused to restructure the debtand began the foreclosure process on December 27, 2004. The InvestmentGeneral Partner has hired an attorney to represent the partnership. Theattorney has answered the foreclosure complaint and submitted a proposedsettlement.  In the meantime, HUDcontracted with a consultant to do an analysis of this property and four othersin New Mexico, (all with HOME funds) to determine if it would be prudent toallow additional HOME funds to be lent to the properties as part of a debtrestructure.  The final report was notcompleted as of the end of March 2005. These funds along with others that the Investment General Partner iscurrently pursuing would allow for a complete restructure of the debt prior toforeclosure being granted.

 

Sunrise Homes, LP (Sunrise Homes and Broadway Place Apartments) are twofamily properties containing a total of 44-units, located in Hobbs, New Mexico.On April 2, 2003, the mortgage lender issued a default notice for monetaryand non-monetary defaults.  Although theOperating General Partner was aware of the defaults, no steps were taken toremedy the situation.  On June 16,2003, the Lender notified the Investment and Operating General Partners of itsright to accelerate the note.  As aresult of the defaults, the Investment General Partner requested a change inthe management company, which was a related entity of the Operating GeneralPartner.  Effective November 1,2003, a new management agent took over the property management duties.Throughout 2004, the Investment General Partner and the management agent madenumerous requests for funding from the Operating General Partner, with noresponse.  Due to the unresponsiveness,the Investment General Partner filed a Civil Action against the OperatingGeneral Partner to recover all operating deficits incurred as a result of hisnegligence. The suit was filed prior to the termination of the OperatingGeneral Partner’s Operating Deficit Guarantee. A demand notice was issued on September 4,2004 to the Operating General Partner with a 30-day cure period.  No response was received. On October 22,2004 an interim Operating General Partner, affiliated with the InvestmentGeneral Partner was named until a suitable replacement can be found.

 

On September 10, 2004, the non-performing loan was sold to a newlender. The new lender issued an Acceleration Notice on October 20, 2004with a ten-day notice to cure. The current Investment General Partner reviewedoptions to correct the loan default.  Theproperty operations had been suffering due to market conditions, high payablesand much needed deferred maintenance. The deferred maintenance and highpayables are a direct result of the negligence of the prior management company.The Investment General Partner filed a lawsuit against the former OperatingGeneral Partner to recover all operating deficits incurred as a result of hisnegligence. The Investment General Partner conducted a site visit to evaluatethe condition of the property to determine if a cash infusion is necessary inorder for the management company to operate the property effectively. TheInvestment General Partner carefully reviewed the cash needs of the propertyand met with the lender during the fourth quarter to propose a work-out planthat included restructuring the debt to allow for a significant cash infusionfor deferred maintenance and back taxes. The lender refused to restructure the debt and began the foreclosureprocess on December 27, 2004. The Investment General Partner has hired anattorney to represent the partnership. The attorney has answered theforeclosure complaint and submitted a proposed settlement. In the meantime, HUDhas contracted with a consultant to do an analysis of this property and fourothers in New Mexico, (all with HOME funds) to determine if it would be prudentto allow additional HOME funds to be lent to the properties as part of a debtrestructure.  The final report was notcompleted as of the end of March.  Thesefunds along with others that the Investment General Partner is currentlypursuing would allow for a complete restructure of the debt prior toforeclosure being granted.

 

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JMC LLC (Farwell Mills Apts.) is a 27-unit development located inLisbon, ME. Due to increased marketing efforts by the management company,average occupancy for the third and fourth quarters of 2004 increased to 95%from a first and second quarter average of 82%. Occupancy averaged 100% duringthe first quarter of 2005. However, operating expenses increased by 10% in2005, and are well above state average. Management is planning to install agas-powered generator that should ultimately cut heating, electric, and hotwater costs substantially. In addition, the site will increase rents by 5% in April 2005.

 

Linden Partners II (Western Trails Apartments II) is a 30-unit propertylocated in Council Bluffs, IA.  Althoughthe occupancy was stabilized in 2003, the property suffered from high payables,high tenant account receivables, high operating expenses, and negative cashflow. As of September 30, 2004, all accrued expenses had been paid and thetenant receivables were $1,400.  Lowoccupancy through most of 2004 contributed to high operating expenses andnegative cash flow. The partnership was unable to make mortgage payments forfour months. However, in September 2004, the construction of the main roadwas finished and physical occupancy started to increase. The management companywas able to increase the monthly rental rates by $10/unit in the third quarterof 2004.   Through the fourth quarter of2004 physical occupancy averaged 89%. In the first quarter of 2005 averagephysical occupancy increased to 97%.

 

In order to bring the mortgage current, the Partnership reached anagreement with the lender to modify certain terms of the original mortgage. Thelender agreed to capitalize $31,616.00 of delinquent interest into the currentprincipal balance of $728,384 bringing the new loan balance to $760,000, theoriginal principal balance.  Also,according to the new tax statements from the City of Council Bluffs, annualReal Estate taxes will be reduced by $18,686 from $45,894 to $27,208.  With the new annual debt payments andassuming both the reduced Real Estate Taxes and 7% vacancy rate, thepartnership will operate with Debt Coverage Service Ratio of 1.10.

 

Nocona Apartments, L.P. (Nocona Apartments) is a 36-unit propertylocated in Nocona, Texas. Occupancy was 86% as of March 2005. TheOperating General Partner has reported similar occupancy struggles at thenearest adjacent property, both of which are 100 miles outside of Dallas. TheInvestment General Partner is working closely with the Operating GeneralPartner to boost occupancy and generate more income for the property. TheOperating General Partner has an unlimited guarantee in time and amount to fundall shortfalls.

 

Madison Partners (Park Trace Apartments) is a 84 unit property locatedin Jackson, TN.  The property was unableto break-even in the first quarter of 2005 due to a combination of lowoccupancy and high expenses.  Operatingexpenses, which averaged approximately $4,000 per unit during the first quarterof 2005, were approximately $300 per unit above state average.  High expenses can be attributed primarily tohigh administrative expenses, caused in part by the fact that management hireda temporary manager.  Occupancy has beenand continues to be mediocre, averaging 89.5% in 2004, and 88.5% during thefirst quarter of 2005.  Managementexpects occupancy to increase given the fact that its two other properties inthe area are 90% and 96% respectively.

 

2730 Lafferty Street Apartments, L.P. (Gardenview Apartments) is a 309-unitproperty located in Pasadena, Texas.  Theproperty had a fire in 2004 that destroyed one building containing 18residential units.  The property enteredinto a construction contract with a related party to repair the damagesincurred.  Repairs are anticipated to becompleted in the second quarter of 2005. Insurance proceeds covering loss of rent were received.  Proceeds covering the cost of all repairswill be received once construction is complete.

 

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(Series 31).As of March 31, 2005 and 2004, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 27 properties at March 31, 2005, all of which were at 100% qualifiedoccupancy.

 

Forthe tax years ended December 31, 2004 and 2003, the series, in total,generated $2,792,434 and $2,468,428, respectively, in passive income tax lossesto pass through to the investors and also provided $1.03 for both years in taxcredits per BAC to the investors.

 

Asof March 31, 2005 and 2004, Investments in Operating Partnerships for Series 31was $17,484,487 and $22,596,325, respectively. The decrease is a result the way the Fund accounts for such investments,the equity method.  By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.  The amount was also affected bythe acquisition of one additional operating partnership.

 

For the years ended March 31, 2005 and 2004, the net loss of theseries was $5,478,385 and $3,457,342, respectively.  The major components of these amounts are theFund’s share of loss from Operating Partnerships, impairment losses and thefund management fee.  The increase in netloss is mainly attributed to impairment losses recorded in the currentyear.  It is anticipated that operationswill be more consistent with the prior year since the impairment losses are notexpected to have as large an effect on future operations, and the series hadfinished acquiring Operating Partnerships and they are reporting stableoperations.

 

Summerdale Partners LP, II (Summerdale Commons - Phase II) is a108 unit property located in Atlanta, GA. In 2004, operations at the property declined as a result of decreasedoccupancy and greater than average operating expenses.  Occupancy continues to suffer in 2005averaging 87% as of March 2005. Management has stated that the housingmarket in Atlanta is soft and that the property is constantly competing withother low-income properties in the neighborhood. Utility expenses are high as aresult large scale improvements to the sewage system in the City of Atlanta. Asa result of the declining occupancy, and high operating expenses, the propertycontinues to operate below breakeven. The Investment General Partner has beenworking with the Operating General Partner in order to ensure steps are takento increase occupancy, as well as improve rental collections.  A new site manager has been hired and willtake over during the second quarter of 2005. The Investment General Partner will continue to closely monitor theefforts of the Operating General Partner until operations have stabilized.

 

Pilot Point Apartments is a 40-unit property located in Pilot Point,TX.  In January 2004, there was afire in a unit that damaged the unit and caused smoke damage in the seven otherunits in the building.  Due to thedamage, the entire 8-unit building was taken offline.  The repairs were all completed and paid forfrom the insurance proceeds. The certificates of occupancy were issued as of August 15,2004.  Repairs were not completed until 8months after the fire due to the delay in reaching a settlement with theinsurance provider.  Occupancy hascontinued to struggle after the fire and averaged 73% in 2004.  The manager was replaced in November 2004and they have expanded their advertising efforts.  Occupancy has improved significantly and was93% by the end of March 2005.

 

Silver Creek Apartments, is a 112 unit property located in Flat Rock,MI.  In 2004 the property operated belowbreakeven and maintained an average occupancy of 91%. The former managementcompany was terminated for issues related to Pine Lake apartments, not forSilver Creek Apartments. The contract the

 

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Operating General Partner, (“MHT”) had signed with Matrix Managementwas applicable to three properties. Termination of one terminated the remainingtwo, so when MHT terminated Matrix Management’s employment, for cause, theyeffectively terminated there management at Silver Creek as well.  Pending litigation exists between Matrix andMHT Housing.  A hearing for the lawsuitMHT has filed against Matrix was scheduled for March 2004, which was thenpostponed.  The Investment GeneralPartner received a subpoena to be deposed on behalf of MHT, which was conductedin April 2005.  Further court dateshave not been shared with the Investment General Partner at this time.

 

The property operated with a Debt Coverage Service Ratio of .55 in 2004and 1.19 in 2003 after required reserve deposits.  The Operating General Partner has fundedoperating deficits in 2004 and has funded an operating reserve of $50,000 asrequired by the Partnership Agreement. Occupancy continues to improve in 2005with an average occupancy through the first quarter of 2005 of 95.33% and as ofApril 2005, the property was 100% occupied.  The local economy is fair with high turnoverdue to job transfers.  Bad debt for 2004was $52,068.  Collections continued toget stronger through each month of the first quarter in 2005.  The property ended with about $12k delinquentin resident balances but now that the occupancy is strong, management isfocusing on collections. The Investment General Partner will continue to workwith the Operating General Partner to stabilize operations. The mortgage,property taxes, and insurance are current.

 

Canton Housing I (Madison Heights Apartments) is an eighty unitproperty located in Canton, Mississippi. The property is unable to break evendue to low occupancy which averaged 80.52% in 2004, and remained sluggish at81.7% during the first quarter of 2005. Management has taken several measuresin its effort to increase occupancy. Advertisements have been placed in thelocal newspapers, and management is offering move-in rental concessions.Furthermore, arrangements were made to employ a full-time manager on the site,and extra personnel have been hired to prepare vacant units for occupancy.Management is confident that the remaining units will be leased by the end ofsecond quarter 2005.

 

Canton Housing IV (Canton Manor Apartments) is a 32 unit propertylocated in Canton, Mississippi. The property is unable to break even due to lowoccupancy. Occupancy averaged 81.2% in 2004, and remained sluggish at 80.2%during the first quarter of 2005. Management has taken several measures in itseffort to increase occupancy. Advertisements have been placed in the localnewspapers, and management is offering move-in rental concessions. Furthermore,arrangements were made to employ a full-time manager on the site, and extrapersonnel have been hired to prepare vacant units for occupancy. Management isconfident that the remaining units will be leased by the end of second quarter2005.

 

Riverbend Housing Associates (Riverbend Estates) is a 28 unit propertylocated in Biddeford, ME. The property was unable to break even in 2004 due tohigh operating expenses and low to mediocre occupancy. An unusually long andsnowy winter resulted in high operating costs due high fuel consumption andhigh snow removal costs. Occupancy averaged 83.9% in 2004. The property was89.3% occupied as of March 2005. New on site management and maintenancestaff was hired at the project. Management believes that the new staff will bea better fit for the property, which should help attract new tenants and boosttenant retention. The property has a waiting list of tenants who qualify at the30% income level; however, finding tenants who qualify for the property’s 60%income vacancies continues to be a problem. Management ran ads in the localnewspaper that specifically target the 60% layer, but response to the

 

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advertisements continues to be from people who cannot afford the 60%rental rates. Management has analyzed its rental rates against the localmarket, and believes its rates are comparable. Management has recently soughtthe assistance of the local Housing Authority to attract new tenants.

 

(Series 32).As of March 31, 2005 and 2004, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 17 properties at March 31, 2005, all of which were at 100% qualifiedoccupancy.

 

Forthe tax years ended December 31, 2004 and 2003, the series, in total,generated $2,392,205 and $2,188,757, respectively in passive income tax lossesthat were passed through to investors, and also provided $0.98 and $1.01,respectively, in tax credits per BAC to the investors.

 

Asof March 31, 2005 and 2004, Investments in Operating Partnerships for Series 32was $22,840,635 and $27,979,243, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

Forthe years ended March 31, 2005 and 2004, the net loss of the series was$5,505,848 and $3,466,460, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, impairment losses and the fund management fee.   The increase in net loss is mainlyattributed to impairment losses recorded in the current year.  It is anticipated that operations will bemore consistent with the prior year since the impairment losses are notexpected to have as large an effect on future operations, and the series hadfinished acquiring Operating Partnerships and they are reporting stableoperations.

 

Series 32 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer Calhoun Group”). The Operating Partnerships are Pearlwood Apartments LP, Pecan ManorApartments and Pineridge Apartments Partnership.  The affordable housing properties owned bythe Calhoun Partnerships are located in Louisiana or Mississippi and consist ofapproximately 120 apartment units in total. The low income housing tax credit available annually to Series 32from the Calhoun Partnerships is approximately $537,868, which is approximately11% of the total annual tax credit available to investors in Series 32.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Reimer 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 Reimer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 32 isnot 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 that built the apartment properties (anaffiliate of Mr. Calhoun’s) overbilled the respective OperatingPartnerships, thereby improperly inflating the cost certification and theamount of tax credit generated.

 

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In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, ReimerCalhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.  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 with thecriminal 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.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,

 

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management agents and partnership accountants, and (c) clarify therights of the Investment General Partner to remove a general partner in thefuture in the event of certain specified events.

 

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.

 

FFLM Associates is an Operating Partnership that owns 3 limited partnerinterests, one of which is Carriage Pointe Investors, LP.  Carriage Pointe Investors LP (Carriage PointeApartments) historically has suffered from negative cash flow, high accountspayables, and under-funded replacement reserves, in part due to the fact thatthe property only has 18 units.  TheOperating General Partner was successful in 2004 in getting the lender to reducethe interest rate on the loan by 2%. Numbers for the first quarter of 2005shows that the property has achieved positive cash flow due to greatly reducedinterest expense and 100% occupancy.

 

Indiana Development Limited Partnership (Clear Creek Apartments) is a 64-unitdevelopment, located in North Manchester, Indiana.  The property operates below breakeven as aresult of low occupancy which was last reported at 75% for March 2005.Occupancy issues are primarily due to a downturn in the local economy;recently, numerous manufacturing plants have closed forcing tenants to relocateto other areas in order to find employment. Biggs Management, a new, locallybased, management company, should provide the local knowledge and manpowernecessary to positively impact both occupancy and operating expenses. TheOperating General Partner’s Operating Deficit Guarantee, which was unlimited inamount, expired in June 2004.  TheOperating General Partner is active in the industry and as such, has continuedto fund deficits.

 

(Series 33). As of March 31, 2005 and 2004 the averageQualified Occupancy for the series was 100%. The series had a total of 10 properties at March 31, 2005, all ofwhich were at 100% qualified occupancy.

 

For the tax years ended December 31, 2004 and 2003, the series, intotal, generated $1,152,853 and $1,132,687, respectively in passive income taxlosses that were passed through to investors, and also provided $0.96 and$1.02, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2005 and 2004, Investments in OperatingPartnerships for Series 33 was $14,070,311 and $15,749,412,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity 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, 2005 and 2004, the net loss of the Series was$1,899,660 and $2,208,535, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, impairment losses and the fund management fee.  It is anticipated that operations will bemore consistent with the prior year since the impairment losses are notexpected to have as large an effect on future operations, and the series hadfinished acquiring Operating Partnerships and they are reporting stable operations.

 

Series 33 has invested in Forest Park Apartments (the “CalhounPartnership”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer Calhoun Group”). The affordable housing property owned by the Calhoun

 

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Partnership is located in Louisiana and consist of approximately 40apartment units in total. The low income housing tax credit available annuallyto Series 33 from the Calhoun Partnership is approximately $208,599, whichis approximately 8% of the total annual tax credit 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 Reimer 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 Reimer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 33 isnot 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 that built the apartment properties (anaffiliate of Mr. Calhoun’s) overbilled the respective Operating Partnerships,thereby improperly inflating the cost certification and the amount of taxcredit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, Reimer Calhoun, Jr.was sentenced to 60 months in the custody of the United States Bureau ofPrisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled

 

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by Murray Calhoun and in which Reimer Calhoun has no interest.  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 with thecriminal 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.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and its affiliateshave entered into agreements which (a) cause Murray Calhoun to guaranteeperformance of all of the obligations to limited partners previously guaranteedby Reimer Calhoun, (b) tighten up the consent rights of the InvestmentGeneral Partner in connection with changing general partners, management agentsand partnership accountants, and (c) clarify the rights of the InvestmentGeneral Partner to remove a general partner in the future in the event ofcertain specified events.

 

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.

 

FFLM Associates is an Operating Partnership that owns 3 limited partnerinterests, one of which is Carriage Pointe Investors, LP.  Carriage Pointe Investors LP (Carriage PointeApartments) historically has suffered from negative cash flow, high accountspayables, and under-funded replacement reserves, in part due to the fact thatthe property only has 18 units.  TheOperating General Partner was successful in 2004 in getting the lender toreduce the interest rate on the loan by 2%. Numbers for the first quarter of 2005 shows that the property hasachieved positive cash flow due to greatly reduced interest expense and 100%occupancy.

 

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing),is a 20-unit property in Millinocket, ME providing congregate housing toseniors. Historically, this property struggled to operate at breakeven due tolow occupancy, high utility expenses and excessive property tax liabilities.Although occupancy averaged 91% in 2004, occupancy dipped to 88.9% during thefirst quarter of 2005 due to tenant transfers to nursing homes and several deaths.The primary problem that continues to plague the property, however, is theexorbitant utility expenses. The site was originally a former high school, andthe high ceilings make the site difficult to heat. Furthermore, management wasunable to lock in its 2004 utility rate, causing the utility rate to increaseby 40%. Management is planning to install a gas-powered generator at theproject that should ultimately cut heating, electric, and hot water costssubstantially. Furthermore, management is attempting to reduce heating coststhrough minor structural changes.  TheOperating General Partner continues to fund deficits using the operatingdeficit reserve account and his operating deficit guarantee is unlimited intime and amount.

 

Bradford Group Partners of Jefferson County, L.P. (Bradford SquareNorth Apartments) is a 50 unit senior complex located in Jefferson City, TN.Occupancy at this property averaged 88% for 2005. Recent reporting indicates

 

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the property is operating at 89% physical occupancy. The site managerhas been successful in retaining current residents by offering different typesof incentives. The taxes and insurance are being properly escrowed and themortgage is current. Continued improvement in occupancy is expected.

 

Merchants Court is a 192-unit property located in Dallas, GA.  The property struggles with occupancyproblems due to competitive homeownership programs and the performance of theprior regional and site managers.  In December 2004,a new team (regional and site manager) took over Merchants Court and madesubstantial changes in the management of the property.  Tenant retention was the priority, and thesite manager implemented a fitness program, a kids’ club (a social club for theresidents’ children), and one-day maintenance turnaround guarantee.  To encourage lease renewals, they are givingrenewing residents coupons for free maintenance services to be performed by theon-site maintenance staff, such as carpet cleaning and window cleaning.  Because of these efforts, occupancy increasedto 84% by April 2005, from a low of 63% in January 2005.  Accounts payable is still an issue and theInvestment General Partner is working with the Operating General Partner toensure that vendors are paid in a timely manner.  Taxes, mortgage and insurance payments areall current.

 

(Series 34).As of March 31, 2005 and 2004, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 14 properties at March 31, 2005, all of which were at 100% qualifiedoccupancy.

 

Forthe tax years ended December 31, 2004 and 2003, the series, in total,generated $2,111,599 and $1,911,299, respectively in passive income tax lossesthat were passed through to investors, and also provided $.98 for both years intax credits per BAC to the investors.

 

Asof March 31, 2005 and 2004 Investments in Operating Partnerships for Series 34was $16,244,390 and $20,605,779, respectively. The decrease is a result of the way the Fund accounts for such investments,the equity method.  By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

Forthe years ended March 31, 2005 and 2004, the net loss of the Series was$4,711,184 and $1,986,784, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, the fund management fee, and impairment losses.  The increase in net loss is mainly attributedto impairment losses recorded in the current year.  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.

 

RHP 96-I Limited Partnership (Hillside Club Apartments), a 56-unitproperty located in Petosky, Michigan, operates below breakeven as a result oflow occupancy, which was reported at 75% at the end of 2004, decreasing to 71%at the end of the first quarter of 2005. The Operating General Partnerindicates that the local economy relies heavily on seasonal employment, whichhas resulted in lower than normal occupancy. A new management company has beenbrought in to positively impact the occupancy through rigorous marketing and advertising.In 2004, the Operating General Partner made a loan to the property in theamount of $118,996 to fund deficits. Although the Operating General Partner’sOperating Deficit Guarantee has since lapsed, the Operating General Partner hascontinued to fund the property.

 

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Merchants Court is a 192-unit property located in Dallas, GA.  The property struggles with occupancyproblems due to competitive homeownership programs and the performance of theprior regional and site managers.  In December 2004,a new team (regional and site manager) took over Merchants Court and madesubstantial changes in the management of the property.  Tenant retention was the priority, and thesite manager implemented a fitness program, a kids’ club (a social club for theresidents’ children), and one-day maintenance turnaround guarantee.  To encourage lease renewals, they are givingrenewing residents coupons for free maintenance services to be performed by theon-site maintenance staff, such as carpet cleaning and window cleaning.  Because of these efforts, occupancy increasedto 84% by April 2005, from a low of 63% in January 2005.  Accounts payable is still an issue and theInvestment General Partner is working with the Operating General Partner toensure that vendors are paid in a timely manner.  Taxes, mortgage and insurance payments areall current.

 

(Series 35). As of March 31, 2005 and 2004 the averageQualified Occupancy for the series was 100%. The series had a total of 11 properties at March 31, 2005 all ofwhich were at 100% qualified occupancy.

 

For the tax year ended December 31, 2004 and 2003 the series, intotal, generated $1,584,579 and $1,836,284, respectively in passive income taxlosses that were passed through to investors and also provided $.97 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2005 and 2004, Investments in OperatingPartnerships for Series 35 was $16,542,608 and $18,651,926,respectively.  The decrease is a resultof the way 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, 2005 and 2004 the net loss of theseries was $2,444,443 and $1,486,287, respectively.  The major components of these amounts are theFund’s share of loss from Operating Partnerships, the fund management fee,impairment losses, and amortization of acquisition costs.  The increase in net loss is mainly attributedto impairment losses recorded in the current year.  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.

 

Tennessee Partners XII, LP (Autumn Park) is a 104-unit property locatedin Dickson, Tennessee.  The propertyoperated below break-even in 2004 due to its low occupancy average of85.6%.  As a result of increasedmarketing efforts, the property was able to boost occupancy to 93.5% during thefirst quarter of 2005.  Despite theincrease in occupancy, however, the property did not break even in the firstquarter of 2005 due to high bad debt and administrative expenses.  The property’s performance should continue toimprove if management can maintain current occupancy.  The general partner continues to funddeficits.

 

Columbia Woods LP (Columbia Woods Townhomes) is a 120 unit propertylocated in Newnan, GA. With a Debt Coverage Service Ratio of 0.95, the propertyperformed slightly below break even and expended $35,433. Operating expensesare above the state average. Operating expenses averaged $3,951/unit in 2004and have increased to $3,951/unit during the first quarter of 2005. Lowoccupancy is a problem at the property. Occupancy averaged 87.4% in 2004, butwas only 80% occupied as of March 2005. Management is aggressivelymarketing the property to fill vacate units. 

 

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(Series 36). As of March 31, 2005 and 2004 the averageQualified Occupancy for the series was 100%. The series had a total of 11 properties at March 31, 2005, all ofwhich were at 100% qualified occupancy.

 

For the tax years ended December 31, 2004 and 2003 the series, intotal, generated $892,749 and $1,307,265, 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, 2005 and 2004, Investments in OperatingPartnerships for Series 36 was $10,398,042 and $11,525,838,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity 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 year ended March 31, 2005 and 2004, the net loss of theseries was $1,389,889 and $1,216,341, respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee, impairment losses, and amortization of acquisition costs.It is anticipated that the net loss will be relatively consistent in futureyears as the series has finished acquiring Operating Partnerships and they arefully operational.

 

Series 36 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer 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 availableto investors in Series 36.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Reimer Calhoun groupwas under investigation by several federal agencies for the alleged manipulationof property cost certifications.  Inearly 2003, the Investment General Partner learned that the US Attorneyintended to bring criminal charges against certain members of the ReimerCalhoun group for falsifying the certified cost basis upon which the LouisianaHousing Finance Agency determined the tax credit calculation with respect toapproximately 40 Operating Partnerships in which Series 36 is not aninvestor.  The Investment Limited Partnerused these certifications in determining the tax credits investors wouldreceive through their investment in the Calhoun Partnerships. In effect, itappears that the contractor that built the apartment properties (an affiliateof Mr. Calhoun’s) overbilled the respective Operating Partnerships,thereby improperly inflating the cost certification and the amount of taxcredit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, Reimer

 

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Calhoun, Jr. was sentenced to 60 months in the custody of theUnited States Bureau of Prisons.  OnCount 2, Mr. Calhoun received a concurrent 60 month sentence.  Mr. Calhoun’s prison sentence began on October 13,2003.  Mr. Calhoun was further fined$500,000 and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.  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 with thecriminal 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.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,management agents and partnership accountants, and (c) clarify the rightsof the Investment General Partner to remove a general partner in the future inthe event of certain specified events.

 

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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Valleyview Estates LP (Valleyview Estates Apartments) is a 32 unitdevelopment located in Branson West, MO. In January of 2005 the property suffered a fire which destroyed aportion of one building.  At the time ofthe fire 8 units were taken offline. Minor repairs were made to 4 of these units and they were subsequentlyreoccupied.  The remaining 4 units havebeen demolished and are in the process of being rebuilt using insurancefunds.  Repairs are scheduled to becompleted and the units re-occupied by early third quarter of 2005.

 

Aloha Housing LP (Farmington Meadows) is a 69 unit property located inAloha, OR. With a Debt Coverage Service Ratio of 0.96, the property performedslightly below break even and expended $38,689 in 2004 due to high maintenanceexpenses. Management expects the site’s maintenance expenses to decreasesubstantially in 2005, which should allow the property to break even this year.Operating expenses, which averaged $4,020/unit in 2004, have been reduced to$3,815/unit during the first quarter of 2005. Occupancy averaged 99.52% in2004, and averaged 100% in the first quarter of 2005.

 

(Series 37). As of March 31, 2005 and 2004 the averageQualified Occupancy for the series was 100%. The series had a total of 7 properties at March 31, 2005 all ofwhich were at 100% qualified occupancy.

 

For the tax years ended December 31, 2004 and 2003, the series, intotal, generated $1,616,709 and $830,378, respectively in passive income taxlosses that were passed through to investors and also provided $.97 in bothyears in tax credits per BAC to the investors.

 

As of March 31, 2005 and 2004, Investments in OperatingPartnerships for Series 37 was $13,869,029 and $15,180,208,respectively.  The decrease is a resultof the way 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, 2005 and 2004, the net loss of theseries was $1,596,304 and $1,213,997, respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee, impairment losses, and amortization of acquisition costs.It is anticipated that the net loss will begin to stabilize in future years asthe series has finished acquiring Operating Partnerships, construction iscompleted on the Operating Partnerships, operations are beginning to stabilize.

 

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing),is a 20-unit property in Millinocket, ME providing congregate housing toseniors. Historically, this property struggled to operate at breakeven due tolow occupancy, high utility expenses and excessive property tax liabilities.Although occupancy averaged 91% in 2004, occupancy dipped to 88.9% during thefirst quarter of 2005 due to tenant transfers to nursing homes and severaldeaths. The primary problem that continues to plague the property, however, isthe exorbitant utility expenses. The site was originally a former high school,and the high ceilings make the site difficult to heat. Furthermore, managementwas unable to lock in its 2004 rate, causing the utility rate to increase by40%. Management is planning to install a gas-powered generator at the projectthat should ultimately cut heating, electric, and hot water costssubstantially. Furthermore, management is attempting to reduce heating coststhrough minor structural changes.  TheOperating General Partner continues to fund deficits using the operatingdeficit reserve account and his operating deficit guarantee is unlimited intime and amount.

 

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Columbia Woods LP (Columbia Woods Townhomes) is a 120 unit propertylocated in Newnan, GA. With a Debt Coverage Service Ratio of 0.95, the propertyperformed slightly below break even and expended $35,433. Operating expensesare above the state average. Operating expenses averaged $3,951/unit in 2004and have increased to $3,951/unit during the first quarter of 2005. Lowoccupancy is a problem at the property. Occupancy averaged 87.4% in 2004, butwas only 80% occupied as of March 2005. Management is aggressivelymarketing the property to fill vacate units. 

 

(Series 38). As of March 31, 2005 and 2004, the averageQualified Occupancy for the series was 100%. The series had a total of 10 properties at March 31, 2005, all ofwhich were at 100% qualified occupancy.

 

For the tax years ended December 31, 2004 and 2003, the series, intotal, generated $1,193,535 and $1,506,105, respectively, in passive income taxlosses that were passed through to investors and also provided $.94 for bothyears in tax credits per BAC to the investors.

 

Series 38 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer Calhoun Group”). The Operating Partnerships are Hammond Place Apartments Partnership andWillowbrook II Apartments Partnership. The affordable housing properties owned by the Calhoun Partnerships arelocated in Louisiana and consist of approximately 80 apartment units intotal.  The low income housing tax creditavailable annually to Series 38 from the Calhoun Partnerships isapproximately $386,388, which is approximately 16% of the total annual taxcredit available to investors in Series 38.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Reimer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorneyintended to bring criminal charges against certain members of the ReimerCalhoun group for falsifying the certified cost basis upon which the LouisianaHousing Finance Agency determined the tax credit calculation with respect toapproximately 40 Operating Partnerships in which Series 38 is not aninvestor.  The Investment Limited Partnerused these certifications in determining the tax credits investors wouldreceive through their investment in the Calhoun Partnerships. In effect, itappears that the contractor that built the apartment properties (an affiliateof Mr. Calhoun’s) overbilled the respective Operating Partnerships,thereby improperly inflating the cost certification and the amount of taxcredit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, ReimerCalhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to the

 

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Investment General Partner was $1,559,723.  This amount includes the monies previouslypaid by Mr. Calhoun. The additional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.  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 with thecriminal 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.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,management agents and partnership accountants, and (c) clarify the rightsof the Investment General Partner to remove a general partner in the future inthe event of certain specified events.

 

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.

 

Columbia Creek, L.P.  (ColumbiaCreek) is a 172 unit (137 LIHTC units) family project in Woodstock, GA. In2004, the property suffered financially from the combined effect of lowoccupancy and higher than average operating expenses. Despite a loan from theOperating General Partner, the property lost money in 2004. Occupancy for 2004averaged 91%, with operating expenses at $4191 per unit ($524 higher than thestate average.) Replacement reserves were not

 

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funded during 2004. In 2005, the property’s operations have improvedsignificantly. During the first quarter of 2005, occupancy improved slightly, averaging93%, and operating expenses were reduced by approximately 10%. During the firstquarter 2005, the Operating Partnership generated cash and funded theirreplacement reserves.

 

(Series 39).As of March 31, 2005 and 2004 the average Qualified Occupancy for theseries was 100%.  The series had a totalof 9 properties at March 31, 2005, all of which were at 100% qualifiedoccupancy.

 

Forthe tax year ended December 31, 2004 and 2003 the series, in total,generated $1,138,679 and $1,507,451, respectively, in passive income tax lossesthat were passed through to investors. The series also provided $.93 for bothyears in tax credits per BAC to the investors.

 

Asof March 31, 2005 and 2004, Investments in Operating Partnerships for Series 39was $12,453,172 and $13,521,338, respectively. The decrease is a 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, 2005 and 2004 the net loss of theseries was $1,315,746 and $1,400,093, respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee, impairment losses, amortization of acquisition costs andinterest income. It is anticipated that the net loss will begin to stabilize infuture years as the Operating Partnerships become fully leased-up and stabilizeoperations.

 

Series 39 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer 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 availableannually to Series 39 from the Calhoun Partnerships is approximately$126,268, which is approximately 6% of the total annual tax credit available toinvestors in Series 39.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Reimer 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 Reimer 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 38 otheroperating partnerships in which Series 39 is not an investor). TheInvestment Limited Partner used these certifications in determining the taxcredits investors would receive through their investment in the CalhounPartnerships.  In effect, it appears thatthe contractor that built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

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In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, ReimerCalhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.  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 with thecriminal 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.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement of generalpartners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,

 

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management agents and partnership accountants, and (c) clarify therights of the Investment General Partner to remove a general partner in thefuture in the event of certain specified events.

 

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.

 

Arbors at Ironwood L.P. (Arbors at Ironwood), is an 88-unit familyproperty located in Mishawaka, IN.  Occupancy at the property declined in 2004 and as of the first quarterof 2005 averaged only 74%.  A new managerwas hired April 2005 and it is hoped that this change, together withincreased supervision and marketing plan will retain existing residents andimprove occupancy. The property is currently operating at a deficit that theOperating General Partner continues to fund. Taxes, insurance, and mortgage payments are all current. The InvestmentGeneral Partner has been working closely with the Operating General Partner andmanagement company since mid-2004. Occupancy reports are being forwarded to the Investment General Partnereach week and bimonthly conference calls are held with the director of SterlingManagement to review progress. The Investment General Partner visited theproperty again in March 2005 and found the area to be economically strongand the property to be in good condition. 

 

Columbia Creek, L.P.** **(Columbia Creek) is a 172 unit(137 LIHTC units**)**family project in Woodstock, GA.In 2004, the property suffered financially from the combined effect of lowoccupancy and higher than average operating expenses. Despite a loan from theOperating General Partner, the property lost money in 2004. Occupancy for 2004averaged 91%, with operating expenses at $4191 per unit ($524 higher than thestate average.) Replacement reserves were not funded during 2004. In 2005, theproperty’s operations have improved significantly. During the first quarter of2005, occupancy improved slightly, averaging 93%, and operating expenses werereduced by approximately 10%. During the first quarter 2005, the propertygenerated cash and funded their replacement reserves.

 

(Series 40).As of March 31, 2005 and 2004 the average Qualified Occupancy for theseries was 100%.  The series had a totalof 16 properties at March 31, 2005 all of which were at 100% qualifiedOccupancy.

 

For the tax years ended December 31, 2004 and 2003 the series, intotal, generated $1,506,573 and $1,617,590, respectively in passive income taxlosses that were passed through to investors and also provided $.92 and $.96,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2005 and 2004, Investments in OperatingPartnerships for Series 40 was $16,062,040 and $17,263,072,respectively.  The decrease is a resultof the way 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, 2005 and 2004 the net loss of theseries was $1,513,641 and $1,283,501, respectively.  The major components of these amounts are theFund’s share of loss from Operating Partnerships, the fund management fee,impairment losses and interest income. It is anticipated that the net loss will begin to stabilize in futureyears as the Operating Partnerships become fully leased-up and stabilizeoperations.

 

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Series 40 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer 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 40from the Calhoun Partnerships is approximately $255,292, which is approximately10% 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 Reimer 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 Reimer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation (as wellas with respect to approximately 37 other operating partnerships in which Series 40is not an investor).   The InvestmentLimited Partner used these certifications in determining the tax creditsinvestors would receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, ReimerCalhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoid amendingtax returns already filed for the years 2001, 2002 and 2003. Final ClosingAgreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

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With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.Murray Calhoun is the principal of Calhoun Property Management, L.L.C., whichhas provided property level management services for the apartment propertiesowned by the Calhoun Partnerships. Murray Calhoun also cooperated fully with the criminal investigation ofhis father, and the Investment General Partner and its affiliates haveconfirmed directly with the US Attorney that no evidence was found of anywrongdoing on the part of Murray Calhoun.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,management agents and partnership accountants, and (c) clarify the rightsof the Investment General Partner to remove a general partner in the future inthe event of certain specified events.

 

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.

 

Arbors at Ironwood L.P. (Arbors at Ironwood), is an 88-unit familyproperty located in Mishawaka, IN.  Occupancy at the property declined in 2004 and as of the first quarterof 2005 averaged only 71%.  A new managerwas hired April 2005 and it is hoped that this change, together withincreased supervision and marketing plan will retain existing residents andimprove occupancy. The property is currently operating at a deficit that theOperating General Partner continues to fund. Taxes, insurance, and mortgage payments are all current. The InvestmentGeneral Partner has been working closely with the Operating General Partner andmanagement company since mid-2004. Occupancy reports are being forwarded to the Investment General Partnereach week and bimonthly conference calls are held with the director of SterlingManagement to review progress. The Investment General Partner visited theproperty again in March 2005 and found the area to be economically strongand the property to be in good condition. 

 

(Series 41)As of March 31, 2005 and 2004 the average Qualified Occupancy for theseries was 100% and 97.8%, respectively. The series had a total of 23 properties at March 31, 2005 all ofwhich were at 100% qualified occupancy.

 

Forthe tax year ended December 31, 2004 and 2003 the series, in total,generated $3,693,118 and $1,593,532, respectively in passive income tax lossesthat were passed through to investors and also provided $1.10 and $1.04,respectively, in tax credits per BAC to the investors.

 

Asof March 31, 2005 and 2004, Investments in Operating Partnerships for Series 41was $13,954,936 and $18,522,070, respectively. The decrease is a

 

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result of 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 any distributionsreceived or accrued.

 

For year ended March 31, 2005 and 2004 the net loss of the serieswas $4,583,407 and $2,189,363, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, the fund management fee, impairment losses andamortization of acquisition costs.  Theincrease in the current year net loss was due primary by an impairment losstake by one Operating Partnership in the amount of $2,337,000.  It is anticipated that the net loss willfluctuate in future years until the Operating Partnerships become fully leased-upand stabilize operations.

 

Series 41 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer Calhoun Group”). The Operating Partnerships are Bienville Partnership and Red HillApartments I Partnership.  The affordablehousing properties owned by the Calhoun Partnerships are located in Louisianaand consist of approximately 64 apartment units in total.  The low income housing tax credit availableannually to Series 41 from the Calhoun Partnerships is approximately$128,767, which is approximately 5% of the total annual tax credit available toinvestors in Series 41.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Reimer 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 Reimer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation (as wellas with respect to approximately 38 other operating partnerships in which Series 41is not an investor).  The InvestmentLimited Partner used these certifications in determining the tax creditsinvestors would receive through their investment in the Calhoun Partnerships.In effect, it appears that the contractor that built the apartment properties(an affiliate of Mr. Calhoun’s) overbilled the respective OperatingPartnerships, thereby improperly inflating the cost certification and theamount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, ReimerCalhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some casesthe Operating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.Murray Calhoun is the principal of Calhoun Property Management, L.L.C., whichhas provided property level management services for the apartment propertiesowned by the Calhoun Partnerships. Murray Calhoun also cooperated fully with the criminal investigation ofhis father, and the Investment General Partner and its affiliates haveconfirmed directly with the US Attorney that no evidence was found of anywrongdoing on the part of Murray Calhoun.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that it will consent to the replacement ofgeneral partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,management agents and partnership accountants, and (c) clarify the rightsof the Investment General Partner to remove a general partner in the future inthe event of certain specified events.

 

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 (Plaintiff) filed a lawsuit against the former OperatingGeneral Partner and its affiliates for breaches of various agreements.  In December of 2004, a judgment wasfiled in the Superior Court of the State of California (San Diego County)awarding the Plaintiffs the amount of $3,507,426 plus post judgment interest atan annual rate of 10%.  In addition,attorneys fees for the Plaintiff were awarded in the amount of $1,125,000 plus$123,697 in costs.  The InvestmentGeneral Partner is currently pursing payment of the aforementioned judgments.

 

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In the first quarter of 2005, six families were temporarily relocatedfor two weeks from one building as a precaution while repairs were undertakento stabilize hillside soils due to the movement of a retaining wall.  The retaining wall may not have beenconstructed properly and an investigation is on going to determine the causeand potential responsible party to cover the costs incurred for the remodelwork necessary.  The property continuesto operate above breakeven.

 

Brookstone Place II LDHA, L.P. (Brookstone Place II Apartments), is a 72-unitfamily property located in Port Huron, MI. The 2005 first quarter occupancy has significantly improved to 93%, from81% through year end 2004.  Thisimprovement is a direct result of management’s focus on resident retention,site control, and targeted marketing efforts. In addition, tenant receivableshave decreased from previous quarters. The Investment General Partner has beenworking closely with the Operating General Partner and management company sincemid-2004.  Occupancy reports are beingforwarded to the Investment General Partner each week and bimonthly conferencecalls are held with the director of Sterling Management to review progress. TheInvestment General Partner visited the property again in March 2005 andfound the area to be economically strong and the property to be in goodcondition.  Taxes, insurance, andmortgage payments are all current and the Operating General Partner continuesto fund operating deficits.

 

Rural Housing Partners of Mendota, L.P. (Northline Terrace), is a 24-unitfamily property located in Mendota, IL. In 2004, with property operated with aDebt Coverage Service Ratio of 0.84 due to an average occupancy of 88.54%.  Occupancy issues at the property stem from alack of qualified applicants.  In thefourth quarter of 2004 a new on-site manager was assigned to the property. Inan attempt to increase occupancy the new site manager has expanded the advertisingefforts. The first quarter of 2005 occupancy was at 79%. The Investment GeneralPartner will continue to work with the Operating General Partner to stabilizeoccupancy. The mortgage, property taxes, and insurance are current.

 

(Series 42). As of March 31, 2005 and 2004 the average QualifiedOccupancy for the series was 100% and 97.6%, respectively.  The series had a total of 22 properties at March 31,2005, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2004 and 2003 the series, intotal, generated $1,825,089 and $1,766,304, respectively in passive income taxlosses that were passed through to investors and also provided $.95 and $.81,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2005 and 2004, Investments in Operating Partnershipsfor Series 42 was $16,412,718 and $17,580,082, respectively. The decreaseis a result of the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund 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, 2005 and 2004 the net loss of theseries was $1,521,554 and $1,802,657, respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee, amortization of acquisition costs and interestincome.  It is anticipated that the netloss will fluctuate in future years until the series finishes acquiringOperating Partnerships, construction is completed on the Operating Partnershipsand they become fully leased-up and stabilize operations.

 

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Series 42 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner initially was ReimerCalhoun, Jr. or an entity which was affiliated with or controlled byReimer Calhoun (the “Reimer Calhoun Group”). The Operating Partnerships are Natchez Place II Partnership andWingfield Apartments 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 availableto investors in Series 42.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Reimer 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 Reimer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation (as wellas with respect to approximately 38 other operating partnerships in which Series 42is not an investor).   The InvestmentLimited Partner used these certifications in determining the tax creditsinvestors would receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to chargesof wire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partnerobtained $1,282,202, currently held in escrow, from Reimer Calhoun for thepurpose of offsetting any potential losses to tax credits caused by Mr. Calhoun’sfraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, ReimerCalhoun, Jr. was sentenced to 60 months in the custody of the UnitedStates Bureau of Prisons.  On Count 2, Mr. Calhounreceived a concurrent 60 month sentence. Mr. Calhoun’s prison sentence began on October 13, 2003.  Mr. Calhoun was further fined $500,000and ordered to pay restitution of $4,363,683 to various parties.  The amount of restitution ordered paid to theInvestment General Partner was $1,559,723. This amount includes the monies previously paid by Mr. Calhoun. Theadditional $277,521 was received in December 2003.

 

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.

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. FinalClosing Agreements have now been entered into with the IRS for each of thepartnerships. At this point, the Investment Partnerships have incurredsubstantial legal and accounting costs based upon Mr. Calhoun’s fraud. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

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With respect to each of the Calhoun Partnerships either (a) ReimerCalhoun’s controlling interest in the Operating General Partner has beenassigned to Murray Calhoun the son of Reimer Calhoun or (b) in some cases theOperating General Partner entity itself has been replaced with a new entitycontrolled by Murray Calhoun and in which Reimer Calhoun has no interest.Murray Calhoun is the principal of Calhoun Property Management, L.L.C., whichhas provided property level management services for the apartment propertiesowned 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.

 

Murray Calhoun and the Investment General Partner and its affiliateshave all undertaken discussions with the Rural Housing Service of the U.S.Department of Agriculture, in its capacity as first mortgage lender for each ofthe Calhoun Partnerships, to make sure that all of the mortgage loans are andwill continue to be in good standing notwithstanding the overstated credit andthe criminal prosecution resulting therefrom. RHS has also indicated that itwill consent to the replacement of general partners noted above.

 

In addition, Murray Calhoun and the Investment General Partner and itsaffiliates have entered into agreements which (a) cause Murray Calhoun toguarantee performance of all of the obligations to limited partners previouslyguaranteed by Reimer Calhoun, (b) tighten up the consent rights of theInvestment General Partner in connection with changing general partners,management agents and partnership accountants, and (c) clarify the rights of theInvestment General Partner to remove a general partner in the future in theevent of certain specified events.

 

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 (Plaintiff) filed a lawsuit against the formerOperating General Partner and its affiliates for breaches of variousagreements. In December of 2004, a judgment was filed in the Superior Court ofthe State of California (San Diego County) awarding the Plaintiffs the amountof $3,507,426 plus post judgment interest at an annual rate of 10%. Inaddition, attorneys fees for the Plaintiff were awarded in the amount of$1,125,000 plus $123,697 in costs. The Investment General Partner is currentlypursing payment of the aforementioned judgments.

 

In the first quarter of 2005, six families were temporarily relocatedfor two weeks from one building as a precaution while repairs were undertakento stabilize hillside soils due to the movement of a retaining wall. Theretaining wall may not have been constructed properly and an investigation ison going to determine the cause and potential responsible party to cover thecosts incurred for the remodel work necessary. The property continues tooperate above breakeven.

 

Dorchester Court Limited Dividend Housing Association LimitedPartnership (Dorchester Court Apartments) is a 131 unit, multi-buildingapartment complex located in Port Huron, MI. Because construction completionoccurred 7 months later than projected and lease up completion is currentlyestimated to occur 10 months later than projected, a downward timing adjusteris expected to reduce the amount of Series 42 and Series 43 required capitalcontributions by approximately $260,000 each. As a result, the property had apermanent mortgage funding gap in the amount of approximately $200,000. Thisamount

 

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represents monies owed to the general contractor for constructioncosts. Currently, the general contractor is owed approximately $50,000. TheOperating General Partner has made several payments to the general contractorover the past few months. The general contractor has placed a lien on theproperty for the balance of the outstanding construction costs.

 

One of the Operating General Partner’s has proposed the substitution ofa new Operating General Partner in place of one Operating General Partnerinterest. The new entity will hold 50% of the Operating General Partnerinterest in the Operating Partnership. The new Operating General Partner willbe an LLC whose owners have substantial business interest and experience inreal estate. As part of the Operating General Partner transfer, the newOperating General Partner will contribute funds to the Operating Partnership. Perthe current Operating General Partner, approximately $111,000 will becontributed to the Operating Partnership to bring the mortgage current and payoff the general contractor and architect. The Investor Limited Partner is inthe process of reviewing the proposed Operating General Partner substitution. Itis the current Operating General Partner’s goal to close the transfer by June1, 2005.

 

Average occupancy for the first quarter of 2005 was 92%. The propertyoperated at below breakeven due to increased advertising and utility costs. TheOperating Partnership’s taxes and insurance are current. The OperatingPartnership’s mortgage is one month in arrears and will be brought current uponthe completion of the Operating General Partner transfer. Accounts payableincreased to approximately $100,000 for the first quarter of 2005. TheOperating General Partner continues to advance funds to the property foroperating deficits. As of mid-May, 2005, the physical occupancy was 95% with 3units leased for a projected physical occupancy of 98%. The property iscurrently offering $300 off of the first month’s rent for a three bedroom unit.The property is anticipated to maintain high occupancy rates throughout 2005and generate positive cash flow by the third quarter of 2005.

 

Los Lunas Apartments, LP (Hillridge Apartments), located in Los Lunas,NM, is a 39 unit property. In 2004 the property operated below breakeven andmaintained an average occupancy of 86%. The Operating General Partner felt themanagement company was not overseeing the property sufficiently and stepped inas the management agent in January 2005. Since the new management has takenover, operations have improved through the first quarter of 2005 and theproperty was able to operate above breakeven.

 

Jeremy Associates L.P., a 93-unit family development located in LasColinas, Texas operated below breakeven during 2003. Occupancy changes and theoverall decline in the sub-market during 2003 and 2004 are related to increasedcompetition with other tax credit communities. To remain competitive, theproperty increased advertising and outreach marketing to local business andretail centers, reduced prices on two and three bedrooms to remain competitivewith newer conventional product with more amenities, increased hours ofoperation to include Sundays and increased internet advertising. Averageoccupancy through year-end 2004 is 88.6% and trending up to 94.62% for thefirst quarter of 2005. The property also experienced high operating costsattributed to foundation and stress cracks over the past several years. Between2001 and 2003 a total of $61,310 in foundation work was completed. An engineer’sreport was conducted to inspect all buildings for foundation movement in 2003.The inspection identified five buildings with current foundation movement. The2004 capital expenditures reflect monies for immediate repair to rebuild threestair towers and two landings related to foundation movement at total cost of$23,140; Metal perimeter fence repair on west side of community re-braced dueto ground movement and car damage at

 

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total cost of $5,290 were completed in March. Other capital workconsisted of carpet replacements, vinyl replacement, boiler repairs, a new heatexchanger and swimming pool repair work related to code changes.

 

The foundation work was not completed in 2004. The overall estimate tocomplete the foundation work and address the interior issues as a result of themovement is estimated at $170,000. However, several emergency repairs wereneeded to rebuild three deteriorating stair towers, resulting from foundationmovement. At this point the Operating General Partner is monitoring movement inthe five buildings identified in the engineer’s report before proceedingfurther.

 

The Investment General Partner visited the property in 2004 andreviewed the work that has been completed and discussed the future improvementswith the Operating General Partner. The Investment General Partner willcontinue to work with the Operating General Partner through the completion ofthe improvements and reduction of the operating expenses. The mortgage, tradepayables, property taxes and insurance are current.

 

(Series 43) As of March 31, 2005 and 2004 the average QualifiedOccupancy for the series was 100% and 97.2%, respectively. The series had atotal of 22 properties as of March 31, 2005, all of which were at 100%qualified occupancy.

 

For the tax years ended December 31, 2004 and 2003 the series, intotal, generated $2,912,494 and $2,374,710, respectively in passive income taxlosses that were passed through to investors and also provided $.83 and $.63,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2005 and 2004, Investments in Operating Partnershipsfor Series 43 was $21,850,521 and $24,108,220, 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.

 

For the year ended March 31, 2005 and 2004 the net loss of the serieswas $2,493,942 and $2,679,274, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee, interest income and amortization of acquisition costs. It isanticipated that the net loss will fluctuate in future years until the seriesfinishes acquiring Operating Partnerships, construction is completed on theOperating Partnerships and they become fully leased-up and stabilize operations.

 

Alexander Mills L.P. (Alexander Mills Apartments) is a 224-unit newconstruction apartment complex located in Lawrenceville, Georgia. Constructioncompletion fell behind eight months due to having to secure legal rights topublic water sources. During this time, two other subsidized apartmentcomplexes were constructed nearby, resulting in an overbuilt market. Thiscaused the property to complete lease-up four months behind the original August2003 projection. In response to increased competition, the Operating GeneralPartner offered concessions, including reductions in rental rates and freerent. Occupancy reached a high of 98% in the first quarter of 2005 and theproperty generated $15,863 posting a Debt Coverage Service Ratio of 1.07. Theproperty is performing well but has been unable to achieve a Debt CoverageService Ratio of 1.20 necessary to convert to the permanent loan through FannieMae. The Operating General Partner is currently working with the lender toobtain another time extension or to secure additional financing.

 

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All of the associated fees have been funded directly by the OperatingGeneral Partner as part of the completion guarantee, which is unlimited in timeand amount.

 

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its LimitedPartner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against the formerOperating General Partner and its affiliates for breaches of variousagreements. In December of 2004, a judgment was filed in the Superior Court ofthe State of California (San Diego County) awarding the Plaintiffs the amountof $3,507,426 plus post judgment interest at an annual rate of 10%. Inaddition, attorneys fees for the Plaintiff were awarded in the amount of$1,125,000 plus $123,697 in costs. The Investment General Partner is currentlypursing payment of the aforementioned judgments.

 

In the first quarter of 2005, six families were temporarily relocatedfor two weeks from one building as a precaution while repairs were undertakento stabilize hillside soils due to the movement of a retaining wall. Theretaining wall may not have been constructed properly and an investigation ison going to determine the cause and potential responsible party to cover thecosts incurred for the remodel work necessary. The property continues tooperate above breakeven.

 

Dorchester Court Limited Dividend Housing Association LimitedPartnership (Dorchester Court Apartments) is a 131 unit, multi-buildingapartment complex located in Port Huron, MI. Because construction completionoccurred 7 months later than projected and lease up completion is currentlyestimated to occur 10 months later than projected, a downward timing adjusteris expected to reduce the amount of Series 42 and Series 43 required capitalcontributions by approximately $260,000 each. As a result, the property had apermanent mortgage funding gap in the amount of approximately $200,000. Thisamount represents monies owed to the general contractor for construction costs.Currently, the general contractor is owed approximately $50,000. The OperatingGeneral Partner has made several payments to the general contractor over thepast few months. The general contractor has placed a lien on the property forthe balance of the outstanding construction costs.

 

One of the Operating General Partner’s has proposed the substitution ofa new Operating General Partner in place of one Operating General Partnerinterest. The new entity will hold 50% of the Operating General Partnerinterest in the Operating Partnership. The new Operating General Partner willbe an LLC whose owners have substantial business interest and experience inreal estate. As part of the Operating General Partner transfer, the newOperating General Partner will contribute funds to the Operating Partnership. Perthe current Operating General Partner, approximately $111,000 will becontributed to the Operating Partnership to bring the mortgage current and payoff the general contractor and architect. The Investor Limited Partner is inthe process of reviewing the proposed Operating General Partner substitution. Itis the current Operating General Partner’s goal to close the transfer by June1, 2005.

 

Average occupancy for the first quarter of 2005 was 92%. The propertyoperated at below breakeven due to increased advertising and utility costs. TheOperating Partnership’s taxes and insurance are current. The OperatingPartnership’s mortgage is one month in arrears and will be brought current uponthe completion of the General Partner transfer. Accounts payable increased toapproximately $100,000 for the first quarter of 2005. The Operating GeneralPartner continues to advance funds to the property for operating deficits. Asof mid-May, 2005, the physical occupancy was 95% with 3 units leased for aprojected physical occupancy of 98%. The property is

 

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currently offering $300 off of the first month’s rent for a threebedroom unit. The property is anticipated to maintain high occupancy ratesthroughout 2005 and generate positive cash flow by the third quarter of 2005.

 

Lakewood Apartments-Saranac Limited Partnership (Lakewood Apartments)is a 24 unit property located in Saranac, MI. The property cannot break evendue to low occupancy and high expenses. Occupancy averaged 84.7% during thefirst quarter of 2005. Management has difficulty finding tenants withsufficient income to afford the property’s rents. Funding for Section 8vouchers in the area is scarce, and management has been in contact with thelocal Housing Authority regarding this matter. Management has been offering onemonth rental concessions, move-in specials, and application fee waivers in aneffort to attract tenants. Management’s marketing push, which has increasedadvertising and payroll expenses, is responsible for higher than averageoperating expenses.

 

(Series 44). As of March 31, 2005 and 2004 the average QualifiedOccupancy for the series was 100% for both years. The series had a total of 8properties as of March 31, 2005, all of which were at 100% qualified occupancy.

 

For the tax year ended December 31, 2004 and 2003 the series, in total,generated $1,650,521 and $1,471,827, respectively in passive income tax lossesthat were passed through to investors. The series also provided tax credits tothe investors of $.67 for 2004 and between $.21 and $.28 for 2003, depending onthe investors’ date of admission.

 

As of March 31, 2005 and 2004, Investments in Operating Partnershipsfor Series 44 was $13,310,274 and $14,763,643, respectively. Investments inOperating Partnerships, was also be affected by the way the Fund accounts forsuch investments, the equity method. By using the equity method the Fundadjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the year ended March 31, 2005 and 2004 the net loss of the serieswas $1,113,681 and $1,342,776, respectively. The major components of these amountsare the Fund’s share of loss from Operating Partnerships, the fund managementfee, interest income and amortization of acquisition costs. It is anticipatedthat the net loss will fluctuate in future years until the series finishesacquiring Operating Partnerships, construction is completed on the OperatingPartnerships and they become fully leased-up and stabilize operations.

 

Alexander Mills L.P. (Alexander Mills Apartments) is a 224-unit newconstruction apartment complex located in Lawrenceville, Georgia. Constructioncompletion fell behind eight months due to having to secure legal rights topublic water sources. During this time, two other subsidized apartmentcomplexes were constructed nearby, resulting in an overbuilt market. Thiscaused the property to complete lease-up four months behind the original August2003 projection. In response to increased competition, the Operating GeneralPartner offered concessions, including reductions in rental rates and freerent. Occupancy reached a high of 98% in the first quarter of 2005 and theproperty generated $15,863 posting a Debt Coverage Service Ratio of 1.07. Theproperty is performing well but has been unable to achieve a Debt CoverageService Ratio of 1.20 necessary to convert to the permanent loan through FannieMae. The Operating General Partner is currently working with the lender toobtain another time extension or to secure additional financing. All of theassociated fees have been funded directly by the Operating General Partner aspart of the completion guarantee, which is unlimited in time and amount.

 

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(Series 45) As of March 31, 2005 and 2004 the average QualifiedOccupancy for the series was 96.2% and 91.9%, respectively. The series had atotal of 28 properties as of March 31, 2005. Out of the total, 25 were at 100%qualified occupancy and 2 were in initial lease-up. The series also had 1properties under construction at March 31, 2005.

 

For the tax year ended December 31, 2004 and 2003 the series, in total,generated 1,374,052 and $944,714, respectively in passive income tax lossesthat were passed through to investors. The series also provided tax credits tothe investors of $.55 for 2004 and between $.07 and $.11 for 2003, depending onthe investors’ date of admission.

 

As of March 31, 2005 and 2004, Investments in Operating Partnershipsfor Series 45 was $25,212,481 and $22,349,618, respectively. The increaseamount is a result of the Fund acquiring 4 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 methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the period ended March 31, 2005 and 2004 the net loss of the serieswas $1,314,735 and $544,382, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee, interest income and amortization of acquisition costs. It isanticipated that the net loss will fluctuate in future years until the seriesfinishes acquiring Operating Partnerships, construction is completed on theOperating Partnerships and they become fully leased-up and stabilizeoperations.

 

Brookstone Place II LDHA, L.P. (Brookstone Place II Apartments), is a72-unit family property located in Port Huron, MI. The 2005 first quarteroccupancy has significantly improved to 93%, from 81% through year end 2004. Thisimprovement is a direct result of management’s focus on resident retention,site control, and targeted marketing efforts. In addition, tenant receivableshave decreased from previous quarters. The Investment General Partner has beenworking closely with the Operating General Partner and management company sincemid-2004. Occupancy reports are being forwarded to the Investment GeneralPartner each week and bi-monthly conference calls are held with the director ofSterling Management to review progress. The Investment General Partner visitedthe property again in March 2005 and found the area to be economically strongand the property to be in good condition. Taxes, insurance, and mortgagepayments are all current and the Operating General Partner continues to fundoperating deficits.

 

Harbet Avenue Limited Partnership (William B. Quarton Place) is a 28unit family property located in Cedar Rapids, Iowa. The Investment GeneralPartner has learned that during 2004 and through February 2005 inappropriate checksand wires were made to the Operating General Partner from the Partnership’sescrow and operating accounts. The total of the misappropriated funds isestimated to be $142,758. The Operating General Partner is a not for profitorganization that was experiencing financial difficulties. The accountingmanager was able to make the monetary transfers due to a lack of oversight fromthe interim director. The accounting manager was fired in March 2005. TheOperating General Partner has taken steps to ensure that this cannot happen inthe future, requiring all transfers to have a signature of the ExecutiveDirector, and the creation of a dual position model for the newly hired financedirectors. All accounts will be moved to Bankers Trust in order to increase security.Accounts can be viewed on-line by the President CEO, and the Board Chair. Activityreports will be reviewed monthly by the Board

 

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of Directors. In order to repay the funds back to the Partnership, theBoard has formed a Property Options Committee to review all of their assets fora potential sale. Proceeds from the sale of properties, and from unrestricteddonations will be targeted for the refunding of the Partnership accounts. Allaccounts are expected to be repaid by the end of 2005. The Investment GeneralPartner is working with attorneys to determine the best way to ensure the fundsare restored to the Partnership in a prompt manner.

 

(Series 46) As of March 31, 2005 and 2004 the average QualifiedOccupancy for the series was 100% and 90.0%, respectively. The series had atotal of 12 properties as of March 31, 2005. Out of the total, 11 were at 100%qualified occupancy and 1 property was under construction at March 31, 2005.

 

For the tax year ended December 31, 2004 and 2003 the series, in total,generated $1,215,153 and $30,877, respectively in passive income tax lossesthat were passed through to investors. The series also provided tax credits tothe investors of $.24 for 2004. The series did not generate any tax credits perBAC to the investors for the calendar year ended December 31, 2003.

 

As of March 31, 2005 and 2004, Investments in Operating Partnershipsfor Series 46 was $16,815,777 and $10,331,681, respectively. The increaseamount is a result of the Fund acquiring 6 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 methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the period ended March 31, 2005 and 2004 the net loss of the serieswas $625,083 and $206,301, respectively. The major components of this amountare the Fund’s share of loss from Operating Partnerships and organizationexpenses.

 

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# ContractualObligations

 

As of March 31, 2005, the Fund has the following contractualobligations (payments due by period):

 
| **Obligation**                                | ** ** | **Total**  | ** ** | **<1 year** | ** ** | **1-3  years** | ** ** | **3-5  years** | ** ** | **> 5 years** | ** ** |
|-----------------------------------------------|------------|------------|------------|----------------|------------|----------------|------------|----------------|------------|------------------|------------|
|                                          |       |       |       |           |       |           |       |           |       |             |       |
| Asset Management  Fees Payable to Affiliates* |       | $          | 25,076,405 |           | $          | 25,076,405     |       | $              | —     |             | $          | — |   | $ | — |   |
| Capital  Contributions Payable                |       | 19,635,047 |       | 18,999,062     |       | 635,985        |       | —         |       | —           |       |
|                                          |       |       |       |           |       |           |       |           |       |             |       |
| Total                                         |       | $          | 44,711,452 |           | $          | 44,075,467     |       | $              | 635,985    |             | $          | — |   | $ | — |   |

 

----

*Although accrued Asset Management Fees are currently due, payments are made only to the extent that proceeds become available from the sale or refinance of the Operating Partnerships.

 

Off Balance Sheet Arrangements

 

None.

 

Principal Critical Accounting Policies and Estimates

 

The financial statements are prepared in accordance with accountingprinciples generally accepted in the United States of America, which requiresthe Fund to make certain estimates and assumptions. A summary of significantaccounting policies is provided in Note 1 to the financial statements. Thefollowing section is a summary of certain aspects of those accounting policiesthat may require subjective or complex judgments and are most important to theportrayal of Fund’s financial condition and results of operations. The Fundbelieves 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 Fund is required to assess potential impairmentsto its long-lived assets, which is primarily investments in limitedpartnerships. The Fund accounts for its investment in limited partnerships inaccordance with the equity method of accounting since the Partnership does notcontrol the operations of the Operating Limited Partnership.

 

If the book value of the Fund’s investment in anOperating Partnership exceeds the estimated value derived by management, whichgenerally consists of the remaining future Low-Income Housing Credits allocableto the Partnership and the estimated residual value to the Partnership, thePartnership reduces its investment in any such Operating Limited Fund andincludes such reduction in equity in loss of investment of limitedpartnerships.

 

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Recent Accounting Pronouncements

 

As of March 31, 2004, the partnership adopted FASB Interpretation No.46 - Revised (“FIN46R”), “Consolidation of Variable Interest Entities.”**FIN 46R provides guidance on when a company should includethe assets, liabilities, and activities of a variable interest entity (“VIE’’)in its financial statements and when it should disclose information about itsrelationship with a VIE. A VIE is a legal structure used to conduct activitiesor hold assets, which must be consolidated by a company if it is the primarybeneficiary because it absorbs the majority of the entity’s expected losses,the majority of the expected returns, or both.

 

Based on the guidance of FIN 46R, the operating limitedpartnerships in which the partnership invests in meet the definition of a VIE. However,management does not consolidate the partnership’s interests in these VIEs underFIN 46R, as it is not considered to be the primary beneficiary. Thepartnership currently records the amount of its investment in thesepartnerships as an asset in the balance sheets, recognizes its share ofpartnership income or losses in the statements of operations, and discloses howit accounts for material types of these investments in the financialstatements.

 

The partnership’sbalance in investment in operating limited partnerships, plus the risk ofrecapture of tax credits previously recognized on these investments, representsits maximum exposure to loss. The partnership’s exposure to loss on thesepartnerships is mitigated by the condition and financial performance of theunderlying properties as well as the strength of the local general partners andtheir guarantee against credit recapture.

 

Exceptions to Certifications

 

The financial statements are presented as unaudited in the Form 10-K asof March 31, 2005 and 2004 and for the three years ended March 31, 2005 as theReport of the Independent Registered Public Accounting Firm could not be filedwithin the prescribed time period because the issuer was not able to obtainaudit opinions which refer to the auditing standards of the Public CompanyAccounting Oversight Board (United States) (PCAOB) of property partnerships, inwhich the issuer holds noncontrolling limited partner interests. Thenon-affiliated local operating partnership general partners engage theaccountants auditing each local operating partnership.

 

Historically, the audits, and the reports thereon, of the localoperating partnerships were performed in accordance with Generally AcceptedAuditing Standards (GAAS).

 

On May 11, 2005 draft guidance was issued by the Public CompanyAccounting Oversight Board which was confirmed on June 24, 2005 by the AICPACenter for Public Company Audit Firms, that clearly establishes the requirementfor the audit reports of the operating partnerships of a Public Fund to referto the auditing standards of the PCAOB.

 

The audits of the operating partnerships were performed primarilyduring the months of January and February and refer to Generally AcceptedAuditing Standards. We have all appropriate originally signed opinions from theoperating partnerships, however, they do not refer to the auditing standards ofthe Public Company Accounting Oversight Board.

 

Our independent registered public accounting firm has performed anaudit of the registrant but cannot issue an opinion in accordance with thestandards of the Public Company Accounting Oversight Board (United States). Therefore,we are filing our 10-K as “UNAUDITED” as it is without an audit opinion.

 

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Item 7A.                                                  Quantitativeand Qualitative Disclosure About Market Risk

 

Not Applicable

 

Item 8.                                                            FinancialStatements and Supplementary Data

 

The information required by this item is contained inPart IV, Item 15 of this Annual Report on Form 10-K.

 

Item 9.                                                            Changesin and Disagreements with Accountants on Accounting and Financial Disclosure

 

None

 

Item 9A.                                                                           Controls& Procedures

 

(a)          Evaluation of DisclosureControls and Procedures As of the end of the period covered by this report, theFund’s General Partner, under the supervision and with the participation of thePrincipal Executive Officer and Principal Financial Officer of C&MManagement Inc. carried out an evaluation of the effectiveness of the Fund’s“disclosure controls and procedures” as defined in the Securities Exchange Actof 1934 Rules 13a-15 and 15d-15. Based on that evaluation, the Partnership’sPrincipal Executive Officer and Principal Financial Officer have concluded thatas of the end of the period covered by this report, the Fund’s disclosurecontrols and procedures were adequate and effective in timely alerting them tomaterial information relating to the Fund required to be included in the Fund’speriodic SEC filings.

 

(b)         Changes in InternalControls There were no changes in the Fund’s internal control over financialreporting that occurred during the quarter ended March 31, 2005 that materiallyaffected, or are reasonably likely to materially affect, the Fund’s internalcontrol over financial reporting.

 

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# PART III

 

Item 10.                  Directorsand Executive Officers of the Registrant

 

(a),(b), (c), (d) and (e)

 

The Partnership has no directors or executives officers of its own. Thefollowing biographical information is presented for the partners of the GeneralPartners and affiliates of those partners (including Boston Capital Partners,Inc. (“Boston Capital”)) with principal responsibility for the Partnership’saffairs.

 

**John P. Manning,** age 56, isco-founder, and since 1974 has been the President and Chief Executive Officerof Boston Capital Corporation. As founding CEO of Boston Capital, Mr. Manning’sprimary responsibilities include strategic planning, business development andthe continued oversight of new opportunities. In addition to hisresponsibilities at Boston Capital Corporation, Mr. Manning is a proactiveleader in the multifamily real estate industry. He served in 1990 as a memberof the Mitchell-Danforth Task Force, which reviewed and suggested reforms to theLow Income Housing Tax Credit program. He was the founding President of theAffordable Housing Tax Credit Coalition and is a former member of the board ofthe National Leased Housing Association. During the 1980s, he served as amember of the Massachusetts Housing Policy Committee as an appointee of theGovernor of Massachusetts. In addition, Mr. Manning has testified before theU.S. House Ways and Means Committee and the U.S. Senate Finance Committee onthe critical role of the private sector in the success of the Low IncomeHousing Tax Credit. In 1996, President Clinton appointed him to the President’sAdvisory Committee on the Arts at the John F. Kennedy Center for the PerformingArts. In 1998, President Clinton appointed Mr. Manning to the President’sExport Council, the premiere committee comprised of major corporate CEOs thatadvise the President on matters of foreign trade and commerce. In 2003, he wasappointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing.Mr. Manning sits on the Board of Directors of the John F. Kennedy PresidentialLibrary in Boston where he serves as Chairman of the Distinguished VisitorsProgram. He also on the Board of Directors of the Beth Israel Deaconess MedicalCenter in Boston. Mr. Manning is a graduate of Boston College.

 

Mr. Manning is the managing member of Boston Associates. Mr. Manning isalso the principal of Boston Capital Corporation. While Boston Capital is not adirect subsidiary of Boston Capital Corporation, each of the entities is underthe common control of Mr. Manning.

 

**Richard J. DeAgazio,**age 60, hasbeen the Executive Vice President of Boston Capital Corporation, and Presidentof Boston Capital Securities, Inc., Boston Capital’s NASD registeredbroker/dealer since 1981. Mr. DeAgazio formerly served on the national Board ofGovernors of the National Association of Securities Dealers (NASD). He recentlyserved as a member of the National Adjudicatory Council of the NASD. He was theVice Chairman of the NASD’s District 11 Committee, and served as Chairman ofthe NASD’s Statutory Disqualification Subcommittee of the National BusinessConduct Committee. He also served on the NASD State Liaison Committee, theDirect Participation Program Committee and as Chairman of the NominatingCommittee. He is a past President of the Real Estate Securities and SyndicationInstitute and a founder and past President of the National Real EstateInvestment Association, past President of the Real Estate Securities andSyndication Institute (Massachusetts Chapter). Prior to joining Boston Capitalin 1981, Mr. DeAgazio

 

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was the Senior Vice President and Director of the Brokerage Division ofDresdner Securities (USA), Inc., an international investment banking firm ownedby four major European banks, and was a Vice President of Burgess & Leith/Advest.He has been a member of the Boston Stock Exchange since 1967. He is on theBoard of Directors of Cognistar Corporation. He is a leader in the communityand serves on the Board of Trustees for Bunker Hill Community College, theBusiness Leaders Council of the Boston Symphony, Board of Trustees of JuniorAchievement of Northern New England, the Board of Advisors for the Ron BurtonTraining Village and is on the Board of Corporators of Northeastern University.He graduated from Northeastern University.

 

**Jeffrey H. Goldstein,**age 43, isChief Operating Officer and has been the 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 isresponsible for the financial and operational areas of Boston CapitalCorporation and assists in the design and implementation of businessdevelopment and strategic planning objectives. Mr. Goldstein previously servedas the Director of the Asset Management division as well as the head of thedispositions and troubled assets group. Utilizing his 16 years experience inthe real estate syndication and development industry, Mr. Goldstein has beeninstrumental in the diversification and expansion of Boston Capital Corporation’sbusinesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldsteinwas Manager of Finance for A.J. Lane & Co., where he was responsible forplacing debt on all new construction projects and debt structure for existingapartment properties. Prior to that, he served as Manager for HomeownerFinancial Services, a financial consulting firm for residential and commercialproperties, and worked as an analyst responsible for budgeting and forecastingfor the New York City Council Finance Division. He graduated from theUniversity of Colorado and received his MBA from Northeastern University.

 

**Kevin P. Costello,**age 58, isExecutive Vice President and has been the Director of Institutional Investingof Boston Capital Corporation since 1992 and serves on the firm’s ExecutiveCommittee. He is responsible for all corporate investment activity and hasspent over 20 years in the real estate syndication and investment business. Mr.Costello’s prior responsibilities at Boston Capital Corporation have involvedthe management of the Acquisitions Department and the structuring anddistribution of conventional and tax credit private placements. Prior tojoining Boston Capital Corporation in 1987, he held positions with FirstWinthrop, Reynolds Securities and Bache & Company. Mr. Costello graduatedfrom Stonehill College and received his MBA with honors from Rutgers’ GraduateSchool of Business Administration.

 

**Marc N. Teal,**age 41, has beenChief Financial Officer of Boston Capital Corporation since May 2003. Mr. Tealpreviously served as Senior Vice President and Director of Accounting and priorto that served as Vice President of Partnership Accounting. He has been withBoston Capital Corporation since 1990. In his current role as CFO he overseesall of the accounting, financial reporting, SEC reporting, budgeting, audit,tax and compliance for Boston Capital, its affiliated entities and all BostonCapital sponsored programs. Additionally, Mr. Teal is responsible formaintaining all banking and borrowing relationships of Boston CapitalCorporation and treasury management of all working capital reserves. He alsooversees Boston Capital’s information and technology areas, including thestrategic planning. Prior to joining Boston Capital in 1990, Mr. Teal was aSenior Accountant for Cabot, Cabot & Forbes, a multifaceted real estatecompany, and prior to that was a Senior Accountant for Liberty Real EstateCorp. He received a Bachelor of Science Accountancy from Bentley College and aMasters in Finance from Suffolk University.

 

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(f)                            Involvementin certain legal proceedings.

 

None.

 

(g)                           Promotersand control persons.

 

None.

 

(h) and (i)               TheFund has no directors or executive officers and accordingly has no auditcommittee and no audit committee financial expert. The Fund is not a listedissuer as defined in Regulation 10A-3 promulgated under the Securities ExchangeAct of 1934.

 

The General Partner of the Partnership, Boston CapitalAssociates LP, has adopted a Code of Ethics which applies to the PrincipalExecutive Officer and Principal Financial Officer of C&M Management, Inc. TheCode of Ethics will be provided without charge to any person who requests it. Suchrequest should be directed to, Marc N. Teal Boston Capital Corp. One BostonPlace Boston, MA 02108.

 

Item 11.                  ExecutiveCompensation

(a),(b), (c), (d) and (e)

 

The Fund has no officers or directors. However, under the terms of theAmended and Restated Agreement and Certificate of Limited Partnership of theFund, the Fund has paid or accrued obligations to the General Partner and itsaffiliates for the following fees during the 2005 fiscal year:

 

1. An annual fund management fee based on .5 percent of the aggregatecost of all Apartment Complexes acquired by the Operating Partnerships, lessthe amount of reporting fees received, has been accrued or paid to BostonCapital Asset Management Limited Partnership. The annual fund management feescharged to operations for the year ended March 31, 2005 was $6,057,625.

 

2. The Fund has reimbursed or accrued as a payable to an affiliate ofthe General Partner a total of $434,392 for amounts charged to operationsduring the year ended March 31, 2005. The reimbursement includes, but may notbe limited to postage, printing, travel, and overhead allocations.

 

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Item 12.                  SecurityOwnership of Certain Beneficial Owners and Management

 

(a)           Security ownership of certainbeneficial owners.

 

As of March 31, 2005, 83,651,080 BACs had been issued.The following Series are know to have one investor with holdings in excess of5% of the total outstanding BACs in the series.

 
| Series 20 |   | 6.83 | % |
|-----------|--------|------|---|
| Series 21 |   | 5.44 | % |
| Series 22 |   | 8.04 | % |
| Series 23 |   | 6.51 | % |
| Series 24 |   | 6.91 | % |
| Series 25 |   | 5.60 | % |
| Series 26 |   | 6.22 | % |
| Series 27 |   | 5.92 | % |

 

(b)                                 Securityownership of management.

 

The General Partner has a 1% interest in all Profits,Losses, Credits and distributions of the Fund. The Fund’s response to Item12(a) is incorporated herein by reference.

 

(c)                                  Changesin control.

 

There exists no arrangement known to the Fund theoperation of which may at a subsequent date result in a change in control ofthe Fund. There is a provision in the Limited Partnership Agreement whichallows, under certain circumstances, the ability to change control.

 

The Fund has no compensation plans under whichinterests in the Fund are authorized for issuance.

 

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Item 13.                                                       CertainRelationships and Related Transactions

 

(a)                                  Transactionswith management and others.

 

The Fund has no officers or directors. However, underthe terms of the public offering, various kinds of compensation and fees are payableto the General Partner and its Affiliates during the organization and operationof the Fund. Additionally, the General Partner will receive distributions fromthe partnership if there is cash available for distribution or residualproceeds as defined in the Fund Agreement. The amounts and kinds ofcompensation and fees are described on page 43 of the Prospectus, assupplemented, under the caption “Compensation and Fees”, which is incorporated hereinby reference. See Note B of Notes to Financial Statements in Item 15 of thisAnnual Report on Form 10-K for amounts accrued or paid to the General Partnerand its affiliates for the period April 1, 1995 through March 31, 2005.

 

(b)                                 Certainbusiness relationships.

 

The Fund response to Item 13(a) is incorporated hereinby reference.

 

(c)                                  Indebtednessof management.

 

None.

 

(d)                                 Transactionswith promoters.

 

Not applicable.

 

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Item 14.                                                       PrincipalAccountant Fees and Services

 

Fees paid to the Fund’s independent auditors forFiscal year 2005 were comprised of the following

 
| **Fee  Type**       | ** ** | **Ser. 20** | ** ** | **Ser. 21** | ** ** | **Ser. 22** | ** ** | **Ser. 23** | ** ** | **Ser. 24** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 16,740     |        | $          | 11,520      |       | $           | 17,160     |        | $          | 16,740 |   | $ | 16,700 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 278         |       | 278         |       | 278         |       | 278         |       | 278         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 5,660       |       | 4,010       |       | 6,485       |       | 5,330       |       | 5,660       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 22,678     |        | $          | 15,808      |       | $           | 23,923     |        | $          | 22,348 |   | $ | 22,678 |   |

 
| **Fee  Type**       | ** ** | **Ser. 25** | ** ** | **Ser. 26** | ** ** | **Ser. 27** | ** ** | **Ser. 28** | ** ** | **Ser. 29** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 16,740     |        | $          | 24,340      |       | $           | 13,620     |        | $          | 17,780 |   | $ | 16,740 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 278         |       | 278         |       | 278         |       | 278         |       | 278         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 5,330       |       | 9,125       |       | 4,505       |       | 5,990       |       | 5,660       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 22,348     |        | $          | 33,743      |       | $           | 18,403     |        | $          | 24,048 |   | $ | 22,678 |   |

 
| **Fee  Type**       | ** ** | **Ser. 30** | ** ** | **Ser. 31** | ** ** | **Ser. 32** | ** ** | **Ser. 33** | ** ** | **Ser. 34** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 14,720     |        | $          | 17,780      |       | $           | 17,890     |        | $          | 7,460 |   | $ | 13,620 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 278         |       | 278         |       | 278         |       | 278         |       | 278         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 5,000       |       | 6,155       |       | 5,825       |       | 3,680       |       | 4,010       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 19,998     |        | $          | 24,213      |       | $           | 23,993     |        | $          | 11,418 |   | $ | 17,908 |   |

 

135

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| **Fee  Type**       | ** ** | **Ser. 35** | ** ** | **Ser. 36** | ** ** | **Ser. 37** | ** ** | **Ser. 38** | ** ** | **Ser. 39** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 5,230      |        | $          | 7,360       |       | $           | 7,750      |        | $          | 8,840 |   | $ | 11,020 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 278         |       | 278         |       | 278         |       | 278         |       | 278         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 3,515       |       | 3,515       |       | 2,855       |       | 3,515       |       | 3,350       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 9,023      |        | $          | 11,153      |       | $           | 10,883     |        | $          | 12,633 |   | $ | 14,648 |   |

 
| **Fee  Type**       | ** ** | **Ser. 40** | ** ** | **Ser. 41** | ** ** | **Ser. 42** | ** ** | **Ser. 43** | ** ** | **Ser. 44** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 13,830     |        | $          | 13,830      |       | $           | 13,830     |        | $          | 15,810 |   | $ | 9,360 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 278         |       | 278         |       | 278         |       | 278         |       | 278         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 5,165       |       | 5,710       |       | 5,165       |       | 6,700       |       | 3,020       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 19,273     |        | $          | 19,818      |       | $           | 19,273     |        | $          | 22,788 |   | $ | 12,658 |   |

 
| **Fee  Type**       | ** ** | **Ser. 45** | ** ** | **Ser. 46** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 10,920     |        | $          | 8,320 |   |
|                |       |        |       |        |       |
| Audit Related  Fees |       | 278         |       | 278         |       |
|                |       |        |       |        |       |
| Tax Fees            |       | 5,825       |       | 4,080       |       |
|                |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       |
|                |       |        |       |        |       |
| Total               |       | $           | 17,023     |        | $          | 12,678 |   |

 

136

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Fees paid to the Fund’s independent auditors for Fiscal year 2004 were comprised of the following

 
| **Fee  Type**       | ** ** | **Ser. 20** | ** ** | **Ser. 21** | ** ** | **Ser. 22** | ** ** | **Ser. 23** | ** ** | **Ser. 24** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 16,100     |        | $          | 11,075      |       | $           | 16,500     |        | $          | 16,100 |   | $ | 16,100 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 113         |       | 113         |       | 113         |       | 113         |       | 113         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 5,660       |       | 4,010       |       | 6,485       |       | 5,330       |       | 5,660       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 21,873     |        | $          | 15,198      |       | $           | 23,098     |        | $          | 21,543 |   | $ | 21,873 |   |

 
| **Fee  Type**       | ** ** | **Ser. 25** | ** ** | **Ser. 26** | ** ** | **Ser. 27** | ** ** | **Ser. 28** | ** ** | **Ser. 29** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 16,100     |        | $          | 23,400      |       | $           | 13,100     |        | $          | 17,100 |   | $ | 16,100 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 113         |       | 113         |       | 113         |       | 113         |       | 113         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 5,330       |       | 9,125       |       | 4,340       |       | 5,990       |       | 5,330       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 21,543     |        | $          | 32,638      |       | $           | 17,553     |        | $          | 23,203 |   | $ | 21,543 |   |

 
| **Fee  Type**       | ** ** | **Ser. 30** | ** ** | **Ser. 31** | ** ** | **Ser. 32** | ** ** | **Ser. 33** | ** ** | **Ser. 34** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 14,150     |        | $          | 17,100      |       | $           | 17,200     |        | $          | 7,175 |   | $ | 13,100 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 113         |       | 113         |       | 113         |       | 113         |       | 113         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 5,000       |       | 6,155       |       | 5,330       |       | 3,350       |       | 4,010       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 19,263     |        | $          | 23,368      |       | $           | 22,643     |        | $          | 10,638 |   | $ | 17,223 |   |

 

137

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| **Fee  Type**       | ** ** | **Ser. 35** | ** ** | **Ser. 36** | ** ** | **Ser. 37** | ** ** | **Ser. 38** | ** ** | **Ser. 39** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 5,025      |        | $          | 7,075       |       | $           | 7,450      |        | $          | 8,500 |   | $ | 10,600 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 113         |       | 113         |       | 113         |       | 113         |       | 113         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 3,515       |       | 3,515       |       | 2,855       |       | 3,515       |       | 3,350       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 8,653      |        | $          | 10,703      |       | $           | 10,418     |        | $          | 12,128 |   | $ | 14,063 |   |

 
| **Fee  Type**       | ** ** | **Ser. 40** | ** ** | **Ser. 41** | ** ** | **Ser. 42** | ** ** | **Ser. 43** | ** ** | **Ser. 44** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 13,300     |        | $          | 13,300      |       | $           | 13,300     |        | $          | 15,200 |   | $ | 9,000 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 113         |       | 113         |       | 113         |       | 113         |       | 113         |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 5,165       |       | 5,595       |       | 5,365       |       | 6,784       |       | 3,584       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 18,578     |        | $          | 19,008      |       | $           | 18,778     |        | $          | 22,097 |   | $ | 12,697 |   |

 
| **Fee  Type**       | ** ** | **Ser. 45** | ** ** | **Ser. 46** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 10,500     |        | $          | 8,000 |   |
|                |       |        |       |        |       |
| Audit Related  Fees |       | 113         |       | —      |       |
|                |       |        |       |        |       |
| Tax Fees            |       | 7,075       |       | 2,560       |       |
|                |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       |
|                |       |        |       |        |       |
| Total               |       | $           | 17,688     |        | $          | 10,560 |   |

 

Audit Committee

The Fund has no Audit Committee. All audit servicesand any permitted non-audit services performed by the Fund’s independent auditorsare pre-approved by C&M Management, Inc.

 

138

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# 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 Exhibit 13 - (UNAUDITED)                  |   |
|          |                                                                                                               |   |
|          | Boston Capital Tax  Credit IV L.P.; filed herein as exhibit 13 - (UNAUDITED)                                       |   |
|          |                                                                                                               |   |
|          | Balance Sheets,  March 31, 2005 and 2004                                                                           |   |
|          |                                                                                                               |   |
|          | Statements of  Operations for the years or periods ended March 31, 2005, 2004 and 2003                             |   |
|          |                                                                                                               |   |
|          | Statements of Changes  in Partners’ Capital for the years or periods ended March 31, 2005, 2004 and 2003 |   |
|          |                                                                                                               |   |
|          | Statements of  Cash Flows for the years or periods ended March 31, 2005, 2004, and 2003                            |   |
|          |                                                                                                               |   |
|          | Notes to  Financial Statements, March 31, 2005, 2004 and 2003                                                      |   |
|          |                                                                                                               |   |
|          | Schedule III -  Real Estate and Accumulated Depreciation Notes to Schedule III                                     |   |

 

Schedules not listed are omitted because of theabsence of the conditions under which they are required or because theinformation is included in the financial statements or the notes thereto.

 

139

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(b) 1                                                                        Reportson Form 8-K

On March 31, 2004, theregistrant filed a report on 8-K dated October 1, 2003 reporting under Items 5and 7 the registrant’s investment in New Shinnston I Limited Partnership

 

On March 31, 2004, theregistrant filed a report on 8-K dated October 1, 2003 reporting under Items 5and 7 the registrant’s investment in Lyceum Housing Limited Partnership

 

On April 26, 2004, theregistrant filed a report on 8-K dated May 1, 2002 reporting under Items 5 and7 the registrant’s investment in Gilbert Apartments Limited, a LimitedPartnership

 

On April 26, 2004, theregistrant filed a report on 8-K dated June 1, 2002 reporting under Items 5 and7 the registrant’s investment in HS Housing Limited Partnership

 

On April 26, 2004, theregistrant filed a report on 8-K dated July 1, 2002 reporting under Items 5 and7 the registrant’s investment in CT Housing Limited Partnership

 

On April 26, 2004, theregistrant filed a report on 8-K dated July 1, 2002 reporting under Items 5 and7 the registrant’s investment in SM Housing Limited Partnership

 

On April 26, 2004, theregistrant filed a report on 8-K dated November 1, 2002 reporting under Items 5and 7 the registrant’s investment in North Fort Aspen Plus Limited Partnership

 

On April 26, 2004, theregistrant filed a report on 8-K dated July 1, 2003 reporting under Items 5 and7 the registrant’s investment in Strawberry Lake Limited Partnership

 

On April 28, 2004, theregistrant filed a report on 8-K dated February 1, 1997 reporting under Items 5and 7 the registrant’s investment in Byam Village of Massachusetts LLC, LimitedPartnership

 

On April 28, 2004, theregistrant filed a report on 8-K dated November 30, 1999 reporting under Items5 and 7 the registrant’s investment in Kiehl Partners, Limited Partnership

 

140

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On April 29, 2004, theregistrant filed a report on 8-K dated April 1, 1999 reporting under Items 5 and7 the registrant’s investment in Trinity Life Gardens Limited Partnership

 

On May 3, 2004, theregistrant filed a report on 8-K dated October 10, 1998 reporting under Items 5and 7 the registrant’s investment in Athens Partners Limited Partnership

 

On June 1, 2004, theregistrant filed a report on 8-K dated April 27, 2000 reporting under Items 5and 7 the registrant’s investment in San Diego/Fox Hollow Limited Partnership

 

On August 2, 2004, theregistrant filed a report on 8-K dated June 1, 2004 reporting under Items 5 and7 the registrant’s investment in Elma Gardens of Grays Harbor LimitedPartnership

 

On August 2, 2004, theregistrant filed a report on 8-K dated June 11, 2004 reporting under Items 5and 7 the registrant’s investment in Kimberly Danbury Limited Partnership

 

On August 2, 2004, theregistrant filed a report on 8-K dated June 23, 2004 reporting under Items 5and 7 the registrant’s investment in Countrybrook Champaign Limited Partnership

 

On August 2, 2004, theregistrant filed a report on 8-K dated July 1, 2004 reporting under Items 5 and7 the registrant’s investment in Marion Apartments-Osceola Limited Partnership

 

On August 3, 2004 theregistrant filed a report on 8-K dated December 1, 2003 reporting under Items 5and 7 the registrant’s investment in Rosehill Place of Topeka LLC

 

On August 4, 2004, theregistrant filed a report on 8-K dated February 1, 2004 reporting under Items 5and 7 the registrant’s investment in Carrollton II Housing LTD LimitedPartnership

 

On August 4, 2004 the registrantfiled a report on 8-K dated June 1, 2004 reporting under Items 5 and 7 theregistrant’s investment in Tanglewood Village, Limited Partnership

 

141

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(c) 1                                                                         Exhibits(listed according to the number assigned in the table in Item 601 of RegulationS-K)

 

Exhibit No. 3 - Organization Documents.

 

a.                                       Certificateof Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporatedby reference from Exhibit 3 to the Fund’s Registration Statement No. 33-70564on Form S-11 as filed with the Securities and Exchange Commission on October19, 1993.

 

Exhibit No. 4 - Instruments defining the rights ofsecurity holders, including indentures.

 

a.                                       Agreementof Limited Partnership of Boston Capital Tax Credit Fund IV L.P. (Incorporatedby reference from Exhibit 4 to the Fund’s Registration Statement No. 33-70564on Form S-11 as filed with the Securities and Exchange Commission on October19, 1993.

 

Exhibit No. 10 - Material contracts.

 

a.                                       BeneficialAssignee Certificate. (Incorporated by reference from Exhibit 10A to the Fund’sRegistration Statement No. 33-70564 on Form S-11 as filed with the Securitiesand Exchange Commission on October 19, 1993

 

Exhibit No. 13 - Financial Statements.

 

a.                                       FinancialStatement of Boston Capital Tax Credit Fund IV L.P.; Filed herein. -(UNAUDITED)

 

Exhibit No. 28 - Additional exhibits.

 

a.                                       Agreementof Limited Partnership of Better Homes for Havelock Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K asfiled with the Securities and Exchange Commission on February 1, 1995).

 

b.                                      Agreementof Limited Partnership of Cynthiana Properties Limited (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on February 1, 1995).

 

c.                                       Agreementof Limited Partnership of North Hampton Place Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on October 13, 1995).

 

d.                                      Agreementof Limited Partnership of Brook Summitt Apartments, LP (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on February 29, 1996).

 

142

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e.                                       Agreementof Limited Partnership of New Madison Park IV Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on December 16, 1997).

 

f.                                         Agreementof Limited Partnership of Smith House II Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on December 16, 1997).

 

g.                                      Agreementof Limited Partnership of New Madison Park IV Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on February 11, 1997).

 

h.                                      Agreementof Limited Partnership of M.R.H.,L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on February 14, 1997).

 

i.                                          Agreementof Limited Partnership of 352 Lenox Associates, L.P. (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on December 16, 1997).

 

j.                                          Agreementof Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on December 16, 1997).

 

k.                                       Agreementof Limited Partnership of Hurricane Hills, L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 25, 1997).

 

l.                                          Agreementof Limited Partnership of Main Everett Housing, L.P. (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 25, 1997).

 

m.                                    Agreementof Limited Partnership of Mokapoke Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 25, 1997).

 

n.                                      Agreementof Limited Partnership of Autumn Ridge L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

o.                                      Agreementof Limited Partnership of Century East Apartments II Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K asfiled with the Securities and Exchange Commission on March 26, 1997).

 

p.                                      Agreementof Limited Partnership of Coolidge-Pinal II Associates (Incorporated byreference from Registrant’s current report on Form 8-K as filed with the Securitiesand Exchange Commission on March 26, 1997).

 

143

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q.                                      Agreementof Limited Partnership of Dublin Housing Associates Phase II (Incorporated byreference from Registrant’s current report on Form K as filed with theSecurities and Exchange Commission on March 26, 1997).

 

r.                                         Agreementof Limited Partnership of East Park Apartments II Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 26, 1997).

 

s.                                       Agreementof Limited Partnership of Edenfield Place Apartments, L.P. (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 26, 1997).

 

t.                                         Agreementof Limited Partnership of Ethel Housing, L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

u.                                      Agreementof Limited Partnership of Los Lunas Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 26, 1997).

 

v.                                      Agreementof Limited Partnership of New Devonshire West, Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 26, 1997).

 

w.                                    Agreementof Limited Partnership of Northfield Housing, L.P. (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

x.                                        Agreementof Limited Partnership of Ohio Investors Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with the Securitiesand Exchange Commission on March 26, 1997).

 

y.                                      Agreementof Limited Partnership of Osborne Housing, L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

z.                                        Agreementof Limited Partnership of Overton Associates Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 26, 1997).

 

aa.                                 Agreementof Limited Partnership of Pahrump Valley Investors (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

ab.                                Agreementof Limited Partnership of Osborne Housing, L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities and ExchangeCommission on March 26, 1997).

 

144

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ac.                                 Agreementof Limited Partnership of Shannon Housing, L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

ad.                                Agreementof Limited Partnership of Sutton Place Apartments (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

ae.                                 Agreementof Limited Partnership of West Point Housing, L.P. (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

af.                                   Agreementof Limited Partnership of Jeremy Associates Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 27, 1997).

 

ag.                                Agreementof Limited Partnership of Laurelwood Park Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 27, 1997).

 

ah.                                Agreementof Limited Partnership of Jeremy Associates Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 27, 1997).

 

ai.                                    Agreementof Limited Partnership of Roxbury Housing Veterans Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K asfiled with the Securities and Exchange Commission on March 27, 1997).

 

aj.                                    Agreementof Limited Partnership of Elm Street Associates, L.P. (incorporated byreference from Registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 7, 1997.)

 

ak.                                 Agreementof Limited Partnership of Brookhaven Apartments Partnership (incorporated byreference from Registrants current report on form 8-k as filed with theSecurities and Exchange Commission on May 21, 1997.)

 

al.                                    Agreementof Limited Partnership of Maple Limited Partnership (incorporated by referencefrom Registrants current report on form 8-k as filed with the Securities andExchange Commission on July 16, 1997.)

 

am.                              Agreementof Limited Partnership of Byam Limited Partnership (incorporated by referencefrom Registrants current report on form 8-k as filed with the Securities andExchange Commission on July 22, 1997.)

 

an.                                Agreementof Limited Partnership of Harbor Limited Partnership (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on July 22, 1997.)

 

145

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ao.                                Agreementof Limited Partnership of Bradley Phase II Limited Partnership (incorporated byReference from registrants current report on form 8-K as filed with theSecurities and Exchange Commission on July 22, 1997.)

 

ap.                                Agreementof Limited Partnership of Butler Street/Hanover Towers Limited Partnership(incorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on July 22, 1997.)

 

aq.                                Agreementof Limited Partnership of Bradley Phase I Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on July 22, 1997.)

 

ar.                                   Agreementof Limited Partnership of 1374 Boston Road Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on August 5, 1997.)

 

as.                                 Agreementof Limited Partnership of Centenary Housing Limited Partnership (incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on August 5, 1997.)

 

at.                                   Agreementof Limited Partnership of Lake Apartments II Limited Partnership (incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on August 5, 1997.)

 

au.                                Agreementof Limited Partnership of AHAB Project One, LP (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on August 8, 1997.)

 

av.                                Agreementof Limited Partnership of Grandview Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 23, 1998.)

 

aw.                              Agreementof Limited Partnership of Angelou Associates, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on April 23, 1998.)

 

ax.                                  Agreementof Limited Partnership of Country Edge Apartments I Limited Partnership (incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 24, 1998.)

 

ay.                                Agreementof Limited Partnership of Sumner House Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 27, 1998.)

 

az.                                  Agreementof Limited Partnership of Magnolia Place Apartments Partnerships (incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 30, 1998.)

 

146

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ba.                                Agreementof Limited Partnership of Edgewood Apartments Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 30, 1998.)

 

bb.                               Agreementof Limited Partnership of Harrisonville Heights L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on April 30, 1998.)

 

bc.                                Agreementof Limited Partnership of Neighborhood Restorations Limited Partnership VIIincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on April 30, 1998.)

 

bd.                               Agreementof Limited Partnership of Escher SRO Project, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on May 1, 1998.)

 

be.                                Agreementof Limited Partnership of Silver Creek/MHT Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on June 30, 1999.)

 

bf.                                  Agreementof Limited Partnership of Meridian Housing Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on June 30, 1999.) 

 

bg.                               Agreementof Limited Partnership of Southaven Partners I, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange on July 27, 1999.)

 

bh.                               Agreementof Limited Partnership of Athens Partners, L.P. (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on July 27, 1999.)

 

bi.                                   Agreementof Limited Partnership of Pearl Partners, L.P. (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on November 30, 1999.)

 

bj.                                   Agreementof Limited Partnership of Harbor Pointe/MHT Limited Dividend HousingAssociation Limited Partnership (incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon December 28, 1999.)

 

bk.                                Agreementof Limited Partnership of Level Creek Partners, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on December 29, 1999.)

 

bm.                             Agreementof Limited Partnership of Lake City Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on February 3, 2000.)

 

147

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bn.                               Agreementof Limited Partnership of Pine Ridge Apartments Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange on on February 9, 2000.)

 

bo.                               Agreementof Limited Partnership of Pecan Manor Apartments Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on February 10, 2000.)

 

bp.                               Agreementof Limited Partnership of Pyramid Four Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on February 16, 2000.)

 

bq.                               Agreementof Limited Partnership of Lombard Partners, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on January 26, 2000.)

 

br.                                  Agreementof Limited Partnership of Belmont Affordable Housing II LP (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on September 29, 2000.)

 

bs.                                Agreementof Limited Partnership of Jackson Bond LP (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on September 29, 2000.)

 

bt.                                  Agreementof Limited Partnership of Fort Bend NHC, L.P. (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on September 29, 2000.)

 

bu.                               Agreementof Limited Partnership of Breezewood II, L.P. (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on October 30, 2002.)

 

bv.                               Agreementof Limited Partnership of Wingfield Apartments II L.P. (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on November 12, 2002.)

 

bw.                             Agreementof Limited Partnership of Natchez Place Apartments L.P. (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on November 13, 2002.)

 

by.                               Agreementof Limited Partnership of Rural Housing Partners of Mendota LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on December 30, 2002.)

 

bz.                                 Agreementof Limited Partnership of Springfield Metro (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on January 21, 2003.)

 

148

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ca.                                 Agreementof Limited Partnership of Rural Housing Partners of Mt. Carroll LP incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on January 21, 2003.)

 

cb.                                Agreementof Limited Partnership of Meadowside Associates incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on January 21, 2003.)

 

cc.                                 Agreementof Limited Partnership of Los Lunas Apts. LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on January 21, 2003.)

 

cd.                                Agreementof Limited Partnership of Edna Vanderbilt incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on January 21, 2003.)

 

ce.                                 Agreementof Limited Partnership of Hawthorne Assoc. LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on January 21, 2003.)

 

cf.                                   Agreementof Limited Partnership of Rural Housing Partners of Franklin Grove LPincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on January 21, 2003.)

 

cg.                                Agreementof Limited Partnership of Rural Housing Partners of Fulton LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on January 21, 2003.)

 

ch.                                Agreementof Limited Partnership of Heritage Two LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on January 21, 2003.)

 

ci.                                    Agreementof Limited Partnership of Parkhurst Place incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on January 21, 2003.)

 

cj.                                    Agreementof Limited Partnership of Hattiesburg Housing LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

ck.                                 Agreementof Limited Partnership of 1374 Boston Road LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cl.                                    Agreementof Limited Partnership of 200 East Avenue Associates LP incorporated byreference from registrants current report on form 8-k as filed with the Securitiesand Exchange Commission on March 31, 2003.)

 

cm.                              Agreementof Limited Partnership of Casa Rosa Apartments incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

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cn.                                Agreementof Limited Partnership of Lake Apartments II LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

co.                                Agreementof Limited Partnership of Northrock Housing Associates LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

cp.                                Agreementof Limited Partnership of AHAB Project One LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cq.                                Agreementof Limited Partnership of Randolph Village Associates LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cr.                                   Agreementof Limited Partnership of Sr. Suites Chicago Austin LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

cs.                                 Agreementof Limited Partnership of Clubview Partners LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

ct.                                   Agreementof Limited Partnership of Edgewood Apartments Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

cu.                                Agreementof Limited Partnership of Harbor Pointe/MHT LDHA LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cv.                                Agreementof Limited Partnership of Lombard Partners LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cw.                              Agreementof Limited Partnership of Millwood Park LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cx.                                  Agreementof Limited Partnership of Hillside Terrace Associates LP incorporated byreference from registrants current report on form 8-k as filed with the Securitiesand Exchange Commission on March 31, 2003.)

 

cy.                                Agreementof Limited Partnership of San Angelo Bent Tree Apts. LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

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cz.                                  Agreementof Limited Partnership of Montfort Housing LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

da.                                Agreementof Limited Partnership of Summerdale Partners LP II incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

db.                               Agreementof Limited Partnership of Seagraves Apartments LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dc.                                Agreementof Limited Partnership of FFLM Associates LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dd.                               Agreementof Limited Partnership of COGIC Village LDHA LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

de.                                Agreementof Limited Partnership of FFLM Associates LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

df.                                  Agreementof Limited Partnership of FFLM Associates LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dg.                               Agreementof Limited Partnership of Pyramid Four Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

dh.                               Agreementof Limited Partnership of 200 East Avenue Associates LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

di.                                   Agreementof Limited Partnership of Parkside Plaza LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dj.                                   Agreementof Limited Partnership of Granada Rose LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dk.                                Agreementof Limited Partnership of Northrock Housing Assoc. LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dl.                                   Agreementof Limited Partnership of Southaven Partners I LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

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dm.                             Agreementof Limited Partnership of Howard Park Ltd incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dn.                               Agreementof Limited Partnership of Washington Courtyards LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

do.                               Agreementof Limited Partnership of Highway Partners 18 LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dq.                               Agreementof Limited Partnership of Wedgewood Park LP incorporated by reference fromregistrants current report on form 8-k as filed filed with the Securities andExchange Commission on March 31, 2003.)

 

dr.                                  Agreementof Limited Partnership of Washington Courtyards LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

ds.                                Agreementof Limited Partnership of Annadale Housing Partners incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dt.                                  Agreementof Limited Partnership of Ashton Ridge LDHA LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

du.                               Agreementof Limited Partnership of FAH Silver Pond LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dv.                               Agreementof Limited Partnership of Ashton Ridge LDHA LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dw.                             Agreementof Limited Partnership of Aldine Westfield Apts., LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dx.                                 Agreementof Limited Partnership of Arbors at Eagle Crest LDHA LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

dy.                               Agreementof Limited Partnership of KC Shalom Housing LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

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dz.                                 Agreementof Limited Partnership of Breeze Cove Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

ea.                                 Agreementof Limited Partnership of DS Housing LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

eb.                                Agreementof Limited Partnership of CC Housing LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

ec.                                 Agreementof Limited Partnership of TS Housing LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

ed.                                Agreementof Limited Partnership of Carpenter School I Elderly Apts. LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2003.)

 

ee.                                 Agreementof Limited Partnership of Lyceum Housing LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

ef.                                   Agreementof Limited Partnership of New Shinnston I LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

eg.                                Agreementof Limited Partnership of Lyceum Housing Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on March 31, 2004.)

 

eh.                                Agreementof Limited Partnership of New Shinniston I Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with the Securitiesand Exchange Commission on March 31, 2004.)

 

ei.                                    Agreementof Limited Partnership of Gilbert Apartments Limited Partnership incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 26, 2004.)

 

ej.                                    Agreementof Limited Partnership of HS Housing Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 26, 2004.

 

ek.                                 Agreementof Limited Partnership of SM Housing Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 26, 2004.)

 

el.                                    Agreementof Limited Partnership of CT Housing Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 26, 2004.)

 

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em.                              Agreementof Limited Partnership of North Fort Aspen Plus Limited Partnershipincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on April 26, 2004.)

 

en.                                Agreementof Limited Partnership of Strawberry Lake Apartments Limited Partnershipincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on April 26, 2004.)

 

eo.                                Agreementof Limited Partnership of Byam Village Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 28, 2004.)

 

ep.                                Agreementof Limited Partnership of Kiehl Partners Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 28, 2004.)

 

eq.                                Agreementof Limited Partnership of Trinity Life Gardens Limited Partnership incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 29, 2004.)

 

er.                                   Agreementof Limited Partnership of Athens Partners, LP Limited Partnership incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on May 3, 2004.)

 

es.                                 Agreementof Limited Partnership of San Diego/Fox Hollow Limited Partnership incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on June 1, 2004.)

 

et.                                   Agreementof Limited Partnership of Elma Gardens of Grays Harbor Limited Partnershipincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on August 2, 2004.)

 

eu.                                Agreementof Limited Partnership of Kimberly Danbury Limited Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on August 2, 2004.)

 

ev.                                Agreementof Limited Partnership of Countrybrook Champaign Limited Partnershipincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on August 2, 2004.)

 

ew.                              Agreementof Limited Partnership of Marion Apartments-Osceola Limited Partnershipincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on August 2, 2004.)

 

ex.                                  Agreementof Limited Partnership of Rosehill Place of Topeka, LLC Limited Partnershipincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on August 3, 2004.)

 

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ey.                                Agreementof Limited Partnership of Carrollton II Housing, LTD Limited Partnershipincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on August 4, 2004.)

 

ez.                                  Agreementof Limited Partnership of Tanglewood Village Limited Partnership incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on August 4, 2004.)

 

Exhibit No. 31 Certification 302

a.                                       Certificationpursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of theSarbanes-Oxley Act of 2002, filed herein

 

b.                                      Certificationpursuant to 18 U.S.C. Section 1350, pursuant to Section 302 of theSarbanes-Oxley Act of 2002, filed herein

 

Exhibit No. 32 Certification 906

a.                                       Certificationpursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of theSarbanes-Oxley Act of 2002, filed herein

 

b.                                      Certificationpursuant to 18 U.S.C. Section 1350, pursuant to Section 906 of theSarbanes-Oxley Act of 2002, filed herein

 

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# SIGNATURES

 

Pursuant to the requirements of Section 13 of the Securities Exchange Actof 1934, the Fund has duly caused this Report to be signed on its behalf by theundersigned, 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 14, 2005 |                                    | By: | /s/ John P. Manning |   |
|                |                                    |   | John P. Manning |

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, thisreport has been signed below by the following persons on behalf of the Fund andin the capacities and on the dates indicated: 

 
| **DATE:**     | ** ** | **SIGNATURE:**      | ** ** | **TITLE:**                                                            |
|---------------|------------|---------------------|------------|-----------------------------------------------------------------------|
|          |       |                |       |                                                                  |
| July 14, 2005 |       | /s/ John P. Manning |       |                                                                  | Director, President (Principal Executive Officer),  C&M |
|          |       | John P. Manning     |       | Management, Inc.; Director, President (Principal  Executive Officer)  |
|          |       |                |       | BCTC IV Assignor Corp.                                                |
|          |       |                |       |                                                                  |
| July 14, 2005 |       | /s/ Marc N. Teal    |       |                                                                  | Sr. Vice President, Chief Financial Officer  (Principal Accounting |
|          |       | Marc N. Teal        |       | and Financial Officer) C&M Management Inc.; Sr.  Vice President,  |
|          |       |                |       | Chief Financial Officer (Principal Accounting and  Financial Officer) |
|          |       |                |       | BCTC IV Assignor Corp.                                                |
|               |            |                     |            |                                                                       |  |  |

 

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