##### Table of Contents



UNITED STATES SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended March 31, 2007 or
 o
    
    TRANSITION REPORT PURSUANT 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 IV L.P.
  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)
 (617)624-8900
 Securities registered pursuant to Section 12(b) of the Act:
 None
 Securities registered pursuant to Section 12(g) of the Act:
 None
  o þ
  o þ
  o þ
 þ
  o o þ
  o þ




---



##### Table of Contents



DOCUMENTS INCORPORATED BY REFERENCE
  Form 10-KParts
    
    DocumentParts I, III 
as supplemented
    
    Prospectus (as defined in Part I, Item I
of this Form 10-K)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




---



##### Table of Contents



DOCUMENTS INCORPORATED BY REFERENCE  Cont.
 Form 10-KParts
    
    DocumentParts 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




---



##### Table of Contents



DOCUMENTS INCORPORATED BY REFERENCE  Cont.
 Form 10-KParts
    
    DocumentParts 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




---



##### Table of Contents



DOCUMENTS INCORPORATED BY REFERENCE  Cont.
 Form 10-KParts
    
    DocumentParts 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 June 1, 2004
Form 8-K dated January 24, 2005
Form 8-K dated January 24, 2005
Form 8-K dated January 24, 2005




---



##### 



PART IItem 1.
    
    Business
    
    
    1Item 1A.
    
    Risk Factors
    
    
    3Item 1B.
    
    Unresolved Staff Comments
    
    
    5Item 2.
    
    Properties
    
    
    5Item 3.
    
    Legal Proceedings
    
    
    56Item 4.
    
    Submission of Matters to a Vote of Security Holders
    
    
    56PART IIItem 5.
    

Market
for the Funds Limited Partnership Interests and Related
Partnership Matters and Issuer Purchases of Partnership
Interests
    
    
    57Item 6.
    
    Selected Financial Data
    
    
    59Item 7.
    
    Managements Discussion and Analysis of Financial Condition and Results of Operations
    
    
    60Item 7A.
    
    Quantitative and Qualitative Disclosures About Market Risk
    
    
    127Item 8.
    
    Financial Statements and Supplementary Data
    
    
    127Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
    
    
    127Item 9A.
    
    Controls and Procedures
    
    
    127Item 9B.
    
    Other InformationPART IIIItem 10.
    
    Directors, Executive Officers and Corporate Governance of the Fund
    
    
    128Item 11.
    
    Executive Compensation
    
    
    130Item 12.
    
    Security Ownership of Certain Beneficial Owners and Management
    
    
    131Item 13.
    
    Certain Relationships and Related Transactions, and Director Independence
    
    
    132Item 14.
    
    Principal Accounting Fees and Services
    
    
    133PART IVItem 15.
    
    Exhibits, Financial Statement Schedules
    
    
    137Financial StatementsIndependent Auditors ReportSection 302 CertificationSection 302 CertificationSection 906 CertificationSection 906 Certification




---



##### Table of Contents



PART I
 
  Organization
     1




---



##### Table of Contents





Description of Business






2




---



##### Table of Contents







(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
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 some 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.




Employees









As used in this Item 1A, references to we, us and our mean the Fund.


An investment in our BACs and our investments in Operating Partnerships are subject to risks. These
risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds
available for distribution to our limited partners, if any, on liquidation of our investments.


In addition to the other information set forth in this report, you should carefully consider the
following factors which could materially affect our business, financial condition or results of
operations. The risks described below are not the only risks we face. Additional factors not
presently known to us or that we currently deem to be immaterial also may materially adversely
affect our business operations.


The ability of limited partners to claim tax losses from their investment in us is limited.




3




---



##### Table of Contents





The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these
rules may have adverse consequences for BAC holders.




Poor performance of one housing complex, or the real estate market generally, could impair our
ability to satisfy our investment objectives.





    
    difficulties in obtaining rent increases;
    
    limitations on cash distributions;
    
    limitations on sales or refinancing of Operating Partnerships;
    
    limitations on transfers of interests in Operating Partnerships;
    
    limitations on removal of local general partners;
    
    limitations on subsidy programs; and
    
    possible changes in applicable regulations.




No trading market for the BACs exists or is expected to develop.




Investors may realize taxable gain on sale or disposition of BACs.




Investors may have tax liability in excess of cash.




4




---



##### Table of Contents







Investors may not receive cash if apartment complexes are sold







    
    The necessity of obtaining the consent of the operating general partners;
    
    The necessity of obtaining the approval of any governmental agency(ies)
providing government assistance to the apartment complex; and
    
    The uncertainty of the market.




We have insufficient sources of cash to pay our existing liabilities.


















5




---



##### Table of Contents









6




---



##### Table of Contents









Mortgage
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Ashbury 
Apartments
    
    Sioux Falls,
SD
    
    
    48
    
    
    $
    1,181,194
    
    
    4/94
    
    6/94
    
    
    100
    %
    
    $
    806,117Bennetts
Pointe Apts.
    
    Bennetsville,
SC
    
    
    32
    
    
    
    1,305,670
    
    
    3/94
    
    8/94
    
    
    100
    %
    
    
    281,100Bradley 
Manor
    
    Bradley,
AR
    
    
    25
    
    
    
    777,273
    
    
    8/94
    
    3/95
    
    
    100
    %
    
    
    182,044Cascades
Commons Apts.
    
    Sterling,
VA
    
    
    320
    
    
    
    22,705,852
    
    
    6/94
    
    10/95
    
    
    100
    %
    
    
    7,132,820Clarksville 
Estates
    
    Clarksville,
MO
    
    
    32
    
    
    
    670,932
    
    
    6/94
    
    9/94
    
    
    100
    %
    
    
    142,639Club 
Goldenrod II, 
Apartments
    
    Orlando,
FL
    
    
    220
    
    
    
    7,091,928
    
    
    4/94
    
    6/95
    
    
    100
    %
    
    
    3,681,417College 
Greene 
Senior Apts
    
    N. Chili,
NY
    
    
    110
    
    
    
    3,801,528
    
    
    3/95
    
    8/95
    
    
    100
    %
    
    
    1,918,496Concordia 
Manor I
    
    St. Croix,
VI
    
    
    22
    
    
    
    1,428,230
    
    
    8/94
    
    7/95
    
    
    100
    %
    
    
    490,034Coushatta 
Seniors II 
Apartments
    
    Coushatta,
LA
    
    
    24
    
    
    
    691,706
    
    
    5/94
    
    3/94
    
    
    100
    %
    
    
    175,182East Douglas 
Apartment
    
    Bloomington,
IL
    
    
    51
    
    
    
    1,927,765
    
    
    7/94
    
    12/95
    
    
    100
    %
    
    
    1,534,461Edison Lane 
Apartments
    
    Edison,
GA
    
    
    24
    
    
    
    702,340
    
    
    9/94
    
    10/95
    
    
    100
    %
    
    
    204,561Evergreen
Hills Apts.
    
    Macedon,
NY
    
    
    72
    
    
    
    2,631,020
    
    
    8/94
    
    1/95
    
    
    100
    %
    
    
    693,966


7



---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Fairoaks
Lane Apts.
    
    Rincon,
GA
    
    
    44
    
    
    $
    1,381,765
    
    
    7/94
    
    5/95
    
    
    100
    %
    
    $
    339,284Floral 
Acres II
    
    Waggaman,
LA
    
    
    32
    
    
    
    1,005,280
    
    
    5/94
    
    8/94
    
    
    100
    %
    
    
    228,457Forest Glen 
Village
    
    Vidalia,
GA
    
    
    46
    
    
    
    1,297,025
    
    
    7/94
    
    2/95
    
    
    100
    %
    
    
    378,777Gardenview 
Apartments
    
    Pasedena,
TX
    
    
    309
    
    
    
    4,687,321
    
    
    6/94
    
    9/95
    
    
    100
    %
    
    
    2,261,021Harrisonburg,
Seniors
Apts.
    
    Harrisonburg,
LA
    
    
    24
    
    
    
    664,878
    
    
    5/94
    
    1/94
    
    
    100
    %
    
    
    176,621Hillside 
Apartments
    
    Cynthiana,
KY
    
    
    48
    
    
    
    622,416
    
    
    10/94
    
    4/95
    
    
    100
    %
    
    
    643,850Kristine 
Apartments
    
    Bakersfield,
CA
    
    
    60
    
    
    
    1,136,417
    
    
    10/94
    
    10/94
    
    
    100
    %
    
    
    311,675Northfield
Apts.
    
    Jackson,
MS
    
    
    120
    
    
    
    2,672,285
    
    
    6/94
    
    8/95
    
    
    100
    %
    
    
    3,273,126Riverview 
Apartments
    
    Franklinton,
LA
    
    
    47
    
    
    
    1,633,442
    
    
    4/94
    
    10/94
    
    
    100
    %
    
    
    370,000Shady Lane
Senior Apts.
    
    Winnfield,
LA
    
    
    32
    
    
    
    911,256
    
    
    5/94
    
    10/93
    
    
    100
    %
    
    
    197,200
 8




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Atlantic
City
Apts.
    
    Atlantic City,
NJ
    
    
    153
    
    
    $
    5,175,000
    
    
    
    9/94
    
    
    
    10/95
    
    
    
    100
    %
    
    $
    2,721,163Black
River
Run
    
    Black River Falls,
WI
    
    
    48
    
    
    
    1,056,524
    
    
    
    10/94
    
    
    
    12/94
    
    
    
    100
    %
    
    
    350,531Cattaraugus
Manor
    
    Cattaraugus,
NY
    
    
    24
    
    
    
    1,063,034
    
    
    
    8/94
    
    
    
    4/95
    
    
    
    100
    %
    
    
    263,711Creekside
at Taskers
Chance
    
    Frederick,
MD
    
    
    120
    
    
    
    4,480,881
    
    
    
    10/94
    
    
    
    9/95
    
    
    
    100
    %
    
    
    2,686,170Forest Glen
at Sully
Station
    
    Centreville,
VA
    
    
    119
    
    
    
    5,986,865
    
    
    
    11/94
    
    
    
    9/95
    
    
    
    100
    %
    
    
    2,649,450Fort
Halifax
    
    Winslow,
ME
    
    
    24
    
    
    
    1,013,639
    
    
    
    9/94
    
    
    
    1/95
    
    
    
    100
    %
    
    
    389,085Havelock
Manor Apts.
    
    Havelock,
NC
    
    
    60
    
    
    
    1,787,859
    
    
    
    12/94
    
    
    
    10/95
    
    
    
    100
    %
    
    
    347,557Holly
Village
    
    Buchanan,
GA
    
    
    24
    
    
    
    695,628
    
    
    
    8/94
    
    
    
    6/95
    
    
    
    100
    %
    
    
    205,400Liveoak
Village
    
    Union Springs,
AL
    
    
    24
    
    
    
    740,666
    
    
    
    10/94
    
    
    
    7/95
    
    
    
    100
    %
    
    
    176,953Lookout
Ridge Apts.
    
    Covington,
KY
    
    
    30
    
    
    
    538,263
    
    
    
    12/94
    
    
    
    12/94
    
    
    
    100
    %
    
    
    763,038Pinedale
Apartments II
    
    Menomonie,
WI
    
    
    60
    
    
    
    1,214,942
    
    
    
    10/94
    
    
    
    12/94
    
    
    
    100
    %
    
    
    869,798Pumphouse
Crossing II
Apartments
    
    Chippewa,
WI
    
    
    48
    
    
    
    1,093,849
    
    
    
    10/94
    
    
    
    12/94
    
    
    
    100
    %
    
    
    692,840
 9




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07The Woods
Apartments
    
    Campton,
NH
    
    
    20
    
    
    $
    1,011,699
    
    
    
    8/94
    
    
    
    10/94
    
    
    
    100
    %
    
    $
    269,500Tower View
Apartments
    
    Tower City,
PA
    
    
    25
    
    
    
    1,093,439
    
    
    
    11/94
    
    
    
    5/95
    
    
    
    100
    %
    
    
    268,863
 10




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Albemarle
Village
    
    Hertford,
NC
    
    
    36
    
    
    $
    1,393,432
    
    
    
    1/95
    
    
    
    9/94
    
    
    
    100
    %
    
    $
    321,628Apple
Village
    
    Edmond,
OK
    
    
    160
    
    
    
    3,539,341
    
    
    
    11/94
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,572,166Bayou
Crossing
    
    Riverview,
FL
    
    
    290
    
    
    
    8,413,049
    
    
    
    11/94
    
    
    
    1/96
    
    
    
    100
    %
    
    
    2,854,036Bellwood
Gardens
    
    Ford City,
PA
    
    
    28
    
    
    
    1,215,367
    
    
    
    6/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    308,152Black River
Run Apts.
    
    Black River
Falls,
WI
    
    
    48
    
    
    
    1,056,524
    
    
    
    3/95
    
    
    
    12/94
    
    
    
    100
    %
    
    
    395,279Clarendon
Court
    
    Summerton,
SC
    
    
    40
    
    
    
    1,413,376
    
    
    
    10/94
    
    
    
    4/95
    
    
    
    100
    %
    
    
    340,737Club II
Goldenrod
    
    Orlando,
FL
    
    
    220
    
    
    
    7,091,928
    
    
    
    3/95
    
    
    
    6/95
    
    
    
    100
    %
    
    
    2,106,975Cobblestone
Apartments
    
    Fuquay,
NC
    
    
    33
    
    
    
    1,378,434
    
    
    
    1/95
    
    
    
    5/94
    
    
    
    100
    %
    
    
    326,054Concordia
Manor II
    
    St. Croix,
VI
    
    
    20
    
    
    
    1,459,019
    
    
    
    1/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    259,444Concordia
Manor III
    
    St. Croix,
VI
    
    
    20
    
    
    
    1,443,407
    
    
    
    2/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    264,007Drakes
Branch
Elderly
    
    Drakes
Branch,
VA
    
    
    32
    
    
    
    1,233,753
    
    
    
    1/95
    
    
    
    6/95
    
    
    
    100
    %
    
    
    232,722Elks Towers
Apartments
    
    Litchfield,
IL
    
    
    27
    
    
    
    766,681
    
    
    
    10/95
    
    
    
    12/96
    
    
    
    100
    %
    
    
    756,556Fonda
Terrace
    
    Fonda,
NY
    
    
    24
    
    
    
    985,593
    
    
    
    12/94
    
    
    
    10/94
    
    
    
    100
    %
    
    
    259,387Highland
House
    
    Boston,
MA
    
    
    14
    
    
    
    1,049,763
    
    
    
    12/96
    
    
    
    5/97
    
    
    
    100
    %
    
    
    571,829
 11




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Kimbark
1200 Apts.
    
    Longmont,
CO
    
    
    48
    
    
    $
    1,912,989
    
    
    
    9/95
    
    
    
    12/95
    
    
    
    100
    %
    
    $
    321,843Kingsway
Apartments
    
    Swedsboro,
NJ
    
    
    36
    
    
    
    1,433,022
    
    
    
    7/95
    
    
    
    11/01
    
    
    
    100
    %
    
    
    384,585Lake City
Apartments
    
    Lake City,
PA
    
    
    44
    
    
    
    1,258,087
    
    
    
    8/98
    
    
    
    6/98
    
    
    
    100
    %
    
    
    240,900Lake Street
Apartments
    
    Girard,
PA
    
    
    32
    
    
    
    1,328,081
    
    
    
    4/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    342,369Lost Tree
Apartments
    
    Branson,
MO
    
    
    88
    
    
    
    1,448,997
    
    
    
    4/95
    
    
    
    6/95
    
    
    
    100
    %
    
    
    474,948Maplewood
Apartments
    
    Sacramento,
KY
    
    
    12
    
    
    
    423,096
    
    
    
    8/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    110,881Marksville
Square
    
    Marksville,
LA
    
    
    32
    
    
    
    932,582
    
    
    
    1/95
    
    
    
    1/96
    
    
    
    100
    %
    
    
    268,848Neshoba
County
    
    Philadelphia,
MS
    
    
    25
    
    
    
    830,596
    
    
    
    7/95
    
    
    
    8/95
    
    
    
    100
    %
    
    
    251,411Philadelphia
Square
    
    Philadelphia,
MS
    
    
    16
    
    
    
    531,581
    
    
    
    7/95
    
    
    
    8/95
    
    
    
    100
    %
    
    
    149,950Quankey
Hills
    
    Halifax,
NC
    
    
    24
    
    
    
    979,947
    
    
    
    1/95
    
    
    
    3/95
    
    
    
    100
    %
    
    
    200,496Richmond
Square
    
    Richmond,
MO
    
    
    32
    
    
    
    750,722
    
    
    
    12/94
    
    
    
    2/95
    
    
    
    100
    %
    
    
    931,456Salem Wood
Apartments
    
    Salemburg,
NC
    
    
    24
    
    
    
    902,587
    
    
    
    1/95
    
    
    
    12/94
    
    
    
    100
    %
    
    
    181,355The
Birches
    
    Old Orchard Beach,
ME
    
    
    88
    
    
    
    2,800,000
    
    
    
    1/95
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,514,512Troy Villa
Apartments
    
    Troy,
MO
    
    
    64
    
    
    
    1,648,714
    
    
    
    12/94
    
    
    
    6/95
    
    
    
    100
    %
    
    
    1,810,416
 12




---



##### Table of Contents



Continued
 Mortgage Balance as
    
    Acq
    
    
    
    
    
    Qualified Occupancy
    
    Cap Con paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Const Comp.
    
    3/31/07
    
    3/31/07Twin City
Villa
    
    Festus,
MO
    
    
    40
    
    
    $
    1,227,748
    
    
    
    1/95
    
    
    
    11/95
    
    
    
    100
    %
    
    $
    679,176
 13




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Apple
Village
    
    Edmond,
OK
    
    
    160
    
    
    $
    3,539,341
    
    
    
    11/94
    
    
    
    3/96
    
    
    
    100
    %
    
    $
    1,572,166Bayou
Crossing
    
    Riverview,
FL
    
    
    290
    
    
    
    8,413,049
    
    
    
    4/95
    
    
    
    1/96
    
    
    
    100
    %
    
    
    4,281,054Concordia
Manor II
    
    St. Croix,
VI
    
    
    20
    
    
    
    1,459,019
    
    
    
    1/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    259,445Concordia
Manor III
    
    St. Croix,
VI
    
    
    20
    
    
    
    1,443,407
    
    
    
    2/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    264,007Colonna
House
    
    Hempstead,
NY
    
    
    37
    
    
    
    1,103,515
    
    
    
    5/95
    
    
    
    5/95
    
    
    
    100
    %
    
    
    1,551,605Country Hill Apts.
Ph II
    
    Cedar Rapids, IA
    
    
    92
    
    
    
    1,854,584
    
    
    
    8/95
    
    
    
    6/96
    
    
    
    100
    %
    
    
    1,981,495Great Pines
Apts.
    
    Hurleyville,
NY
    
    
    26
    
    
    
    1,125,220
    
    
    
    7/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    340,835Heatheridge
Estates **
    
    Barling,
AR
    
    
    17
    
    
    
    768,792
    
    
    
    7/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    748,240Ithaca
Apts. I
    
    Ithaca,
MI
    
    
    28
    
    
    
    592,356
    
    
    
    11/95
    
    
    
    7/95
    
    
    
    100
    %
    
    
    164,008Kimbark
1200 Apts.
    
    Longmont,
CO
    
    
    48
    
    
    
    1,912,989
    
    
    
    9/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    965,530La Pensione
K Apts.
    
    Sacramento,
CA
    
    
    129
    
    
    
    2,371,883
    
    
    
    9/95
    
    
    
    12/96
    
    
    
    100
    %
    
    
    2,650,580Mathis
Apartments
    
    Mathis,
TX
    
    
    32
    
    
    
    882,150
    
    
    
    1/95
    
    
    
    1/95
    
    
    
    100
    %
    
    
    228,172Mid City
Apartments
    
    Jersey City,
NJ
    
    
    58
    
    
    
    2,529,447
    
    
    
    9/95
    
    
    
    6/94
    
    
    
    100
    %
    
    
    113,679Orange Grove
Seniors
    
    Orange Grove,
TX
    
    
    24
    
    
    
    645,609
    
    
    
    5/95
    
    
    
    2/95
    
    
    
    100
    %
    
    
    163,637
 14




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Philmont
Terrace
    
    Philmont,
LA
    
    
    32
    
    
    $
    1,462,535
    
    
    
    5/95
    
    
    
    5/95
    
    
    
    100
    %
    
    $
    370,750Riverview
Apartments
    
    St. Louis,
MO
    
    
    42
    
    
    
    1,129,481
    
    
    
    8/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    1,160,308South Hills
Apartments
    
    Bellevue,
NE
    
    
    72
    
    
    
    1,746,968
    
    
    
    6/95
    
    
    
    2/96
    
    
    
    100
    %
    
    
    1,686,354St. Peters
Villa
    
    St. Peters,
MO
    
    
    54
    
    
    
    1,567,678
    
    
    
    7/95
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,495,685The
Birches
    
    Old Orchard Beach,ME
    
    
    88
    
    
    
    2,800,000
    
    
    
    1/95
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,399,532Twin City
Villa
    
    Festus,
MO
    
    
    40
    
    
    
    1,227,748
    
    
    
    2/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    679,176Village
Woods Est.
    
    Kansas City,
KS
    
    
    45
    
    
    
    1,414,451
    
    
    
    5/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    1,704,928Vinsett
Estates **
    
    Van Buren,
AR
    
    
    10
    
    
    
    **
    
    
    
    7/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    **Woodland
Hills
    
    Roland,
OK
    
    
    10
    
    
    
    350,602
    
    
    
    7/95
    
    
    
    6/95
    
    
    
    100
    %
    
    
    274,540
 
 **
    
    Two properties which make up one Operating Partnership named Barlee
Properties L.P. with 27 units. Entire mortgage balance and contributions are
listed with Heatheridge Estates. 15




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Autumn Ridge
Apartments
    
    Shenandoah,
VA
    
    
    34
    
    
    $
    1,504,069
    
    
    
    7/96
    
    
    
    1/97
    
    
    
    100
    %
    
    $
    319,466Brooks Summit
    
    Blue Ridge,
GA
    
    
    36
    
    
    
    1,090,129
    
    
    
    12/95
    
    
    
    11/96
    
    
    
    100
    %
    
    
    332,470Brownsville
Apartments
    
    Brownsville,
TN
    
    
    36
    
    
    
    1,172,894
    
    
    
    9/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    267,091Century
East Apts. IV
    
    Bismark,
ND
    
    
    24
    
    
    
    579,190
    
    
    
    8/95
    
    
    
    8/95
    
    
    
    100
    %
    
    
    399,962Century East Apts. V
    
    Bismark,
ND
    
    
    24
    
    
    
    579,190
    
    
    
    11/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    399,962Centenary
Towers Apts.
    
    St.
Louis,
MO
    
    
    100
    
    
    
    2,090,000
    
    
    
    5/97
    
    
    
    12/97
    
    
    
    100
    %
    
    
    828,815Coopers Crossing
    
    Irving,
TX
    
    
    93
    
    
    
    3,281,609
    
    
    
    6/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    848,708Edenfield Apartments
    
    Millen,
GA
    
    
    48
    
    
    
    1,186,677
    
    
    
    1/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    314,827Elm Street
Apartments
    
    Yonkers,
NY
    
    
    35
    
    
    
    1,628,572
    
    
    
    1/96
    
    
    
    1/96
    
    
    
    100
    %
    
    
    407,601Heritage Glen Apts.
    
    Coolidge,
AZ
    
    
    28
    
    
    
    1,101,505
    
    
    
    4/96
    
    
    
    4/96
    
    
    
    100
    %
    
    
    373,388Hillridge
Apts
    
    Los Lunas,
NM
    
    
    38
    
    
    
    215,000
    
    
    
    8/96
    
    
    
    6/96
    
    
    
    100
    %
    
    
    1,466,007Lake
Apts I
    
    Fargo,
ND
    
    
    24
    
    
    
    566,194
    
    
    
    8/95
    
    
    
    7/95
    
    
    
    100
    %
    
    
    399,962Lakeway
Apts
    
    Zwolle,
LA
    
    
    32
    
    
    
    832,369
    
    
    
    11/95
    
    
    
    4/96
    
    
    
    100
    %
    
    
    210,714Laurelwood Park
Apts.
    
    High Point,
NC
    
    
    100
    
    
    
    2,177,981
    
    
    
    2/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    2,120,403Madison Park IV
    
    Boston,
MA
    
    
    143
    
    
    
    13,654,148
    
    
    
    5/96
    
    
    
    3/97
    
    
    
    99
    %
    
    
    1,220,537
 16




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07New Hilltop
Apartments
    
    Laurens,
SC
    
    
    72
    
    
    $
    1,603,728
    
    
    
    11/95
    
    
    
    11/95
    
    
    
    100
    %
    
    $
    450,039North Hampton Pl.
    
    Columbia, MO
    
    
    36
    
    
    
    687,000
    
    
    
    11/95
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,002,996Northfield Housing,
L.P.
    
    Jackson,
MS
    
    
    5
    
    
    
    161,292
    
    
    
    12/96
    
    
    
    9/96
    
    
    
    100
    %
    
    
    217,266Pahrump Valley Apts.
    
    Pahrump,
NV
    
    
    32
    
    
    
    1,362,770
    
    
    
    7/96
    
    
    
    7/96
    
    
    
    100
    %
    
    
    335,225Park Meadow
Apartments
    
    Gaylord,
MI
    
    
    80
    
    
    
    1,628,345
    
    
    
    9/95
    
    
    
    4/97
    
    
    
    100
    %
    
    
    1,753,158Shadowcreek
Apartments
    
    Overton,
NV
    
    
    24
    
    
    
    1,198,386
    
    
    
    6/96
    
    
    
    9/96
    
    
    
    100
    %
    
    
    361,320Stanton Village
Apts.
    
    Stanton,
TN
    
    
    40
    
    
    
    1,183,638
    
    
    
    9/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    279,730Woodlands Apartments
    
    Elko,
NV
    
    
    24
    
    
    
    1,192,613
    
    
    
    11/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    269,867Wyandotte Apartments
    
    Los Angeles,
CA
    
    
    73
    
    
    
    3,046,806
    
    
    
    4/96
    
    
    
    2/97
    
    
    
    100
    %
    
    
    1,663,747
 17




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Dogwood Park Apts.
    
    Athens,
GA
    
    
    127
    
    
    $
    2,395,515
    
    
    
    12/95
    
    
    
    10/96
    
    
    
    100
    %
    
    $
    4,147,387Dunlap
Acres
    
    West Point,
MS
    
    
    50
    
    
    
    885,836
    
    
    
    9/96
    
    
    
    4/96
    
    
    
    100
    %
    
    
    522,160Century East II
Apts.
    
    Bismark,
ND
    
    
    24
    
    
    
    477,572
    
    
    
    8/96
    
    
    
    6/96
    
    
    
    100
    %
    
    
    371,183Clarke
Manor
Apts.
    
    Pokamoke City,
MD
    
    
    30
    
    
    
    1,194,251
    
    
    
    2/96
    
    
    
    4/96
    
    
    
    100
    %
    
    
    440,107Hannah Heights Apts.
    
    Ethel,
MS
    
    
    28
    
    
    
    794,555
    
    
    
    6/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    321,584Heartland Green Cave
    
    Horse Cave,
KY
    
    
    24
    
    
    
    824,480
    
    
    
    5/96
    
    
    
    11/96
    
    
    
    100
    %
    
    
    270,132Hurricane Hills
    
    Hurricane,
UT
    
    
    49
    
    
    
    1,162,439
    
    
    
    9/96
    
    
    
    4/97
    
    
    
    100
    %
    
    
    2,242,394Laurelwood Park
Apts.
    
    High Point,
NC
    
    
    100
    
    
    
    2,177,981
    
    
    
    2/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    1,044,377Lenox Ave. Apts.
    
    Manhattan,
NY
    
    
    18
    
    
    
    619,761
    
    
    
    10/96
    
    
    
    9/97
    
    
    
    100
    %
    
    
    903,792Madison Park IV
    
    Boston,
MA
    
    
    143
    
    
    
    13,654,148
    
    
    
    5/96
    
    
    
    3/97
    
    
    
    99
    %
    
    
    2,169,843Main
Everett Apts.
    
    New Rochelle,
NY
    
    
    11
    
    
    
    565,269
    
    
    
    6/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    782,852Maple Hill
    
    New Haven,
CT
    
    
    32
    
    
    
    844,922
    
    
    
    2/97
    
    
    
    2/98
    
    
    
    100
    %
    
    
    199,951Osborne Apts.
    
    White Plains,
NY
    
    
    7
    
    
    
    390,389
    
    
    
    6/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    522,325
 18




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Rose
Square
    
    Connellsville,
PA
    
    
    11
    
    
    $
    385,067
    
    
    
    10/96
    
    
    
    2/97
    
    
    
    100
    %
    
    $
    288,209Rosewood Estates, II
    
    Bladenboro,
NC
    
    
    16
    
    
    
    664,097
    
    
    
    9/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    124,304Sandstone Village
    
    Great Falls,
MT
    
    
    48
    
    
    
    1,284,179
    
    
    
    11/95
    
    
    
    8/96
    
    
    
    100
    %
    
    
    1,295,623Shannon Rentals
    
    Shannon,
MS
    
    
    48
    
    
    
    1,232,024
    
    
    
    4/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    324,990Smith
House
    
    Roxbury,
MA
    
    
    132
    
    
    
    1,317,488
    
    
    
    4/96
    
    
    
    3/97
    
    
    
    100
    %
    
    
    1,031,269Sutton
Place
    
    Indianopolis,
IN
    
    
    360
    
    
    
    5,585,000
    
    
    
    11/96
    
    
    
    10/97
    
    
    
    100
    %
    
    
    823,257The Mary
Ryder Home
    
    St. Louis
MO
    
    
    48
    
    
    
    
    
    
    
    6/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    1,591,573Washington Arms
    
    Dayton,
OH
    
    
    93
    
    
    
    2,200,000
    
    
    
    2/96
    
    
    
    2/95
    
    
    
    100
    %
    
    
    203,859Wyandotte Apts.
    
    Los Angeles,
CA
    
    
    73
    
    
    
    3,046,806
    
    
    
    4/96
    
    
    
    2/97
    
    
    
    100
    %
    
    
    2,280,623
 19




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Academy
Apts.
    
    West Point,
VA
    
    
    32
    
    
    $
    1,138,844
    
    
    
    4/97
    
    
    
    3/98
    
    
    
    100
    %
    
    $
    263,722Bradley
Estates
Phase I
    
    Meriden,
CT
    
    
    74
    
    
    
    1,423,696
    
    
    
    2/97
    
    
    
    12/97
    
    
    
    100
    %
    
    
    671,336Bradley
Estates
Phase II
    
    Meriden,
CT
    
    
    42
    
    
    
    812,138
    
    
    
    2/97
    
    
    
    12/97
    
    
    
    100
    %
    
    
    486,861Brookhaven
Apts.
    
    Shrevport,
LA
    
    
    35
    
    
    
    1,007,955
    
    
    
    2/97
    
    
    
    1/97
    
    
    
    100
    %
    
    
    726,113Butler
Estates
    
    Leesville,
LA
    
    
    10
    
    
    
    158,128
    
    
    
    8/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    129,311Calgory
Apts. I
    
    Bismark,
ND
    
    
    24
    
    
    
    571,478
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Calgory
Apts. II
    
    Bismark,
ND
    
    
    24
    
    
    
    577,370
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Calgory
Apts. III
    
    Bismark,
ND
    
    
    24
    
    
    
    566,030
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Cameron
Apts.
    
    Cameron,
LA
    
    
    40
    
    
    
    386,226
    
    
    
    8/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    793,209Country
Edge Apts.
    
    Fargo,
ND
    
    
    48
    
    
    
    958,064
    
    
    
    7/97
    
    
    
    12/97
    
    
    
    100
    %
    
    
    1,128,587Devonshire
II Apts.
    
    London,
OH
    
    
    28
    
    
    
    729,359
    
    
    
    1/97
    
    
    
    12/96
    
    
    
    100
    %
    
    
    182,070Devonshire
West Apts.
    
    W. Jefferson,
OH
    
    
    19
    
    
    
    509,041
    
    
    
    1/97
    
    
    
    1/97
    
    
    
    100
    %
    
    
    126,983East Park
II Apts.
    
    Dilworth,
MN
    
    
    24
    
    
    
    514,495
    
    
    
    8/96
    
    
    
    8/96
    
    
    
    100
    %
    
    
    525,631Edgewood
Park
Apts.
    
    Milledge-ville,
GA
    
    
    61
    
    
    
    1,500,000
    
    
    
    5/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    1,477,023
 20




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Edgewood
Estates
Apts.
    
    Edgewood,
TX
    
    
    22
    
    
    $
    585,997
    
    
    
    6/97
    
    
    
    11/96
    
    
    
    100
    %
    
    $
    173,436Escher
Street SRO
    
    Trenton,
NJ
    
    
    104
    
    
    
    2,009,864
    
    
    
    4/97
    
    
    
    5/98
    
    
    
    100
    %
    
    
    3,734,928Grandview
Apartments
    
    Fargo,
ND
    
    
    36
    
    
    
    1,070,131
    
    
    
    8/96
    
    
    
    8/96
    
    
    
    100
    %
    
    
    1,069,522Grayson
Manor
    
    Independence,
VA
    
    
    32
    
    
    
    1,009,610
    
    
    
    3/98
    
    
    
    11/98
    
    
    
    100
    %
    
    
    656,156Hallman
Court Apts.
    
    Rochester,
NY
    
    
    77
    
    
    
    8,717,569
    
    
    
    1/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    325,768Hanover
Apts.
    
    Ashland,
VA
    
    
    40
    
    
    
    1,250,021
    
    
    
    11/97
    
    
    
    4/98
    
    
    
    100
    %
    
    
    295,538Hanover
Towers
Apts.
    
    Meriden,
CT
    
    
    100
    
    
    
    3,923,821
    
    
    
    2/97
    
    
    
    11/97
    
    
    
    100
    %
    
    
    1,065,649Hazeltine
Apts.
    
    Los Angeles,
CA
    
    
    35
    
    
    
    1,297,064
    
    
    
    6/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    1,606,155Holly
Heights
Apts.
    
    Bowling
Green,
KY
    
    
    30
    
    
    
    1,138,688
    
    
    
    5/97
    
    
    
    8/97
    
    
    
    100
    %
    
    
    362,738Lake
Apts. IV
    
    Fargo,
ND
    
    
    24
    
    
    
    595,083
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Lake
Apts. V
    
    Fargo,
ND
    
    
    24
    
    
    
    570,052
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Lauderdale
County
Properties
    
    Meriden,
MS
    
    
    48
    
    
    
    1,040,878
    
    
    
    12/98
    
    
    
    5/99
    
    
    
    100
    %
    
    
    444,136Liberty
Village
Apts.
    
    Liberty,
NY
    
    
    32
    
    
    
    1,716,898
    
    
    
    1/97
    
    
    
    5/97
    
    
    
    100
    %
    
    
    437,448
 21




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Little
Valley Est.
    
    Little Valley,
NY
    
    
    24
    
    
    $
    1,125,624
    
    
    
    1/97
    
    
    
    4/97
    
    
    
    100
    %
    
    $
    284,257Maxton
Green Apts.
    
    Maxton,
NC
    
    
    32
    
    
    
    937,138
    
    
    
    9/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    263,281Madison
Apartments
    
    Miami Beach,
FL
    
    
    17
    
    
    
    1,000,822
    
    
    
    3/96
    
    
    
    6/97
    
    
    
    100
    %
    
    
    896,695Mason
Manor Apts.
    
    Mason,
TN
    
    
    24
    
    
    
    908,983
    
    
    
    2/96
    
    
    
    1/96
    
    
    
    100
    %
    
    
    229,775Mosby
Forest Apts.
    
    Littleton,
NC
    
    
    24
    
    
    
    592,396
    
    
    
    10/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    496,753New Hope
Bailey
Apts.
    
    De Ridder,
LA
    
    
    40
    
    
    
    799,674
    
    
    
    8/96
    
    
    
    9/96
    
    
    
    100
    %
    
    
    758,620Nordhoff
Apts.
    
    North Hills,
CA
    
    
    38
    
    
    
    1,927,542
    
    
    
    9/96
    
    
    
    7/97
    
    
    
    100
    %
    
    
    1,787,961Park Ridge
Apartments
    
    Jackson,
TN
    
    
    136
    
    
    
    3,500,000
    
    
    
    11/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    854,147Powell
Valley
Village
    
    Jonesville,
VA
    
    
    34
    
    
    
    680,193
    
    
    
    3/98
    
    
    
    12/98
    
    
    
    100
    %
    
    
    1,423,248Southwind
Apts. A LDHA
    
    Jennings,
LA
    
    
    36
    
    
    
    816,352
    
    
    
    8/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    700,216T.R. Bobb
Apts.
    
    New Iberia,
LA
    
    
    30
    
    
    
    664,976
    
    
    
    8/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    714,504Timmons-
Ville
Green Apts.
    
    Timmonsville,
SC
    
    
    32
    
    
    
    1,046,799
    
    
    
    10/96
    
    
    
    2/97
    
    
    
    100
    %
    
    
    292,587Tremont
Station
Apartments
    
    Tremont,
PA
    
    
    24
    
    
    
    1,127,897
    
    
    
    5/96
    
    
    
    11/96
    
    
    
    100
    %
    
    
    349,889
 22




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Village
Estates
Apts.
    
    Victoria,
VA
    
    
    32
    
    
    $
    1,130,817
    
    
    
    4/97
    
    
    
    10/98
    
    
    
    100
    %
    
    $
    270,204Village
Green
Apts.
    
    Gloucester,
VA
    
    
    32
    
    
    
    1,126,306
    
    
    
    4/97
    
    
    
    11/97
    
    
    
    100
    %
    
    
    296,893Warrensburg
Heights
    
    Warrensburg,
MO
    
    
    28
    
    
    
    1,084,553
    
    
    
    12/96
    
    
    
    11/96
    
    
    
    100
    %
    
    
    308,825Westside
Apts.
    
    Salem,
AR
    
    
    29
    
    
    
    1,014,279
    
    
    
    8/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    265,020The Willows
Apts.
    
    Smithville,
TX
    
    
    32
    
    
    
    771,050
    
    
    
    5/96
    
    
    
    5/96
    
    
    
    100
    %
    
    
    209,768
 23




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07AHAB Rental
Units
Phase II
    
    Springfield,
MO
    
    
    17
    
    
    $
    402,019
    
    
    
    6/97
    
    
    
    11/97
    
    
    
    100
    %
    
    $
    578,458Angelou
Court
Apts.
    
    New York,
NY
    
    
    23
    
    
    
    928,902
    
    
    
    10/97
    
    
    
    8/99
    
    
    
    100
    %
    
    
    1,791,275Canisteo
Manor
    
    Canisteo,
NY
    
    
    24
    
    
    
    885,139
    
    
    
    4/98
    
    
    
    4/98
    
    
    
    100
    %
    
    
    621,857The Casa
Rosa
    
    San Juan,
PR
    
    
    97
    
    
    
    616,266
    
    
    
    9/97
    
    
    
    4/98
    
    
    
    100
    %
    
    
    1,232,936Forest Glen
At Sulluy
Station
Phase II
Atps.
    
    Centreville,
VA
    
    
    119
    
    
    
    6,062,028
    
    
    
    8/96
    
    
    
    6/97
    
    
    
    100
    %
    
    
    1,362,808Harrison
Heights
Apts.
    
    Harrisonville,
MO
    
    
    48
    
    
    
    1,127,464
    
    
    
    1/98
    
    
    
    12/96
    
    
    
    100
    %
    
    
    245,516Harbor
Towers
Apts.
    
    Meriden,
CT
    
    
    202
    
    
    
    9,790,472
    
    
    
    2/97
    
    
    
    11/97
    
    
    
    100
    %
    
    
    2,895,280Holly
Heights
Apts.
    
    Storm Lake,
IA
    
    
    32
    
    
    
    475,984
    
    
    
    4/97
    
    
    
    8/98
    
    
    
    100
    %
    
    
    614,058Lake Apts.
II
    
    Fargo,
ND
    
    
    24
    
    
    
    565,479
    
    
    
    1/97
    
    
    
    12/95
    
    
    
    100
    %
    
    
    396,024Magnolia
Place
Apts.
    
    Gautier,
MS
    
    
    40
    
    
    
    500,000
    
    
    
    11/97
    
    
    
    1/98
    
    
    
    100
    %
    
    
    800,027Northrock
Apts.
    
    Topeka,
KS
    
    
    76
    
    
    
    2,310,434
    
    
    
    5/00
    
    
    
    5/00
    
    
    
    100
    %
    
    
    610,365Park Crest
Apts.
    
    Sherwood,
AR
    
    
    216
    
    
    
    9,000,000
    
    
    
    11/99
    
    
    
    6/99
    
    
    
    100
    %
    
    
    115,311
 24




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Pear
Village
Apts.
    
    Leitchfile,
KY
    
    
    16
    
    
    $
    471,083
    
    
    
    8/96
    
    
    
    2/97
    
    
    
    100
    %
    
    $
    488,822Randolph
Village
    
    Silver
Spring,
MD
    
    
    130
    
    
    
    5,100,987
    
    
    
    9/96
    
    
    
    8/97
    
    
    
    100
    %
    
    
    2,240,075Summer
Hill Sr.
Apts.
    
    Wayne,
NJ
    
    
    164
    
    
    
    8,461,417
    
    
    
    11/96
    
    
    
    4/98
    
    
    
    100
    %
    
    
    2,337,000Sunday
Sun Apts.
    
    Bowling Green,
KY
    
    
    30
    
    
    
    782,003
    
    
    
    10/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    714,938
 25




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/071374
Boston
Road L.P.
    
    New York,
NY
    
    
    15
    
    
    $
    339,522
    
    
    
    2/97
    
    
    
    6/97
    
    
    
    100
    %
    
    $
    522,065Ashberry
Manor
Apts.
    
    Bardstown,
KY
    
    
    24
    
    
    
    625,928
    
    
    
    2/97
    
    
    
    3/97
    
    
    
    100
    %
    
    
    561,330Bienville
III Apts.
    
    Ringold,
LA
    
    
    32
    
    
    
    942,117
    
    
    
    2/97
    
    
    
    2/97
    
    
    
    100
    %
    
    
    349,186Blanchard
Apts.
    
    Blanchard,
LA
    
    
    32
    
    
    
    890,958
    
    
    
    7/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    307,218Chandler
Village
Apts
    
    Chandler,
OK
    
    
    32
    
    
    
    887,717
    
    
    
    4/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    255,639Cottonwood
Apts.
    
    Cottonwood,
LA
    
    
    24
    
    
    
    718,989
    
    
    
    7/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    248,058Cottonwood
Apts.
    
    Holly Grove,
AR
    
    
    24
    
    
    
    910,500
    
    
    
    2/97
    
    
    
    4/97
    
    
    
    100
    %
    
    
    254,856Evangeline
Apts.
    
    Lake Arthur,
LA
    
    
    32
    
    
    
    952,758
    
    
    
    11/97
    
    
    
    1/98
    
    
    
    100
    %
    
    
    366,284Fairway
Apts. II
    
    Marlette,
MI
    
    
    48
    
    
    
    967,362
    
    
    
    12/96
    
    
    
    3/97
    
    
    
    100
    %
    
    
    255,353Falcon
Pointe Apts.
    
    Rosenburg,
TX
    
    
    102
    
    
    
    2,959,140
    
    
    
    4/98
    
    
    
    10/99
    
    
    
    100
    %
    
    
    3,782,145Jackson
Place
Apts.
    
    Jackson,
LA
    
    
    40
    
    
    
    973,536
    
    
    
    7/97
    
    
    
    10/97
    
    
    
    100
    %
    
    
    983,615Mapelwood
Apts.
    
    Winnfield,
LA
    
    
    40
    
    
    
    883,116
    
    
    
    3/98
    
    
    
    8/98
    
    
    
    100
    %
    
    
    922,119Milton
Village
Apts.
    
    Milton,
NY
    
    
    32
    
    
    
    1,167,648
    
    
    
    2/97
    
    
    
    6/97
    
    
    
    100
    %
    
    
    1,192,184Neighborhood
Restorations
VII
    
    West Philadelphia,
PA
    
    
    72
    
    
    
    1,509,795
    
    
    
    2/98
    
    
    
    2/98
    
    
    
    100
    %
    
    
    3,809,335
 26




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Park
Plaza
I & II
    
    West Memphis,
AR
    
    
    128
    
    
    $
    2,776,395
    
    
    
    12/97
    
    
    
    11/96
    
    
    
    100
    %
    
    $
    553,954Park
Village
Apts.
    
    Athens,
TN
    
    
    80
    
    
    
    1,140,247
    
    
    
    10/98
    
    
    
    6/99
    
    
    
    100
    %
    
    
    1,992,486Pin Oak
Village
    
    Bowie,
MD
    
    
    110
    
    
    
    9,803,912
    
    
    
    11/97
    
    
    
    1/96
    
    
    
    100
    %
    
    
    3,880,319Southern
Villa
Apts.
    
    Russellville,
KY
    
    
    32
    
    
    
    1,314,662
    
    
    
    11/97
    
    
    
    4/98
    
    
    
    100
    %
    
    
    323,500Randolph
Village
    
    Silver Spring,
MD
    
    
    130
    
    
    
    4,941,470
    
    
    
    12/97
    
    
    
    8/97
    
    
    
    100
    %
    
    
    909,471Sand Lane
Manor
Apts.
    
    Henderson,
KY
    
    
    24
    
    
    
    639,561
    
    
    
    8/97
    
    
    
    4/98
    
    
    
    100
    %
    
    
    556,478Senior
Suites of
Chicago
    
    Chicago,
IL
    
    
    84
    
    
    
    4,010,338
    
    
    
    12/97
    
    
    
    12/98
    
    
    
    100
    %
    
    
    3,208,112Sumner
House
    
    Hartford,
CT
    
    
    79
    
    
    
    1,051,670
    
    
    
    1/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    2,010,966Terraceview
Townhomes
Apts.
    
    Litchfield
MN
    
    
    22
    
    
    
    565,511
    
    
    
    7/97
    
    
    
    10/97
    
    
    
    100
    %
    
    
    726,402Tilghman
Square
    
    Dunn,
NC
    
    
    20
    
    
    
    701,278
    
    
    
    11/97
    
    
    
    10/97
    
    
    
    100
    %
    
    
    307,605Wellston
Village
Apts.
    
    Wellston,
OK
    
    
    14
    
    
    
    367,629
    
    
    
    4/97
    
    
    
    8/97
    
    
    
    100
    %
    
    
    107,258Yale
Village
Apts.
    
    Yale,
OK
    
    
    8
    
    
    
    194,133
    
    
    
    2/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    74,341
 27




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07The
Arbor Park Apts.
    
    Jackson,
MS
    
    
    160
    
    
    $
    5,460,000
    
    
    
    12/96
    
    
    
    6/98
    
    
    
    100
    %
    
    $
    2,809,826The
Arbors
    
    Richmond,
VA
    
    
    85
    
    
    
    2,826,395
    
    
    
    7/97
    
    
    
    11/98
    
    
    
    100
    %
    
    
    2,480,576Barrington
Cove Apts.
    
    Barrington,
RI
    
    
    60
    
    
    
    1,958,981
    
    
    
    4/97
    
    
    
    5/97
    
    
    
    100
    %
    
    
    4,264,830Bent
Tree Apts.
    
    Jacksboro,
TX
    
    
    24
    
    
    
    566,045
    
    
    
    12/97
    
    
    
    1/98
    
    
    
    100
    %
    
    
    161,552Colonial Apts.
    
    Poplarville,
MS
    
    
    16
    
    
    
    385,972
    
    
    
    10/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    86,039Dogwood Apts.
    
    Appomattox,
VA
    
    
    48
    
    
    
    1,339,774
    
    
    
    10/98
    
    
    
    5/99
    
    
    
    100
    %
    
    
    637,151Emerald
Trace Apts.
    
    Ruston,
LA
    
    
    48
    
    
    
    1,291,350
    
    
    
    8/98
    
    
    
    4/99
    
    
    
    100
    %
    
    
    1,199,141Edgewood Apts.
    
    Baker,
LA
    
    
    72
    
    
    
    1,903,015
    
    
    
    3/97
    
    
    
    9/98
    
    
    
    100
    %
    
    
    1,856,539Glenbrook Apts.
    
    Saint Jo,
TX
    
    
    24
    
    
    
    475,284
    
    
    
    12/97
    
    
    
    3/97
    
    
    
    100
    %
    
    
    145,871Harbor
Pointe Apts.
    
    Benton
Harbor,
MI
    
    
    84
    
    
    
    1,464,968
    
    
    
    1/99
    
    
    
    10/99
    
    
    
    100
    %
    
    
    3,209,292The
Lincoln Hotel
    
    San
Diego,
CA
    
    
    41
    
    
    
    735,495
    
    
    
    2/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    697,511Lombard
Heights Apts.
    
    Springfield, MO
    
    
    24
    
    
    
    720,000
    
    
    
    10/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    322,808
 28




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Lutkin
Bayou Apts.
    
    Drew,
MS
    
    
    36
    
    
    $
    803,769
    
    
    
    11/97
    
    
    
    6/97
    
    
    
    100
    %
    
    $
    192,283Nacodgoches Plaza
Apts.
    
    Nacodgoches, TX
    
    
    70
    
    
    
    1,465,894
    
    
    
    4/97
    
    
    
    3/98
    
    
    
    100
    %
    
    
    2,793,695Newcastle Apts.
    
    Collins,
MS
    
    
    36
    
    
    
    655,316
    
    
    
    9/97
    
    
    
    6/98
    
    
    
    100
    %
    
    
    194,259Park Crest Apts.
    
    Sherwood,
AZ
    
    
    216
    
    
    
    9,000,000
    
    
    
    2/98
    
    
    
    6/99
    
    
    
    100
    %
    
    
    3,199,520Palmetto
Place Apts.
    
    Benton,
LA
    
    
    40
    
    
    
    1,065,787
    
    
    
    10/98
    
    
    
    4/99
    
    
    
    100
    %
    
    
    1,153,878Pecan
Hill Apts.
    
    Bryson,
TX
    
    
    16
    
    
    
    360,707
    
    
    
    8/97
    
    
    
    1/98
    
    
    
    100
    %
    
    
    110,600Regency Apts.
    
    Poplarville, MS
    
    
    16
    
    
    
    447,006
    
    
    
    10/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    102,419Rhome
Apts.
    
    Rhome,
TX
    
    
    24
    
    
    
    479,116
    
    
    
    12/97
    
    
    
    2/97
    
    
    
    100
    %
    
    
    160,551Westfield Apts.
    
    Welsh,
LA
    
    
    40
    
    
    
    772,405
    
    
    
    11/97
    
    
    
    8/98
    
    
    
    100
    %
    
    
    918,605Willow
Point Apts. III
    
    Jackson,
MS
    
    
    120
    
    
    
    4,505,000
    
    
    
    12/96
    
    
    
    2/98
    
    
    
    100
    %
    
    
    2,035,596
 29




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Byam Village
    
    Waterbury,
CT
    
    
    46
    
    
    $
    760,652
    
    
    
    2/97
    
    
    
    2/98
    
    
    
    100
    %
    
    $
    426,008Country Estates
Apts.
    
    Farmville,
VA
    
    
    24
    
    
    
    876,499
    
    
    
    3/98
    
    
    
    7/99
    
    
    
    100
    %
    
    
    223,562Emerald Trace II
Apts
    
    Ruston,
LA
    
    
    24
    
    
    
    326,254
    
    
    
    7/98
    
    
    
    12/98
    
    
    
    100
    %
    
    
    717,594Farewell
Mills
Apts.
    
    Lisbon,
ME
    
    
    27
    
    
    
    764,607
    
    
    
    8/97
    
    
    
    3/98
    
    
    
    100
    %
    
    
    662,864Hillside
Terrace
Apts.
    
    Poughkeepsie,
NY
    
    
    64
    
    
    
    1,746,411
    
    
    
    4/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    542,326Lakewood Apts.
    
    Clarksville,
VA
    
    
    52
    
    
    
    1,522,473
    
    
    
    3/98
    
    
    
    10/99
    
    
    
    100
    %
    
    
    394,349Lone
Oak
Apts.
    
    Graham,
TX
    
    
    64
    
    
    
    1,437,708
    
    
    
    8/97
    
    
    
    9/98
    
    
    
    100
    %
    
    
    408,634Millwood
Park
Apts.
    
    Douglasville,
GA
    
    
    172
    
    
    
    7,720,206
    
    
    
    12/98
    
    
    
    11/99
    
    
    
    100
    %
    
    
    971,164New
River
Gardens
    
    Radford,
VA
    
    
    48
    
    
    
    1,436,088
    
    
    
    10/98
    
    
    
    5/99
    
    
    
    100
    %
    
    
    637,321Nocona
Terrace
Apts.
    
    Nocona,
TX
    
    
    36
    
    
    
    761,998
    
    
    
    8/97
    
    
    
    12/98
    
    
    
    100
    %
    
    
    249,394Northgate Apts.
    
    Bryant,
AR
    
    
    20
    
    
    
    629,917
    
    
    
    4/99
    
    
    
    11/99
    
    
    
    100
    %
    
    
    834,557
 30




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Park Trace Apts.
    
    Jackson,
TN
    
    
    84
    
    
    $
    1,548,835
    
    
    
    11/97
    
    
    
    3/99
    
    
    
    100
    %
    
    $
    3,353,303Pine Forest Apts.
    
    Dahlgren,
VA
    
    
    40
    
    
    
    1,838,282
    
    
    
    3/98
    
    
    
    2/99
    
    
    
    100
    %
    
    
    503,181Riverbend Apts.
    
    Swanzey,
NH
    
    
    24
    
    
    
    574,376
    
    
    
    7/97
    
    
    
    2/98
    
    
    
    100
    %
    
    
    1,321,798Royal
Crest Apts.
    
    Bowie,
TX
    
    
    48
    
    
    
    1,026,747
    
    
    
    8/97
    
    
    
    10/98
    
    
    
    100
    %
    
    
    337,545Trinity Life Gardens
    
    Pueblo,
CO
    
    
    44
    
    
    
    1,146,021
    
    
    
    4/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    1,952,175Western Trails Apts.
    
    Council Bluffs,
IA
    
    
    30
    
    
    
    910,768
    
    
    
    7/98
    
    
    
    6/99
    
    
    
    100
    %
    
    
    912,827Whistle
Stop Apts.
    
    Gentry,
AR
    
    
    27
    
    
    
    712,099
    
    
    
    9/97
    
    
    
    5/98
    
    
    
    100
    %
    
    
    726,507
 31




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Bent
Tree Apts.
    
    San Angelou,
TX
    
    
    112
    
    
    $
    2,517,801
    
    
    
    12/97
    
    
    
    7/99
    
    
    
    100
    %
    
    $
    3,521,950Brittney
Square Apts.
    
    Bowling
Green,
KY
    
    
    20
    
    
    
    567,837
    
    
    
    7/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    629,917Canton
Manor Apts.
    
    Canton,
MS
    
    
    32
    
    
    
    792,052
    
    
    
    11/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    271,306Canton
Village Apts.
    
    Canton,
MS
    
    
    42
    
    
    
    1,105,697
    
    
    
    11/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    363,557Double
Springs
Manor II Apts.
    
    Bowling
Green,
KY
    
    
    25
    
    
    
    344,750
    
    
    
    9/98
    
    
    
    3/99
    
    
    
    100
    %
    
    
    985,432Eagles
Ridge Terrace
    
    Decatur,
TX
    
    
    89
    
    
    
    1,726,477
    
    
    
    12/97
    
    
    
    5/98
    
    
    
    100
    %
    
    
    467,063Elmwood Apts.
    
    Ellisville,
MS
    
    
    32
    
    
    
    627,991
    
    
    
    12/97
    
    
    
    6/98
    
    
    
    100
    %
    
    
    243,483Giles
Apts.
    
    Amelia,
VA
    
    
    16
    
    
    
    706,198
    
    
    
    3/98
    
    
    
    2/99
    
    
    
    100
    %
    
    
    183,711Henderson
Terrace Apts.
    
    Bridgeport, TX
    
    
    24
    
    
    
    495,370
    
    
    
    11/97
    
    
    
    9/98
    
    
    
    100
    %
    
    
    120,846Hurricane Hills
    
    Hurricane, UT
    
    
    28
    
    
    
    714,438
    
    
    
    9/97
    
    
    
    8/98
    
    
    
    100
    %
    
    
    2,020,271Madison
Height Apts.
    
    Canton,
MS
    
    
    80
    
    
    
    2,186,849
    
    
    
    11/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    786,614
 32




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Lakeview
Court
    
    City of
Little Elm,
TX
    
    
    24
    
    
    $
    422,719
    
    
    
    11/97
    
    
    
    1/99
    
    
    
    100
    %
    
    $
    83,390Mesquite
Trails
    
    Jacksboro,
TX
    
    
    35
    
    
    
    648,928
    
    
    
    11/97
    
    
    
    11/98
    
    
    
    100
    %
    
    
    193,766Munjoy South
Townhouse
Apts.
    
    Portland,
ME
    
    
    140
    
    
    
    3,393,766
    
    
    
    9/97
    
    
    
    10/98
    
    
    
    100
    %
    
    
    777,411Nottoway
Manor
    
    Blackstone,
VA
    
    
    28
    
    
    
    845,404
    
    
    
    3/98
    
    
    
    4/99
    
    
    
    100
    %
    
    
    214,977Parktowne
Apts.
    
    Cleveland,
TN
    
    
    84
    
    
    
    1,501,325
    
    
    
    11/97
    
    
    
    6/98
    
    
    
    100
    %
    
    
    3,363,097Park
Ridge Apts.
    
    McKee,
KY
    
    
    22
    
    
    
    871,221
    
    
    
    10/97
    
    
    
    5/98
    
    
    
    100
    %
    
    
    338,464Pilot Point
Apts.
    
    Pilot Point,
VA
    
    
    40
    
    
    
    728,771
    
    
    
    11/97
    
    
    
    2/99
    
    
    
    100
    %
    
    
    142,680Plantation Ridge
    
    Sugar Hill,
GA
    
    
    218
    
    
    
    12,790,000
    
    
    
    5/98
    
    
    
    5/99
    
    
    
    100
    %
    
    
    1,974,354Riverbend
Apts.
    
    Bedford,
ME
    
    
    28
    
    
    
    753,756
    
    
    
    10/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    1,578,561Roth
Village
    
    Mechanicsburg,
PA
    
    
    61
    
    
    
    1,970,740
    
    
    
    10/97
    
    
    
    9/98
    
    
    
    100
    %
    
    
    2,664,992Royal Estates Apts.
    
    Canton,
MS
    
    
    32
    
    
    
    825,268
    
    
    
    11/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    282,525Silver
Creek Apts.
    
    Flat Rock,
MI
    
    
    112
    
    
    
    3,169,860
    
    
    
    3/98
    
    
    
    8/99
    
    
    
    100
    %
    
    
    4,535,381Springs
Manor Apts.
    
    Rawls Spring,
MS
    
    
    32
    
    
    
    809,722
    
    
    
    12/97
    
    
    
    6/98
    
    
    
    100
    %
    
    
    328,693
 33




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Summerdale
Commons Phase II
    
    Atlanta,
GA
    
    
    108
    
    
    $
    3,639,979
    
    
    
    12/98
    
    
    
    4/99
    
    
    
    100
    %
    
    $
    2,496,904Western Hills Apts.
    
    Ferris,
TX
    
    
    16
    
    
    
    431,150
    
    
    
    5/00
    
    
    
    9/00
    
    
    
    100
    %
    
    
    91,419Windsor
Park Apts.
    
    Jackson,
MS
    
    
    279
    
    
    
    7,500,000
    
    
    
    11/97
    
    
    
    3/99
    
    
    
    100
    %
    
    
    2,346,847
 34




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Carriage
Pointe Apts.**
    
    Old Bridge,
NJ
    
    
    18
    
    
    $
    6,712,692
    
    
    
    1/98
    
    
    
    1/97
    
    
    
    100
    %
    
    $
    3,051,011Chardonnay Apts.
    
    Oklahoma City,
OK
    
    
    14
    
    
    
    53,306
    
    
    
    1/98
    
    
    
    1/97
    
    
    
    100
    %
    
    
    393,700Cogic
Village Apts.
    
    Benton Harbor,
MI
    
    
    136
    
    
    
    2,248,618
    
    
    
    4/98
    
    
    
    7/99
    
    
    
    100
    %
    
    
    6,669,762Courtside Apts.
    
    Cottonwood,
AZ
    
    
    44
    
    
    
    846,303
    
    
    
    6/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    1,667,188Clear
Creek Apts.
    
    N. Manchester,
IN
    
    
    64
    
    
    
    1,478,688
    
    
    
    7/98
    
    
    
    9/99
    
    
    
    100
    %
    
    
    2,112,665Columbia
Luxar
    
    Dallas,
TX
    
    
    125
    
    
    
    3,432,590
    
    
    
    8/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    3,947,106Colony Park Apts.
    
    Pearl,
MS
    
    
    192
    
    
    
    8,000,000
    
    
    
    6/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    2,911,900Gilette
Manor **
    
    Sayreville,
NJ
    
    
    100
    
    
    
    **
    
    
    
    1/98
    
    
    
    1992
    
    
    
    100
    %
    
    
    **Hallman Court Apts.
    
    Rochester,
NY
    
    
    77
    
    
    
    8,717,569
    
    
    
    1/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    266,536Martinsville Apts.
    
    Shelbyville,
KY
    
    
    125
    
    
    
    227,577
    
    
    
    8/99
    
    
    
    2/00
    
    
    
    100
    %
    
    
    345,791Parkside Plaza Apts
    
    New York,
NY
    
    
    39
    
    
    
    1,332,509
    
    
    
    7/99
    
    
    
    5/01
    
    
    
    100
    %
    
    
    2,764,603Park
Ridge Apts.
    
    Jackson,
TN
    
    
    136
    
    
    
    3,500,000
    
    
    
    11/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    1,672,917Park
Village Apts.
    
    Athens,
TN
    
    
    80
    
    
    
    1,140,247
    
    
    
    10/98
    
    
    
    6/99
    
    
    
    100
    %
    
    
    1,503,103Pearlwood Apts.
    
    Pearl,
MS
    
    
    40
    
    
    
    890,126
    
    
    
    2/98
    
    
    
    5/98
    
    
    
    100
    %
    
    
    745,648Rose Villa
Apts.
    
    Ganado,
TX
    
    
    8
    
    
    
    199,296
    
    
    
    5/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    51,582
 35




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Pecan Manor Apts.
    
    Natchitoches,
LA
    
    
    40
    
    
    $
    761,751
    
    
    
    7/98
    
    
    
    10/98
    
    
    
    100
    %
    
    $
    1,501,914Pineridge Apts.
    
    Franklinton,
LA
    
    
    40
    
    
    
    780,508
    
    
    
    7/98
    
    
    
    1/99
    
    
    
    100
    %
    
    
    1,497,889Sterling Creek Apts.
    
    Independence,
MO
    
    
    48
    
    
    
    855,836
    
    
    
    5/98
    
    
    
    5/00
    
    
    
    100
    %
    
    
    1,973,594Woodhaven Apts.**
    
    S. Brunswick,
NJ
    
    
    80
    
    
    
    **
    
    
    
    1/98
    
    
    
    1995
    
    
    
    100
    %
    
    
    **
 
 **
    
    3 properties which make up one Operating Partnership named FFLM Associates
LP with 194 units. Entire mortgage balance and capital contributions paid
reported with Carriage Pointe Apartments LP. 36




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Bradford
Park Apts.
    
    Southhaven,
MS
    
    
    208
    
    
    $
    9,790,000
    
    
    
    10/98
    
    
    
    12/99
    
    
    
    100
    %
    
    $
    302,884Bradford Square
North Apts.
    
    Jefferson City,
TN
    
    
    50
    
    
    
    1,052,177
    
    
    
    10/98
    
    
    
    9/99
    
    
    
    100
    %
    
    
    1,456,415Carriage
Pointe Apts.
    
    Old Bridge,
NJ
    
    
    18
    
    
    
    6,712,692
    
    
    
    3/98
    
    
    
    1/97
    
    
    
    100
    %
    
    
    3,051,011Columbia Luxar
    
    Dallas,
TX
    
    
    125
    
    
    
    3,432,590
    
    
    
    8/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    3,947,106Foxridge Apts.
    
    Durham,
NC
    
    
    92
    
    
    
    2,928,851
    
    
    
    3/98
    
    
    
    7/99
    
    
    
    100
    %
    
    
    3,652,119Gilette Manor
    
    Sayreville,
NJ
    
    
    100
    
    
    
    **
    
    
    
    1/98
    
    
    
    1992
    
    
    
    100
    %
    
    
    **Harbor Pointe
    
    Benton Harbor,
MI
    
    
    84
    
    
    
    1,464,968
    
    
    
    1/99
    
    
    
    10/99
    
    
    
    100
    %
    
    
    1,157,091Merchant Court
    
    Dallas,
GA
    
    
    192
    
    
    
    5,700,026
    
    
    
    10/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    2,422,226Northrock Apts.
    
    Topeka,
KS
    
    
    76
    
    
    
    2,310,434
    
    
    
    5/99
    
    
    
    5/00
    
    
    
    100
    %
    
    
    1,133,534Stearns-Assisted
    
    Millinocket,
ME
    
    
    20
    
    
    
    435,500
    
    
    
    12/99
    
    
    
    3/01
    
    
    
    100
    %
    
    
    675,984Stonewall
Retirement Village
    
    Stonewall,
LA
    
    
    40
    
    
    
    859,857
    
    
    
    7/98
    
    
    
    1/99
    
    
    
    100
    %
    
    
    1,495,966Woodhaven Apts.
    
    S. Brunswick,
NJ
    
    
    80
    
    
    
    **
    
    
    
    1/98
    
    
    
    1995
    
    
    
    100
    %
    
    
    **
 
 **
    
    3 properties which make up one Operating Partnership named FFLM Associates
LP with 194 units. Entire mortgage balance and capital contributions paid
reported with Carriage Pointe Apartments LP. 37




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Abby Ridge Apts.
    
    Elizabethtown,
KY
    
    
    24
    
    
    $
    421,485
    
    
    
    2/00
    
    
    
    1/00
    
    
    
    100
    %
    
    $
    1,577,723Allison Apts.
    
    Mt. Washington,
KY
    
    
    24
    
    
    
    739,367
    
    
    
    11/98
    
    
    
    1/99
    
    
    
    100
    %
    
    
    850,013Belmont
Affordable Housing
Two Apts.
    
    Philadelphia,
PA
    
    
    20
    
    
    
    438,579
    
    
    
    1/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    1,820,797Boerne
Creekside Apts.
    
    Boerne,
TX
    
    
    71
    
    
    
    1,920,039
    
    
    
    11/98
    
    
    
    6/00
    
    
    
    100
    %
    
    
    2,324,652Bradford Park Apts.
    
    Southaven,
MS
    
    
    208
    
    
    
    9,790,000
    
    
    
    3/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    2,868,684Hillside
Club Apts.
    
    Bear Creek Township,
MI
    
    
    56
    
    
    
    1,605,242
    
    
    
    10/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    2,097,333Howard Park Apts
    
    Florida City,
FL
    
    
    16
    
    
    
    329,144
    
    
    
    4/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    681,334Kerrville
Meadows Apts.
    
    Kerrville,
TX
    
    
    72
    
    
    
    1,493,169
    
    
    
    11/98
    
    
    
    4/00
    
    
    
    100
    %
    
    
    2,335,827Merchant
Court Apts.
    
    Dallas,
GA
    
    
    192
    
    
    
    5,700,026
    
    
    
    10/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    4,718,773Millwood
Park Apts.
    
    Douglasville,
GA
    
    
    172
    
    
    
    7,720,206
    
    
    
    12/98
    
    
    
    11/99
    
    
    
    100
    %
    
    
    1,870,576Northwood Homes
    
    Leitchfield,
KY
    
    
    24
    
    
    
    715,859
    
    
    
    4/99
    
    
    
    6/99
    
    
    
    100
    %
    
    
    1,185,712Romeo
Village Apts.
    
    Montour
Falls,
NY
    
    
    24
    
    
    
    1,015,517
    
    
    
    10/98
    
    
    
    4/99
    
    
    
    100
    %
    
    
    753,362
 38




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Summer Park Apts.
    
    Jackson,
MS
    
    
    216
    
    
    $
    10,320,000
    
    
    
    10/99
    
    
    
    6/00
    
    
    
    100
    %
    
    $
    1,106,814Washington
Courtyards
    
    Houston,
TX
    
    
    74
    
    
    
    2,696,504
    
    
    
    8/99
    
    
    
    8/00
    
    
    
    100
    %
    
    
    1,448,573
 39




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Ashton
Cove Apts.
    
    Kingsland,
GA
    
    
    72
    
    
    $
    1,853,973
    
    
    
    1/00
    
    
    
    4/00
    
    
    
    100
    %
    
    $
    2,664,000Autumn Park
    
    Dickson,
TN
    
    
    104
    
    
    
    5,000,000
    
    
    
    4/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    1,474,017Brazoswood Apts.
    
    Clute,
TX
    
    
    72
    
    
    
    1,925,833
    
    
    
    7/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    3,074,829Columbia Woods
Townhomes
    
    Newman,
GA
    
    
    120
    
    
    
    4,260,133
    
    
    
    10/00
    
    
    
    6/02
    
    
    
    100
    %
    
    
    1,310,103Country
Walk Apts.
    
    Mulvane,
KS
    
    
    68
    
    
    
    1,777,617
    
    
    
    12/98
    
    
    
    11/99
    
    
    
    100
    %
    
    
    1,923,697Cypress
Pointe
Retirement Apts.
    
    Casa Grande,
AZ
    
    
    104
    
    
    
    1,823,856
    
    
    
    4/99
    
    
    
    3/00
    
    
    
    100
    %
    
    
    2,680,499Garden
Gates Apts. II
    
    New Caney,
TX
    
    
    32
    
    
    
    791,935
    
    
    
    3/99
    
    
    
    3/00
    
    
    
    100
    %
    
    
    1,067,950Hillside
Terrace Apts.
    
    Poughkeepsie, NY
    
    
    64
    
    
    
    1,746,411
    
    
    
    4/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    3,977,051Riverwalk
Apt. Homes Phase II
    
    Sheboygan,
WI
    
    
    20
    
    
    
    388,352
    
    
    
    12/98
    
    
    
    7/99
    
    
    
    100
    %
    
    
    1,354,092Washington
Courtyards
    
    Houston,
TX
    
    
    74
    
    
    
    2,696,504
    
    
    
    8/99
    
    
    
    8/00
    
    
    
    100
    %
    
    
    606,140Wedgewood Park Apts.
    
    Evans,
GA
    
    
    180
    
    
    
    5,194,092
    
    
    
    12/99
    
    
    
    8/00
    
    
    
    100
    %
    
    
    3,551,820
 40




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Annadale
Apts.
    
    Fresno,
CA
    
    
    222
    
    
    $
    12,685,618
    
    
    
    1/00
    
    
    
    6/90
    
    
    
    100
    %
    
    $
    548,563Ashton
Ridge
    
    Jackson,
MI
    
    
    144
    
    
    
    2,549,103
    
    
    
    2/00
    
    
    
    12/00
    
    
    
    100
    %
    
    
    1,430,296Farmington
Meadows
    
    Aloha,
OR
    
    
    69
    
    
    
    3,090,856
    
    
    
    8/99
    
    
    
    11/99
    
    
    
    100
    %
    
    
    865,369Nowata
Village
    
    Nowata,
OK
    
    
    28
    
    
    
    1,239,205
    
    
    
    8/99
    
    
    
    2/00
    
    
    
    100
    %
    
    
    330,497Paris
Place
    
    Paris,
KY
    
    
    32
    
    
    
    1,189,729
    
    
    
    6/00
    
    
    
    9/00
    
    
    
    100
    %
    
    
    930,412Riverview
Bend Apts.
    
    Cystal City,
MO
    
    
    94
    
    
    
    3,120,000
    
    
    
    11/99
    
    
    
    3/00
    
    
    
    100
    %
    
    
    1,210,500Senior Suites
Of Chicago
Washington
Heights
    
    Chicago,
IL
    
    
    85
    
    
    
    3,404,153
    
    
    
    12/99
    
    
    
    11/00
    
    
    
    100
    %
    
    
    2,243,090Valleyview
Estates
Apts.
    
    Branson
West,
MO
    
    
    32
    
    
    
    404,014
    
    
    
    11/99
    
    
    
    5/00
    
    
    
    100
    %
    
    
    1,306,789Wedgewood
Park Apts.
    
    Evans,
GA
    
    
    180
    
    
    
    5,194,092
    
    
    
    12/99
    
    
    
    8/00
    
    
    
    100
    %
    
    
    3,551,820Willowbrook
Apts.
    
    Lafayette,
LA
    
    
    40
    
    
    
    978,434
    
    
    
    6/99
    
    
    
    9/99
    
    
    
    100
    %
    
    
    1,200,789Wingfield
Apts.
    
    Kinder,
LA
    
    
    40
    
    
    
    673,530
    
    
    
    6/99
    
    
    
    7/99
    
    
    
    100
    %
    
    
    1,645,817
 41




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Ashton Ridge Apts.
    
    Jackson,
MS
    
    
    144
    
    
    $
    2,549,103
    
    
    
    02/00
    
    
    
    12/00
    
    
    
    100
    %
    
    $
    6,003,938Baldwin
Villas
    
    Pontiac,
MI
    
    
    65
    
    
    
    4,738,000
    
    
    
    10/99
    
    
    
    7/01
    
    
    
    100
    %
    
    
    1,678,972Columbia
Woods
Townhomes
    
    Newnan,
GA
    
    
    120
    
    
    
    4,260,133
    
    
    
    10/00
    
    
    
    6/02
    
    
    
    100
    %
    
    
    3,285,137Senior
Suites of
Washington
Heights
    
    Chicago,
IL
    
    
    85
    
    
    
    3,404,153
    
    
    
    12/99
    
    
    
    11/00
    
    
    
    100
    %
    
    
    2,243,090Silver
Pond Apts.
    
    Wallingford,
CT
    
    
    160
    
    
    
    4,218,442
    
    
    
    6/00
    
    
    
    12/01
    
    
    
    100
    %
    
    
    1,563,634Stearns
Assisted
Apts.
    
    Millinocket,
ME
    
    
    20
    
    
    
    435,500
    
    
    
    12/99
    
    
    
    3/01
    
    
    
    100
    %
    
    
    1,407,173Summer
Park
    
    Jackson,
MS
    
    
    216
    
    
    
    10,320,000
    
    
    
    10/99
    
    
    
    6/00
    
    
    
    100
    %
    
    
    2,379,767
 42




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Andover Crossing
Apts.
    
    Andover, KS
    
    
    80
    
    
    $
    2,415,666
    
    
    
    5/00
    
    
    
    12/00
    
    
    
    100
    %
    
    $
    1,772,874Arbors at Eagle
Crest Apts.
    
    Mount Pleasant, MI
    
    
    120
    
    
    
    1,620,474
    
    
    
    12/00
    
    
    
    10/01
    
    
    
    100
    %
    
    
    3,512,499Bristow Place Apts.
    
    Bristow, OK
    
    
    28
    
    
    
    1,222,869
    
    
    
    6/01
    
    
    
    12/00
    
    
    
    100
    %
    
    
    487,648Columbia Creek Apts.
    
    Woodstock, GA
    
    
    172
    
    
    
    5,410,855
    
    
    
    8/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    2,795,601Cushing
Place
Apts.
    
    Cushing, OK
    
    
    24
    
    
    
    1,090,507
    
    
    
    3/00
    
    
    
    10/00
    
    
    
    100
    %
    
    
    428,559Hammond
Place
Apts.
    
    Hammond, LA
    
    
    40
    
    
    
    488,767
    
    
    
    3/00
    
    
    
    4/00
    
    
    
    100
    %
    
    
    1,706,341Shoreham Apts.
    
    Houston, TX
    
    
    120
    
    
    
    3,442,320
    
    
    
    4/00
    
    
    
    7/01
    
    
    
    100
    %
    
    
    6,138,485Vanderbilt
Apts.
    
    Edna,
TX
    
    
    12
    
    
    
    306,482
    
    
    
    5/01
    
    
    
    10/01
    
    
    
    100
    %
    
    
    104,181Whitley Park Apts.
    
    Whitley City, KY
    
    
    21
    
    
    
    895,463
    
    
    
    6/00
    
    
    
    6/00
    
    
    
    100
    %
    
    
    302,339Willowbrook
II Apts.
    
    Lafayette,
LA
    
    
    40
    
    
    
    877,560
    
    
    
    3/00
    
    
    
    5/00
    
    
    
    100
    %
    
    
    1,247,680
 43




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Arbors at Eagle
Crest Apts.
    
    Mount Pleasant,
MI
    
    
    120
    
    
    $
    1,620,474
    
    
    
    12/00
    
    
    
    10/01
    
    
    
    100
    %
    
    $
    3,512,499Arbors at Ironwood
Apts.
    
    Mishawaka,
IN
    
    
    88
    
    
    
    1,751,649
    
    
    
    7/00
    
    
    
    9/01
    
    
    
    100
    %
    
    
    3,772,295Austin Acres Atps.
    
    Hopkinsville, KY
    
    
    32
    
    
    
    843,249
    
    
    
    11/00
    
    
    
    9/01
    
    
    
    100
    %
    
    
    1,275,155Columbia Creek Apts.
    
    Woodstock,
GA
    
    
    172
    
    
    
    5,410,855
    
    
    
    8/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    2,909,708Daystar Village
Apts.
    
    Bowling Green,
KY
    
    
    32
    
    
    
    763,773
    
    
    
    2/01
    
    
    
    1/01
    
    
    
    100
    %
    
    
    1,113,443Hillview
Apts.
    
    Leitchfield,
KY
    
    
    34
    
    
    
    887,129
    
    
    
    5/01
    
    
    
    12/01
    
    
    
    100
    %
    
    
    327,226Pine Grove Community
    
    Gouverneur, NY
    
    
    48
    
    
    
    1,156,319
    
    
    
    12/00
    
    
    
    10/01
    
    
    
    100
    %
    
    
    3,077,767Tally-Ho
Apts.
    
    Campti,
CA
    
    
    26
    
    
    
    564,742
    
    
    
    6/01
    
    
    
    12/01
    
    
    
    100
    %
    
    
    485,057Timber Trails Apts.
    
    Pineville,
LA
    
    
    32
    
    
    
    802,810
    
    
    
    6/01
    
    
    
    7/01
    
    
    
    100
    %
    
    
    499,829
 44




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Arbors @ Ironwood
Apts. II
    
    Mishawaka,
IN
    
    
    40
    
    
    $
    872,473
    
    
    
    2/01
    
    
    
    11/01
    
    
    
    100
    %
    
    $
    1,771,758Baldwin Villas Apts.
    
    Pontiac,
MI
    
    
    65
    
    
    
    4,738,000
    
    
    
    8,01
    
    
    
    7/01
    
    
    
    100
    %
    
    
    344,405Carlyle Apts.
    
    Aberdeen,
SD
    
    
    44
    
    
    
    765,258
    
    
    
    2/01
    
    
    
    6/01
    
    
    
    100
    %
    
    
    1,359,155Center Place Apts.
    
    Center,
TX
    
    
    32
    
    
    
    773,938
    
    
    
    08/01
    
    
    
    10/01
    
    
    
    100
    %
    
    
    428,835Eagle Lake Gardens
Apts.
    
    Azle,
TX
    
    
    60
    
    
    
    1,168,592
    
    
    
    10/01
    
    
    
    5/02
    
    
    
    100
    %
    
    
    666,179Londontown Homes
Apts.
    
    London,
KY
    
    
    24
    
    
    
    545,357
    
    
    
    2/01
    
    
    
    6/01
    
    
    
    100
    %
    
    
    1,836,027Masons Point Apts.
    
    Hopkinsville,
KY
    
    
    41
    
    
    
    1,209,594
    
    
    
    06/01
    
    
    
    7/02
    
    
    
    100
    %
    
    
    1,824,270Meadowside
Apts.
    
    Milo,
NY
    
    
    40
    
    
    
    1,572,958
    
    
    
    05/01
    
    
    
    12/01
    
    
    
    100
    %
    
    
    855,372Northrock
Apts. II
    
    Topeka,
KS
    
    
    60
    
    
    
    2,261,842
    
    
    
    07/01
    
    
    
    5/02
    
    
    
    100
    %
    
    
    1,838,666Oakland
Apts.
    
    Oakdale,
LA
    
    
    46
    
    
    
    1,231,037
    
    
    
    2/01
    
    
    
    7/01
    
    
    
    100
    %
    
    
    767,451Parkview Apts.
    
    Springfield, MA
    
    
    25
    
    
    
    1,323,084
    
    
    
    2/01
    
    
    
    2/02
    
    
    
    100
    %
    
    
    1,221,510Sedgewick
Sundance Apts.
    
    Sedgewick,
KS
    
    
    24
    
    
    
    359,736
    
    
    
    09/01
    
    
    
    10/01
    
    
    
    100
    %
    
    
    1,372,208Southbrook
Humes Apts.
    
    Kily,
KY
    
    
    24
    
    
    
    488,472
    
    
    
    04/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    1,866,896Shalom Plaza Apts.
    
    Kansas City,
MO
    
    
    126
    
    
    
    3,693,862
    
    
    
    08/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    1,273,119Springfield
Crossing
    
    Springfield,
VA
    
    
    347
    
    
    
    26,520,502
    
    
    
    6/02
    
    
    
    10/01
    
    
    
    100
    %
    
    
    718,652Western Gardens
Apts.
    
    Dequincey,
LA
    
    
    48
    
    
    
    1,279,829
    
    
    
    2/01
    
    
    
    7/01
    
    
    
    100
    %
    
    
    782,188
 45




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Bienville
Apts.
    
    Ringhold,
LA
    
    
    32
    
    
    $
    792,949
    
    
    
    12/01
    
    
    
    11/01
    
    
    
    100
    %
    
    $
    488,488Breezewood
Villas I
    
    Frederiksted,
VI
    
    
    12
    
    
    
    988,935
    
    
    
    10/01
    
    
    
    6/02
    
    
    
    100
    %
    
    
    494,361Cascades Crossing
    
    Sterling,
VA
    
    
    320
    
    
    
    22,705,852
    
    
    
    4/03
    
    
    
    10/95
    
    
    
    100
    %
    
    
    734,116Cedar Grove
Apartments Phase I
    
    Shepherdsville,
KY
    
    
    36
    
    
    
    1,048,940
    
    
    
    5/02
    
    
    
    7/01
    
    
    
    100
    %
    
    
    424,955Cranberry Cove
Apartments
    
    Beckley,
WV
    
    
    28
    
    
    
    986,594
    
    
    
    5/02
    
    
    
    1/02
    
    
    
    100
    %
    
    
    514,844Dawson Square
    
    Thornton,
CO
    
    
    36
    
    
    
    1,782,721
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    605,962Forest Glen Village
    
    Vidalia,
GA
    
    
    46
    
    
    
    1,297,025
    
    
    
    4/03
    
    
    
    2/95
    
    
    
    100
    %
    
    
    21,275Franklin Green
    
    Franklin Grove,
IL
    
    
    12
    
    
    
    368,614
    
    
    
    5/02
    
    
    
    9/01
    
    
    
    100
    %
    
    
    308,576Harbor Point II
Apts.
    
    Benton Township,
MI
    
    
    72
    
    
    
    1,630,210
    
    
    
    8/01
    
    
    
    10/02
    
    
    
    100
    %
    
    
    2,295,523Hollywood Palms
Apts.
    
    San Diego,
CA
    
    
    94
    
    
    
    7,928,244
    
    
    
    3/02
    
    
    
    11/02
    
    
    
    100
    %
    
    
    1,895,913Marina Woods Apts.
    
    Halfmoon,
NY
    
    
    32
    
    
    
    1,387,733
    
    
    
    7/01
    
    
    
    4/02
    
    
    
    100
    %
    
    
    1,626,221Marwood Senior Apts.
    
    Upper Marlboro,
MD
    
    
    155
    
    
    
    12,848,829
    
    
    
    7/01
    
    
    
    8/02
    
    
    
    100
    %
    
    
    1,385,308Meadowside
Apts.
    
    Milo,
NY
    
    
    40
    
    
    
    1,572,958
    
    
    
    5/01
    
    
    
    12/01
    
    
    
    100
    %
    
    
    855,372
 46




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Mill Creek
Village
    
    Mt. Carroll,
IL
    
    
    12
    
    
    $
    398,483
    
    
    
    5/02
    
    
    
    9/01
    
    
    
    100
    %
    
    $
    264,354Northline Terrace
    
    Mentoda,
IL
    
    
    24
    
    
    
    700,419
    
    
    
    5/02
    
    
    
    6/01
    
    
    
    100
    %
    
    
    545,986Palisades Park
    
    Fulton,
IL
    
    
    16
    
    
    
    526,788
    
    
    
    5/02
    
    
    
    9/01
    
    
    
    100
    %
    
    
    396,066Red Hill Apts. I
    
    Farmerville,
LA
    
    
    32
    
    
    
    824,641
    
    
    
    11/01
    
    
    
    6/01
    
    
    
    100
    %
    
    
    502,692Sandalwood
Apartments
    
    Toppenish,
WA
    
    
    20
    
    
    
    986,517
    
    
    
    5/02
    
    
    
    7/01
    
    
    
    100
    %
    
    
    293,983Southpark
Apts. II
    
    Newton,
KS
    
    
    60
    
    
    
    1,503,167
    
    
    
    9/01
    
    
    
    5/02
    
    
    
    100
    %
    
    
    2,117,956Springfield Crossing
    
    Springfield,
VA
    
    
    347
    
    
    
    26,520,502
    
    
    
    6/02
    
    
    
    10/01
    
    
    
    100
    %
    
    
    878,352Sunshine Village
Apts.
    
    Elizabethtown,
KY
    
    
    32
    
    
    
    845,814
    
    
    
    3/02
    
    
    
    8/02
    
    
    
    100
    %
    
    
    1,277,070
 47




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Bellamy Mills
Apartments
    
    Dover,
NH
    
    
    30
    
    
    $
    1,462,300
    
    
    
    4/02
    
    
    
    12/02
    
    
    
    100
    %
    
    $
    2,888,317Breezewood Villas II
    
    Frederiksted,
VI
    
    
    12
    
    
    
    986,972
    
    
    
    4/02
    
    
    
    3/03
    
    
    
    100
    %
    
    
    505,416Canon
Club
    
    Canon City,
CO
    
    
    46
    
    
    
    784,051
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    511,573Centenary Towers
Apts.
    
    St. Louis,
MO
    
    
    100
    
    
    
    2,123,484
    
    
    
    4/03
    
    
    
    12/97
    
    
    
    100
    %
    
    
    110,749Chester Townhouses
Phase II
    
    Chester,
SC
    
    
    52
    
    
    
    1,026,012
    
    
    
    4/06
    
    
    
    12/06
    
    
    
    100
    %
    
    
    252,695Clifton Family
Housing
    
    Clifton,
CO
    
    
    51
    
    
    
    2,339,426
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    798,494Coopers Crossing
Apartments
    
    Los Colinas,
TX
    
    
    93
    
    
    
    3,281,609
    
    
    
    4/03
    
    
    
    12/95
    
    
    
    100
    %
    
    
    87,199Dorchester
Apartments
    
    Port Huron,
MI
    
    
    131
    
    
    
    4,338,622
    
    
    
    4/02
    
    
    
    8/03
    
    
    
    100
    %
    
    
    2,578,034Harbor Pointe
Apartments II
    
    Benton Township,
MI
    
    
    72
    
    
    
    1,630,210
    
    
    
    4/02
    
    
    
    10/02
    
    
    
    100
    %
    
    
    1,731,786Helios Station
    
    Lafayette,
CO
    
    
    30
    
    
    
    2,481,337
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    583,895Hillridge Apartments
    
    Los Lunas,
NM
    
    
    38
    
    
    
    215,000
    
    
    
    4/03
    
    
    
    6/96
    
    
    
    100
    %
    
    
    112,211Hollywood Palm
Apartments
    
    San Diego,
CA
    
    
    94
    
    
    
    7,928,244
    
    
    
    8/02
    
    
    
    11/02
    
    
    
    100
    %
    
    
    1,283,388Lynnelle Landing
Apts.
    
    Charleston,
WV
    
    
    56
    
    
    
    1,389,952
    
    
    
    3/02
    
    
    
    9/02
    
    
    
    100
    %
    
    
    2,009,976Marwood Senior
Apartments
    
    Upper Marlboro, MD
    
    
    67
    
    
    
    12,859,729
    
    
    
    09/04
    
    
    
    08/02
    
    
    
    100
    %
    
    
    160,174
 48




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Natchez Place
Apartments
    
    Natchez,
MS
    
    
    32
    
    
    $
    825,760
    
    
    
    8/02
    
    
    
    11/01
    
    
    
    100
    %
    
    $
    554,881Northfield Housing,
LP
    
    Jackson,
MS
    
    
    5
    
    
    
    161,292
    
    
    
    4/03
    
    
    
    12/96
    
    
    
    100
    %
    
    
    24,330Park Meadow
Apartments
    
    Gaylord,
MI
    
    
    80
    
    
    
    1,628,345
    
    
    
    4/03
    
    
    
    4/97
    
    
    
    100
    %
    
    
    228,511Park Plaza IV
    
    West Memphis,
AR
    
    
    24
    
    
    
    716,474
    
    
    
    6/02
    
    
    
    10/02
    
    
    
    100
    %
    
    
    1,219,397Parkhurst Place
    
    Amherst,
NH
    
    
    42
    
    
    
    3,499,636
    
    
    
    1/02
    
    
    
    9/02
    
    
    
    100
    %
    
    
    518,876Strawberry Lane
Apts.
    
    Clayton,
NY
    
    
    71
    
    
    
    1,982,644
    
    
    
    3/02
    
    
    
    8/02
    
    
    
    100
    %
    
    
    672,589Sunrise Manor
Seniors.
    
    Buena Vista,
CO
    
    
    40
    
    
    
    1,474,472
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    642,431Tiffany Square
    
    Lakewood,
CO
    
    
    52
    
    
    
    1,952,788
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    479,244Wingfield
Apartments II
    
    Kinder,
LA
    
    
    42
    
    
    
    345,013
    
    
    
    8/02
    
    
    
    11/01
    
    
    
    100
    %
    
    
    1,422,373
 49




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Alexander
Mill Apartments
    
    Lawrenceville,GA
    
    
    224
    
    
    $
    12,289,367
    
    
    
    12/02
    
    
    
    1/03
    
    
    
    100
    %
    
    $
    1,854,189Aspen Meadows
    
    Aurora,
CO
    
    
    100
    
    
    
    3,012,409
    
    
    
    9/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    1,256,823Ashbury Park
    
    Aurora,
CO
    
    
    44
    
    
    
    2,392,346
    
    
    
    9/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    728,732Bohannon Place Apts.
    
    Bowling Green,
KY
    
    
    12
    
    
    
    279,469
    
    
    
    5/03
    
    
    
    10/03
    
    
    
    100
    %
    
    
    909,561Carpenter
School
    
    Natchez,
MS
    
    
    38
    
    
    
    1,377,097
    
    
    
    1/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    1,278,002Charlevoix
Apartments
    
    Charlevoix,
MI
    
    
    40
    
    
    
    1,250,418
    
    
    
    9/02
    
    
    
    11/02
    
    
    
    100
    %
    
    
    302,357Chester Townhouses
Phase II
    
    Chester,
SC
    
    
    52
    
    
    
    1,026,012
    
    
    
    4/06
    
    
    
    12/06
    
    
    
    100
    %
    
    
    136,066Cloverlane
Apartments
    
    Lakeview,
MI
    
    
    24
    
    
    
    419,655
    
    
    
    9/02
    
    
    
    10/02
    
    
    
    100
    %
    
    
    356,228Dorchester
Apartments
    
    Port Huron,
MI
    
    
    131
    
    
    
    4,338,622
    
    
    
    9/02
    
    
    
    8/03
    
    
    
    100
    %
    
    
    2,578,034Geneva
Sr. Citizen
Apts.
    
    Geneva,
NY
    
    
    32
    
    
    
    1,398,594
    
    
    
    4/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    2,035,378Gilbert Apts.
    
    Corbin,
KY
    
    
    40
    
    
    
    842,417
    
    
    
    7/03
    
    
    
    5/04
    
    
    
    100
    %
    
    
    2,780,800Hollywood Palm
Apartments
    
    San Diego,
CA
    
    
    94
    
    
    
    7,928,244
    
    
    
    12/02
    
    
    
    11/02
    
    
    
    100
    %
    
    
    2,654,279Kearney Plaza
    
    Commerce City,
CO
    
    
    51
    
    
    
    1,546,026
    
    
    
    9/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    575,398Lakewood Apartments
    
    Saranac,
MI
    
    
    24
    
    
    
    830,817
    
    
    
    9/02
    
    
    
    10/02
    
    
    
    100
    %
    
    
    475,606
 50




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07The Landing
Apts.
    
    Whitley,
KY
    
    
    24
    
    
    $
    1,224,537
    
    
    
    4/03
    
    
    
    6/04
    
    
    
    100
    %
    
    
    302,763Library
Square Apts.
    
    Mandan,
ND
    
    
    46
    
    
    
    2,180,698
    
    
    
    9/03
    
    
    
    8/03
    
    
    
    100
    %
    
    
    2,752,868Parkside Plaza
Apartments
    
    New York,
NY
    
    
    34
    
    
    
    1,332,509
    
    
    
    1/04
    
    
    
    5/01
    
    
    
    100
    %
    
    Parkside Apartments
    
    Coleman,
MI
    
    
    40
    
    
    
    947,970
    
    
    
    9/02
    
    
    
    12/02
    
    
    
    100
    %
    
    
    832,371Riverview
Apartments
    
    Blissfield,
MI
    
    
    32
    
    
    
    735,637
    
    
    
    9/02
    
    
    
    2/02
    
    
    
    100
    %
    
    
    509,938Seven Points
Apartments
    
    Seven Points,
TX
    
    
    36
    
    
    
    1,004,857
    
    
    
    9/02
    
    
    
    3/03
    
    
    
    100
    %
    
    
    687,978Sheridan
Gardens
    
    Englewood,
CO
    
    
    48
    
    
    
    2,104,018
    
    
    
    9/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    571,759Stottville
Court Apartments
    
    Stockport,
NY
    
    
    28
    
    
    
    1,110,500
    
    
    
    9/02
    
    
    
    5/03
    
    
    
    100
    %
    
    
    1,073,805Strawberry
Lake Apts.
    
    Norway,
MI
    
    
    32
    
    
    
    1,032,396
    
    
    
    7/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    763,285
 51




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Alexander
Mills Apts.
    
    Lawrenceville, GA
    
    
    224
    
    
    $
    12,289,367
    
    
    
    2/03
    
    
    
    1/03
    
    
    
    100
    %
    
    $
    2,266,233Aurora Village Sr.
    
    Aurora,
CO
    
    
    100
    
    
    
    4,518,047
    
    
    
    2/03
    
    
    
    3/03
    
    
    
    100
    %
    
    
    1,526,951Brookside Park Apts.
    
    Atlanta,
GA
    
    
    200
    
    
    
    12,357,633
    
    
    
    12/03
    
    
    
    3/05
    
    
    
    100
    %
    
    
    137,046Families First II
    
    W. Memphis,
AR
    
    
    66
    
    
    
    1,873,508
    
    
    
    5/03
    
    
    
    6/04
    
    
    
    100
    %
    
    
    1,947,742Memphis
102
    
    Memphis,
TN
    
    
    102
    
    
    
    2,443,638
    
    
    
    5/03
    
    
    
    8/04
    
    
    
    100
    %
    
    
    3,497,653Northrock
Apts. III
    
    Topeka,
KS
    
    
    32
    
    
    
    999,831
    
    
    
    6/03
    
    
    
    11/03
    
    
    
    100
    %
    
    
    1,565,194Orchard
Manor Apts.**
    
    Ukiah,
CA
    
    
    64
    
    
    
    7,157,894
    
    
    
    10/03
    
    
    
    9/03
    
    
    
    100
    %
    
    
    2,231,125Orchard River
Apts.
    
    Ukiah,
CA
    
    
    48
    
    
    
    **
    
    
    
    10/03
    
    
    
    7/03
    
    
    
    100
    %
    
    
    **Oxford
Manor Apts.**
    
    New Oxford,
PA
    
    
    32
    
    
    
    1,340,888
    
    
    
    3/03
    
    
    
    5/03
    
    
    
    100
    %
    
    
    454,862Post Oak East Apts.
    
    Fort Worth,
TX
    
    
    246
    
    
    
    13,600,000
    
    
    
    7/04
    
    
    
    5/06
    
    
    
    100
    %
    
    
    3,538,862River Gardens
Apts.**
    
    Fort Bragg,
CA
    
    
    48
    
    
    
    **
    
    
    
    10/03
    
    
    
    11/03
    
    
    
    100
    %
    
    
    **Villages at
Aspen Club
    
    Bealton,
VA
    
    
    30
    
    
    
    1,937,008
    
    
    
    4/03
    
    
    
    10/03
    
    
    
    100
    %
    
    
    1,568,815
 
 **
    
    3 properties which make up one Operating Partnership named Orchard River
Associates LP with 160 units. Entire mortgage balance and capital
contributions paid reported with Orchard Manor Apts. 52




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Baldwin Villas Apts.
    
    Pontiac,
MI
    
    
    65
    
    
    $
    4,738,000
    
    
    
    12/03
    
    
    
    6/01
    
    
    
    100
    %
    
    $
    106,137Bartlett Bayou
    
    Pascagoula,
MS
    
    
    48
    
    
    
    1,091,334
    
    
    
    7/03
    
    
    
    9/05
    
    
    
    100
    %
    
    
    1,945,634Breezewood Villas II
    
    Frederiksted, VI
    
    
    12
    
    
    
    986,972
    
    
    
    12/03
    
    
    
    3/03
    
    
    
    100
    %
    
    
    53,729Brookside Park
    
    Atlanta,
GA
    
    
    200
    
    
    
    12,357,633
    
    
    
    12/03
    
    
    
    3/05
    
    
    
    100
    %
    
    
    3,666,890Brookside Square
    
    Boykins,
VA
    
    
    32
    
    
    
    1,319,337
    
    
    
    7/03
    
    
    
    8/04
    
    
    
    100
    %
    
    
    743,039Chevy Place
Hallman Court
    
    Rochester,
NY
    
    
    77
    
    
    
    8,717,569
    
    
    
    12/03
    
    
    
    7/00
    
    
    
    100
    %
    
    
    81,177Dawn Springs Villa
    
    London,
KY
    
    
    24
    
    
    
    596,857
    
    
    
    5/05
    
    
    
    10/05
    
    
    
    100
    %
    
    
    1,099,086Eastview Family
    
    Watonga, OK
    
    
    16
    
    
    
    641,255
    
    
    
    9/04
    
    
    
    6/04
    
    
    
    100
    %
    
    
    187,429Fairview Manor
    
    Childress,
TX
    
    
    48
    
    
    
    838,980
    
    
    
    5/03
    
    
    
    3/04
    
    
    
    100
    %
    
    
    851,533Harbor Pt. II Apts.
    
    Benton Township, MI
    
    
    72
    
    
    
    1,630,210
    
    
    
    12/03
    
    
    
    10/02
    
    
    
    100
    %
    
    
    201,369Heritage Christian
Home III
    
    Brighton,
NY
    
    
    12
    
    
    
    523,088
    
    
    
    1/04
    
    
    
    10/03
    
    
    
    100
    %
    
    
    721,545Jefferson House
    
    Lynchburg,
VA
    
    
    101
    
    
    
    3,025,629
    
    
    
    12/04
    
    
    
    7/05
    
    
    
    100
    %
    
    
    925,273Kings Pt.
Apts.
    
    Sheridan,
CO
    
    
    50
    
    
    
    2,420,592
    
    
    
    8/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    788,729La Mirage Apts.
    
    Borger,
TX
    
    
    12
    
    
    
    943,387
    
    
    
    8/03
    
    
    
    10/03
    
    
    
    100
    %
    
    
    766,945Lakeview
Station
    
    Shepardsville,
KY
    
    
    28
    
    
    
    783,357
    
    
    
    7/03
    
    
    
    9/03
    
    
    
    100
    %
    
    
    1,402,270
 53




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Lawrence-ville Manor
    
    Lawrenceville,
VA
    
    
    24
    
    
    $
    949,754
    
    
    
    7/03
    
    
    
    8/04
    
    
    
    100
    %
    
    
    771,671Lincoln Apts.
    
    Shinnston,
WV
    
    
    32
    
    
    
    1,005,938
    
    
    
    10/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    786,619London Village
    
    London,
KY
    
    
    32
    
    
    
    663,473
    
    
    
    4/05
    
    
    
    9/05
    
    
    
    100
    %
    
    
    2,021,436Lone Terrace
    
    Lone Grove,
OK
    
    
    32
    
    
    
    1,268,148
    
    
    
    5/03
    
    
    
    1/04
    
    
    
    100
    %
    
    
    435,193Lorie Village
    
    Bowling Green,
KY
    
    
    32
    
    
    
    939,061
    
    
    
    7/03
    
    
    
    11/03
    
    
    
    100
    %
    
    
    1,288,510Marina Woods Apts.
    
    Halfmoon,
NY
    
    
    32
    
    
    
    1,387,733
    
    
    
    12/03
    
    
    
    4/02
    
    
    
    100
    %
    
    
    4,435Mill Race
Apts.
    
    Plainwell,
MI
    
    
    32
    
    
    
    1,037,204
    
    
    
    6/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    347,253Orchard View Apst.
    
    Farmington,
MO
    
    
    40
    
    
    
    934,955
    
    
    
    7/03
    
    
    
    6/04
    
    
    
    100
    %
    
    
    2,226,954Reese Village
    
    Emporia,
VA
    
    
    40
    
    
    
    1,423,001
    
    
    
    3/05
    
    
    
    11/04
    
    
    
    100
    %
    
    
    1,198,088Ridge Crest
Apts.
    
    St. Louis,
MO
    
    
    83
    
    
    
    3,871,417
    
    
    
    8/03
    
    
    
    9/04
    
    
    
    100
    %
    
    
    2,020,327Sulphur Terrace
    
    Sulphur,
OK
    
    
    32
    
    
    
    1,240,656
    
    
    
    5/03
    
    
    
    1/04
    
    
    
    100
    %
    
    
    433,759University
Plaza Sr. Complex
    
    Greely,
CO
    
    
    34
    
    
    
    1,140,047
    
    
    
    5/03
    
    
    
    9/03
    
    
    
    100
    %
    
    
    332,128Valleyview
Apts.
    
    Canneyville,
KY
    
    
    24
    
    
    
    440,470
    
    
    
    12/05
    
    
    
    12/04
    
    
    
    100
    %
    
    
    488,540William B.
Quarton
    
    Cedar Rapids, IA
    
    
    28
    
    
    
    1,026,778
    
    
    
    1/04
    
    
    
    7/03
    
    
    
    100
    %
    
    
    1,197,000Willow Oak and
Oroville Apartments
    
    Willows, CA
    
    
    122
    
    
    
    4,546,570
    
    
    
    07/04
    
    
    
    10/03
    
    
    
    100
    %
    
    
    1,619,212
 54




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConBalance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruProperty Name
    
    Location
    
    Units
    
    of 12/31/06
    
    Date
    
    Comp.
    
    3/31/07
    
    3/31/07Clayton Station
Apartments
    
    Munfordville,
KY
    
    
    29
    
    
    $
    804,501
    
    
    
    4/04
    
    
    
    9/04
    
    
    
    100
    %
    
    $
    1,274,486Deer Meadow
Apartments
    
    Tishomingo, OK
    
    
    24
    
    
    
    1,155,748
    
    
    
    2/04
    
    
    
    3/04
    
    
    
    100
    %
    
    
    369,626Elma Gardens
    
    Elma, WA
    
    
    36
    
    
    
    1,279,657
    
    
    
    3/05
    
    
    
    1/04
    
    
    
    100
    %
    
    
    588,701Jacksonville Square
Apts.
    
    Jacksonville,
TX
    
    
    44
    
    
    
    1,114,747
    
    
    
    11/03
    
    
    
    7/04
    
    
    
    100
    %
    
    
    614,912Kensington
Heights
Apts.
    
    Kansas City,
MO
    
    
    126
    
    
    
    4,817,249
    
    
    
    10/03
    
    
    
    10/04
    
    
    
    100
    %
    
    
    2,375,770Kimberly Place
Apartments
    
    Danbury,
CT
    
    
    117
    
    
    
    7,561,218
    
    
    
    6/04
    
    
    
    4/05
    
    
    
    100
    %
    
    
    2,257,844Lindens
Apartments
    
    Shawnee,
OK
    
    
    54
    
    
    
    1,193,801
    
    
    
    12/04
    
    
    
    2/06
    
    
    
    98
    %
    
    
    2,674,843Ocean East Housing
    
    Portland,
ME
    
    
    32
    
    
    
    1,510,847
    
    
    
    2/04
    
    
    
    6/05
    
    
    
    100
    %
    
    
    3,787,273Panola
Apts.
    
    Carthage,
TX
    
    
    32
    
    
    
    795,913
    
    
    
    12/03
    
    
    
    4/04
    
    
    
    100
    %
    
    
    456,957Rosehill
Apts.
    
    Topeka,
KS
    
    
    48
    
    
    
    2,404,498
    
    
    
    12/03
    
    
    
    9/04
    
    
    
    100
    %
    
    
    2,540,503Sandy Hill
Apartments
    
    Greenville, KY
    
    
    29
    
    
    
    593,828
    
    
    
    4/04
    
    
    
    10/04
    
    
    
    100
    %
    
    
    1,849,164Saint Martin
Apartments
    
    McCombs,
MS
    
    
    40
    
    
    
    924,174
    
    
    
    8/05
    
    
    
    4/06
    
    
    
    100
    %
    
    
    1,376,172Tanglewood Village
Apartments
    
    Panama,
OK
    
    
    24
    
    
    
    1,189,168
    
    
    
    9/04
    
    
    
    5/04
    
    
    
    100
    %
    
    
    402,649Wagoner
Village
    
    Wagoner,
OK
    
    
    31
    
    
    
    985,166
    
    
    
    1/04
    
    
    
    1/04
    
    
    
    100
    %
    
    
    341,377
 55




---



##### Table of Contents



56




---



##### Table of Contents



PART II
 
  (a)
    
    Market Information
  (b)
    
    Approximate number of security holders
   (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,
2007.
  57




---



##### Table of Contents



58




---



##### Table of Contents



Operations
    
    2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003Interest &
Other Income
    
    $
    588,482
    
    
    $
    964,346
    
    
    $
    1,155,535
    
    
    $
    1,197,911
    
    
    $
    1,111,234Share of Loss
of Operating
Partnerships
    
    
    (26,816,761
    )
    
    
    (34,115,548
    )
    
    
    (35,192,607
    )
    
    
    (32,079,974
    )
    
    
    (26,840,274
    )Operating
Expenses *
    
    
    (42,437,623
    )
    
    
    (54,474,994
    )
    
    
    (45,778,069
    )
    
    
    (16,982,034
    )
    
    
    (8,633,964
    )Net Income
(Loss)
    
    $
    (68,665,902
    )
    
    $
    (87,626,196
    )
    
    $
    (79,815,141
    )
    
    $
    (47,864,097
    )
    
    $
    (34,363,004
    )Net Income
(Loss)
per BAC
    
    $
    (.81
    )
    
    $
    (1.04
    )
    
    $
    (.94
    )
    
    $
    (.60
    )
    
    $
    (.49
    )Balance Sheet
    
    
    2006
    
    
    
    2006
    
    
    
    2005
    
    
    
    2004
    
    
    
    2003Total Assets
    
    $
    294,346,847
    
    
    $
    360,501,908
    
    
    $
    455,953,085
    
    
    $
    544,650,665
    
    
    $
    515,493,920Total
Liabilities
    
    $
    40,749,255
    
    
    $
    38,238,414
    
    
    $
    45,893,866
    
    
    $
    54,613,124
    
    
    $
    51,517,741Partners
Capital
    
    $
    253,597,592
    
    
    $
    322,263,494
    
    
    $
    410,059,219
    
    
    $
    490,037,541
    
    
    $
    463,976,179
 
 *
    
    Operating Expense includes Impairment Losses recorded in the amounts of $32,181,505 for
2007, $44,533,629 for 2006, $36,127,368 for 2005, $7,631,525 for 2004, and $770,199 for
2003. 59




---



##### Table of Contents



Liquidity
    60




---



##### Table of Contents



Capital Resources
        61




---



##### Table of Contents



62




---



##### Table of Contents



63




---



##### Table of Contents



















64




---



##### Table of Contents

















65




---



##### Table of Contents





















66




---



##### Table of Contents





















67




---



##### Table of Contents



















68




---



##### Table of Contents

















69




---



##### Table of Contents













Results of Operations








70




---



##### Table of Contents

















71




---



##### Table of Contents











72




---



##### Table of Contents











73



---



##### Table of Contents



74




---



##### Table of Contents



75




---



##### Table of Contents



76




---



##### Table of Contents



77




---



##### Table of Contents



78




---



##### Table of Contents



79




---



##### Table of Contents



80




---



##### Table of Contents



81




---



##### Table of Contents



82




---



##### Table of Contents



83




---



##### Table of Contents



84




---



##### Table of Contents



85




---



##### Table of Contents























86




---



##### Table of Contents

















87




---



##### Table of Contents


















88




---



##### Table of Contents

















89




---



##### Table of Contents













90




---



##### Table of Contents

















91




---



##### Table of Contents

















92




---



##### Table of Contents















93




---



##### Table of Contents















94




---



##### Table of Contents






















95




---



##### Table of Contents



















96




---



##### Table of Contents













97




---



##### Table of Contents



















98




---



##### Table of Contents



99




---



##### Table of Contents















100




---



##### Table of Contents















101




---



##### Table of Contents













102




---



##### Table of Contents





















103




---



##### Table of Contents











104




---



##### Table of Contents



105




---



##### Table of Contents













106




---



##### Table of Contents



















107




---



##### Table of Contents













108




---



##### Table of Contents

















109




---



##### Table of Contents















110




---



##### Table of Contents



111




---



##### Table of Contents



112




---



##### Table of Contents



113




---



##### Table of Contents



















114




---



##### Table of Contents















115




---



##### Table of Contents





















116




---



##### Table of Contents













117




---



##### Table of Contents













118




---



##### Table of Contents





















119




---



##### Table of Contents















120




---



##### Table of Contents











121




---



##### Table of Contents























122




---



##### Table of Contents

















123




---



##### Table of Contents

















124




---



##### Table of Contents



Contractual Obligations
  1-3
    
    
    3-5Obligation
    
    Total
    
    
    <1 year
    
    
    years
    
    
    yearsAsset Management Fees
Payable to Affiliates*
    
    $
    33,931,459
    
    
    $
    33,931,459
    
    
    $
    
    
    
    $
    Capital Contributions
Payable
    
    
    5,511,885
    
    
    
    5,511,885
    
    
    
    
    
    
    
    Total
    
    $
    39,443,344
    
    
    $
    39,443,344
    
    
    $
    
    
    
    $
    
 
 *
    
    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
  125




---



##### Table of Contents



Principal Critical Accounting Policies and Estimates
       126




---



##### Table of Contents



Item 7A.
    
    Quantitative and Qualitative Disclosure About Market RiskNot Applicable
 
 Item 8.
    
    Financial Statements and Supplementary DataThe information required by this item is contained in Part IV,
Item 15 of this Annual Report on Form 10-K.
 
 Item 9.
    
    Changes in and Disagreements with Accountants on Accounting and
Financial DisclosureNone
 
 Item 9A.
    
    Controls & Procedures
 (a)
    
    Evaluation of Disclosure Controls and ProceduresAs of the end of the period covered by this report, the
Funds general partner, under the supervision and with
the participation of the Principal Executive Officer and
Principal Financial Officer of C&M Management Inc.,
carried out an evaluation of the effectiveness of the
Funds disclosure controls and procedures as defined
in the Securities Exchange Act of 1934 Rules 13a-15 and
15d-15. Based on that evaluation, the Fundss Principal
Executive Officer and Principal Financial Officer have
concluded that, as of the end of the period covered by
this report, the Funds disclosure controls and
procedures were adequate and effective in timely
alerting them to material information relating to the
Fund required to be included in the Funds periodic SEC
filings.(b)
    
    Changes in Internal ControlsThere were no changes in the Funds internal control over financial
reporting that occurred during the quarter ended March 31, 2007 that
materially affected, or are reasonably likely to materially affect,
the Funds internal control over financial reporting.
 127




---



##### Table of Contents



John P. Manning
  Richard J. DeAgazio,
 128




---



##### Table of Contents



Jeffrey H. Goldstein,
 Kevin P. Costello,
 Marc N. Teal,
 129




---



##### Table of Contents



(f)
    
    Involvement in certain legal proceedings.None.(g)
    
    Promoters and control persons.None.
 (h) and (i)
    
    The Fund has no directors or executive officers and
accordingly has no audit committee and no audit committee
financial expert. The Fund is not a listed issuer as defined
in Regulation 10A-3 promulgated under the Securities Exchange
Act of 1934.
  
       130




---



##### Table of Contents



(a)
    
    Security ownership of certain beneficial owners.As of March 31, 2007, 83,651,080 BACs had been issued. The
following Series are known to have one investor, Everest Housing
199 South Los Robles Ave. Suite 200, Pasadena, CA 91101, with
holdings in excess of 5% of the total outstanding BACs in the
series.
 Series 20
    
    
    7.10
    %Series 21
    
    
    6.09
    %Series 22
    
    
    8.57
    %Series 23
    
    
    6.72
    %Series 24
    
    
    6.68
    %Series 25
    
    
    6.88
    %Series 26
    
    
    7.46
    %Series 27
    
    
    8.31
    %Series 28
    
    
    6.98
    %Series 29
    
    
    5.87
    %Series 30
    
    
    6.20
    %Series 32
    
    
    5.54
    %
 (b)
    
    Security ownership of management.The general partner has a 1% interest in all profits, losses,
credits and distributions of the Fund. The Funds response to
Item 12(a) is incorporated herein by reference.(c)
    
    Changes in control.There exists no arrangement known to the Fund the operation of
which may at a subsequent date result in a change in control of the
Fund. There is a provision in the Funds Partnership Agreement
which allows, under certain circumstances, the ability to change
control.The Fund has no compensation plans under which interests in the
Fund are authorized for issuance.
 131




---



##### Table of Contents



(a)
    
    Transactions with related personsThe Fund has no officers or directors. However, under the terms
of the Prospectus, various kinds of compensation and fees are
payable to the general partner and its affiliates during the
organization and operation of the Fund. Additionally, the general
partner will receive distributions from the Fund if there
is cash available for distribution or residual proceeds as defined
in the Fund Agreement. The amounts and kinds of compensation and
fees are described in the Prospectus, as supplemented,
under the caption Compensation and Fees, which is incorporated
herein by reference. See Note B of Notes to Financial Statements
in Item 15 of this Annual Report on Form 10-K for amounts accrued
or paid to the general partner and its affiliates for the period
April 1, 1995 through March 31, 2007.(b)
    
    Review, Approval or Ratification of transactions with related
persons.The Funds response to Item 13(a) is incorporated herein by
reference.(c)
    
    Promoters and certain control persons.Not applicable.(d)
    
    Independence.The Fund has no directors.
 132




---



##### Table of Contents



Fee Type
    
    Ser. 20
    
    
    Ser. 21
    
    
    Ser. 22
    
    
    Ser. 23
    
    
    Ser. 24Audit Fees
    
    $
    17,580
    
    
    $
    12,100
    
    
    $
    18,020
    
    
    $
    17,580
    
    
    $
    17,580Audit Related Fees
    
    
    1,250
    
    
    
    1,000
    
    
    
    1,250
    
    
    
    2,750
    
    
    
    3,000Tax Fees
    
    
    6,560
    
    
    
    4,890
    
    
    
    7,670
    
    
    
    6,370
    
    
    
    6,740All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    25,390
    
    
    $
    17,990
    
    
    $
    26,940
    
    
    $
    26,700
    
    
    $
    27,320
 Fee Type
    
    Ser. 25
    
    
    Ser. 26
    
    
    Ser. 27
    
    
    Ser. 28
    
    
    Ser. 29Audit Fees
    
    $
    17,580
    
    
    $
    25,560
    
    
    $
    14,300
    
    
    $
    18,670
    
    
    $
    17,580Audit Related Fees
    
    
    4,750
    
    
    
    8,500
    
    
    
    3,250
    
    
    
    5,500
    
    
    
    5,000Tax Fees
    
    
    6,370
    
    
    
    10,620
    
    
    
    5,440
    
    
    
    7,110
    
    
    
    6,560All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    28,700
    
    
    $
    44,680
    
    
    $
    22,990
    
    
    $
    31,280
    
    
    $
    29,140
 Fee Type
    
    Ser. 30
    
    
    Ser. 31
    
    
    Ser. 32
    
    
    Ser. 33
    
    
    Ser. 34Audit Fees
    
    $
    15,460
    
    
    $
    18,670
    
    
    $
    18,780
    
    
    $
    7,830
    
    
    $
    14,300Audit Related Fees
    
    
    4,250
    
    
    
    5,750
    
    
    
    3,500
    
    
    
    2,000
    
    
    
    2,500Tax Fees
    
    
    6,000
    
    
    
    7,300
    
    
    
    6,920
    
    
    
    4,520
    
    
    
    4,890All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    25,710
    
    
    $
    31,720
    
    
    $
    29,200
    
    
    $
    14,350
    
    
    $
    21,690
 133




---



##### Table of Contents



Fee Type
    
    Ser. 35
    
    
    Ser. 36
    
    
    Ser. 37
    
    
    Ser. 38
    
    
    Ser. 39Audit Fees
    
    $
    5,490
    
    
    $
    7,730
    
    
    $
    8,140
    
    
    $
    9,280
    
    
    $
    11,570Audit Related Fees
    
    
    2,000
    
    
    
    1,750
    
    
    
    1,250
    
    
    
    1,750
    
    
    
    1,500Tax Fees
    
    
    4,340
    
    
    
    4,340
    
    
    
    3,600
    
    
    
    4,330
    
    
    
    4,150All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    11,830
    
    
    $
    13,820
    
    
    $
    12,990
    
    
    $
    15,360
    
    
    $
    17,220
 Fee Type
    
    Ser. 40
    
    
    Ser. 41
    
    
    Ser. 42
    
    
    Ser. 43
    
    
    Ser. 44Audit Fees
    
    $
    14,520
    
    
    $
    14,520
    
    
    $
    14,520
    
    
    $
    16,600
    
    
    $
    11,930Audit Related Fees
    
    
    3,000
    
    
    
    4,250
    
    
    
    3,500
    
    
    
    4,000
    
    
    
    1,750Tax Fees
    
    
    6,180
    
    
    
    6,740
    
    
    
    6,560
    
    
    
    7,850
    
    
    
    4,150All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    23,700
    
    
    $
    25,510
    
    
    $
    24,580
    
    
    $
    28,450
    
    
    $
    17,830
 Fee Type
    
    Ser. 45
    
    
    Ser. 46Audit Fees
    
    $
    18,820
    
    
    $
    10,840Audit Related Fees
    
    
    6,500
    
    
    
    3,500Tax Fees
    
    
    8,040
    
    
    
    4,890All Other Fees
    
    
    
    
    
    
    Total
    
    $
    33,360
    
    
    $
    19,230
 134




---



##### Table of Contents



Fee Type
    
    Ser. 20
    
    
    Ser. 21
    
    
    Ser. 22
    
    
    Ser. 23
    
    
    Ser. 24Audit Fees
    
    $
    16,740
    
    
    $
    11,520
    
    
    $
    17,160
    
    
    $
    16,740
    
    
    $
    16,700Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    6,200
    
    
    
    4,450
    
    
    
    7,075
    
    
    
    5,850
    
    
    
    6,200All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    22,940
    
    
    $
    15,970
    
    
    $
    24,235
    
    
    $
    22,590
    
    
    $
    22,940
 Fee Type
    
    Ser. 25
    
    
    Ser. 26
    
    
    Ser. 27
    
    
    Ser. 28
    
    
    Ser. 29Audit Fees
    
    $
    16,740
    
    
    $
    24,340
    
    
    $
    13,620
    
    
    $
    17,780
    
    
    $
    16,740Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    5,850
    
    
    
    9,875
    
    
    
    4,975
    
    
    
    6,550
    
    
    
    6,200All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    22,590
    
    
    $
    34,215
    
    
    $
    18,595
    
    
    $
    24,330
    
    
    $
    22,940
 Fee Type
    
    Ser. 30
    
    
    Ser. 31
    
    
    Ser. 32
    
    
    Ser. 33
    
    
    Ser. 34Audit Fees
    
    $
    14,720
    
    
    $
    17,780
    
    
    $
    17,890
    
    
    $
    7,460
    
    
    $
    13,620Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    5,500
    
    
    
    6,725
    
    
    
    6,375
    
    
    
    4,100
    
    
    
    4,450All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    20,220
    
    
    $
    24,505
    
    
    $
    24,265
    
    
    $
    11,560
    
    
    $
    18,070
 135




---



##### Table of Contents



Fee Type
    
    Ser. 35
    
    
    Ser. 36
    
    
    Ser. 37
    
    
    Ser. 38
    
    
    Ser. 39Audit Fees
    
    $
    5,230
    
    
    $
    7,360
    
    
    $
    7,750
    
    
    $
    8,840
    
    
    $
    11,020Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    3,925
    
    
    
    3,925
    
    
    
    3,225
    
    
    
    3,925
    
    
    
    3,750All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    9,155
    
    
    $
    11,285
    
    
    $
    10,975
    
    
    $
    12,765
    
    
    $
    14,770
 Fee Type
    
    Ser. 40
    
    
    Ser. 41
    
    
    Ser. 42
    
    
    Ser. 43
    
    
    Ser. 44Audit Fees
    
    $
    13,830
    
    
    $
    13,830
    
    
    $
    13,830
    
    
    $
    15,810
    
    
    $
    11,360Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    5,675
    
    
    
    6,200
    
    
    
    5,850
    
    
    
    6,710
    
    
    
    3,750All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    19,505
    
    
    $
    20,030
    
    
    $
    19,680
    
    
    $
    22,520
    
    
    $
    15,110
 Fee Type
    
    Ser. 45
    
    
    Ser. 46Audit Fees
    
    $
    17,920
    
    
    $
    10,320Audit Related Fees
    
    
    
    
    
    
    Tax Fees
    
    
    7,425
    
    
    
    4,550All Other Fees
    
    
    
    
    
    
    Total
    
    $
    25,345
    
    
    $
    14,870
   136




---



##### Table of Contents



PART IV
 
  (a) 1 & 2
    
    Financial Statements and Financial Statement Schedules; Filed herein
as Exhibit 13Boston Capital Tax Credit IV L.P.; filed herein as exhibit 13
        (b) 1
    
    Exhibits (listed according to the number assigned in the table in Item
601 of Regulation S-K)
  a.
    
    Certificate of Limited Partnership of Boston Capital Tax Credit
Fund IV L.P. (Incorporated by reference from Exhibit 3 to the
Funds Registration Statement No. 33-70564 on Form S-11 as
filed with the Securities and Exchange Commission on October 19,
1993.
  a.
    
    Agreement of Limited Partnership of Boston Capital Tax Credit Fund
IV L.P. (Incorporated by reference from Exhibit 4 to the Funds
Registration Statement No. 33-70564 on Form S-11 as filed with the
Securities and Exchange Commission on October 19, 1993.
  a.
    
    Beneficial Assignee Certificate. (Incorporated by reference from
Exhibit 10A to the Funds Registration Statement No. 33-70564 on
Form S-11 as filed with the Securities and Exchange Commission on
October 19, 1993
 137




---



##### Table of Contents



a.
    
    Financial Statement of Boston Capital Tax Credit Fund IV
L.P.; Filed herein.
  a.
    
    Independent Auditors Reports for Operating Partnerships; Filed herein.
  a.
    
    Agreement of Limited Partnership of Better Homes for Havelock
Limited Partnership (Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and
Exchange Commission on February 1, 1995).b.
    
    Agreement of Limited Partnership of Cynthiana Properties Limited
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
February 1, 1995).c.
    
    Agreement of Limited Partnership of North Hampton Place Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on October 13, 1995).d.
    
    Agreement of Limited Partnership of Brook Summitt Apartments, LP
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
February 29, 1996).e.
    
    Agreement of Limited Partnership of New Madison Park IV Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).f.
    
    Agreement of Limited Partnership of Smith House II Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).g.
    
    Agreement of Limited Partnership of New Madison Park IV Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on February 11, 1997).h.
    
    Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by
reference from Registrants current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997).i.
    
    Agreement of Limited Partnership of 352 Lenox Associates,
L.P.(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).j.
    
    Agreement of Limited Partnership of Decro Nordoff, L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
December 16, 1997).
 138




---



##### Table of Contents



k.
    
    Agreement of Limited Partnership of Hurricane Hills, L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 25, 1997).l.
    
    Agreement of Limited Partnership of Main Everett Housing, L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 25, 1997).m.
    
    Agreement of Limited Partnership of Mokapoke Limited Partnership
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 25, 1997).n.
    
    Agreement of Limited Partnership of Autumn Ridge L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 26, 1997).o.
    
    Agreement of Limited Partnership of Century East Apartments II
Limited Partnership (Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and
Exchange Commission on March 26, 1997).p.
    
    Agreement of Limited Partnership of Coolidge-Pinal II Associates
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 26, 1997).q.
    
    Agreement of Limited Partnership of Dublin Housing Associates
Phase II (Incorporated by reference from Registrants
current report on Form K as filed with the Securities and
Exchange Commission on March 26, 1997).r.
    
    Agreement of Limited Partnership of East Park Apartments II
Limited Partnership(Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and
Exchange Commission on March 26, 1997).s.
    
    Agreement of Limited Partnership of Edenfield Place Apartments,
L.P. (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).t.
    
    Agreement of Limited Partnership of Ethel Housing, L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 26, 1997).u.
    
    Agreement of Limited Partnership of Los Lunas Limited
Partnership(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).v.
    
    Agreement of Limited Partnership of New Devonshire West,
Limited Partnership (Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).
 139




---



##### Table of Contents



w.
    
    Agreement of Limited Partnership of Northfield Housing,
L.P.(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).x.
    
    Agreement of Limited Partnership of Ohio Investors Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).y.
    
    Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).z.
    
    Agreement of Limited Partnership of Overton Associates Limited
Partnership(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).aa.
    
    Agreement of Limited Partnership of Pahrump Valley Investors
(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).ab.
    
    Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and
Exchange Commission on March 26, 1997).ac.
    
    Agreement of Limited Partnership of Shannon Housing, L.P.
(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).ad.
    
    Agreement of Limited Partnership of Sutton Place Apartments
(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).ae.
    
    Agreement of Limited Partnership of West Point Housing,
L.P.(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).af.
    
    Agreement of Limited Partnership of Jeremy Associates Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).ag.
    
    Agreement of Limited Partnership of Laurelwood Park Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).ah.
    
    Agreement of Limited Partnership of Jeremy Associates Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).
 140




---



##### Table of Contents



ai.
    
    Agreement of Limited Partnership of Roxbury Housing Veterans Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).aj.
    
    Agreement of Limited Partnership of Elm Street Associates, L.P.
(incorporated by reference from Registrants current report on form
8-k as filed with the Securities and Exchange Commission on April 7,
1997.)ak.
    
    Agreement of Limited Partnership of Brookhaven Apartments
Partnership (incorporated by reference from Registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on May 21, 1997.)al.
    
    Agreement of Limited Partnership of Maple Limited Partnership
(incorporated by reference from Registrants current report on form
8-k as filed with the Securities and Exchange Commission on July 16,
1997.)am.
    
    Agreement of Limited Partnership of Byam Limited Partnership
(incorporated by reference from Registrants current report on form
8-k as filed with the Securities and Exchange Commission on July 22,
1997.)an.
    
    Agreement of Limited Partnership of Harbor Limited Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on July 22,
1997.)ao.
    
    Agreement of Limited Partnership of Bradley Phase II Limited
Partnership (incorporated by Reference from registrants current
report on form 8-K as filed with the Securities and Exchange
Commission on July 22, 1997.)ap.
    
    Agreement of Limited Partnership of Butler Street/Hanover Towers
Limited Partnership (incorporated by reference from registrants
current report on form 8-k as filed with the Securities and Exchange
Commission on July 22, 1997.)aq.
    
    Agreement of Limited Partnership of Bradley Phase I Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on July 22, 1997.)ar.
    
    Agreement of Limited Partnership of 1374 Boston Road Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on August 5, 1997.)as.
    
    Agreement of Limited Partnership of Centenary Housing Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on August 5, 1997.)at.
    
    Agreement of Limited Partnership of Lake Apartments II Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on August 5, 1997.)
 141




---



##### Table of Contents



au.
    
    Agreement of Limited Partnership of AHAB Project One, LP
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on August
8, 1997.)av.
    
    Agreement of Limited Partnership of Grandview Limited Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
23, 1998.)aw.
    
    Agreement of Limited Partnership of Angelou Associates, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
23, 1998.)ax.
    
    Agreement of Limited Partnership of Country Edge Apartments I
Limited Partnership(incorporated by reference from registrants
current report on form 8-k as filed with the Securities and
Exchange Commission on April 24, 1998.)ay.
    
    Agreement of Limited Partnership of Sumner House Limited Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
27, 1998.)az.
    
    Agreement of Limited Partnership of Magnolia Place Apartments
Partnerships (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on April 30, 1998.)ba.
    
    Agreement of Limited Partnership of Edgewood Apartments Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
30, 1998.)bb.
    
    Agreement of Limited Partnership of Harrisonville Heights L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
30, 1998.)bc.
    
    Agreement of Limited Partnership of Neighborhood Restorations
Limited Partnership VII incorporated by reference from registrants
current report on form 8-k as filed with the Securities and Exchange
Commission on April 30, 1998.)bd.
    
    Agreement of Limited Partnership of Escher SRO Project, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on May
1, 1998.)be.
    
    Agreement of Limited Partnership of Silver Creek/MHT Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on June 30, 1999.)bf.
    
    Agreement of Limited Partnership of Meridian Housing Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on June 30, 1999.)
 142




---



##### Table of Contents



bg.
    
    Agreement of Limited Partnership of Southaven Partners I, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange on July 27, 1999.)bh.
    
    Agreement of Limited Partnership of Athens Partners, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on July
27, 1999.)bi.
    
    Agreement of Limited Partnership of Pearl Partners, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on November
30, 1999.)bj.
    
    Agreement of Limited Partnership of Harbor Pointe/MHT Limited
Dividend Housing Association Limited Partnership (incorporated by
reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on December 28,
1999.)bk.
    
    Agreement of Limited Partnership of Level Creek Partners, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on December
29, 1999.)bl.
    
    Agreement of Limited Partnership of Lake City Limited Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on February
3, 2000.)bm.
    
    Agreement of Limited Partnership of Pine Ridge Apartments
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
on on February 9, 2000.)bn.
    
    Agreement of Limited Partnership of Pecan Manor Apartments
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on February 10, 2000.)bo.
    
    Agreement of Limited Partnership of Pyramid Four Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on February 16, 2000.)bp.
    
    Agreement of Limited Partnership of Lombard Partners, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on January
26, 2000.)bq.
    
    Agreement of Limited Partnership of Belmont Affordable Housing
II LP (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on September 29, 2000.)br.
    
    Agreement of Limited Partnership of Jackson Bond LP (incorporated
by reference from registrants current report on form 8-k as
filed with the Securities and Exchange Commission on September 29,
2000.)
 143




---



##### Table of Contents



bs.
    
    Agreement of Limited Partnership of Fort Bend NHC, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on September
29, 2000.)bt.
    
    Agreement of Limited Partnership of Breezewood II, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on October
30, 2002.)bu.
    
    Agreement of Limited Partnership of Wingfield Apartments II L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on November
12, 2002.)bv.
    
    Agreement of Limited Partnership of Natchez Place Apartments L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on November
13, 2002.)bw.
    
    Agreement of Limited Partnership of Rural Housing Partners of
Mendota LP incorporated by reference from registrants current report
on form 8-k as filed with the Securities and Exchange Commission
on December 30, 2002.)bx.
    
    Agreement of Limited Partnership of Springfield Metro (incorporated
by reference from registrants current report on form 8-k as
filed with the Securities and Exchange Commission on January
21, 2003.)by.
    
    Agreement of Limited Partnership of Rural Housing Partners of
Mt. Carroll LP incorporated by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on January 21, 2003.)bz.
    
    Agreement of Limited Partnership of Meadowside Associates
incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on January 21, 2003.)ca.
    
    Agreement of Limited Partnership of Los Lunas Apts. LP
incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on January
21, 2003.)cb.
    
    Agreement of Limited Partnership of Edna Vanderbilt incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on January 21, 2003.)cc.
    
    Agreement of Limited Partnership of Hawthorne Assoc. LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on January 21, 2003.)cd.
    
    Agreement of Limited Partnership of Rural Housing Partners of
Franklin Grove LP incorporated by reference from registrants current report on form 8-k as
filed with the Securities and Exchange Commission on January 21, 2003.)
 144




---



##### Table of Contents



ce.
    
    Agreement of Limited Partnership of Rural Housing Partners of
Fulton LP incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on January 21, 2003.)cf.
    
    Agreement of Limited Partnership of Heritage Two LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on January 21, 2003.)cg.
    
    Agreement of Limited Partnership of Parkhurst Place incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on January 21, 2003.)ch.
    
    Agreement of Limited Partnership of Hattiesburg Housing LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)ci.
    
    Agreement of Limited Partnership of 1374 Boston Road LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)cj.
    
    Agreement of Limited Partnership of 200 East Avenue Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)ck.
    
    Agreement of Limited Partnership of Casa Rosa Apartments
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cl.
    
    Agreement of Limited Partnership of Lake Apartments II LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cm.
    
    Agreement of Limited Partnership of Northrock Housing Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cn.
    
    Agreement of Limited Partnership of AHAB Project One LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)co.
    
    Agreement of Limited Partnership of Randolph Village Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cp.
    
    Agreement of Limited Partnership of Sr. Suites Chicago Austin LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cq.
    
    Agreement of Limited Partnership of Clubview Partners LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)
 145




---



##### Table of Contents



cr.
    
    Agreement of Limited Partnership of Edgewood Apartments Partnership
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cs.
    
    Agreement of Limited Partnership of Harbor Pointe/MHT LDHA LP
incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)ct.
    
    Agreement of Limited Partnership of Lombard Partners LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)cu.
    
    Agreement of Limited Partnership of Millwood Park LP incorporated by
reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)cv.
    
    Agreement of Limited Partnership of Hillside Terrace Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cw.
    
    Agreement of Limited Partnership of San Angelo Bent Tree Apts. LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cx.
    
    Agreement of Limited Partnership of Montfort Housing LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)cy.
    
    Agreement of Limited Partnership of Summerdale Partners LP II
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cz.
    
    Agreement of Limited Partnership of Seagraves Apartments LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)da.
    
    Agreement of Limited Partnership of FFLM Associates LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)db.
    
    Agreement of Limited Partnership of COGIC Village LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dc.
    
    Agreement of Limited Partnership of FFLM Associates LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)dd.
    
    Agreement of Limited Partnership of FFLM Associates LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)
 146




---



##### Table of Contents



de.
    
    Agreement of Limited Partnership of Pyramid Four Limited Partnership
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)df.
    
    Agreement of Limited Partnership of 200 East Avenue Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dg.
    
    Agreement of Limited Partnership of Parkside Plaza LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)dh.
    
    Agreement of Limited Partnership of Granada Rose LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)di.
    
    Agreement of Limited Partnership of Northrock Housing Assoc. LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dj.
    
    Agreement of Limited Partnership of Southaven Partners I LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dk.
    
    Agreement of Limited Partnership of Howard Park Ltd incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)dl.
    
    Agreement of Limited Partnership of Washington Courtyards LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dm.
    
    Agreement of Limited Partnership of Highway Partners 18 LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dn.
    
    Agreement of Limited Partnership of Wedgewood Park LP incorporated
by reference from registrants current report on form 8-k as filed filed with the Securities and Exchange Commission on March 31, 2003.)do.
    
    Agreement of Limited Partnership of Washington Courtyards LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dp.
    
    Agreement of Limited Partnership of Annadale Housing Partners
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dq.
    
    Agreement of Limited Partnership of Ashton Ridge LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)
 147




---



##### Table of Contents



dr.
    
    Agreement of Limited Partnership of FAH Silver Pond LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)ds.
    
    Agreement of Limited Partnership of Ashton Ridge LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dt.
    
    Agreement of Limited Partnership of Aldine Westfield Apts., LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)du.
    
    Agreement of Limited Partnership of Arbors at Eagle Crest LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dv.
    
    Agreement of Limited Partnership of KC Shalom Housing LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dw.
    
    Agreement of Limited Partnership of Breeze Cove Limited Partnership
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dx.
    
    Agreement of Limited Partnership of DS Housing LP incorporated by
reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)dy.
    
    Agreement of Limited Partnership of CC Housing LP incorporated by
reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)dz.
    
    Agreement of Limited Partnership of TS Housing LP incorporated by
reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)ea.
    
    Agreement of Limited Partnership of Carpenter School I Elderly Apts.
LP incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on March 31,
2003.)eb.
    
    Agreement of Limited Partnership of Lyceum Housing LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)ec.
    
    Agreement of Limited Partnership of New Shinnston I LP incorporated
by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on March 31, 2003.)ed.
    
    Agreement of Limited Partnership of Lyceum Housing Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on March 31, 2004.)
 148




---



##### Table of Contents



ef.
    
    Agreement of Limited Partnership of New Shinniston I Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on March 31, 2004.)eg.
    
    Agreement of Limited Partnership of Gilbert Apartments Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 26, 2004.)eh.
    
    Agreement of Limited Partnership of HS Housing Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 26, 2004.ei.
    
    Agreement of Limited Partnership of SM Housing Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 26, 2004.)ej.
    
    Agreement of Limited Partnership of CT Housing Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 26, 2004.)ek.
    
    Agreement of Limited Partnership of North Fort Aspen Plus Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on April 26,2004.)el.
    
    Agreement of Limited Partnership of Strawberry Lake Apartments Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on April 26, 2004.)em.
    
    Agreement of Limited Partnership of Byam Village Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 28, 2004.)en.
    
    Agreement of Limited Partnership of Kiehl Partners Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 28, 2004.)eo.
    
    Agreement of Limited Partnership of Trinity Life Gardens Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 29,2004.)ep.
    
    Agreement of Limited Partnership of Athens Partners, LP Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on May 3, 2004.)eq.
    
    Agreement of Limited Partnership of San Diego/Fox Hollow Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on June 1, 2004.)
 149




---



##### Table of Contents



er.
    
    Agreement of Limited Partnership of Elma Gardens of Grays Harbor Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on August 2, 2004.)es.
    
    Agreement of Limited Partnership of Kimberly Danbury Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on August 2, 2004.)et.
    
    Agreement of Limited Partnership of Tanglewood Village Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on August 4, 2004.)eu.
    
    Agreement of Limited Partnership of Portland Ocean East I Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on January 24, 2005.)ev.
    
    Agreement of Limited Partnership of Clayton Station Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on January 24, 2005.)ew.
    
    Agreement of Limited Partnership of Deer Meadows Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on January 24, 2005.)
  a.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002, filed hereinb.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002, filed herein
  a.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, filed hereinb.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, filed herein
 150




---



##### Table of Contents



SIGNATURES
  Boston Capital Tax Credit Fund IV L.P.By:
    
    Boston Capital Associates IV L.P.
General PartnerBy:
    
    BCA Associates Limited Partnership
General PartnerBy:
    
    C&M Management, Inc.
General Partner
 Date: July 16, 2007
    By:
    /s/ John P. ManningJohn P. Manning  DATE:
    
    SIGNATURE:
    
    TITLE:July 16, 2007
    
    /s/ John P. Manning

John P. Manning
    
    Director, President (Principal
Executive Officer), C&M Management,
Inc.; Director, President
(Principal Executive Officer) BCTC
IV Assignor Corp.July 16, 2007
    
    /s/ Marc N. Teal

Marc N. Teal
    
    Sr. Vice President, Chief Financial
Officer (Principal Accounting and
Financial Officer) C&M Management
Inc.; Sr. Vice President, Chief
Financial Officer (Principal
Accounting and Financial Officer)
BCTC IV Assignor Corp.
 151