Table of Contents

 

 

 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-K**

 

| **x**                                                                                                                                                                                                             | ** ** | **ANNUAL  REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT  OF 1934**      |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                              |       |                                                                                                      |
| **For the  fiscal year ended March 31, 2009**                                                                                                                                                                |
| ** **                                                                                                                                                                                                        |
| **or**                                                                                                                                                                                                            |
|                                                                                                                                                                                                              |       |                                                                                                      |
| **o**                                                                                                                                                                                                             | ** ** | **TRANSITION  REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE  ACT OF 1934** |
|                                                                                                                                                                                                              |       |                                                                                                      |
| **For the  transition period from                  to              ** |

 

**Commissionfile number 0-26200**

 

**BOSTON CAPITAL TAX CREDIT FUND IV L.P.**

(Exactname of registrant as specified in its charter)

 

| **Delaware**                       | ** ** | **04-3208648**       |
|------------------------------------|------------|----------------------|
| (State or other  jurisdiction      |       | (I.R.S. Employer     |
| of incorporation  or organization) |       | Identification  No.) |

 

| **One  Boston Place, Suite 2100, Boston, Massachusetts** | ** ** | **02108**  |
|---------------------------------------------------------------|------------|------------|
| (Address of principal executive offices)                      |       | (Zip Code) |

 

Registrant’stelephone number, including area code **(617)624-8900**

 

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

 

Titleof each class - Name of each exchange on which registered

**None**

 

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

 

Titleof class

**None**

 

Indicateby check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405of the Securities Act.    Yes o No x

 

Indicateby check mark if the Registrant is not required to file reports pursuant to Section 13or Section 15(d) of the Act.   Yes o No x

 

Indicateby check mark whether the registrant (1) has filed all reports required tobe filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that theregistrant was required to file such reports), and (2) has been subject tosuch filing requirements for the past 90 days.    Yes x No o

 

Indicateby check mark whether the registrant has submitted electronically and posted onits corporate Web site, if any, every Interactive Data File required to besubmitted and posted pursuant to Rule 405 of Regulation S-T during thepreceding 12 months (or for such shorter period that the registrant wasrequired to submit and post such files).   Yes o No o

 

Indicateby check mark whether the registrant is a large accelerated filer, anaccelerated filer, a non-accelerated filer, or a smaller reportingcompany.  See definition of “largeaccelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2of the Exchange Act  (check one):

 

| Large  accelerated filer o |   | Accelerated  filer o         |
|----------------------------|--------|------------------------------|
|                       |   |                         |
| Non-accelerated  filer o   |   | Smaller  reporting company x |

 

Indicateby check mark whether the registrant is a shell company (as defined in Rule 12b-2of the Exchange Act).    Yes o No x

 

 

 

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# DOCUMENTSINCORPORATED BY REFERENCE

 

The following documentsof the Fund are incorporated by reference:

 
| **Form 10-K**                 | ** ** | ** **                                                             |
|------------------------------------|------------|------------------------------------------------------------------------|
| **Parts**                          | ** ** | **Document**                                                           |
|                               |       |                                                                   |
| Parts 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                               |

 

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DOCUMENTSINCORPORATED BY REFERENCE - Cont.

 
| **Form 10-K** | ** ** | ** **                                   |
|--------------------|------------|----------------------------------------------|
| **Parts**          | ** ** | **Document**                                 |
|               |       |                                         |
| Parts II, IV       |       | Form 8-K dated  April 23, 1998     |
|               |       | Form 8-K dated  April 23, 1998     |
|               |       | Form 8-K dated  April 24, 1998     |
|               |       | Form 8-K dated  April 27, 1998     |
|               |       | Form 8-K dated  April 29, 1998     |
|               |       | Form 8-K dated  April 30, 1998     |
|               |       | Form 8-K dated  April 30, 1998     |
|               |       | Form 8-K dated  April 30, 1998     |
|               |       | Form 8-K dated  May 1, 1998        |
|               |       | Form 8-K dated  June 30, 1999      |
|               |       | Form 8-K dated  June 30, 1999      |
|               |       | Form 8-K dated  July 27, 1999      |
|               |       | Form 8-K dated  July 27, 1999      |
|               |       | Form 8-K dated  November 30, 1999  |
|               |       | Form 8-K dated  December 28, 1999  |
|               |       | Form 8-K dated  December 29, 1999  |
|               |       | Form 8-K dated  January 26, 2000   |
|               |       | Form 8-K dated  February 3, 2000   |
|               |       | Form 8-K dated  February 9, 2000   |
|               |       | Form 8-K dated  February 10, 2000  |
|               |       | Form 8-K dated  February 16, 2000  |
|               |       | Form 8-K dated  September 29, 2000 |
|               |       | Form 8-K dated  September 29, 2000 |
|               |       | Form 8-K dated  September 29, 2000 |
|               |       | Form 8-K dated September 29,  2000 |
|               |       | Form 8-K dated  September, 2002         |
|               |       | Form 8-K dated  September, 2002         |
|               |       | Form 8-K dated  September, 2002         |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  June 3, 2003       |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  June 3, 2003       |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  May 29, 2003       |
|               |       | Form 8-K dated October 21,  2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |
|               |       | Form 8-K dated  October 21, 2002   |

 

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DOCUMENTSINCORPORATED BY REFERENCE - Cont.

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

 

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DOCUMENTSINCORPORATED BY REFERENCE - Cont.

 
| **Form 10-K** | ** ** | ** **                                 |
|--------------------|------------|--------------------------------------------|
| **Parts**          | ** ** | **Document**                               |
|               |       |                                       |
| Parts II, IV       |       | Form 8-K dated  April 1, 1999    |
|               |       | Form 8-K dated  October 1, 1998  |
|               |       | Form 8-K dated  April 27, 2000   |
|               |       | Form 8-K dated  June 1, 2004     |
|               |       | Form 8-K dated  June 11, 2004    |
|               |       | Form 8-K dated  June 23, 2004    |
|               |       | Form 8-K dated  June 1, 2004     |
|               |       | Form 8-K dated  January 24, 2005 |
|               |       | Form 8-K dated  January 24, 2005 |
|               |       | Form 8-K dated  January 24, 2005 |

 

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BOSTON CAPITAL TAXCREDIT FUND IV L.P.

FORM 10-KANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2009

 

TABLE OF CONTENTS

 
| PART I   |
|---------------|
|          |   |
| Item 1.       | Business |
| Item 1A.      | Risk Factors |
| Item 1B.      | Unresolved  Staff Comments |
| Item 2.       | Properties |
| Item 3.       | Legal Proceedings |
| Item 4.       | Submission  of Matters to a Vote of Security Holders |
|          |   |
| PART II  |
|          |   |
| Item 5.       | Market for  the Fund’s Limited Partnership Interests and Related Partnership Matters and  Issuer Purchases of Partnership Interests |
| Item 6.       | Selected Financial Data |
| Item 7.       | Management’s Discussion and Analysis  of Financial Condition and Results of Operations |
| Item 7A.      | Quantitative and Qualitative  Disclosures About Market Risk |
| Item 8.       | Financial Statements and Supplementary  Data |
| Item 9.       | Changes in and Disagreements with  Accountants on Accounting and Financial Disclosure |
| Item 9A.      | Controls and Procedures |
| Item 9B.      | Other Information |
|          |   |
| PART III |
|          |   |
| Item 10.      | Directors, Executive Officers and  Corporate Governance of the Fund |
| Item 11.      | Executive Compensation |
| Item 12.      | Security Ownership of Certain  Beneficial Owners and Management |
| Item 13.      | Certain Relationships and Related  Transactions, and Director Independence |
| Item 14.      | Principal Accountant Fees and  Services |
|          |   |
| PART IV  |
|          |   |
| Item 15.      | Exhibits, and Financial Statement  Schedules |

 

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# PART I

 

Item1.                Business

 

## Organization

 

Boston Capital Tax CreditFund IV L.P. (the “Fund”) is a limited partnership formed under the DelawareRevised Uniform Limited Partnership Act as of October 5, 1993.  Effective as of June 1, 2001 there was arestructuring, and as a result, the Fund’s general partner was reorganized asfollows.  The general partner of the Fundcontinues to be Boston Capital Associates IV L.P., a Delaware limitedpartnership.  The general partner of theFund’s general partner is now BCA Associates Limited Partnership, aMassachusetts limited partnership, whose sole general partner is C&MManagement, Inc., a Massachusetts corporation.  John P. Manning is the principal executiveofficer of C&M Management, Inc. The limited partner of the Fund’s general partner is Capital InvestmentHoldings, a general partnership whose partners are various officers andemployees of Boston Capital Partners, Inc., and its affiliates.  The assignor limited partner is BCTC IVAssignor Corp., a Delaware corporation which is now wholly-owned by John P.Manning.

 

The assignor limitedpartner was formed for the purpose of serving in that capacity for the Fund andwill not engage in any other business. Units of beneficial interest in thelimited partnership interest of the assignor limited partner are assigned bythe assignor limited partner by means of beneficial assignee certificates (“BACs”)to investors and investors are entitled to all the rights and economic benefitsof a limited partner of the Fund including rights to a percentage of theincome, gains, losses, deductions, credits and distributions of the Fund.

 

A Registration Statementon Form S-11 and the related prospectus, as supplemented (together witheach subsequently filed prospectus, as supplemented, the “Prospectus”) werefiled with the Securities and Exchange Commission and became effective December 16,1993, in connection with a public offering (together with each subsequentoffering of BACs described herein, the “Offering”) in one or more series of a minimumof 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC.  On April 18, 1996, a Form S-11,which registered an additional 10,000,000 BACs for sale to the public in one ormore series, became effective. On April 2, 1998, a Form S-11, whichregistered an additional 25,000,000 BACs for sale to the public in one or moreseries, became effective. On August 31, 1999, a Form S-11, whichregistered an additional 8,000,000 BACs for sale to the public, becameeffective.  On July 26, 2000, a Form S-11,which registered an additional 7,500,000 BACs for sale to the public, becameeffective. On July 23, 2001, a Form S-11, which registered anadditional 7,000,000 BACs for sale to the public, became effective.  On July 24, 2002, a Form S— 11,which registered an additional 7,000,000 BAC’s for sale to the public, becameeffective. On July 1, 2003, a Form S—11, which registered anadditional 7,000,000 BAC’s for sale to the public, became effective.  As of March 31, 2009, subscriptions hadbeen received and accepted by the General Partner in Series 20, Series 21,Series 22, Series 23, Series 24, Series 25, Series 26,Series 27, Series 28, Series 29, Series 30, Series 31,Series 32, Series 33, Series 34, Series 35, Series 36,Series 37, Series 38, Series 39, Series 40, Series 41,Series 42, Series 43 Series 44, Series 45 and Series 46for 83,651,080 BACs representing capital contributions of $836,177,880.

 

The Offering, including information regarding the issuance of BACs inseries, is described in each Prospectus, as supplemented, under the caption “TheOffering”, which descriptions are incorporated herein by reference.

 

1

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## Descriptionof Business

 

## The Fund’s principal business is toinvest as a limited partner in other limited partnerships (the “OperatingPartnerships”) each of which will own or lease and will operate an apartmentcomplex exclusively or partially for low- and moderate-income tenants.  Each Operating Partnership in which the Fundinvests owns apartment complexes, which are completed, newly-constructed, underconstruction or rehabilitation, or to-be constructed or rehabilitated, andwhich are expected to receive government assistance.  Each apartment complex is expected to qualifyfor the low-income housing tax credit under Section 42 of the Code (the “FederalHousing Tax Credit”), providing tax benefits over a period of ten to twelveyears in the form of tax credits which investors may use to offset income,subject to certain strict limitations, from other sources.  Some apartment complexes may also qualify forthe historic rehabilitation tax credit under Section 47 of the Code (the “RehabilitationTax Credit”).  The Federal Housing TaxCredit and the government assistance programs are described on pages 64 to88 of the Prospectus, as supplemented, under the captions “Tax Credit Programs”and “Government Assistance Programs,” which is incorporated herein by reference.  Section 236 (f) (ii) of theNational Housing Act, as amended, and Section 101 of the Housing and UrbanDevelopment Act of 1965, as amended, each provide for the making by HUD of rentsupplement payments to low income tenants in properties which receive otherforms of federal assistance such as tax credits.  The payments for each tenant, which are madedirectly to the owner of their property, generally are in such amounts as toenable the tenant to pay rent equal to 30% of the adjusted family income.  Some of the apartment complexes in which theFund has invested are receiving their rent supplements from HUD.  HUD has been in the process of convertingrent supplement assistance to assistance paid not to the owner of the apartmentcomplex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress willcontinue rent supplement programs payable directly to owners of apartmentcomplexes.

##  

## As of March 31, 2009 the Fundhad invested in 22 Operating Partnerships on behalf of Series 20, 13Operating Partnership on behalf of Series 21, 29 Operating Partnerships onbehalf of Series 22, 22 Operating Partnerships on behalf of Series 23,24 Operating Partnerships on behalf of Series 24, 22 OperatingPartnerships on behalf of Series 25, 45 Operating Partnerships on behalfof Series 26, 16 Operating Partnerships on behalf of Series 27, 26Operating Partnerships on behalf of Series 28, 21 Operating Partnershipson behalf of Series 29, 18 Operating Partnerships on behalf of Series 30,26 Operating Partnerships on behalf of Series 31, 16 OperatingPartnerships on behalf of Series 32, 10 Operating Partnerships on behalfof Series 33, 14 Operating Partnerships on behalf of Series 34, 11Operating Partnerships on behalf of Series 35, 11 Operating Partnershipson behalf of Series 36, 7 Operating Partnerships on behalf of Series 37,10 Operating Partnerships on behalf of Series 38, 9 Operating Partnershipson behalf of Series 39, 16 Operating Partnerships on behalf of Series 40,21 Operating Partnerships on behalf of Series 41, 23 OperatingPartnerships on behalf of Series 42, 23 Operating Partnerships on behalfof Series 43, 10 Operating Partnerships on behalf of Series 44, 30Operating Partnerships on behalf of Series 45 and 15 Operating partnershipson behalf of Series 46.  Adescription of these Operating Partnerships is set forth in Item 2 herein.

 

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Thebusiness objectives of the Fund are to:
| (1) | Provide current tax  benefits to investors in the form of Federal Housing Tax Credits and, in  limited instances, a small amount of Rehabilitation Tax Credits, which an  investor may apply, subject to 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. |

 

The business objectivesand investment policies of the Fund are described more fully on pages 49to 61 of the Prospectus, as supplemented, under the caption “InvestmentObjectives and Acquisition Policies,” which is incorporated herein byreference.

 

## Employees

##  

## The Fund does not have any employees.  Services are performed by the general partnerand its affiliates and agents retained by them.

##  

Item1A.             Risk Factors

 

*As used in this Item 1A,references to “we, “us” and “our” mean the Fund.*

 

*An investment in our BACs and ourinvestments in Operating Partnerships are subject to risks. These risks mayimpact the tax benefits of an investment in our BACs, and the amount ofproceeds available for distribution to our limited partners, if any, onliquidation of our investments.*

 

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

 

**The ability of limited partnersto claim tax losses from their investment in us is limited.**

 

The IRS may audit us oran Operating Partnership and challenge the tax treatment of tax items. Theamount of Low Income Housing Tax Credits and tax losses allocable to theinvestors could be reduced if the IRS were successful in such a challenge.  The alternative minimum tax could reduce taxbenefits from an investment in our BACs. Changes in tax laws could also impact the tax benefits from aninvestment in our BACs and/or the value of the Operating Partnerships.  Until the Operating Partnerships havecompleted a mandatory fifteen year Low Income Housing Tax Credit complianceperiod, investors are at risk for potential recapture of Low Income Housing TaxCredits that have already been claimed.

 

3

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**The Low Income Housing TaxCredits rules are extremely complicated and noncompliance with these rules mayhave adverse consequences for BAC holders.**

 

Noncompliance withapplicable tax regulations may result in the loss of future Low Income HousingTax Credits and the fractional recapture of Low Income Housing Tax Creditsalready taken. In most cases the annual amount of Low Income Housing TaxCredits that an individual can use is limited to the tax liability due on theperson’s last $25,000 of taxable income. The Operating Partnerships may be sold at a price which would not resultin our realizing cash distributions or proceeds from the transaction.  Accordingly, we may be unable to distributeany cash to our investors. Low Income Housing Tax Credits may be the onlybenefit from an investment in our BACs.

 

**Poor performance of one housingcomplex, or the real estate market generally, could impair our ability tosatisfy our investment objectives.**

 

Each housing complex issubject to mortgage indebtedness. If an Operating Partnership failed to pay itsmortgage, it could lose its housing complex in foreclosure. If foreclosure wereto occur during the first 15 years of the existence of the Fund, the loss ofany remaining future Low Income Housing Tax Credits, a fractional recapture ofpreviously claimed Low Income Housing Tax Credits, and a loss of our investmentin the housing complex would occur.  Tothe extent the Operating Partnerships receive government financing or operatingsubsidies, they may be subject to one or more of the following risks:

 

·             difficultiesin obtaining rent increases;

·             limitationson cash distributions;

·             limitationson sales or refinancing of Operating Partnerships;

·             limitationson transfers of interests in Operating Partnerships;

·             limitationson removal of local general partners;

·             limitationson subsidy programs; and

·             possiblechanges in applicable regulations.

 

The value of real estateis subject to risks from fluctuating economic conditions, including employmentrates, inflation, tax, environmental, land use and zoning policies, supply anddemand of similar properties, and neighborhood conditions, among others.

 

**No trading market for the BACsexists or is expected to develop.**

 

There is currently noactive trading market for the BACs. Accordingly, limited partners may be unable to sell their BACs or mayhave to sell BACs at a discount.  Limitedpartners should consider their BACs to be a long-term investment.

 

**Investors may realize taxablegain on sale or disposition of BACs.**

 

Upon the sale or othertaxable disposition of BACs, investors will realize taxable income to theextent that their allocable share of the non-recourse mortgage indebtedness onthe apartment complexes, together with the money they receive from the sale ofthe BACs, is greater than the original cost of their BACs.  This realized taxable income is reduced tothe extent that investors have suspended passive losses or credits.  It is possible that the sale of BACs may not generateenough cash to pay the tax obligations arising from the sale.

 

**Investors may have tax liabilityin excess of cash.**

 

Investors eventually maybe allocated profits for tax purposes which exceed any cash distributed tothem.  For this tax liability, theinvestor will have to pay federal income tax without a corresponding cashdistribution.

 

4

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Similarly, in the eventof a sale or foreclosure of an apartment complex or a sale of BACs, an investormay be allocated taxable income, resulting in tax liability, in excess of anycash distributed to him or her as a result of such event.

 

**Investors may not receive cash ifapartment complexes are sold**.

 

There is no assurancethat investors will receive any cash distributions from the sale or refinancingof an apartment complex.  The price atwhich an apartment complex is sold may not be large enough to pay the mortgageand other expenses which must be paid at such time.  Even if there are net cash proceeds from asale, expenses such as accrued Fund management fees and unpaid loans will bededucted pursuant to Section 4.02(a) of the Fund Agreement.  If any of these events happen, investors willnot get all of their investment back, and the only benefit from an investmentwill be the tax credits received.

 

The sale or refinancingof the apartment complexes is dependent upon the following material factors:

 

·             The necessity of obtaining the consent of theoperating general partners;

·             The necessity of obtaining the approval of anygovernmental agency(ies) providing government assistance to the apartmentcomplex; and

·             The uncertainty of the market.

 

Any sale may occur wellafter the fifteen-year federal housing tax credit compliance period.

 

**We have insufficient sources ofcash to pay our existing liabilities.**

 

Wecurrently do not have sufficient cash resources to satisfy our financialliabilities.  Furthermore, we do notanticipate that we will have sufficient available cash to pay our futurefinancial liabilities.  Substantially allof our existing liabilities are payable to our general partner and itsaffiliates.  Though the amounts payableto the general partner and its affiliates are contractually currently payable,we do not believe that the general partner or its affiliates will demandimmediate payment of these contractual obligations in the near term; however,there can be no assurance that this will be the case.  We would be materially adversely affected ifthe general partner or its affiliates demanded payment in the near term of ourexisting contractual liabilities or suspended the provision of services to usbecause of our inability to satisfy these obligations.   All monies currently deposited, or that willbe deposited in the future, into the Fund’s working capital reserves areintended to be utilized to pay our existing and future liabilities.

 

Item1B.              Unresolved Staff Comments

 

Not applicable.

 

Item2.                Properties

 

The Fund has acquired a limited partnership interest in 510 OperatingPartnerships in 27 series, identified in the table set forth below.  The apartment complexes owned by theOperating Partnerships are eligible for the Federal Housing Tax Credit.  Initial occupancy of a unit in each apartmentcomplex which initially complied with the minimum set-aside test (i.e., initialoccupancy by tenants with incomes equal to no more than a designated

 

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percentage of area medianincome) and the rent restriction test (i.e., gross rent charged tenants doesnot exceed 30% of the applicable income standards) is referred to as “QualifiedOccupancy.”  The Operating Partnershipsand the respective apartment complexes are described more fully in theProspectus.  The general partner believesthat there is adequate casualty insurance on the properties.

 

Please refer to Item 7. “Management’sDiscussion and Analysis of Financial Condition and Results of Operations” for amore detailed discussion of operational difficulties experienced by certain ofthe Operating Partnerships.

 

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Boston Capital TaxCredit Fund IV L.P. - Series 20

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**               | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|----------------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Ashbury Apartments               |       | Sioux Falls, SD  |       | 48        |       | $                                               | 1,126,572  |          | 4/94       |            | 6/94       |                              | 100        | %                                         | $          | 806,117 |   |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Bennetts Pointe Apts.            |       | Bennetsville, SC |       | 32        |       | 1,291,296                                       |       | 3/94          |       | 8/94            |       | 100                               | %          | 281,100                                   |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Bradley Manor                    |       | Bradley, AR      |       | 25        |       | 769,146                                         |       | 8/94          |       | 3/95            |       | 100                               | %          | 182,044                                   |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Cascades Commons Apts.           |       | Sterling, VA     |       | 320       |       | 22,431,256                                      |       | 6/94          |       | 10/95           |       | 100                               | %          | 7,132,820                                 |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Clarksville Estates              |       | Clarksville, MO  |       | 32        |       | 661,759                                         |       | 6/94          |       | 9/94            |       | 100                               | %          | 142,639                                   |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Club Goldenrod II,  Apartments   |       | Orlando, FL      |       | 220       |       | 6,872,337                                       |       | 4/94          |       | 6/95            |       | 100                               | %          | 3,681,417                                 |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| College Greene Senior  Apts      |       | N. Chili, NY     |       | 110       |       | 3,672,955                                       |       | 3/95          |       | 8/95            |       | 100                               | %          | 1,918,496                                 |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Concordia Manor I                |       | St. Croix, VI    |       | 22        |       | 1,413,952                                       |       | 8/94          |       | 7/95            |       | 100                               | %          | 490,034                                   |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Coushatta Seniors II  Apartments |       | Coushatta, LA    |       | 24        |       | 684,092                                         |       | 5/94          |       | 3/94            |       | 100                               | %          | 175,182                                   |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| East Douglas Apartment           |       | Bloomington, IL  |       | 51        |       | 1,839,680                                       |       | 7/94          |       | 12/95           |       | 100                               | %          | 1,534,461                                 |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Edison Lane Apartments           |       | Edison, GA       |       | 24        |       | 695,725                                         |       | 9/94          |       | 10/95           |       | 100                               | %          | 204,561                                   |       |
|                             |       |             |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Evergreen Hills Apts.            |       | Macedon, NY      |       | 72        |       | 2,563,630                                       |       | 8/94          |       | 1/95            |       | 100                               | %          | 693,966                                   |       |
|                                  |            |                  |            |           |            |                                                 |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 20

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property   Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Fairoaks Lane Apts.          |       | Rincon, GA        |       | 44        |       | $                                               | 1,369,170  |          | 7/94       |            | 5/95       |                              | 100        | %                                         | $          | 339,284 |   |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Floral Acres II              |       | Waggaman, LA      |       | 32        |       | 994,495                                         |       | 5/94          |       | 8/94            |       | 100                               | %          | 228,457                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Forest Glen Village          |       | Vidalia, GA       |       | 46        |       | 1,284,145                                       |       | 7/94          |       | 2/95            |       | 100                               | %          | 378,777                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Gardenview Apartments        |       | Pasedena, TX      |       | 309       |       | 4,500,686                                       |       | 6/94          |       | 9/95            |       | 100                               | %          | 2,261,021                                 |       |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Harrisonburg, Seniors  Apts. |       | Harrison-burg, LA |       | 24        |       | 655,789                                         |       | 5/94          |       | 1/94            |       | 100                               | %          | 176,621                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Hillside Apartments          |       | Cynthiana, KY     |       | 48        |       | 532,472                                         |       | 10/94         |       | 4/95            |       | 100                               | %          | 643,850                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Kristine Apartments          |       | Bakersfield, CA   |       | 60        |       | 1,040,823                                       |       | 10/94         |       | 10/94           |       | 100                               | %          | 311,675                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Northfield Apts.             |       | Jackson, MS       |       | 120       |       | 2,540,617                                       |       | 6/94          |       | 8/95            |       | 100                               | %          | 3,273,126                                 |       |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Riverview Apartments         |       | Franklinton, LA   |       | 47        |       | 1,621,496                                       |       | 4/94          |       | 10/94           |       | 100                               | %          | 370,000                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Shady Lane Senior Apts.      |       | Winnfield, LA     |       | 32        |       | 898,650                                         |       | 5/94          |       | 10/93           |       | 100                               | %          | 197,200                                   |       |
|                              |            |                   |            |           |            |                                                 |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

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

 

PROPERTYPROFILE AS OF MARCH 31, 2009

 
| **Property  Name**                 | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------------------|------------|-----------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Black River Run                    |       | Black River Falls, WI |       | 48        |       | $                                               | 956,881    |          | 10/94      |            | 12/94      |                              | 100        | %                                         | $          | 350,531 |   |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Cattaraugus Manor                  |       | Cattaraugus, NY       |       | 24        |       | 1,057,677                                       |       | 8/94          |       | 4/95            |       | 100                               | %          | 263,711                                   |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Creekside at Tasker’s  Chance |       | Frederick, MD         |       | 120       |       | 4,312,122                                       |       | 10/94         |       | 9/95            |       | 100                               | %          | 2,686,170                                 |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Forest Glen at Sully  Station      |       | Centreville, VA       |       | 119       |       | 5,799,547                                       |       | 11/94         |       | 9/95            |       | 100                               | %          | 2,649,450                                 |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Fort Halifax                       |       | Winslow, ME           |       | 24        |       | 987,961                                         |       | 9/94          |       | 1/95            |       | 100                               | %          | 389,085                                   |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Havelock Manor Apts.               |       | Havelock, NC          |       | 60        |       | 1,763,485                                       |       | 12/94         |       | 10/95           |       | 100                               | %          | 347,557                                   |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Holly Village                      |       | Buchanan, GA          |       | 24        |       | 688,137                                         |       | 8/94          |       | 6/95            |       | 100                               | %          | 205,400                                   |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Liveoak Village                    |       | Union Springs, AL     |       | 24        |       | 731,577                                         |       | 10/94         |       | 7/95            |       | 100                               | %          | 176,953                                   |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Lookout Ridge Apts.                |       | Covington, KY         |       | 30        |       | 491,882                                         |       | 12/94         |       | 12/94           |       | 100                               | %          | 763,038                                   |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Pinedale Apartments II             |       | Menomonie, WI         |       | 60        |       | 1,140,821                                       |       | 10/94         |       | 12/94           |       | 100                               | %          | 869,798                                   |       |
|                               |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Pumphouse Crossing II Apartments   |       | Chippewa, WI          |       | 48        |       | 1,006,767                                       |       | 10/94         |       | 12/94           |       | 100                               | %          | 692,840                                   |       |
|                                    |            |                       |            |           |            |                                                 |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

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

 

PROPERTYPROFILE AS OF MARCH 31, 2009

 

Continued

 
| **Property  Name**    | ** ** | **Location**   | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------|------------|----------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| The Woods Apartments  |       | Campton, NH    |       | 20        |       | $                                               | 966,216    |          | 8/94       |            | 10/94      |                              | 100        | %                                         | $          | 269,500 |   |
|                  |       |           |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Tower View Apartments |       | Tower City, PA |       | 25        |       | 1,079,937                                       |       | 11/94         |       | 5/95            |       | 100                               | %          | 268,863                                   |       |
|                       |            |                |            |           |            |                                                 |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**     | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------|------------|-----------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Albemarle  Village     |       | Hertford, NC          |       | 36        |       | $                                     | 1,369,970  |          | 1/95       |             | 9/94       |                              | 100        | %                               | $          | 321,628 |   |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Apple  Village         |       | Edmond, OK            |       | 160       |       | 3,391,376                             |       | 11/94         |       | 3/96             |       | 100                               | %          | 1,572,166                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Bayou  Crossing        |       | Riverview, FL         |       | 290       |       | 8,275,333                             |       | 11/94         |       | 1/96             |       | 100                               | %          | 2,854,036                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Bellwood  Gardens      |       | Ford City, PA         |       | 28        |       | 1,202,475                             |       | 6/95          |       | 9/95             |       | 100                               | %          | 308,152                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Black River Run Apts.  |       | Black River Falls, WI |       | 48        |       | 956,881                               |       | 3/95          |       | 12/94            |       | 100                               | %          | 395,279                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Clarendon  Court       |       | Summerton, SC         |       | 40        |       | 1,399,350                             |       | 10/94         |       | 4/95             |       | 100                               | %          | 340,737                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Club  II Goldenrod     |       | Orlando, FL           |       | 220       |       | 6,872,337                             |       | 3/95          |       | 6/95             |       | 100                               | %          | 2,106,975                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Cobblestone Apartments |       | Fuquay, NC            |       | 33        |       | 1,363,904                             |       | 1/95          |       | 5/94             |       | 100                               | %          | 326,054                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Concordia  Manor II    |       | St. Croix, VI         |       | 20        |       | 1,445,544                             |       | 1/95          |       | 11/95            |       | 100                               | %          | 259,444                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Concordia Manor III    |       | St. Croix, VI         |       | 20        |       | 1,427,263                             |       | 2/95          |       | 12/95            |       | 100                               | %          | 264,007                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Drakes Branch Elderly  |       | Drakes Branch, VA     |       | 32        |       | 1,221,100                             |       | 1/95          |       | 6/95             |       | 100                               | %          | 232,722                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Elks Towers Apartments |       | Litchfield, IL        |       | 27        |       | 734,655                               |       | 10/95         |       | 12/96            |       | 100                               | %          | 756,656                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Fonda  Terrace         |       | Fonda, NY             |       | 24        |       | 968,236                               |       | 12/94         |       | 10/94            |       | 100                               | %          | 259,387                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Highland  House        |       | Boston, MA            |       | 14        |       | 1,477,639                             |       | 12/96         |       | 5/97             |       | 100                               | %          | 586,492                         |       |
|                        |            |                       |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**     | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------|------------|-----------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Kimbark 1200 Apts.     |       | Longmont, CO          |       | 48        |       | $                                     | 1,882,018  |          | 9/95       |             | 12/95      |                              | 100        | %                               | $          | 321,843 |   |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Kingsway Apartments    |       | Swedsboro, NJ         |       | 36        |       | 1,415,305                             |       | 7/95          |       | 11/01            |       | 100                               | %          | 384,585                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lake City Apartments   |       | Lake City, PA         |       | 44        |       | 1,247,343                             |       | 8/98          |       | 6/98             |       | 100                               | %          | 240,900                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lake Street Apartments |       | Girard, PA            |       | 32        |       | 1,315,627                             |       | 4/95          |       | 9/95             |       | 100                               | %          | 342,369                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lost Tree Apartments   |       | Branson, MO           |       | 88        |       | 1,382,852                             |       | 4/95          |       | 6/95             |       | 100                               | %          | 474,948                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Maplewood Apartments   |       | Sacramento, KY        |       | 12        |       | 418,415                               |       | 8/95          |       | 9/95             |       | 100                               | %          | 110,881                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Marksville Square      |       | Marksville, LA        |       | 32        |       | 921,451                               |       | 1/95          |       | 1/96             |       | 100                               | %          | 268,848                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Neshoba County         |       | Philadelphia, MS      |       | 25        |       | 823,306                               |       | 7/95          |       | 8/95             |       | 100                               | %          | 251,411                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Philadelphia Square    |       | Philadelphia, MS      |       | 16        |       | 526,915                               |       | 7/95          |       | 8/95             |       | 100                               | %          | 149,950                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Quankey Hills          |       | Halifax, NC           |       | 24        |       | 967,467                               |       | 1/95          |       | 3/95             |       | 100                               | %          | 200,496                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Richmond Square        |       | Richmond, MO          |       | 32        |       | 704,368                               |       | 12/94         |       | 2/95             |       | 100                               | %          | 931,456                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Salem Wood Apartments  |       | Salemburg, NC         |       | 24        |       | 879,358                               |       | 1/95          |       | 12/94            |       | 100                               | %          | 181,355                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| The Birches            |       | Old Orchard Beach, ME |       | 88        |       | 2,800,000                             |       | 1/95          |       | 3/96             |       | 100                               | %          | 1,514,512                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Troy Villa Apartments  |       | Troy, MO              |       | 64        |       | 1,549,050                             |       | 12/94         |       | 6/95             |       | 100                               | %          | 1,810,416                       |       |
|                        |            |                       |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

12

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Table ofContents

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name** | ** ** | **Location** | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|--------------------|------------|--------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Twin  City Villa   |       | Festus, MO   |       | 40        |       | $                                     | 1,155,037  |          | 1/95       |             | 11/95      |                              | 100        | %                               | $          | 679,176 |   |
|                    |            |              |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Table ofContents

 

Boston Capital TaxCredit Fund IV L.P. - Series 23

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**        | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|---------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |   |   |
| Apple Village             |       | Edmond, OK       |       | 160       |       | $                                     | 3,391,376  |          | 11/94      |             | 3/96       |                              | 100        | %                               | $          | 1,572,166 |   |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Bayou Crossing            |       | Riverview, FL    |       | 290       |       | 8,275,333                             |       | 4/95          |       | 1/96             |       | 100                               | %          | 4,281,054                       |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Concordia Manor II        |       | St. Croix, VI    |       | 20        |       | 1,445,544                             |       | 1/95          |       | 11/95            |       | 100                               | %          | 259,445                         |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Concordia Manor III       |       | St. Croix, VI    |       | 20        |       | 1,427,263                             |       | 2/95          |       | 12/95            |       | 100                               | %          | 264,007                         |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Colonna House             |       | Hempstead, NY    |       | 37        |       | 856,713                               |       | 5/95          |       | 5/95             |       | 100                               | %          | 1,551,605                       |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Country Hill Apts. Ph  II |       | Cedar Rapids, IA |       | 92        |       | 1,746,050                             |       | 8/95          |       | 6/96             |       | 100                               | %          | 1,981,495                       |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Great Pines Apts.         |       | Hurleyville, NY  |       | 26        |       | 1,107,068                             |       | 7/95          |       | 12/95            |       | 100                               | %          | 340,835                         |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Heatheridge Estates **    |       | Barling, AR      |       | 17        |       | 747,398                               |       | 7/95          |       | 11/95            |       | 100                               | %          | 748,240                         |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Ithaca Apts. I            |       | Ithaca, MI       |       | 28        |       | 564,188                               |       | 11/95         |       | 7/95             |       | 100                               | %          | 164,008                         |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Kimbark 1200 Apts.        |       | Longmont, CO     |       | 48        |       | 1,882,018                             |       | 9/95          |       | 12/95            |       | 100                               | %          | 965,530                         |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| La Pensione K Apts.       |       | Sacramento, CA   |       | 129       |       | 2,256,673                             |       | 9/95          |       | 12/96            |       | 100                               | %          | 2,650,580                       |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Mathis Apartments         |       | Mathis, TX       |       | 32        |       | 870,851                               |       | 1/95          |       | 1/95             |       | 100                               | %          | 228,172                         |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Mid City Apartments       |       | Jersey City, NJ  |       | 58        |       | 2,324,970                             |       | 9/95          |       | 6/94             |       | 100                               | %          | 113,679                         |       |
|                      |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Orange Grove Seniors      |       | Orange Grove, TX |       | 24        |       | 636,962                               |       | 5/95          |       | 2/95             |       | 100                               | %          | 163,637                         |       |

 

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Table ofContents

 

Boston Capital TaxCredit Fund IV L.P. - Series 23

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**     | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------|------------|-----------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Philmont Terrace       |       | Philmont, LA          |       | 32        |       | $                                     | 1,450,301  |          | 5/95       |             | 5/95       |                              | 100        | %                               | $          | 370,750 |   |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Riverview Apartments   |       | St. Louis, MO         |       | 42        |       | 1,179,106                             |       | 8/95          |       | 12/95            |       | 100                               | %          | 1,160,308                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| South Hills Apartments |       | Bellevue, NE          |       | 72        |       | 1,692,474                             |       | 6/95          |       | 2/96             |       | 100                               | %          | 1,686,354                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| St. Peters Villa       |       | St. Peters, MO        |       | 54        |       | 1,474,770                             |       | 7/95          |       | 3/96             |       | 100                               | %          | 1,495,685                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| The Birches            |       | Old Orchard Beach, ME |       | 88        |       | 2,800,000                             |       | 1/95          |       | 3/96             |       | 100                               | %          | 1,399,532                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Twin City Villa        |       | Festus, MO            |       | 40        |       | 1,155,037                             |       | 2/95          |       | 11/95            |       | 100                               | %          | 679,176                         |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Village Woods Est.     |       | Kansas City, KS       |       | 45        |       | 1,333,507                             |       | 5/95          |       | 12/95            |       | 100                               | %          | 1,704,928                       |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Vinsett Estates **     |       | Van Buren, AR         |       | 10        |       | **                                    |       | 7/95          |       | 11/95            |       | 100                               | %          | **                              |       |
|                   |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Woodland Hills         |       | Roland, OK            |       | 10        |       | 340,740                               |       | 7/95          |       | 6/95             |       | 100                               | %          | 274,540                         |       |
|                        |            |                       |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

----

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

 

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Boston Capital TaxCredit Fund IV L.P. - Series 24

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**      | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-------------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Autumn Ridge Apartments |       | Shenandoah, VA  |       | 34        |       | $                                     | 1,490,804  |          | 7/96       |             | 1/97       |                              | 100        | %                               | $          | 319,466 |   |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Brooks Summit           |       | Blue Ridge, GA  |       | 36        |       | 1,080,037                             |       | 12/95         |       | 11/96            |       | 100                               | %          | 332,470                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Brownsville Apartments  |       | Brownsville, TN |       | 36        |       | 1,161,625                             |       | 9/95          |       | 9/95             |       | 100                               | %          | 267,091                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Century East Apts. IV   |       | Bismark, ND     |       | 24        |       | 559,268                               |       | 8/95          |       | 8/95             |       | 100                               | %          | 399,962                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Century East Apts. V    |       | Bismark, ND     |       | 24        |       | 559,268                               |       | 11/95         |       | 9/95             |       | 100                               | %          | 399,962                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Centenary Towers Apts.  |       | St. Louis, MO   |       | 100       |       | —                                |       | 5/97          |       | 12/97            |       | 100                               | %          | 828,815                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Cooper’s Crossing  |       | Irving, TX      |       | 93        |       | 3,149,347                             |       | 6/96          |       | 12/95            |       | 100                               | %          | 848,708                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Edenfield Apartments    |       | Millen, GA      |       | 48        |       | 1,147,140                             |       | 1/96          |       | 12/96            |       | 100                               | %          | 314,827                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Elm Street Apartments   |       | Yonkers, NY     |       | 35        |       | 1,733,567                             |       | 1/96          |       | 1/96             |       | 100                               | %          | 407,601                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Heritage Glen Apts.     |       | Coolidge, AZ    |       | 28        |       | 1,089,333                             |       | 4/96          |       | 4/96             |       | 100                               | %          | 373,388                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hillridge Apts          |       | Los Lunas, NM   |       | 38        |       | 215,000                               |       | 8/96          |       | 6/96             |       | 100                               | %          | 1,466,007                       |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lake Apts I             |       | Fargo, ND       |       | 24        |       | 548,475                               |       | 8/95          |       | 7/95             |       | 100                               | %          | 399,962                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lakeway Apts            |       | Zwolle, LA      |       | 32        |       | 813,686                               |       | 11/95         |       | 4/96             |       | 100                               | %          | 210,714                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Laurelwood Park Apts.   |       | High Point, NC  |       | 100       |       | 2,093,596                             |       | 2/96          |       | 10/96            |       | 100                               | %          | 2,120,403                       |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Madison Park IV         |       | Boston, MA      |       | 143       |       | 13,416,695                            |       | 5/96          |       | 3/97             |       | 100                               | %          | 1,220,537                       |       |
|                         |            |                 |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 24

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**        | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|---------------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| New Hilltop Apartments    |       | Laurens, SC     |       | 72        |       | $                                     | 1,561,613  |          | 11/95      |             | 11/95      |                              | 100        | %                               | $          | 450,039 |   |
|                      |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| North Hampton Pl.         |       | Columbia, MO    |       | 36        |       | 664,056                               |       | 11/95         |       | 3/96             |       | 100                               | %          | 1,002,996                       |       |
|                      |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Northfield Housing,  L.P. |       | Jackson, MS     |       | 5         |       | 146,929                               |       | 12/96         |       | 9/96             |       | 100                               | %          | 217,266                         |       |
|                      |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pahrump Valley Apts.      |       | Pahrump, NV     |       | 32        |       | 1,349,992                             |       | 7/96          |       | 7/96             |       | 100                               | %          | 335,225                         |       |
|                      |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Meadow Apartments    |       | Gaylord, MI     |       | 80        |       | 1,557,323                             |       | 9/95          |       | 4/97             |       | 100                               | %          | 1,753,158                       |       |
|                      |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Shadowcreek Apartments    |       | Overton, NV     |       | 24        |       | 1,187,221                             |       | 6/96          |       | 9/96             |       | 100                               | %          | 361,320                         |       |
|                      |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Stanton Village Apts.     |       | Stanton, TN     |       | 40        |       | 1,172,438                             |       | 9/95          |       | 9/95             |       | 100                               | %          | 279,730                         |       |
|                      |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Woodlands Apartments      |       | Elko, NV        |       | 24        |       | 1,182,300                             |       | 11/95         |       | 9/95             |       | 100                               | %          | 269,867                         |       |
|                      |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Wyandotte Apartments      |       | Los Angeles, CA |       | 73        |       | 2,923,591                             |       | 4/96          |       | 2/97             |       | 100                               | %          | 1,663,747                       |       |
|                           |            |                 |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**    | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Dogwood Park Apts.    |       | Athens, GA        |       | 127       |       | $                                     | 2,402,802  |          | 12/95      |             | 10/96      |                              | 100        | %                               | $          | 4,147,387 |   |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Dunlap Acres          |       | West Point, MS    |       | 50        |       | 820,092                               |       | 9/96          |       | 4/96             |       | 100                               | %          | 522,160                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Century East II Apts. |       | Bismark, ND       |       | 24        |       | 449,790                               |       | 8/96          |       | 6/96             |       | 100                               | %          | 371,183                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Clarke Manor Apts.    |       | Pokamoke City, MD |       | 30        |       | 1,183,222                             |       | 2/96          |       | 4/96             |       | 100                               | %          | 440,107                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hannah Heights Apts.  |       | Ethel, MS         |       | 28        |       | 787,088                               |       | 6/96          |       | 12/96            |       | 100                               | %          | 321,584                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Heartland Green Cave  |       | Horse Cave, KY    |       | 24        |       | 815,399                               |       | 5/96          |       | 11/96            |       | 100                               | %          | 270,132                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hurricane Hills       |       | Hurricane, UT     |       | 49        |       | 1,029,418                             |       | 9/96          |       | 4/97             |       | 100                               | %          | 2,242,394                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Laurelwood Park Apts. |       | High Point, NC    |       | 100       |       | 2,093,596                             |       | 2/96          |       | 10/96            |       | 100                               | %          | 1,044,377                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lenox Ave. Apts.      |       | Manhattan, NY     |       | 18        |       | 590,325                               |       | 10/96         |       | 9/97             |       | 100                               | %          | 955,524                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Madison Park IV       |       | Boston, MA        |       | 143       |       | 13,416,695                            |       | 5/96          |       | 3/97             |       | 100                               | %          | 2,169,843                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Main Everett Apts.    |       | New Rochelle, NY  |       | 11        |       | 541,247                               |       | 6/96          |       | 1/97             |       | 100                               | %          | 782,852                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Maple Hill            |       | New Haven, CT     |       | 32        |       | 740,391                               |       | 2/97          |       | 2/98             |       | 100                               | %          | 199,951                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Osborne Apts.         |       | White Plains, NY  |       | 7         |       | 373,800                               |       | 6/96          |       | 12/96            |       | 100                               | %          | 522,325                         |       |
|                       |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**         | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|----------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Rose Square                |       | Connellsville, PA |       | 11        |       | $                                     | 381,024    |          | 10/96      |             | 2/97       |                              | 100        | %                               | $          | 288,209 |   |
|                       |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Rosewood  Estates, II |       | Bladenboro, NC    |       | 16        |       | 659,205                               |       | 9/96          |       | 12/96            |       | 100                               | %          | 124,304                         |       |
|                       |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Sandstone Village          |       | Great Falls, MT   |       | 48        |       | 1,258,701                             |       | 11/95         |       | 8/96             |       | 100                               | %          | 1,295,623                       |       |
|                       |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Shannon Rentals            |       | Shannon, MS       |       | 48        |       | 1,219,196                             |       | 4/96          |       | 1/97             |       | 100                               | %          | 324,990                         |       |
|                       |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Smith House                |       | Roxbury, MA       |       | 132       |       | 1,007,977                             |       | 4/96          |       | 3/97             |       | 100                               | %          | 1,031,269                       |       |
|                       |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Sutton Place               |       | Indianopolis, IN  |       | 360       |       | 5,355,000                             |       | 11/96         |       | 10/97            |       | 100                               | %          | 823,257                         |       |
|                       |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| The Mary Ryder Home        |       | St. Louis MO      |       | 48        |       | —                                |       | 6/96          |       | 1/97             |       | 100                               | %          | 1,591,573                       |       |
|                       |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Washington Arms            |       | Dayton, OH        |       | 93        |       | 2,200,000                             |       | 2/96          |       | 2/95             |       | 100                               | %          | 203,859                         |       |
|                       |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Wyandotte Apts.            |       | Los Angeles, CA   |       | 73        |       | 2,923,591                             |       | 4/96          |       | 2/97             |       | 100                               | %          | 2,280,623                       |       |
|                            |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**       | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as of  12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|--------------------------|------------|--------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Academy Apts.            |       | West Point, VA     |       | 32        |       | $                                               | 1,128,368  |          | 4/97       |             | 3/98       |                              | 100        | %                               | $          | 263,722 |   |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Bradley Estates Phase I  |       | Meriden, CT        |       | 74        |       | 1,398,895                                       |       | 2/97          |       | 12/97            |       | 100                               | %          | 671,336                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Bradley Estates Phase II |       | Meriden, CT        |       | 42        |       | 798,403                                         |       | 2/97          |       | 12/97            |       | 100                               | %          | 486,861                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Brookhaven Apts.         |       | Shrevport, LA      |       | 35        |       | 995,148                                         |       | 2/97          |       | 1/97             |       | 100                               | %          | 726,113                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Butler Estates           |       | Leesville, LA      |       | 10        |       | 155,045                                         |       | 8/96          |       | 10/96            |       | 100                               | %          | 129,311                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Calgory Apts. I          |       | Bismark, ND        |       | 24        |       | 547,577                                         |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Calgory Apts. II         |       | Bismark, ND        |       | 24        |       | 555,607                                         |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Calgory Apts. III        |       | Bismark, ND        |       | 24        |       | 539,516                                         |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Cameron Apts.            |       | Cameron, LA        |       | 40        |       | 386,226                                         |       | 8/96          |       | 10/96            |       | 100                               | %          | 793,209                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Country Edge Apts.       |       | Fargo, ND          |       | 48        |       | 902,927                                         |       | 7/97          |       | 12/97            |       | 100                               | %          | 1,128,587                       |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Devonshire II Apts.      |       | London, OH         |       | 28        |       | 709,566                                         |       | 1/97          |       | 12/96            |       | 100                               | %          | 182,070                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Devonshire West Apts.    |       | W. Jefferson, OH   |       | 19        |       | 496,465                                         |       | 1/97          |       | 1/97             |       | 100                               | %          | 126,983                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| East Park II Apts.       |       | Dilworth, MN       |       | 24        |       | 491,735                                         |       | 8/96          |       | 8/96             |       | 100                               | %          | 525,631                         |       |
|                     |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                            |       |
| Edgewood Park Apts.      |       | Milledge-ville, GA |       | 61        |       | 1,216,737                                       |       | 5/96          |       | 1/97             |       | 100                               | %          | 1,477,023                       |       |
|                          |            |                    |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**            | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Edgewood Estates Apts.        |       | Edgewood, TX      |       | 22        |       | $                                     | 573,486    |          | 6/97       |             | 11/96      |                              | 100        | %                               | $          | 173,436 |   |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Escher Street SRO             |       | Trenton, NJ       |       | 104       |       | 1,283,425                             |       | 4/97          |       | 5/98             |       | 100                               | %          | 3,734,928                       |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Grandview Apartments          |       | Fargo, ND         |       | 36        |       | 1,027,073                             |       | 8/96          |       | 8/96             |       | 100                               | %          | 1,069,522                       |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Grayson Manor                 |       | Independence, VA  |       | 32        |       | 988,369                               |       | 3/98          |       | 11/98            |       | 100                               | %          | 656,156                         |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hallman Court Apts.           |       | Rochester, NY     |       | 77        |       | 8,540,459                             |       | 1/99          |       | 7/00             |       | 100                               | %          | 325,768                         |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hanover Apts.                 |       | Ashland, VA       |       | 40        |       | 1,237,709                             |       | 11/97         |       | 4/98             |       | 100                               | %          | 295,538                         |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hanover Towers Apts.          |       | Meriden, CT       |       | 100       |       | 3,534,720                             |       | 2/97          |       | 11/97            |       | 100                               | %          | 1,065,649                       |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hazeltine Apts.               |       | Los Angeles, CA   |       | 35        |       | 1,245,781                             |       | 6/96          |       | 1/97             |       | 100                               | %          | 1,606,155                       |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Holly Heights Apts.           |       | Bowling Green, KY |       | 30        |       | 1,079,706                             |       | 5/97          |       | 8/97             |       | 100                               | %          | 362,738                         |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lake Apts. IV                 |       | Fargo, ND         |       | 24        |       | 575,680                               |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lake Apts. V                  |       | Fargo, ND         |       | 24        |       | 550,957                               |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                         |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lauderdale County  Properties |       | Meriden, MS       |       | 48        |       | 992,347                               |       | 12/98         |       | 5/99             |       | 100                               | %          | 444,136                         |       |
|                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Liberty Village Apts.         |       | Liberty, NY       |       | 32        |       | 1,702,718                             |       | 1/97          |       | 5/97             |       | 100                               | %          | 437,448                         |       |
|                               |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**          | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Little Valley Est.          |       | Little Valley, NY |       | 24        |       | $                                     | 1,115,658  |          | 1/97       |             | 4/97       |                              | 100        | %                               | $          | 284,257 |   |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Maxton Green Apts.          |       | Maxton, NC        |       | 32        |       | 922,571                               |       | 9/96          |       | 12/96            |       | 100                               | %          | 263,281                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Madison Apartments          |       | Miami Beach, FL   |       | 17        |       | 934,887                               |       | 3/96          |       | 6/97             |       | 100                               | %          | 911,695                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Mason Manor Apts.           |       | Mason, TN         |       | 24        |       | 900,375                               |       | 2/96          |       | 1/96             |       | 100                               | %          | 229,775                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Mosby Forest Apts.          |       | Littleton, NC     |       | 24        |       | 549,367                               |       | 10/96         |       | 10/96            |       | 100                               | %          | 496,753                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| New Hope Bailey Apts.       |       | De Ridder, LA     |       | 40        |       | 788,429                               |       | 8/96          |       | 9/96             |       | 100                               | %          | 758,620                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Nordhoff Apts.              |       | North Hills, CA   |       | 38        |       | 1,931,801                             |       | 9/96          |       | 7/97             |       | 100                               | %          | 1,787,961                       |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Ridge Apartments       |       | Jackson, TN       |       | 136       |       | 3,500,000                             |       | 11/98         |       | 12/99            |       | 100                               | %          | 854,147                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Powell Valley Village       |       | Jonesville, VA    |       | 34        |       | 648,103                               |       | 3/98          |       | 12/98            |       | 100                               | %          | 1,423,248                       |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Southwind Apts. A LDHA      |       | Jennings, LA      |       | 36        |       | 804,518                               |       | 8/96          |       | 12/96            |       | 100                               | %          | 700,216                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| T.R. Bobb Apts.             |       | New Iberia, LA    |       | 30        |       | 657,420                               |       | 8/96          |       | 12/96            |       | 100                               | %          | 714,504                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Timmons-Ville Green  Apts.  |       | Timmonsville, SC  |       | 32        |       | 1,031,595                             |       | 10/96         |       | 2/97             |       | 100                               | %          | 292,587                         |       |
|                        |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Tremont Station  Apartments |       | Tremont, PA       |       | 24        |       | 1,122,566                             |       | 5/96          |       | 11/96            |       | 100                               | %          | 349,889                         |       |
|                             |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**    | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Village Estates Apts. |       | Victoria, VA    |       | 32        |       | $                                     | 1,119,975  |          | 4/97       |             | 10/98      |                              | 100        | %                               | $          | 270,204 |   |
|                  |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Village Green Apts.   |       | Gloucester, VA  |       | 32        |       | 1,116,293                             |       | 4/97          |       | 11/97            |       | 100                               | %          | 296,893                         |       |
|                  |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Warrensburg Heights   |       | Warrensburg, MO |       | 28        |       | 1,071,677                             |       | 12/96         |       | 11/96            |       | 100                               | %          | 308,825                         |       |
|                  |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Westside Apts.        |       | Salem, AR       |       | 29        |       | 1,003,018                             |       | 8/96          |       | 10/96            |       | 100                               | %          | 265,020                         |       |
|                  |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| The Willows Apts.     |       | Smithville, TX  |       | 32        |       | 754,118                               |       | 5/96          |       | 5/96             |       | 100                               | %          | 209,768                         |       |
|                       |            |                 |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 27

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**                            | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| AHAB Rental Units Phase  II                   |       | Springfield, MO   |       | 17        |       | $                                     | 389,166    |          | 6/97       |             | 11/97      |                              | 100        | %                               | $          | 578,458 |   |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Angelou Court Apts.                           |       | New York, NY      |       | 23        |       | 895,317                               |       | 10/97         |       | 8/99             |       | 100                               | %          | 1,791,275                       |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Canisteo Manor                                |       | Canisteo, NY      |       | 24        |       | 882,527                               |       | 4/98          |       | 4/98             |       | 100                               | %          | 621,857                         |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| The Casa Rosa                                 |       | San Juan, PR      |       | 97        |       | 470,263                               |       | 9/97          |       | 4/98             |       | 100                               | %          | 1,232,936                       |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Forest Glen At Sulluy  Station Phase II Atps. |       | Centreville, VA   |       | 119       |       | 5,839,394                             |       | 8/96          |       | 6/97             |       | 100                               | %          | 1,362,808                       |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Harrison Heights Apts.                        |       | Harrisonville, MO |       | 48        |       | 1,062,982                             |       | 1/98          |       | 12/96            |       | 100                               | %          | 245,516                         |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Harbor Towers Apts.                           |       | Meriden, CT       |       | 202       |       | 8,758,571                             |       | 2/97          |       | 11/97            |       | 100                               | %          | 2,895,280                       |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Holly Heights Apts.                           |       | Storm Lake, IA    |       | 32        |       | 466,090                               |       | 4/97          |       | 8/98             |       | 100                               | %          | 614,058                         |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lake Apts. II                                 |       | Fargo, ND         |       | 24        |       | 546,536                               |       | 1/97          |       | 12/95            |       | 100                               | %          | 396,024                         |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Magnolia Place Apts.                          |       | Gautier, MS       |       | 40        |       | 500,000                               |       | 11/97         |       | 1/98             |       | 100                               | %          | 800,027                         |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Northrock Apts.                               |       | Topeka, KS        |       | 76        |       | 2,171,363                             |       | 5/00          |       | 5/00             |       | 100                               | %          | 610,365                         |       |
|                                          |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Crest Apts.                              |       | Sherwood, AR      |       | 216       |       | 8,700,000                             |       | 11/99         |       | 6/99             |       | 100                               | %          | 115,311                         |       |
|                                               |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 27

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**    | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Pear Village Apts.    |       | Leitchfile, KY    |       | 16        |       | $                                     | 157,887    |          | 8/96       |             | 2/97       |                              | 100        | %                               | $          | 488,822 |   |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Randolph Village      |       | Silver Spring, MD |       | 130       |       | 4,819,792                             |       | 9/96          |       | 8/97             |       | 100                               | %          | 2,240,075                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Summer Hill Sr. Apts. |       | Wayne, NJ         |       | 164       |       | 8,086,418                             |       | 11/96         |       | 4/98             |       | 100                               | %          | 2,337,000                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Sunday Sun Apts.      |       | Bowling Green, KY |       | 30        |       | 735,702                               |       | 10/96         |       | 12/96            |       | 100                               | %          | 714,938                         |       |
|                       |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **PropertyName**               | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|--------------------------------|------------|-----------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| 1374 Boston Road L.P.          |       | New York, NY          |       | 15        |       | $                                     | 247,980    |          | 2/97       |             | 6/97       |                              | 100        | %                               | $          | 522,065 |   |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Ashberry Manor Apts.           |       | Bardstown, KY         |       | 24        |       | 619,962                               |       | 2/97          |       | 3/97             |       | 100                               | %          | 561,330                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Bienville III Apts.            |       | Ringold, LA           |       | 32        |       | 932,487                               |       | 2/97          |       | 2/97             |       | 100                               | %          | 349,186                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Blanchard Apts.                |       | Blanchard, LA         |       | 32        |       | 880,619                               |       | 7/97          |       | 7/97             |       | 100                               | %          | 307,218                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Chandler Village Apts          |       | Chandler, OK          |       | 32        |       | 873,955                               |       | 4/97          |       | 7/97             |       | 100                               | %          | 255,639                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Cottonwood Apts.               |       | Cottonwood, LA        |       | 24        |       | 710,645                               |       | 7/97          |       | 7/97             |       | 100                               | %          | 248,058                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Cottonwood Apts.               |       | Holly Grove, AR       |       | 24        |       | 900,917                               |       | 2/97          |       | 4/97             |       | 100                               | %          | 254,856                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Evangeline Apts.               |       | Lake Arthur, LA       |       | 32        |       | 944,482                               |       | 11/97         |       | 1/98             |       | 100                               | %          | 366,284                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Fairway Apts. II               |       | Marlette, MI          |       | 48        |       | 929,434                               |       | 12/96         |       | 3/97             |       | 100                               | %          | 255,353                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Falcon Pointe Apts.            |       | Rosenburg, TX         |       | 102       |       | 2,889,400                             |       | 4/98          |       | 10/99            |       | 100                               | %          | 3,782,145                       |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Jackson Place Apts.            |       | Jackson, LA           |       | 40        |       | 964,056                               |       | 7/97          |       | 10/97            |       | 100                               | %          | 983,615                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Mapelwood Apts.                |       | Winnfield, LA         |       | 40        |       | 869,643                               |       | 3/98          |       | 8/98             |       | 100                               | %          | 922,119                         |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Milton Village Apts.           |       | Milton, NY            |       | 32        |       | 1,167,648                             |       | 2/97          |       | 6/97             |       | 100                               | %          | 1,192,184                       |       |
|                           |       |                  |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Neighborhood  Restorations VII |       | West Philadelphia, PA |       | 72        |       | 1,119,090                             |       | 2/98          |       | 2/98             |       | 100                               | %          | 3,809,335                       |       |
|                                |            |                       |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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PROPERTY PROFILEAS OF MARCH 31, 2009

 

Continued

 
| **Property  Name**           | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Park Plaza I &  II  |       | West Memphis, AR  |       | 128       |       | $                                     | 2,672,841  |          | 12/97      |             | 11/96      |                              | 100        | %                               | $          | 553,954 |   |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Village Apts.           |       | Athens, TN        |       | 80        |       | 1,109,976                             |       | 10/98         |       | 6/99             |       | 100                               | %          | 1,992,486                       |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pin Oak Village              |       | Bowie, MD         |       | 110       |       | 9,452,504                             |       | 11/97         |       | 1/96             |       | 100                               | %          | 3,880,319                       |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Southern Villa Apts.         |       | Russellville, KY  |       | 32        |       | 1,303,110                             |       | 11/97         |       | 4/98             |       | 100                               | %          | 323,500                         |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Randolph Village             |       | Silver Spring, MD |       | 130       |       | 4,819,792                             |       | 12/97         |       | 8/97             |       | 100                               | %          | 909,471                         |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Sand Lane Manor Apts.        |       | Henderson, KY     |       | 24        |       | 624,522                               |       | 8/97          |       | 4/98             |       | 100                               | %          | 556,478                         |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Senior Suites of  Chicago    |       | Chicago, IL       |       | 84        |       | 3,991,730                             |       | 12/97         |       | 12/98            |       | 100                               | %          | 3,208,112                       |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Sumner House                 |       | Hartford, CT      |       | 79        |       | 1,014,279                             |       | 1/98          |       | 7/98             |       | 100                               | %          | 2,010,966                       |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Terraceview Townhomes  Apts. |       | Litchfield MN     |       | 22        |       | 549,943                               |       | 7/97          |       | 10/97            |       | 100                               | %          | 726,402                         |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Tilghman Square              |       | Dunn, NC          |       | 20        |       | 687,185                               |       | 11/97         |       | 10/97            |       | 100                               | %          | 307,605                         |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Wellston Village Apts.       |       | Wellston, OK      |       | 14        |       | 364,421                               |       | 4/97          |       | 8/97             |       | 100                               | %          | 107,258                         |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Yale Village Apts.           |       | Yale, OK          |       | 8         |       | 192,402                               |       | 2/98          |       | 7/98             |       | 100                               | %          | 74,341                          |       |
|                              |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**    | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| The Arbor Park Apts.  |       | Jackson, MS       |       | 160       |       | $                                     | 5,360,000  |          | 12/96      |             | 6/98       |                              | 100        | %                               | $          | 2,809,826 |   |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| The Arbors            |       | Richmond, VA      |       | 85        |       | 2,813,525                             |       | 7/97          |       | 11/98            |       | 25                                | %          | 2,480,576                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Barrington Cove Apts. |       | Barrington, RI    |       | 60        |       | 1,906,934                             |       | 4/97          |       | 5/97             |       | 100                               | %          | 4,264,830                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Bent Tree Apts.       |       | Jacksboro, TX     |       | 24        |       | 548,632                               |       | 12/97         |       | 1/98             |       | 100                               | %          | 161,552                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Colonial Apts.        |       | Poplarville, MS   |       | 16        |       | 382,258                               |       | 10/97         |       | 7/97             |       | 100                               | %          | 86,039                          |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Dogwood Apts.         |       | Appomattox, VA    |       | 48        |       | 1,326,188                             |       | 10/98         |       | 5/99             |       | 100                               | %          | 637,151                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Emerald Trace Apts.   |       | Ruston, LA        |       | 48        |       | 1,277,000                             |       | 8/98          |       | 4/99             |       | 100                               | %          | 1,199,141                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Edgewood Apts.        |       | Baker, LA         |       | 72        |       | 1,463,189                             |       | 3/97          |       | 9/98             |       | 100                               | %          | 1,856,539                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Glenbrook Apts.       |       | Saint Jo, TX      |       | 24        |       | 458,985                               |       | 12/97         |       | 3/97             |       | 100                               | %          | 145,871                         |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Harbor Pointe Apts.   |       | Benton Harbor, MI |       | 84        |       | 1,419,796                             |       | 1/99          |       | 10/99            |       | 100                               | %          | 3,209,292                       |       |
|                  |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| The Lincoln Hotel     |       | San Diego, CA     |       | 41        |       | 720,004                               |       | 2/97          |       | 7/97             |       | 100                               | %          | 697,511                         |       |
|                       |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 29

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**      | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-------------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Lutkin Bayou Apts.      |       | Drew, MS        |       | 36        |       | $                                     | 794,337    |          | 11/97      |             | 6/97       |                              | 100        | %                               | $          | 192,283 |   |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Nacodgoches Plaza Apts. |       | Nacodgoches, TX |       | 70        |       | 1,406,205                             |       | 4/97          |       | 3/98             |       | 100                               | %          | 2,793,695                       |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Newcastle Apts.         |       | Collins, MS     |       | 36        |       | 641,003                               |       | 9/97          |       | 6/98             |       | 100                               | %          | 194,259                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Crest Apts.        |       | Sherwood, AZ    |       | 216       |       | 8,700,000                             |       | 2/98          |       | 6/99             |       | 100                               | %          | 3,199,520                       |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Palmetto Place Apts.    |       | Benton, LA      |       | 40        |       | 1,047,191                             |       | 10/98         |       | 4/99             |       | 100                               | %          | 1,153,878                       |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pecan Hill Apts.        |       | Bryson, TX      |       | 16        |       | 349,610                               |       | 8/97          |       | 1/98             |       | 100                               | %          | 110,600                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Regency Apts.           |       | Poplarville, MS |       | 16        |       | 442,527                               |       | 10/97         |       | 7/97             |       | 100                               | %          | 102,419                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Rhome Apts.             |       | Rhome, TX       |       | 24        |       | 462,686                               |       | 12/97         |       | 2/97             |       | 100                               | %          | 160,551                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Westfield Apts.         |       | Welsh, LA       |       | 40        |       | 760,623                               |       | 11/97         |       | 8/98             |       | 100                               | %          | 918,605                         |       |
|                    |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Willow Point Apts. III  |       | Jackson, MS     |       | 120       |       | 4,485,000                             |       | 12/96         |       | 2/98             |       | 100                               | %          | 2,035,596                       |       |
|                         |            |                 |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 30

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**     | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Byam Village           |       | Waterbury, CT    |       | 46        |       | $                                     | 745,697    |          | 2/97       |             | 2/98       |                              | 100        | %                               | $          | 426,008 |   |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Country Estates Apts.  |       | Farmville, VA    |       | 24        |       | 869,257                               |       | 3/98          |       | 7/99             |       | 100                               | %          | 223,562                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Emerald Trace II Apts  |       | Ruston, LA       |       | 24        |       | 284,421                               |       | 7/98          |       | 12/98            |       | 100                               | %          | 717,594                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Farewell Mills Apts.   |       | Lisbon, ME       |       | 27        |       | 760,365                               |       | 8/97          |       | 3/98             |       | 100                               | %          | 662,864                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hillside Terrace Apts. |       | Poughkeepsie, NY |       | 64        |       | 1,699,202                             |       | 4/99          |       | 7/00             |       | 100                               | %          | 542,326                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lakewood Apts.         |       | Clarksville, VA  |       | 52        |       | 1,510,066                             |       | 3/98          |       | 10/99            |       | 100                               | %          | 394,349                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Lone Oak Apts.         |       | Graham, TX       |       | 64        |       | 1,396,245                             |       | 8/97          |       | 9/98             |       | 100                               | %          | 408,634                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Millwood Park Apts.    |       | Douglasville, GA |       | 172       |       | 7,434,367                             |       | 12/98         |       | 11/99            |       | 100                               | %          | 971,164                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| New River Gardens      |       | Radford, VA      |       | 48        |       | 1,422,441                             |       | 10/98         |       | 5/99             |       | 100                               | %          | 637,321                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Nocona Terrace Apts.   |       | Nocona, TX       |       | 36        |       | 727,685                               |       | 8/97          |       | 12/98            |       | 100                               | %          | 249,394                         |       |
|                   |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Northgate Apts.        |       | Bryant, AR       |       | 20        |       | 580,737                               |       | 4/99          |       | 11/99            |       | 100                               | %          | 834,557                         |       |
|                        |            |                  |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 30

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**   | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|----------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Park Trace Apts.     |       | Jackson, TN        |       | 84        |       | $                                     | 1,507,717  |          | 11/97      |             | 3/99       |                              | 100        | %                               | $          | 3,353,303 |   |
|                 |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pine Forest Apts.    |       | Dahlgren, VA       |       | 40        |       | 1,821,893                             |       | 3/98          |       | 2/99             |       | 100                               | %          | 503,181                         |       |
|                 |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Riverbend Apts.      |       | Swanzey, NH        |       | 24        |       | 555,396                               |       | 7/97          |       | 2/98             |       | 100                               | %          | 1,321,798                       |       |
|                 |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Royal Crest Apts.    |       | Bowie, TX          |       | 48        |       | 980,513                               |       | 8/97          |       | 10/98            |       | 100                               | %          | 337,545                         |       |
|                 |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Trinity Life Gardens |       | Pueblo, CO         |       | 44        |       | 1,085,786                             |       | 4/99          |       | 12/99            |       | 100                               | %          | 1,952,175                       |       |
|                 |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Western Trails Apts. |       | Council Bluffs, IA |       | 30        |       | 887,625                               |       | 7/98          |       | 6/99             |       | 100                               | %          | 912,827                         |       |
|                 |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Whistle Stop Apts.   |       | Gentry, AR         |       | 27        |       | 711,720                               |       | 9/97          |       | 5/98             |       | 100                               | %          | 726,507                         |       |
|                      |            |                    |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**             | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|--------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Bent Tree Apts.                |       | San Angelou, TX   |       | 112       |       | $                                     | 2,439,714  |          | 12/97      |             | 7/99       |                              | 100        | %                               | $          | 3,521,950 |   |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Brittney Square Apts.          |       | Bowling Green, KY |       | 20        |       | 539,281                               |       | 7/98          |       | 7/98             |       | 100                               | %          | 629,917                         |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Canton Manor Apts.             |       | Canton, MS        |       | 32        |       | 779,960                               |       | 11/97         |       | 7/98             |       | 100                               | %          | 271,306                         |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Canton Village Apts.           |       | Canton, MS        |       | 42        |       | 1,094,112                             |       | 11/97         |       | 7/98             |       | 100                               | %          | 363,557                         |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Double Springs Manor II  Apts. |       | Bowling Green, KY |       | 25        |       | 323,024                               |       | 9/98          |       | 3/99             |       | 100                               | %          | 985,432                         |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Eagles Ridge Terrace           |       | Decatur, TX       |       | 89        |       | 1,676,572                             |       | 12/97         |       | 5/98             |       | 100                               | %          | 467,063                         |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Elmwood Apts.                  |       | Ellisville, MS    |       | 32        |       | 610,677                               |       | 12/97         |       | 6/98             |       | 100                               | %          | 243,483                         |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Giles Apts.                    |       | Amelia, VA        |       | 16        |       | 701,129                               |       | 3/98          |       | 2/99             |       | 100                               | %          | 183,711                         |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Henderson Terrace Apts.        |       | Bridgeport, TX    |       | 24        |       | 481,286                               |       | 11/97         |       | 9/98             |       | 100                               | %          | 120,846                         |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hurricane Hills                |       | Hurricane, UT     |       | 28        |       | 678,465                               |       | 9/97          |       | 8/98             |       | 100                               | %          | 2,020,271                       |       |
|                           |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Madison Height Apts.           |       | Canton, MS        |       | 80        |       | 2,157,575                             |       | 11/97         |       | 7/98             |       | 100                               | %          | 786,614                         |       |
|                                |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**            | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-------------------------------|------------|------------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Lakeview Court                |       | City of Little Elm, TX |       | 24        |       | $                                     | 410,701    |          | 11/97      |             | 1/99       |                              | 100        | %                               | $          | 83,390 |   |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Mesquite Trails               |       | Jacksboro, TX          |       | 35        |       | 630,479                               |       | 11/97         |       | 11/98            |       | 100                               | %          | 193,766                         |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Munjoy South Townhouse  Apts. |       | Portland, ME           |       | 140       |       | 3,277,271                             |       | 9/97          |       | 10/98            |       | 100                               | %          | 777,411                         |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Nottoway Manor                |       | Blackstone, VA         |       | 28        |       | 837,142                               |       | 3/98          |       | 4/99             |       | 100                               | %          | 214,977                         |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Parktowne Apts.               |       | Cleveland, TN          |       | 84        |       | 1,461,468                             |       | 11/97         |       | 6/98             |       | 100                               | %          | 3,363,097                       |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Ridge Apts.              |       | McKee, KY              |       | 22        |       | 862,729                               |       | 10/97         |       | 5/98             |       | 100                               | %          | 338,464                         |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pilot Point Apts.             |       | Pilot Point, VA        |       | 40        |       | 708,052                               |       | 11/97         |       | 2/99             |       | 100                               | %          | 142,680                         |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Plantation Ridge              |       | Sugar Hill, GA         |       | 218       |       | 11,290,000                            |       | 5/98          |       | 5/99             |       | 100                               | %          | 1,974,354                       |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Riverbend Apts.               |       | Bedford, ME            |       | 28        |       | 738,481                               |       | 10/97         |       | 7/98             |       | 100                               | %          | 1,578,561                       |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Roth Village                  |       | Mechanicsburg, PA      |       | 61        |       | 1,890,638                             |       | 10/97         |       | 9/98             |       | 100                               | %          | 2,664,992                       |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Royal Estates Apts.           |       | Canton, MS             |       | 32        |       | 817,000                               |       | 11/97         |       | 7/98             |       | 100                               | %          | 282,525                         |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Silver Creek Apts.            |       | Flat Rock, MI          |       | 112       |       | 3,070,666                             |       | 3/98          |       | 8/99             |       | 100                               | %          | 4,535,381                       |       |
|                          |       |                   |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Springs Manor Apts.           |       | Rawls Spring, MS       |       | 32        |       | 799,559                               |       | 12/97         |       | 6/98             |       | 100                               | %          | 328,693                         |       |
|                               |            |                        |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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BostonCapital Tax Credit Fund IV L.P. - Series 31

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**  | ** ** | **Location** | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|---------------------|------------|--------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                |       |         |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Western Hills Apts. |       | Ferris, TX   |       | 16        |       |                                  | 419,573    |          | 5/00       |             | 9/00       |                              | 100        | %                               | $          | 91,419 |   |
|                |       |         |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Windsor Park Apts.  |       | Jackson, MS  |       | 279       |       | 7,300,000                             |       | 11/97         |       | 3/99             |       | 100                               | %          | 2,891,603                       |       |
|                     |            |              |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 32

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **PropertyName**        | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Carriage Pointe Apts.** |       | Old Bridge, NJ    |       | 18        |       | $                                     | 6,256,648  |          | 1/98       |             | 1/97       |                              | 100        | %                               | $          | 3,051,011 |   |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Chardonnay Apts.        |       | Oklahoma City, OK |       | 14        |       | 40,048                                |       | 1/98          |       | 1/97             |       | 100                               | %          | 393,700                         |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Cogic Village Apts.     |       | Benton Harbor, MI |       | 136       |       | 2,245,254                             |       | 4/98          |       | 7/99             |       | 100                               | %          | 6,669,762                       |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Courtside Apts.         |       | Cottonwood, AZ    |       | 44        |       | 816,176                               |       | 6/98          |       | 7/98             |       | 100                               | %          | 1,667,188                       |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Clear Creek Apts.       |       | N. Manchester, IN |       | 64        |       | 1,504,499                             |       | 7/98          |       | 9/99             |       | 100                               | %          | 2,112,665                       |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Columbia Luxar          |       | Dallas, TX        |       | 125       |       | 3,332,599                             |       | 8/98          |       | 12/99            |       | 100                               | %          | 3,947,106                       |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Colony Park Apts.       |       | Pearl, MS         |       | 192       |       | 8,000,000                             |       | 6/98          |       | 12/99            |       | 100                               | %          | 2,911,900                       |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Gilette Manor **        |       | Sayreville, NJ    |       | 100       |       | **                                    |       | 1/98          |       | 1992             |       | 100                               | %          | **                              |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hallman Court Apts.     |       | Rochester, NY     |       | 77        |       | 8,540,459                             |       | 1/99          |       | 7/00             |       | 100                               | %          | 266,536                         |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Parkside Plaza Apts     |       | New York, NY      |       | 39        |       | 1,327,805                             |       | 7/99          |       | 5/01             |       | 100                               | %          | 2,764,603                       |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Ridge Apts.        |       | Jackson, TN       |       | 136       |       | 3,500,000                             |       | 11/98         |       | 12/99            |       | 100                               | %          | 1,672,917                       |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Park Village Apts.      |       | Athens, TN        |       | 80        |       | 1,109,976                             |       | 10/98         |       | 6/99             |       | 100                               | %          | 1,503,103                       |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pearlwood Apts.         |       | Pearl, MS         |       | 40        |       | 853,378                               |       | 2/98          |       | 5/98             |       | 100                               | %          | 745,648                         |       |
|                    |       |              |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Rose Villa Apts.        |       | Ganado, TX        |       | 8         |       | 188,542                               |       | 5/01          |       | 11/01            |       | 100                               | %          | 51,582                          |       |
|                         |            |                   |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 32

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**   | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|----------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Pecan Manor Apts.    |       | Natchitoches, LA |       | 40        |       | $                                     | 751,607    |          | 7/98       |             | 10/98      |                              | 100        | %                               | $          | 1,501,914 |   |
|                 |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pineridge Apts.      |       | Franklinton, LA  |       | 40        |       | 770,109                               |       | 7/98          |       | 1/99             |       | 100                               | %          | 1,497,889                       |       |
|                 |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Sterling Creek Apts. |       | Independence, MO |       | 48        |       | 799,393                               |       | 5/98          |       | 5/00             |       | 100                               | %          | 1,973,594                       |       |
|                 |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Woodhaven Apts.**    |       | S. Brunswick, NJ |       | 80        |       | **                                    |       | 1/98          |       | 1995             |       | 100                               | %          | **                              |       |
|                      |            |                  |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

----

**          3 properties which make up one OperatingPartnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capitalcontributions paid reported with Carriage Pointe Apartments LP.

 

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Boston Capital TaxCredit Fund IV L.P. - Series 33

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**            | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-------------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Bradford Park Apts.           |       | Southhaven, MS     |       | 208       |       | $                                     | 9,790,000  |          | 10/98      |             | 12/99      |                              | 100        | %                               | $          | 302,884 |   |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Bradford Square North  Apts.  |       | Jefferson City, TN |       | 50        |       | 1,180,295                             |       | 10/98         |       | 9/99             |       | 100                               | %          | 1,456,415                       |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Carriage Pointe Apts.         |       | Old Bridge, NJ     |       | 18        |       | 6,256,648                             |       | 3/98          |       | 1/97             |       | 100                               | %          | 3,051,011                       |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Columbia Luxar                |       | Dallas, TX         |       | 125       |       | 3,332,599                             |       | 8/98          |       | 12/99            |       | 100                               | %          | 3,947,106                       |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Foxridge Apts.                |       | Durham, NC         |       | 92        |       | 2,845,447                             |       | 3/98          |       | 7/99             |       | 100                               | %          | 3,652,119                       |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Gilette Manor                 |       | Sayreville, NJ     |       | 100       |       | **                                    |       | 1/98          |       | 1992             |       | 100                               | %          | **                              |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Harbor Pointe                 |       | Benton Harbor, MI  |       | 84        |       | 1,419,796                             |       | 1/99          |       | 10/99            |       | 100                               | %          | 1,157,091                       |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Merchant Court                |       | Dallas, GA         |       | 192       |       | 5,523,013                             |       | 10/98         |       | 12/99            |       | 100                               | %          | 2,422,226                       |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Northrock Apts.               |       | Topeka, KS         |       | 76        |       | 2,171,363                             |       | 5/99          |       | 5/00             |       | 100                               | %          | 1,133,534                       |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Stearns-Assisted              |       | Millinocket, ME    |       | 20        |       | 435,500                               |       | 12/99         |       | 3/01             |       | 100                               | %          | 675,984                         |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Stonewall Retirement  Village |       | Stonewall, LA      |       | 40        |       | 847,306                               |       | 7/98          |       | 1/99             |       | 100                               | %          | 1,495,966                       |       |
|                          |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Woodhaven Apts.               |       | S. Brunswick, NJ   |       | 80        |       | **                                    |       | 1/98          |       | 1995             |       | 100                               | %          | **                              |       |
|                               |            |                    |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

----

**          3 properties which make up one OperatingPartnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capitalcontributions paid reported with Carriage Pointe Apartments LP.

 

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Boston Capital TaxCredit Fund IV L.P. - Series 34

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**                    | ** ** | **Location**            | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|---------------------------------------|------------|-------------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Abby Ridge Apts.                      |       | Elizabethtown, KY       |       | 24        |       | $                                     | 393,921    |          | 2/00       |            | 1/00       |                              | 100        | %                               | $          | 1,577,723 |   |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Allison Apts.                         |       | Mt. Washington, KY      |       | 24        |       | 658,652                               |       | 11/98         |       | 1/99            |       | 100                               | %          | 850,013                         |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Belmont Affordable  Housing Two Apts. |       | Philadelphia, PA        |       | 20        |       | 396,010                               |       | 1/99          |       | 12/99           |       | 100                               | %          | 1,829,040                       |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Boerne Creekside Apts.                |       | Boerne, TX              |       | 71        |       | 1,857,679                             |       | 11/98         |       | 6/00            |       | 100                               | %          | 2,324,652                       |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Bradford Park Apts.                   |       | Southaven, MS           |       | 208       |       | 9,790,000                             |       | 3/99          |       | 12/99           |       | 100                               | %          | 2,868,684                       |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Hillside Club Apts.                   |       | Bear Creek Township, MI |       | 56        |       | 1,560,881                             |       | 10/98         |       | 12/99           |       | 100                               | %          | 2,097,333                       |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Howard Park Apts                      |       | Florida City, FL        |       | 16        |       | 329,144                               |       | 4/99          |       | 12/99           |       | 100                               | %          | 681,334                         |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Kerrville Meadows Apts.               |       | Kerrville, TX           |       | 72        |       | 1,442,078                             |       | 11/98         |       | 4/00            |       | 100                               | %          | 2,335,827                       |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Merchant Court Apts.                  |       | Dallas, GA              |       | 192       |       | 5,523,013                             |       | 10/98         |       | 12/99           |       | 100                               | %          | 4,718,773                       |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Millwood Park Apts.                   |       | Douglasville, GA        |       | 172       |       | 7,434,367                             |       | 12/98         |       | 11/99           |       | 100                               | %          | 1,870,576                       |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Northwood Homes                       |       | Leitchfield, KY         |       | 24        |       | 675,667                               |       | 4/99          |       | 6/99            |       | 100                               | %          | 1,185,712                       |       |
|                                  |       |                    |       |      |       |                                  |       |          |       |            |       |                              |       |                            |       |
| Romeo Village Apts.                   |       | Montour Falls, NY       |       | 24        |       | 1,012,541                             |       | 10/98         |       | 4/99            |       | 100                               | %          | 753,362                         |       |
|                                       |            |                         |            |           |            |                                       |            |               |            |                 |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 34

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**    | ** ** | **Location** | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------|------------|--------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Summer Park Apts.     |       | Jackson, MS  |       | 216       |       | $                                     | 10,170,000 |          | 10/99      |             | 6/00       |                              | 100        | %                               | $          | 1,106,814 |   |
|                  |       |         |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Washington Courtyards |       | Houston, TX  |       | 74        |       | 2,607,696                             |       | 8/99          |       | 8/00             |       | 100                               | %          | 1,448,573                       |       |
|                       |            |              |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 35

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**               | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|----------------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Ashton Cove Apts.                |       | Kingsland, GA    |       | 72        |       | $                                     | 1,768,180  |          | 1/00       |             | 4/00       |                              | 100        | %                               | $          | 2,664,000 |   |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Autumn Park                      |       | Dickson, TN      |       | 104       |       | 3,125,000                             |       | 4/99          |       | 12/99            |       | 100                               | %          | 1,637,797                       |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Brazoswood Apts.                 |       | Clute, TX        |       | 72        |       | 1,910,833                             |       | 7/99          |       | 7/00             |       | 100                               | %          | 3,074,829                       |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Columbia Woods  Townhomes        |       | Newman, GA       |       | 120       |       | 4,162,171                             |       | 10/00         |       | 6/02             |       | 100                               | %          | 1,310,103                       |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Country Walk Apts.               |       | Mulvane, KS      |       | 68        |       | 1,666,364                             |       | 12/98         |       | 11/99            |       | 100                               | %          | 1,923,697                       |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Cypress Pointe  Retirement Apts. |       | Casa Grande, AZ  |       | 104       |       | 1,773,758                             |       | 4/99          |       | 3/00             |       | 100                               | %          | 2,680,499                       |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Garden Gates Apts. II            |       | New Caney, TX    |       | 32        |       | 754,656                               |       | 3/99          |       | 3/00             |       | 100                               | %          | 1,067,950                       |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hillside Terrace Apts.           |       | Poughkeepsie, NY |       | 64        |       | 1,699,202                             |       | 4/99          |       | 7/00             |       | 100                               | %          | 3,977,051                       |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Riverwalk Apt. Homes  Phase II   |       | Sheboygan, WI    |       | 20        |       | 373,301                               |       | 12/98         |       | 7/99             |       | 100                               | %          | 1,354,092                       |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Washington Courtyards            |       | Houston, TX      |       | 74        |       | 2,607,696                             |       | 8/99          |       | 8/00             |       | 100                               | %          | 606,140                         |       |
|                             |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Wedgewood Park Apts.             |       | Evans, GA        |       | 180       |       | 5,050,258                             |       | 12/99         |       | 8/00             |       | 100                               | %          | 3,551,820                       |       |
|                                  |            |                  |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 36

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**                           | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|----------------------------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Annadale Apts.                               |       | Fresno, CA       |       | 222       |       | $                                     | 13,801,468 |          | 1/00       |             | 6/90       |                              | 100        | %                               | $          | 548,563 |   |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Ashton Ridge                                 |       | Jackson, MI      |       | 144       |       | 2,562,161                             |       | 2/00          |       | 12/00            |       | 100                               | %          | 1,430,296                       |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Farmington Meadows                           |       | Aloha, OR        |       | 69        |       | 2,729,144                             |       | 8/99          |       | 11/99            |       | 100                               | %          | 865,369                         |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Nowata Village                               |       | Nowata, OK       |       | 28        |       | 1,228,488                             |       | 8/99          |       | 2/00             |       | 100                               | %          | 330,497                         |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Paris Place                                  |       | Paris, KY        |       | 32        |       | 1,153,200                             |       | 6/00          |       | 9/00             |       | 100                               | %          | 930,412                         |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Riverview Bend Apts.                         |       | Cystal City, MO  |       | 94        |       | 2,995,000                             |       | 11/99         |       | 3/00             |       | 100                               | %          | 1,210,500                       |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Senior Suites Of  Chicago Washington Heights |       | Chicago, IL      |       | 85        |       | 3,438,359                             |       | 12/99         |       | 11/00            |       | 100                               | %          | 2,243,090                       |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Valleyview Estates  Apts.                    |       | Branson West, MO |       | 32        |       | 372,918                               |       | 11/99         |       | 5/00             |       | 100                               | %          | 1,306,789                       |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Wedgewood Park Apts.                         |       | Evans, GA        |       | 180       |       | 5,050,258                             |       | 12/99         |       | 8/00             |       | 100                               | %          | 3,551,820                       |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Willowbrook Apts.                            |       | Lafayette, LA    |       | 40        |       | 947,770                               |       | 6/99          |       | 9/99             |       | 100                               | %          | 1,200,789                       |       |
|                                         |       |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Wingfield Apts.                              |       | Kinder, LA       |       | 40        |       | 666,474                               |       | 6/99          |       | 7/99             |       | 100                               | %          | 1,645,817                       |       |
|                                              |            |                  |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 37

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property    Name**                 | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|--------------------------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Ashton Ridge Apts.                   |       | Jackson, MS     |       | 144       |       | $                                     | 2,562,161  |          | 02/00      |             | 12/00      |                              | 100        | %                               | $          | 6,003,938 |   |
|                                 |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Baldwin Villas                       |       | Pontiac, MI     |       | 65        |       | 5,369,147                             |       | 10/99         |       | 7/01             |       | 100                               | %          | 1,678,972                       |       |
|                                 |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Columbia Woods  Townhomes            |       | Newnan, GA      |       | 120       |       | 4,162,171                             |       | 10/00         |       | 6/02             |       | 100                               | %          | 3,285,137                       |       |
|                                 |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Senior Suites of  Washington Heights |       | Chicago, IL     |       | 85        |       | 3,438,359                             |       | 12/99         |       | 11/00            |       | 100                               | %          | 2,243,090                       |       |
|                                 |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Silver Pond Apts.                    |       | Wallingford, CT |       | 160       |       | 4,013,747                             |       | 6/00          |       | 12/01            |       | 100                               | %          | 1,563,634                       |       |
|                                 |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Stearns Assisted Apts.               |       | Millinocket, ME |       | 20        |       | 435,500                               |       | 12/99         |       | 3/01             |       | 100                               | %          | 1,407,173                       |       |
|                                 |       |            |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Summer Park                          |       | Jackson, MS     |       | 216       |       | 10,170,000                            |       | 10/99         |       | 6/00             |       | 100                               | %          | 2,379,767                       |       |
|                                      |            |                 |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 38

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**           | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Andover Crossing Apts.       |       | Andover, KS        |       | 80        |       | $                                     | 2,282,003  |          | 5/00       |             | 12/00      |                              | 100        | %                               | $          | 1,772,874 |   |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Arbors at Eagle Crest  Apts. |       | Mount Pleasant, MI |       | 120       |       | 2,332,692                             |       | 12/00         |       | 10/01            |       | 100                               | %          | 3,512,499                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Bristow Place Apts.          |       | Bristow, OK        |       | 28        |       | 1,213,151                             |       | 6/01          |       | 12/00            |       | 100                               | %          | 487,648                         |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Columbia Creek Apts.         |       | Woodstock, GA      |       | 172       |       | 5,283,603                             |       | 8/01          |       | 11/01            |       | 100                               | %          | 2,795,601                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Cushing Place Apts.          |       | Cushing, OK        |       | 24        |       | 1,081,713                             |       | 3/00          |       | 10/00            |       | 100                               | %          | 428,559                         |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hammond Place Apts.          |       | Hammond, LA        |       | 40        |       | 482,693                               |       | 3/00          |       | 4/00             |       | 100                               | %          | 1,706,341                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Shoreham Apts.               |       | Houston, TX        |       | 120       |       | 3,337,837                             |       | 4/00          |       | 7/01             |       | 100                               | %          | 6,138,485                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Vanderbilt Apts.             |       | Edna, TX           |       | 12        |       | 292,977                               |       | 5/01          |       | 10/01            |       | 100                               | %          | 104,181                         |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Whitley Park Apts.           |       | Whitley City, KY   |       | 21        |       | 886,062                               |       | 6/00          |       | 6/00             |       | 100                               | %          | 302,339                         |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Willowbrook II Apts.         |       | Lafayette, LA      |       | 40        |       | 817,693                               |       | 3/00          |       | 5/00             |       | 100                               | %          | 1,247,680                       |       |
|                              |            |                    |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 39

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**           | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|------------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Arbors at Eagle Crest  Apts. |       | Mount Pleasant, MI |       | 120       |       | $                                     | 2,332,692  |          | 12/00      |             | 10/01      |                              | 100        | %                               | $          | 3,512,499 |   |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Arbors at Ironwood  Apts.    |       | Mishawaka, IN      |       | 88        |       | 1,710,621                             |       | 7/00          |       | 9/01             |       | 100                               | %          | 3,772,295                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Austin Acres Atps.           |       | Hopkinsville, KY   |       | 32        |       | 826,264                               |       | 11/00         |       | 9/01             |       | 100                               | %          | 1,275,155                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Columbia Creek Apts.         |       | Woodstock, GA      |       | 172       |       | 5,283,603                             |       | 8/01          |       | 11/01            |       | 100                               | %          | 2,909,708                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Daystar Village Apts.        |       | Bowling Green, KY  |       | 32        |       | 739,558                               |       | 2/01          |       | 1/01             |       | 100                               | %          | 1,113,443                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Hillview Apts.               |       | Leitchfield, KY    |       | 34        |       | 867,563                               |       | 5/01          |       | 12/01            |       | 100                               | %          | 327,226                         |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Pine Grove Community         |       | Gouverneur, NY     |       | 48        |       | 1,126,466                             |       | 12/00         |       | 10/01            |       | 100                               | %          | 3,077,767                       |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Tally-Ho Apts.               |       | Campti, CA         |       | 26        |       | 554,843                               |       | 6/01          |       | 12/01            |       | 100                               | %          | 485,057                         |       |
|                         |       |               |       |      |       |                                  |       |          |       |             |       |                              |       |                            |       |
| Timber Trails Apts.          |       | Pineville, LA      |       | 32        |       | 792,015                               |       | 6/01          |       | 7/01             |       | 100                               | %          | 499,829                         |       |
|                              |            |                    |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 40

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**          | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con  paid thru  3/31/09** | ** ** |
|-----------------------------|------------|------------------|------------|-----------|------------|--------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
| Arbors @ Ironwood Apts.  II |       | Mishawaka, IN    |       | 40        |       | $                                    | 851,937    |          | 2/01       |             | 11/01      |                              | 100        | %                               | $          | 1,771,758 |   |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Baldwin Villas Apts.        |       | Pontiac, MI      |       | 65        |       | 5,244,147                            |       | 8,01          |       | 7/01             |       | 100                               | %          | 344,405                         |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Carlyle Apts.               |       | Aberdeen, SD     |       | 44        |       | 688,981                              |       | 2/01          |       | 6/01             |       | 100                               | %          | 1,359,155                       |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Center Place Apts.          |       | Center, TX       |       | 32        |       | 764,515                              |       | 08/01         |       | 10/01            |       | 100                               | %          | 428,835                         |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Eagle Lake Gardens  Apts.   |       | Azle, TX         |       | 60        |       | 1,128,547                            |       | 10/01         |       | 5/02             |       | 100                               | %          | 666,179                         |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Londontown Homes Apts.      |       | London, KY       |       | 24        |       | 515,756                              |       | 2/01          |       | 6/01             |       | 100                               | %          | 1,836,027                       |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Mason’s Point Apts.    |       | Hopkinsville, KY |       | 41        |       | 1,214,727                            |       | 06/01         |       | 7/02             |       | 100                               | %          | 1,824,270                       |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Meadowside Apts.            |       | Milo, NY         |       | 40        |       | 1,568,387                            |       | 05/01         |       | 12/01            |       | 100                               | %          | 855,372                         |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Northrock Apts. II          |       | Topeka, KS       |       | 60        |       | 2,186,697                            |       | 07/01         |       | 5/02             |       | 100                               | %          | 1,838,666                       |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Oakland Apts.               |       | Oakdale, LA      |       | 46        |       | 1,217,926                            |       | 2/01          |       | 7/01             |       | 100                               | %          | 767,451                         |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Parkview Apts.              |       | Springfield, MA  |       | 25        |       | 1,314,777                            |       | 2/01          |       | 2/02             |       | 100                               | %          | 1,221,510                       |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Sedgewick Sundance  Apts.   |       | Sedgewick, KS    |       | 24        |       | 350,642                              |       | 09/01         |       | 10/01            |       | 100                               | %          | 1,372,208                       |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Southbrook Humes Apts.      |       | Kily, KY         |       | 24        |       | 459,496                              |       | 04/01         |       | 11/01            |       | 100                               | %          | 1,866,896                       |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Shalom Plaza Apts.          |       | Kansas City, MO  |       | 126       |       | 3,542,614                            |       | 08/01         |       | 11/01            |       | 100                               | %          | 1,273,119                       |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Springfield Crossing        |       | Springfield, VA  |       | 347       |       | 26,084,839                           |       | 6/02          |       | 10/01            |       | 100                               | %          | 718,652                         |       |
|                        |       |             |       |      |       |                                 |       |          |       |             |       |                              |       |                            |       |
| Western Gardens Apts.       |       | Dequincey, LA    |       | 48        |       | 1,267,399                            |       | 2/01          |       | 7/01             |       | 100                               | %          | 782,188                         |       |
|                             |            |                  |            |           |            |                                      |            |               |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 41

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**              | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** |   |
|---------------------------------|------------|---------------------|------------|-----------|------------|--------------------------------------|------------|---------------|------------|------------------|------------|---------------------------------|------------|----------------------------------|--------|
| Bienville Apts.                 |       | Ringhold, LA        |       | 32        |       | $                                    | 778,721    |          | 12/01      |             | 11/01      |                            | 100        | %                                | $      | 488,488 |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Breezewood Villas I             |       | Frederiksted, VI    |       | 12        |       | 981,903                              |       | 10/01         |       | 6/02             |       | 100                             | %          | 494,361                          |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Cascades Crossing               |       | Sterling, VA        |       | 320       |       | 22,431,256                           |       | 4/03          |       | 10/95            |       | 100                             | %          | 734,116                          |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Cedar Grove Apartments Phase  I |       | Shepherdsville, KY  |       | 36        |       | 1,029,760                            |       | 5/02          |       | 7/01             |       | 100                             | %          | 424,955                          |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Cranberry Cove  Apartments      |       | Beckley, WV         |       | 28        |       | 978,972                              |       | 5/02          |       | 1/02             |       | 100                             | %          | 514,844                          |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Dawson Square                   |       | Thornton, CO        |       | 36        |       | 1,784,911                            |       | 7/02          |       | 12/03            |       | 100                             | %          | 605,962                          |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Forest Glen Village             |       | Vidalia, GA         |       | 46        |       | 1,284,145                            |       | 4/03          |       | 2/95             |       | 100                             | %          | 21,275                           |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Franklin Green                  |       | Franklin Grove, IL  |       | 12        |       | 355,019                              |       | 5/02          |       | 9/01             |       | 100                             | %          | 308,576                          |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Harbor Point II Apts.           |       | Benton Township, MI |       | 72        |       | 1,592,569                            |       | 8/01          |       | 10/02            |       | 100                             | %          | 2,295,523                        |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Hollywood Palms Apts.           |       | San Diego, CA       |       | 94        |       | 7,690,556                            |       | 3/02          |       | 11/02            |       | 100                             | %          | 1,895,913                        |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Marina Woods Apts.              |       | Halfmoon, NY        |       | 32        |       | 1,387,733                            |       | 7/01          |       | 4/02             |       | 100                             | %          | 1,626,221                        |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Marwood Senior Apts.            |       | Upper Marlboro, MD  |       | 155       |       | 12,652,257                           |       | 7/01          |       | 8/02             |       | 100                             | %          | 1,385,308                        |   |
|                            |       |                |       |      |       |                                 |       |          |       |             |       |                            |       |                             |   |
| Meadowside Apts.                |       | Milo, NY            |       | 40        |       | 1,568,387                            |       | 5/01          |       | 12/01            |       | 100                             | %          | 855,372                          |   |
|                                 |            |                     |            |           |            |                                      |            |               |            |                  |            |                                 |            |                                  |        |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 41

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** |   |
|------------------------|------------|-------------------|------------|-----------|------------|--------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|----------------------------------|--------|
| Mill Creek Village     |       | Mt. Carroll, IL   |       | 12        |       | $                                    | 387,977    |          | 5/02       |             | 9/01       |                              | 100        | %                                | $      | 264,354 |   |
|                   |       |              |       |      |       |                                 |       |          |       |             |       |                              |       |                             |   |
| Northline Terrace      |       | Mentoda, IL       |       | 24        |       | 679,981                              |       | 5/02          |       | 6/01             |       | 100                               | %          | 545,986                          |   |
|                   |       |              |       |      |       |                                 |       |          |       |             |       |                              |       |                             |   |
| Palisades Park         |       | Fulton, IL        |       | 16        |       | 509,766                              |       | 5/02          |       | 9/01             |       | 100                               | %          | 396,066                          |   |
|                   |       |              |       |      |       |                                 |       |          |       |             |       |                              |       |                             |   |
| Red Hill Apts. I       |       | Farmerville, LA   |       | 32        |       | 815,079                              |       | 11/01         |       | 6/01             |       | 100                               | %          | 502,692                          |   |
|                   |       |              |       |      |       |                                 |       |          |       |             |       |                              |       |                             |   |
| Sandalwood Apartments  |       | Toppenish, WA     |       | 20        |       | 981,354                              |       | 5/02          |       | 7/01             |       | 100                               | %          | 293,983                          |   |
|                   |       |              |       |      |       |                                 |       |          |       |             |       |                              |       |                             |   |
| Southpark Apts. II     |       | Newton, KS        |       | 60        |       | 1,452,553                            |       | 9/01          |       | 5/02             |       | 100                               | %          | 2,117,956                        |   |
|                   |       |              |       |      |       |                                 |       |          |       |             |       |                              |       |                             |   |
| Springfield Crossing   |       | Springfield, VA   |       | 347       |       | 26,084,839                           |       | 6/02          |       | 10/01            |       | 100                               | %          | 878,352                          |   |
|                   |       |              |       |      |       |                                 |       |          |       |             |       |                              |       |                             |   |
| Sunshine Village Apts. |       | Elizabethtown, KY |       | 32        |       | 819,650                              |       | 3/02          |       | 8/02             |       | 100                               | %          | 1,277,070                        |   |
|                        |            |                   |            |           |            |                                      |            |               |            |                  |            |                                   |            |                                  |        |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 42

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**                | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** | ** ** |
|-----------------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|----------------------------------|------------|----------------------------------|------------|
| Bellamy Mills  Apartments         |       | Dover, NH           |       | 30        |       | $                                     | 1,425,202  |          | 4/02       |             | 12/02      |                             | 100        | %                                | $          | 2,888,317 |   |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Breezewood Villas II              |       | Frederiksted, VI    |       | 12        |       | 978,566                               |       | 4/02          |       | 3/03             |       | 100                              | %          | 505,416                          |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Canon Club                        |       | Canon City, CO      |       | 46        |       | 759,482                               |       | 7/02          |       | 12/03            |       | 100                              | %          | 511,573                          |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Centenary Towers Apts.            |       | St. Louis, MO       |       | 100       |       | —                                |       | 4/03          |       | 12/97            |       | 100                              | %          | 110,749                          |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Chester Townhouses  Phase II      |       | Chester, SC         |       | 52        |       | 1,993,771                             |       | 4/06          |       | 12/06            |       | 100                              | %          | 421,158                          |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Clifton Family Housing            |       | Clifton, CO         |       | 51        |       | 2,059,132                             |       | 7/02          |       | 12/03            |       | 100                              | %          | 798,494                          |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Cooper’s Crossing Apartments |       | Los Colinas, TX     |       | 93        |       | 3,149,397                             |       | 4/03          |       | 12/95            |       | 100                              | %          | 87,199                           |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Dorchester Apartments             |       | Port Huron, MI      |       | 131       |       | 4,453,491                             |       | 4/02          |       | 8/03             |       | 100                              | %          | 2,578,034                        |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Harbor Pointe  Apartments II      |       | Benton Township, MI |       | 72        |       | 1,592,569                             |       | 4/02          |       | 10/02            |       | 100                              | %          | 1,731,786                        |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Helios Station                    |       | Lafayette, CO       |       | 30        |       | 2,495,776                             |       | 7/02          |       | 12/03            |       | 100                              | %          | 583,895                          |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Hillridge Apartments              |       | Los Lunas, NM       |       | 38        |       | 215,000                               |       | 4/03          |       | 6/96             |       | 100                              | %          | 112,211                          |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Hollywood Palm Apartments         |       | San Diego, CA       |       | 94        |       | 7,690,556                             |       | 8/02          |       | 11/02            |       | 100                              | %          | 1,283,388                        |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Lynnelle Landing Apts.            |       | Charleston, WV      |       | 56        |       | 1,342,956                             |       | 3/02          |       | 9/02             |       | 100                              | %          | 2,009,976                        |       |
|                              |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Marwood Senior  Apartments        |       | Upper Marlboro, MD  |       | 67        |       | 12,652,257                            |       | 09/04         |       | 8/02             |       | 100                              | %          | 160,174                          |       |
|                                   |            |                     |            |           |            |                                       |            |               |            |                  |            |                                  |            |                                  |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 42

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**        | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage**

**Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const Comp.** | ** ** | **Qualified Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** | ** ** |
|---------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------|------------|---------------|------------|-----------------|------------|---------------------------------|------------|----------------------------------|------------|
| Natchez Place  Apartments |       | Natchez, MS      |       | 32        |       | $                                         | 816,239    |          | 8/02       |            | 11/01      |                            | 100        | %                                | $          | 554,881 |   |
|                      |       |             |       |      |       |                                      |       |          |       |            |       |                            |       |                             |       |
| Northfield Housing, LP    |       | Jackson, MS      |       | 5         |       | 146,929                                   |       | 4/03          |       | 12/96           |       | 100                             | %          | 24,330                           |       |
|                      |       |             |       |      |       |                                      |       |          |       |            |       |                            |       |                             |       |
| Park Meadow Apartments    |       | Gaylord, MI      |       | 80        |       | 1,557,323                                 |       | 4/03          |       | 4/97            |       | 100                             | %          | 228,511                          |       |
|                      |       |             |       |      |       |                                      |       |          |       |            |       |                            |       |                             |       |
| Park Plaza IV             |       | West Memphis, AR |       | 24        |       | 663,225                                   |       | 6/02          |       | 10/02           |       | 100                             | %          | 1,219,397                        |       |
|                      |       |             |       |      |       |                                      |       |          |       |            |       |                            |       |                             |       |
| Parkhurst Place           |       | Amherst, NH      |       | 42        |       | 3,459,950                                 |       | 1/02          |       | 9/02            |       | 100                             | %          | 518,876                          |       |
|                      |       |             |       |      |       |                                      |       |          |       |            |       |                            |       |                             |       |
| Strawberry Lane Apts.     |       | Clayton, NY      |       | 71        |       | 1,902,643                                 |       | 3/02          |       | 8/02            |       | 100                             | %          | 672,589                          |       |
|                      |       |             |       |      |       |                                      |       |          |       |            |       |                            |       |                             |       |
| Sunrise Manor Seniors.    |       | Buena Vista, CO  |       | 40        |       | 1,293,764                                 |       | 7/02          |       | 12/03           |       | 100                             | %          | 642,431                          |       |
|                      |       |             |       |      |       |                                      |       |          |       |            |       |                            |       |                             |       |
| Tiffany Square            |       | Lakewood, CO     |       | 52        |       | 1,957,006                                 |       | 7/02          |       | 12/03           |       | 100                             | %          | 479,244                          |       |
|                      |       |             |       |      |       |                                      |       |          |       |            |       |                            |       |                             |       |
| Wingfield Apartments II   |       | Kinder, LA       |       | 42        |       | 324,749                                   |       | 8/02          |       | 11/01           |       | 100                             | %          | 1,422,373                        |       |
|                           |            |                  |            |           |            |                                           |            |               |            |                 |            |                                 |            |                                  |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 43

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**           | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** | ** ** |
|------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|---------------------------------|------------|----------------------------------|------------|
| Alexander Mill  Apartments   |       | Lawrenceville, GA |       | 224       |       | $                                     | 11,924,481 |          | 12/02      |             | 1/03       |                            | 100        | %                                | $          | 1,854,189 |   |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Aspen Meadows                |       | Aurora, CO        |       | 100       |       | 2,842,233                             |       | 9/02          |       | 12/03            |       | 100                             | %          | 1,256,823                        |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Ashbury Park                 |       | Aurora, CO        |       | 44        |       | 2,316,912                             |       | 9/02          |       | 12/03            |       | 100                             | %          | 728,732                          |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Bohannon Place Apts.         |       | Bowling Green, KY |       | 12        |       | 264,460                               |       | 5/03          |       | 10/03            |       | 100                             | %          | 909,561                          |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Carpenter School             |       | Natchez, MS       |       | 38        |       | 1,495,254                             |       | 1/03          |       | 12/03            |       | 100                             | %          | 1,278,002                        |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Charlevoix Apartments        |       | Charlevoix, MI    |       | 40        |       | 1,234,463                             |       | 9/02          |       | 11/02            |       | 100                             | %          | 302,357                          |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Chester Townhouses  Phase II |       | Chester, SC       |       | 52        |       | 1,993,771                             |       | 4/06          |       | 12/06            |       | 100                             | %          | 226,777                          |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Cloverlane Apartments        |       | Lakeview, MI      |       | 24        |       | 365,710                               |       | 9/02          |       | 10/02            |       | 100                             | %          | 356,228                          |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Dorchester Apartments        |       | Port Huron, MI    |       | 131       |       | 4,453,491                             |       | 9/02          |       | 8/03             |       | 100                             | %          | 2,578,034                        |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Geneva Sr. Citizen  Apts.    |       | Geneva, NY        |       | 32        |       | 1,398,594                             |       | 4/03          |       | 12/03            |       | 100                             | %          | 2,035,378                        |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Gilbert Apts.                |       | Corbin, KY        |       | 40        |       | 797,103                               |       | 7/03          |       | 5/04             |       | 100                             | %          | 2,780,800                        |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Hollywood Palm  Apartments   |       | San Diego, CA     |       | 94        |       | 7,690,556                             |       | 12/02         |       | 11/02            |       | 100                             | %          | 2,654,279                        |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Kearney Plaza                |       | Commerce City, CO |       | 51        |       | 1,478,252                             |       | 9/02          |       | 12/03            |       | 100                             | %          | 575,398                          |       |
|                         |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Lakewood Apartments          |       | Saranac, MI       |       | 24        |       | 821,078                               |       | 9/02          |       | 10/02            |       | 100                             | %          | 475,606                          |       |
|                              |            |                   |            |           |            |                                       |            |               |            |                  |            |                                 |            |                                  |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 43

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**           | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const Comp.** | ** ** | **Qualified Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** | ** ** |
|------------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|-----------------|------------|---------------------------------|------------|----------------------------------|------------|
| The Landing Apts.            |       | Whitley, KY      |       | 24        |       | $                                     | 1,227,555  |          | 4/03       |            | 6/04       |                            | 100        | %                                | 302,763    |   |
|                         |       |             |       |      |       |                                  |       |          |       |            |       |                            |       |                             |       |
| Library Square Apts.         |       | Mandan, ND       |       | 46        |       | 2,128,872                             |       | 9/03          |       | 8/03            |       | 100                             | %          | 2,752,868                        |       |
|                         |       |             |       |      |       |                                  |       |          |       |            |       |                            |       |                             |       |
| Parkside Plaza  Apartments   |       | New York, NY     |       | 34        |       | 1,327,805                             |       | 1/04          |       | 5/01            |       | 100                             | %          | —                           |       |
|                         |       |             |       |      |       |                                  |       |          |       |            |       |                            |       |                             |       |
| Parkside Apartments          |       | Coleman, MI      |       | 40        |       | 914,776                               |       | 9/02          |       | 12/02           |       | 100                             | %          | 832,371                          |       |
|                         |       |             |       |      |       |                                  |       |          |       |            |       |                            |       |                             |       |
| Riverview Apartments         |       | Blissfield, MI   |       | 32        |       | 722,922                               |       | 9/02          |       | 2/02            |       | 100                             | %          | 509,938                          |       |
|                         |       |             |       |      |       |                                  |       |          |       |            |       |                            |       |                             |       |
| Seven Points Apartments      |       | Seven Points, TX |       | 36        |       | 979,232                               |       | 9/02          |       | 3/03            |       | 100                             | %          | 687,978                          |       |
|                         |       |             |       |      |       |                                  |       |          |       |            |       |                            |       |                             |       |
| Sheridan Gardens             |       | Englewood, CO    |       | 48        |       | 2,064,912                             |       | 9/02          |       | 12/03           |       | 100                             | %          | 571,759                          |       |
|                         |       |             |       |      |       |                                  |       |          |       |            |       |                            |       |                             |       |
| Stottville Court  Apartments |       | Stockport, NY    |       | 28        |       | 1,108,574                             |       | 9/02          |       | 5/03            |       | 100                             | %          | 1,073,805                        |       |
|                         |       |             |       |      |       |                                  |       |          |       |            |       |                            |       |                             |       |
| Strawberry Lake Apts.        |       | Norway, MI       |       | 32        |       | 985,836                               |       | 7/03          |       | 12/03           |       | 100                             | %          | 763,285                          |       |
|                              |            |                  |            |           |            |                                       |            |               |            |                 |            |                                 |            |                                  |            |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 44

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** | ** ** |
|------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|---------------------------------|------------|----------------------------------|------------|
| Alexander Mills Apts.  |       | Lawrenceville, GA |       | 224       |       | $                                     | 11,924,481 |          | 2/03       |             | 1/03       |                            | 100        | %                                | $          | 2,266,233 |   |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Aurora Village Sr.     |       | Aurora, CO        |       | 100       |       | 4,382,667                             |       | 2/03          |       | 3/03             |       | 100                             | %          | 1,526,951                        |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Brookside Park Apts.   |       | Atlanta, GA       |       | 200       |       | 12,205,656                            |       | 12/03         |       | 3/05             |       | 100                             | %          | 137,046                          |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Families First II      |       | W. Memphis, AR    |       | 66        |       | 2,380,596                             |       | 5/03          |       | 6/04             |       | 100                             | %          | 2,005,916                        |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Memphis 102            |       | Memphis, TN       |       | 102       |       | 1,819,340                             |       | 5/03          |       | 8/04             |       | 100                             | %          | 3,497,653                        |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Northrock Apts. III    |       | Topeka, KS        |       | 32        |       | 971,664                               |       | 6/03          |       | 11/03            |       | 100                             | %          | 1,565,194                        |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Orchard Manor Apts.**  |       | Ukiah, CA         |       | 64        |       | 7,019,534                             |       | 10/03         |       | 9/03             |       | 100                             | %          | 2,231,125                        |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Orchard River Apts.**  |       | Ukiah, CA         |       | 48        |       | **                                    |       | 10/03         |       | 7/03             |       | 100                             | %          | **                               |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Oxford Manor Apts.     |       | New Oxford, PA    |       | 32        |       | 1,324,301                             |       | 3/03          |       | 5/03             |       | 100                             | %          | 454,862                          |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Post Oak East Apts.    |       | Fort Worth, TX    |       | 246       |       | 13,600,000                            |       | 7/04          |       | 5/06             |       | 100                             | %          | 3,538,862                        |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| River Gardens Apts.**  |       | Fort Bragg, CA    |       | 48        |       | **                                    |       | 10/03         |       | 11/03            |       | 100                             | %          | **                               |       |
|                   |       |              |       |      |       |                                  |       |          |       |             |       |                            |       |                             |       |
| Villages at Aspen Club |       | Bealton, VA       |       | 30        |       | 1,892,216                             |       | 4/03          |       | 10/03            |       | 100                             | %          | 1,568,815                        |       |
|                        |            |                   |            |           |            |                                       |            |               |            |                  |            |                                 |            |                                  |            |  |  |

 

----

**          3 properties which make up one Operating Partnershipnamed Orchard River Associates LP with 160 units.  Entire mortgage balance and capital contributionspaid reported with Orchard Manor Apts.

 

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Boston Capital TaxCredit Fund IV L.P. - Series 45

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**           | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** | ** ** |
|------------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|----------------------------------|------------|----------------------------------|------------|
| Baldwin Villas Apts.         |       | Pontiac, MI         |       | 65        |       | $                                     | 5,244,147  |          | 12/03      |             | 6/01       |                             | 100        | %                                | $          | 106,137 |   |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Bartlett Bayou               |       | Pascagoula, MS      |       | 48        |       | 887,952                               |       | 7/03          |       | 9/05             |       | 100                              | %          | 2,675,101                        |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Breezewood Villas II         |       | Frederiksted, VI    |       | 12        |       | 978,566                               |       | 12/03         |       | 3/03             |       | 100                              | %          | 53,729                           |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Brookside Park               |       | Atlanta, GA         |       | 200       |       | 12,205,656                            |       | 12/03         |       | 3/05             |       | 100                              | %          | 3,666,890                        |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Brookside Square             |       | Boykins, VA         |       | 32        |       | 1,292,272                             |       | 7/03          |       | 8/04             |       | 100                              | %          | 743,039                          |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Chevy Place Hallman  Court   |       | Rochester, NY       |       | 77        |       | 8,540,459                             |       | 12/03         |       | 7/00             |       | 100                              | %          | 81,177                           |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Dawn Springs Villa           |       | London, KY          |       | 24        |       | 566,651                               |       | 5/05          |       | 10/05            |       | 100                              | %          | 1,099,086                        |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Eastview Family              |       | Watonga, OK         |       | 16        |       | 635,736                               |       | 9/04          |       | 6/04             |       | 100                              | %          | 187,429                          |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Fairview Manor               |       | Childress, TX       |       | 48        |       | 813,394                               |       | 5/03          |       | 3/04             |       | 100                              | %          | 859,892                          |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Harbor Pt. II Apts.          |       | Benton Township, MI |       | 72        |       | 1,592,569                             |       | 12/03         |       | 10/02            |       | 100                              | %          | 201,369                          |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Heritage Christian Home  III |       | Brighton, NY        |       | 12        |       | 467,220                               |       | 1/04          |       | 10/03            |       | 100                              | %          | 721,545                          |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Jefferson House              |       | Lynchburg, VA       |       | 101       |       | 2,788,390                             |       | 12/04         |       | 7/05             |       | 100                              | %          | 925,273                          |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Kings Pt. Apts.              |       | Sheridan, CO        |       | 50        |       | 2,339,022                             |       | 8/03          |       | 12/03            |       | 100                              | %          | 788,729                          |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| La Mirage Apts.              |       | Borger, TX          |       | 12        |       | 902,636                               |       | 8/03          |       | 10/03            |       | 100                              | %          | 766,945                          |       |
|                         |       |                |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Lakeview Station             |       | Shepardsville, KY   |       | 28        |       | 744,292                               |       | 7/03          |       | 9/03             |       | 100                              | %          | 1,402,270                        |       |
|                              |            |                     |            |           |            |                                       |            |               |            |                  |            |                                  |            |                                  |            |  |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 45

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 

## Continued

 
| **Property  Name**                  | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** | ** ** |
|-------------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|----------------------------------|------------|----------------------------------|------------|
| Lawrence-ville Manor                |       | Lawrenceville, VA |       | 24        |       | $                                     | 928,546    |          | 7/03       |             | 8/04       |                             | 100        | %                                | 771,671    |   |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Lincoln Apts.                       |       | Shinnston, WV     |       | 32        |       | 927,774                               |       | 10/03         |       | 12/03            |       | 100                              | %          | 786,619                          |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| London Village                      |       | London, KY        |       | 32        |       | 629,585                               |       | 4/05          |       | 9/05             |       | 100                              | %          | 2,021,436                        |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Lone Terrace                        |       | Lone Grove, OK    |       | 32        |       | 1,255,871                             |       | 5/03          |       | 1/04             |       | 100                              | %          | 435,193                          |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Lorie Village                       |       | Bowling Green, KY |       | 32        |       | 909,706                               |       | 7/03          |       | 11/03            |       | 100                              | %          | 1,288,510                        |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Marina Woods Apts.                  |       | Halfmoon, NY      |       | 32        |       | 1,387,733                             |       | 12/03         |       | 4/02             |       | 100                              | %          | 4,435                            |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Mill Race Apts.                     |       | Plainwell, MI     |       | 32        |       | 1,012,116                             |       | 6/03          |       | 12/03            |       | 100                              | %          | 347,253                          |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Orchard View Apst.                  |       | Farmington, MO    |       | 40        |       | 875,897                               |       | 7/03          |       | 6/04             |       | 100                              | %          | 2,226,954                        |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Reese Village                       |       | Emporia, VA       |       | 40        |       | 1,405,246                             |       | 3/05          |       | 11/04            |       | 100                              | %          | 1,198,088                        |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Ridge Crest Apts.                   |       | St. Louis, MO     |       | 83        |       | 3,703,263                             |       | 8/03          |       | 9/04             |       | 100                              | %          | 2,020,327                        |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Sulphur Terrace                     |       | Sulphur, OK       |       | 32        |       | 1,228,616                             |       | 5/03          |       | 1/04             |       | 100                              | %          | 433,759                          |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| University Plaza Sr.  Complex       |       | Greely, CO        |       | 34        |       | 1,107,543                             |       | 5/03          |       | 9/03             |       | 100                              | %          | 332,128                          |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Valleyview Apts.                    |       | Canneyville, KY   |       | 24        |       | 709,319                               |       | 12/05         |       | 12/04            |       | 100                              | %          | 488,540                          |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| William B. Quarton                  |       | Cedar Rapids, IA  |       | 28        |       | 1,113,020                             |       | 1/04          |       | 7/03             |       | 100                              | %          | 1,197,000                        |       |
|                                |       |              |       |      |       |                                  |       |          |       |             |       |                             |       |                             |       |
| Willow Oak and Oroville  Apartments |       | Willows, CA       |       | 122       |       | 4,408,283                             |       | 07/04         |       | 10/03            |       | 100                              | %          | 1,619,212                        |       |
|                                     |            |                   |            |           |            |                                       |            |               |            |                  |            |                                  |            |                                  |            |  |

 

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Boston Capital TaxCredit Fund IV L.P. - Series 46

 

PROPERTY PROFILEAS OF MARCH 31, 2009

 
| **Property  Name**             | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage Balance as  of 12/31/08** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy 3/31/09** | ** ** | **Cap Con   paid thru  3/31/09** | ** ** |
|--------------------------------|------------|------------------|------------|-----------|------------|--------------------------------------|------------|---------------|------------|------------------|------------|----------------------------------|------------|----------------------------------|------------|
| Bartlett Bayou  Apartments     |       | Pascagoula, MS   |       | 48        |       | $                                    | 887,952    |          | 7/03       |             | 9/05       |                             | 100        | %                                | $          | 786,153 |   |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Clayton Station  Apartments    |       | Munfordville, KY |       | 29        |       | 781,798                              |       | 4/04          |       | 9/04             |       | 100                              | %          | 1,274,486                        |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Deer Meadow Apartments         |       | Tishomingo, OK   |       | 24        |       | 1,144,409                            |       | 2/04          |       | 3/04             |       | 100                              | %          | 369,626                          |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Elma Gardens                   |       | Elma, WA         |       | 36        |       | 1,250,472                            |       | 3/05          |       | 1/04             |       | 100                              | %          | 588,701                          |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Jacksonville Square  Apts.     |       | Jacksonville, TX |       | 44        |       | 1,100,437                            |       | 11/03         |       | 7/04             |       | 100                              | %          | 614,912                          |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Kensington Heights  Apts.      |       | Kansas City, MO  |       | 126       |       | 4,723,510                            |       | 10/03         |       | 10/04            |       | 100                              | %          | 2,375,770                        |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Kimberly Place  Apartments     |       | Danbury, CT      |       | 117       |       | 7,366,777                            |       | 6/04          |       | 4/05             |       | 100                              | %          | 2,450,732                        |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Linden’s Apartments       |       | Shawnee, OK      |       | 54        |       | 1,169,328                            |       | 12/04         |       | 2/06             |       | 100                              | %          | 2,963,132                        |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Ocean East Housing             |       | Portland, ME     |       | 32        |       | 1,493,018                            |       | 2/04          |       | 6/05             |       | 100                              | %          | 3,787,273                        |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Panola Apts.                   |       | Carthage, TX     |       | 32        |       | 780,677                              |       | 12/03         |       | 4/04             |       | 100                              | %          | 456,957                          |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Rosehill Apts.                 |       | Topeka, KS       |       | 48        |       | 2,347,957                            |       | 12/03         |       | 9/04             |       | 100                              | %          | 2,540,503                        |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Sandy Hill Apartments          |       | Greenville, KY   |       | 29        |       | 563,381                              |       | 4/04          |       | 10/04            |       | 100                              | %          | 1,849,164                        |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Saint Martin Apartments        |       | McCombs, MS      |       | 40        |       | 902,390                              |       | 8/05          |       | 4/06             |       | 100                              | %          | 1,539,454                        |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Tanglewood Village  Apartments |       | Panama, OK       |       | 24        |       | 1,178,259                            |       | 9/04          |       | 5/04             |       | 100                              | %          | 402,649                          |       |
|                           |       |             |       |      |       |                                 |       |          |       |             |       |                             |       |                             |       |
| Wagoner Village                |       | Wagoner, OK      |       | 31        |       | 976,986                              |       | 1/04          |       | 1/04             |       | 100                              | %          | 341,377                          |       |
|                                |            |                  |            |           |            |                                      |            |               |            |                  |            |                                  |            |                                  |            |  |  |

 

55

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Item 3.            Legal Proceedings   

 

None. 

 

Item 4.            Submission of Matters to a Vote ofSecurity Holders

 

None.

 

56

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PART II

 
| Item   | 5.     |   | Market for the Fund’s  Limited Partnership Interests, Related Partnership Matters and Issuer Purchases  of Partnership Interests                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|--------|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (a)    |   | Market Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |   | The Fund is classified  as a limited partnership and does not have common stock. There is no  established public trading market for the BACs and it is not anticipated that  any public market will develop.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (b)    |   | Approximate number of  security holders                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   |   | As of March 31,  2009, the Fund has 42,465 BAC holders for an aggregate of 83,651,080 BACs, at  a subscription price of $10 per BAC, received and accepted.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |   |   | The BACs were issued in  series. Series 20 consists of 2,323  investors holding 3,866,700 BACs, Series 21 consists of 1,162  investors holding 1,892,700 BACs, Series 22 consists of 1,625  investors holding 2,564,400 BACs, Series 23 consists of 2,111  investors holding 3,336,727 BACs, Series 24 consists of 1,289  investors holding 2,169,878 BACs, Series 25 consists of 1,771  investors holding 3,026,109 BACs, Series 26 consists of 2,295  investors holding 3,995,900 BACs, Series 27 consists of 1,317  investors holding 2,460,700 BACs, Series 28 consists of 2,027  investors holding 4,000,738 BACs, Series 29 consists of 2,227  investors holding 3,991,800 BACs, Series 30 consists of 1,346  investors holding 2,651,000 BACs, Series 31 consists of 2,046  investors holding 4,417,857 BACs, Series 32 consists of 2,234  investors holding 4,754,198 BACs, Series 33 consists of 1,221  investors holding 2,636,533 BACs, Series 34 consists of 1,671  investors holding 3,529,319 BACs, Series 35 consists of 1,649  investors holding 3,300,463 BACs, Series 36 consists of 1,002  investors holding 2,106,837 BACs, Series 37 consists of 1,119  investors holding 2,512,500 BACs, Series 38 consists of 1,187  investors holding 2,543,100 BACs, Series 39 consists of 978  investors holding 2,292,152 BACs, Series 40 consists of 1,094  investors holding 2,630,256 BACs, Series 41 consists of 1,379  investors holding 2,891,626 BACs, Series 42 consists of 1,225  investors holding 2,744,262 BACs, Series 43 consists of 1,653  investors holding 3,637,987 BACs, Series 44 consists of 1,282  investors holding 2,701,973 BACs, Series 45 consists of 1,821  investors holding 4,014,367 BACS and Series 46 consists of 1,411  investors holding 2,980,998 BACS at March 31, 2009 |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | (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, 2009.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |   |   | The Fund Agreement  provides that profits, losses and credits will be allocated each month to the  holder of record of a BAC as of the last day of such month. Allocation of  profits, losses and credits among BAC holders are made in proportion to the  number of BACs held by each BAC holder.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

 

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|    |   |                    | Any distributions of  net cash flow or liquidation, sale or refinancing proceeds will be made  within 180 days of the end of  the annual period to which they relate.   Distributions will be made to the holders of record of a BAC as of the  last day of each month in the ratio which (i) the BACs held by the  holder on the last day of the calendar month bears to (ii) the aggregate  number of BACs outstanding on the last day of such month.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|---------|--------|-------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|    |   |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|    |   |                    | Fund allocations and  distributions are described in the Prospectus, as supplemented, under the  caption “Sharing Arrangements:   Profits, Credits, Losses, Net Cash Flow and Residuals”, which is  incorporated herein by reference.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|    |   |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|    |   |                    | During the year ended March 31,  1999, the Fund made a return of equity distribution to the Series 27  limited partners in the amount of $275,000.

 

During the year ended March 31,  2000 the Fund made a return of equity distribution to the Series 29  limited partners in  the amount of $238,040.  The  distribution was the result of certain Operating Partnerships not achieving  their projected tax credits.

 

During the year ended March 31,  2006 the Fund made a return of equity distribution to Series 20 limited  partners in the amount of $371,349. The distribution was the result of proceeds  available from the sale of one Operating Partnership.

 

During the year ended March 31,  2006, the Fund made a return of equity distribution to the Series 20 and  Series 41 limited partners in the amount of $1,860,003 and $138,998,  respectively.  The distributions were  the result of proceeds available from the refinancing of one Operating  Partnership. |
|    |   |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| Item 6. |   | Selected Financial Data |
|    |   |                    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|    |   |                    | Not Applicable.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |

 

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| Item 7. |   | Management’s Discussion  and Analysis of Financial Condition and Results of Operations |
|---------|--------|---------------------------------------------------------------------------------------------|

 

This Management’sDiscussion and Analysis of Financial Condition and Results of Operationscontains forward-looking statements including our intentions, hopes, beliefs,expectations, strategies and predictions of our future activities, or otherfuture events or conditions. These statements are “forward looking statements”within the meaning of Section 27A of the Securities Act of 1993, asamended, and Section 21E of the Securities Exchange Act of 1934, asamended, and are intended to be covered by the safe harbors created by theseacts. Investors are cautioned that all forward-looking statements involve risksand uncertainty, including, for example, the factors identified in Part I,Item 1A of this Report. Although we believe that the assumptions underlyingthese forward-looking statements are reasonable, any of the assumptions couldbe inaccurate, and there can be no assurance that the forward-lookingstatements included in this Report will prove to be accurate. In light of thesignificant uncertainties inherent in these forward-looking statements, theinclusion of this information should not be regarded as a representation by usor any other person that our objectives and plans will be achieved.

 

## Liquidity

##  

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

 

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## Capital Resources

##  

The Fund offered BACs inthe Offering originally declared effective by the Securities and ExchangeCommission on December 16, 1993. The Fund received and accepted subscriptions for $836,177,880representing 83,651,080 BACs from investors admitted as BAC holders in Series 20through 46 of the Fund.  On December 19,2003, the Fund concluded its public offering of BACs.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 20 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  Proceeds from the offerand sale of BACs in Series 20 had been used to invest in 24 OperatingPartnerships in an aggregate amount of $27,693,970.  As of March 31, 2009, two of theproperties have been disposed of and 22 remain. The Fund had completed payment of all installments of its capitalcontributions to all of the Operating Partnerships.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 21 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 21 had been used toinvest in 14 Operating Partnerships in an aggregate amount of $13,872,728.  As of March 31, 2009, one of theproperties has been disposed of and 13 remain. The Fund had completed payment of all installments of its capitalcontributions to all of the Operating Partnerships.

 

(Series 22).  The Fund commenced offering BACs in Series 22on October 12, 1994.  The Fundreceived and accepted subscriptions for $25,644,000 representing 2,564,400 BACsfrom investors admitted as BAC holders in Series 22.  Offers and sales of BACs in Series 22were completed and the last of the BACs in Series 22 were issued by theFund on December 28, 1994.

 

During the fiscal yearended March 31, 2009, none of Series 22 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 22 had been used toinvest in 29 Operating Partnerships in an aggregate amount of $18,758,748 andthe Fund had completed payment of all installments of its capital contributionsto 27 of the Operating Partnerships. Series 22 has outstandingcontributions payable to 2 Operating Partnerships in the amount of $9,352 as ofMarch 31, 2009.  The remainingcontributions will be released when the Operating Partnerships have achievedthe conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 23 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 23 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $24,352,278 andthe Fund had completed payment of all installments of its capital contributionsto all of the Operating Partnerships.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 24 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 24 had been used toinvest in 24 Operating Partnerships in an aggregate amount of $15,796,309 andthe Fund had completed payment of all installments of its capital contributionsto 23 of the Operating Partnerships. Series 24 has outstanding contributionspayable to 1 Operating Partnership in the amount of $9,999 as of March 31,2009.  The remaining contributions willbe released when the Operating Partnerships have achieved the conditions setforth in their partnership agreement.

 

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

 

During the fiscal yearended March 31, 2009, the Fund used $51,732 of Series 25 net offeringproceeds to pay installments of its capital contributions to one OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 25 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $22,324,539 andthe Fund had completed payment of all installments of its capital contributionsto 21 of the Operating Partnerships. Series 25 has outstandingcontributions payable to 1 Operating Partnership in the amount of $10,001 as ofMarch 31, 2009.  The remainingcontributions will be released when Operating Partnership have achieved theconditions set forth in their partnership agreement.

 

(Series 26).  The Fund commenced offering BACs in Series 26on January 18, 1996.  The Fundreceived and accepted $39,959,000 representing 3,995,900 BACs from investorsadmitted as BAC holders in Series 26. Offers and sales of BACs in Series 26were completed and the last of the BACS in Series 26 were issued by theFund on June 14, 1996.

 

During the fiscal yearended March 31, 2009, the Fund used $15,000 of Series 26 net offeringproceeds to pay installments of its capital contributions to one OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 26 had been used toinvest in 45 Operating Partnerships in an aggregate amount of $29,401,215 andthe Fund had completed payment of

 

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all installments of itscapital contributions to 43 of the Operating Partnerships. Series 26 hasoutstanding contributions payable to 2 Operating Partnerships in the amount of$14,490, as of March 31, 2009.   Theremaining contributions will be released when the Operating Partnerships haveachieved the conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 27 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 27 had been used toinvest in 16 Operating Partnerships in an aggregate amount of $17,881,574 andthe Fund had completed payment of all installments of its capital contributionsto 13 of the Operating Partnerships. Series 27 has outstandingcontributions payable to 3 Operating Partnerships in the amount of $39,749 asof March 31, 2009.  Of the amountoutstanding, $6,500 has been advanced to one of the OperatingPartnerships.  The advance will beconverted to capital and the remaining contributions of $33,249 will bereleased when the Operating Partnerships have achieved the conditions set forthin their respective partnership agreements.

 

(Series 28).  The Fund commenced offering BACs in Series 28on September 30, 1996.  The Fundreceived and accepted $39,999,000 representing 4,000,738 BACs from investorsadmitted as BAC holders in Series 28. Offers and sales of BACs in Series 28were completed and the last of the BACS in Series 28 were issued by theFund on January 31, 1997.

 

During the fiscal yearended March 31, 2009, none of Series 28 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 28 had been used toinvest in 26 Operating Partnerships in an aggregate amount of $29,281,983 andthe Fund had completed payment of all installments of its capital contributionsto 23 of the Operating Partnerships. Series 28 has outstandingcontributions payable to 3 Operating Partnerships in the amount of $40,968 asof March 31, 2009.  The remainingcontributions will be released when the Operating Partnerships have achievedthe conditions set forth in their respective partnership agreements.

 

(Series 29).  The Fund commenced offering BACs in Series 29on February 10, 1997.  The Fundreceived and accepted $39,918,000 representing 3,991,800 BACs from investorsadmitted as BAC holders in Series 29. Offer and sales of BACs in Series 29 were completed on June 20,1997.

 

During the fiscal yearended March 31, 2009, the Fund used $35,455 of Series 29 net offeringproceeds to pay installments of its capital contributions to one OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 29 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $29,137,877.   As of March 31, 2009, one of theproperties has been disposed of and 21 remain. The Fund had completed payment of all installments of its capitalcontributions to 19 of the Operating Partnerships. Series 29 hasoutstanding contributions payable to 3 Operating Partnerships in the amount of$10,197 as of March 31, 2009.  Theremaining contributions will be released when the Operating Partnerships haveachieved the conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 30 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  Proceeds from the offerand sale of BACs in Series 30 had been used to invest in 20 OperatingPartnerships in an aggregate amount of $19,497,869.  As of March 31, 2009, two of theproperties have been disposed of and 18 remain. The Fund had completed payment of all installments of its capitalcontributions to 16 of the Operating Partnerships. Series 30 hasoutstanding contributions payable to 4 Operating Partnerships in the amount of$127,396 as of March 31, 2009.  Theremaining contributions of will be released when Operating Partnerships haveachieved the conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 31 net offering proceeds wereused to pay installments of its capital contributions to the  Operating Partnership.  As of March 31, 2009, proceeds from theoffer and sale of BACs in Series 31 had been used to invest in 27Operating Partnerships in an aggregate amount of $32,569,100.  As of March 31, 2009, one of the propertieshas been disposed of and 26 remain.  TheFund had completed payment of all installments of its capital contributions to23 of the Operating Partnerships. Series 31 has outstanding contributionspayable to 4 Operating Partnerships in the amount of $66,294 as of March 31,2009.  Of the amount outstanding, $25,000has been funded into an escrow account on behalf of another OperatingPartnership.  The escrowed funds will beconverted to capital and the remaining contributions of $41,294 will bereleased when the Operating Partnerships have achieved the conditions set forthin their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 32 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 32 had been used toinvest in 17 Operating Partnerships in an aggregate amount of $34,129,677.  As of March 31, 2009, one of theproperties have been disposed of and 16 remain. The Fund had completed payment of all installments of its capitalcontributions to 13 of the Operating Partnerships. Series 32 hasoutstanding contributions payable to 4 Operating Partnerships in the amount of$298,561 as of March 31, 2009.  Ofthe amount outstanding, $46,908 has been advanced or loaned to some of theOperating Partnerships.  In addition,$125,000 has been funded into escrow accounts on behalf of another otherOperating Partnership.  The loans andescrowed funds will be converted to capital and the remaining contributions of$126,653 will be released when Operating Partnerships have achieved theconditions set forth in their respective partnership agreements.

 

During the fiscal yearended March 31, 1999, the Fund had purchased assignments in Bradley PhaseI of Massachusetts LLC, Bradley Phase II of

 

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Massachusetts LLC, ByamVillage of Massachusetts LLC, Hanover Towers of Massachusetts LLC, HarborTowers of Massachusetts LLC and Maple Hill of Massachusetts LLC.  Under the terms of the Assignments ofMembership Interests dated December 1, 1998 the series is entitled tocertain profits, losses, tax credits, cash flow, proceeds from capitaltransactions and capital account as defined in the individual OperatingPartnership Agreements.  The Fundutilized $1,092,847 of Series 32 net offering proceeds to invest inOperating Partnerships for this investment. These investments are reported in the Investment in Operating LimitedPartnerships line item on the balance sheet.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 33 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 33 had been used toinvest in 10 Operating Partnerships in an aggregate amount of $19,594,100 andthe Fund had completed payment of all installments of its capital contributionsto 7 of the Operating Partnerships. Series 33 has outstandingcontributions payable to 3 Operating Partnerships in the amount of $194,154 asof March 31, 2009.  Of the amountoutstanding, $125,000 has been funded into an escrow account on behalf ofanother Operating Partnership.  Theescrowed funds will be converted to capital and the remaining contributions of$69,154, will be released when the Operating Partnerships have achieved theconditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2009, the Fund used $8,244 of Series 34 net offeringproceeds to pay installments of its capital contributions to one OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 34 had been used toinvest in 14 Operating Partnerships in an aggregate amount of $25,738,978 andthe Fund had completed payment of all installments of its capital contributionsto all of the Operating Partnerships.

 

(Series 35).  The Fund commenced offering BACs in Series 35on February 22, 1999.  The Fundreceived and accepted $33,002,000 representing 3,300,463 BACs from investorsadmitted as BAC holders in Series 35. Offer and sales of BACs in Series 35were completed on June 28, 1999.

 

During the fiscal yearended March 31, 2009, none of Series 35 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 35 had been used toinvest in 11 Operating Partnerships in an aggregate amount of $24,002,391 andthe Fund had completed payment of all installments of its capital contributionsto all of the Operating Partnerships.

 

(Series 36).  The Fund commenced offering BACs in Series 36on June 22, 1999.  The Fund receivedand accepted $21,068,375 representing 2,106,837 BACs from investors admitted asBAC holders in Series 36. Offer and sales of BACs in Series 36 werecompleted on September 28, 1999.

 

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During the fiscal yearended March 31, 2009, none of Series 36 net offering proceeds wereused to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2009, proceeds from theoffer and sale of BACs in Series 36 had been used to invest in 11Operating Partnerships in an aggregate amount of $15,277,041, and the Fund hadcompleted payment of all installments of its capital contributions to all ofthe Operating Partnerships.

 

(Series 37).  The Fund commenced offering BACs in Series 37on October 29, 1999.  The Fundreceived and accepted $25,125,000 representing 2,512,500 BACs from investorsadmitted as BAC holders in Series 37. Offer and sales of BACs in Series 37were completed on January 28, 2000.

 

During the fiscal yearended March 31, 2009, none of Series 37 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 37 had been used toinvest in 7 Operating Partnerships in an aggregate amount of $18,735,142 andthe Fund had completed payment of all installments of its capital contributionsto 6 of the Operating Partnerships. Series 37 has outstandingcontributions payable to 1 Operating Partnership in the amount of $138,438 asof March 31, 2009.  The remainingcontributions will be released when the Operating Partnerships have achievedthe conditions set forth in their partnership agreement.

 

(Series 38).  The Fund commenced offering BACs in Series 38on February 1, 2000.  The Fundreceived and accepted $25,431,000 representing 2,543,100 BACs from investorsadmitted as BAC holders in Series 38. Offer and sales of BACs in Series 38 were completed on July 31,2000.

 

During the fiscal yearended March 31, 2009, none of Series 38 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 38 had been used toinvest in 10 Operating Partnerships in an aggregate amount of $18,612,287 andthe Fund had completed payment of all installments of its capital contributionsto the Operating Partnerships.

 

During the fiscal yearended March 31, 2002, the Fund used $420,296 of Series 38 netoffering proceeds to acquire a limited partnership equity interest in a limitedliability company, which is the general partner of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes.  The series isentitled to a percentage of the profits, losses and tax credits of the limitedliability company.  The investment isreported in the Investment in Operating Limited Partnerships line item on thebalance sheet.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 39 net offering proceeds to wereused to pay installments of its capital contributions to the OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 39 had been used toinvest in 9 Operating Partnerships in an aggregate amount of $17,115,492, andthe Fund had completed payment of all installments of its capital contributionsto all of the Operating Partnerships.

 

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During the fiscal yearended March 31, 2002, the Fund used $192,987 of Series 39 netoffering proceeds to acquire a limited partnership equity interest in a limitedliability company, which is the general partner of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes.  The series isentitled to a percentage of the profits, losses and tax credits of the limitedliability company.  The investment isreported in the Investment in Operating Limited Partnerships line item on thebalance sheet.

 

(Series 40).  The Fund commenced offering BACs in Series 40on February 1, 2001.  The Fundreceived and accepted $26,269,250 representing 2,630,256 BACs from investorsadmitted as BAC holders in Series 40. Offer and sales of BACs in Series 40 were completed on July 31,2001.

 

During the fiscal yearended March 31, 2009, none of Series 40 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 40 had been used toinvest in 16 Operating Partnerships in an aggregate amount of $19,030,772, andthe Fund had completed payment of all installments of its capital contributionsto 15 of the Operating Partnerships. Series 40 has outstandingcontributions payable to 1 Operating Partnership in the amount of $102 as of March 31,2009.  The remaining contributions willbe released when the Operating Partnership have achieved the conditions setforth in their partnership agreement.

 

During the fiscal yearended March 31, 2002, the Fund used $578,755 of Series 40 netoffering proceeds to acquire 5 limited partnership equity interests in limitedliability companies, which are the general partners of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes.  The series isentitled to a percentage of the profits, losses and tax credits of the limitedliability companies.  The investment isreported in the Investment in Operating Limited Partnerships line item on thebalance sheet.

 

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

 

During the fiscal yearended March 31, 2009, none of Series 41 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnership.  Proceeds from the offer andsale of BACs in Series 41 had been used to invest in 23 OperatingPartnerships in an aggregate amount of $21,278,631.  As of March 31, 2009, two of theproperties have been disposed of and 21 remain. The Fund had completed payment of all installments of its capitalcontributions to 22 Operating Partnerships. Series 41 has outstanding contributions payable to 1 OperatingPartnership in the amount of $100 as of March 31, 2009.  The remaining contributions will be releasedwhen the Operating Partnership have achieved the conditions set forth in theirpartnership agreement.

 

During the fiscal yearended March 31, 2002, the Fund used $195,249 of Series 41 netoffering proceeds to acquire a limited partnership equity interest in a limitedliability company, which is the general partner of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes.  The series isentitled to a percentage of the profits, losses and tax credits of the limitedliability company.  The investment isreported in the Investment in Operating Limited Partnerships line item on thebalance sheet.

 

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(Series 42).  The Fund commenced offering BACs in Series 42on February 1, 2002.  The Fundreceived and accepted $27,442,620 representing 2,744,262 BACs from investorsadmitted as BAC holders in Series 42. Offer and sales of BACs in Series 42were completed on July 31, 2002.

 

During the fiscal yearended March 31, 2009, the Fund used $4,211 of Series 42 net offeringproceeds to pay installments of its capital contributions to 1 OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 42 had been used toinvest in 23 Operating Partnerships in an aggregate amount of $20,661,120, andthe Fund had completed payment of all installments of its capital contributionsto 18 Operating Partnerships.  Series 42has outstanding contributions payable to 5 Operating Partnerships in the amountof $452,937 as of March 31, 2009. Of the amount outstanding, $333,819 hasbeen advanced or loaned to the Operating Partnerships. The loans and advanceswill be converted to capital and the remaining contributions of $119,118 willbe released when the Operating Partnerships have achieved the conditions setforth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2009, the Fund used $2,268 of Series 43 net offeringproceeds to pay installments of its capital contributions to 1 OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 43 had been used toinvest in 23 Operating Partnerships in an aggregate amount of $27,400,154, andthe Fund had completed payment of all installments of its capital contributionsto 18 of the Operating Partnerships. Series 43 has outstandingcontributions payable to 5 Operating Partnerships in the amount of $307,738 asof March 31, 2009. Of the amount outstanding, $250,302 has been advancedor loaned to the Operating Partnerships. The loans and advances will beconverted to capital and the remaining contributions of $57,436 will bereleased when the Operating Partnerships have achieved the conditions set forthin their respective partnership agreements.

 

During the fiscal yearended March 31, 2005, the Fund used $268,451 of Series 43 netoffering proceeds to acquire 1 limited partnership equity interest in a limitedliability company, which is the general partner of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes. During the fiscal year ended March 31 2003, the Fundused $805,160 of Series 43 net offering proceeds to acquire 7 limitedpartnership equity interests in limited liability companies, which are thegeneral partner of other operating limited partnerships, which own or areconstructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability companies.  The investments are reported in theInvestment in Operating Limited Partnerships line item on the balance sheet.

 

(Series 44).  The Fund commenced offering BACs in Series 44on January 14, 2003. The Fund received and accepted $27,019,730representing 2,701,973 BACs from investors admitted as BAC holders in Series 44.Offer and sales of BACs in Series 44 were completed on April 30,2003.

 

During the fiscal yearended March 31, 2009, the Fund used $58,174 of Series 44 net offeringproceeds to pay installments of its capital contributions to one OperatingPartnership.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 44 had been used toinvest in 10 Operating Partnerships

 

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in an aggregate amount of$20,248,519, and the Fund had completed payment of all installments of itscapital contributions to 8 of the Operating Partnerships. Series 44 hasoutstanding contributions payable to 2 Operating Partnerships in the amount of$590,561 as of March 31, 2009. Of the amount outstanding, $196,604 hasbeen advanced or loaned to the Operating Partnerships. The loans and advanceswill be converted to capital and the remaining contributions of $393,957 willbe released when the Operating Partnerships have achieved the conditions setforth in their respective partnership agreements.

 

During the fiscal yearended March 31, 2004, the Fund used $164,164 of Series 44 netoffering proceeds to acquire 1 limited partnership equity interest in a limitedliability company, which is the general partner of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes.  The series isentitled to a percentage of the profits, losses and tax credits of the limitedliability company.  The investment isreported in the Investment in Operating Limited Partnerships line item on thebalance sheet.

 

(Series 45). TheFund commenced offering BACs in Series 45 on July 1, 2003. The Fundreceived and accepted $40,143,670 representing 4,014,367 BACs from investorsadmitted as BAC holders in Series 45. Offer and sales of BACs in Series 45were completed on September 16, 2003.

 

During the fiscal yearended March 31, 2009, none of Series 45 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 45 had been used toinvest in 31 Operating Partnerships in an aggregate amount of $30,232,512. Asof March 31, 2009, one of the properties has been disposed of and 30remain.  The Fund had completed paymentof all installments of its capital contributions to 30 of the OperatingPartnerships.  Series 45 hasoutstanding contributions payable to 1 Operating Partnership in the amount of$16,724 as of March 31, 2009.  Theremaining contributions of will be released when the Operating Partnership hasachieved the conditions set forth in its partnership agreement.

 

During the fiscal yearended March 31, 2004, the Fund used $302,862 of Series 45 netoffering proceeds to acquire 1 limited partnership equity interest in limitedliability company, which is the general partner of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes.  The series isentitled to a percentage of the profits, losses and tax credits of the limitedliability company.  The investment isreported in the Investment in Operating Limited Partnerships line item on thebalance sheet.

 

(Series 46).  The Fund commenced offering BACs in Series 46on September 23, 2003.  The Fundreceived and accepted $29,809,980 representing 2,980,998 BACs from investorsadmitted as BAC holders in Series 46. Offer and sales of BACs in Series 46were completed on December 19, 2003.

 

During the fiscal yearended March 31, 2009, none of Series 46 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2009,proceeds from the offer and sale of BACs in Series 46 had been used toinvest in 15 Operating Partnerships in an aggregate amount of $22,495,082, andthe Fund had completed payment of all installments of its capital contributionsto 12 of the Operating Partnerships.  Series 46has outstanding contributions payable to 3 Operating

 

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Partnerships in theamount of $20,138 as of March 31, 2009. The remaining contributions will be released when the OperatingPartnerships have achieved the conditions set forth in their respectivepartnership agreements.

 

During the fiscal yearended March 31, 2004, the Fund used $228,691 of Series 46 netoffering proceeds to acquire 1 limited partnership equity interest in a limitedliability company, which is the general partner of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes.  The series isentitled to a percentage of the profits, losses and tax credits of the limitedliability company.  The investment isreported in the Investment in Operating Limited Partnerships line item on thebalance sheet.

 

## Results of Operations

##  

The Fund incurs a fundmanagement fee to the general partner and/or its affiliates in an amount equalto 0.5% of the aggregate cost of the apartment complexes owned by the OperatingPartnerships, less the amount of partnership management and reporting fees paidby the Operating Partnerships. The annual fund management fee incurred, net offees received, for the fiscal years ended March 31, 2009 and 2008 was$6,053,083 and $6,091,352, respectively.

 

TheFund’s investment objectives do not include receipt of significant cash flowdistributions from the Operating Partnerships in which it has invested orintends to invest.  The Fund’sinvestments in Operating Partnerships have been and will be made principallywith a view towards realization of Federal Housing Tax Credits for allocationto its partners and BAC holders.

 

Asfunds are utilized by the individual series for payment of fund managementfees, operating expenses and capital contributions to the OperatingPartnerships, it is anticipated that the “cash and cash equivalents” amountsfor each series will decrease.  As aresult of the reduction, it is expected that interest income reported by eachseries will begin to decrease after the first full year of operations.  Occasionally the Fund will makeinterest-bearing loans to Operating Partnerships against contributions due forrelease at a later date.

 

(Series 20).  As of March 31, 2009 and 2008, theaverage Qualified Occupancy for the series was 100%.  The series had a total of 22 OperatingPartnerships at March 31, 2009, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $1,454,574 and $1,590,554, respectively, in passive income tax lossesthat were passed through to the investors and also provided $0.00 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 20 was $0 and$1,204,188, respectively.  By using theequity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(1,573,686) and447,494, respectively.  The majorcomponents of these amounts are the Fund’s share of income (losses) fromOperating Partnerships, impairment losses, and the fund management fee.

 

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East Douglas Apartments(East Douglas Apartments Limited Partnership) has historically operated at orjust below breakeven due to a combination of the low rent structure mandated bythe state tax credit monitoring agency, the Illinois Housing DevelopmentAuthority, and high debt. The 2008 average occupancy was 82% and the averageoccupancy for the first quarter of 2009 was 76%. Occupancy decreased at the endof the second quarter of 2008, due to a number of evictions. Management hadtrouble re-leasing those vacated units for two reasons: (i) manyapplicants were failing required background checks and (ii) the sitemanager, who also worked as the maintenance technician, had not beenproactively leasing and marketing the property. Leasing traffic had beenstrong, so the regional manager went back through old applications anddetermined that some of the screening criteria were too stringent. The regionalmanager relaxed some criteria, such as work history, and this resulted in anumber of applicants that would have previously been denied. In addition, a newsite manager started in January 2009. With these changes, occupancy was upto 83% at the end of April 2009 and management had preleased another eightunits for move in by June 15, which should bring occupancy to 96%.

 

Due to several months oflow occupancy, the property has had insufficient cash to turn units and paypayroll and property management fees. In May 2009, the investmentpartnership funded $16,238 to cover some payables associated with unit turncosts, as well as past due management fees and payroll. To date, the investmentpartnership has funded $48,625 to the Operating Partnership for operatingdeficits, of which $16,238 was funded in May 2009; $17,112 was funded in2007; and the remainder was funded in prior years. The property operatedslightly below breakeven in 2008 and has continued to operate below breakevenfor 2009. If occupancy can reach the 96% percent projected by June 15, theOperating Partnership should operate above breakeven. However, covering unitturn costs, debt service, and payroll at the current income levels under thecurrent occupancy is not possible. The Operating Partnership holds an operatingreserve, which had a balance of approximately $75,000 at the end of the firstquarter 2009; however, per the loan documents, this reserve functions as a debtservice reserve, and is only to be withdrawn from by the lender in the event ofdefault under the loan agreement.

 

The operating generalpartner tried to improve the property’s financial performance by refinancingthe mortgage, but was unsuccessful. Currently, an affiliate of the investmentgeneral partner is serving as the operating general partner. The investmentgeneral partner has been attempting to find a replacement operating generalpartner and had been in discussions with several interested parties; however, nooffers resulted from these conversations. As a result, the investment generalpartner hired a real estate broker to evaluate the operating general partnerinterest and help identify additional operating general partner replacements.To date it has been difficult to find an unrelated third party willing to stepin as the operating general partner on an underperforming property; however,the broker has suggested that the most likely replacement general partner wouldbe a non-profit entity. The investment general partner plans to seek assistancefrom the Illinois Development and Housing Authority, which is the second lenderand the tax credit agency for the property, in identifying such a non-profit.The mortgage, property taxes and insurance are all current. The operatinggeneral partner has requested a meeting with the lender to discuss a release offunds

 

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from the operatingreserve, discussed above, to cover any future deficits. In exchange forapproval of releases from the operating reserve, the operating general partnerand investment general partner will attempt to identify a third party topurchase the property at the end of the compliance period. The lender has notyet responded to this request. The investment general partner has determinedthat the costs associated with maintaining the property through the end of thelow income housing tax credit compliance period of December 31, 2010, aregreater than the tax benefits associated with the tax credits.  Therefore, if the lender is unwilling toagree to the request of releasing funds from the operating reserve, theproperty may be unable to pay its debt service and may face foreclosure, whichcould result in tax credit recapture if such a foreclosure sale occurs prior toDecember 31, 2010.  The TaxIncrement Financing (the “TIF”), a reduced real estate tax program from thecity, will expire in December 2009. The operating general partner iscurrently in the process of requesting an extension on the TIF.

 

2730 Lafferty StreetApartments L.P. (Gardenview Apartments) is a 309-unit property locatedapproximately twenty miles outside Houston, Texas. The property suffered a firein the second quarter of 2006, causing twenty units to come off-line. Theproperty was issued 8823s for the units taken off-line. Additionally, 8823swere issued to the property as a result of a state inspection completed priorto the fire.  Management has sentcorrective documents to the Texas Department of Housing and corrected 8823swere received in the third quarter of 2008. Although 2008 average occupancy improved through the first two quarters,it decreased during the second half of the year to 78% as a result of vacanciescaused by water damage from Hurricane Ike. In total, 64 units were affected, of which 46 were off-line.  All units were back on line in the firstquarter of 2009.  All liability issueswere addressed and corrected immediately following the storm.  The estimated cost for repairs is $2,300,000,with insurance proceeds covering all expenses. Marketing efforts have been focused on local medical offices as well asthe City of Pasadena and Harris County Housing Authorities. In addition, amove-in concession of $99 and a resident referral program of a $300 discountare in place. Management is confident that the occupancy will improve in thesecond quarter of 2009 now that all units are available for occupancy.  The tax credit delivery period ended in 2005and the low-income housing tax credit compliance period expires in December 2009.  The mortgage, taxes, and insurance paymentsare current.

 

Northfield Apartments, LP(Willow Point I Apartments) is a 120-unit property located in Jackson,Mississippi. In 2008 the property operated below breakeven due to a drop inoccupancy and an increase in administrative and maintenance expenses.  The property also had high tenant receivablesand accounts payable in 2008.  Throughthe first quarter of 2009, the property continues to operate below breakevendue to low occupancy.  Occupancy droppedto an average of 68% for the quarter. Management has stated that the drop in occupancy is due to newcompetition in the area combined with a depressed local economy.  To help increase occupancy management hasincreased marketing to local businesses. They are leaving fliers with property information and current rates.  Management recently lowered the average rentby $20 to help increase occupancy.  Therents are now comparable to local competition. Management has also implemented a resident referral program that hasbeen effective in the past.  Both theadministrative and maintenance expenses have declined through the first quarterof 2009.  Delinquency and accountspayable remain high. The investment general partner will work with managementto strengthen their collection procedures. The investment general partneraddressed the high accounts payable issue with the operating general partner,who has stated that they will advance money to the Operating Partnership tohelp pay down the balance. The investment general partner will visit theproperty in the third

 

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quarter of 2009 toconduct a physical evaluation of the property and assess management. All taxes,insurance and mortgage payments are current.

 

In December 2006,the investment general partner of Boston Capital Tax Credit Fund II — Series 14,Boston Capital Tax Credit Fund III — Series 17 and Series 20transferred 33% of their interest in College Greene Rental Associates LimitedPartnership to entities affiliated with the operating general partners fortheir assumption of one third of the outstanding mortgage balance.  The cash proceeds received by Series 14,Series 17, and Series 20 were $25,740, $7,919, and $65,341,respectively. Of the proceeds received, $1,950, $599, and $4,951 for Series 14,Series 17, and Series 20, respectively, was paid to BCAMLP forexpenses related to the sale, which includes third party legal costs.  The remaining proceeds received by Series 14,Series 17, and Series 20 of $23,790, $7,320 and $60,390,respectively, were applied against the investment limited partners’ investmentin the Operating Partnership in accordance with the equity method ofaccounting.  The remaining 67% investmentlimited partner interest is anticipated to be transferred as follows: 50% in January 2010for $150,000 and 17% in February 2011 for $51,000.  The future proceeds will be allocated to theinvestment limited partnerships based on their original equity investments inthe Operating Partnership.

 

(Series 21).  As of March 31, 2009 and 2008, theaverage Qualified Occupancy for the series was 100%.  The series had a total of 13 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $669,123 and $483,868, respectively, in passive income tax lossesthat were passed through to the investors and also provided $0.11 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 21 was $97,879and $209,082, respectively.  The decreaseis a result of the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(521,323) and$(391,828), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, professional fees, impairment losses, and the fund managementfee.

 

Atlantic City HousingUrban Renewal Associates, LP (Atlantic City Apartments) filed for bankruptcy inJune of 2001. A Plan of Reorganization propounded by a large bondholderwas confirmed in September 2003. Although the Plan was confirmed, thetransactions necessary to conclude the bankruptcy did not close. The Planproponent effectively took control of and managed the property through amanagement company that was engaged in late 2004.  Despite significant improvements to thephysical condition of the property, property expenses (especially security,maintenance and insurance) remained stubbornly high and the property was notable to generate cash flow as projected under the Plan.

 

For the first half of2006, despite occupancy in excess of 90% both net operating income and cashflow were negative ($123,893). This performance was not sufficient to servicethe debt contemplated under the Plan of Reorganization.  Beginning in the first quarter of 2006, theinvestment general partner raised its concern that, given this performance, thePlan was no longer feasible. In June 2006, HUD threatened to terminate theHousing Assistance Payment contract supporting the property, which caused theproperty

 

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management company toresign.  At the same time, theprospective indenture trustee withdrew.

 

In July 2006, allparties acknowledged that the proponent’s Plan was unlikely to becomeeffective. On September 6, 2006, the Court converted the case from Chapter11 to Chapter 7 and a Trustee was appointed to oversee the sale of theproperty. On February 23, 2007, the Trustee conducted an auction at whichthe property was sold for $3,650,000; the sale closed on April 25,2007.  The investment general partner wasuncertain whether the new owner would continue to operate the property incompliance with the requirements of Section 42, and as a result, it didnot post a Section 42 Disposition Bond. As a result, the investors experienced recapture in 2007.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partner’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnership’sinvestment in the Operating Partnership to zero.  Accordingly, no gain or loss on the foreclosureof the investment general partner interest has been recorded.  The Operating Partnership lost $52,306 incredits and experienced recapture and interest of $1,462,036.  This represents credit loss and recapture of$27 and $757, respectively, per 1,000 BACs.

 

Pumphouse Crossing II, LP(Pumphouse Crossing II Apartments) is a 48-unit family property located inChippewa, Wisconsin.  The propertyoperated with an average occupancy of 96% in 2008 with operations belowbreakeven status.  Through the first quarterof 2009, occupancy remains strong at 95%, and expenses remain below the Stateaverages, but the property continues to operate below breakeven. Althoughoccupancy is high and expenses remain reasonable, low rental rates in the areacontinue to prevent the property from achieving breakeven operations. Themanagement company continues to market the available units by working closelywith the housing authority, and by continuing various marketing efforts toattract qualified residents. The operating general partner continues tofinancially support the Operating Partnership. The mortgage, taxes, insuranceand payables are current.

 

Black River Run, LP(River Run Apartments) is a 48-unit, family property located in Black RiverFalls, Wisconsin. In 2008, the property operated with an average occupancy of97% with below breakeven operations. Through the first quarter of 2009, occupancy has declined slightlyaveraging 91%, and operations remain below breakeven.  Although occupancy is strong and expensesremain below the State averages, low rental rates in the area continue toprevent the property from achieving breakeven operations.  The management agent continues to market theavailable units by working closely with the housing authority and is continuingvarious marketing efforts to attract qualified residents. The operating generalpartner continues to financially support the Operating Partnership. Themortgage, taxes, insurance and accounts payable are all current.

 

Lookout Ridge LP (LookoutRidge Apts.) is a 30-unit development located in Covington, KY.  The property continues to operate belowbreakeven due to high operating expenses and low occupancy.  On August 20, 2007, the investmentgeneral partner received a fax, via management, from the Internal Revenue Servicestating that due to continued non-compliance at Lookout Ridge Apartments,credits could not be calculated for the year, and that the previous creditsclaimed are subject to recapture.  Thespecific non-compliance issues cited by the Internal Revenue Service are:management failed to correctly complete or document tenant’s annual incomecertification; violation(s) of local inspection standards; the projectfailed to meet minimum set-aside requirements; violation(s) of the VacantUnit Rule under Reg. 1.42-5(c)(1)(ix); and the project is no longer incompliance with nor participating in the Section 42 Program.

 

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Although the operatinggeneral partner has advanced significant funds to keep accounts current, theoperational outlook for this property is not favorable. Occupancy numbers arerunning at historic lows and expenses continue to climb. Both the operating generalpartner and management have proven their inability to effectively run thisproperty by not following Section 42 guidelines.  Furthermore, Kentucky Housing has providedmanagement with a number of opportunities to correct various non-complianceissues which management failed to act upon. Other non-compliance issues are costly capital expense items whichinclude: replacement of concrete pads, replacement of entry stairs, replacementof landscaping ties, correction of drainage issues, and deck repairs.

 

The operating generalpartner requested use of operating reserve funds in order to pay for 2008taxes; as such, the operating reserve balance is now $0 per the 2008audit.  In total, the operating generalpartner has funded operating deficits of $324,422. The operating generalpartner continues to advance funds as needed. In 2008, occupancy averaged 77%, and the property operated belowbreakeven for the year.  Through the firstquarter of 2009, average occupancy has declined to 73%, and the property continuesto operate below breakeven status.

 

In summary, the propertyhas a history of unstable financial performance and inefficientmanagement.  These problems arecompounded by continued non-compliance, significant costs necessary to correctcapital improvement items, a building fire destroying all tenant files and anIRS letter indicating removal from the Section 42 program. Due to theremoval from the Section 42 program the Operating Partnership experiencedrecapture, interest and penalties of $858,975.  This represents recapture, interest andpenalties of $445 per 1,000 BACs, which was reflected on the 2007 taxreturn.  The operating general partnerhas worked with their attorney and Kentucky Housing in an attempt to get theproperty back into the Section 42 program, but upon review, KentuckyHousing denied reinstatement back into the Section 42 tax credit program.At this time, the investment general partner and its legal counsel arediscussing a plan of action for this Operating Partnership.  The investment general partner, operatinggeneral partner and Kentucky Housing continue to be in contact regardingpossible alternatives to legal action.

 

In December 2008,the investment general partner performed a site visit at the property.  The property is in extremely poor physicalcondition.  In addition, the tenant fileswere incomplete and the management office disorderly.  Overall, the condition of the property, filesand units are in desperate need of assistance. Since the property is no longerpart of the Section 42 program, the investment general partner is in theprocess of exploring various disposition opportunities consistent with theinvestment objectives of the investment partnership.

 

Pinedale II, LP (PinedaleApartments II) is a 60-unit, family property located in Menomonie, Wisconsin.The property maintained an average occupancy of 96% in 2008 with belowbreakeven operations.  Occupancy remainsconsistent with the prior year through the first quarter of 2009. The property’soperating expenses are below the State averages.  Despite occupancy above 90%, low rental ratesin the area continue to prevent the property from achieving breakevenstatus.  The management agent continuesto market the available units by working closely with the housing authority andis continuing various marketing efforts to attract qualified residents. Theoperating general partner continues to financially support the OperatingPartnership. The mortgage, taxes, insurance and accounts payable are allcurrent.

 

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Campton HousingAssociates Limited Partnership (The Woods Apartments) is a 20-unit developmentlocated in Campton, NH.  Despite strongoccupancy, the property operated below breakeven in 2008 due to severalunanticipated costs, which significantly increased operating expenses from theprior year.  Utilities increased from theprior year because the fuel company did not bill the property for a portion ofthe 2007 consumption until 2008.  In2008, the property was charged with $6,351 in fuel, which was actually consumedin 2007. In addition, fuel rates went up. Maintenance expenses increased due to higher than expected snow removalcosts.  As a result of the amount of snowin 2008, the property required an additional $5,500 in snow removal to removeaccumulated snow from the roof. Management was advised that if the snow was not removed, it could havecaused significant damage to the roof. Management has budgeted for extra snow removal costs in 2009.  Occupancy averaged 99% in 2008 and continuesto be strong averaging 100% through the first quarter of 2009.  Operations have stabilized in 2009.  The property received a 10% rent increase,which went into effect January 1, 2009. The property is operating above breakeven through the first quarter of2009.  Management expects the property tomaintain above breakeven operations through the remainder of 2009 and does notforesee any operational issues.  All tax,insurance, and mortgage payments are current.

 

In May 2009, theinvestment general partner entered into an agreement to transfer its interestin Centrum — Frederick LP to a non-affiliated entity for its assumption of theoutstanding mortgage balance of approximately $5,372,664 and cash proceeds tothe investment partnership of $466,654. Of the total proceeds received, $88,576represents a reimbursement of funds previously advanced to the OperatingPartnership, and $55,000 represents reporting fees due to an affiliate of theinvestment partnership.  Of the remainingproceeds, $15,000 will be paid to BCAMLP for expenses related to the transfer,which includes third party legal costs. The remaining proceeds of $308,078 will be returned to cash reservesheld by Series 21.  The monies heldin cash reserves will be utilized to pay current operating expenses, accruedbut unpaid asset management fees, and accrued but unpaid expenses of theinvestment partnership.  After alloutstanding obligations of the investment partnership are satisfied, anyremaining monies will be distributed based on the number of BACs held by eachinvestor at the time of distribution. Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership investmentin the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnershipinvestment in the Operating Partnership to $97,878. Accordingly, a gain on thesale of the Operating Partnership, net of the overhead and expensereimbursement, has been recorded in the amount of $210,200 as of June 30,2009.

 

(Series 22).  As of March 31, 2009 and 2008, theaverage Qualified Occupancy for the series was 100%.  The series had total of 29 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $1,339,578 and $1,370,857, respectively in passive income tax lossesthat were passed through to the investors and also provided $0.01 and $0.06,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 22 was $0 and$580,501, respectively.  The decrease isprimarily a result of the way the Fund accounts for such investments, theequity method. By using the equity method, the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

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For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(974,194) and$(406,258), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, impairment losses and the fund management fee.

 

Elks Tower Apartments, LP(Elks Tower Apartments) is a 27-unit development located in Litchfield, IL.  Occupancy in 2008 averaged 90% and theproperty operated below breakeven.  Theoperating general partner continues to focus on marketing, as there isconsiderable tax credit competition in the area.  A 50-unit affordable housing complex recentlycompleted construction nearby, and was expected to begin leasing in the firstquarter of 2009.  The property issponsored by Illinois Development Housing Authority, and will rent units totenants at or below 30% and 50% of the average medium income.  Elks Tower rents to tenants at or below 60%of the average medium income.  Theoperating general partner believes the new development may have a significantimpact on their ability to lease units, so they have concentrated on tenantretention. In order to improve the curb appeal, the operating general partnerplans to replace the carpets, roof and repaint, as funds are available. Themortgage, real estate taxes, and insurance payments are current.

 

Black River Run, LP(River Run Apartments) is a 48-unit, family property located in Black RiverFalls, Wisconsin. In 2008, the property operated with an average occupancy of97% with below breakeven operations. Through the first quarter of 2009, occupancy has declined slightlyaveraging 91%, and operations remain below breakeven.  Although occupancy is strong and expensesremain below the State averages, low rental rates in the area continue toprevent the property from achieving breakeven operations.  The management agent continues to market theavailable units by working closely with the housing authority and is continuingvarious marketing efforts to attract qualified residents. The operating generalpartner continues to financially support the Operating Partnership. Themortgage, taxes, insurance and accounts payable are current.

 

Roxbury Veterans Housing,LP (Highland House) is a 14-unit property located in Roxbury,Massachusetts.  The Department of Housingand Community Development informed the investment general partner that theDepartment of Mental Health would be terminating its contract with RoxburyVeterans Housing due to sub-par property conditions. Upon notification, theinvestment general partner inspected the property and found areas of concernregarding the overall condition of the property. The investment general partneralso learned that the operating general partner terminated the managementcontract of the third-party agent late in 2006, with the intention ofself-managing for an indeterminate period of time. Operating reports have beenunavailable since that time. In May 2007, the investment general partnerwas informed of a default notice sent to the operating general partner by OneUnited Bank, the holder of the first mortgage note. The investment generalpartner learned that there was a mortgagee sale of the property scheduled for June 14,2007 and that this sale date had been extended from May 2007.

 

Subsequently, theinvestment general partner contacted all critical stakeholders including theCity of Boston Department of Neighborhood Development (DND), the Department ofHousing and Community Development (DHCD), the operating general partner andtheir respective attorneys to come to a workout plan with the lender.  After much negotiation and the threat of abankruptcy filing that would reinstate the loan on its original terms, thelender agreed to a forbearance agreement. This agreement, signed June 13,2007, allowed a 60-day window during which the operating general partnerinterest was to be sold and the PAR value of the note ($355,000) held by OneUnited was to be paid in full.  The newoperating general partner was agreed

 

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to by all of the parties,and on September 14, 2007 the One United note was paid in full.  The new operating general partner holds thefirst soft mortgage and began planning property upgrades to be funded by DNDand DHCD.  The property was expected tobe re-occupied prior to year-end 2007; however, the work was delayed due to thefunding agencies’ frequent requests for additional information and theprolonged process of releasing funds.

 

All units remained vacantthrough the fourth quarter of 2008.  Theproperty began occupying units in 2009 and was 86% occupied as of the end ofthe first quarter of the year. Throughout negotiations regarding the foreclosing lender, the operatinggeneral partner transfer, and additional funding, the credit allocating agencyrepeatedly assured that credits would not be in jeopardy.  Since that time, there have been senior staffchanges at the credit agency that prompted the investment general partner toseek reconfirmation of the credit situation. Over the past two quarters, the investment general partner has maderepeated attempts to contact the agency, with no response.  The tax credit delivery period ended in 2007and the low-income housing tax credit compliance period expires in 2011.

 

Kimbark 1200 Associates,LP (Kimbark 1200 Apartments) is a 48-unit family development located inLongmont, CO.  The property suffers fromlow occupancy due to a weak local economy. In addition, the property has mostly three-bedroom units (42 of the 48) andthese units have comparable rents to single-family rental homes, which are moredesirable.  The poor quality of theschool system also makes it difficult to attract families with children.  The site manager developed a goodrelationship with the local police who have initiated nighttime patrols. Toattract applicants, management continues to offer rental concessions andresident referral fees.  Banners andsigns have been redesigned for increased visibility; a rotating model unit isshown to applicants; and advertising on the Internet, and in adjacent towns,has increased.  A consultant visited theproperty in August 2008, and reported that the property was in excellentcondition. Although the 2008 annual occupancy averaged 94%, there was a slowdecline throughout the second half of the year, ending at 85% occupancy in December 2008.  The decline was due to layoffs in companiesin Longmont and surrounding areas.  Thefirst quarter of 2009 showed a slight improvement to 88% occupancy.  The operating general partner continues tofund all operating deficits.  Accountspayable, mortgage, taxes, and insurance are current.  The last year for credit delivery was 2005and the low income housing tax credit compliance period expires in 2010.

 

Edmond Properties, LP(Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK.  The property operated with an averageoccupancy of 85% for 2007 and 83% in 2008. Despite the low occupancy, the Operating Partnership operated abovebreakeven in 2007 and 2008, due to management’s ability to control operatingexpenses.  At the end of 2007, due tocontinued occupancy issues, the operating general partner replaced themanagement company.  At that time, theentire site staff left and new management was not able to replace the sitestaff until June 2008.  During the2008 site visit it was determined that management was not making units readyfor occupancy in a timely manner and was cannibalizing vacant units in order tomake other units rent-ready.  The reasonfor the number of non-rent ready units was due mainly to staffing issues asthere was only one maintenance person on staff to manage 160 units.  Many of the tenants who had been approved bythe prior management company were problematic and upon eviction and/or move-outleft the units with significant damages. In September 2008, management hired an assistant maintenancetechnician.  Currently, all units havebeen turned and brought back on-line and as of March 2009, occupancy was90% with above breakeven operations. Management also improved applicant approval criteria so as to lease tomore reliable tenants, and as a result, evictions are down at the

 

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property. Since June 2008,turnover costs have declined significantly and collections have improved due tobecoming a primary focus of the staff. New marketing efforts have been effective.  The operating general partner is planning onupgrading the amenities at the site as well as completing exterior improvementsto enhance the marketability of the property. The investment general partner will continue to monitor and assistmanagement with marketing and leasing strategies and conduct the annual sitevisit during the first half of 2009 to ensure that any deferred maintenance isbeing addressed in a timely manner.  Allreal estate tax, insurance and mortgage payments are current.

 

Bayou Crossing, LP (BayouCrossing Apartments) is a 289-unit property located in Riverview, FL.  Average occupancy in 2007 was 90% and theproperty operated below breakeven due to the combination of increased vacancyloss and a $40,000 increase in insurance expense from 2006 levels.  Due to a number of job losses in the area,turnover increased and occupancy dipped to 85% by year-end 2007. In addition,the loss of jobs resulted in an increase in bad debt and evictions.  In 2008, the investment general partnerperformed a site inspection and noted a number of maintenance concernsincluding erosion issues due to poor drainage and units not being made readyfor occupancy.  Since that time, allunits have been brought back on-line, drainage and erosion issues are beingaddressed and occupancy has improved from 79% in March 2008, to 85% as of December 2008,for an average occupancy of 86% for the year. The property operated below breakeven in 2008 due to concessions, baddebt and vacancy all increasing significantly from historical operations.  The increase in vacancy and bad debt is adirect reflection of the Florida’s economy as ongoing job losses have led toincreased evictions and migration from the area. Management has increased itsmarketing and outreach and is planning on improving the property’s frontage tomake the community more marketable. Through the first quarter of 2009, occupancy is averaging 91%, and theproperty continues to operate below breakeven due to high economicvacancy.  A site visit was conductedduring the first quarter of 2009.  Theproperty was in good condition with no significant deferred maintenance.  Units were being turned efficiently and themanagement staff was knowledgeable and effective.  The investment general partner will continueto work with management to reduce economic vacancy and control expenses.  All real estate tax, insurance and mortgagepayments are current.

 

Richmond Hardin (RichmondSquare Apartments) is a 32-unit family property located in Richmond,Missouri.  Occupancy began to decline in July 2008reaching 78%, from a previous six-month average of 86%.  By year-end 2008, occupancy declined to 71%with operations below breakeven status. Average occupancy increased slightly in the first quarter of 2009 toaverage 76%.  The property is not in ahighly populated area, limiting the applicant pool.  The site manager has increased advertisingand outreach.  Additionally, residentreferrals and rental concession programs continue to be offered.  Property taxes and insurance arecurrent.  The low income housing taxcredit compliance period expires at year-end 2009.

 

(Series 23).As of March 31, 2009 and 2008, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 22 properties at March 31, 2009, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $1,494,044 and $1,786,140, respectively in passive income tax lossesthat were passed through to the investors and also provided $0.00 and $0.02,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 23 was $0 and$680,481, respectively.   The decrease isa result of the

 

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way the Fund accounts forsuch investments, the equity method.  Byusing the equity method the Fund adjusts its investment cost for its share ofeach Operating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(1,118,218) and$(350,492), respectively.   The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, impairment losses, and the fund management fee.

 

Colonna RedevelopmentCompany (Colonna House) is a 36-unit development located in Hempstead, NY.  Despite maintaining 100% occupancy andachieving above breakeven operations in 2008, replacement reserves have notbeen fully funded and the accounts payable balance is excessive.  The balance sheet indicates that over$360,000 is due from an operating general partner affiliate for unapprovedloans from the Operating Partnership, including an additional $58,500 in 2008.  The audit notes do not indicate what the additionalamount represents and the operating general partner has been non-responsive tothe investment general partner’s requests for clarification.  Asset management fees are guaranteed andremain outstanding.  In 2008, theoperating general partner brought up the idea of refinancing the debt on theproperty.  The investment general partnerreplied via certified letter stating that any refinancing or additional debt onthe property must be pre-approved by the investment general partner.  The first quarter financial statements andoccupancy reports have been requested, but not received.  All taxes, insurance and mortgage paymentsare current.  The Operating Partnership’slow income housing tax credit compliance period expires December 2009.

 

Mathis Apartments, LTD.(Mathis Apartments) is a 32-unit multifamily development located in Mathis,Texas.  Despite being 95% occupied during2007 and implementing a rent increase, the Operating Partnership operated belowbreakeven.  Occupancy was consistent,averaging 94% in 2008.  A rent increaseof $20 per unit was implemented in 2008. The strong occupancy and increased rents generated additional revenuewhile overall operating expenses decreased by 14% from the prior year, allowingthe property to operate above breakeven in 2008. Through the first quarter of2009, occupancy remained consistent averaging 93%, and the property continuesto operate above breakeven.  Theoperating general partner’s operating deficit guarantee is unlimited in amountthrough the end of the low income housing tax credit compliance period in2009.  All real estate tax, mortgage, andinsurance payments are current.

 

South Hills Apartments,LP (South Hills Apartments) is a 72-unit, family property located in Bellevue,Nebraska. The property operated with an average occupancy of 84% in 2008.Occupancy decreased to average 79% in the first quarter of 2009. There are fewqualified prospective residents that can afford the tax credit rents withoutobtaining rental assistance. Currently there is limited assistance as evidencedby a nine-month waiting list at the local housing authority. There is alsocompetition in the area from newer properties offering superior amenitypackages.  Management has increased concessionsand resident referral rewards. Management is in constant communication with thenearby Air Force base and local employers, is placing advertising in the weeklynewspaper, and has a website for the property. The new manager is focusing onstrengthening the resident base, increasing resident retention, and improvingcollections. The manager has been proactive in an attempt to improve leaserenewals by contacting every resident to ask if they need any additionalservices. The on-site manager has made personal contact with specific employersin the immediate area that best support the property and received permission todisplay brochures to promote the community in break rooms and at front desks.Management also changed the office hours to better

 

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accommodate workingresidents. As the result of the low occupancy and overly burdensome debtservice, the property was not able to operate above breakeven in the firstquarter of 2009. Per an agreement with the operating general partner, themanagement company (an affiliate of the operating general partner) is deferringall fees until operations improve and the property can support itself. Theoperating general partner’s operating deficit guarantee is unlimited in timeand amount.  The mortgage, taxes, andinsurance payments are all current. The last year for credit delivery was 2005and the low income housing tax credit compliance period expires in 2010.

 

Kimbark 1200 Associates,LP (Kimbark 1200 Apartments) is a 48-unit family development located inLongmont, CO.  The property suffers fromlow occupancy due to a weak local economy. In addition, the property has mostly three-bedroom units (42 of the 48)and these units have comparable rents to single-family rental homes, which aremore desirable.  The poor quality of theschool system also makes it difficult to attract families with children.  The site manager developed a goodrelationship with the local police who have initiated nighttime patrols. Toattract applicants, management continues to offer rental concessions andresident referral fees.  Banners andsigns have been redesigned for increased visibility; a rotating model unit isshown to applicants; and advertising on the Internet, and in adjacent towns,has increased.  A consultant visited theproperty in August 2008, and reported that the property was in excellentcondition. Although the 2008 annual occupancy averaged 94%, there was a slowdecline throughout the second half of the year, ending at 85% occupancy in December 2008.  The decline was due to layoffs in companiesin Longmont and surrounding areas.  Thefirst quarter of 2009 showed a slight improvement to 88% occupancy.  The operating general partner continues tofund all operating deficits.  Accountspayable, mortgage, taxes, and insurance are current.  The last year for credit delivery was 2005and the low income housing tax credit compliance period expires in 2010.

 

Edmond Properties, LP(Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK.  The property operated with an averageoccupancy of 85% for 2007 and 83% in 2008. Despite the low occupancy, the Operating Partnership operated abovebreakeven in 2007 and 2008, due to management’s ability to control operatingexpenses.  At the end of 2007, due tocontinued occupancy issues, the operating general partner replaced themanagement company.  At that time, theentire site staff left and new management was not able to replace the sitestaff until June 2008.  During the2008 site visit it was determined that management was not making units readyfor occupancy in a timely manner and was cannibalizing vacant units in order tomake other units rent-ready.  The reasonfor the number of non-rent ready units was due mainly to staffing issues, asthere was only one maintenance person on staff to manage 160 units.  Many of the tenants who had been approved bythe prior management company were problematic and upon eviction and/or move-outleft the units with significant damages. In September 2008, management hired an assistant maintenancetechnician.  Currently, all units havebeen turned and brought back on-line and as of March 2009, occupancy was90% with above breakeven operations. Management also improved applicant approval criteria so as to lease tomore reliable tenants, and as a result, evictions are down at the property.Since June 2008, turnover costs have declined significantly andcollections have improved due to becoming a primary focus of the staff.  New marketing efforts have beeneffective.  The operating general partneris planning on upgrading the amenities at the site as well as completingexterior improvements to enhance the marketability of the property.  The investment general partner will continueto monitor and assist management with marketing and leasing strategies andconduct the annual site visit during the first half of 2009 to ensure that anydeferred maintenance is being addressed in a timely manner.  All real estate tax, insurance and mortgagepayments are current.

 

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Bayou Crossing, LP (BayouCrossing Apartments) is a 289-unit property located in Riverview, FL.  Average occupancy in 2007 was 90% and theproperty operated below breakeven due to the combination of increased vacancyloss and a $40,000 increase in insurance expense from 2006 levels.  Due to a number of job losses in the area,turnover increased and occupancy dipped to 85% by year-end 2007. In addition,the loss of jobs resulted in an increase in bad debt and evictions.  In 2008, the investment general partnerperformed a site inspection and noted a number of maintenance concernsincluding erosion issues due to poor drainage and units not being made readyfor occupancy.  Since that time, allunits have been brought back on-line, drainage and erosion issues are beingaddressed and occupancy has improved from 79% in March 2008, to 85% as of December 2008,for an average occupancy of 86% for the year. The property operated below breakeven in 2008 due to high economicvacancy as concessions, bad debt and vacancy all increased significantly fromhistorical operations.  The increase invacancy and bad debt is a direct reflection of Florida’s economy, as ongoingjob losses has led to increased evictions and migration from the area.  Management has increased its marketing andoutreach and is planning on improving the property’s frontage to make thecommunity more marketable.  Through thefirst quarter of 2009, occupancy is averaging 91%, and the property continuesto operate below breakeven due to high economic vacancy.  A site visit was conducted during the firstquarter of 2009.  The property was ingood condition with no significant deferred maintenance.  Units were being turned efficiently and themanagement staff was knowledgeable and effective.  The investment general partner will continueto work with management to reduce economic vacancy and control expenses.  All real estate tax, insurance and mortgagepayments are current.

 

(Series 24). As of March 31,2009 and 2008, the average Qualified Occupancy for the series was 100% and100%, respectively. The series had a total of 24 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007, the series, in total, generated $897,459 and $1,371,273,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.00 and $0.09, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 24 was $0 and$286,029, respectively.  The decrease isprimarily the result of the way the Fund accounts for such investments, theequity method. By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the Series was $(668,822) and$(660,630), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, and impairmentlosses.

 

ElmStreet Associates, Limited Partnership (Elm Street Apartments) is located inYonkers, New York.  The neighborhood hasbeen a difficult one in which to operate due to high crime.  Almost all tenants have some public subsidy,making this a very management-intensive property.  Poor tenancy has historically resulted inoperating deficits.  Although managementhas been proactive in addressing these concerns, other management issues,including poor rent collections and deferred maintenance, have negativelyimpacted the property.

 

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Occupancy averaged 84% in2008, but has shown improvement averaging 91% in the first quarter of2009.  Management is trying to beproactive in trying to keep residents in the units by supplying life skillsworkers to families who are having trouble paying rent.  After referring families to rent assistanceservices, they offer counseling for basic budgeting skills to avoid futureevictions.  In addition to the occupancyissues, operating expenses have also increased significantly.  Management had previously been diligent incontrolling operating expenses in order to reduce their operating deficit.  Maintenance expenses increased in conjunctionwith the increased turnover.  One unitrequired mold abatement, which drove up maintenance costs.  Payroll expenses have also increased due tothe increased staffing to handle maintenance. Water and sewer expenses have also seen significant increases.  Due to the decreased occupancy, bad debt, andthe increase in operating expenses, the property continues to operate belowbreakeven.  The mortgage, real estatetax, insurance and required replacement reserve deposits are all current. TheOperating Partnership is dependent on the operating general partner funding theoperating deficits by cash infusions, and deferring management fees.  The goal of management is to work onimproving and stabilizing the neighborhood in order to attract and retainresidents. The operating general partner has a longstanding and ongoingcommitment to the residents of Southwest Yonkers where their housing programsand service offices are located.

 

The operating generalpartner’s most intensive community development work is focused in Nodine Hillwhere the property is located.  Thecommunity organizer serves as the coordinator of the US Department of Justice’s“Weed to Seed” initiative which combines law enforcement and social services ina coordinated effort to remediate problems in the neighborhood.  The operating general partner has beeninstrumental in operating the Elm Street Neighborhood Center. The center offersneighborhood residents access to after school children’s programs, job trainingfor adults and teens, and work services programs for adults. The operatinggeneral partner has been proactive and successful in obtaining grants such as arecent award under the New York State Main Street program which was designed tostimulate downtown revitalization.  Fundshave been utilized for building renovations, streetscape enhancements, andcommercial and affordable housing development. Recently there have been somepositive signs of development in the community, including a family medicalpractice, a deli, and a fish market. The tot lot has opened on the property andis a bright addition to the neighborhood. The operating general partner remainscommitted to the property and the neighborhood and expressed a willingness tocontinue funding deficits until the property stabilizes.  The operating general partner has asignificant investment in the community in which the property is located, andall attempts to stabilize the property are geared for the long term.  The City of Yonkers is currently undergoingsignificant growth.  A casino has openedin the Yonkers Racetrack, and a water shuttle service has come on line thatconnects to the financial district in Manhattan.  It is hoped that this growth will make thisneighborhood a better place to live.  Inthe short term, the operating general partner is working to increase occupancylevels, as well as working to educate the tenants so they do not fall behind inrent payments.  The investment generalpartner will continue to monitor this Operating Partnership until propertyoperations have stabilized.

 

Jeremy Associates, LP(Coopers Crossing Apartments) is a 93-unit family development located in LasColinas, Texas.  Average occupancy for2007 was 90%, down 6% from the 2006 average occupancy.  In 2008, average occupancy was 94%; however,the property continued to operate below breakeven due to high operatingexpenses and debt service.  Operatingexpenses are high due mainly to inordinately high maintenance costs as a resultof severe physical

 

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cracks in a number ofbuildings on site.  The total cost of theproject was estimated at $320,000; however, there were additional repairsrequired due to plumbing breaks as the foundations were being repaired,resulting in a total project cost of $360,000. The construction repairs werefunded by a capital contribution from the operating general partner, and theproject was completed in November of 2007 and all units were brought backon-line at that time.  During the fourthquarter of 2008, the operating general partner notified the investment generalpartner that an additional building was experiencing differential settlementissues and two units were being brought off-line until repairs could bemade.  Repairs were completed in March ata cost of approximately $80,000.  Thiswas also funded via an advance from the operating general partner.  As indicated above, while occupancy hasimproved through 2008, expenses remain high and inhibit the property fromoperating above breakeven.  The mostsignificant expenses are utilities and maintenance.  Most of the maintenance expenses are turnoverrelated, as management has seen an increase in turnover from historicalfigures, mainly due to market related issues. In addition, many of the appliances are reaching the end of their usefullife and are requiring replacement or repairs. Through the first quarter of 2009, occupancy averaged 93%, and theproperty continued to operate below breakeven. Management has made efforts to reduce operating expenses via cuttingstaffing hours, stopping newsletters, reducing advertising and shutting oneboiler down during the summer months to reduce gas usage.  Debt service is high as the interest rate is8.77%.  The operating general partner hasstated that refinance is not an option due to a prohibitively expensive yieldmaintenance penalty.  The operatinggeneral partner continues to fund operating deficits despite the expiration ofthe operating deficit guarantee. The investment general partner will continueto work with management to improve occupancy and reduce expenses.  In addition, a representative of theinvestment general partner will conduct a site visit during the second quarterof 2009 to determine additional capital needs. The mortgage, trade payables, property taxes and insurance are current.

 

Zwolle Partnership(Lakeway Apartments) is a 32-unit multifamily development located in Zwolle,Louisiana.  During 2007, a rentalincrease was implemented effective for new move-ins or upon lease renewal.  The rent increase caused a considerableamount of vacancies, as tenants could not afford the new rates.  Although the Operating Partnership operatedabove breakeven during 2007, occupancy declined 11% to average 88% for theyear.  Although much of the occupancydecline was due to the rent increase, it was also attributed to the continuedweakening of the local economy.  LakewayApartments is approximately twelve miles away from the nearest town, Many,Louisiana.  In Many, most of theapartment complexes offer rental assistance and substantial concessions. Thisis causing residents to vacate the Zwolle area. Both Many and Zwolle are towns that continue to struggle to keepresidents in the area because several businesses have closed and there are notmany employment opportunities.  This isevidenced at Lakeway as there are twenty-two rental assistance slots, but onlytwo Department of Housing and Urban Development (HUD) voucher tenants at thesite.  Although the operating generalpartner has a good rapport with the HUD representative in the parish, there areno new HUD vouchers to be provided.  Inaddition, turnover of the on-site manager position has continued to hinder thecircumstances on-site.  Occupancyaveraged 82% in 2008.  Despite therelative low occupancy, the Operating Partnership operated above breakeven in2008. In an effort to attract qualified traffic, the manager is blanketing theimmediate area with flyers and working with local non-profit agencies,churches, and area employers. As a result of these efforts, occupancy improvedto average 89% for the first quarter of 2009, ending at 91%.  The operating general partner is funding alldeficits as necessary.  The guarantee isunlimited in time and amount.  All realestate tax, mortgage, and insurance payments are current.

 

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Los Lunas Apartments, LP(Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property.Average physical occupancy for 2007 was 88% and the property operated abovebreakeven. In 2008 and through the first quarter of 2009, the propertycontinued to operate above breakeven with an average occupancy of 95%.  To increase and maintain the occupancy,management continues to market the property through local media and civicorganizations. The operating general partner has also renegotiated the laundrycontract with the vendor and all of the machines were upgraded.  The property has received funds from thevendor for re-signing the contract. In 2008, management replaced a number ofappliances.  The real estate taxes,insurance, and mortgage payments are current.

 

New Hilltop Apartments,Phase II (Hilltop Apartments) is a 72-unit property located in Laurens,SC.  Industrial decline in the area hasled to a dwindling population base from which to draw qualified residents.  Only 21 of the property’s 72 units haverental assistance.  Consequently, theproperty has trouble competing with properties that offer more units withrental assistance.  In 2008, occupancyaveraged 85%, and the property operated below breakeven for the year.  Through the first quarter of 2009, averageoccupancy has declined to 72%, and the property continues to operate belowbreakeven status.  The primary reasonsthat the property continues to operate below breakeven status include:insufficient rental rates, vacancy loss, various capital improvement projectsand additional replacement reserve funding per a Rural Housing workoutplan.  Management continues to market theproperty through local media and civic organizations, as well as investigatingthe possibility of obtaining additional project-based rental assistancesubsidy. The mortgage, real estate tax, insurance and payables to non-relatedentities are current. The operating general partner’s guarantee is unlimited intime and amount.  The low income housingtax credit compliance period expires in 2009.

 

Century East IV, LP(Century East IV Apartments) is a 24-unit development located in Bismarck,ND.  In 2006 the property operated with acash deficit due to maintaining an average occupancy of 88%.  In 2007, average occupancy improved to 93%and the property began operating above breakeven.  In 2008, average occupancy increased to 94%,but the property operated slightly below breakeven.  In the fourth quarter of 2008, the sitemanager was replaced and marketing efforts were increased.  This resulted in significantly moretraffic.  In addition, management hasbegun a process of re-tenanting the property in an effort to reduce bad debtexpenses, skips, and evictions.  As aresult, many problematic tenants have been evicted and replaced with morestable tenants.  As such, occupancy hasdipped slightly to 87% through the first quarter of 2009 and the property isoperating below breakeven due largely to seasonal utility costs.  Management anticipates improvement to above90% during the second quarter of 2009 once leasing season begins.  It is important to note that, in the past,the operating general partner has funded all operating deficits, despite theexpiration of the operating deficit guarantee. The investment general partner will continue to monitor the property’sperformance.  The mortgage, tradepayables, property taxes, and insurance are current.

 

Century East V, LP(Century East V Apartments) is a 24-unit development located in Bismarck,ND.  In 2006 the property operated with acash deficit due to maintaining an average occupancy of 89%. In 2007, averageoccupancy improved to 93% and the property began operating abovebreakeven.  In 2008, average occupancydeclined to 92%, with operations slightly below breakeven.  In the fourth quarter of 2008, the sitemanager was replaced and marketing efforts were increased.  This resulted in significantly more traffic.  In addition, management has begun a processof re-tenanting the property in an

 

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effort to reduce bad debtexpenses, skips, and evictions.  As aresult, many problem tenants have been evicted and replaced with more stabletenants.  As such, occupancy has dippedslightly to 87% through the first quarter of 2009 and the property is operatingbelow breakeven due largely to seasonal utility costs.  It is important to note that, in the past,the operating general partner has funded all operating deficits, despite theexpiration of the operating deficit guarantee. The investment general partner will continue to monitor the property’sperformance. The mortgage, trade payables, property taxes and insurance arecurrent.

 

North Hampton Place, LP(North Hampton Place Apartments) is a 36-unit family property located inColumbia, Missouri.  Occupancy began todecline in 2006 to an average of 82%, primarily due to lack of marketing.Management increased the frequency of newspaper advertising and occupancy improvedthrough 2006 and 2007, reaching 91% by December 2007.  However, the property operated belowbreakeven. In 2008, occupancy averaged 86% but has declined to 67% as of theend of the first quarter of 2009, with continued operations below breakeven.  As a result, management has receivedadditional training in leasing and marketing. Due to resident complaints about maintenance issues, the staff has beenreplaced.  The leasing office is now openTuesday through Thursday evenings and every Saturday.  In order to enhance the amenities at thesite, a basketball court has been installed. The operating general partner continues to fund deficits asnecessary.  The accounts payable balanceincreased from 2007 to 2008, and the investment general partner will continueto monitor the balance to ensure that there is no impact on operations.  The mortgage, real estate taxes, andinsurance are current.  The tax creditdelivery period ended in 2006.  The lowincome housing tax credit compliance period expires in 2010.

 

Centenary Housing, LP.(Centenary Tower Apartments) is a 100-unit senior property located in St.Louis, MO.  The property operated at adeficit for the first time in 2005, due to operating expenses which exceededthe state average by 25%.  Throughout2006, third party management reports to the operating general partner and theinvestment general partner suggested that the property was operatingadequately, although there were a few reports that drug use and otherundesirable activity were increasing at the property. In the first quarter of2007, the investment general partner learned that the City of St Louis hadcited the property as a nuisance twice in 2006. The property’s security and habitability had deteriorated sharply duringthe second half of 2006 and the first quarter of 2007, with over 700 policecalls from June 15, 2006 — February 28, 2007. After an additionalcitation from the City in the first quarter of 2007, the management companyresigned effective February 1, 2007. The operating general partner took over management and hired newsecurity personnel, but security guards were ineffective.  On February 28, 2007, the on-sitemanager was assaulted on the premises and the operating general partner wasunable to re-establish a management presence at the property.

 

On March 2, 2007,the City of St. Louis conducted a hearing and ordered the building closedpursuant to public nuisance ordinances. The Department of Housing and Urban Development terminated the HousingAssistance Payment contract.  The trusteefor the bonds declared default under the bond documents.  The operating general partner chose not tocontest the City’s order or HUD’s contract termination after determining thatthe highest recovery for the bondholders and limited partners might result froma sale to a developer who would convert the property to a non-affordableuse.  The operating general partnerworked with HUD and local municipal officials to relocate the tenants, whichconcluded in early July 2007. The operating general partner engaged abroker who began marketing the property, but after three months of marketexposure during the third quarter of 2007, the property

 

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had failed to elicit anystrong expressions of interest.  The lackof interest was in part attributable to the general problems in the creditmarket that occurred in the third quarter of 2007.  In October 2007, the operating generalpartner determined that it would be costly to carry the property through thewinter and offered to consensually transfer the property to the bondholders’trustee. As of December 2007, the bondholders’ trustee had effectivelytaken control of the property, although it had not formally accepted the deed.Since late 2007, the bondholders’ trustee has been attempting to market theproperty.  Despite a few promisingoffers, to date no transaction has been consummated.  Given the price levels that potentialpurchasers have offered, however, repayment of amounts due the bondholders islikely to consume the entire amount of sale proceeds, leaving no excessproceeds available to the Operating Partnership.

 

Due to the property beingshut down in 2007, investors lost 2007 tax credits and experiencedrecapture.  The Operating Partnershiplost $88,635 in credits and experienced recapture of $496,442.  This represents credits and recapture of $40and $224, respectively, per 1,000 BACs. The operating general partner has unlimited guarantees and theinvestment general partner intends to pursue payment under these guarantees inorder to offset some or all of the expected recapture of tax credits.  However, it is not certain at this time howmuch can be collected under the guarantees, based on the unknown financialstrength of the guarantors.

 

Lake Apartments LimitedPartnership (Lake Apartments I) is a 24-unit property located in Fargo,ND.  During 2007, the property operatedwith an average occupancy of 93%, which was a 12% improvement from the prioryear.  In 2008, average occupancy was92%, and the property operated below breakeven due to high economic vacancy andhigh utility, real estate and turnover related expenses.  According to the regional manager, a significantpart of the tenant base is comprised of new Americans.  As a result, the property is affected byunique cultural concerns.  As many ofthese tenants move as a group, it is not uncommon to have a dramatic number ofmove-outs as an entire extended family may move-out all at once.  In addition, many of the tenants areunfamiliar with apartment living.  Assuch, maintenance and utility costs are inordinately high.  Management and Lutheran Social Services (LSS)have made concerted efforts to educate the tenants in order to reducecosts.  Further, there have been a numberof incidents at the property as a result of tenant conflicts.  This has resulted in a poor reputation in thecommunity.  Management is addressing thisby creating more of a management presence at the property by installing aleasing office in the area.  In addition,management is now screening the LSS referred tenants to ensure they do notbecome problematic down the road.  In thepast, they had accepted LSS’s screening information.  Physical improvements are also being made tothe site in order to improve marketability at the property.  In 2008, management began a process ofre-tenanting the property in efforts to reduce bad debt expenses, evictions andskips.  As a result, many prior problematictenants have been evicted or not had their leases renewed.  As such, occupancy dipped during the latterhalf of 2008; however, management is slowly recovering as the average occupancythrough the first quarter of 2009 was 92%. Management believes occupancy should continue to improve as Fargo ismoving into its leasing season.  Theoperating general partner continues to fund all operating deficits as theoperating deficit guarantee is unlimited in nature.  The investment general partner will continueto monitor operations and assist management in improving leasing efforts andreducing operating expenses.  Themortgage, trade payables, property taxes, and insurance are current.

 

In May 2009, theinvestment general partner of Series 24 and Series 25, respectively,entered into an agreement to transfer its interest in Laurelwood

 

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Park LP to an entityaffiliated with the operating general partner for its assumption of theoutstanding mortgage balance of approximately $2,093,596 and cash proceeds tothe investment partnerships of $108,413 and $53,397 to Series 24 and Series 25,respectively.  Of the total proceeds received,$23,450 and $11,550 from Series 24 and Series 25, respectively,represents reporting fees due to an affiliate of the investment partnership andthe balance represents proceeds from the transfer.  Of the remaining proceeds, $6,114 and $3,011from Series 24 and Series 25, respectively, will be paid to BCAMLPfor expenses related to the transfer, which includes third party legalcosts.  The remaining proceeds of $78,849and $38,836 will be returned to cash reserves held by Series 24 and Series 25,respectively.  The monies held in cashreserves will be utilized to pay current operating expenses, accrued but unpaidasset management fees, and accrued but unpaid expenses of the investmentpartnership.  After all outstandingobligations of the investment partnership are satisfied, any remaining monieswill be distributed based on the number of BACs held by each investor at thetime of distribution.  Annual lossesgenerated by the Operating Partnership, which were applied against theinvestment limited partnership’s investment in the Operating Partnership inaccordance with the equity method of accounting, had previously reduced theinvestment limited partnership investment in the Operating Partnership to zero.Accordingly, a gain on the sale of the Operating Partnership, net of theoverhead and expense reimbursement, has been recorded in the amounts of $78,849and $38,836 for Series 24 and Series 25, respectivly, as of June 30,2009.

 

(Series 25). As of March 31,2009 and 2007, the average Qualified Occupancy for the series was 100%. Theseries had a total of 22 properties at March 31, 2009, all of which wereat 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007, the series, in total, generated $1,002,780 and $1,762,116,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.00 and $0.15, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 25 was $9,461and $2,477,296, respectively.  Thedecrease is a result of the way the Fund accounts for such investments, theequity method. By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(2,854,621) and$(704,857), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, the fund management fee, and impairment losses.

 

Sutton Place Apartments,LP (Sutton Place Apartments) is a 360-unit apartment complex located inIndianapolis, Indiana.  In January of2005, the Operating Partnership underwent a change in the operating generalpartner, which was accompanied by a change in management. In 2005, the property’sperformance dipped below breakeven due to high operating expenses, mainly dueto deferred maintenance.  Given the sizeand difficult tenant base of the property, the original operating generalpartner did not have the resources to support the property long term.  As a result, deferred maintenance items werenot addressed and the property’s physical condition declined.   As a result, when the new operating generalpartner assumed the position, there was a significant amount of deferredmaintenance and a number of vacant units that required significant repairs tomake them marketable.  Many of the morecostly vacant units were down in efforts to turn over the other less costlyunits.

 

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The new managementendeavored to address the maintenance items utilizing the existing replacementreserve account and available cash flow. Unfortunately, the available escrowed funds and cash flow have notproven to be sufficient.  Capitalexpenditures in the amounts of $133,000 for 2005 and $190,000 for 2006 werecontributed by the operating general partners; however, this was not enough toaddress all physical concerns.  As aresult, the property failed the 2007 Real Estate Assessment Center (REAC)inspection and management lost the confidence of HUD, resulting in a HUDrequired management change.  With theapproval of the investment general partner, the operating general partnersecured a $500,000 bridge loan to address all items raised by REAC, as well asadditional rehab items on all units.

 

A new management companywas hired to assume management duties in February 2008.  Since that time, they have rehabbed all thevacant and down units and have made significant improvements to the tenant baseat the property.  The site manager wasreplaced with a more seasoned manager.  Anumber of problematic tenants were evicted and screening criteria werestrengthened in efforts to re-tenant the property.  In addition, the new management company hasbeen working closely with the local social service organizations and the localauthorities in order to preserve the security at the property as well asimprove the reputation in the community. New programs and amenities including a computer room have beenintroduced.  A stronger maintenance teamhas also been employed.  Since assumingduties, management has steadily improved occupancy to average 91% in 2008 witha fourth quarter average of 96%.  Inaddition, criminal incidents are down for the year as the property is beingre-tenanted.  Utilizing the bridge loanfunds, the rehab project was completed in November 2008.  HUD performed its Real Estate AssessmentCenter inspection and the property successfully passed and is no longer beingmonitored by HUD’s Department Enforcement Center.

 

The operating generalpartner has received terms on new debt to refinance the existing permanentmortgage and bridge loan.  In addition,the property received a significant increase in approved rents.  The new debt terms and increased rents wouldallow the property to operate above breakeven. Management has transitioned its focus to the high tenant receivables itinherited.  Through payment arrangementsand ongoing evictions, outstanding rents are being collected and non-payingtenants are being evicted.  Prior to thenew management company assuming management duties, maintenance requests werenot being addressed by the site staff. The new maintenance staff has been aggressive in addressing alloutstanding tenant maintenance requests as well as developing a comprehensivepreventative maintenance program.  As aresult, maintenance expense for 2008 is significantly higher then historical,but should normalize in 2009.  Theproperty operated below breakeven in 2008 due to high operating expenses as newmanagement stabilized the property. Through the first quarter of 2009, occupancy is 92%, and operations arebelow breakeven, mainly due to weather related high utility expenses.  Operating expenses are now trendinglower.  Since assumption of the operatinggeneral partner position, the operating general partner has continued to fundoperating deficits despite fulfilling the obligations per the OperatingPartnership agreement.  The investmentgeneral partner will continue to work with the operating general partner inrefinancing the outstanding debt as well as continue to work with the newmanagement company to assist in improving collection and leasing efforts. Allreal estate tax, insurance, and mortgage payments are current.

 

M.R.H., LP (The MaryRyder Home), a 48-unit property located in St. Louis, MO, received a 60-dayletter issued by the IRS proposing to reduce the amount of low income housingtax credits allowable because it asserts that certain fees and otherexpenditures were not includible in the eligible basis of the

 

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property. The 60-dayletter was the result of an IRS audit of the Operating Partnership’s books andrecords. As a result of their audit, the IRS proposed an adjustment that woulddisallow approximately 18% of past and future tax credits. The adjustment wouldalso include interest. The investment general partner and its counsel, alongwith the operating general partner and its counsel, filed an appeal on June 30,2003 and continued negotiations with the IRS Appeals Office.

 

On March 23, 2004,the Operating Partnership received a Notice of Final Partnership AdministrativeAdjustment denying the appeal of June 30, 2003.  The Operating Partnership had the opportunityto challenge the denial and petition the tax court.

 

On June 22, 2004,the operating general partner and its counsel filed a petition in tax court forthe tax years ending 2000 and 2001. The investment general partner and itscounsel continued to monitor the court proceedings.

 

Final Closing Agreementswere issued in October 2005. Under the agreements, the general partnerreached a resolution with the IRS so the adjustments to the tax credits anddepreciation expense will be made only for the tax years 2005 and 2006,avoiding amending tax returns already filed for the years 2000 and 2001.

 

On November 23, 2005the United States Tax Court issued final agreements reporting no changes forthe tax years ending 2000 and 2001. Additionally, on December 28, 2005,the Internal Revenue Service issued a Partial Agreement, Closing Agreement onFinal Determination Covering Specific Matters for the years ending 2005 and2006. Under this agreement the credits and depreciation expense adjustmentsapplicable to 2000 and 2001 will be made in the years ending in 2005 and 2006to avoid amending tax returns for the years 2000 and 2001.  The Operating Partnership lost approximately$52,688 in tax credits (.18%) and $16,436 in depreciation expense for each year2005 and 2006.  The 2000 and 2001 auditsare closed.

 

Despite strong occupancy,the property operated with a deficit in 2007. The loss was due to a largeincrease in real estate taxes in 2007. In 1997 the City of St. Louis granted the property a tax abatement whichexpired in 2006. The operating general partner erroneously thought theabatement went through 2007, so they had not budgeted for the large increase inreal estate taxes.  Per the operatinggeneral partner, the City of St. Louis will not extend the abatement; however,the operating general partner is working with his counsel to appeal theassessment for the upcoming tax year.  Inthe fourth quarter of 2008 and the first quarter of 2009, the operating generalpartner has been discussing the assessment with the firm who did the originalappraisal of the property. The assessment firm is confident that the OperatingPartnership can successfully appeal the assessment and has offered its servicespro-bono. The operating general partner and the tax firm are waiting for thenew assessment to be issued in the second quarter of 2009. At that time, theywill appeal the assessment. The process will begin as an informal appeal to theCity Assessor; however, if necessary, they will file a formal appeal with theCity. The next step would be a formal appeal to the State; however, theoperating general partner and the assessment firm do not expect the appeal togo as far as the State. If the appeal process is not successful, the investmentgeneral partner and operating general partner will work together to determineif a withdrawal request from the operating reserve will be required to coverthe real estate tax expense.  Theproperty continues to operate below breakeven through 2008 due to highoperating expenses; specifically, administrative and maintenance costs.  The investment general partner has requestedthe 2008 audit and the 2009 first quarter un-audited financial statements.  The current deficits are

 

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being funded throughcharitable contributions and operating general partner advances.  Despite the cash deficit, the OperatingPartnership has no debt.  The operatingdeficit guarantee is unlimited in time and amount.

 

In May 2009, theinvestment general partner of Series 25 entered into an agreement totransfer its interest in Dogwood Park LP to an entity affiliated with theoperating general partner for its assumption of the outstanding mortgage balanceof approximately $2,307,114 and cash proceeds to the investment partnership of$46,846.  Of the total proceeds received,$37,721 represents reporting fees due to an affiliate of the investmentpartnership and the balance represents proceeds from the transfer.  Of the remaining proceeds, $9,125 will bepaid to BCAMLP for expenses related to the transfer, which includes third partylegal costs.  No proceeds will bereturned to cash reserves held by Series 25.  Annual losses generated by the Operating Partnership,which were applied against the investment limited partnership’s investment inthe Operating Partnership in accordance with the equity method of accounting,had previously reduced the investment limited partnership investment in theOperating Partnership to zero. Accordingly, no gain on the sale of theOperating Partnership has been recorded.

 

In May 2009, theinvestment general partner of Series 24 and Series 25, respectively,entered into an agreement to transfer its interst in Laurelwood Park LP to anentity affiliated with the operating general partner for its assumption of theoutstanding mortgage balance of approximately $2,093,596 and cash proceeds tothe investment partnerships of $108,413 and $53,397 to Series 24 and Series 25,respectively.  Of the total proceedsreceived, $23,450 and $11,550 from Series 24 and Series 25,respectively, represents reporting fees due to an affiliate of the investmentpartnership and the balance represents proceeds from the transfer.  Of the remaining proceeds, $6,114 and $3,011from Series 24 and Series 25, respectively, will be paid to BCAMLPfor expenses related to the transfer, which includes third party legalcosts.  The remaining proceeds of $78,849and $38,836 will be returned to cash reserves held by Series 24 and Series 25,respectively.  The monies held in cashreserves will be utilized to pay current operating expenses, accrued but unpaidasset management fees, and accrued but unpaid expenses of the investmentpartnership.  After all outstanding obligationsof the investment partnership are satisfied, any remaining monies will bedistributed based on the number of BACs held by each investor at the time ofdistribution.  Annual losses generated bythe Operating Partnership, which were applied against the investment limitedpartnership’s investment in the Operating Partnership in accordance with theequity method of accounting, had previously reduced the investment limitedpartnership investment in the Operating Partnership to zero. Accordingly, again on the sale of the Operating Partnership, net of the overhead and expensereimbursement, has been recorded in the amounts of $78,849 and $38,836 for Series 24and Series 25, respectivly, as of June 30, 2009.

 

(Series 26). As of March 31,2009 and 2008, the average Qualified Occupancy for the series was 100%.  The series had a total of 45 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007, the series, in total, generated $682,887 and $1,355,029,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.21 and $0.37, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 26 was$1,338,250 and $5,982,367, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method.

 

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By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(4,529,704) and$(1,161,604), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.

 

Cameron Apartments(Cameron Apartments Partnership) was a 40-unit apartment complex located inCameron, Louisiana.  In 2005, theproperty was completely destroyed by Hurricane Rita and the National FloodInsurance Program wrote off the property as a complete loss. The operatinggeneral partner determined that rebuilding the property on the same site wouldbe cost prohibitive and operations would not support the property’s insurancepremium. Based on the local conditions, the investment general partner onbehalf of the Operating Partnership informally requested forgiveness from theInternal Revenue Service of the tax credit recapture that will result from notrebuilding the property at the original location; however, no such reprieve wasgranted. As a result, the investors experienced in 2007 the reversal of taxcredits claimed for 2005 and 2006 (after the property was destroyed) of$260,955, and recapture and interest of $563,818.  This represents credit loss of $65 andrecapture of $141, respectively, per 1,000 BACs.

 

In accordance with theterms Operating Partnership agreement, the investment partnership receivedinsurance proceeds, which were returned to fund reserves. In addition, it isanticipated that the Operating Partnership will be liquidated in 2009.  Any assets remaining from the liquidationwill be distributed in accordance with the terms of the Operating Partnershipagreement.

 

Willows, (The WillowsApartments) is a 32-unit multifamily development located in Smithville,Texas.  In 2007, occupancy declined as aresult of management evicting non-paying tenants as well as tenants moving outdue to the condition of the property. The property is in need of interior and exterior rehabilitation.  The operating general partner is working withRural Development to set up a workout plan because the complex does not havethe cash flow to cover the cost of the necessary repairs.  In 2008, occupancy averaged 92% and theproperty operated at breakeven. In the first quarter of 2009, occupancy dippedslightly to 88% and the property operated below breakeven.   Additionally, there are the mandatory TexasDepartment of Housing and Community Affairs (TDHCA) repairs that need to beaddressed.  TDHCA and Rural Developmenthave encouraged the operating general partner to file an application for aHousing Trust Fund loan totaling $500,000 to rehabilitate the property.   The operating general partner submittedthe application and is awaiting reply. Management is diligently following upwith recent traffic and inquiries, as well as posting advertisements on freeon-line sites, local grocery stores, businesses and restaurants in an effort toincrease occupancy to generate additional revenue.  Other measures include blanketing theimmediate area with flyers and working with local non-profit agencies and areaemployers.  The investment generalpartner will monitor the progress of the proposed Housing Trust Fund loan.  The low income housing tax credit complianceperiod expires in 2010. All real estate tax, mortgage, and insurance paymentsare current.

 

Country Edge, LP (CountryEdge Apts.) is a 48-unit property located in Fargo, North Dakota.  During 2007, the property operated with anaverage occupancy of 90%, which was a 10% increase from the prior year.  Despite this increase, there was a decline inoccupancy during the last two months of 2007, as

 

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occupancy ended the yearat 77%.  Through 2008, occupancy improvedto an annual average of 87%.  Despite theimprovement in occupancy, the property operated below breakeven due to higheconomic vacancy, high real estate taxes and utility expenses.  According to management, a significant partof the tenant base is comprised of new Americans.  As a result, the property is affected byunique cultural concerns.  As many ofthese tenants move as a group, it is not uncommon to have a dramatic number ofmove-outs as an entire extended family may move-out all at once.  In addition, many of the tenants areunfamiliar with apartment living.  Assuch, maintenance and utility costs are inordinately high.  Management and Lutheran Social Services havemade concerted efforts to educate the tenants in order to reduce costs.  In addition, there have been a number ofincidents at the property as a result of tenant conflicts.  This has resulted in a poor reputation in thecommunity.  Management is addressing thisby creating more of a management presence at the property by installing aleasing office in the area.  In addition,management is now screening the LSS referred tenants to ensure they do notbecome problematic down the road.  In thepast, they had accepted LSS’s screening information.  Physical improvements are also being made tothe site in order to improve the marketability at the property.  Management has begun a process ofre-tenanting the property in efforts to reduce bad debt expenses, evictions andskips.  As a result, many priorproblematic tenants have been evicted and replaced with more stabletenants.  As such, occupancy dipped toaverage 77% through the first quarter of 2009. Management believes occupancy should improve toward the end of thesecond quarter once the leasing season picks back up.  The operating general partner continues tofund all operating deficits as operations are supported by an unlimitedguarantee.  The investment generalpartner will continue to monitor operations to insure occupancy continues to improveand stabilizes above 90%.  The mortgage,trade payables, property taxes, and insurance are current.

 

Grandview Apartments, LP(Grandview Apts.) is a 36-unit property located in Fargo, North Dakota.  Average occupancy for 2007 was 92%, an 11%improvement from the prior year.  Despitethis improvement, Grandview operated below breakeven for the year due to higherthan average expenses from turnover costs and bad debt expense.  In 2008, average occupancy declined to 85%,and the property operated below breakeven due to increased vacancy, high realestate taxes, turnover costs and utility expenses.  According to the regional manager, asignificant part of the tenant base is comprised of new Americans. As a result,the property is affected by unique cultural concerns.  As many of these tenants move as a group, itis not uncommon to have a dramatic number of move-outs as an entire extendedfamily may move-out all at once.  Inaddition, many of the tenants are unfamiliar with apartment living.  As such, maintenance and utility costs areinordinately high.  Management andLutheran Social Services have made concerted efforts to educate the tenants inorder to reduce costs.  In addition,there have been a number of incidents at the property as a result of tenantconflicts.  This has resulted in a poor reputationin the community.  Management isaddressing this by creating more of a management presence at the property byinstalling a leasing office in the area. In addition, management is now screening the LSS referred tenants toensure they do not become problematic down the road.  In the past, they had accepted LSS’sscreening information.  Physicalimprovements are also being made to the site in order to improve themarketability at the property. Management has begun a process of re-tenanting the property in effortsto reduce bad debt expenses, evictions and skips.  As a result, many prior problematic tenantshave been evicted and replaced with more stable tenants.  As such, occupancy dipped to 83% through thefirst quarter of 2009.  Managementbelieves occupancy should improve toward the end of the second quarter once theleasing season picks back up.  Theoperating general partner continues to fund all operating deficits asoperations are supported by an

 

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unlimited guarantee.  The investment general partner will continueto monitor operations and assist management in improving leasing efforts andreducing operating expenses.  Themortgage, trade payables, property taxes, and insurance are current.

 

Lake Apartments IVLimited Partnership (Lake Apartments IV) is a 24-unit property located inFargo, ND.  During 2007 the propertyoperated with an average occupancy of 92%, which was a 12% improvement from theprior year when, due to excessive vacancy loss, the property was unable tooperate above breakeven.  Through 2008,average occupancy was 83%, and operations were below breakeven due to higheconomic vacancy, real estate taxes, turnover costs and utility expenses.  According to the regional manager, asignificant part of the tenant base is comprised of new Americans.  As a result, the property is affected byunique cultural concerns.  As many ofthese tenants move as a group, it is not uncommon to have a dramatic number ofmove-outs as an entire extended family may move-out all at once.  In addition, many of the tenants areunfamiliar with apartment living.  Assuch, maintenance and utility costs are inordinately high.  Management and Lutheran Social Services havemade concerted efforts to educate the tenants in order to reduce costs.  In addition, there have been a number ofincidents at the property as a result of tenant conflicts.  This has resulted in a poor reputation in thecommunity.  Management is addressing thisby creating more of a management presence at the property by installing aleasing office in the area.  In addition,management is now screening the LSS referred tenants to ensure they do notbecome problematic down the road.  In thepast, they had accepted LSS’s screening information.  Physical improvements are also being made tothe site in order to improve the marketability of the property.  In 2008, management began a process of re-tenantingthe property in efforts to reduce bad debt expenses, evictions and skips.  As a result, many prior problematic tenantshave been evicted or not had their leases renewed.  As such, occupancy dipped during the latterhalf of 2008 and averaged 73% through the first quarter of 2009.  Management believes occupancy should improvetoward the end of the second quarter once the leasing season picks backup.  The operating general partnercontinues to fund all operating deficits as the guarantee is unlimited innature.  The investment general partnerwill continue to monitor operations and assist management in improving leasingefforts and reducing operating expenses. The mortgage, trade payables, property taxes, and insurance are current.

 

Calgory Apartments II, LP(Calgory Apartments II) is a 24-unit development in Bismarck, ND.  In 2007, the property operated with anaverage occupancy of 86%, which was down by 6% from the prior year.  As a result of the increase in vacancies, theproperty operated slightly below breakeven in 2007.  During the fourth quarter of 2007, occupancyimproved and through 2008, average occupancy was 94% and the property operatedabove breakeven for the year.  In thefourth quarter of 2008, the site manager was replaced and marketing effortswere increased.  This resulted insignificantly more traffic.  In addition,management has begun a process of re-tenanting the property in efforts toreduce bad debt expenses, evictions and skips. As a result, many prior problematic tenants have been evicted andreplaced with more stable tenants.  Assuch, occupancy dipped to average 83% through the first quarter of 2009.  Management believes that occupancy shouldimprove toward the end of the second quarter once the leasing season picks backup.  The investment general partner willcontinue to monitor the property’s performance. All real estate tax, mortgage,and insurance payments are current.

 

East Park II, LP (EastPark Apartments II) is a 24-unit development in Dilworth, MN.  Average occupancy for 2007 was 72% withoperations below breakeven due to the combination of increased vacancy loss anda significant

 

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increase in turnovercosts.  The property is located in ahighly competitive area.  The 2007decline in occupancy was due primarily to new townhouse units with garagesbeing built in the immediate area, offering rents that were competitive tothose at East Park Apartments.  TheOperating Partnership is comprised primarily of two and three bedroomunits.  As a result, the majority ofthese units appeal to families.  Theproperty had experienced an increase in turnover as the families move to thelarger townhouse homes.  In early 2007, aWal-Mart opened next to the property. This had a significant impact on the property’s performance as theproperty became highly visible and was now located in a more desirablearea.  In addition, more resources arebeing committed to the property in order to make the units moremarketable.  In 2008, the operatinggeneral partner began replacing appliances, carpet and flooring.  In addition, the roof was replaced.  In 2009, new siding is being installed andthe parking lot will be resurfaced and re-striped.  Occupancy improved by 20% in 2008 from theprior year and the Operating Partnership operated well above breakeven.  Through the first quarter of 2009, occupancyis averaging 86% and the property continues to operate above breakeven.  All real estate tax, mortgage, and insurancepayments are current.

 

Butler Estates A L.D.H.A.(Butler Estates Apartments) is a 10-unit development located in Leesville,Louisiana.  In 2007, the propertyoperated below breakeven with an average occupancy of 60%.  In July 2008, the investment generalpartner conducted a site inspection at the property. The results indicated thatthe property was in need of repairs and cleaning.  At the time of the inspection, all ten unitswere vacant.  The operating generalpartner reports that the complex has been shut down, as it is not viable in itscurrent condition.  The operating generalpartner’s guarantee expired in 2002. In 2009, the investment general partnerwill continue to work with the operating general partner in an effort to bringthe property back on-line. The low income housing tax credit compliance periodexpires in 2011.  All real estate tax,mortgage, and insurance payments are current. The operating general partner has confirmed he will continue to keepthese items current.

 

Warrensburg HeightsLimited Partnership (Warrensburg Heights) is a 28-unit elderly property locatedin Warrensburg, Missouri.  The propertyoperated slightly below breakeven in 2008 as a result of low occupancy.  Average occupancy in 2008 was 76%. Occupancywas an issue in 2008 due to a limited amount of rental assistance and asaturated rental market.  The town ofWarrensburg and the surrounding area are comprised of hundreds of rental unitsand more are being built.  It is difficultfor Warrensburg Heights, an older property, to compete with the newerproperties. The property operated above breakeven through the first quarter of2009 due to improved occupancy. As of March 31, 2009, occupancy was 89%.Occupancy improved from 2008 due to the hiring of a new site manager whofocused efforts on extensive advertising. Throughout the first quarter of 2009, the site manager ran daily andweekly newspaper ads in the Warrensburg paper, created daily shoppers, postedflyers in convenience stores, and placed flutter flags and vacancy signs at thecomplex.  Social Service agencies werecontacted for referrals. These marketing efforts are anticipated to furtherincrease occupancy in the second quarter of 2009 and maintain operations abovebreakeven status. The mortgage payments, taxes, and insurance are current.

 

In May 2009, theinvestment general partner of Series 26 entered into an agreement totransfer its interest in Edgewood Park LP to an entity affiliated with theoperating general partner for its assumption of the outstanding mortgagebalance of approximately $1,216,737 and cash proceeds to the investmentpartnership of $34,094.  Of the totalproceeds received, $24,969 represents reporting fees due to an affiliate of theinvestment partnership and the balance represents proceeds from the transfer.Of the remaining

 

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proceeds, $9,125 will bepaid to BCAMLP for expenses related to the transfer, which includes third partylegal costs.  No proceeds will bereturned to cash reserves held by Series 26. Annual losses generated bythe Operating Partnership, which were applied against the investment limitedpartnership’s investment in the Operating Partnership in accordance with theequity method of accounting, had previously reduced the investment limitedpartnership investment in the Operating Partnership to zero. Accordingly, nogain on the sale of the Operating Partnership has been recorded.

 

(Series 27).As of March 31, 2009 and 2008 the average Qualified Occupancy for theseries was 100%.  The series had a totalof 16 properties at March 31, 2009, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $546,251 and $733,867, respectively, in passive income tax lossesthat were passed through to investors and also provided $0.47 and $1.01,respectively, in tax credits per BAC to the investors.

 

Asof March 31, 2009 and 2008, Investments in Operating Partnerships for Series 27was $2,695,200 and $6,799,406, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(4,524,267) and$(1,009,610), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, the fund management fee, and impairment losses.

 

Holly Heights, LP (HollyHeights Apartments) is a 30-unit property located in Storm Lake, Iowa. Thisproperty operated with an average occupancy of 92% in the first quarter of2009; however, the property continues to incur operating deficits due to lowrental rates coupled with a high interest rate on the permanent mortgage.Management has presented the loan to various lenders, but net operating incomecannot support a new loan. Per an agreement with the operating general partner,the management company (an affiliate of the operating general partner) isdeferring all fees until operations improve. The operating general partnercontinued to fund deficits through the third quarter of 2008 (his guarantee is unlimitedin time and amount), but ceased to fully support the property’s operations inthe fourth quarter of 2008. As of the end of the first quarter of 2009, the2008 real estate taxes in the amount of $12,000 have not been paid. Propertytaxes in Iowa are paid in semi-annual installments due in September of thesame year and March of the following year. Real estate taxes becamedelinquent if not paid by April 1, 2009. A tax sale occurs on the third Monday of June 2009. One year andnine months after tax sale occurs, a warning is sent to the property ownerstating that there is 90 days to pay taxes plus interest accrued before a taxsale deed is created. Ninety days after the second warning the property isgiven to the new tax sale holder, as long as paperwork is completed andredemption occurred.  The investmentgeneral partner will continue to closely monitor the property and payment ofthe taxes.****The mortgage and insurance paymentsare current.

 

Angelou Court (AngelouCourt Apts.) is a 23-unit co-op property located in Harlem, New York. TheOperating Partnership operated below breakeven in 2007 due to increasingresident receivables and high operating expenses.  Occupancy was at 100% as of March 2009,but tenant collections remain an issue and accounts payable continued toincrease.  Management has been pursuing amore aggressive collection and eviction procedure. The operating generalpartner

 

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and the investmentgeneral partner continue to proactively monitor these problematic collectionsclosely.  A 2% rent increase waseffective for January 2009 and the operating general partner hasadditionally applied for a special increase for the maximum amount allowable of10% to the New York State Division of Housing and Community Renewal(DHCR).  Additional increases are beingproposed for 2010 and 2011.  The requestshinge on the property’s inability to pay expenses at the current rentlevels.  The operating general partnerand management continue to explore options to reduce utility costs, includingeducating residents about conservation and seeking grants from utility companies.  Management and the operating general partnerfiled an application for assistance to replace windows and boilers with NewYork State Energy Research and Development Authority.  However, in the second quarter of 2008, theoperating general partner stated that the applications are on hold by the Statedue to budgeting and lack of funds for grants. The property pays no property taxes as the result of their non-profit,tax-exempt status. In January 2009, the investment general partnerdemanded that the operating general partner bring the mortgage current.  The operating general partner receivedapproval from the lender and DHCR for release of operating reserve funds tobring the mortgage payments current. This occurred in the first quarter of 2009.  Insurance payments are current and theoperating general partner has funded deficits, but not at the levelsrequired.  The operating general partnerhas stated that there are no more funds available to fund future deficits.  A meeting with the operating general partnerand management is scheduled for June 2009. At that time a site visit will be completed and operating strategyreviewed in order to maintain operations at the site.

 

Kiehl Partners (ParkCrest Apartments) is a 216-unit property located in Sherwood, AR.  In 2008, the property operated abovebreakeven, despite a drop in occupancy from 2007 levels.  The property was helped by the low floatingrate on the bond.  Through the firstquarter of 2009, the property continues to operate above breakeven with thehelp of the low floating rate on the bond, increased occupancy and management’sefforts to decrease expenses.  Whileoccupancy has increased, it is still not considered strong. As of March 31,2009, the property was 77% occupied. The investment general partner andmanagement have been working together to address the continued turnover andoccupancy issues.  To help improveoccupancy, management has increased local advertising and is offering leasingconcessions. Management has revised their screening and collections policy tomake them more stringent. To retain residents, management has increasedactivities at the site to make residents feel more at home.  They have at least two events per monthincluding birthday parties, holiday parties and GED classes.  In the summer months they plan to have additionalactivities for the children.  Theinvestment general partner had the property manager secretly reviewed in thefirst quarter of 2009; the report revealed strong leasing skills on the part ofthe property manager. While the property manager appears strong, occupancycontinues to struggle due to management’s inability to obtain funding necessaryto turn the vacant units. The investment general partner will address thisissue with the operating general partner in the second quarter of 2009. Sincethe property never converted to a fixed rate financing, any operating deficitsare guaranteed by the operating general partner’s completion guarantee.  The investment general partner will continuebi-monthly conference calls with the regional manager to monitor operations andensure that occupancy continues to improve. All tax, mortgage, and insurancepayments are current.

 

Lake Apartments IILimited Partnership (Lake Apartments II) is a 24-unit property located inFargo, ND.  During 2007 the propertyoperated with an average occupancy of 95%, which was a 10% improvement from theprior year when, due to excessive vacancy loss, the property was unable tooperate above breakeven.  In 2008,average occupancy was 92%, and the property operated

 

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below breakeven due tohigh economic vacancy, utility costs, real estate taxes and turnover relatedexpenses.  According to the regionalmanager, a significant part of the tenant base is comprised of newAmericans.  As a result, the property isaffected by unique cultural concerns.  Asmany of these tenants move as a group, it is not uncommon to have a dramaticnumber of move-outs as an entire extended family may move-out all at once.  In addition, many of the tenants areunfamiliar with apartment living.  Assuch, maintenance and utility costs are inordinately high.  Management and Lutheran Social Services havemade concerted efforts to educate the tenants in order to reduce costs.  Further, there have been a number ofincidents at the property as a result of tenant conflicts.  This has resulted in a poor reputation in thecommunity.  Management is addressing thisby creating more of a management presence at the property by installing aleasing office in the area.  In addition,management is now screening the LSS referred tenants to ensure they do notbecome problematic down the road.  In thepast, they had accepted LSS’s screening information.  Physical improvements are also being made tothe site in order to improve the marketability of the property.  In 2008, management began a process ofre-tenanting the property in efforts to reduce bad debt expenses, evictions andskips.  As a result, many priorproblematic tenants have been evicted or not had their leases renewed andreplaced with more stable tenants.  Assuch, occupancy dipped during the latter half of 2008 however; management wasable to recover during the first quarter of 2009, as average occupancyincreased to 95% and 100% in March. Management believes occupancy should remain high as Fargo is moving intoits leasing season.  The operatinggeneral partner continues to fund all operating deficits, as the guarantee isunlimited in nature.  The investmentgeneral partner will continue to monitor operations and assist management inimproving leasing efforts and reducing operating expenses.  The mortgage, trade payables, property taxes,and insurance are current.

 

(Series 28). As of March 31,2009 and 2008, the average Qualified Occupancy for the series was 100%.  The series had a total of 26 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007, the series, in total, generated $1,328,766 and $1,379,844,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.58 and $0.95, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 28 was $688,188and $5,524,970, respectively.  Thedecrease is a result the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(5,152,986) and$(3,378,418), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, the fund management fee, and impairment losses.

 

Cottonwood Partnership(Cottonwood Apartments) is a 24-unit multifamily development located inCottonwood, Louisiana.  During 2007,occupancy averaged 83% and the property operated below breakeven status.  Rents were increased in 2007, and a number ofresidents were evicted as a result of non-payment of rent, lease violations, orsuspected criminal activity.  In 2008,the rent increase added approximately $3,000 in additional revenue andoperating expenses decreased substantially from 2007 levels.  In 2008, occupancy averaged 77% and theproperty operated below breakeven. Management has had

 

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difficulty maintainingoccupancy.  Several units that turnedover due to non-payment of rent had damages. Occupancy through the first quarter of 2009 averaged 79%, ending thequarter at 83%.  Management continues tomarket the complex aggressively while enforcing strict resident selectionstandards to minimize non-payment issues.

 

During the first week of September 2008,Hurricane Gustav hit land southwest of New Orleans as a Category Two stormcausing damages to the complex.  Aninsurance adjuster has been to the site to review damages.  Preliminary reports cite shingles missingfrom all buildings, the complex sign is down, and screens and windows need tobe replaced and/or repaired.  Aninsurance claim has been submitted and all related labor and materials arebeing priced.  The operating generalpartner is planning to use his construction company to complete therepairs.  The insurance proceeds are notexpected to be released until the second quarter of 2009.  The Operating Partnership is not expected tobreakeven in 2009.  The investmentgeneral partner will continue to monitor occupancy and assist management infinding ways to improve operations going forward.  Furthermore, the investment general partnerwill continue to monitor the progress of the insurance claim and the repairs tothe property, as well as assisting the operating general partner gainingapproval for a much needed rent increase. The operating general partner is funding deficits as necessary.  The guarantee is unlimited in amount untilthe end of the low income housing tax credit compliance period in 2012.  All real estate tax, mortgage, and insurancepayments are current.

 

Maplewood ApartmentsPartnership (Maplewood Apartments) is a 40-unit property located in Winnfield,Louisiana. In 2007, the operating general partner reached out to the LouisianaHousing Finance Agency (LHFA) to prove that a substantial rent increase wasessential to keep the complex running. Management was aware that the complex would lose most of the tenantswhen the new rates were applied. However, they were able to illustrate that this would be the groundworkfor turning the project around.  LHFAagreed and a $50 per unit rent increase was implemented on all units.  As expected, tenants moved out or skipped, asthey could not afford the new rates.  Asa result, occupancy averaged 62% for 2007, yet the rent increase helped togenerate as much revenue as was received in 2006.  In 2008, occupancy averaged 62%, and theproperty operated below breakeven. In addition to the rent increase, thevacancy problems were also attributed to a new manager who was experienced withtroubled properties.  Aggressive effortsto improve the resident base resulted in evictions filed as a result ofnon-payment of rent, lease violations, and/or suspected criminal activity.  The operating general partner is hopeful thatthe manager’s experience will help to improve occupancy and operations in2009.  In an effort to bring in morequalified traffic, the manager is blanketing the immediate area with flyers andworking with local non-profit agencies and area employers.  In the first quarter of 2009, averageoccupancy improved to 76%.  The propertycontinues to operate below breakeven status based on the un-audited financialstatements. The operating general partner continues to fund all deficits asnecessary by deferring fees.  Theguarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current.

 

1374 Boston Road, LP(1374 Boston Road) is a 15-unit property located in the Bronx, New York.  In 2003, the Operating Partnership recorded a$112,000 loan from the operating general partner to pay for a tax lien.  Further investigation showed that the taxlien was incurred during the construction period, and should have been fundedby the operating general partner, without reimbursement, as part of hisobligation to complete construction of the property per the OperatingPartnership agreement and the development agreement.  The investment general partner’s repeatedrequests to restructure

 

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the loan wentunheeded.  In September 2005, legalcounsel for the investment general partner sent a letter demanding a removal ofthe loan from the Operating Partnership account and the return of all paymentsmade on this loan.  The operating generalpartner’s response did not address the issue satisfactorily.  Additionally, in December 2005, a titlesearch on the Operating Partnership showed at least $60,000 in liens that werenever reported to the investment general partner.  The investment general partner evaluated whatthe impact of removing the operating general partner would be since these lienissues remain unresolved.  The investmentgeneral partner has decided not to proceed due to the inadequate value of theproperty (based on size and location), as well as the operating general partner’scontinued funding, neither of which supports an extended legal battle forremoval.

 

In 2008, the propertyoperated with an average occupancy of 99% with below breakeven operations.  In 2009, occupancy remains strong at100%.  The investment general partnercontinues to monitor this property.  Themortgage, property taxes and insurance are current.  The tax credit delivery period ended in 2007,with the low income housing tax credit compliance period expiring in 2011.

 

(Series 29). As of March 31,2009 and 2008, the average Qualified Occupancy for the series was 96.4% and100%, respectively.  The series had atotal of 21 properties at March 31, 2009, 20 of which were at 100%Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007 the series, in total, generated $2,488,220 and $2,160,086,respectively in passive income tax losses that were passed through toinvestors, and also provided $0.55 and $0.97, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 29 was $609,522and $3,506,468, respectively.  Thedecrease is a result the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(3,236,562) and$(3,076,775), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.

 

Lombard Partners, LP(Lombard Heights Apts.) located in Springfield, Missouri, operated belowbreakeven starting in 2005.  The propertysuffered from ineffective management, which led to poor physical condition andlow occupancy. Average occupancy was 72%, 47% and 70%, respectively,in 2005, 2006 and 2007. In the first quarter of 2007, the investment generalpartner learned that the property was five months in arrears on its mortgageand that the lender had issued a notice of default. The lender replaced on-sitemanagement with a third-party management company at the end of thesecond quarter of 2007. To stabilize the property, the lender depleted thereplacement reserve account to fund unit turnovers, which improved occupancy tothe mid-90s. The investment general partner and the lender discusseda possible workout, which included replenishing the reserves andpaying down the outstanding mortgage.  InDecember 2007, the lender polled the bondholders for their preference inresolving the default. They were given the options of foreclosure sale,18-month debt forbearance as part of a workout plan, or refinancing theproperty. On June 30, 2008 the lender notified the investment generalpartner that the bondholders had approved proceeding with a foreclosure sale.The property was sold on July 31, 2008 for $772,800.  Annual

 

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losses generated by theOperating Partnership, which were applied against the investment limitedpartnership’s investment in the Operating Partnership in accordance with theequity method of accounting, had previously reduced the investment in theOperating Partnership to zero. Accordingly, no gain from the sale of the Operating Partnership has beenrecorded.

 

As a result of theforeclosure, the Operating Partnership lost remaining credits of $47,840.  The investment general partner has determinedthat the new owner will not continue to operate the property as a Section 42property. Therefore, the Operating Partnership also experienced recapture andinterest of $199,516.  This represents aloss of tax credits, and recapture and interest of $12 and $49, respectively,per 1,000 BACs.  The investment generalpartner is currently preparing to pursue the guarantors under the guaranty witha view to recovering the investment limited partner’s losses.  The guarantors’ financial strength andlikelihood of recovery are unknown at this time.

 

Bryson Apartments,Limited Partnership (Pecan Hill Apartments) is a 16-unit development located inBryson, TX.  Despite average occupancy of79% during 2007, the property operated above breakeven.  In an effort to increase occupancy, a newsite manager was hired in the fourth quarter of 2007.  Occupancy has shown signs of improvement,averaging 85% for 2008 and increasing slightly to 88% through the first quarterof 2009.  Year-to-date operations appearto be slightly below breakeven.  Theoperating general partner continues to fund deficits as necessary. Themortgage, taxes and insurance are all current.

 

Forest Hill Apartments,L.P.****(The Arbors) is an 85-unit, seniorproperty located in Richmond, VA.  In thefirst quarter of 2004, the property was severely damaged by a fire. There wereno reported injuries as a result of the loss and all of the residents weresuccessfully relocated. The fire marshal was unable to definitively determinethe cause of the fire.  The operatinggeneral partner received an initial insurance payment totaling $500,000 and atthat time it was determined that the building should be razed due to thesignificant fire and water damage. In the third quarter 2004, the lenderapproved the release of sufficient insurance proceeds of $148,000 to raze theproperty.  After bidding the propertyrepairs, the operating general partner determined that there were additionalcosts of approximately $1.4 million due to building code changes since itsoriginal construction in 1998. The operating general partner’s primaryunderwriter, and their excess property insurance carrier, determined that thepolicy did not cover code changes of more than $10,000.  The operating general partner appealed theirinitial determination regarding additional coverage and in February 2006the appeal was denied. The operating general partner received an additionalinsurance payment totaling $3 million dollars, representing the insurancecompany’s estimate to rebuild the community minus the code change upgrades indispute. The lender is currently holding the insurance proceeds.  The operating general partner was able toreduce the original construction budget by $1,167,306.  The main reductions in costs were site work,verticals and contingency. The reduction of the construction budget greatlyreduced the originally anticipated shortfall of $1,257,519.  As a result, in early October 2006, theoperating general partner received a commitment letter from the VirginiaHousing Development Authority indicating approval of the additional debt of$1,600,000.  The construction of theproject started in early November 2006, and was expected to be completewithin nine to ten months. However, the Operating Partnership encountered somedifficulties with permits during the early stages of construction, causingconstruction delays. The property received final certificates of occupancy in January 2008.

 

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Lease-up was very slowthrough the year and as of December 2008, the property was 54% physicallyoccupied and 58% leased with below breakeven operations.  In the first quarter of 2009, lease-upcontinues to be slow, and as of March 31, 2009 the property was 63%occupied.  According to management, theslow lease up is due to poor economic conditions. Many potential residents(seniors) are unable to sell their houses and many seniors are moving in withtheir children to provide an extra income for the family. To accelerateleasing, management is advertising on local buses and in all local senior newspapers,and offering one month free rent as a referral fee to its current residents.Also, management hosts monthly bingo sessions and offers daily blood pressurescreenings.  Due to the unanticipatedslow lease-up, management is revising its original projections and pushing thelease-up date from October 2008 to September 2009.

 

Jackson Partners, LP,(Arbor Park Apartments) is a 160-unit property located in Jackson,Mississippi.  The property operated belowbreakeven in 2008, due to occupancy averaging 78% and high operating expenses.In the first quarter of 2009, the property has continued to operate belowbreakeven due to low occupancy and high operating expenses. The operatingexpenses that continue to hinder operations are maintenance expenses due toturnover, utility and real estate taxes. By the end of the first quarter,occupancy increased to 91%. Historically, the occupancy issue is the result of evictions of sometroublesome residents and competition from the new supply of single family taxcredit homes that were in lease-up.  Inorder to compete with the new competition, management is promoting move-inspecials such as one free month of rent, no security deposits and waivingapplication fees.  To retain residentsand decrease turnover, management is offering incentives to current residentssuch as carpet cleanings, touch up painting and a renewal concession of halfoff first month’s rent. Management has increased efforts to loweradministrative expenses and improve collections. Administrative expenses, baddebt, and tenant receivables were significantly reduced by the end of the firstquarter.  The utility expenses are highdue to exorbitant water rates in the City of Jackson.  Management continues to contact the cityabout potentially lowering rates, but has been unsuccessful.  Management has also appealed the high taxesto the City of Jackson, but the city did not lower the assessment. Theoperating general partner will continue efforts in order to reduce the taxburden going forward.  The investmentgeneral partner will continue bi-monthly calls with management to monitoroperations. The investment general partner will visit the property in the thirdquarter of 2009 to conduct a physical evaluation of the property and assessmanagement. All tax, mortgage, and insurance payments are current.

 

Kiehl Partners (ParkCrest Apartments) is a 216-unit property located in Sherwood, AR.  In 2008, the property operated abovebreakeven, despite a drop in occupancy from 2007 levels.  The property was helped by the low floatingrate on the bond.  Through the firstquarter of 2009, the property continues to operate above breakeven with thehelp of the low floating rate on the bond, increased occupancy and management’sefforts to decrease expenses.  Whileoccupancy has increased, it is still not considered strong. As of March 31,2009, the property was 77% occupied. The investment general partner andmanagement have been working together to address the continued turnover andoccupancy issues.  To help improve occupancy,management has increased local advertising and is offering leasing concessions.Management has revised their screening and collections policy to make them morestringent. To retain residents, management has increased activities at the siteto make residents feel more at home. They have at least two events per month including birthday parties,holiday parties and GED classes.  In thesummer months they plan to

 

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have additionalactivities for the children.  Theinvestment general partner had the property manager secretly shopped in thefirst quarter of 2009; the shopping report revealed strong leasing skills onthe part of the property manager. While the property manager appears strong,occupancy continues to struggle due to management’s inability to obtain fundingnecessary to turn the vacant units. The investment general partner will addressthis issue with the operating general partner in the second quarter of 2009.Since the property never converted to a fixed rate financing, any operatingdeficits are guaranteed by the operating general partner’s completionguarantee.  The investment generalpartner will continue bi-monthly conference calls with the regional manager tomonitor operations and ensure that occupancy continues to improve. All tax,mortgage, and insurance payments are current.

 

(Series 30). As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%.  The series had a total of 18 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007, the series, in total, generated $967,486 and $830,765, respectively,in passive income tax losses that were passed through to investors and alsoprovided $0.68 and $0.83, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 30 was $1,217,326and $4,341,662, respectively.  Thedecrease is a result of the way the Fund accounts for such investments, theequity method. By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(3,481,426) and$(1,581,867), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.

 

Mesa Grande, LP (MesaGrande Apartments) is a 72-unit, family property located in Carlsbad, NewMexico. In April 2003, the mortgage lender issued a default notice and,after the operating general partner took no steps to remedy the situation,accelerated the note.  In November 2003,the investment general partner replaced the management company. In 2004, theinvestment general partner filed a civil action against the operating generalpartner to force it to honor its obligation to fund operating deficits. In October 2004,the investment general partner removed the operating general partner.

 

In September 2004,the original lender sold the non-performing loan to a new lender who acceleratedthe loan.  The investment general partnermet with the lender to propose a workout plan that included restructuring thedebt to allow for a significant cash infusion for deferred maintenance and backtaxes. The lender refused to restructure the debt and began the foreclosureprocess in December 2004.

 

Throughout 2005, theinvestment general partner made several attempts to resolve the debt, all ofwhich were rejected by the lender.  On November 16,2005, the investment general partner received a Notice of Non-Compliance with Section 42from the New Mexico Mortgage Finance Authority. The management company addressed as many of the cited issues as it couldwith funds available from the property, but was unable to make some roof andexterior repairs because the lender declined to release insurance proceeds ithad received related to these repairs.

 

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The lender suspendedactive efforts to foreclose its mortgage throughout most of 2005, but renewedits efforts in January 2006, by filing a Motion for Summary Judgment inthe foreclosure action. The Operating Partnership and the New Mexico MortgageFinance Authority agreed to stipulate to a judgment of foreclosure.  The Stipulation was recorded and the propertywas sold at foreclosure sale in July 2006, with the lender bidding in theproperty for the amount of its debt claim. The lender had been in possession of the property, collecting rents anddirecting the operations of the property, since May 1, 2006.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partner’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnership’sinvestment in the Operating Partnership to zero.  Accordingly, no gain or loss on theforeclosure of the investment general partner interest has been recorded.  As a result of the 2006 event, the OperatingPartnership lost $1,108,590 in credits and experienced recapture and interestof $964,832.  The represents credit lossand recapture of $410 and $357, respectively, per 1,000 BACs.

 

Sunrise Homes, LP (SunriseHomes and Broadway Place Apartments) consists of two family propertiescontaining a total of 44 units, located in Hobbs, New Mexico.  In April 2003, the mortgage lenderissued a default notice and, after the operating general partner took no stepsto remedy the situation, accelerated the note. In November 2003, the investment general partner replaced themanagement company. In 2004, the investment general partner filed a civilaction against the operating general partner to force it to honor its obligationto fund operating deficits. In October 2004, the investment generalpartner removed the operating general partner.

 

In September 2004,the original lender sold the non-performing loan to a new lender whoaccelerated the loan.  The investmentgeneral partner met with the lender to propose a workout plan that includedrestructuring the debt to allow for a significant cash infusion for deferredmaintenance and back taxes. The lender refused to restructure the debt andbegan the foreclosure process in December 2004.

 

Throughout 2005, theinvestment general partner made several attempts to resolve the debt, all ofwhich were rejected by the lender.  On November 162005, the investment general partner received a Notice of Non-Compliance with Section 42from the New Mexico Mortgage Finance Authority. The management company addressed as many of the cited issues as it couldwith funds available from the property, but was unable to make some roof andexterior repairs because the lender declined to release insurance proceeds ithad received related to these repairs.

 

The lender suspendedactive efforts to foreclose its mortgage throughout most of 2005, but renewedits efforts in January 2006, by filing a Motion for Summary Judgment inthe foreclosure action. The Operating Partnership and the New Mexico MortgageFinance Authority agreed to stipulate to a judgment of foreclosure.  The Stipulation was recorded and the propertywas sold at foreclosure sale in July 2006, with the lender bidding in theproperty for the amount of its debt claim. The lender had been in possession of the property, collecting rents anddirecting the operations of the property, since May 1, 2006.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partner’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnership’sinvestment in the Operating Partnership to zero.  Accordingly, no gain or loss on the foreclosureof the investment general partner’s interest has been recorded.  As a result of the 2006 event, the OperatingPartnership lost $907,491 in credits and experienced

 

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recapture and interest of$835,017.  This represents credit lossand recapture of $336 and $309, respectively, per 1,000 BACs.

 

JMC, LLC (Farwell MillsApts.) is a 27-unit development located in Lisbon, ME. Despite low occupancy,the property operated above breakeven in 2006 due to a favorable debt structurewhere a portion of the property’s debt service is payable only if there issurplus cash.  The property operated witha significant cash deficit in the first quarter of 2007 due to low occupancy,which was caused by application processing delays at the management company’scorporate office which was understaffed. Many prospective residents were discouraged by the delays and oftenchose to live elsewhere. The investment general partner worked with theoperating general partner to improve his affiliated management company’spolicies and procedures to increase application-processing speed and improveleasing techniques. Occupancy rebounded in 2007 with a 98% average and remainedstrong in 2008 averaging 94%.  Occupancyaveraged 93% in the first quarter of 2009. Utilities are an issue for the property and fluctuate with seasonaldemand.  Management is researching a “Co-Gen”energy system, which utilizes micro-turbines and natural gas to produce heat asa by-product.  The payback analysis hasnot been completed at this time; however, the operating general partner’sengineers have determined that the Co-Gen system will be compatible with theproperty’s current heating system.  Theoperating general partner is testing the Co-Gen system at one of his otherproperties.  If the results arefavorable, Farwell Mills Apartments will be the next site to implement thesystem.  The operating general partner visitedthe investment general partner in October 2008 to discuss the energyalternatives he is researching throughout his portfolio including JMC,LLC.  Contractual services were high inthe first quarter of 2008 because the grounds service company was not billingthe property in a timely manner. Accumulated invoices from 2007 were all received in the first quarter of2008.  The property terminated itscontract with this company and grounds are now maintained in-house.  To further reduce expenses, Pen Bay Builderstook over the full janitorial contract in 2008. Administrative expenses were high in 2008 because the company thatmanagement uses for credit/background checks had been charging the propertyincorrectly. The issue has been corrected, but the property was charged forseveral 2007 amounts in 2008.  Bad debtwas also an issue for the property in 2008. This was a result of poor on-site management.  The on-site manager was not being aggressiveenough on rent collections and was terminated in the fourth quarter of2008.  A regional manager is temporarilymanaging the property until the replacement manager takes over the property inthe second quarter of 2009.  In the thirdquarter of 2008, occupancy dipped below 90% due to greater turnover thananticipated.  Management increased radioand newspaper ads, and occupancy improved in the fourth quarter.  High operating expenses and high bad debtcoupled with the dip in occupancy resulted in below breakeven operations for2008.  The property continues to operatebelow breakeven through the first quarter of 2009 due to high operatingexpenses.  Utilities were over budget inthe first quarter because of higher than expected gas expenses.  Maintenance expenses were high due to severalunexpected expenses in the first quarter. A tenant accidentally flooded their bathtub, which damaged their unitand the unit below.  The units requiredcleaning and carpet cleaning to repair the water damage.  The property also had multiple HVAC servicecalls in the first quarter, which contributed to high maintenanceexpenses.  The operating general partnerfunds cash deficits by deferring fees owed to his management company and hismaintenance company (Pen Bay Builders). All tax, insurance, and mortgage payments are current. The operatinggeneral partner’s operating deficit guarantee, capped at $400,000, expires in July 2013.

 

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Linden Partners II(Western Trails Apartments II) is a 30-unit property located in Council Bluffs,IA.  This property has had inconsistentoccupancy levels since 2003.  In 2007 theproperty operated below breakeven due to increased utility and administrativeexpenses.  Through the fourth quarter of2008, occupancy remained consistent at 90%, but dropped to 83% at the end of March 2009.  Other tax credit communities in the area havebeen able to operate with higher occupancy levels while also having the abilityto charge higher rents than Western Trails. This is primarily due to them being newer with superior amenitiesincluding additional bathrooms, garages, swimming pools and exercisefacilities. Western Trails continues to struggle with the ability to improvecurb appeal as well as maintain a high level of tenant retention.  There are four major competitors locatedwithin a few miles of Western Trails II Apartments.  The property has also suffered from accessdifficulties in relation to an adjacent road construction project that startedin the first quarter of 2008.  The roadconstruction made accessing the site more difficult due to traffic congestionin the immediate area.  Fortunately,there is redevelopment and growth taking place nearby that includes thefollowing: a small retail mall, a new major employer (Google) taking occupancyin town, proposed improvement of the recreational fields and the constructionof a large outlet mall projected to open in 2010. Due to lack of cash foraddressing the ongoing past due accounts payable issues and many deferredmaintenance items that require attention, there have been no funds available toeffectively advertise or market the property. A Spring storm during the second quarter of 2008 resulted in siding androof damage at the site.  The managementcompany had filed an insurance claim and received a settlement in the thirdquarter of 2008 that covered the cost to replace the roofs and all siding onthe buildings.  The work began in October 2008,and was completed as of March 31, 2009. Unfortunately, the replaced siding was vandalized with graffiti the dayafter the repairs were completed, causing additional expense to the site.  A site visit completed by the investmentgeneral partner revealed substantial deferred maintenance items at thesite.  The investment general partnerwill continue to monitor occupancy and work with the operating general partnerto improve operations.  The operatinggeneral partner will continue to fund the property as needed in order tocomplete physical improvements and cover any operating deficits thatarise.  The taxes, insurance, andmortgage payments are all current.

 

Nocona Apartments, LP(Nocona Apartments) is a 36-unit property located in Nocona, Texas.  Historically, the property has been plaguedwith low occupancy due to a stagnant local economy and a challenging rurallocation.  Despite average occupancy of87% during 2007, the property operated above breakeven mainly due to a rentincrease implemented during the year. The 2007 occupancy declined due to evictions of undesirable tenantsinvolved in drug related activity.  Atthat time, the management company immediately trained a new site manager andfocused on marketing and outreach. As a result, occupancy showed signs ofimprovement averaging 90% for 2008, with a further increase to 93% in the firstquarter of 2009. The operating general partner has an unlimited guarantee intime and amount and continues to fund any shortfalls. The mortgage, taxes, andinsurance are all current.****The tax creditdelivery period ended in 2008 and the low-income housing tax credit complianceperiod expires in 2011.

 

Millwood Park, LP(Millwood Park Apartments) is a 172-unit family property located inDouglasville, Georgia.  Historically, theproperty struggled in a highly competitive market.  The operating general partner responded withmove-in specials and increased advertising with local businesses and rental guides.As a result, occupancy has significantly improved, but expenses remain high,

 

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and operations were justbelow breakeven in 2007.  At the end ofthe second quarter of 2008, the operating general partner interest wastransferred. As part of the transfer, the new operating general partner agreedto extend the operating deficit guarantee, which had previously expired due tothe cap, for a period of three years. For 2008, the property operated significantly below breakeven duelargely to a 40% increase in utilities, specifically associated with higherwater rates. Average occupancy was 95%. Deficits were funded largely by operating general partner advances alongwith accruing of management fees. The investment general partner found theproperty to be in good condition upon a site inspection in November of2008.

 

Through the first quarterof 2009, the property operated below breakeven primarily due to high water andsewer expenses and common area electricity costs. Average occupancy was97%.  The operating general partnercontinues to fund deficits as required.

 

On March 3, 2009,the new operating general partner issued a statement to the investment generalpartner informing of a management change effective May 1, 2009.  On June 20, 2008, the original operatinggeneral partner sold its interest in the Operating Partnership.  The original operating general partner agreedto continue to manage the portfolio after the transaction, with the mutualunderstanding that they wanted to exit the property management business at somepoint in the near future.  As the Atlantarental market became increasingly more challenging towards the second half of2008, it was agreed that the original operating partner would relinquish theirmanagement responsibilities, effective May 1, 2009.  The new operating general partner believesthat the new management will fit the role seamlessly as they have extensive taxcredit industry experience. As of May 1, 2009, the investment generalpartner has reviewed and approved the management change.  The mortgage, taxes and insurance are allcurrent.

 

Jeffries Associates, LP(New River Gardens Apartments) is a 48-unit property located in Radford,VA.  The property had a steady decline inoccupancy throughout 2008.  Occupancydeclined from 90% in July 2008 to 75% at year-end 2008.  In the first quarter of 2009, there has beensome improvement, with 79% occupancy in January and 83% occupancy in February andMarch. The property has no rental assistance. The operating expenses decreased 8.6% from the previous year, but due toa lack of rental income, the property operated slightly below breakeven for theyear.  In an attempt to boost occupancy,management is continuing to advertise in the local and regional newspaper.  They have also advertised in local flyers andinvested in additional signage now posted along the adjacent streets, as wellas becoming listed in the Renter’s Guide Book. They have also recently called all local HUD offices and local socialservice organizations to keep them aware that there are apartments available.Unfortunately the area has been extremely affected by the economic downturn,and the companies remaining in the area have begun to lay off workers or shutdown completely.  Management completed atelephone survey of the surrounding housing and found that most properties inthe area are experiencing occupancy issues as well.

 

West Swanzey AffordableHousing Associates (Riverbend Apartments) is a 24-unit family developmentlocated in West Swanzey, NH.  Despitestrong occupancy, the property operated below breakeven in 2008 due to a largeincrease in operating expenses; specifically, maintenance expenses and realestate taxes.  A new property manager wasassigned to the property in March 2008. Upon takeover, the new manager inspected all of the units, whichresulted in several evictions as a result of illegal live-ins and/or poor conditionof the units. The new manager inspects units more frequently to avoidunanticipated high turnover costs. Management does not anticipate any furtherissues with

 

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tenants, but the turnovercosts were high for the eviction units in 2008. The property also experienced two sewage pump failures in 2008, whichrequired extensive work, which contributed to the high operating expenses.  Property taxes in the area increasedsignificantly in 2008.  The tax rate andthe building’s assessed valuation both increased in 2008.  The operating general partner had theproperty re-assessed and expects a lower real estate tax bill in 2009.  Occupancy continues to be strong with a 94%average through the first quarter of 2009; however, the property continues tooperate below breakeven due to high operating expenses.  All tax, insurance, and mortgage payments arecurrent.

 

(Series 31). As of March 31,2009 and 2008, the average Qualified Occupancy for the series was 100%.  The series had a total of 26 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007, the series, in total, generated $1,595,315 and $2,055,078,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.36 and $1.03, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 31 was $647,143and $5,822,035, respectively.  Thedecrease is a result the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(5,668,443) and$(3,412,504), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.

 

Canton Housing One, LP(Madison Heights Apartments) is an 80- unit property located in Canton,Mississippi. In 2008, the property was unable to breakeven due to lowoccupancy. Occupancy averaged 74% in 2008 and remained sluggish at 73% duringthe first quarter of 2009.  The propertycontinues to experience increased turnover primarily due to evictions fornon-payment of rent and skips. In addition, there were several gang-relatedincidents on or near the property. Management hired a police officer to patrolthe site and is working with the local police department for extra patrols andsupport.  These actions appear to beworking.  Recently, the utility depositwas increased to $300 (from $185) by the City of Canton. Several applicants aredelayed moving in until they have enough money saved to pay for the utilitydeposit.  Management has taken severalmeasures in its effort to increase occupancy. Advertisements have been placedin the local newspapers, and management is offering move-in rental concessions.Furthermore, arrangements were made to employ a full-time manager on the site,and extra personnel have been hired to prepare vacant units for occupancy.Current occupancy levels are insufficient to support breakeven operation at thecurrent operating expense level. Management continues to focus its efforts onincreasing occupancy as well as controlling operating expenses in an effort tobring operations back above breakeven status.

 

Summerdale Partners LP, II(Summerdale Commons - Phase II) is a 108-unit property located in Atlanta,GA.  Starting in 2005, under thestewardship of the former operating general partner, the property began todeteriorate both physically and financially. At the end of the fourth quarter 2007, occupancy had fallen to 58%.  The operating general partner refused to honorhis guaranty to support operating deficits and the deficits resulted in

 

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unacceptably highpayables, various liens and a large amount of deferred maintenance.  Thirty percent of the units are publichousing units that receive an insufficient subsidy under the Section 9program of $200/month.  Because of adeteriorating relationship with the operating general partner, the AtlantaHousing Authority which, in addition to administering the Section 9contract, holds the second mortgage on the property, was unwilling to addressthe insufficient subsidy while the former operating general partner remained inplace.

 

In the fourth quarter of2006, the investment general partner began seeking a replacement operatinggeneral partner but was unsuccessful. The investment general partner proceeded to remove the operating generalpartner in June 2007 and an affiliate of the investment general partnerwas inserted as the new operating general partner.

 

In July 2007, thefirst mortgage lender defaulted and accelerated the loan due to the existenceof liens and an insufficient level of replacement reserves (based upon aphysical needs assessment that the lender had commissioned). In September 2007,the investment general partner and the Atlanta Housing Authority proposed atentative plan to recapitalize and reposition the property.  This included substituting a Section 8contract on 40% of the units for the existing Section 9 contract andidentified $1.2 million in funding sources, $400,000 of which was to come fromthe replacement reserves held by the first mortgage lender.

 

The first mortgage lenderrejected the proposal and proceeded to initiate a foreclosure by advertisement,which was scheduled for December 4, 2007. In order to prevent theforeclosure sale from occurring, the Operating Partnership filed bankruptcyunder Chapter 11 on December 3, 2007. At the time of filing, the investment general partner believed that aviable Plan of Reorganization could be crafted. However, early in the bankruptcy case, it became evident that theAuthority was not willing to firmly commit to providing the subsidy upon whichany viable Plan of Reorganization would depend. Without the Authority’s firm commitment, the ability of the OperatingPartnership to attract new capital to remediate the property’s conditiondisappeared.

 

As a result, the debtorand secured lenders agreed before the Court that there was little prospect ofreorganizing and that the first mortgage lender should be allowed to advertisea foreclosure sale during January 2008. The foreclosure sale occurred on February 5,2008, with the first mortgage lender bidding in the property for $1,280,000. Asa result of the foreclosure, the Operating Partnership lost tax credits of$551,572 and recorded recapture and interest of $1,550,445 on its 2008 taxreturn. This represents lost credits and recapture of $124 and $347,respectively, per 1,000 BACs.  Inaddition, an impairment loss in the amount of $594,947 was recorded to reducethe investment balance to zero, as of December 31, 2007.

 

Riverbend HousingAssociates, LP (Riverbend Estates) is a 28-unit development located inBiddeford, ME.  The property operatedbelow breakeven in 2008 due to low occupancy, high bad debt and increasedoperating expenses.  Occupancy droppedbelow 90% in July 2008 and averaged 86% through the third and fourthquarters.  The property continues tostruggle with occupancy with an 82% average through the first quarter of2009.  The property had several move-outsand evictions while continuing to face competition from a number of housingoptions available in the area.  There arehomes available for rent in the surrounding area at comparable rents.  Management has increased advertising effortswhich include on-line sources such as Craigslist and Uncle Henry’s Swap &Trade, which both offer free searchable classified ads, as well as

 

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advertisements in localnewspapers.  Management has alsoimplemented a $200 resident referral bonus. The advertising efforts have generated rental inquiries at the property;however, the applicants have met the 40% requirement and the property currentlyonly has 60% units available.  Thedistrict manager spoke with Maine State Housing Authority (MSHA) regardingrenting three of the long-term vacant 60% units at the 40% rent level.  MSHA approved the request in the first quarterof 2009.  Bad debt was high at theproperty in 2008.  The on-site managerwas not being aggressive enough with rent collection.  In addition, the manager had a relationshipwith two tenants who became unemployed. Due to the manager’s relationship with the tenants, he allowed them tostay after they had stopped paying rent. The manager has been reprimanded and the district manager hasimplemented a policy throughout the entire portfolio where any tenants that havenot paid rent by the 16th ofthe month will automatically receive a “7 Day Notice to Quit.”  With this new policy, bad debt is expected tostabilize in 2009.  Administrativeexpenses were high in 2008 because the company that management uses forcredit/background checks had been charging the property incorrectly.  The issue has been corrected, but theproperty was charged for several 2007 amounts in 2008.  Maintenance expenses were high in 2008 due tobed bug treatment required at the property. The treatment was completed in 2008. Management does not anticipate any additional operational issues at thistime, and they are hopeful that they can rent the long-term vacant units at the40% level rather than the 60% requirement. All tax, insurance, and mortgage payments are current. The operatinggeneral partner is responsible for funding operating deficits, capped at$300,000, through the end of tax credit compliance period.

 

(Series 32).As of March 31, 2009 and 2008, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 16 properties at March 31, 2009, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $1,876,664 and $1,563,735, respectively in passive income tax lossesthat were passed through to investors, and also provided $0.78 and $0.91,respectively, in tax credits per BAC to the investors.

 

Asof March 31, 2009 and 2008, Investments in Operating Partnerships for Series 32was $3,031,771 and $8,742,643, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method.  By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

Forthe years ended March 31, 2009 and 2008, the net income (loss) of theseries was $(6,260,761) and $(3,623,702), respectively. The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships, thefund management fee, and impairment losses. It is anticipated that future net losses will decrease from the amountreported in the current year as the impairment losses are not expected to haveas significant an effect on future years.

 

FFLMAssociates is an Operating Partnership that owns three limited partnerinterests, one of which is Carriage Pointe Investors, LP.  Carriage Pointe Investors LP (Carriage PointeApartments) is an 18-unit property for seniors located in Old Bridge, NewJersey.  Historically this property hasoperated with a cash flow deficit and does not fund a replacement reserveaccount.  Capital expenses are fundedfrom the operations.  In 2007, occupancyaveraged

 

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100%,but the property operated below breakeven due to high debt service and realestate taxes.  The property’s debtservice represents about 50% of its total income.  Average occupancy in 2008 was 97%, but theproperty continued to operate below breakeven status.  The investment general partner conducted asite visit in September 2008. The property was in good condition.  Management reports that rent collection hasimproved and maintenance expenses have decreased throughout the year.  The operating general partner continues tofund all deficits. The mortgage, taxes, insurance and payables are current.

 

Indiana Development, LP(Clear Creek Apartments) is a 64-unit development, located in North Manchester,Indiana.  The property has historicallyoperated below breakeven as a result of low occupancy.  During 2006, occupancy averaged 79% and in2007 average occupancy improved to 86%. The property suffered cash losses of ($53,329), ($39,990) and ($5,196) forthe years 2005, 2006 and 2007, respectively. The property’s physical appearanceand condition are good; however, management has been ineffective.  The operating general partner does not havean affiliated management company and has sought to manage the property usingthird party management companies, which in the past have not beeneffective.  The operating general partnerengaged five management companies in five years, with the most recent changeoccurring in early 2008 in connection with a portfolio-wide debtrestructuring.  The current third partymanagement company appears much stronger than any of the past management firmsas evidenced by the property’s improved average occupancy of 92% in 2008.  The property operated slightly abovebreakeven for the first three quarters of 2008. However, the property operated slightly below breakeven through year-end2008 due to a small decline in occupancy in the fourth quarter and an increasein bad debt expense.  During the firstquarter of 2009 the property operated just above breakeven due to a reductionin bad debt expense, although occupancy averaged 89%.  Management evicted several problematictenants during the fourth quarter of 2008, which has improved the quality ofthe tenant base and rent collections.  During the Spring management plans to focus onincreasing marketing in the local paper and businesses, and grounds landscapingin an effort to capitalize on warm weather traffic.  To date, the operating general partner hasfunded all operating deficits, although its unlimited operating deficitguarantee expired in September 2004. The mortgage and taxes arecurrent.  However, the operating generalpartner has a portfolio of properties in Michigan, some of which were operatingat deficits prior to their recent debt restructuring, so its ability tocontinue to fund operating deficits for Clear Creek Apartments may be limited.

 

Martinsville I Limited(Martinsville Apartments) is a 13-unit project located in Shelbyville, KY.  Occupancy averaged 85% in 2007.  This property is located in a high crimeneighborhood that is known to have drug activity.  In October 2007 a resident filed acomplaint with the Kentucky Housing Agency regarding safety concerns in andaround the site.  As a result, theKentucky Housing Agency began granting residents the option to break leases andtransfer to other properties. In addition, the Agency did not approve a subsidyfor new residents.  The investmentgeneral partner worked with the operating general partner to address the safetyconcerns by exploring a number of security initiatives to implement.  These initiatives include a neighborhoodblock watch program, improved communications between the property staff andlocal police officials, adding security cameras to the exterior, and increasedsecurity lighting.  A petition was sentto the mayor, governor, and other officials to increase crime control in theneighborhood.  In order to pay forincreased security, the operating general partner requested a rent increase andrenewal of Section 8 subsidies.  Amodest rent increase was approved. However, the Kentucky Housing Agency wasunable to guarantee Section 8 payments, as the Agency is legally obligatedto allow residents with Section 8

 

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vouchers to leave theproperty if they do not feel safe.  Theoperating general partner was not willing to fund any additional money for thissite.

 

Since the operatinggeneral partner and the Kentucky Housing Agency exhibited little commitment toimproving the property, the investment general partner made the decision toallow this property to go into foreclosure. The investment general partner madea payment to the accountants in order to receive the 2007 tax returns.  The investment general partner received adefault notice on April 8, 2008. Through the second quarter, occupancyaveraged 67%.  In July 2008, theinvestment general partner was notified that all residents had moved out of thecomplex.  The foreclosure and saleoccurred on August 22, 2008.

 

As a result of theforeclosure, the Operating Partnership experienced a $203,718 loss of creditsand recapture and interest of $236,009. This represents lost credits and recapture and interest of $42 and $49,respectively, per 1,000 BACs.  Theinvestment general partner intends to pursue the guarantors under the guarantywith a view to recovering the investment limited partner’s losses.  The guarantors’ financial strength andlikelihood of recovery are unknown at this time. In addition, an impairmentloss in the amount of $119,470 was recorded to reduce the investment balance tozero, as of September 30, 2008.

 

Parkside Plaza, L.P.(Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, NewYork.  The property operated belowbreakeven in 2005, 2006, 2007, and 2008 due to high utility, maintenance andadministrative expenses combined with collection loss.  Management is exploring options to reduce utilitycosts, including tenant education on conservation and possible grant fundingfrom non-profit agencies to conserve energy. Most recently, management and theoperating general partner filed an application for assistance to replacewindows and boilers with the New York State Energy Research and DevelopmentAuthority. However, in the second quarter of 2008, the operating generalpartner stated that the State is holding all applications due to budgetrestrictions and lack of grant funding available.  A rent increase of 2% was effective January 1,2009 and the operating general partner has additionally applied for a specialincrease for the maximum amount allowable of 10% to the New York State Divisionof Housing and Community Renewal (DHCR). Additional rent increases are plannedfor 2010 and 2011.  Management is workingto reduce tenant delinquencies by aggressively filing late notices and pursuingevictions through the housing court. Collections remain an ongoing and serious issue.  Physical occupancy was 100% as of March 2009.The investment general partner continues to work with the operating generalpartner to improve operations.  In January 2009,the investment general partner demanded that the operating general partnerbring the mortgage current.  Theoperating general partner received approval from the Lender and DHCR forrelease of operating reserves to bring the mortgage current.  Insurance payments are current and theoperating general partner has funded deficits, but not at the levelsrequired.  The operating general partnerstated that there are no more funds available to fund future deficits.  A site visit by the investment generalpartner is planned in the second quarter of 2009.  At that time management practices will bereviewed in an effort to bring operations back above breakeven status.

 

(Series 33). As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

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Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $790,015 and $1,017,348, respectively in passive income tax lossesthat were passed through to investors, and also provided $0.85 for both yearsin tax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 33 was $1,789,130and $6,206,010, respectively.  Thedecrease is a result of the way the Fund accounts for such investments, theequity method. By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the Series was $(5,082,253) and$(1,889,804), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, the fund management fee, and impairment losses.

 

FFLM Associates is anOperating Partnership that owns three limited partner interests, one of whichis Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) is an 18-unitproperty for seniors located in Old Bridge, New Jersey.  Historically this property has operated witha cash flow deficit and does not fund a replacement reserve account.  Capital expenses are funded from theoperations.  In 2007, occupancy averaged100%, but the property operated below breakeven due to high debt service andreal estate taxes.  The property’s debtservice represents about 50% of its total income.  Average occupancy in 2008 was 97%, but theproperty continued to operate below breakeven. The investment general partnerconducted a site visit in September 2008. The property was in goodcondition.  Management reports that rentcollection has improved and maintenance expenses continue to decrease.  The operating general partner continues tofund all deficits. The mortgage, taxes, insurance and payables are current.

 

Stearns Assisted HousingAssociates, L.P. (Stearns Assisted Housing) is a 20-unit property inMillinocket, ME that provides housing to seniors. In 2006, occupancy averaged90% and the property operated below breakeven due to high operating expenses.The property continued to operate below breakeven in 2007 due to vacancy lossand high utility expenses. Management believes occupancy declined due to thelack of vouchers in the Millinocket area. Management addressed this issue withthe local housing agency and with the Maine State Housing Authority, or MSHA,which put pressure on the local housing agency to expedite the processing ofall necessary paperwork in order to release additional vouchers. These measuresincreased occupancy at the property in the second quarter of 2007 and strongoccupancy was maintained in the third and fourth quarters. Occupancy reached90% at year-end 2007, and occupancy improved to a 92% average in 2008.  Occupancy continues to improve further with a100% average through the first quarter of 2009.

 

Despite the improvementin occupancy, the property operated below breakeven in 2007 and continued tooperate below breakeven in 2008 and 2009 due to high utility costs incurred inthe winter months. In an effort to reduce operating expenses, managementallowed the Maine Public Utilities Commission to conduct a walk-through energyaudit at the property. Recommendations were made to increase energy efficiencyat the property. The recommendations were broken down into two categories: lowcost do-it-yourself operations or maintenance procedures, and capitalimprovement projects. Management implemented the low cost operations andmaintenance procedure recommendations, including weather-stripping, addingcaulking around doors and windows, and shutting down the ventilation systemduring unoccupied times. Per the energy audit, the main problem is that toomuch of the building is heated but not occupied due to

 

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inefficient use of space.The commission recommended that the heating system be rezoned and an energy managementsystem that sets back the temperature in areas when they become unoccupiedshould be installed. The operating general partner researched many alternativeenergy systems and concluded that Chip-Tech, which is a heating system, willsubstantially reduce the heating costs at the property.  Chip-tech toured the property in May 2008and felt the property would be an ideal candidate for its technology, whichuses wood chips, and even garbage (under EPA standards) rather than oil toproduce heat. The operating general partner visited the investment generalpartner in October 2008 to discuss the energy alternatives he isresearching throughout his portfolio including Stearns Assisted.  The operating general partner submitted aloan application to Maine State Housing Authority in December 2008 toimplement the Chip-Tech system.  Theproposal passed the “technical merit” portion of the approval process in thefirst quarter of 2009.  The operatinggeneral partner is expecting an official decision on the financing portion ofthe proposal from MSHA in the second quarter of 2009. If approved, MSHAprovides 100% financing up to 30 years at a fixed rate of 4.75%.  The operating general partner is hopeful thatthe system can be implemented before the 2009 / 2010 winter season.  The operating general partner’s operatingdeficit guaranty is unlimited in time and amount and he continues to fund cashdeficits as necessary. All tax and insurance payments are current, and there isno hard debt associated with the property’s financing.

 

(Series 34).As of March 31, 2009 and 2008, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 14 properties at March 31, 2009, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $1,687,527 and $1,745,328, respectively in passive income tax losses thatwere passed through to investors, and also provided $.98 for both years in taxcredits per BAC to the investors.

 

Asof March 31, 2009 and 2008 Investments in Operating Partnerships for Series 34was $1,959,856 and $7,235,804, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method.  By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

Forthe years ended March 31, 2009 and 2008, the net income (loss) of the Series was$(5,616,496) and $(3,182,480), respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships, the fund management fee, and impairmentlosses.  It is anticipated that futurenet losses will decrease from the amount reported in the current year as theimpairment losses are not expected to have as significant an effect on futureyears.

 

Hwy 18 Partners, LP(Summer Park) is a 104-unit property located in Jackson, MS. Despite anoccupancy average of 87%, the property operated above breakeven in 2008. Theimproved operations were due to the low floating rate on the bonds. Through thefirst quarter of 2009, the property continues to operate above breakeven withthe help of the low floating rate on the bonds combined with management’sefforts to lower expenses. As of March 31, 2009, the property was 89%occupied.  Continued low occupancy andincreased turnover is due to the opening of a new 375-unit single-family homedevelopment near the property in 2008. The homes are part of an affordable homeownership program, and the monthly mortgage payments are comparable to SummerPark’s monthly rental rates.  Thelease-up started in 2008 and continued into the first quarter of 2009.  Now that lease-up has concluded, managementfeels they will

 

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be able to increaseoccupancy back into the low to mid ninety percentiles.  Management is conducting daily outreach tolocal businesses and churches to increase traffic. To help retain residents,management has increased activities at the site.  They feel by creating more of a communityfeel at the property, they will be able to retain more residents.  Any operating deficits through the complianceperiod are guaranteed by the operating general partner’s operating deficitguaranty until the Operating Partnership converts to a fixed rate permanentfinancing. Management continues to contact the City of Jackson about the highwater costs, but has been unsuccessful in lowering the rates to date. Alltaxes, insurance, and mortgage payments are current.

 

RHP 96–I, LP (HillsideClub I Apartments) is a 56-unit property located in Petosky, Michigan. HillsideClub has historically operated below breakeven as a result of low occupancy,which averaged 81% for the years 2005, 2006, and 2007, and the propertysuffered cash losses of ($50,619), ($71,828) and ($66,013), respectively.  Although occupancy improved to an average of87% in 2008, the property continued to operate below breakeven. The property’sphysical appearance and condition are good; management, however, has beenineffective. The operating general partner does not have an affiliatedmanagement company and has sought to manage the property using third-partymanagement companies which, in the past, have not been effective (fivemanagement companies over five years). The current third party management company appears much stronger thanany of the past management firms, and the property operated above breakeven inthe first quarter of 2009 due to a reduction in bad debt expense and water andsewer expense, and an increase in occupancy. Occupancy in the quarter averaged 91%. The operating general partner’s unlimited operating deficit guarantee expiredas of July 31, 2003.  The operatinggeneral partner continued to fund deficits through the third quarter of 2006,but ceased to fully support the property’s operations in the fourth quarter of2006.  As a result, the OperatingPartnership fell into arrears on both its tax and mortgage payments.  At the end of the first quarter 2009, theOperating Partnership was two months delinquent on its mortgage, and althoughthe 2007 real estate taxes were recently paid, the 2008 real estate tax paymentremains outstanding.  To date, the lenderhas not declared the loan in default and even appeared to be open to aforbearance agreement which would modify the loan by tacking on unpaid interestto the principal balance.  Recentinformation suggests that the lender’s willingness to modify the loan iswaning.  The investment general partneris actively exploring alternatives, which include a workout plan with theexisting operating general partner or the replacement of the operating generalpartner.

 

Millwood Park, LP(Millwood Park Apartments) is a 172-unit family property located inDouglasville, Georgia.  Historically, theproperty struggled in a highly competitive market.  The operating general partner responded withmove-in specials and increased advertising with local businesses and rentalguides. As a result, occupancy has significantly improved, expenses remainhigh, and operations were just below breakeven in 2007.  At the end of the second quarter of 2008, theoperating general partner interest was transferred. As part of the transfer,the new operating general partner agreed to extend the operating deficitguarantee, which had previously expired due to the cap, for a period of threeyears.  For 2008, the property operatedsignificantly below breakeven due largely to a 40% increase in utilities,specifically associated with higher water and sewer rates. Average occupancyfor the year was 95%. Deficits were funded largely by operating general partneradvances along with accruing of management fees. The investment general partnerfound the property to be in good condition upon a site inspection in November of2008.

 

Through the first quarterof 2009, the property operated below breakeven primarily due to the water andsewer rates combined with common area

 

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electricity costs.  Average occupancy was 97%.  The operating general partner continues tofund deficits as required.

 

On March 3, 2009,the new operating general partner issued a statement to the investment generalpartner informing of a management change effective May 1, 2009.  On June 20, 2008, the original operatinggeneral partner sold its interest in the Operating Partnership.  The original operating general partner agreedto continue to manage the portfolio after the transaction, with the mutualunderstanding that they wanted to exit the property management business at somepoint in the near future.  As the Atlantarental market became increasingly more challenging towards the second half of2008, it was agreed that the original operating partner would relinquish theirmanagement responsibilities, effective May 1, 2009.  The new operating general partner believesthat the new management will fit the role seamlessly as they have extensive taxcredit industry experience. As of May 1, 2009, the investment generalpartner has reviewed and approved the management change.  The mortgage, taxes and insurance are allcurrent.

 

(Series 35). As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties at March 31,2009 all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007 the series, in total, generated $1,454,862 and $1,494,963,respectively in passive income tax losses that were passed through to investorsand also provided $.97 for both years in tax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 35 was$5,644,539 and $9,704,927, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(6,285,010) and$(2,980,268), respectively.  The majorcomponents of these amounts are the Fund’s share of loss from OperatingPartnerships, the fund management fee, impairment losses, and amortization ofacquisition costs.

 

Columbia Wood, LP(Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA.  Historically, occupancy has been a concern atthis property due to competition from low priced homes for sale throughout thearea.  The property maintained an averageoccupancy of 86% in 2008, with below breakeven operations.  The primary reasons for below breakevenoperations are high vacancy and bad debt. The lack of income has affected management’s ability to pay bills,resulting in high payables. Furthermore, due to poor pre-screening standards onthe part of management, tenant receivables continue to be an issue at theproperty.  Management continues to try toimprove occupancy as well as their collection efforts.

 

The investment generalpartner met with the operating general partner and visited this site in October 2008.  The property was very well maintained and thetax credit files were in very good order. Several capital improvement projects are planned for 2009: re-finishingthe swimming pool, exterior siding repairs and painting.  These improvement projects will be fundedfrom replacement reserves.  Real estatetax, insurance and mortgage payments are current.  The operating general partner’s guaranteeremains unlimited until Rental Achievement. Rental Achievement has not yet been met. After Rental

 

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Achievement, theoperating deficit guarantee is unlimited for three years.  The operating general partner continues tofund deficits as needed.

 

Mulvane HousingAssociates Limited Partnership (Country Walk Apartments) is a 68-unit familyproperty located in Mulvane, Kansas. In 2008, the property operated with anaverage occupancy of 91% and below breakeven status due to vacancy losssustained in July through October as well as increased administrativeand maintenance expenses. Though expense levels have decreased, the propertycontinued to operate slightly below breakeven through the first quarter of 2009mainly due to audit and tax preparation expenses.  These fees are annual, one time expenses;therefore, operations are expected to improve in the second quarter assumingoccupancy remains strong.  As of March 31,2009, the property was 97% occupied.  Inan effort to reduce real estate taxes going forward, management is planning toappeal the 2009 valuation.  In addition,management has reduced unnecessary staffing hours in an effort to decrease theproperty’s payroll expense. Now that the property has occupancy in the highninety percent range, management is currently assessing the local market areato determine if a rent increase is feasible. The operating general partner has continued to fund all operatingdeficits despite an expired guarantee and has stated that he will continue todo so until the end of the tax credit compliance period in 2014.  All real estate taxes, insurance and mortgagepayments are current.

 

New Caney Housing II, LP(Garden Gates Apartments) is a 32-unit family property located in New Caney,TX. The property operated slightly below breakeven in 2008, due to an averageoccupancy of 88%. The property struggles with low occupancy due to soft marketconditions. Low occupancy has continued to be an issue at this property becauseof the increased competition in the primary market area. Management did notadapt their marketing plans to address the increased competition quicklyenough. In addition, the regional manager has stated that the market areaoffers a limited number of eligible prospects because the maximum income limitsused to qualify residents are too low. The management team has been workingdiligently to rebuild the tenant base and revamp their outreach program. Theyfocused on strengthening the resident base, increasing resident retention andimproving collections. In order to increase resident retention and overall occupancy,the company implemented an in-depth tenant screening process. Management tooksteps to aggressively enforce lease provisions by either moving for eviction ornot renewing leases for residents who violated the terms outlined in theirrental agreement. Management has also added concessions and other incentives toimprove occupancy. As of March 31, 2009, the property was 91% occupied.Management reports that the resident profile and resident retention have bothgreatly improved. The investment general partner met with the operating generalpartner and visited this site in October 2008.  The property was very well maintained andthere are no tax credit compliance issues to address.  The property continued to operate belowbreakeven in the first quarter of 2009 due to an annual payment of propertyinsurance, which was made in January. Management expects that with continued improved occupancy the propertywill operate above breakeven in 2009. The mortgage, taxes and insurance are all current. The managementcompany is deferring all fees until operations improve. The investment generalpartner will continue to monitor the property’s occupancy and operations.

 

(Series 36). As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2008 and 2007 the series, in total,generated $1,169,350 and $1,432,050, respectively in passive income tax losses

 

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thatwere passed through to investors, and also provided $0.93 for both years in taxcredits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 36 was$3,832,441 and $6,035,254, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(3,824,248) and$(1,820,515), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

Farmington MeadowsApartments (Aloha Housing Limited Partnership) is a 69-unit apartment complexlocated in Aloha, OR, with project-based Section 8 subsidy on 100% of theunits. Historically, the property has had strong operations. Average occupancyfor both 2008 and the first quarter of 2009 was 95%. Management took severalunits off-line for repairs in June 2008, causing occupancy to drop to 90%by the end of the fourth quarter of 2008. The property requires very highoccupancy (97% to 98%) to maintain operations above breakeven, due to its highdebt service; so the drop in occupancy resulted in below breakeven operations.A number of other issues have also affected cash flow, resulting in severallate payments on the mortgage, which is currently two months in arrears.

 

On July 21, 2008,the Operating Partnership was served with a lawsuit from a former residentalleging that her two children contracted asthma as a result of mold in twounits in which they had lived. The lawsuit claimed damages in the amount of$200,000. The operating general partner worked with the Operating Partnership’scounsel and insurance carrier to reach a settlement for about $10,000 on thisissue in April 2009, which was covered by the Operating Partnership’sinsurance.

 

The property’s balconieshave deteriorated over the past two years. While awaiting contractors’ bids to repair the balconies, managementissued letters directing residents not to use their balconies until they wererepaired.  Despite the letters, oneresident continued to use her balcony and sprained her ankle when the balconycollapsed in August 2008. The incident was reported to both parties’insurance companies, but no legal action has been taken by the resident or theinsurance company. After the incident, all doors to the balconies were boardedup immediately. Work to remediate the balconies was completed in the firstquarter of 2009.

 

Due to constrained funds,the property has alternated between paying vendors and meeting its debtservice.  After the sewer line wasrepaired in July 2008 for $60,000, the contractor who performed the workfiled a lien on the property.  Paymenthas since been made, but caused some arrearage in the mortgage payments.  The operating general partner brought themortgages current, but payables began to build again. In order pay down some ofthese payables, the Operating Partnership missed two mortgage payments in 2009and the operating general partner has not yet funded amounts necessary to curethese past due payments.

 

In March 2008, theoperating general partner replaced the management agent with a new one whichappears to be skilled in all areas of LIHTC property management and has beenworking to address all of the issues above, including performing moldremediation on all affected units. Management was able to

 

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reschedule the HUD siteinspection, originally scheduled for August 2008, to July 2009, inanticipation that the balcony and mold issues will be remediated by then. Someof the balcony repair costs have been paid out of the property’s replacementreserve. The investment general partner will continue to monitor the progressof each issue, including improving occupancy. The investment general partnercontinues to press the operating general partner to either continue fundingdeficits in a timelier manner or step out of the operating general partner roleconsensually.

 

Nowata Village LimitedPartnership (Nowata Village) is a 28-unit family property located in Nowata,OK.  Occupancy began to decline in thesecond quarter of 2008 ending the year with an average occupancy of 82% andbelow breakeven operations.  However, theregional manager began spending more time onsite, marketing efforts improvedand occupancy increased to 89% in December 2008. Occupancy has been stablein 2009, averaging 93% through the first quarter.  The property is expected to reach breakevenoperations in 2009.  The operatinggeneral partner continues to fund deficits as needed. The property’s mortgage,real estate taxes and insurance payments are all current.

 

Riverview Bend LimitedPartnership (Riverview Bend) is a 94-unit property located in Crystal City,MO.  On June 23, 2009 there was afire at the property.  Two units are acomplete loss and four other units need significant work. There were noinjuries, but all six units are currently off-line. The insurance is currentand the insurance company has already been contacted.

 

(Series 37). As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%.  The series had a total of 7 properties at March 31,2009 all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007, the series, in total, generated $1,753,474 and $1,316,511,respectively in passive income tax losses that were passed through to investorsand also provided $0.97 in both years in tax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 37 was$3,894,815 and $9,109,138, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

Forthe years ended March 31, 2009 and 2008, the net income (loss) of theseries was $(6,790,196) and $(1,930,779), respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee, impairment losses, and amortization of acquisition costs.

 

Hwy 18 Partners, LP(Summer Park) is a 104-unit property located in Jackson, MS. Per the 2008audit, the property operated above breakeven for the year.  The improved operations were due to the lowfloating rate on the bonds.  Occupancydecreased from 91% in 2007 to 87% in 2008. Through the first quarter of 2009, the property continues to operateabove breakeven as a result of the low floating rate on the bonds, increase inoccupancy and management’s efforts to lower operating expenses.  Although occupancy has increased over thepast few months, there is still room for improvement.  The low occupancy and increase in turnover isdue to the opening of a new 375-unit single-family home development near theproperty in 2008. The homes are part of an affordable home ownership program,and the monthly mortgage payments are comparable to Summer Park’s monthlyrental rates.  The lease-up started in2008 and continued into the first quarter of 2009.  Now that lease-up has

 

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concluded, managementfeels they will be able to increase occupancy back to historic levels.  Management is conducting daily outreach tolocal businesses and churches to increase traffic. Occupancy at the end of thefirst quarter 2009 was 89%.  To helpretain residents, management has increased activities on the site.  They feel by creating more of a communityfeel at the property, they will be able to retain more residents.  All operating deficits through the complianceperiod are guaranteed by the operating general partner’s operating deficitguaranty unless the Operating Partnership converts to a fixed rate permanentfinancing. All taxes, insurance, and mortgage payments are current.

 

Columbia Wood, LP(Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA.  Historically, occupancy has been a concern atthis property due to competition from low priced homes for sale throughout thearea.  The property maintained an averageoccupancy of 86% in 2008, with below breakeven operations.  The primary reasons for below breakevenoperations are high vacancy and bad debt. The lack of income has affected management’s ability to pay bills,resulting in high payables. Furthermore, due to poor pre-screening standards onthe part of management, tenant receivables continue to be an issue at theproperty.  Management continues to try toimprove occupancy as well as their collection efforts.

 

The investment generalpartner met with the operating general partner and visited this site in October 2008.  The property was very well maintained and thetax credit files were in very good order. Several capital improvement projects are planned for 2009: re-finishingthe swimming pool, exterior siding repairs and painting.  These improvement projects will be fundedfrom replacement reserves.  Real estatetax, insurance and mortgage payments are current.  The operating general partner’s guaranteeremains unlimited until Rental Achievement. Rental Achievement has not yet been met. After Rental Achievement, the operating deficit guarantee is unlimitedfor three years.  The operating generalpartner continues to fund deficits as needed.

 

Stearns Assisted HousingAssociates, L.P. (Stearns Assisted Housing) is a 20-unit property inMillinocket, ME that provides housing to seniors. In 2006, occupancy averaged90% and the property operated below breakeven due to high operating expenses.The property continued to operate below breakeven in 2007 due to vacancy lossand high utility expenses. Management believes occupancy declined due to the lackof vouchers in the Millinocket area. Management addressed this issue with thelocal housing agency and with the Maine State Housing Authority, or MSHA, whichput pressure on the local housing agency to expedite the processing of allnecessary paperwork in order to release additional vouchers. These measuresincreased occupancy at the property in the second quarter of 2007 and strongoccupancy was maintained in the third and fourth quarters. Occupancy reached90% at year-end 2007, and occupancy improved to a 92% average in 2008.  Occupancy continues to improve further with a100% average through the first quarter of 2009.

 

Despite the improvementin occupancy, the property operated below breakeven in 2007 and continued tooperate below breakeven in 2008 and 2009 due to high utility costs incurred inthe winter months. In an effort to reduce operating expenses, managementallowed the Maine Public Utilities Commission to conduct a walk-through energyaudit at the property. Recommendations were made to increase energy efficiencyat the property. The recommendations were broken down into two categories: lowcost do-it-yourself operations or maintenance procedures, and capitalimprovement projects. Management implemented the low cost operations andmaintenance procedure recommendations, including weather-stripping, addingcaulking around doors and windows, and shutting down the ventilation systemduring unoccupied times. Per the energy audit, the main

 

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problem is that too muchof the building is heated but not occupied due to inefficient use of space. Thecommission recommended that the heating system be rezoned and an energymanagement system that sets back the temperature in areas when they becomeunoccupied should be installed. The operating general partner researched manyalternative energy systems and concluded that Chip-Tech, which is a heatingsystem, will substantially reduce the heating costs at the property.  Chip-tech toured the property in May 2008and felt the property would be an ideal candidate for its technology, whichuses wood chips, and even garbage (under EPA standards) rather than oil toproduce heat. The operating general partner visited the investment generalpartner in October 2008 to discuss the energy alternatives he isresearching throughout his portfolio including Stearns Assisted.  The operating general partner submitted aloan application to Maine State Housing Authority in December 2008 toimplement the Chip-Tech system.  Theproposal passed the “technical merit” portion of the approval process in thefirst quarter of 2009.  The operatinggeneral partner is expecting an official decision on the financing portion ofthe proposal from MSHA in the second quarter of 2009. If approved, MSHAprovides 100% financing up to 30 years at a fixed rate of 4.75%.  The operating general partner is hopeful thatthe system can be implemented before the 2009 / 2010 winter season.  The operating general partner’s operatingdeficit guaranty is unlimited in time and amount and he continues to fund cashdeficits as necessary. All tax and insurance payments are current, and there isno hard debt associated with the property’s financing.

 

Baldwin Villas LimitedPartnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. Theproject consists of single family rental homes, with home ownership an optionavailable to qualifying tenants.  Becausethe cost to build the project approximated the cost for a single-familydevelopment, construction of the project required a significant amount ofdebt.  As a result, the rent structurerequired to support the project is high, and most tenants need significantsubsidy to afford the $1,000+/ month rents.

 

During 2006, occupancy atBaldwin Villas averaged over 90% and the property generated $61,425 in cash. In2007, the local Section 8 administrating authority experienced fundingconstraints.  Due in part to thedecreased availability of portable Section 8 vouchers, average occupancydeclined in 2007 to 82% and the property operated below breakeven. In October 2007,the operating general partner engaged a new property management company tomanage several of its properties, including Baldwin.  The property continued to operate belowbreakeven in 2008, although occupancy averaged 89%, and reached 94% inDecember.  Through the first quarter of2009, occupancy averaged 91% and operations were below breakeven.  Although occupancy has improved, operatingexpenses remain well above state averages due to the fact that the propertyconsists of single family homes. Maintenance expenses in 2008 were almost three times the state average,which is attributable to extremely costly unit turnovers.  In August 2008, management began using anew credit agency for more comprehensive credit checks, curbing unit turnoversin the past two quarters.

 

Reporting by theoperating general partner has not been timely. In the third quarter of 2008 the investment general partner received the2007 draft audit which revealed that, in 2007, the operating general partnerhad renegotiated the loan agreement to defer 2007 principal payments.  The Operating Partnership remains current onthe interest portion of its debt service. Year-to-date 2008 reports, also received in fourth quarter of 2008,revealed a significant increase in payables and the existence of unpaid realestate taxes.  Reporting appears to haveimproved during the first quarter of 2009

 

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though, and the 2008audited financial statement and first quarter 2009 quarterly statement weredelivered in a timely manner.

 

Generally, despiteinconsistent reporting, the operating general partner has exhibited a strongdesire to support this property because of its view that the property may holdsubstantial value.  However, this operatinggeneral partner also has a portfolio of other properties in Michigan, some ofwhichwere also operating at deficits prior to a recent, portfolio-wide debtrestructuring, so its ability to continue to fund operating deficits at BaldwinVillas may be limited. The investment general partner is closely monitoring thenew management company’s ability to increase occupancy and cash flow, reduceunit turnovers and control operating expenses, as well as keep payablescurrent.  The investment general partnercontinues to press the operating general partner for a plan to pay down unpaidreal estate taxes.

 

(Series 38). As of March 31,2009 and 2008, the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007, the series, in total, generated $866,692 and $955,285,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.94 for both years in tax credits per BAC to theinvestors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 38 was$6,295,306 and $10,629,006, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(6,258,767) and$(1,217,122), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

(Series 39). As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%.  The series had a total of 9 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007 the series, in total, generated $855,835 and $977,716,respectively, in passive income tax losses that were passed through toinvestors. The series also provided $0.93 for both years in tax credits per BACto the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 39 was$6,063,709 and $8,575,183, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(4,318,730) and$(1,814,271), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

(Series 40).As of March 31, 2009 and 2008 the average Qualified Occupancy for theseries was 100%.  The series had a totalof 16 properties at March 31, 2009, all of which were at 100% QualifiedOccupancy.

 

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For the tax years ended December 31,2008 and 2007 the series, in total, generated $1,020,429 and $1,145,605,respectively in passive income tax losses that were passed through toinvestors. The series also provided $0.92 for both years in tax credits per BACto the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 40 was$7,326,362 and $10,446,429, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(5,416,173) and$(2,695,404), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

Baldwin Villas LimitedPartnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. Theproject consists of single family rental homes, with home ownership an optionavailable to qualifying tenants.  Becausethe cost to build the project approximated the cost for a single-family development,construction of the project required a significant amount of debt.  As a result, the rent structure required tosupport the project is high, and most tenants need significant subsidy toafford the $1,000+/ month rents.

 

During 2006, occupancy atBaldwin Villas averaged over 90% and the property generated $61,425 in cash. In2007, the local Section 8 administrating authority experienced fundingconstraints.  Due in part to thedecreased availability of portable Section 8 vouchers, average occupancy declinedin 2007 to 82% and the property operated below breakeven. In October 2007,the operating general partner engaged a new property management company tomanage several of its properties, including Baldwin.  The property continued to operate below breakevenin 2008, although occupancy averaged 89%, and reached 94% in December.  Through the first quarter of 2009, occupancyaveraged 91% and operations were below breakeven.  Although occupancy has improved, operatingexpenses remain well above state averages due to the fact that the propertyconsists of single family homes. Maintenance expenses in 2008 were almost three times the state average,which is attributable to extremely costly unit turnovers.  In August 2008, management began using anew credit agency for more comprehensive credit checks, curbing unit turnoversin the past two quarters.

 

Reporting by theoperating general partner has not been timely. In the third quarter of 2008 the investment general partner received the2007 draft audit which revealed that, in 2007, the operating general partnerhad renegotiated the loan agreement to defer 2007 principal payments.  The Operating Partnership remains current onthe interest portion of its debt service. Year-to-date 2008 reports, also received in fourth quarter of 2008,revealed a significant increase in payables and the existence of unpaid realestate taxes.  Reporting appears to haveimproved during the first quarter of 2009 though, and the 2008 audited financialstatement and first quarter 2009 quarterly statement were delivered in a timelymanner.

 

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Generally, despiteinconsistent reporting, the operating general partner has exhibited a strongdesire to support this property because of its view that the property may holdsubstantial value.  However, thisoperating general partner also has a portfolio of other properties in Michigan,some of which were also operating at deficits prior to a recent, portfolio-widedebt restructuring, so its ability to continue to fund operating deficits atBaldwin Villas may be limited. The investment general partner is closelymonitoring the new management company’s ability to increase occupancy and cashflow, reduce unit turnovers and control operating expenses, as well as keeppayables current.  The investment generalpartner continues to press the operating general partner for a plan to pay downunpaid real estate taxes.

 

(Series 41)As of March 31, 2009 and 2008 the average Qualified Occupancy for theseries was 100%.  The series had a totalof 21 properties at March 31, 2009, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2008 and 2007, the series, in total,generated $1,524,913 and $3,026,173, respectively in passive income tax lossesthat were passed through to investors and also provided $0.76 and $0.77,respectively, in tax credits per BAC to the investors.

 

Asof March 31, 2009 and 2008, Investments in Operating Partnerships for Series 41was $6,283,404 and $8,842,020, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For years ended March 31,2009 and 2008, the net income (loss) of the series was $(3,871,357) and$(2,132,436), respectively.  The majorcomponents of these amounts are the Fund’s share of loss from OperatingPartnerships, the fund management fee, impairment losses, and amortization ofacquisition costs.

 

San Diego/Fox Hollow, LP(Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC filed alawsuit against the former operating general partner and its affiliates forbreaches of various agreements.  In December of2004, a judgment was filed in the Superior Court of the State of California (SanDiego County) awarding the plaintiffs the amount of $3,507,426 pluspost-judgment interest at an annual rate of 10%.  The settlement included attorney’s fees forthe plaintiffs in the amount of $1,125,000 plus $123,697 in costs.  The State Appeals Court upheld the judgmentin the fourth quarter of 2006.  Theinvestment general partner has been pursuing payment, and on April 21,2008, the deficiency was settled though mediation for a total of$3,950,000.  The payment plan requiresthat cash payments of $1,650,000 be made within 200 days of settlement, and theremaining $2,300,000 be paid over time, secured by the defendant’s interests in8 real estate holdings.  To date$1,300,000 has been collected.

 

An affiliate of theinvestment general partner has funded emergency repairs to stabilize hillsidesoils and reinforce retaining walls.  Thework will continue on an as needed basis. The Operating Partnership hasasserted in court that the retaining wall was not constructed properly and hasfiled suit against the retaining wall contractor and the original generalcontractor of the property, who was replaced before completion of construction.During the fourth quarter of 2007, the case was settled in mediation for$2,001,000.  During the first quarter 2008,the Operating Partnership received $1,993,500 in damages.  The Operating Partnership is in the processof reimbursing the affiliate of the investment general partner for the fundsthey have advanced

 

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for the repairs.  The balance of the settlement, held inreserves, will be used to complete the necessary repairs and associatedlandscaping. The property operated above breakeven in 2007 and 2008.  The investment general partner continues tomonitor the completion of the remaining construction work. The mortgage, taxes,and insurance are current.

 

Rural Housing Partners ofMt. Carroll, LP (Mill Creek Village), is a 12-unit family property located inMt. Carroll, IL. In 2007, the property had an average occupancy of 74% andoperated below breakeven.  The marketthat the property is located in is a depressed rural area.  In 2006, two of the units had lost rentalassistance from Rural Development, due to being vacant for at least sixmonths.  Since that time, the two unitsremained vacant until January 2009 due to an inability to find tenants whocan afford the rents without Rural Development rental assistance.  According to the operating general partner,there is little chance of re-attaining the lost rental assistance. In 2008,average occupancy was 83% and the property operated above breakeven.  Due to minimal operating expenses, theproperty was able to generate positive cash flow at an occupancy level of 83%.  Through the first quarter of 2009, averageoccupancy is 92%, and the property continues to operate well.  The mortgage, property taxes, and insuranceare current.

 

Madison HousingAssociates II Limited Partnership (Southpark Apartments II) is a 60-unit familyproperty located in Newton, Kansas. Despite an occupancy average of 94%, theproperty operated below breakeven in 2008 due to high operating expenses.Operating expenses were high in part due to the purchase of ascanner/copier/fax machine in 2008. Also, siding, concrete and parking lotimprovements were funded through operations. Maintenance expenses are expected to decline in 2009 as no majorimprovements are planned. Despite high occupancy, the property operatedslightly below breakeven in the first quarter of 2009 due primarily to auditand tax preparation expenses that were booked in the first quarter. These feesare annual, one-time expenses. As of March 31, 2009, the property was 100%occupied. To ensure above breakeven operations, management has implemented aproperty manager incentive program based upon occupancy and net operatingincome.  This will motivate on-sitemanagement to reduce expenses and increase revenue. In an effort to reducereal estate taxes going forward, management is appealing the 2008 and 2009 taxassessments.  A decision from the Countyis expected in the third quarter of 2009. Since occupancy remains strong, and to further offset operating expenses,the investment general partner encouraged management to implement a rentincrease. Commencing in May 2009, management will implement a $10 to $25rent increase based on unit size. The rent increase will increase grosspotential rent by approximately $13,000/annum. The operating general partner has continued to fund all operatingdeficits despite an expired guarantee and has stated that he will continue todo so until the end of the tax credit compliance period in 2016.  All real estate taxes, insurance and mortgagepayments are current.

 

Hawthorne Associates, LP(Sandalwood Apartments) is a 20-unit property located in Toppenish,Washington.  The Operating Partnershipoperated above breakeven in 2006. However, the 2006 overall average occupancy of 84% declined to 65% in December 2006,due to inadequate site staffing, poor tenant rent collection, high evictionrates, and many over-income applicants. A new site staff was hired early in 2007 and the site manager was ableto restore occupancy to 95% by September 2007.  Occupancy has remained stable since thattime.  The occupancy as of March 31,2009, was 95% up from 90% as of the end of December 2008. The propertyoperated slightly below breakeven in 2007 but has improved back to breakevenstatus in 2008.  The property continuesto operate above breakeven through the first quarter of 2009. The investmentgeneral partner will continue to monitor operations on a monthly basis. The

 

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rent collection andeviction policies are being strictly enforced; no further collection issues areanticipated.  The taxes, mortgage andinsurance are all current.

 

Marwood Senior Apartmentsis a new construction property for the elderly located in Upper Marlboro,Maryland.  On May 31, 2008, a hailstorm damaged roof shingles, gutters, and trim. The damage was not discovered until a roof leak appeared on January 9,2009. The leaks were temporarily repaired, and management contacted threecompanies for estimates of the damage. It was determined that the roof needed to be replaced, and the estimatedtotal loss from the insurance company was $162,735.  The actual cash value claim amounted to$112,735, net of the $50,000 deductible. Throughout the first quarter 2009, management has been working with theinsurance company adjuster, and a claims check was ordered May 6,2009.  The claims money is required priorto moving forward with replacing the roof.

 

The property maintained98% occupancy for 2008 and operated above breakeven for the year.  All required reserves and escrows are fullyfunded.  Occupancy has remained strong,averaging 100% through the first quarter of 2009.  The investment general partner will continueto monitor the progress with the insurance claim and roof replacement until allwork is complete and all funds are received from the insurance company.

 

(Series 42). As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%.  The series had a total of 23 properties at March 31,2009, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007 the series, in total, generated $1,982,663 and $1,328,107,respectively in passive income tax losses that were passed through to investorsand also provided $0.92 and $0.90, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 42 was$7,460,540 and $12,469,734, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(6,857,155) and$(1,747,899), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

Wingfield ApartmentsPartnership II, A L.P. (Wingfield Apartments II) is a 42-unit multifamilydevelopment located in Kinder, Louisiana. During 2007, a $50 per unit rent increase was implemented for newmove-ins or upon lease renewal. This caused occupancy to decline in 2007 from99% to 87% because tenants could not afford the new rates.  Occupancy rebounded during the fourth quarterof 2007 and into the first quarter of 2008. Throughout 2008, occupancy continued to decline ranging from a high of90% in January to a low of 69% in December 2008.  Overall, occupancy averaged 82% for 2008.Despite the low occupancy, the property operated above breakeven for the yeardue to reduced operating expenses. Occupancy has decreased averaging 78% in thefirst quarter of 2009. The operating deficit guarantee expired in 2005.  The low income housing tax credit complianceperiod expires in 2016.  All real estatetax, mortgage, and insurance payments are current.

 

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San Diego/Fox Hollow, LP(Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC filed alawsuit against the former operating general partner and its affiliates forbreaches of various agreements.  In December of2004, a judgment was filed in the Superior Court of the State of California(San Diego County) awarding the plaintiffs the amount of $3,507,426 pluspost-judgment interest at an annual rate of 10%.  The settlement included attorney’s fees forthe plaintiffs in the amount of $1,125,000 plus $123,697 in costs.  The State Appeals Court upheld the judgmentin the fourth quarter of 2006.  Theinvestment general partner has been pursuing payment, and on April 21,2008, the deficiency was settled though mediation for a total of$3,950,000.  The payment plan requiresthat cash payments of $1,650,000 be made within 200 days of settlement, and theremaining $2,300,000 be paid over time, secured by the defendant’s interests in8 real estate holdings.  To date$1,300,000 has been collected.

 

An affiliate of theinvestment general partner has funded emergency repairs to stabilize hillsidesoils and reinforce retaining walls.  Thework will continue on an as needed basis. The Operating Partnership hasasserted in court that the retaining wall was not constructed properly and hasfiled suit against the retaining wall contractor and the original generalcontractor of the property, who was replaced before completion of construction.During the fourth quarter of 2007, the case was settled in mediation for$2,001,000.  During the first quarter 2008,the Operating Partnership received $1,993,500 in damages.  The Operating Partnership is in the processof reimbursing the affiliate of the investment general partner for the fundsthey have advanced for the repairs.  Thebalance of the settlement, held in reserves, will be used to complete thenecessary repairs and associated landscaping. The property operated abovebreakeven in 2007 and 2008.  Theinvestment general partner continues to monitor the completion of the remainingconstruction work. The mortgage, taxes, and insurance are current.

 

Dorchester CourtApartments (Dorchester Court Limited Dividend Housing Association, LP) is a131-unit apartment complex located in Port Huron, MI, with 75% of the unitsdevoted to elderly housing.  Due toconstruction delays and slow initial lease-up, the property experienceddifficulty generating positive cash flow. One of the two original members of the operating general partner entitywas unable to contribute his share of the advances required under the operatingdeficit guarantee.  In July 2005,one of the original members was replaced and the new member was inserted as thesecond member of the operating general partner entity. Although the new secondmember did not assume the obligations of the guarantor, it had significantresources and contributed over $190,000 to the Operating Partnership to fundthe property’s operating deficits during the 2006-2007 periods. In 2008,however, growing tensions between the two current members resulted in lessattention being paid to management of the property and diminished willingnessof the operating general partner to fund deficits. In May 2009, theOperating Partnership approved the transfer of interests within the operatinggeneral partner entity; the new second member transferred its interest to theremaining single member.  As noted above,the members had been at odds and the transfer was deemed likely to clarifycontrol of the entity and result in improved performance of the property.

 

Occupancy averaged 90%for 2008 and 86% for the first quarter of 2009. The property operated just below breakeven in 2008 and continues tooperate below breakeven in 2009, due to low occupancy. In 2007, the OperatingPartnership refinanced its first mortgage, resulting in a significant improvementin operations over 2006. Under the new debt service and assuming expenses aremaintained in line with those of 2008, the property should be able to breakevenat 93% occupancy. The property historically has had slightly lower

 

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occupancy in the coldermonths; but a loss of attention from the operating general partner due thetensions described above may have also contributed to the recent falloff inperformance. As of April 2009, occupancy had risen to 89%. The operatinggeneral partner believes that with the change in the general partner entitynoted above, occupancy will continue to rise and in turn, operations willimprove. Prior to the refinance, the operating general partner had not fundedthe replacement reserve account; however, the Operating Partnership has beenfunding the replacement reserve, in accordance with the loan and OperatingPartnership agreements, since September 2007. The mortgage, taxes andinsurance payments are all current. Accounts payable currently stands at $53,000.

 

HS Housing, LP (HeliosStation Apartments) is a 30-unit family property located in Lafayette, CO.  In response to below breakeven propertyoperations caused by low occupancy in 2006, the management company replaced thesite manager in the third quarter of 2006. This had a positive effect on theproperty during 2007, with occupancy increasing to 97% and the property operatingabove breakeven.  The property operatedabove breakeven in 2008 with average occupancy of 94%.

 

Through the first quarterof 2009, the property continued to operate above breakeven and occupancyreached 100% in March 2009, with 95% average occupancy for the quarter.All real estate taxes, insurance, and mortgage payments are current. Theoperating general partner’s obligation to fund operating deficits is unlimitedin time and amount.  A site visitconducted in September 2008 revealed that although the property was ingood physical condition, housekeeping and maintenance needed improvement.  Additionally, the tenant file audit disclosedincomplete and disorganized files which could be attributed to the site manager’slimited tax credit experience and knowledge of the program.  A new, experienced site manager was hired atthe end of October 2008 in an effort to address these issues; however,this manager was also not able to proactively tackle the property’s issues anda new site manager was anticipated to begin in the beginning of May.  This manager has previous tax creditexperience as an assistant manager and is going to be promoted from a largerproperty with the idea that she will be able to deliver focus to this smallerproperty.  A regional compliance manageris also scheduled to work with the new site manager in June 2009 to ensurethat all tenant file issues have been corrected.

 

Effective July 1,2008, the operating general partner brought in a new management company tomanage its entire portfolio of 18 properties in Colorado. The change inmanagement was intended to address unsatisfactory operations at severalproperties in the Colorado portfolio. The operating general partner is attempting to recapitalize its Coloradoportfolio, including HS Housing, but the plan appears unlikely to succeed atthis time.  However, improved managementhas resulted in increased cash flow across the entire portfolio.  The investment general partner has turned itsfocus toward obtaining a commitment from the operating general partner to fundthe portfolio’s identified near term capital improvements and payables out ofthe improved cash flow from the entire portfolio. The operating general partnersigned a letter agreeing to fund capital needs at the Colorado properties.  The investment general partner is indiscussions with the operating general partner in an attempt to tie down thetiming of the funding.  If the operatinggeneral partner fails to complete the capital plan to which it has committed,the investment general partner will consider replacing the operating generalpartner.

 

SM Housing, LP is a40-unit property located in Buena Vista, Colorado.  On September 7, 2008, there was a fireat the property caused by a resident

 

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smoking.  There was physical damage to 12 of the 40units and the residents had to seek temporary shelter until the rehab work wascomplete. On January 9, 2009, the property passed the final inspection forthe rehab work and the Certificates of Occupancy have been issued.  There was no loss of credits as a result ofthe down units.  Due to the fire and$50,000 in costs that insurance would not cover, the property operated belowbreakeven in 2008. Insurance would not cover the costs to house residents whilethe rehab work was being complete, which totaled $50,000. Through the firstquarter of 2009, the property operated slightly below breakeven.  The operations were affected by the propertyhaving to re-lease units after the fire, as some of the residentsrelocated.  Occupancy has increased back95% as of March 31, 2009. Management feels now that occupancy has increased back to historicallevels, the property will operate above breakeven for the year.  The investment general partner has beenadvised that a lien has been put against the property by the contractor who didthe rehab work.  The lien is in theamount of $213,308 for lack of payment by the operating general partner.  The operating general partner has advisedthat the final payment from the insurance company of $149,000 has been receivedand wired to the contractor.  Theoperating general partner has also stated that they will pay the remainder ofthe outstanding balance to the contractor in the second quarter of 2009.  The investment general partner will continueto monitor payment to the contractor to ensure the lien is released in a timelymanner.  All real estate tax, mortgageand insurance payments are current.

 

TS Housing, LP (TiffanySquare Apartments) is a 52-unit family property located just outside Denver inLakewood, CO.  Parts of the propertydeveloped structural issues related to the floor joists, which resulted in unevenfloors and required extensive repairs. Ten units were off-line for over six months while management attemptedto remediate the issue.  As a result oflower revenue from the down units, and increased maintenance expenditures, theproperty expended cash of ($19,023) in 2006. During 2007, average occupancy was 91% and the property expended cash of($65,739) due to increased maintenance expenditures and structural repairs ofthe eight units.

 

In 2006, the ColoradoHousing and Finance Authority issued 8823s, citing the ten units that wereunsuitable for occupancy for an extended period of time due to the structuralissues noted above. As of April 2007, the ten units had been repaired andre-occupied. In May 2008, corrected 8823s for the ten units were filedwith the IRS by the Colorado Finance Housing Agency.

 

The property operatedabove breakeven in 2008 with average occupancy of 96%.  Through the first quarter of 2009, occupancyaveraged 97%, and continued to operate above breakeven.  While management expects improved operationsand occupancy to continue going forward, it was discovered during the fourthquarter of 2008 that one unit was in need of structural repairs and hasremained vacant.  Management obtainedbids and anticipates that the work will be completed during the first week of June 2009.  The bid is for $5,000 and will be paid fromoperating cash.  Once the unit is broughtback online there is an applicant ready to occupy it.  All real estate taxes, insurance, andmortgage payments are current.  Theoperating general partner’s obligation to fund operating deficits is unlimitedin time and amount.

 

Effective July 1,2008, the operating general partner brought in a new management company tomanage its entire portfolio of 18 properties in Colorado. The change in managementwas intended to address unsatisfactory operations at several properties in theColorado portfolio.  The operatinggeneral partner is attempting to recapitalize its Colorado portfolio, includingHS Housing, but the plan appears unlikely to succeed at this time.  However, improved management has resulted inincreased cash flow across the

 

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entire portfolio.  The investment general partner has turned itsfocus toward obtaining a commitment from the operating general partner to fundthe portfolio’s identified near term capital improvements and payables out ofthe improved cash flow from the entire portfolio. The operating general partnersigned a letter agreeing to fund capital needs at the Colorado properties.  The investment general partner is indiscussions with the operating general partner in an attempt to tie down thetiming of the funding.  If the operatinggeneral partner fails to complete the capital plan to which it has committed,the investment general partner will consider replacing the operating generalpartner.

 

Los Lunas Apartments, LP(Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property.Average physical occupancy for 2007 was 88% and the property operated abovebreakeven. In 2008 and through the first quarter of 2009, the propertycontinued to operate above breakeven with an average occupancy of 95%.  To increase and maintain the occupancy,management continues to market the property through local media and civicorganizations. The operating general partner has also renegotiated the laundrycontract with the vendor and all of the machines were upgraded.  The property has received funds from thevendor for re-signing the contract. In 2008, management replaced a number ofappliances.  The real estate taxes,insurance, and mortgage payments are current.

 

Jeremy Associates, LP(Coopers Crossing Apartments) is a 93-unit family development located in LasColinas, Texas.  Average occupancy for2007 was 90%, down 6% from the 2006 average occupancy.  In 2008, average occupancy was 94%; however,the property continued to operate below breakeven due to high operatingexpenses and debt service.  Operatingexpenses are high due mainly to inordinately high maintenance costs as a resultof severe physical deficiencies.  In 2003an engineer’s report identified foundation and stress cracks in a number ofbuildings on site.  The total cost of theproject was estimated at $320,000; however, there were additional repairsrequired due to plumbing breaks as the foundations were being repaired,resulting in a total project cost of $360,000. The construction repairs werefunded by a capital contribution from the operating general partner, and theproject was completed in November of 2007 and all units were brought backon-line at that time.  During the fourthquarter of 2008, the operating general partner notified the investment generalpartner that an additional building was experiencing differential settlementissues and two units were being brought off-line until repairs could bemade.  Repairs were completed in March ata cost of approximately $80,000.  Thiswas also funded via an advance from the operating general partner.  As indicated above, while occupancy hasimproved through 2008, expenses remain high and inhibit the property fromoperating above breakeven.  The mostsignificant expenses are utilities and maintenance.  Most of the maintenance expenses are turnoverrelated, as management has seen an increase in turnover from historical figuresdue mainly to market related issues.  Inaddition, many of the appliances are reaching the end of their useful life andare requiring replacement or repairs.  Throughthe first quarter of 2009, occupancy averaged 93%, and the property continuedto operate below breakeven.  Managementhas made efforts to reduce operating expenses via cutting staffing hours,stopping newsletters, reducing advertising and shutting one boiler down duringthe summer months to reduce gas usage. Debt service is high as the interest rate is 8.77%.  The operating general partner has stated thatrefinance is not an option due to a prohibitively expensive yield maintenancepenalty.  The operating general partnercontinues to fund operating deficits despite the expiration of the operatingdeficit guarantee. The investment general partner will continue to work withmanagement to improve occupancy and reduce expenses.  In addition, a representative of theinvestment general partner will conduct a site visit during the second quarter

 

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of 2009 to determineadditional capital needs.  The mortgage,trade payables, property taxes and insurance are current.

 

Centenary Housing, LP.(Centenary Tower Apartments) is a 100-unit senior property located in St.Louis, MO.  The property operated at adeficit for the first time in 2005, due to operating expenses which exceededthe state average by 25%.  Throughout2006, third party management reports to the operating general partner and theinvestment general partner suggested that the property was operatingadequately, although there were a few reports that drug use and otherundesirable activity were increasing at the property. In the first quarter of2007, the investment general partner learned that the City of St. Louis hadcited the property as a nuisance twice in 2006. The property’s security and habitability had deteriorated sharply duringthe second half of 2006 and the first quarter of 2007, with over 700 policecalls from June 15, 2006 — February 28, 2007. After an additionalcitation from the City in the first quarter of 2007, the management companyresigned effective February 1, 2007. The operating general partner took over management and hired newsecurity personnel, but security guards were ineffective.  On February 28, 2007, the on-sitemanager was assaulted on the premises and the operating general partner wasunable to re-establish a management presence at the property.

 

On March 2, 2007,the City of St. Louis conducted a hearing and ordered the building closedpursuant to public nuisance ordinances. The Department of Housing and Urban Development terminated the HousingAssistance Payment contract.  The trusteefor the bonds declared default under the bond documents.  The operating general partner chose not tocontest the City’s order or HUD’s contract termination after determining thatthe highest recovery for the bondholders and limited partners might result froma sale to a developer who would convert the property to a non-affordableuse.  The operating general partnerworked with HUD and local municipal officials to relocate the tenants, whichconcluded in early July 2007. The operating general partner engaged abroker who began marketing the property, but after three months of marketexposure during the third quarter of 2007, the property had failed to elicitany strong expressions of interest.  Thelack of interest was in part attributable to the general problems in the creditmarket that occurred in the third quarter of 2007.  In October 2007, the operating generalpartner determined that it would be costly to carry the property through thewinter and offered to consensually transfer the property to the bondholders’trustee. As of December 2007, the bondholders’ trustee had effectivelytaken control of the property, although it had not formally accepted the deed.Since late 2007, the bondholders’ trustee has been attempting to market theproperty.  Despite a few promisingoffers, to date no transaction has been consummated.  Given the price levels that potentialpurchasers have offered however, repayment of amounts due the bondholders islikely to consume the entire amount of sale proceeds, leaving no excessproceeds available to the Operating Partnership.

 

Due to the property beingshut down in 2007, investors lost 2007 tax credits and experienced recapture.  The Operating Partnership lost $44,252 in taxcredits and experienced recapture of $65,954. This represents credits and recapture of $16 and $24, respectively, per1,000 BACs.  The operating generalpartner has unlimited guarantees and the investment general partner intends topursue payment under these guarantees in order to offset some or all of theexpected recapture of tax credits. However, it is not certain at this time how much can be collected underthe guarantees, based on the unknown financial strength of the guarantors.

 

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New Chester TownhousesII, LP (Chester Townhouses Phase II) is a 52-unit, rehab property located inChester, SC.  In 2007, occupancy averaged100% but the property operated below breakeven due to a significant increase inoperating expenses from the prior year. The operating general partner states operating expenses were higher in2007 because the property experienced $46,000 in costs that could not becapitalized in 2007.  These costsinclude: legal fees, construction insurance, construction interest,consultant/tax credit fees, and developer fees. As of December 31, 2008, occupancy was 98% and averaged 97% for theyear; the property operated at breakeven for the year.  The operating deficit guarantee is limited to$250,000 for a period of 36 months after Rental Achievement so long as the prior12 months have maintained an average debt service ratio of 1.0 or greater.  Rental Achievement occurred in August 2007.  The mortgage, real estate taxes and insurancepayments are all current.

 

Marwood Senior Apartmentsis a new construction property for the elderly located in Upper Marlboro,Maryland.  On May 31, 2008, a hailstorm damaged roof shingles, gutters, and trim. The damage was not discovered until a roof leak appeared on January 9,2009. The leaks were temporarily repaired, and management contacted threecompanies for estimates of the damage. It was determined that the roof needed to be replaced, and the estimatedtotal loss from the insurance company was $162,735.  The actual cash value claim amounted to$112,735, net of the $50,000 deductible. Throughout the first quarter 2009, management has been working with theinsurance company adjuster, and a claims check was ordered May 6,2009.  The claims money is required priorto moving forward with replacing the roof.

 

The property maintained98% occupancy for 2008 and operated above breakeven for the year.  All required reserves and escrows are fullyfunded.  Occupancy has remained strong,averaging 100% through the first quarter of 2009.  The investment general partner will continueto monitor the progress with the insurance claim and roof replacement until allwork is complete and all funds are received from the insurance company.

 

(Series 43) As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%. Theseries had a total of 23 properties as of March 31, 2009, all of whichwere at 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2008 and 2007 the series, in total,generated $2,768,132 and $2,279,397, respectively in passive income tax lossesthat were passed through to investors. The series also provided $0.93 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 43 was$11,543,202 and $16,587,969, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(6,502,229) and$(2,632,307), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

San Diego/Fox Hollow, LP(Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC filed alawsuit against the former operating general partner and its affiliates forbreaches of various agreements.  In December of2004, a judgment was filed in the Superior Court of the State of California

 

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(San Diego County)awarding the plaintiffs the amount of $3,507,426 plus post-judgment interest atan annual rate of 10%.  The settlementincluded attorney’s fees for the plaintiffs in the amount of $1,125,000 plus$123,697 in costs.  The State AppealsCourt upheld the judgment in the fourth quarter of 2006.  The investment general partner has beenpursuing payment, and on April 21, 2008, the deficiency was settled thoughmediation for a total of $3,950,000.  Thepayment plan requires that cash payments of $1,650,000 be made within 200 daysof settlement, and the remaining $2,300,000 be paid over time, secured by thedefendant’s interests in 8 real estate holdings.  To date $1,300,000 has been collected.  An affiliate of the investment generalpartner has funded emergency repairs to stabilize hillside soils and reinforceretaining walls.  The work will continueon an as needed basis. The Operating Partnership has asserted in court that theretaining wall was not constructed properly and has filed suit against theretaining wall contractor and the original general contractor of the property,who was replaced before completion of construction. During the fourth quarterof 2007, the case was settled in mediation for $2,001,000.  During the first quarter 2008, the OperatingPartnership received $1,993,500 in damages. The Operating Partnership is in the process of reimbursing the affiliateof the investment general partner for the funds they have advanced for therepairs.  The balance of the settlement,held in reserves, will be used to complete the necessary repairs and associatedlandscaping. The property operated above breakeven in 2007 and 2008.  The investment general partner continues tomonitor the completion of the remaining construction work. The mortgage, taxes,and insurance are current.

 

Dorchester CourtApartments (Dorchester Court Limited Dividend Housing Association, LP) is a131-unit apartment complex located in Port Huron, MI, with 75% of the unitsdevoted to elderly housing.  Due toconstruction delays and slow initial lease-up, the property experienceddifficulty generating positive cash flow. One of the two original members of the operating general partner entitywas unable to contribute his share of the advances required under the operatingdeficit guarantee.  In July 2005,one of the original members was replaced and the new member was inserted as thesecond member of the operating general partner entity. Although the new secondmember did not assume the obligations of the guarantor, it had significantresources and contributed over $190,000 to the Operating Partnership to fundthe property’s operating deficits during the 2006-2007 periods. In 2008,however, growing tensions between the two current members resulted in lessattention being paid to management of the property and diminished willingnessof the operating general partner to fund deficits. In May 2009, theOperating Partnership approved the transfer of interests within the operatinggeneral partner entity; the new second member transferred its interest to theremaining single member.  As noted above,the members had been at odds and the transfer was deemed likely to clarifycontrol of the entity and result in improved performance of the property.

 

Occupancy averaged 90%for 2008 and 86% for the first quarter of 2009. The property operated just below breakeven in 2008 and continues tooperate below breakeven in 2009, due to low occupancy. In 2007, the OperatingPartnership refinanced its first mortgage, resulting in a significantimprovement in operations over 2006. Under the new debt service and assumingexpenses are maintained in line with those of 2008, the property should be ableto breakeven at 93% occupancy. The property historically has had slightly loweroccupancy in the colder months; but a loss of attention from the operatinggeneral partner due to the tensions described above may have also contributedto the recent falloff in performance. As of April 2009, occupancy hadrisen to 89%. The operating general partner believes that with the change inthe general partner entity noted above, occupancy will continue to rise and in

 

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turn, operations willimprove. Prior to the refinance, the operating general partner had not fundedthe replacement reserve account; however, the Operating Partnership has beenfunding the replacement reserve, in accordance with the loan and OperatingPartnership Agreements, since September 2007. The mortgage, taxes andinsurance payments are all current. Accounts payable currently stand at $53,000.

 

LakewoodApartments-Saranac, LP (Lakewood Apartments) is a 24-unit property located inSaranac, MI.  The area suffers from verylow employment, lack of public transportation and limited retail (grocery)stores.  In addition, the property onlyhas seven subsidized units while other area properties are 100% subsidized. Asa result, occupancy averaged only 79% in 2007 and the property operated belowbreakeven. Starting in the second quarter of 2008, management lowered thesecurity deposit from one month’s rent to $99, waived the $20 application fee,and offered one month free rent.  Inaddition, private rental assistance of up to $200/month for qualifiedapplicants was offered. This resulted in an average occupancy of 89% in 2008,although the property still operated below breakeven. The concessions were keptin-place in 2009 and helped the property reach 100% occupancy as of March 31,2009, and average 97% year-to-date. With occupancy currently at 100%,management has stopped offering the rent specials and concessions. An approvedworkout plan with Rural Development to replenish the under-funded replacementreserve account was successfully completed in December 2008. Real estatetaxes, insurance and mortgage payments are current.  The operating general partner’s guarantyexpired in February 2009.

 

Carpenter School IElderly Apartments, L.P. (Carpenter School I Elderly Apartments) is a 38-unitproperty located in Natchez, MS. In January 2007, upon a physicalinspection, it was discovered that the property had mold issues. The operatinggeneral partner was notified immediately. Fortunately, the issues were not toosevere and could be resolved with a more rigorous maintenance plan. Theoperating general partner implemented a comprehensive maintenance plan to avoidsuch issues in the future. In the fourth quarter 2007, the management companyhired a full time manager and a part time assistant manager. The property hasfinally become more equipped to deal with the heavy traffic, which resultedfrom newspaper advertisement. Also, in October 2007, the propertyexperienced a fire resulting in two damaged units, which were off line through February 2008.All the required repairs were finished by March 2008. In March 2008,the investment general partner’s inspector visited the property to confirm thatall repairs had been made. Average physical occupancy for 2008 was 91% and theproperty finished the year with a slight operating deficit. Average physicaloccupancy remained stable at 91% through the first quarter 2009. As a result ofaggressive advertising, physical occupancy is gradually improving. Marketingconsists of advertisements in local newspaper and distributing fliers to localbusiness, churches, and schools. Management has also contacted the local housing authority and hasinstituted a resident referral program. To help retain residents, management is organizing on-site events toenhance the sense of community at the property. The site manager organizedholiday parties around Thanksgiving and Christmas.  The investment general partner emphasized theimportance of resident retention and is working with management to develop moreregular social programs and activities at the property. The investment generalpartner will continue to work with the operating general partner in an effortto stabilize operations above breakeven. The mortgage, real estate taxes, insurance and account payables are allcurrent.

 

Parkside Plaza, L.P.(Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, NewYork.  The property operated belowbreakeven in 2005, 2006, 2007, and 2008 due to high utility, maintenance andadministrative

 

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expenses combined withcollection loss.  Management is exploringoptions to reduce utility costs, including tenant education on conservation andpossible grant funding from non-profit agencies to conserve energy. Mostrecently, management and the operating general partner filed an application forassistance to replace windows and boilers with the New York State EnergyResearch and Development Authority. However, in the second quarter of 2008, theoperating general partner stated that the State is holding all applications dueto budget restrictions and lack of grant funding available.  A rent increase of 2% was effective January 1,2009 and the operating general partner has additionally applied for a specialincrease for the maximum amount allowable of 10% to the New York State Divisionof Housing and Community Renewal (DHCR). Additional rent increases are plannedfor 2010 and 2011.  Management is workingto reduce tenant delinquencies by aggressively filing late notices and pursuingevictions through the housing court. Collections remain an on-going and serious issue.  Physical occupancy was 100% as of March 2009.The investment general partner continues to work with the operating generalpartner to improve operations.  In January 2009,the investment general partner demanded that the operating general partnerbring the mortgage current.  Theoperating general partner received approval from the Lender and DHCR forrelease of operating reserves to bring the mortgage current.  Insurance payments are current and theoperating general partner has funded deficits, but not at the levelsrequired.  The operating general partnerstated that there are no more funds available to fund future deficits.  A site visit by the investment generalpartner is planned in the second quarter of 2009.  At that time management practices will bereviewed in an effort to bring operations back above breakeven status.

 

New Chester Townhouses II,LP (Chester Townhouses Phase II) is a 52-unit, rehab property located inChester, SC.  In 2007, occupancy averaged100% but the property operated below breakeven due to a significant increase inoperating expenses from the prior year. The operating general partner states operating expenses were higher in2007 because the property experienced $46,000 in costs that could not becapitalized in 2007.  These costsinclude: legal fees, construction insurance, construction interest,consultant/tax credit fees, and developer fees. As of December 31, 2008, occupancy was 98% and averaged 97% for theyear; the property operated at breakeven for the year.  The operating deficit guarantee is limited to$250,000 for a period of 36 months after Rental Achievement so long as theprior 12 months have maintained an average debt service ratio of 1.0 orgreater.  Rental Achievement occurred in August 2007.  The mortgage, real estate taxes and insurancepayments are all current.

 

(Series 44) As of March 31,2009 and 2008, the average Qualified Occupancy for the series was 100%. Theseries had a total of 10 properties at March 31, 2009, all of which wereat 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2008 and 2007 the series, in total,generated $1,133,030 and $3,942,433, respectively in passive income tax lossesthat were passed through to investors and also provided $0.97 for both years intax credits per BAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 44 was$10,442,251 and $13,358,199, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

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For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(3,188,252) and$(1,973,251), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentloss and amortization of acquisition costs.

 

Brookside Park LimitedPartnership (Brookside Park Apartments) is a 200-unit family property locatedin Atlanta, Georgia.  Occupancy fell to alow of 89% in March 2007, as a result of crime in the surroundingneighborhood.  Management responded byreplacing chain link fencing with more durable hard fence, thinning shrub coverand installing alarm systems in every unit. A site visit conducted in May 2008 rated the property in excellentcondition. Occupancy rebounded by the end of the year, averaging 94% andfurther improved to 96% through the fourth quarter of 2008.  At the end of the second quarter of 2008, theoperating general partner interest was transferred.  As part of the transfer, the new operatinggeneral partner agreed to extend the operating deficit guarantee, which was setto expire in 2008, for a period of three years. The property converted its construction loan to permanent financingeffective June 2, 2008.

 

For 2008, the propertyreduced its operating deficit in half, compared to 2007. The operating generalpartner funded deficits in the form of cash advances and by accruingpayables/management fees. Through the first quarter of 2009, the propertyoperated slightly below breakeven. Average quarterly occupancy decreased slightly to 94%.  All mortgage, taxes, and insurance paymentsremain current.

 

On March 3, 2009,the new operating general partner issued a statement to the investment generalparnter informing of a management change effective May 1, 2009.  On June 20, 2008, the original operatinggeneral parnter sold its interest in the Operating Partnership.  The original operating general partner agreedto continue to manage the portfolio after the transaction, with the mutualunderstanding that they wanted to exit the property management business at somepoint in the near future.  As the Atlantarental market became increasingly more challenging towards the second half of2008, it was agreed that the original operating partner would relinquish theirmanagement responsibilities, effective May 1, 2009.  The new operating general partner believesthat the new management will fit the role seamlessly as they have extensive taxcredit industry experience. As of May 1, 2009, the investment generalpartner has reviewed and approved the management change.  The mortgage, taxes and insurance are allcurrent.

 

(Series 45) As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%. Theseries had a total of 30 properties as of March 31, 2009, all of whichwere at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007 the series, in total, generated $2,424,133 and $2,129,660,respectively in passive income tax losses that were passed through toinvestors, and also provided $0.96 and $0.94, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 45 was$19,184,988 and $22,717,292, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(4,427,068) and$(2,684,304), respectively. The major components

 

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of these amounts are theFund’s share of loss from Operating Partnerships, the fund management fee,impairment loss and amortization of acquisition costs.

 

Baldwin Villas LimitedPartnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. Theproject consists of single family rental homes, with home ownership an optionavailable to qualifying tenants.  Becausethe cost to build the project approximated the cost for a single-familydevelopment, construction of the project required a significant amount ofdebt.  As a result, the rent structurerequired to support the project is high, and most tenants need significantsubsidy to afford the $1,000+/ month rents. During 2006, occupancy at Baldwin Villas averaged over 90% and theproperty generated $61,425 in cash. In 2007, the local Section 8administrating authority experienced funding constraints.  Due in part to the decreased availability ofportable Section 8 vouchers, average occupancy declined in 2007 to 82% andthe property operated below breakeven. In October 2007, the operatinggeneral partner engaged a new property management company to manage several ofits properties, including Baldwin.  Theproperty continued to operate below breakeven in 2008, although occupancyaveraged 89%, and reached 94% in December. Through the first quarter of 2009, occupancy averaged 91% and operationswere below breakeven.  Although occupancyhas improved, operating expenses remain well above state averages due to thefact that the property consists of single family homes.  Maintenance expenses in 2008 were almostthree times the state average, which is attributable to extremely costly unitturnovers.  In August 2008,management began using a new credit agency for more comprehensive creditchecks, curbing unit turnovers in the past two quarters.

 

Reporting by theoperating general partner has not been timely. In the third quarter of 2008 the investment general partner received the2007 draft audit which revealed that, in 2007, the operating general partnerhad renegotiated the loan agreement, to defer 2007 principal payments.  The Operating Partnership remains current onthe interest portion of its debt service. Year-to-date 2008 reports, also received in fourth quarter of 2008,revealed a significant increase in payables and the existence of unpaid realestate taxes.  Reporting appears to haveimproved during the first quarter of 2009 though, and the 2008 auditedfinancial statement and first quarter 2009 quarterly statement were deliveredin a timely manner.

 

Generally, despiteinconsistent reporting, the operating general partner has exhibited a strongdesire to support this property because of its view that the property may holdsubstantial value.  However, thisoperating general partner also has a portfolio of other properties in Michigan,some of which were also operating at deficits prior to a recent, portfolio-widedebt restructuring, so its ability to continue to fund operating deficits atBaldwin Villas may be limited. The investment general partner is closelymonitoring the new management company’s ability to increase occupancy and cashflow, reduce unit turnovers and control operating expenses, as well as keeppayable current.  The investment generalpartner continues to press the operating general partner for a plan to pay downunpaid real estate taxes.

 

Childress Apartments LTD(Fairview Manor Apartments) is a 48-unit development located in Childress,TX.  Despite averaging 84% occupancy in2007, the property operated above breakeven due to a rent increase coupled withfunds withdrawn from the replacement reserve account for expensed improvements.  At the end of the second quarter of 2008,hail and wind from a severe storm caused broken windows with resulting waterdamage to carpeting.  The damage wascovered by insurance and the windows and carpeting have all been repairedor replaced as needed.  The propertyreceived the insurance proceeds during the third quarter 2008.  During this time, several residents chose toleave

 

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the property causing adecrease in occupancy. Despite a 2008 average occupancy of 78%, the propertyoperated above breakeven due to a casualty gain from the insuranceproceeds.  The first quarter of 2009shows significant improvements with an average occupancy of 94%.  Increased marketing efforts includingnewspaper advertising and handing out flyers at the Chamber of Commerce andlocal churches has been effective at bringing in potential residents.  The management company will adjust theirtenant selection criteria to include credit reports in an effort to improvecollections and reduce the evictions for non-payment. The operating generalpartner continues to fund all deficits. The mortgage, taxes and insurance areall current.

 

Harbet Avenue, LP(William B. Quarton Place) is a 28-unit family property located in CedarRapids, Iowa.  During 2004, and through February 2005,inappropriate checks and wires were made to the operating general partner fromthe Operating Partnership’s escrow and operating accounts.  The total of the misappropriated funds hasbeen determined to be $142,758.  To date,funds totaling $97,265 have been repaid to the Operating Partnership, leavingan outstanding balance owed of $45,494. Funds utilized to repay the Operating Partnership came from a variety ofsources including sales of multi-family housing, returned management fees andfacilitator charges, and cash contributions. A default notice was sent to the operating general partner on September 1,2005.  The default notice was thenfollowed up by a demand letter sent to the operating general partner in July 2006.  The operating general partner has disclosedthat they continue to have financial difficulties and are unable to continue asa viable organization.  Anothernon-profit organization was retained to take over property management.  The investment general partner met withrepresentatives of both the original non-profit operating general partner andnew management to determine a course of action that serves the best interest ofthe Operating Partnership.  The newmanagement has expressed their desire to assume the role of operating generalpartner as they are committed to preserving affordable housing in the CedarRapids area, and have formed an entity to step in as the operating generalpartner.  An agreement has been proposedand amendments to the Operating Partnership agreement are currently beingdrafted. Occupancy is strong, averaging 97% in 2008, and 96% through the firstquarter of 2009.  The property is operatingabove breakeven due to low operating expenses, combined with 100% soft debtfinancing, requiring payments of principal and interest from cash flowonly.  Trade payables, taxes andinsurance are all current.  A recent sitevisit found that the property was well maintained and managed. The investmentgeneral partner will continue to closely monitor operations and the status ofthe pending transfer of the operating general partner interest.

 

Brookside Park LimitedPartnership (Brookside Park Apartments) is a 200-unit family property located inAtlanta, Georgia.  Occupancy fell to alow of 89% in March 2007, as a result of crime in the surroundingneighborhood.  Management responded byreplacing chain link fencing with more durable hard fence, thinning shrub coverand installing alarm systems in every unit. A site visit conducted in May 2008 rated the property in excellentcondition. Occupancy rebounded by the end of the year, averaging 94% andfurther improved to 96% through the fourth quarter of 2008.  At the end of the second quarter of 2008, theoperating general partner interest was transferred.  As part of the transfer, the new operatinggeneral partner agreed to extend the operating deficit guarantee, which was setto expire in 2008, for a period of three years. The property converted its construction loan to permanent financingeffective June 2, 2008.

 

For 2008, the propertyreduced its operating deficit in half, compared to 2007. The operating generalpartner funded deficits in the form of cash advances and by accruingpayables/management fees. Through the first quarter

 

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of 2009, the propertyoperated slightly below breakeven. Average quarterly occupancy decreased slightly to 94%.  All mortgage, taxes, and insurance paymentsremain current.

 

On March 3, 2009,the new operating general partner issued a statement to the investment generalpartner informing of a management change effective May 1, 2009.  On June 20, 2008, the original operatinggeneral partner sold its interest in the Operating Partnership.  The original operating general partner agreedto continue to manage the portfolio after the transaction, with the mutualunderstanding that they wanted to exit the property management business at somepoint in the near future.  As the Atlantarental market became increasingly more challenging towards the second half of2008, it was agreed that the original operating partner would relinquish theirmanagement responsibilities, effective May 1, 2009.  The new operating general partner believesthat the new management will fit the role seamlessly as they have extensive taxcredit industry experience. As of May 1, 2009, the investment generalpartner has reviewed and approved the management change.  The mortgage, taxes and insurance are allcurrent.

 

(Series 46) As of March 31,2009 and 2008 the average Qualified Occupancy for the series was 100%. Theseries had a total of 15 properties as of March 31, 2009, all of whichwere at 100% Qualified Occupancy.

 

For the tax years ended December 31,2008 and 2007 the series, in total, generated $1,757,786 and $1,886,050,respectively in passive income tax losses that were passed through toinvestors, and also provided $0.97 and $0.95, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2009and 2008, Investments in Operating Partnerships for Series 46 was$17,118,038 and $19,669,467, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2009 and 2008, the net income (loss) of the series was $(4,253,731) and$(1,231,513), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentloss, interest income and amortization of acquisition costs.

 

Saint Martin Apartments,L.P. (Saint Martin Apartments) is a 40-unit new construction developmentlocated in McComb, Mississippi. Construction was completed April 4, 2006.  The property operated below breakeven in 2008despite averaging 98% occupancy, primarily due to a high debt level. Rents wereincreased by $60 per unit in 2008. The operating general partner will seekanother rent increase in 2009.  In thefirst quarter of 2009, occupancy declined to an average of 92%; however, it hasimproved to 98% as of March 31, 2009. Through the first quarter of 2009, the property continues to operatebelow breakeven.  The operating deficitguarantee is unlimited in amount for the thirty-six months following RentalAchievement.  There is an additionalstipulation that the complex must sustain debt service coverage at 1.15 fortwelve consecutive months before the guarantee is released.  The operating general partner has funded alloperating deficits in accordance with the guarantee.  All real estate tax, mortgage, and insurancepayments are current.

 

Wagoner VillageApartments, LP (Wagoner Village Apartments) is a 31-unit family propertylocated in Wagoner, OK. Despite an average occupancy of 89% in 2007, theproperty operated above breakeven.  In2008, occupancy decreased to

 

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an average of 83%,resulting in below breakeven operations. Management has increased marketingefforts and has been working closely with local businesses to improve occupancythrough referrals**.**This has proven to be successfulas occupancy increased to 94% as of March 31, 2009.  The operating general partner continues tofund deficits as needed. The property’s mortgage, real estate taxes andinsurance payments are all current.

 

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Off Balance SheetArrangements

 

None.

 

Principal Critical Accounting Policies and Estimates

 

The financial statementsare prepared in accordance with accounting principles generally accepted in theUnited States of America, which require the Fund to make various estimates andassumptions.  A summary of significantaccounting policies is provided in Note A to the financial statements.  The following section is a summary of someaspects of those accounting policies that may require subjective or complexjudgments and are most important to the portrayal of the Fund’s financialcondition and results of operations.  TheFund believes that there is a low probability that the use of differentestimates or assumptions in making these judgments would result in materiallydifferent amounts being reported in the financial statements.

 

The Fund is required toassess potential impairments to its long-lived assets, which are primarilyinvestments in limited partnerships.  TheFund accounts for its investment in limited partnerships in accordance with theequity method of accounting since the Fund does not control the operations ofthe Operating Partnerships. The purpose of an impairment analysis is to verifythat the real estate investment balance reflected on the balance sheet does notexceed the value of the underlying investments.

 

If the book value of theFund’s investment in an Operating Partnership exceeds the estimated valuederived by management, which generally consists of the remaining futureLow-Income Housing Credits allocable to the Fund and the estimated residualvalue to the Fund, the Fund reduces its investment in the Operating Partnershipand includes this reduction in equity in loss of investment of limitedpartnerships.

 

The main reason animpairment loss typically occurs is that the annual operating losses, recordedin accordance with the equity method of accounting, of the investment inlimited partnership does not reduce the balance as quickly as the annual use ofthe tax credits.  In prior years managementincluded remaining tax credits as well as residual value in the calculatedvalue of the underlying investments. However, due to the uncertainty of thecurrent economy, management has decided to take a more conservative approach tothe investment calculation and has determined that the majority of the residualvalue component of the valuation to be zero. This results in increasedimpairment losses in the current year. However, it is important to note thatthis change in the accounting estimate to the calculation method of theimpairment loss has no effect on the actual value or performance of the overallinvestment, nor does it have any effect on the remaining credits to begenerated.

 

As of March 31,2004, the Fund adopted FASB Interpretation No. 46 - Revised (“FIN 46R”), “Consolidationof Variable Interest Entities.”** FIN 46R provides guidance on when a companyshould include the assets, liabilities, and activities of a variable interestentity (“VIE”) in its financial statements and when it should discloseinformation about its relationship with a VIE. A VIE is a legal structure usedto conduct activities or hold assets, which must be consolidated by a companyif it is the primary beneficiary because it absorbs the majority of the entity’sexpected losses, the majority of the expected returns, or both.

 

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Principal CriticalAccounting Policies and Estimates - continued

 

Based on theguidance of FIN 46R, the Operating Partnerships in which the Fund investsmeet the definition of a VIE.  However,management does not consolidate the Fund’s interests in these VIEs underFIN 46R, as it is not considered to be the primary beneficiary.  The Fund currently records the amount of itsinvestment in these partnerships as an asset on its balance sheet, recognizesits share of partnership income or losses in the statements of operations, anddiscloses how it accounts for material types of these investments in itsfinancial statements.

 

The Fund’s balancein investment in Operating Partnerships, plus the risk of recapture of taxcredits previously recognized on these investments, represents its maximumexposure to loss.  The Fund’s exposure toloss on these partnerships is mitigated by the condition and financialperformance of the underlying properties as well as the strength of the localgeneral partners and their guarantee against credit recapture.

 

Recent Accounting Changes

 

In September 2006,the Financial Accounting Standards Board (“FASB”) issued Statement of FinancialAccounting Standards (SFAS) No. 157, “Fair Value Measurements,” (SFAS157), which defines fair value, establishes a framework for measuring fairvalue in generally accepted accounting principles and expands disclosure aboutfair value measurements. SFAS 157 is effective for financial statements issuedfor fiscal years beginning after November 15, 2007 and shall be appliedprospectively except for very limited transactions.  In February 2008, the FASB issued FASBStaff Position (FSP) No. FAS 157-2, which delayed for one year theimplementation of SFAS 157 as it pertains to certain non-financial assets andliabilities. The Fund adopted SFAS 157 effective April 1, 2008, except asit applies to those non-financial assets and liabilities, for which theeffective date is April 1, 2009. The Fund has determined that the adoption of SFAS 157 has, and willhave, no impact on the Fund’s financial statements.

 

In February 2007,the FASB issued SFAS 159 “The Fair Value Option for Financial Assets andFinancial Liabilities — including an amendment of FASB Statement No. 115.”  SFAS 159 permits entities to choose tomeasure many financial instruments and certain other items at fair value.  The fair value election is designed toimprove financial reporting by providing entities with the opportunity tomitigate volatility in reported earnings caused by measuring related assets andliabilities differently without having to apply complex hedge accountingprovisions. SFAS 159 is effective for fiscal years beginning after November 15,2007.  On April 1, 2008, the Fundadopted SFAS 159 and elected not to apply the provisions of SFAS 159 toits eligible financial assets and financial liabilities on the date ofadoption. Accordingly, the initial application of SFAS 159 had no effect on theFund.

 

Financial AccountingStandards Board (FASB) Interpretation (FIN) No. 48, Accounting forUncertainty in Income Taxes was issued in June 2006 and interprets SFAS No. 109,Accounting for Income Taxes. FIN 48 requires all taxpayers to analyze allmaterial positions they have taken or plan to take in all tax returns that havebeen filed or should have been filed with all taxing authorities for all yearsstill subject to challenge by those taxing authorities. If the position takenis “more-likely-than-not” to be sustained by the taxing authority on itstechnical merits and if there is more than a

 

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Recent Accounting Changes- continued

 

50% likelihood that theposition would be sustained if challenged and considered by the highest courtin the relevant jurisdiction, the tax consequences of that position should bereflected in the taxpayer’s GAAP financial statements. Earlier proposedinterpretations of SFAS 109 had recommended a “probable” standard forrecognition of tax consequences rather than the “more-likely-than-not” standardfinally adopted.

 

Because we are apass-through entity and are not required to pay income taxes, FIN 48 does notcurrently have any impact on our financial statements. On December 30,2008, the FASB issued FASB Staff Position (FSP) No. FIN 48-3: EffectiveDate of FASB Interpretation No. 48 for Certain Nonpublic Enterprises,which defers the effective date of Interpretation 48 for nonpublic enterprisesincluded within the scope of FSP No. FIN 48-3 to the annual financialstatements for fiscal years beginning after December 15, 2008. Thedeferred effective date is intended to give the Board additional time todevelop guidance on the application of Interpretation 48 by pass-throughentities and not-for-profit organizations. We may modify our disclosures if theFASB’s guidance regarding application of FIN 48 to pass-through entitieschanges and is extended to public enterprises.

 

In April 2009, theFASB issued FSP 107-1 and APB 28-1 “Interim Disclosures about Fair Value ofFinancial Instruments.”  The FSP requires disclosure about the methodand significant assumptions used to establish the fair value of financialinstruments for interim reporting periods as well as annualstatements.  The FSP is effective for Boston Capital Tax Credit FundIV L.P. as of June 30, 2009 and will not impact the Fund’s financialcondition or results of operations.

 

In November 2008,the Emerging Issues Task Force issued EITF No. 08-6, “Equity MethodInvestment Accounting Considerations” (EITF 08-6) that addresses how theinitial carrying value of an equity method investment should be determined, howan impairment assessment of an underlying indefinite-lived intangible asset ofan equity method investment should be performed, how an equity method investee’sissuance of shares should be accounted for, and how to account for a change inan investment from the equity method to the cost method. EITF 08-6 shallbe effective in fiscal years beginning on or after December 15, 2008,and interim periods within those fiscal years. EITF 08-6 shall be appliedprospectively with early application prohibited. The impact of adoptingEITF 08-6 is not expected to have a material impact on Fund’s financialcondition or results of operations.

 

In May 2009, theFASB issued Statement of Financial Accounting Standards No. 165, “SubsequentEvents” (“SFAS 165”).  SFAS 165establishes general standards of accounting for and disclosure of events thatoccur after the balance sheet date but before financial statements are issuedor are available to be issued.  SFAS 165 is effective for BostonCapital Tax Credit Fund IV L.P. as of June 30, 2009.  Theadoption of SFAS 165 is not expected to have a material impact on the Fund’sfinancial condition or results of operations.

 

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| Item 7A. | Quantitative and  Qualitative Disclosure About Market Risk                                                             |
|----------|------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                   |
|     | Not Applicable                                                                                                         |
|     |                                                                                                                   |
| Item 8.  | Financial Statements  and Supplementary Data                                                                           |
|     |                                                                                                                   |
|     | The information  required by this item is contained in Part IV, Item 15 of this Annual  Report on Form 10-K. |
|     |                                                                                                                   |
| Item 9.  | Changes in and  Disagreements with Accountants on Accounting and Financial Disclosure                                  |
|     |                                                                                                                   |
|     | None                                                                                                                   |
|     |                                                                                                                   |
| Item 9A. |                                                                                                                   | Controls &  Procedures |
|     |                                                                                                                   |   |
|     | (a)                                                                                                                    | Evaluation of  Disclosure Controls and Procedures |
|     |                                                                                                                   |   |
|     |                                                                                                                   | As 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)                                                                                                                    | Management’s Annual  Report on Internal Control over Financial Reporting |
|     |                                                                                                                   |   |
|     |                                                                                                                   | Management of the Fund  is responsible for establishing and maintaining adequate internal control over  financial reporting (as defined in Rule 13a-15(f) under the  Exchange Act). The Fund’s internal control system over financial reporting is  designed to provide reasonable assurance to the Fund’s management regarding  the reliability of financial reporting and the preparation of financial  statements for external purposes in accordance with accounting principles  generally accepted in the United States. |
|     |                                                                                                                   |   |
|     |                                                                                                                   | Due to inherent  limitations, an internal control system over financial reporting may not  prevent or detect misstatements. Therefore, even those systems determined to  be effective can provide only reasonable assurance of achieving their control  objectives. |

 

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|     |   | The Fund’s general  partner, under the supervision and with the participation of the Principal  Executive Officer and Principal Financial Officer of Boston Capital  Associates IV LLC, assessed the effectiveness of the Fund’s internal controls  and procedures over financial reporting as of March 31, 2009. In making  this assessment, the Fund’s management used the criteria set forth by the  Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal  Control - Integrated Framework. Based on this assessment, management believes  that, as of March 31, 2009, the Fund’s internal control over financial  reporting was effective. |
|----------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | This annual report does  not include an attestation report of the Fund’s registered public accounting  firm regarding internal control over financial reporting.  Management’s report was not subject to  attestation by the Fund’s registered public accounting firm pursuant to  temporary rules of the Securities and Exchange Commission that permit  the Fund to provide only management’s report in this annual report.                                                                                                                                                                                                                                                |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     | (c)    | Changes in Internal  Controls                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | There were no changes  in the Fund’s internal control over financial reporting that occurred during  the year ended March 31, 2009 that materially affected, or are  reasonably likely to materially affect, the Fund’s internal control over  financial reporting.                                                                                                                                                                                                                                                                                                                                                                                                                         |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| Item 9B. |   | Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   | Not Applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

 

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PART III

 
| Item 10. | Directors, Executive  Officers and Corporate Governance |
|----------|---------------------------------------------------------|
|     |                                                    |
|     | (a), (b), (c),  (d) and (e)                        |

 

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

 

**John P. Manning**, age 60, is co-founder, and since 1974has been the President and Chief Executive Officer, of Boston CapitalCorporation. As co-founder and CEO of Boston Capital, Mr. Manning’sprimary responsibilities include strategic planning, business development andthe continued oversight of new opportunities. In addition to hisresponsibilities at Boston Capital Corporation, Mr. Manning is a proactiveleader in the multifamily real estate industry. He served in 1990 as a memberof the Mitchell-Danforth Task Force, which reviewed and suggested reforms tothe Low Income Housing Tax Credit program. He was the founding President of theAffordable Housing Tax Credit Coalition and is a former member of the board ofthe National Leased Housing Association. During the 1980s, he served as amember of the Massachusetts Housing Policy Committee as an appointee of theGovernor of Massachusetts. In addition, Mr. Manning has testified beforethe U.S. House Ways and Means Committee and the U.S. Senate Finance Committeeon the critical role of the private sector in the success of the Low IncomeHousing Tax Credit. In 1996, President Clinton appointed him to the President’sAdvisory Committee on the Arts at the John F. Kennedy Center for the PerformingArts. In 1998, President Clinton appointed Mr. Manning to the President’sExport Council, the premiere committee comprised of major corporate CEOs thatadvise the President on matters of foreign trade and commerce. In 2003, he wasappointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing. Mr. Manningsits on the Board of Directors of the John F. Kennedy Presidential Library inBoston where he serves as Chairman of the Distinguished Visitors Program. He isalso on the Board of Directors of the Beth Israel Deaconess Medical Center inBoston. Mr. Manning is a graduate of Boston College.

 

Mr. Manning is themanaging member of Boston Associates. Mr. Manning is also the principal ofBoston Capital Corporation. While Boston Capital is not a direct subsidiary ofBoston Capital Corporation, each of the entities is under the common control ofMr. Manning.

 

**JeffreyH. Goldstein,**age47, is Chief Operating Officer and has been the Director of Real Estate ofBoston Capital Corporation since 1996. He directs Boston Capital Corporation’scomprehensive real estate services, which include all aspects of origination,underwriting, due diligence and acquisition. As COO, Mr. Goldstein isresponsible for the financial and operational areas of Boston CapitalCorporation and assists in the design and implementation of businessdevelopment and strategic planning objectives. Mr. Goldstein previouslyserved as the Director of the Asset Management division as well as the head ofthe dispositions and troubled assets group. Utilizing his 16 years experiencein the real estate syndication and development industry, Mr. Goldstein hasbeen instrumental in the diversification and expansion of Boston CapitalCorporation’s businesses. Prior to joining Boston Capital Corporation in 1990, Mr. Goldsteinwas Manager of Finance for A.J. Lane & Co., where he was responsiblefor placing debt on all new construction projects and debt structure forexisting apartment properties. Prior to that, he served as

 

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Manager forHomeowner Financial Services, a financial consulting firm for residential andcommercial properties, and worked as an analyst responsible for budgeting andforecasting for the New York City Council Finance Division. He graduated fromthe University of Colorado and received his MBA from Northeastern University.

 

**Kevin P.Costello,**age 62,is Executive Vice President and has been the Director of InstitutionalInvesting of Boston Capital Corporation since 1992 and serves on the firm’sExecutive Committee. He is responsible for all corporate investment activityand has spent over 20 years in the real estate syndication and investmentbusiness. Mr. Costello’s prior responsibilities at Boston CapitalCorporation have involved the management of the Acquisitions Department and thestructuring and distribution of conventional and tax credit private placements.Prior to joining Boston Capital Corporation in 1987, he held positions withFirst Winthrop, Reynolds Securities and Bache & Company. Mr. Costellograduated from Stonehill College and received his MBA with honors from Rutgers’Graduate School of Business Administration.

 

**Marc N.Teal,**age 45, hasbeen Chief Financial Officer of Boston Capital Corporation since May 2003.Mr. Teal previously served as Senior Vice President and Director ofAccounting and prior to that served as Vice President of PartnershipAccounting. He has been with Boston Capital Corporation since 1990. In hiscurrent role as CFO he oversees all of the accounting, financial reporting, SECreporting, budgeting, audit, tax and compliance for Boston Capital Corporation,its affiliated entities and all Boston Capital Corporation sponsored programs.Additionally, Mr. Teal is responsible for maintaining all banking andborrowing relationships of Boston Capital Corporation and treasury managementof all working capital reserves.  He alsooversees Boston Capital Corporation’s information and technology areas,including the strategic strategic planning for Boston Capital Corporation andits affiliaties.  Prior to joining BostonCapital in 1990, Mr. Teal was a Senior Accountant for Cabot, Cabot &Forbes, a multifaceted real estate company, and prior to that was a SeniorAccountant for Liberty Real Estate Corp. He received a Bachelor of ScienceAccountancy from Bentley College and a Masters in Finance from SuffolkUniversity.

 
| (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.                                                                                                                                                            |
|             |                                                                                                                                                                                                                                                                                                                                                                                                                |
|             | The general partner of  the Fund, Boston Capital Associates IV LP, has adopted a Code of Ethics which  applies to the Principal Executive Officer and Principal Financial Officer of  C&M Management, Inc. The Code of Ethics will be provided without  charge to any person who requests it. Such request should be directed to,  Marc N. Teal, Boston Capital Corp., One Boston Place, Boston, MA 02108. |

 

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| Item 11. | Executive Compensation           |
|----------|----------------------------------|
|     | (a), (b), (c),  (d) and (e) |

 

The Fund has no officersor directors and no compensation committee. However, under the terms of the Amended and Restated Agreement andCertificate of Limited Partnership of the Fund, the Fund has paid or accruedobligations to the general partner and its affiliates for the following feesduring the 2008 fiscal year:

 

1.  An annual fund management fee based on .5percent of the aggregate cost of all apartment complexes acquired by theOperating Partnerships, less the amount of reporting fees received, has beenaccrued or paid to Boston Capital Asset Management Limited Partnership. Theannual fund management fees charged to operations for the year ended March 31,2009 was $6,053,083.

 

2.  The Fund has reimbursed or accrued as apayable to an affiliate of the general partner a total of $534,739 for amountscharged to operations during the year ended March 31, 2009.  The reimbursement is for items like postage,printing, travel, and overhead allocations.

 
| Item 12. | Security Ownership of  Certain Beneficial Owners and Management |
|----------|-----------------------------------------------------------------|
|     |                                                            |
|     | (a)                                                             | Security  ownership of certain beneficial owners. |
|     |                                                            |   |
|     |                                                            | As of March 31,  2009, 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                                                  | 8.64 | % |   |
|     | Series 23                                                  | 6.72 | % |   |
|     | Series 24                                                  | 6.68 | % |   |
|     | Series 25                                                  | 5.89 | % |   |
|     | Series 26                                                  | 8.56 | % |   |
|     | Series 27                                                  | 9.23 | % |   |
|     | Series 28                                                  | 8.17 | % |   |
|     | Series 29                                                  | 7.20 | % |   |
|     | Series 30                                                  | 7.26 | % |   |
|     | Series 31                                                  | 6.84 | % |   |
|     | Series 32                                                  | 9.24 | % |   |
|     | Series 33                                                  | 8.23 | % |   |
|     | Series 34                                                  | 9.18 | % |   |
|     | Series 35                                                  | 7.90 | % |   |
|     | Series 36                                                  | 6.96 | % |   |
|     | Series 37                                                  | 7.49 | % |   |
|     | Series 38                                                  | 7.60 | % |   |
|     | Series 39                                                  | 7.77 | % |   |
|     | Series 41                                                  | 6.07 | % |   |
|     | Series 42                                                  | 5.11 | % |   |
|     | Series 46                                                  | 5.23 | % |   |
|     |                                                            |   |   |
|     | (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.  |
|          |                                                                 |  |  |  |  |  |  |

 

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|     | (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
| Item 13. |   | Certain Relationships  and Related Transactions and Director Independence                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|     | (a)    | Transactions with related  persons                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|     |   | The 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, 2009. |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|     | (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

 

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| Item 14. | Principal Accountant  Fees and Services                                                                  |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |
|     | Fees paid to the Fund’s  independent auditors for fiscal year 2009 were comprised of the following: |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 20** | ** ** | **Ser. 21** | ** ** | **Ser. 22** | ** ** | **Ser. 23** | ** ** | **Ser. 24** | ** ** |
|     | Audit  Fees                                                                                              |   | $ | 19,648 |   | $ | 13,950 |   | $ | 20,110 |   | $ | 19,650 |   | $ | 19,650 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 1,250 |   | 500 |   | 1,000 |   | 1,000 |   | 1,250 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 7,646 |   | 5,615 |   | 8,857 |   | 7,566 |   | 7,731 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | — |   | 1,000 |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 28,544 |   | $ | 21,065 |   | $ | 29,967 |   | $ | 28,216 |   | $ | 28,631 |   |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 25** | ** ** | **Ser. 26** | ** ** | **Ser. 27** | ** ** | **Ser. 28** | ** ** | **Ser. 29** | ** ** |
|     | Audit  Fees                                                                                              |   | $ | 19,650 |   | $ | 27,950 |   | $ | 16,240 |   | $ | 20,790 |   | $ | 19,650 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 4,500 |   | 6,750 |   | 3,250 |   | 6,250 |   | 4,750 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 7,475 |   | 12,567 |   | 6,372 |   | 8,410 |   | 7,807 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | — |   | — |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 31,625 |   | $ | 47,267 |   | $ | 25,862 |   | $ | 35,450 |   | $ | 32,207 |   |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 30** | ** ** | **Ser. 31** | ** ** | **Ser. 32** | ** ** | **Ser. 33** | ** ** | **Ser. 34** | ** ** |
|     | Audit  Fees                                                                                              |   | $ | 17,450 |   | $ | 20,790 |   | $ | 20,900 |   | $ | 9,510 |   | $ | 16,240 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 4,500 |   | 5,500 |   | 4,000 |   | 2,250 |   | 3,250 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 6,536 |   | 8,628 |   | 8,159 |   | 5,248 |   | 5,840 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | — |   | — |   | 2,675 |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 28,486 |   | $ | 34,918 |   | $ | 35,734 |   | $ | 17,008 |   | $ | 25,330 |   |

 

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| Item 14. | Principal Accountant  Fees and Services - continued                                                      |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |   |
|     | Fees paid to the Fund’s  independent auditors for fiscal year 2009 were comprised of the following: |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 35** | ** ** | **Ser. 36** | ** ** | **Ser. 37** | ** ** | **Ser. 38** | ** ** | **Ser. 39** | ** ** |
|     | Audit  Fees                                                                                              |   | $ | 7,080 |   | $ | 9,410 |   | $ | 9,840 |   | $ | 11,020 |   | $ | 13,400 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 2,000 |   | 2,500 |   | 1,750 |   | 2,250 |   | 2,250 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 5,203 |   | 4,991 |   | 4,219 |   | 5,042 |   | 4,777 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | — |   | 1,000 |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 14,283 |   | $ | 17,901 |   | $ | 15,809 |   | $ | 18,312 |   | $ | 20,427 |   |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 40** | ** ** | **Ser. 41** | ** ** | **Ser. 42** | ** ** | **Ser. 43** | ** ** | **Ser. 44** | ** ** |
|     | Audit  Fees                                                                                              |   | $ | 16,470 |   | $ | 16,470 |   | $ | 16,470 |   | $ | 18,630 |   | $ | 13,780 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 3,750 |   | 4,500 |   | 4,750 |   | 5,250 |   | 2,000 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 7,022 |   | 7,560 |   | 7,547 |   | 9,022 |   | 4,881 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | — |   | 3,000 |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 27,242 |   | $ | 31,530 |   | $ | 28,767 |   | $ | 32,902 |   | $ | 20,661 |   |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 45** | ** ** | **Ser. 46** | ** ** |   |   |   |   |   |   |
|     | Audit  Fees                                                                                              |   | $ | 20,940 |   | $ | 12,640 |   |   |   |   |   |   |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 7,000 |   | 3,750 |   |   |   |   |   |   |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 9,368 |   | 5,958 |   |   |   |   |   |   |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | 1,000 |   | — |   |   |   |   |   |   |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 38,308 |   | $ | 22,348 |   |   |   |   |   |   |   |
|          |                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

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| Item 14. | Principal Accountant  Fees and Services- continued                                                       |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |   |
|     | Fees paid to the Fund’s  independent auditors for fiscal year 2008 were comprised of the following: |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 20** | ** ** | **Ser. 21** | ** ** | **Ser. 22** | ** ** | **Ser. 23** | ** ** | **Ser. 24** | ** ** |
|     | Audit  Fees                                                                                              |   | $ | 18,572 |   | $ | 13,092 |   | $ | 19,012 |   | $ | 18,572 |   | $ | 18,572 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 1,750 |   | 1,250 |   | 1,500 |   | 3,000 |   | 3,500 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 7,526 |   | 5,494 |   | 8,545 |   | 7,276 |   | 7,493 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | 315 |   | 315 |   | 315 |   | 315 |   | 315 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 28,163 |   | $ | 20,151 |   | $ | 29,372 |   | $ | 29,163 |   | $ | 29,880 |   |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 25** | ** ** | **Ser. 26** | ** ** | **Ser. 27** | ** ** | **Ser. 28** | ** ** | **Ser. 29** | ** ** |
|     | Audit  Fees                                                                                              |   | $ | 18,572 |   | $ | 26,552 |   | $ | 15,292 |   | $ | 19,662 |   | $ | 18,572 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 5,000 |   | 8,500 |   | 3,750 |   | 6,250 |   | 5,000 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 7,212 |   | 11,830 |   | 6,125 |   | 8,075 |   | 7,515 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | 315 |   | 315 |   | 315 |   | 315 |   | 10,315 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 31,099 |   | $ | 47,197 |   | $ | 25,482 |   | $ | 34,302 |   | $ | 41,402 |   |
|     |                                                                                                     |
|     | **Fee  Type**                                                                                            | ** ** | **Ser. 30** | ** ** | **Ser. 31** | ** ** | **Ser. 32** | ** ** | **Ser. 33** | ** ** | **Ser. 34** | ** ** |
|     | Audit  Fees                                                                                              |   | $ | 16,452 |   | $ | 19,662 |   | $ | 19,772 |   | $ | 8,822 |   | $ | 15,292 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                      |   | 4,500 |   | 6,250 |   | 4,000 |   | 2,500 |   | 3,500 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                |   | 6,716 |   | 8,303 |   | 7,865 |   | 5,138 |   | 5,658 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                          |   | 315 |   | 315 |   | 315 |   | 315 |   | 315 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 27,983 |   | $ | 34,530 |   | $ | 31,952 |   | $ | 16,775 |   | $ | 24,765 |   |
|          |                                                                                                          |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

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| Item 14. | Principal Accountant  Fees and Services- continued                                                                                                                                                    |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|     |                                                                                                                                                                                                  |   |
|     | Fees paid to the Fund’s  independent auditors for fiscal year 2008 were comprised of the following:                                                                                              |
|     |                                                                                                                                                                                                  |
|     | **Fee  Type**                                                                                                                                                                                         | ** ** | **Ser. 35** | ** ** | **Ser. 36** | ** ** | **Ser. 37** | ** ** | **Ser. 38** | ** ** | **Ser. 39** | ** ** |
|     | Audit  Fees                                                                                                                                                                                           |   | $ | 6,482 |   | $ | 8,722 |   | $ | 9,132 |   | $ | 10,272 |   | $ | 12,562 |   |
|     |                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                                                                                                                   |   | 2,750 |   | 2,500 |   | 1,750 |   | 2,500 |   | 2,250 |   |
|     |                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                                                                                                             |   | 5,062 |   | 4,907 |   | 4,162 |   | 4,935 |   | 4,702 |   |
|     |                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                                                                                                                       |   | 315 |   | 315 |   | 315 |   | 315 |   | 315 |   |
|     |                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                                                                                                                 |   | $ | 14,609 |   | $ | 16,444 |   | $ | 15,359 |   | $ | 18,022 |   | $ | 19,829 |   |
|     |                                                                                                                                                                                                  |
|     | **Fee  Type**                                                                                                                                                                                         | ** ** | **Ser. 40** | ** ** | **Ser. 41** | ** ** | **Ser. 42** | ** ** | **Ser. 43** | ** ** | **Ser. 44** | ** ** |
|     | Audit  Fees                                                                                                                                                                                           |   | $ | 15,512 |   | $ | 15,512 |   | $ | 15,512 |   | $ | 17,592 |   | $ | 12,922 |   |
|     |                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit  Related Fees                                                                                                                                                                                   |   | 4,000 |   | 5,250 |   | 5,500 |   | 5,500 |   | 2,250 |   |
|     |                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax  Fees                                                                                                                                                                                             |   | 6,839 |   | 7,522 |   | 7,321 |   | 8,716 |   | 4,776 |   |
|     |                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|     | All  Other Fees                                                                                                                                                                                       |   | 315 |   | 13,518 |   | 315 |   | 315 |   | 315 |   |
|     |                                                                                                                                                                                                  |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                                                                                                                 |   | $ | 26,666 |   | $ | 41,802 |   | $ | 28,648 |   | $ | 32,123 |   | $ | 20,263 |   |
|     |                                                                                                                                                                                                  |
|     | **Fee  Type**                                                                                                                                                                                         | ** ** | **Ser. 45** | ** ** | **Ser. 46** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     | Audit  Fees                                                                                                                                                                                           |   | $ | 19,812 |   | $ | 11,832 |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     |                                                                                                                                                                                                  |   |   |   |   |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     | Audit  Related Fees                                                                                                                                                                                   |   | 7,250 |   | 3,500 |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     |                                                                                                                                                                                                  |   |   |   |   |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     | Tax  Fees                                                                                                                                                                                             |   | 9,034 |   | 5,607 |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     |                                                                                                                                                                                                  |   |   |   |   |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     | All  Other Fees                                                                                                                                                                                       |   | 612 |   | 310 |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     |                                                                                                                                                                                                  |   |   |   |   |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     | Total                                                                                                                                                                                                 |   | $ | 36,708 |   | $ | 21,249 |   | ** ** | ** ** | ** ** | ** ** | ** ** | ** ** |
|     |                                                                                                                                                                                                  |
|     | Audit Committee                                                                                                                                                                                       |
|     |                                                                                                                                                                                                  |
|     | The Fund has no Audit  Committee.  All audit services and any  permitted non-audit services performed by the Fund’s independent auditors are  pre-approved by C&M Management, Inc. |
|          |                                                                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |

 

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# PART IV

 
| Item 15.                                                                                              | Exhibits and Financial  Statement Schedules                                                                                                                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
| (a) 1 &  2                                                                              | Financial Statements  and Financial Statement Schedules; Filed herein as Exhibit 13                                                                                                                                                                                                          |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
|                                                                                                  | Boston Capital Tax  Credit IV L.P.; filed herein as Exhibit 13                                                                                                                                                                                                                               |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                              | Balance Sheets,  March 31, 2009 and 2008 |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                              | Statements of  Operations for the years ended March 31, 2009 and 2008 |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                              | Statements of Changes  in Partners’ Capital (Deficit) for the years ended March 31, 2009 and  2008 |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                              | Statements of Cash  Flows for the years ended March 31, 2009 and 2008 |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                              | Notes to Financial  Statements, March 31, 2009 and 2008 |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
|                                                                                                  | Schedules not listed  are omitted because of the absence of the conditions under which they are  required or because the information is included in the financial statements  or the notes thereto.                                                                                               |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
| (b) 1                                                                                            | Exhibits (listed  according to the number assigned in the table in Item 601 of Regulation S-K)                                                                                                                                                                                                    |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
| Exhibit No. 3  - Organization Documents.                                                    |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |   |
| a.                                                                                                    | Certificate of Limited  Partnership of Boston Capital Tax Credit Fund IV L.P.  (Incorporated by reference from Exhibit 3  to the Fund’s Registration Statement No. 33-70564 on Form S-11 as  filed with the Securities and Exchange Commission on October 19, 1993. |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |
| Exhibit No. 4  - Instruments defining the rights of security holders, including indentures. |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |
| a.                                                                                                    | Agreement of Limited  Partnership of Boston Capital Tax Credit Fund IV L.P.  (Incorporated by reference from Exhibit 4  to the Fund’s Registration Statement No. 33-70564 on Form S-11 as filed  with the Securities and Exchange Commission on October 19, 1993.   |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |
| Exhibit No. 10  - Material contracts.                                                       |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |
| a.                                                                                                    | Beneficial Assignee  Certificate.  (Incorporated by  reference from Exhibit 10A to the Fund’s Registration Statement No. 33-70564  on Form S-11 as filed with the Securities and Exchange Commission on  October 19, 1993                                           |
|                                                                                                  |                                                                                                                                                                                                                                                                                              |
| Exhibit No. 13  - Financial Statements.                                                     |
|                                                                                                  |
| a.                                                                                                    | Financial Statement of  Boston Capital Tax Credit Fund IV L.P.; Filed herein                                                                                                                                                                                                                      |

 

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Exhibit No. 23- Consents of experts and counsel.

 

a.                                       Independent Auditor’s Reports forOperating Partnerships; Filed herein.

 

Exhibit No. 28- Additional exhibits.

 

a.               Agreement of Limited Partnership ofBetter Homes for Havelock Limited Partnership (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities and ExchangeCommission on February 1, 1995).

 

b.              Agreement of Limited Partnership ofCynthiana Properties Limited (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and ExchangeCommission on February 1, 1995).

 

c.               Agreement of Limited Partnership of NorthHampton Place Limited Partnership (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon October 13, 1995).

 

d.              Agreement of Limited Partnership of BrookSummitt Apartments, LP (Incorporated by reference from Registrant’s currentreport on Form 8-K as filed with the Securities and Exchange Commission onFebruary 29, 1996).

 

e.               Agreement of Limited Partnership of NewMadison Park IV Limited Partnership (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon December 16, 1997).

 

f.                 Agreement of Limited Partnership of SmithHouse II Limited Partnership (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon December 16, 1997).

 

g.              Agreement of Limited Partnership of NewMadison Park IV Limited Partnership (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon February 11, 1997).

 

h.              Agreement of Limited Partnership ofM.R.H.,L.P. (Incorporated by reference from Registrant’s current report on Form 8-Kas filed with the Securities and Exchange Commission on February 14,1997).

 

i.                  Agreement of Limited Partnership of 352Lenox Associates, L.P.(Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on December 16,1997).

 

j.                  Agreement of Limited Partnership of DecroNordoff, L.P. (Incorporated by reference from Registrant’s current report on Form 8-Kas filed with the Securities and Exchange Commission on December 16,1997).

 

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k.               Agreement of Limited Partnership ofHurricane Hills, L.P. (Incorporated by reference from Registrant’s currentreport on Form 8-K as filed with the Securities and Exchange Commission onMarch 25, 1997).

 

l.                  Agreement of Limited Partnership of MainEverett Housing, L.P. (Incorporated by reference from Registrant’s currentreport on Form 8-K as filed with the Securities and Exchange Commission onMarch 25, 1997).

 

m.            Agreement of Limited Partnership ofMokapoke Limited Partnership (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and ExchangeCommission on March 25, 1997).

 

n.              Agreement of Limited Partnership of AutumnRidge L.P. (Incorporated by reference from Registrant’s current report on Form 8-Kas filed with the Securities and Exchange Commission on March 26, 1997).

 

o.              Agreement of Limited Partnership ofCentury East Apartments II Limited Partnership (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities and ExchangeCommission on March 26, 1997).

 

p.              Agreement of Limited Partnership ofCoolidge-Pinal II Associates (Incorporated by reference from Registrant’s currentreport on Form 8-K as filed with the Securities and Exchange Commission onMarch 26, 1997).

 

q.              Agreement of Limited Partnership ofDublin Housing Associates Phase II (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and ExchangeCommission on March 26, 1997).

 

r.                 Agreement of Limited Partnership of EastPark Apartments II Limited Partnership(Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities and ExchangeCommission on March 26, 1997).

 

s.               Agreement of Limited Partnership ofEdenfield Place Apartments, L.P. (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon March 26, 1997).

 

t.                 Agreement of Limited Partnership of EthelHousing, L.P. (Incorporated by reference from Registrant’s current report on Form 8-Kas filed with the Securities and Exchange Commission on March 26, 1997).

 

u.              Agreement of Limited Partnership of LosLunas Limited Partnership(Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on March 26,1997).

 

v.              Agreement of Limited Partnership of NewDevonshire West, Limited Partnership (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon March 26, 1997).

 

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w.            Agreement of Limited Partnership ofNorthfield Housing, L.P.(Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on March 26,1997).

 

x.                Agreement of Limited Partnership of OhioInvestors Limited Partnership (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon March 26, 1997).

 

y.              Agreement of Limited Partnership ofOsborne Housing, L.P.(Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on March 26,1997).

 

z.                Agreement of Limited Partnership ofOverton Associates Limited Partnership(Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon March 26, 1997).

 

aa.         Agreement of Limited Partnership ofPahrump Valley Investors (Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on March 26,1997).

 

ab.        Agreement of Limited Partnership ofOsborne Housing, L.P.(Incorporated by reference from Registrant’s currentreport on Form 8-K as filed with the Securities and Exchange Commission onMarch 26, 1997).

 

ac.         Agreement of Limited Partnership ofShannon Housing, L.P. (Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on March 26,1997).

 

ad.        Agreement of Limited Partnership ofSutton Place Apartments (Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on March 26,1997).

 

ae.         Agreement of Limited Partnership of WestPoint Housing, L.P.(Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on March 26,1997).

 

af.           Agreement of Limited Partnership ofJeremy Associates Limited Partnership (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 27, 1997).

 

ag.        Agreement of Limited Partnership ofLaurelwood Park Limited Partnership (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon March 27, 1997).

 

ah.        Agreement of Limited Partnership ofJeremy Associates Limited Partnership (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 27, 1997).

 

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ai.            Agreement of Limited Partnership ofRoxbury Housing Veterans Limited Partnership (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 27, 1997).

 

aj.            Agreement of Limited Partnership of ElmStreet Associates, L.P. (incorporated by reference from Registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on April 7,1997.)

 

ak.         Agreement of Limited Partnership ofBrookhaven Apartments Partnership (incorporated by reference from Registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon May 21, 1997.)

 

al.            Agreement of Limited Partnership of MapleLimited Partnership (incorporated by reference from Registrants current reporton form 8-K as filed with the Securities and Exchange Commission on July 16,1997.)

 

am.      Agreement of Limited Partnership of ByamLimited Partnership (incorporated by reference from Registrants current reporton form 8-K as filed with the Securities and Exchange Commission on July 22,1997.)

 

an.        Agreement of Limited Partnership ofHarbor Limited Partnership (incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on July 22,1997.)

 

ao.        Agreement of Limited Partnership ofBradley Phase II Limited Partnership (incorporated by Reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on July 22, 1997.)

 

ap.        Agreement of Limited Partnership ofButler Street/Hanover Towers Limited Partnership (incorporated by referencefrom registrants current report on form 8-K as filed with the Securities andExchange Commission on July 22, 1997.)

 

aq.        Agreement of Limited Partnership ofBradley Phase I Limited Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon July 22, 1997.)

 

ar.           Agreement of Limited Partnership of 1374Boston Road Limited Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon August 5, 1997.)

 

as.         Agreement of Limited Partnership ofCentenary Housing Limited Partnership (incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on August 5, 1997.)

 

at.           Agreement of Limited Partnership of LakeApartments II Limited Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon August 5, 1997.)

 

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au.        Agreement of Limited Partnership of AHABProject One, LP (incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on August 8,1997.)

 

av.        Agreement of Limited Partnership ofGrandview Limited Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon April 23, 1998.)

 

aw.      Agreement of Limited Partnership ofAngelou Associates, L.P. (incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on April23, 1998.)

 

ax.          Agreement of Limited Partnership ofCountry Edge Apartments I Limited Partnership(incorporated by reference fromregistrants current report on form 8-k as filed with the Securities and ExchangeCommission on April 24, 1998.)

 

ay.        Agreement of Limited Partnership ofSumner House Limited Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon April 27, 1998.)

 

az.          Agreement of Limited Partnership ofMagnolia Place Apartments Partnerships (incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on April 30, 1998.)

 

ba.        Agreement of Limited Partnership ofEdgewood Apartments Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon April 30, 1998.)

 

bb.       Agreement of Limited Partnership ofHarrisonville Heights L.P. (incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on April30, 1998.)

 

bc.        Agreement of Limited Partnership ofNeighborhood Restorations Limited Partnership VII incorporated by referencefrom registrants current report on form 8-K as filed with the Securities andExchange Commission on April 30, 1998.)

 

bd.       Agreement of Limited Partnership ofEscher SRO Project, L.P. (incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on May 1,1998.)

 

be.        Agreement of Limited Partnership ofSilver Creek/MHT Limited Partnership (incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on June 30, 1999.)

 

bf.          Agreement of Limited Partnership ofMeridian Housing Limited Partnership (incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on June 30, 1999.)

 

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bg.       Agreement of Limited Partnership ofSouthaven Partners I, L.P. (incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange on July 27,1999.)

 

bh.       Agreement of Limited Partnership ofAthens Partners, L.P. (incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on July27, 1999.)

 

bi.           Agreement of Limited Partnership of PearlPartners, L.P. (incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on November 30,1999.)

 

bj.           Agreement of Limited Partnership ofHarbor Pointe/MHT Limited Dividend Housing Association Limited Partnership(incorporated by reference from registrants current report on form 8-K as filedwith the Securities and Exchange Commission on December 28, 1999.)

 

bk.        Agreement of Limited Partnership of LevelCreek Partners, L.P. (incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on December 29,1999.)

 

bl.           Agreement of Limited Partnership of LakeCity Limited Partnership (incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on February3, 2000.)

 

bm.     Agreement of Limited Partnership of PineRidge Apartments Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange on on February 9,2000.)

 

bn.       Agreement of Limited Partnership of PecanManor Apartments Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon February 10, 2000.)

 

bo.       Agreement of Limited Partnership ofPyramid Four Limited Partnership (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon February 16, 2000.)

 

bp.       Agreement of Limited Partnership ofLombard Partners, L.P. (incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on January26, 2000.)

 

bq.       Agreement of Limited Partnership ofBelmont Affordable Housing II LP (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon September 29, 2000.)

 

br.          Agreement of Limited Partnership ofJackson Bond LP (incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on September 29,2000.)

 

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bs.        Agreement of Limited Partnership of FortBend NHC, L.P. (incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on September 29,2000.)

 

bt.          Agreement of Limited Partnership ofBreezewood II, L.P. (incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on October 30,2002.)

 

bu.       Agreement of Limited Partnership ofWingfield Apartments II L.P. (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon November 12, 2002.)

 

bv.       Agreement of Limited Partnership ofNatchez Place Apartments L.P. (incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon November 13, 2002.)

 

bw.     Agreement of Limited Partnership of RuralHousing Partners of Mendota LP incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon December 30, 2002.)

 

bx.         Agreement of Limited Partnership ofSpringfield Metro (incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

by.       Agreement of Limited Partnership of RuralHousing Partners of Mt. Carroll LP incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon January 21, 2003.)

 

bz.         Agreement of Limited Partnership ofMeadowside Associates incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

ca.         Agreement of Limited Partnership of LosLunas Apts. LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

cb.        Agreement of Limited Partnership of EdnaVanderbilt incorporated by reference from registrants current report on form8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

cc.         Agreement of Limited Partnership ofHawthorne Assoc. LP incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

cd.        Agreement of Limited Partnership of RuralHousing Partners of Franklin Grove LP incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on January 21, 2003.)

 

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ce.         Agreement of Limited Partnership of RuralHousing Partners of Fulton LP incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon January 21, 2003.)

 

cf.           Agreement of Limited Partnership ofHeritage Two LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

cg.        Agreement of Limited Partnership ofParkhurst Place incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

ch.        Agreement of Limited Partnership ofHattiesburg Housing LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

ci.            Agreement of Limited Partnership of 1374Boston Road LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cj.            Agreement of Limited Partnership of 200East Avenue Associates LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

ck.         Agreement of Limited Partnership of CasaRosa Apartments incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cl.            Agreement of Limited Partnership of LakeApartments II LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cm.      Agreement of Limited Partnership ofNorthrock Housing Associates LP incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

cn.        Agreement of Limited Partnership of AHABProject One LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

co.        Agreement of Limited Partnership ofRandolph Village Associates LP incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

cp.        Agreement of Limited Partnership of Sr.Suites Chicago Austin LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cq.        Agreement of Limited Partnership ofClubview Partners LP incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

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cr.           Agreement of Limited Partnership of EdgewoodApartments Partnership incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cs.         Agreement of Limited Partnership ofHarbor Pointe/MHT LDHA LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

ct.           Agreement of Limited Partnership ofLombard Partners LP incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cu.        Agreement of Limited Partnership ofMillwood Park LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cv.        Agreement of Limited Partnership ofHillside Terrace Associates LP incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

cw.      Agreement of Limited Partnership of SanAngelo Bent Tree Apts. LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cx.          Agreement of Limited Partnership ofMontfort Housing LP incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cy.        Agreement of Limited Partnership ofSummerdale Partners LP II incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

cz.          Agreement of Limited Partnership ofSeagraves Apartments LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

da.        Agreement of Limited Partnership of FFLMAssociates LP incorporated by reference from registrants current report on form8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

db.       Agreement of Limited Partnership of COGICVillage LDHA LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dc.        Agreement of Limited Partnership of FFLMAssociates LP incorporated by reference from registrants current report on form8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dd.       Agreement of Limited Partnership of FFLMAssociates LP incorporated by reference from registrants current report on form8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

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de.        Agreement of Limited Partnership ofPyramid Four Limited Partnership incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

df.          Agreement of Limited Partnership of 200East Avenue Associates LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dg.       Agreement of Limited Partnership ofParkside Plaza LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dh.       Agreement of Limited Partnership ofGranada Rose LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

di.           Agreement of Limited Partnership ofNorthrock Housing Assoc. LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dj.           Agreement of Limited Partnership ofSouthaven Partners I LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dk.        Agreement of Limited Partnership of HowardPark Ltd incorporated by reference from registrants current report on form 8-Kas filed with the Securities and Exchange Commission on March 31, 2003.)

 

dl.           Agreement of Limited Partnership ofWashington Courtyards LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dm.     Agreement of Limited Partnership ofHighway Partners 18 LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dn.       Agreement of Limited Partnership ofWedgewood Park LP incorporated by reference from registrants current report onform 8-K as filed filed with the Securities and Exchange Commission on March 31,2003.)

 

do.       Agreement of Limited Partnership ofWashington Courtyards LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dp.       Agreement of Limited Partnership ofAnnadale Housing Partners incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dq.       Agreement of Limited Partnership ofAshton Ridge LDHA LP incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

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dr.          Agreement of Limited Partnership of FAHSilver Pond LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

ds.        Agreement of Limited Partnership ofAshton Ridge LDHA LP incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dt.          Agreement of Limited Partnership ofAldine Westfield Apts., LP incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

du.       Agreement of Limited Partnership ofArbors at Eagle Crest LDHA LP incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dv.       Agreement of Limited Partnership of KCShalom Housing LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dw.     Agreement of Limited Partnership ofBreeze Cove Limited Partnership incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dx.         Agreement of Limited Partnership of DSHousing LP incorporated by reference from registrants current report on form8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dy.       Agreement of Limited Partnership of CCHousing LP incorporated by reference from registrants current report on form8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

dz.         Agreement of Limited Partnership of TSHousing LP incorporated by reference from registrants current report on form8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

ea.         Agreement of Limited Partnership ofCarpenter School I Elderly Apts. LP incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

eb.        Agreement of Limited Partnership ofLyceum Housing LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

ec.         Agreement of Limited Partnership of NewShinnston I LP incorporated by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on March 31,2003.)

 

ed.        Agreement of Limited Partnership ofLyceum Housing Limited Partnership incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2004.)

 

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ee.         Agreement of Limited Partnership of NewShinniston I Limited Partnership incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon March 31, 2004.)

 

ef.           Agreement of Limited Partnership ofGilbert Apartments Limited Partnership incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on April 26, 2004.)

 

eg.        Agreement of Limited Partnership of HSHousing Limited Partnership incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on April 26,2004.

 

eh.        Agreement of Limited Partnership of SMHousing Limited Partnership incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on April 26,2004.)

 

ei.            Agreement of Limited Partnership of CTHousing Limited Partnership incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on April 26,2004.)

 

ej.            Agreement of Limited Partnership of NorthFort Aspen Plus Limited Partnership incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon April 26,2004.)

 

ek.         Agreement of Limited Partnership ofStrawberry Lake Apartments Limited Partnership incorporated by reference fromregistrants current report on form 8-K as filed with the Securities and ExchangeCommission on April 26, 2004.)

 

el.            Agreement of Limited Partnership of ByamVillage Limited Partnership incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on April 28,2004.)

 

em.      Agreement of Limited Partnership of KiehlPartners Limited Partnership incorporated by reference from registrants currentreport on form 8-K as filed with the Securities and Exchange Commission on April 28,2004.)

 

en.        Agreement of Limited Partnership ofTrinity Life Gardens Limited Partnership incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on April 29,2004.)

 

eo.        Agreement of Limited Partnership ofAthens Partners, LP Limited Partnership incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on May 3, 2004.)

 

ep.        Agreement of Limited Partnership of SanDiego/Fox Hollow Limited Partnership incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon June 1, 2004.)

 

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eq.        Agreement of Limited Partnership of ElmaGardens of Grays Harbor Limited Partnership incorporated by reference fromregistrants current report on form 8-K as filed with the Securities and ExchangeCommission on August 2, 2004.)

 

er.           Agreement of Limited Partnership ofKimberly Danbury Limited Partnership incorporated by reference from registrantscurrent report on form 8-K as filed with the Securities and Exchange Commissionon August 2, 2004.)

 

es.         Agreement of Limited Partnership ofTanglewood Village Limited Partnership incorporated by reference fromregistrants current report on form 8-K as filed with the Securities andExchange Commission on August 4, 2004.)

 

et.           Agreement of Limited Partnership ofPortland Ocean East I Limited Partnership incorporated by reference fromregistrants current report on form 8-K as filed with the Securities and ExchangeCommission on January 24, 2005.)

 

eu.        Agreement of Limited Partnership of ClaytonStation Limited Partnership incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on January 24,2005.)

 

ev.        Agreement of Limited Partnership of DeerMeadows Limited Partnership incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on January 24,2005.)

 

Exhibit No. 31Certification 302

 

a.                                       Certification pursuant to 18 U.S.C.Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of2002, filed herein

 

b.                                      Certification pursuant to 18 U.S.C.Section 1350, pursuant to Section 302 of the Sarbanes-Oxley Act of2002, filed herein

 

Exhibit No. 32Certification 906

 

a.                                       Certification pursuant to 18 U.S.C.Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of2002, filed herein

 

b.                                      Certification pursuant to 18 U.S.C.Section 1350, pursuant to Section 906 of the Sarbanes-Oxley Act of2002, filed herein

 

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# Table ofContents

 

# SIGNATURES

#  

Pursuant to therequirements of Section 13 of the Securities Exchange Act of 1934, theFund has duly caused this Report to be signed on its behalf by the undersigned,thereunto duly authorized.

 
|                      | Boston Capital Tax  Credit Fund IV L.P. |
|---------------------------|-----------------------------------------|
|                      |                                    |
|                      | By:                                     | Boston Capital  Associates IV L.P. |
|                      |                                    | General Partner |
|                      |                                    |   |
|                      | By:                                     | BCA Associates Limited  Partnership |
|                      |                                    | General Partner |
|                      |                                    |   |
|                      | By:                                     | C&M  Management, Inc. |
|                      |                                    | General Partner |
|                      |                                    |   |
| Date: July 14,  2009 |                                    | By: | /s/ John P. Manning |
|                      |                                    |   | John P. Manning |

 

 

Pursuant to therequirements of the Securities Exchange Act of 1934, this report has beensigned below by the following persons on behalf of the Fund and in thecapacities and on the dates indicated:

 
| **DATE:**          | ** ** | **SIGNATURE:**      | ** ** | **TITLE:**                                                                                                                                 |
|--------------------|------------|---------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------|
|               |       |                |       |                                                                                                                                       |
| July 14, 2009 |       | /s/ John P. Manning |       | Director, President  (Principal Executive Officer),                                                                                        |
|               |       | John P. Manning     |       | C&M  Management, Inc.; Director, President                                                                                        |
|               |       |                |       | (Principal Executive  Officer) BCTC IV Assignor Corp.                                                                                      |
|               |       |                |       |                                                                                                                                       |
| July 14, 2009 |       | /s/ Marc N. Teal    |       | Sr. Vice President,  Chief Financial Officer                                                                                               |
|               |       | Marc N. Teal        |       | (Principal Accounting  and Financial Officer)                                                                                              |
|               |       |                |       | C&M Management  Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and  Financial Officer) BCTC IV Assignor Corp. |

 

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