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**UNITED STATESSECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-K**

 

**x****      ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE  SECURITIES EXCHANGE ACT OF 1934**

 

**For the fiscal year ended March 31,2010 or**

 

**o****         TRANSITION REPORT PURSUANT TO SECTION 13 OR15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

**For the transition period from              to              **

 

**Commission filenumber 0-26200**

 

**BOSTON CAPITAL TAX CREDIT FUND IVL.P.**

(Exact name of registrant as specified in itscharter)

 

| **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’s telephone number, including areacode **(617) 624-8900**

 

Securities registered pursuant to Section 12(b) ofthe Act:

Title of each class - Name of each exchange onwhich registered

**None**

 

Securities registered pursuant to Section 12(g) ofthe Act:

Title of class

**None**

 

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

 

Indicate by check mark if the Registrant is notrequired to file reports pursuant to Section 13 or Section 15(d) ofthe Act.  Yes o  No x

 

Indicate by check mark whether the registrant (1) hasfiled all reports required to be filed by Section 13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for suchshorter period that the registrant was required to file such reports), and (2) hasbeen subject to such 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

 

Indicate by check mark whether the registrant isa large accelerated filer, an accelerated filer, a non-accelerated filer, or asmaller reporting company.  Seedefinition of “large accelerated filer,” “accelerated filer,” and “smallerreporting company” in Rule 12b-2 of the Exchange Act  (check one):

 

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

 

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

 

 

 

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DOCUMENTSINCORPORATED BY REFERENCE

 

The following documents of the Fund are incorporated byreference:

 
| **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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| **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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| **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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| **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 TAX CREDIT FUND IV L.P.

FORM 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31,2010

 

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.      | (Removed  and Reserved.) |
|          |   |
| 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

 

Item 1.            Business

 

Organization

 

Boston Capital Tax Credit Fund IV L.P. (the “Fund”) is alimited partnership formed under the Delaware Revised Uniform LimitedPartnership Act as of October 5, 1993. Effective as of June 1, 2001 there was a restructuring, and as aresult, the Fund’s general partner was reorganized as follows.  The general partner of the Fund continues tobe Boston Capital Associates IV L.P., a Delaware limited partnership.  The general partner of the Fund’s generalpartner is now BCA Associates Limited Partnership, a Massachusetts limitedpartnership, whose sole general partner is C&M Management, Inc., aMassachusetts corporation.  John P.Manning is the principal executive officer of C&M Management, Inc.  The limited partner of the Fund’s generalpartner is Capital Investment Holdings, a general partnership whose partnersare various officers and employees of Boston Capital Partners, Inc., andits affiliates.  The assignor limitedpartner is BCTC IV Assignor Corp., a Delaware corporation which is nowwholly-owned by John P. Manning.

 

The assignor limited partner was formed for the purposeof serving in that capacity for the Fund and will not engage in any otherbusiness. Units of beneficial interest in the limited partnership interest ofthe assignor limited partner are assigned by the assignor limited partner bymeans of beneficial assignee certificates (“BACs”) to investors and investorsare entitled to all the rights and economic benefits of a limited partner ofthe Fund including rights to a percentage of the income, gains, losses,deductions, credits and distributions of the Fund.

 

A Registration Statement on Form S-11 and therelated prospectus, as supplemented (together with each subsequently filedprospectus, as supplemented, the “Prospectus”) were filed with the Securitiesand Exchange Commission and became effective December 16, 1993, inconnection with a public offering (together with each subsequent offering ofBACs described herein, the “Offering”) in one or more series of a minimum of250,000 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, 2010, 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 theissuance of BACs in series, is described in each Prospectus, as supplemented,under the caption “The Offering”, which descriptions are incorporated herein byreference.

 

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Description of Business

 

The Fund’s principal business is to invest as a limitedpartner in other limited partnerships (the “Operating Partnerships”) each ofwhich will own or lease and will operate an apartment complex exclusively orpartially for low- and moderate-income tenants. Each Operating Partnership in which the Fund invests owns apartmentcomplexes, which are completed, newly-constructed, under construction orrehabilitation, or to-be constructed or rehabilitated, and which are expectedto receive government assistance.  Each apartmentcomplex is expected to qualify for the low-income housing tax credit under Section 42of the Code (the “Federal Housing Tax Credit”), providing tax benefits over aperiod of ten to twelve years in the form of tax credits which investors mayuse to offset income, subject to certain strict limitations, from othersources.  Some apartment complexes mayalso qualify for the historic rehabilitation tax credit under Section 47of the Code (the “Rehabilitation Tax Credit”). The Federal Housing Tax Credit and the government assistance programsare described on pages 64 to 88 of the Prospectus, as supplemented, underthe captions “Tax Credit Programs” and “Government Assistance Programs,” whichis incorporated herein by reference.  Section 236(f) (ii) of the National Housing Act, as amended, and Section 101of the Housing and Urban Development Act of 1965, as amended, each provide forthe making by HUD of rent supplement payments to low income tenants inproperties which receive other forms of federal assistance such as taxcredits.  The payments for each tenant,which are made directly to the owner of their property, generally are in suchamounts as to enable the tenant to pay rent equal to 30% of the adjusted familyincome.  Some of the apartment complexesin which the Fund has invested are receiving their rent supplements fromHUD.  HUD has been in the process ofconverting rent supplement assistance to assistance paid not to the owner ofthe apartment complex, but directly to the individuals.  At this time, the Fund is unable to predictwhether Congress will continue rent supplement programs payable directly toowners of apartment complexes.

 

As of March 31, 2010 the Fund had invested in 21Operating Partnerships on behalf of Series 20, 10 Operating Partnership onbehalf of Series 21, 25 Operating Partnerships on behalf of Series 22,20 Operating Partnerships on behalf of Series 23, 20 OperatingPartnerships on behalf of Series 24, 20 Operating Partnerships on behalfof Series 25, 43 Operating Partnerships on behalf of Series 26, 16Operating Partnerships on behalf of Series 27, 26 Operating Partnershipson behalf of Series 28, 21 Operating Partnerships on behalf of Series 29,18 Operating Partnerships on behalf of Series 30, 26 OperatingPartnerships on behalf of Series 31, 16 Operating Partnerships on behalfof Series 32, 10 Operating Partnerships on behalf of Series 33, 14Operating Partnerships on behalf of Series 34, 11 Operating Partnershipson behalf of Series 35, 11 Operating Partnerships on behalf of Series 36,7 Operating Partnerships on behalf of Series 37, 10 Operating Partnershipson behalf of Series 38, 9 Operating Partnerships on behalf of Series 39,16 Operating Partnerships on behalf of Series 40, 21 OperatingPartnerships on behalf of Series 41, 22 Operating Partnerships on behalfof Series 42, 23 Operating Partnerships on behalf of Series 43, 10Operating Partnerships on behalf of Series 44, 30 Operating Partnershipson behalf of Series 45 and 15 Operating partnerships on behalf of Series 46.  A description of these Operating Partnershipsis set forth in Item 2 herein.

 

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The business objectives of the Fund are to:

 
| (1) |   | Provide current tax benefits to investors in the form  of Federal Housing Tax Credits and, in limited instances, a small amount of  Rehabilitation Tax Credits, which an investor may apply, subject to 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 objectives and investment policies of theFund are described more fully on pages 49 to 61 of the Prospectus, assupplemented, under the caption “Investment Objectives and AcquisitionPolicies,” which is incorporated herein by reference.

 

Employees

 

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

 

Item 1A.         Risk Factors

 

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

 

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

 

*In addition to the other information set forth in this report, youshould carefully consider the following factors which could materially affectour business, financial condition or results of operations. The risks describedbelow are not the only risks we face. Additional factors not presently known tous or that we currently deem to be immaterial also may materially adverselyaffect our business operations.*

 

**The ability of limited partners to claim tax losses from theirinvestment in us is limited.**

 

The IRS may audit us or an Operating Partnership and challengethe tax treatment of tax items. The amount of Low Income Housing Tax Creditsand tax losses allocable to the investors could be reduced if the IRS weresuccessful in such a challenge.  Thealternative minimum tax could reduce tax benefits from an investment in ourBACs.  Changes in tax laws could alsoimpact the tax benefits from an investment in our BACs and/or the value of theOperating Partnerships.  Until theOperating Partnerships have completed a mandatory fifteen year Low IncomeHousing Tax Credit compliance period, investors are at risk for potentialrecapture of Low Income Housing Tax Credits that have already been claimed.

 

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** **

**The Low Income Housing Tax Credits rules are extremely complicatedand noncompliance with these rules may have adverse consequences for BACholders.**

 

Noncompliance with applicable tax regulations may resultin the loss of future Low Income Housing Tax Credits and the fractionalrecapture of Low Income Housing Tax Credits already taken. In most cases theannual amount of Low Income Housing Tax Credits that an individual can use islimited to the tax liability due on the person’s last $25,000 of taxableincome.  The Operating Partnerships maybe sold at a price which would not result in our realizing cash distributionsor proceeds from the transaction.  Accordingly,we may be unable to distribute any cash to our investors. Low Income HousingTax Credits may be the only benefit from an investment in our BACs.

 

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

 

Each housing complex is subject to mortgageindebtedness. If an Operating Partnership failed to pay its mortgage, it couldlose its housing complex in foreclosure. If foreclosure were to occur duringthe first 15 years of the existence of the Fund, the loss of any remainingfuture Low Income Housing Tax Credits, a fractional recapture of previouslyclaimed Low Income Housing Tax Credits, and a loss of our investment in thehousing complex would occur.  To theextent the Operating Partnerships receive government financing or operatingsubsidies, they may be subject to one or more of the following risks:

 

·                  difficulties in obtaining rent increases;

·                  limitations on cash distributions;

·                  limitations on sales or refinancing of Operating Partnerships;

·                  limitations on transfers of interests in Operating Partnerships;

·                  limitations on removal of local general partners;

·                  limitations on subsidy programs; and

·                  possible changes in applicable regulations.

 

The value of real estate is subject to risks fromfluctuating economic conditions, including employment rates, inflation, tax,environmental, land use and zoning policies, supply and demand of similarproperties, and neighborhood conditions, among others.

 

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

 

There is currently no active trading market for theBACs.  Accordingly, limited partners maybe unable to sell their BACs or may have to sell BACs at a discount.  Limited partners should consider their BACsto be a long-term investment.

 

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

 

Upon the sale or other taxable disposition of BACs,investors will realize taxable income to the extent that their allocable shareof the non-recourse mortgage indebtedness on the apartment complexes, togetherwith the money they receive from the sale of the BACs, is greater than theoriginal cost of their BACs.  Thisrealized taxable income is reduced to the extent that investors have suspendedpassive losses or credits.  It ispossible that the sale of BACs may not generate enough cash to pay the taxobligations arising from the sale.

 

**Investors may have tax liability in excess of cash.**

 

Investors eventually may be allocated profits for tax purposeswhich exceed any cash distributed to them. For this tax liability, the investor will have to pay federal income taxwithout a corresponding cash distribution.

 

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Similarly, in the event of a sale or foreclosure of anapartment complex or a sale of BACs, an investor may be allocated taxableincome, resulting in tax liability, in excess of any cash distributed to him orher as a result of such event.

 

**Investors may not receive cash if apartment complexes are sold**.

 

There is no assurance that investors will receive anycash distributions from the sale or refinancing of an apartment complex.  The price at which an apartment complex issold may not be large enough to pay the mortgage and other expenses which mustbe paid at such time.  Even if there arenet cash proceeds from a sale, expenses such as accrued Fund management fees andunpaid loans will be deducted pursuant to Section 4.02(a) of the FundAgreement.  If any of these eventshappen, investors will not get all of their investment back, and the onlybenefit from an investment will be the tax credits received.

 

The sale or refinancing of the apartment complexes isdependent upon the following material factors:

 

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

·                  The necessity of obtaining the approval of any governmental agency(ies)providing government assistance to the apartment complex; and

·                  The uncertainty of the market.

 

Any sale may occur well after the fifteen-year federalhousing tax credit compliance period.

 

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

 

We currently do not have sufficient cash resources tosatisfy our financial liabilities. Furthermore, we do not anticipate that we will have sufficient availablecash to pay our future financial liabilities. Substantially all of our existing liabilities are payable to our generalpartner and its affiliates.  Though theamounts payable to the general partner and its affiliates are contractuallycurrently payable, we do not believe that the general partner or its affiliateswill demand immediate payment of these contractual obligations in the nearterm; 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.

 

Item 1B.          Unresolved Staff Comments

 

Not applicable.

 

Item 2.            Properties

 

The Fund has acquired a limited partnership interest in491 Operating Partnerships in 27 series, identified in the table set forthbelow.  The apartment complexes owned bythe Operating Partnerships are eligible for the Federal Housing TaxCredit.  Initial occupancy of a unit ineach apartment complex which initially complied with the minimum set-aside test(i.e., initial occupancy by tenants with incomes equal to no more than adesignated

 

5

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percentage of area median income) and the rentrestriction test (i.e., gross rent charged tenants does not exceed 30% of theapplicable income standards) is referred to as “Qualified Occupancy.”  The Operating Partnerships and the respectiveapartment complexes are described more fully in the Prospectus.  The general partner believes that there isadequate casualty insurance on the properties.

 

Please refer to Item 7. “Management’s Discussion andAnalysis of Financial Condition and Results of Operations” for a more detaileddiscussion of operational difficulties experienced by certain of the OperatingPartnerships.

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**                | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage****Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const****Comp** | ** ** | **Qualified****Occupancy  3/31/10** | ** ** | **Cap Con****paid thru  3/31/10** | ** ** |
|-----------------------------------|------------|-------------------|------------|-----------|------------|-----------------------------------------|------------|-----------------|------------|-------------------|------------|-------------------------------------|------------|-----------------------------------|------------|
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Ashbury  Apartments               |       | Sioux Falls,  SD  |       | 48        |       | $                                       | 1,096,709  |            | 4/94       |              | 6/94       |                                | 100        | %                                 | $          | 806,117 |   |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Bennetts  Pointe Apts.            |       | Bennetsville,  SC |       | 32        |       | 1,283,292                               |       | 3/94            |       | 8/94              |       | 100                                 | %          | 281,100                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Bradley  Manor                    |       | Bradley,  AR      |       | 25        |       | 764,619                                 |       | 8/94            |       | 3/95              |       | 100                                 | %          | 182,044                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Cascades  Commons Apts.           |       | Sterling,  VA     |       | 320       |       | 22,279,121                              |       | 6/94            |       | 10/95             |       | 100                                 | %          | 7,132,820                         |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Club  Goldenrod II,  Apartments   |       | Orlando,  FL      |       | 220       |       | 6,795,214                               |       | 4/94            |       | 6/95              |       | 100                                 | %          | 3,681,417                         |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| College  Greene  Senior Apts      |       | N. Chili,  NY     |       | 110       |       | 3,629,202                               |       | 3/95            |       | 8/95              |       | 100                                 | %          | 1,918,496                         |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Concordia  Manor I                |       | St. Croix,  VI    |       | 22        |       | 1,406,001                               |       | 8/94            |       | 7/95              |       | 100                                 | %          | 490,034                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Coushatta  Seniors II  Apartments |       | Coushatta,  LA    |       | 24        |       | 679,851                                 |       | 5/94            |       | 3/94              |       | 100                                 | %          | 175,182                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| East Douglas  Apartment           |       | Bloomington,  IL  |       | 51        |       | 1,820,385                               |       | 7/94            |       | 12/95             |       | 100                                 | %          | 1,534,461                         |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Edison Lane  Apartments           |       | Edison,  GA       |       | 24        |       | 692,027                                 |       | 9/94            |       | 10/95             |       | 100                                 | %          | 204,561                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Evergreen  Hills Apts.            |       | Macedon,  NY      |       | 72        |       | 2,525,044                               |       | 8/94            |       | 1/95              |       | 100                                 | %          | 693,966                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Fairoaks  Lane Apts.              |       | Rincon,  GA       |       | 44        |       | 1,362,076                               |       | 7/94            |       | 5/95              |       | 100                                 | %          | 339,284                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Floral  Acres II                  |       | Waggaman,  LA     |       | 32        |       | 988,489                                 |       | 5/94            |       | 8/94              |       | 100                                 | %          | 228,457                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Forest Glen  Village              |       | Vidalia,  GA      |       | 46        |       | 1,276,945                               |       | 7/94            |       | 2/95              |       | 100                                 | %          | 378,777                           |       |
|                              |       |              |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Gardenview  Apartments            |       | Pasedena,  TX     |       | 309       |       | 4,394,753                               |       | 6/94            |       | 9/95              |       | 100                                 | %          | 2,261,021                         |       |
|                                   |            |                   |            |           |            |                                         |            |                 |            |                   |            |                                     |            |                                   |            |  |  |

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property****Name**          | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage****Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const****Comp** | ** ** | **Qualified****Occupancy  3/31/10** | ** ** | **Cap Con****paid thru  3/31/10** | ** ** |
|-------------------------------|------------|--------------------|------------|-----------|------------|-----------------------------------------|------------|-----------------|------------|-------------------|------------|-------------------------------------|------------|-----------------------------------|------------|
|                          |       |               |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Harrisonburg,  Seniors  Apts. |       | Harrison-burg,  LA |       | 24        |       | $                                       | 650,783    |            | 5/94       |              | 1/94       |                                | 100        | %                                 | $          | 176,621 |   |
|                          |       |               |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Hillside  Apartments          |       | Cynthiana,  KY     |       | 48        |       | 489,384                                 |       | 10/94           |       | 4/95              |       | 100                                 | %          | 643,850                           |       |
|                          |       |               |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Kristine  Apartments          |       | Bakersfield,  CA   |       | 60        |       | 992,740                                 |       | 10/94           |       | 10/94             |       | 100                                 | %          | 311,675                           |       |
|                          |       |               |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Northfield  Apts.             |       | Jackson,  MS       |       | 120       |       | 2,477,340                               |       | 6/94            |       | 8/95              |       | 100                                 | %          | 3,273,126                         |       |
|                          |       |               |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Riverview  Apartments         |       | Franklinton,  LA   |       | 47        |       | 1,609,698                               |       | 4/94            |       | 10/94             |       | 100                                 | %          | 370,000                           |       |
|                          |       |               |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Shady Lane  Senior Apts.      |       | Winnfield,  LA     |       | 32        |       | 891,707                                 |       | 5/94            |       | 10/93             |       | 100                                 | %          | 197,200                           |       |
|                               |            |                    |            |           |            |                                         |            |                 |            |                   |            |                                     |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 21

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

 
| **Property  Name**                 | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage****Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const****Comp** | ** ** | **Qualified****Occupancy  3/31/10** | ** ** | **Cap Con****paid thru  3/31/10** | ** ** |
|------------------------------------|------------|------------------------|------------|-----------|------------|-----------------------------------------|------------|-----------------|------------|-------------------|------------|-------------------------------------|------------|-----------------------------------|------------|
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Black  River  Run                  |       | Black River Falls,  WI |       | 48        |       | $                                       | 913,457    |            | 10/94      |              | 12/94      |                                | 100        | %                                 | $          | 350,531 |   |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Forest  Glenat SullyStation        |       | Centreville,  VA       |       | 119       |       | 5,694,639                               |       | 11/94           |       | 9/95              |       | 100                                 | %          | 2,649,450                         |       |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Fort  Halifax                      |       | Winslow,  ME           |       | 24        |       | 959,753                                 |       | 9/94            |       | 1/95              |       | 100                                 | %          | 389,085                           |       |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Havelock  Manor Apts.              |       | Havelock,  NC          |       | 60        |       | 1,749,801                               |       | 12/94           |       | 10/95             |       | 100                                 | %          | 347,557                           |       |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Holly  Village                     |       | Buchanan,  GA          |       | 24        |       | 683,950                                 |       | 8/94            |       | 6/95              |       | 100                                 | %          | 205,400                           |       |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Liveoak  Village                   |       | Union Springs,  AL     |       | 24        |       | 726,570                                 |       | 10/94           |       | 7/95              |       | 100                                 | %          | 176,953                           |       |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Lookout  Ridge Apts.               |       | Covington,  KY         |       | 30        |       | 472,349                                 |       | 12/94           |       | 12/94             |       | 100                                 | %          | 763,038                           |       |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Pinedale  Apartments II            |       | Menomonie,  WI         |       | 60        |       | 1,099,014                               |       | 10/94           |       | 12/94             |       | 100                                 | %          | 869,798                           |       |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Pumphouse  Crossing II  Apartments |       | Chippewa,  WI          |       | 48        |       | 1,079,257                               |       | 10/94           |       | 12/94             |       | 100                                 | %          | 692,840                           |       |
|                               |       |                   |       |      |       |                                    |       |            |       |              |       |                                |       |                              |       |
| Tower View  Apartments             |       | Tower City,  PA        |       | 25        |       | 1,072,499                               |       | 11/94           |       | 5/95              |       | 100                                 | %          | 268,863                           |       |
|                                    |            |                        |            |           |            |                                         |            |                 |            |                   |            |                                     |            |                                   |            |  |  |

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**      | ** ** | **Location**            | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-------------------------|------------|-------------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Albemarle  Village      |       | Hertford,  NC           |       | 36        |       | $                                     | 1,356,912  |            | 1/95       |             | 9/94       |                              | 100        | %                               | $          | 321,628 |   |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Apple  Village          |       | Edmond,  OK             |       | 160       |       | 3,307,224                             |       | 11/94           |       | 3/96             |       | 100                               | %          | 1,572,166                       |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bayou  Crossing         |       | Riverview,  FL          |       | 290       |       | 8,196,784                             |       | 11/94           |       | 1/96             |       | 100                               | %          | 2,854,036                       |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Black River  Run Apts.  |       | Black River  Falls,  WI |       | 48        |       | 913,457                               |       | 3/95            |       | 12/94            |       | 100                               | %          | 395,279                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Club II  Goldenrod      |       | Orlando,  FL            |       | 220       |       | 6,795,214                             |       | 3/95            |       | 6/95             |       | 100                               | %          | 2,106,975                       |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cobblestone  Apartments |       | Fuquay,  NC             |       | 33        |       | 1,355,784                             |       | 1/95            |       | 5/94             |       | 100                               | %          | 326,054                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Concordia  Manor II     |       | St. Croix,  VI          |       | 20        |       | 1,438,013                             |       | 1/95            |       | 11/95            |       | 100                               | %          | 259,444                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Concordia  Manor III    |       | St. Croix,  VI          |       | 20        |       | 1,418,338                             |       | 2/95            |       | 12/95            |       | 100                               | %          | 264,007                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Drakes  Branch  Elderly |       | Drakes  Branch,  VA     |       | 32        |       | 1,214,053                             |       | 1/95            |       | 6/95             |       | 100                               | %          | 232,722                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Elks Towers  Apartments |       | Litchfield,  IL         |       | 27        |       | 715,358                               |       | 10/95           |       | 12/96            |       | 100                               | %          | 756,656                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Highland  House         |       | Boston,  MA             |       | 14        |       | 1,924,634                             |       | 12/96           |       | 5/97             |       | 100                               | %          | 586,492                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Kimbark  1200 Apts.     |       | Longmont,  CO           |       | 48        |       | 1,864,417                             |       | 9/95            |       | 12/95            |       | 100                               | %          | 321,843                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Kingsway  Apartments    |       | Swedsboro,  NJ          |       | 36        |       | 1,405,547                             |       | 7/95            |       | 11/01            |       | 100                               | %          | 384,585                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lake City  Apartments   |       | Lake City,  PA          |       | 44        |       | 1,241,372                             |       | 8/98            |       | 6/98             |       | 100                               | %          | 240,900                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lost Tree  Apartments   |       | Branson,  MO            |       | 88        |       | 1,345,263                             |       | 4/95            |       | 6/95             |       | 100                               | %          | 474,948                         |       |
|                    |       |                    |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Maplewood  Apartments   |       | Sacramento,  KY         |       | 12        |       | 415,798                               |       | 8/95            |       | 9/95             |       | 100                               | %          | 110,881                         |       |
|                         |            |                         |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**     | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|------------------------|------------|------------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                   |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Marksville Square      |       | Marksville,  LA        |       | 32        |       | $                                     | 915,322    |            | 1/95       |             | 1/96       |                              | 100        | %                               | $          | 268,848 |   |
|                   |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Neshoba  County        |       | Philadelphia,  MS      |       | 25        |       | 819,201                               |       | 7/95            |       | 8/95             |       | 100                               | %          | 251,411                         |       |
|                   |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Philadelphia  Square   |       | Philadelphia,  MS      |       | 16        |       | 524,288                               |       | 7/95            |       | 8/95             |       | 100                               | %          | 149,950                         |       |
|                   |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Quankey  Hills         |       | Halifax,  NC           |       | 24        |       | 960,595                               |       | 1/95            |       | 3/95             |       | 100                               | %          | 200,496                         |       |
|                   |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Richmond  Square       |       | Richmond,  MO          |       | 32        |       | 680,842                               |       | 12/94           |       | 2/95             |       | 100                               | %          | 931,456                         |       |
|                   |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Salem Wood  Apartments |       | Salemburg,  NC         |       | 24        |       | 866,422                               |       | 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        |       | 1,500,968                             |       | 12/94           |       | 6/95             |       | 100                               | %          | 1,810,416                       |       |
|                   |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Twin City  Villa       |       | Festus,  MO            |       | 40        |       | 1,117,697                             |       | 1/95            |       | 11/95            |       | 100                               | %          | 679,176                         |       |
|                        |            |                        |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**       | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|--------------------------|------------|-----------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Apple  Village           |       | Edmond,  OK           |       | 160       |       | $                                     | 3,307,224  |            | 11/94      |             | 3/96       |                              | 100        | %                               | $          | 1,572,166 |   |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bayou  Crossing          |       | Riverview,  FL        |       | 290       |       | 8,196,784                             |       | 4/95            |       | 1/96             |       | 100                               | %          | 4,281,054                       |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Concordia  Manor II      |       | St. Croix,  VI        |       | 20        |       | 1,438,013                             |       | 1/95            |       | 11/95            |       | 100                               | %          | 259,445                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Concordia  Manor III     |       | St. Croix,  VI        |       | 20        |       | 1,418,338                             |       | 2/95            |       | 12/95            |       | 100                               | %          | 264,007                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Colonna  House           |       | Hempstead,  NY        |       | 37        |       | 713,844                               |       | 5/95            |       | 5/95             |       | 100                               | %          | 1,551,605                       |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Country Hill Apts. Ph II |       | Cedar Rapids, IA |       | 92        |       | 1,681,378                             |       | 8/95            |       | 6/96             |       | 100                               | %          | 1,981,495                       |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Great Pines  Apts.       |       | Hurleyville,  NY      |       | 26        |       | 1,097,034                             |       | 7/95            |       | 12/95            |       | 100                               | %          | 340,835                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Heatheridge  Estates **  |       | Barling,  AR          |       | 17        |       | 735,540                               |       | 7/95            |       | 11/95            |       | 100                               | %          | 748,240                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Ithaca  Apts. I          |       | Ithaca,  MI           |       | 28        |       | 547,674                               |       | 11/95           |       | 7/95             |       | 100                               | %          | 164,008                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Kimbark  1200 Apts.      |       | Longmont,  CO         |       | 48        |       | 1,864,417                             |       | 9/95            |       | 12/95            |       | 100                               | %          | 965,530                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| La Pensione  K Apts.     |       | Sacramento,  CA       |       | 129       |       | 2,231,977                             |       | 9/95            |       | 12/96            |       | 100                               | %          | 2,650,580                       |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Mathis  Apartments       |       | Mathis,  TX           |       | 32        |       | 864,627                               |       | 1/95            |       | 1/95             |       | 100                               | %          | 228,172                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Mid City  Apartments     |       | Jersey City,  NJ      |       | 58        |       | 2,219,350                             |       | 9/95            |       | 6/94             |       | 100                               | %          | 113,679                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Orange Grove  Seniors    |       | Orange Grove,  TX     |       | 24        |       | 632,199                               |       | 5/95            |       | 2/95             |       | 100                               | %          | 163,637                         |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Riverview  Apartments    |       | St. Louis,  MO        |       | 42        |       | 1,177,377                             |       | 8/95            |       | 12/95            |       | 100                               | %          | 1,160,308                       |       |
|                     |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| St. Peters  Villa        |       | St. Peters,  MO       |       | 54        |       | 1,384,987                             |       | 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                       |       |
|                          |            |                       |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

12

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Tableof Contents

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**  | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|---------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Twin City  Villa    |       | Festus,  MO      |       | 40        |       | $                                     | 1,117,697  |            | 2/95       |             | 11/95      |                              | 100        | %                               | $          | 679,176 |   |
|                |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Village  Woods Est. |       | Kansas City,  KS |       | 45        |       | 1,287,078                             |       | 5/95            |       | 12/95            |       | 100                               | %          | 1,704,928                       |       |
|                |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Vinsett  Estates ** |       | Van Buren,  AR   |       | 10        |       |                                  | **         | 7/95            |       | 11/95            |       | 100                               | %          |                            | **         |
|                |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Woodland  Hills     |       | Roland,  OK      |       | 10        |       | 336,398                               |       | 7/95            |       | 6/95             |       | 100                               | %          | 274,540                         |       |
|                     |            |                  |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

----

**  Twoproperties which make up one Operating Partnership named Barlee  Properties L.P. with 27 units.  Entire mortgage balance and contributions arelisted with Heatheridge Estates.

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**       | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|--------------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Autumn Ridge Apartments  |       | Shenandoah,  VA |       | 34        |       | $                                     | 1,483,389  |            | 7/96       |             | 1/97       |                              | 100        | %                               | $          | 319,466 |   |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Brooks Summit            |       | Blue Ridge,  GA |       | 36        |       | 1,079,971                             |       | 12/95           |       | 11/96            |       | 100                               | %          | 332,470                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Century  East Apts. IV   |       | Bismark,  ND    |       | 24        |       | 548,093                               |       | 8/95            |       | 8/95             |       | 100                               | %          | 399,962                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Century East Apts. V     |       | Bismark,  ND    |       | 24        |       | 548,093                               |       | 11/95           |       | 9/95             |       | 100                               | %          | 399,962                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cooper’s Crossing   |       | Irving,  TX     |       | 93        |       | 3,074,104                             |       | 6/96            |       | 12/95            |       | 100                               | %          | 848,708                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Edenfield Apartments     |       | Millen,  GA     |       | 48        |       | 1,123,738                             |       | 1/96            |       | 12/96            |       | 100                               | %          | 314,827                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Elm Street Apartments    |       | Yonkers,  NY    |       | 35        |       | 1,714,973                             |       | 1/96            |       | 1/96             |       | 100                               | %          | 407,601                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Heritage Glen Apts.      |       | Coolidge,  AZ   |       | 28        |       | 1,082,604                             |       | 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        |       | 538,503                               |       | 8/95            |       | 7/95             |       | 100                               | %          | 399,962                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lakeway  Apts            |       | Zwolle,  LA     |       | 32        |       | 803,612                               |       | 11/95           |       | 4/96             |       | 100                               | %          | 210,714                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Madison Park IV          |       | Boston,  MA     |       | 143       |       | 13,286,394                            |       | 5/96            |       | 3/97             |       | 100                               | %          | 1,220,537                       |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| New Hilltop Apartments   |       | Laurens,  SC    |       | 72        |       | 1,537,831                             |       | 11/95           |       | 11/95            |       | 100                               | %          | 450,039                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| North Hampton Pl.        |       | Columbia, MO    |       | 36        |       | 652,268                               |       | 11/95           |       | 3/96             |       | 100                               | %          | 1,002,996                       |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Northfield Housing, L.P. |       | Jackson,  MS    |       | 5         |       | 139,101                               |       | 12/96           |       | 9/96             |       | 100                               | %          | 217,266                         |       |
|                     |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Pahrump Valley Apts.     |       | Pahrump,  NV    |       | 32        |       | 1,342,875                             |       | 7/96            |       | 7/96             |       | 100                               | %          | 335,225                         |       |
|                          |            |                 |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

14

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Tableof Contents

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**     | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Park Meadow Apartments |       | Gaylord,  MI     |       | 80        |       | $                                     | 1,522,221  |            | 9/95       |             | 4/97       |                              | 100        | %                                 | $          | 1,753,158 |   |
|                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Shadowcreek Apartments |       | Overton,  NV     |       | 24        |       | 1,181,003                             |       | 6/96            |       | 9/96             |       | 100                               | %          | 361,320                           |       |
|                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Woodlands Apartments   |       | Elko,  NV        |       | 24        |       | 1,176,535                             |       | 11/95           |       | 9/95             |       | 100                               | %          | 269,867                           |       |
|                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Wyandotte Apartments   |       | Los Angeles,  CA |       | 73        |       | 2,854,973                             |       | 4/96            |       | 2/97             |       | 100                               | %          | 1,663,747                         |       |
|                        |            |                  |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

15

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Tableof Contents

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property****Name**      | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as****of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|---------------------------|------------|--------------------|------------|-----------|------------|-----------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Dunlap  Acres             |       | West Point,  MS    |       | 50        |       | $                                       | 802,964    |            | 9/96       |             | 4/96       |                              | 100        | %                                 | $          | 522,160 |   |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Century East II Apts.     |       | Bismark,  ND       |       | 24        |       | 434,227                                 |       | 8/96            |       | 6/96             |       | 100                               | %          | 371,183                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Clarke  Manor  Apts.      |       | Pokamoke City,  MD |       | 30        |       | 1,176,523                               |       | 2/96            |       | 4/96             |       | 100                               | %          | 440,107                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Hannah Heights Apts.      |       | Ethel,  MS         |       | 28        |       | 782,929                                 |       | 6/96            |       | 12/96            |       | 100                               | %          | 321,584                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Heartland Green Cave      |       | Horse Cave,  KY    |       | 24        |       | 810,341                                 |       | 5/96            |       | 11/96            |       | 100                               | %          | 270,132                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Hurricane Hills           |       | Hurricane,  UT     |       | 49        |       | 992,155                                 |       | 9/96            |       | 4/97             |       | 100                               | %          | 2,242,394                         |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Lenox Ave. Apts.          |       | Manhattan,  NY     |       | 18        |       | 574,869                                 |       | 10/96           |       | 9/97             |       | 100                               | %          | 955,524                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Madison Park IV           |       | Boston,  MA        |       | 143       |       | 13,286,394                              |       | 5/96            |       | 3/97             |       | 100                               | %          | 2,169,843                         |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Main  Everett Apts.       |       | New Rochelle,  NY  |       | 11        |       | 527,704                                 |       | 6/96            |       | 1/97             |       | 100                               | %          | 782,852                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Maple Hill                |       | New Haven,  CT     |       | 32        |       | 672,258                                 |       | 2/97            |       | 2/98             |       | 100                               | %          | 199,951                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Osborne Apts.             |       | White Plains,  NY  |       | 7         |       | 364,446                                 |       | 6/96            |       | 12/96            |       | 100                               | %          | 522,325                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Rose  Square              |       | Connellsville,  PA |       | 11        |       | 378,757                                 |       | 10/96           |       | 2/97             |       | 100                               | %          | 288,209                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Rosewood Estates, II |       | Bladenboro,  NC    |       | 16        |       | 655,804                                 |       | 9/96            |       | 12/96            |       | 100                               | %          | 124,304                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Sandstone Village         |       | Great Falls,  MT   |       | 48        |       | 1,244,781                               |       | 11/95           |       | 8/96             |       | 100                               | %          | 1,295,623                         |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Shannon Rentals           |       | Shannon,  MS       |       | 48        |       | 1,212,091                               |       | 4/96            |       | 1/97             |       | 100                               | %          | 324,990                           |       |
|                      |       |               |       |      |       |                                    |       |            |       |             |       |                              |       |                              |       |
| Smith  House              |       | Roxbury,  MA       |       | 132       |       | 838,798                                 |       | 4/96            |       | 3/97             |       | 100                               | %          | 1,031,269                         |       |
|                           |            |                    |            |           |            |                                         |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

16

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Tableof Contents

 

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

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**  |   | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** |   |
|---------------------|--------|------------------|------------|-----------|------------|---------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|--------|
|                |   |             |       |      |       |                                  |       |          |       |             |       |                              |       |                            |   |
| Sutton Place        |   | Indianopolis, IN |       | 360       |       | $                                     | 5,225,000  |          | 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        |       | 2,854,973                             |       | 4/96          |       | 2/97             |       | 100                               | %          | 2,280,623                       |   |
|                     |        |                  |            |           |            |                                       |            |               |            |                  |            |                                   |            |                                 |        |  |  |

 

17

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Tableof Contents

 

Boston Capital Tax Credit Fund IV L.P. - Series 26

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**         | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as of  12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|----------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Academy  Apts.             |       | West Point,  VA   |       | 32        |       | $                                     | 1,122,534  |            | 4/97       |             | 3/98       |                              | 100        | %                                 | $          | 263,722 |   |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Bradley  Estates  Phase I  |       | Meriden,  CT      |       | 74        |       | 1,373,137                             |       | 2/97            |       | 12/97            |       | 100                               | %          | 671,336                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Bradley  Estates  Phase II |       | Meriden,  CT      |       | 42        |       | 793,549                               |       | 2/97            |       | 12/97            |       | 100                               | %          | 486,861                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Brookhaven  Apts.          |       | Shrevport,  LA    |       | 35        |       | 987,859                               |       | 2/97            |       | 1/97             |       | 100                               | %          | 726,113                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Butler  Estates            |       | Leesville,  LA    |       | 10        |       | 128,811                               |       | 8/96            |       | 10/96            |       | 100                               | %          | 129,311                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Calgory  Apts. I           |       | Bismark,  ND      |       | 24        |       | 534,160                               |       | 2/96            |       | 12/95            |       | 100                               | %          | 414,507                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Calgory  Apts. II          |       | Bismark,  ND      |       | 24        |       | 543,386                               |       | 2/96            |       | 12/95            |       | 100                               | %          | 414,507                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Calgory  Apts. III         |       | Bismark,  ND      |       | 24        |       | 524,654                               |       | 2/96            |       | 12/95            |       | 100                               | %          | 414,507                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Country  Edge Apts.        |       | Fargo,  ND        |       | 48        |       | 871,725                               |       | 7/97            |       | 12/97            |       | 100                               | %          | 1,128,587                         |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Devonshire  II Apts.       |       | London,  OH       |       | 28        |       | 698,791                               |       | 1/97            |       | 12/96            |       | 100                               | %          | 182,070                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Devonshire  West Apts.     |       | W. Jefferson,  OH |       | 19        |       | 489,385                               |       | 1/97            |       | 1/97             |       | 100                               | %          | 126,983                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| East Park  II Apts.        |       | Dilworth,  MN     |       | 24        |       | 479,990                               |       | 8/96            |       | 8/96             |       | 100                               | %          | 525,631                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Edgewood  Estates  Apts.   |       | Edgewood,  TX     |       | 22        |       | 566,536                               |       | 6/97            |       | 11/96            |       | 100                               | %          | 173,436                           |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Escher  Street SRO         |       | Trenton,  NJ      |       | 104       |       | 1,176,304                             |       | 4/97            |       | 5/98             |       | 100                               | %          | 3,734,928                         |       |
|                            |            |                   |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 26

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**             | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|--------------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Grandview  Apartments          |       | Fargo,  ND          |       | 36        |       | $                                     | 1,002,834  |            | 8/96       |             | 8/96       |                              | 100        | %                                 | $          | 1,069,522 |   |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Grayson  Manor                 |       | Independence,  VA   |       | 32        |       | 976,973                               |       | 3/98            |       | 11/98            |       | 100                               | %          | 656,156                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Hallman  Court Apts.           |       | Rochester,  NY      |       | 77        |       | 8,396,431                             |       | 1/99            |       | 7/00             |       | 100                               | %          | 325,768                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Hanover  Apts.                 |       | Ashland,  VA        |       | 40        |       | 1,223,602                             |       | 11/97           |       | 4/98             |       | 100                               | %          | 295,538                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Hanover  Towers  Apts.         |       | Meriden,  CT        |       | 100       |       | 3,297,079                             |       | 2/97            |       | 11/97            |       | 100                               | %          | 1,065,649                         |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Hazeltine  Apts.               |       | Los Angeles,  CA    |       | 35        |       | 1,217,247                             |       | 6/96            |       | 1/97             |       | 100                               | %          | 1,606,155                         |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Holly  Heights  Apts.          |       | Bowling  Green,  KY |       | 30        |       | 1,049,546                             |       | 5/97            |       | 8/97             |       | 100                               | %          | 362,738                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Lake  Apts. IV                 |       | Fargo,  ND          |       | 24        |       | 564,761                               |       | 2/96            |       | 12/95            |       | 100                               | %          | 414,507                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Lake  Apts. V                  |       | Fargo,  ND          |       | 24        |       | 540,209                               |       | 2/96            |       | 12/95            |       | 100                               | %          | 414,507                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Lauderdale  County  Properties |       | Meriden,  MS        |       | 48        |       | 963,897                               |       | 12/98           |       | 5/99             |       | 100                               | %          | 444,136                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Liberty  Village  Apts.        |       | Liberty,  NY        |       | 32        |       | 1,697,266                             |       | 1/97            |       | 5/97             |       | 100                               | %          | 437,448                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Little  Valley Est.            |       | Little Valley,  NY  |       | 24        |       | 1,110,108                             |       | 1/97            |       | 4/97             |       | 100                               | %          | 284,257                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Maxton  Green Apts.            |       | Maxton,  NC         |       | 32        |       | 914,055                               |       | 9/96            |       | 12/96            |       | 100                               | %          | 263,281                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Madison  Apartments            |       | Miami Beach,  FL    |       | 17        |       | 901,920                               |       | 3/96            |       | 6/97             |       | 100                               | %          | 911,695                           |       |
|                           |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Mason  Manor Apts.             |       | Mason,  TN          |       | 24        |       | 895,566                               |       | 2/96            |       | 1/96             |       | 100                               | %          | 229,775                           |       |
|                                |            |                     |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 26

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**           | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Mosby  Forest Apts.          |       | Littleton,  NC    |       | 24        |       | $                                     | 527,758    |            | 10/96      |             | 10/96      |                              | 100        | %                                 | $          | 496,753 |   |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| New Hope  Bailey  Apts.      |       | De Ridder,  LA    |       | 40        |       | 782,029                               |       | 8/96            |       | 9/96             |       | 100                               | %          | 758,620                           |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Nordhoff  Apts.              |       | North Hills,  CA  |       | 38        |       | 1,917,400                             |       | 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        |       | 630,809                               |       | 3/98            |       | 12/98            |       | 100                               | %          | 1,423,248                         |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Southwind  Apts. A LDHA      |       | Jennings,  LA     |       | 36        |       | 797,194                               |       | 8/96            |       | 12/96            |       | 100                               | %          | 700,216                           |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| T.R. Bobb  Apts.             |       | New Iberia,  LA   |       | 30        |       | 652,744                               |       | 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        |       | 1,110,678                             |       | 5/96            |       | 11/96            |       | 100                               | %          | 349,889                           |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Village  Estates  Apts.      |       | Victoria,  VA     |       | 32        |       | 1,113,971                             |       | 4/97            |       | 10/98            |       | 100                               | %          | 270,204                           |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Village  Green  Apts.        |       | Gloucester,  VA   |       | 32        |       | 1,110,717                             |       | 4/97            |       | 11/97            |       | 100                               | %          | 296,893                           |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Warrensburg  Heights         |       | Warrensburg,  MO  |       | 28        |       | 1,064,507                             |       | 12/96           |       | 11/96            |       | 100                               | %          | 308,825                           |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Westside  Apts.              |       | Salem,  AR        |       | 29        |       | 996,834                               |       | 8/96            |       | 10/96            |       | 100                               | %          | 265,020                           |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| The Willows  Apts.           |       | Smithville,  TX   |       | 32        |       | 744,693                               |       | 5/96            |       | 5/96             |       | 100                               | %          | 209,768                           |       |
|                              |            |                   |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 27

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**                        | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|-------------------------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| AHAB Rental  Units  Phase II              |       | Springfield,  MO   |       | 17        |       | $                                     | 383,085    |            | 6/97       |             | 11/97      |                              | 100        | %                                 | $          | 578,458 |   |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Angelou  Court  Apts.                     |       | New York,  NY      |       | 23        |       | 871,073                               |       | 10/97           |       | 8/99             |       | 100                               | %          | 1,791,275                         |       |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Canisteo  Manor                           |       | Canisteo,  NY      |       | 24        |       | 881,094                               |       | 4/98            |       | 4/98             |       | 100                               | %          | 621,857                           |       |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| The Casa  Rosa                            |       | San Juan,  PR      |       | 97        |       | 389,253                               |       | 9/97            |       | 4/98             |       | 100                               | %          | 1,232,936                         |       |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Forest  GlenAt SulluyStationPhase IIAtps. |       | Centreville,  VA   |       | 119       |       | 5,716,757                             |       | 8/96            |       | 6/97             |       | 100                               | %          | 1,362,808                         |       |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Harrison  Heights  Apts.                  |       | Harrisonville,  MO |       | 48        |       | 1,030,254                             |       | 1/98            |       | 12/96            |       | 100                               | %          | 245,516                           |       |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Harbor  Towers  Apts.                     |       | Meriden,  CT       |       | 202       |       | 8,250,253                             |       | 2/97            |       | 11/97            |       | 100                               | %          | 2,895,280                         |       |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Holly  Heights  Apts.                     |       | Storm Lake,  IA    |       | 32        |       | 460,360                               |       | 4/97            |       | 8/98             |       | 100                               | %          | 614,058                           |       |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Lake Apts.  II                            |       | Fargo,  ND         |       | 24        |       | 535,875                               |       | 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        |       | 2,094,767                             |       | 5/00            |       | 5/00             |       | 100                               | %          | 610,365                           |       |
|                                      |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Park Crest  Apts.                         |       | Sherwood,  AR      |       | 216       |       | 8,595,000                             |       | 11/99           |       | 6/99             |       | 100                               | %          | 115,311                           |       |
|                                           |            |                    |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 27

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**      | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|-------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Pear  Village  Apts.    |       | Leitchfile,  KY     |       | 16        |       | $                                     | 150,998    |            | 8/96       |             | 2/97       |                              | 100        | %                                 | $          | 488,822 |   |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Randolph  Village       |       | Silver  Spring,  MD |       | 130       |       | 4,702,723                             |       | 9/96            |       | 8/97             |       | 100                               | %          | 2,240,075                         |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Summer  Hill Sr.  Apts. |       | Wayne,  NJ          |       | 164       |       | 7,878,928                             |       | 11/96           |       | 4/98             |       | 100                               | %          | 2,337,000                         |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Sunday  Sun Apts.       |       | Bowling Green,  KY  |       | 30        |       | 711,471                               |       | 10/96           |       | 12/96            |       | 100                               | %          | 714,938                           |       |
|                         |            |                     |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 28

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property****Name**            | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|---------------------------------|------------|------------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| 1374  Boston  Road L.P.         |       | New York,  NY          |       | 15        |       | $                                     | 218,107    |            | 2/97       |             | 6/97       |                              | 100        | %                                 | $          | 522,065 |   |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Ashberry  Manor  Apts.          |       | Bardstown,  KY         |       | 24        |       | 616,778                               |       | 2/97            |       | 3/97             |       | 100                               | %          | 561,330                           |       |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Bienville  III Apts.            |       | Ringold,  LA           |       | 32        |       | 926,748                               |       | 2/97            |       | 2/97             |       | 100                               | %          | 349,186                           |       |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Blanchard  Apts.                |       | Blanchard,  LA         |       | 32        |       | 874,569                               |       | 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        |       | 705,762                               |       | 7/97            |       | 7/97             |       | 100                               | %          | 248,058                           |       |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Cottonwood  Apts.               |       | Holly Grove,  AR       |       | 24        |       | 895,585                               |       | 2/97            |       | 4/97             |       | 100                               | %          | 254,856                           |       |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Evangeline  Apts.               |       | Lake Arthur,  LA       |       | 32        |       | 939,872                               |       | 11/97           |       | 1/98             |       | 100                               | %          | 366,284                           |       |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Fairway  Apts. II               |       | Marlette,  MI          |       | 48        |       | 906,055                               |       | 12/96           |       | 3/97             |       | 100                               | %          | 255,353                           |       |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Falcon  Pointe Apts.            |       | Rosenburg,  TX         |       | 102       |       | 2,849,421                             |       | 4/98            |       | 10/99            |       | 100                               | %          | 3,782,145                         |       |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Jackson  Place  Apts.           |       | Jackson,  LA           |       | 40        |       | 948,214                               |       | 7/97            |       | 10/97            |       | 100                               | %          | 983,615                           |       |
|                            |       |                   |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Mapelwood  Apts.                |       | Winnfield,  LA         |       | 40        |       | 861,975                               |       | 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        |       | 896,819                               |       | 2/98            |       | 2/98             |       | 100                               | %          | 3,809,335                         |       |
|                                 |            |                        |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 28

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**            | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|-------------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Park  Plaza  I & II  |       | West Memphis,  AR  |       | 128       |       | $                                     | 2,606,525  |            | 12/97      |             | 11/96      |                              | 100        | %                                 | $          | 553,954 |   |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Park  Village  Apts.          |       | Athens,  TN        |       | 80        |       | 1,092,942                             |       | 10/98           |       | 6/99             |       | 100                               | %          | 1,992,486                         |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Pin Oak  Village              |       | Bowie,  MD         |       | 110       |       | 9,185,915                             |       | 11/97           |       | 1/96             |       | 100                               | %          | 3,880,319                         |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Southern  Villa  Apts.        |       | Russellville,  KY  |       | 32        |       | 1,296,689                             |       | 11/97           |       | 4/98             |       | 100                               | %          | 323,500                           |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Randolph  Village             |       | Silver Spring,  MD |       | 130       |       | 4,702,723                             |       | 12/97           |       | 8/97             |       | 100                               | %          | 909,471                           |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Sand Lane  Manor  Apts.       |       | Henderson,  KY     |       | 24        |       | 617,322                               |       | 8/97            |       | 4/98             |       | 100                               | %          | 556,478                           |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Senior  Suites of  Chicago    |       | Chicago,  IL       |       | 84        |       | 3,975,771                             |       | 12/97           |       | 12/98            |       | 100                               | %          | 3,208,112                         |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Sumner  House                 |       | Hartford,  CT      |       | 79        |       | 993,296                               |       | 1/98            |       | 7/98             |       | 100                               | %          | 2,010,966                         |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Terraceview  Townhomes  Apts. |       | Litchfield  MN     |       | 22        |       | 542,049                               |       | 7/97            |       | 10/97            |       | 90                                | %          | 726,402                           |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Tilghman  Square              |       | Dunn,  NC          |       | 20        |       | 672,929                               |       | 11/97           |       | 10/97            |       | 100                               | %          | 307,605                           |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Wellston  Village  Apts.      |       | Wellston,  OK      |       | 14        |       | 362,636                               |       | 4/97            |       | 8/97             |       | 100                               | %          | 107,258                           |       |
|                          |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Yale  Village  Apts.          |       | Yale,  OK          |       | 8         |       | 191,442                               |       | 2/98            |       | 7/98             |       | 100                               | %          | 74,341                            |       |
|                               |            |                    |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**      | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|-------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| The  Arbor Park Apts.   |       | Jackson,  MS        |       | 160       |       | $                                     | 5,260,000  |            | 12/96      |             | 6/98       |                              | 100        | %                                 | $          | 2,809,826 |   |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| The  Arbors             |       | Richmond,  VA       |       | 85        |       | 4,374,475                             |       | 7/97            |       | 11/98            |       | 25                                | %          | 2,480,576                         |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Barrington  Cove Apts.  |       | Barrington,  RI     |       | 60        |       | 1,877,627                             |       | 4/97            |       | 5/97             |       | 100                               | %          | 4,264,830                         |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Bent  Tree Apts.        |       | Jacksboro,  TX      |       | 24        |       | 538,933                               |       | 12/97           |       | 1/98             |       | 100                               | %          | 161,552                           |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Colonial Apts.          |       | Poplarville,  MS    |       | 16        |       | 380,199                               |       | 10/97           |       | 7/97             |       | 100                               | %          | 86,039                            |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Dogwood Apts.           |       | Appomattox,  VA     |       | 48        |       | 1,318,720                             |       | 10/98           |       | 5/99             |       | 100                               | %          | 637,151                           |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Emerald  Trace Apts.    |       | Ruston,  LA         |       | 48        |       | 1,269,007                             |       | 8/98            |       | 4/99             |       | 100                               | %          | 1,199,141                         |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Edgewood Apts.          |       | Baker,  LA          |       | 72        |       | 1,438,105                             |       | 3/97            |       | 9/98             |       | 100                               | %          | 1,856,539                         |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Glenbrook Apts.         |       | Saint Jo,  TX       |       | 24        |       | 449,977                               |       | 12/97           |       | 3/97             |       | 100                               | %          | 145,871                           |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Harbor  Pointe Apts.    |       | Benton  Harbor,  MI |       | 84        |       | 1,394,020                             |       | 1/99            |       | 10/99            |       | 100                               | %          | 3,209,292                         |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| The  Lincoln Hotel      |       | San  Diego,  CA     |       | 41        |       | 707,415                               |       | 2/97            |       | 7/97             |       | 100                               | %          | 697,511                           |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Lutkin  Bayou Apts.     |       | Drew,  MS           |       | 36        |       | 789,086                               |       | 11/97           |       | 6/97             |       | 100                               | %          | 192,283                           |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Nacodgoches Plaza Apts. |       | Nacodgoches, TX     |       | 70        |       | 1,369,848                             |       | 4/97            |       | 3/98             |       | 100                               | %          | 2,793,695                         |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Newcastle Apts.         |       | Collins,  MS        |       | 36        |       | 633,533                               |       | 9/97            |       | 6/98             |       | 100                               | %          | 194,259                           |       |
|                    |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Park Crest Apts.        |       | Sherwood,  AZ       |       | 216       |       | 8,595,000                             |       | 2/98            |       | 6/99             |       | 100                               | %          | 3,199,520                         |       |
|                         |            |                     |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**      | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|-------------------------|------------|-----------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                    |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Palmetto  Place Apts.   |       | Benton,  LA     |       | 40        |       | $                                     | 1,035,682  |            | 10/98      |             | 4/99       |                              | 100        | %                                 | $          | 1,153,878 |   |
|                    |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Pecan  Hill Apts.       |       | Bryson,  TX     |       | 16        |       | 343,430                               |       | 8/97            |       | 1/98             |       | 100                               | %          | 110,600                           |       |
|                    |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Regency Apts.           |       | Poplarville, MS |       | 16        |       | 439,728                               |       | 10/97           |       | 7/97             |       | 100                               | %          | 102,419                           |       |
|                    |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Rhome  Apts.            |       | Rhome,  TX      |       | 24        |       | 453,604                               |       | 12/97           |       | 2/97             |       | 100                               | %          | 160,551                           |       |
|                    |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Westfield Apts.         |       | Welsh,  LA      |       | 40        |       | 753,331                               |       | 11/97           |       | 8/98             |       | 100                               | %          | 918,605                           |       |
|                    |       |            |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Willow  Point Apts. III |       | Jackson,  MS    |       | 120       |       | 4,415,000                             |       | 12/96           |       | 2/98             |       | 100                               | %          | 2,035,596                         |       |
|                         |            |                 |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 30

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**       | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|--------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Byam Village             |       | Waterbury,  CT    |       | 46        |       | $                                     | 735,116    |            | 2/97       |             | 2/98       |                              | 100        | %                                 | $          | 426,008 |   |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Country Estates  Apts.   |       | Farmville,  VA    |       | 24        |       | 865,227                               |       | 3/98            |       | 7/99             |       | 100                               | %          | 223,562                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Emerald Trace II Apts    |       | Ruston,  LA       |       | 24        |       | 261,654                               |       | 7/98            |       | 12/98            |       | 100                               | %          | 717,594                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Farewell  Mills  Apts.   |       | Lisbon,  ME       |       | 27        |       | 758,045                               |       | 8/97            |       | 3/98             |       | 100                               | %          | 662,864                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Hillside  Terrace  Apts. |       | Poughkeepsie,  NY |       | 64        |       | 1,673,491                             |       | 4/99            |       | 7/00             |       | 100                               | %          | 542,326                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Lakewood Apts.           |       | Clarksville,  VA  |       | 52        |       | 1,503,157                             |       | 3/98            |       | 10/99            |       | 100                               | %          | 394,349                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Lone  Oak  Apts.         |       | Graham,  TX       |       | 64        |       | 1,373,155                             |       | 8/97            |       | 9/98             |       | 100                               | %          | 408,634                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Millwood  Park  Apts.    |       | Douglasville,  GA |       | 172       |       | 7,276,936                             |       | 12/98           |       | 11/99            |       | 100                               | %          | 971,164                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| New  River  Gardens      |       | Radford,  VA      |       | 48        |       | 1,414,381                             |       | 10/98           |       | 5/99             |       | 100                               | %          | 637,321                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Nocona  Terrace  Apts.   |       | Nocona,  TX       |       | 36        |       | 708,577                               |       | 8/97            |       | 12/98            |       | 100                               | %          | 249,394                           |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Northgate Apts.          |       | Bryant,  AR       |       | 20        |       | 557,214                               |       | 4/99            |       | 11/99            |       | 100                               | %          | 834,557                           |       |
|                          |            |                   |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 30

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**   | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|----------------------|------------|---------------------|------------|-----------|------------|-------------------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------------------|------------|
|                 |       |                |       |      |       |                                            |       |            |       |             |       |                              |       |                                        |       |
| Park Trace Apts.     |       | Jackson,  TN        |       | 84        |       | $                                               | 1,484,580  |            | 11/97      |             | 3/99       |                              | 100        | %                                           | $          | 3,353,303 |   |
|                 |       |                |       |      |       |                                            |       |            |       |             |       |                              |       |                                        |       |
| Pine Forest Apts.    |       | Dahlgren,  VA       |       | 40        |       | 1,812,803                                       |       | 3/98            |       | 2/99             |       | 100                               | %          | 503,181                                     |       |
|                 |       |                |       |      |       |                                            |       |            |       |             |       |                              |       |                                        |       |
| Riverbend Apts.      |       | Swanzey,  NH        |       | 24        |       | 546,039                                         |       | 7/97            |       | 2/98             |       | 100                               | %          | 1,321,798                                   |       |
|                 |       |                |       |      |       |                                            |       |            |       |             |       |                              |       |                                        |       |
| Royal  Crest Apts.   |       | Bowie,  TX          |       | 48        |       | 954,766                                         |       | 8/97            |       | 10/98            |       | 100                               | %          | 337,545                                     |       |
|                 |       |                |       |      |       |                                            |       |            |       |             |       |                              |       |                                        |       |
| Trinity Life Gardens |       | Pueblo,  CO         |       | 44        |       | 1,050,922                                       |       | 4/99            |       | 12/99            |       | 100                               | %          | 1,952,175                                   |       |
|                 |       |                |       |      |       |                                            |       |            |       |             |       |                              |       |                                        |       |
| Western Trails Apts. |       | Council Bluffs,  IA |       | 30        |       | 865,887                                         |       | 7/98            |       | 6/99             |       | 100                               | %          | 912,827                                     |       |
|                 |       |                |       |      |       |                                            |       |            |       |             |       |                              |       |                                        |       |
| Whistle  Stop Apts.  |       | Gentry,  AR         |       | 27        |       | 710,063                                         |       | 9/97            |       | 5/98             |       | 100                               | %          | 726,507                                     |       |
|                      |            |                     |            |           |            |                                                 |            |                 |            |                  |            |                                   |            |                                             |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 31

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**              | ** ** | **Location**             | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|---------------------------------|------------|--------------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Bent  Tree Apts.                |       | San Angelou,  TX         |       | 112       |       | $                                     | 2,394,818  |            | 12/97      |             | 7/99       |                              | 100        | %                                 | $          | 3,521,950 |   |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Brittney  Square Apts.          |       | Bowling  Green,  KY      |       | 20        |       | 523,091                               |       | 7/98            |       | 7/98             |       | 100                               | %          | 629,917                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Canton  Manor Apts.             |       | Canton,  MS              |       | 32        |       | 772,872                               |       | 11/97           |       | 7/98             |       | 100                               | %          | 271,306                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Canton  Village Apts.           |       | Canton,  MS              |       | 42        |       | 1,085,881                             |       | 11/97           |       | 7/98             |       | 100                               | %          | 363,557                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Double  Springs  Manor II Apts. |       | Bowling  Green,  KY      |       | 25        |       | 312,590                               |       | 9/98            |       | 3/99             |       | 100                               | %          | 985,432                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Eagles  Ridge Terrace           |       | Decatur,  TX             |       | 89        |       | 1,648,927                             |       | 12/97           |       | 5/98             |       | 100                               | %          | 467,063                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Elmwood Apts.                   |       | Ellisville,  MS          |       | 32        |       | 601,035                               |       | 12/97           |       | 6/98             |       | 100                               | %          | 243,483                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Giles  Apts.                    |       | Amelia,  VA              |       | 16        |       | 697,603                               |       | 3/98            |       | 2/99             |       | 100                               | %          | 183,711                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Henderson  Terrace Apts.        |       | Bridgeport, TX           |       | 24        |       | 473,443                               |       | 11/97           |       | 9/98             |       | 100                               | %          | 120,846                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Hurricane Hills                 |       | Hurricane, UT            |       | 28        |       | 658,054                               |       | 9/97            |       | 8/98             |       | 100                               | %          | 2,020,271                         |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Madison  Height Apts.           |       | Canton,  MS              |       | 80        |       | 2,140,725                             |       | 11/97           |       | 7/98             |       | 100                               | %          | 786,614                           |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Lakeview  Court                 |       | City of  Little Elm,  TX |       | 24        |       | 404,008                               |       | 11/97           |       | 1/99             |       | 100                               | %          | 83,390                            |       |
|                            |       |                     |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Mesquite  Trails                |       | Jacksboro,  TX           |       | 35        |       | 620,204                               |       | 11/97           |       | 11/98            |       | 100                               | %          | 193,766                           |       |
|                                 |            |                          |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 31

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property****Name**           | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru****3/31/10** | ** ** |
|--------------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|-----------------------------------|------------|
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Munjoy South  Townhouse  Apts. |       | Portland,  ME      |       | 140       |       | $                                     | 3,209,594  |            | 9/97       |             | 10/98      |                              | 100        | %                                 | $          | 777,411 |   |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Nottoway  Manor                |       | Blackstone,  VA    |       | 28        |       | 832,553                               |       | 3/98            |       | 4/99             |       | 100                               | %          | 214,977                           |       |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Parktowne  Apts.               |       | Cleveland,  TN     |       | 84        |       | 1,439,041                             |       | 11/97           |       | 6/98             |       | 100                               | %          | 3,363,097                         |       |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Park  Ridge Apts.              |       | McKee,  KY         |       | 22        |       | 858,035                               |       | 10/97           |       | 5/98             |       | 100                               | %          | 338,464                           |       |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Pilot Point  Apts.             |       | Pilot Point,  VA   |       | 40        |       | 696,513                               |       | 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        |       | 729,954                               |       | 10/97           |       | 7/98             |       | 100                               | %          | 1,578,561                         |       |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Roth  Village                  |       | Mechanicsburg,  PA |       | 61        |       | 1,827,335                             |       | 10/97           |       | 9/98             |       | 100                               | %          | 2,664,992                         |       |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Royal Estates Apts.            |       | Canton,  MS        |       | 32        |       | 812,074                               |       | 11/97           |       | 7/98             |       | 100                               | %          | 282,525                           |       |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Silver  Creek Apts.            |       | Flat Rock,  MI     |       | 112       |       | 3,014,844                             |       | 3/98            |       | 8/99             |       | 100                               | %          | 4,535,381                         |       |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Springs  Manor Apts.           |       | Rawls Spring,  MS  |       | 32        |       | 793,602                               |       | 12/97           |       | 6/98             |       | 100                               | %          | 328,693                           |       |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Western Hills Apts.            |       | Ferris,  TX        |       | 16        |       | 413,214                               |       | 5/00            |       | 9/00             |       | 100                               | %          | $                                 | 91,419     |   |
|                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                              |       |
| Windsor  Park Apts.            |       | Jackson,  MS       |       | 279       |       | 7,200,000                             |       | 11/97           |       | 3/99             |       | 100                               | %          | 2,891,603                         |       |
|                                |            |                    |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                   |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 32

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**    | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-----------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Carriage Pointe Apts. |       | Old Bridge,  NJ    |       | 18        |       | $                                     | 161,057    |            | 1/98       |             | 1/97       |                              | 100        | %                               | $          | 504,730 |   |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Chardonnay Apts.      |       | Oklahoma City,  OK |       | 14        |       | 32,089                                |       | 1/98            |       | 1/97             |       | 100                               | %          | 393,700                         |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cogic Village Apts.   |       | Benton Harbor, MI  |       | 136       |       | 2,219,878                             |       | 4/98            |       | 7/99             |       | 100                               | %          | 6,669,762                       |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Courtside Apts.       |       | Cottonwood, AZ     |       | 44        |       | 799,257                               |       | 6/98            |       | 7/98             |       | 100                               | %          | 1,667,188                       |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Clear Creek Apts.     |       | N. Manchester, IN  |       | 64        |       | 1,481,812                             |       | 7/98            |       | 9/99             |       | 100                               | %          | 2,112,665                       |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Columbia Luxar        |       | Dallas, TX         |       | 125       |       | 3,278,695                             |       | 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                       |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Hallman Court Apts.   |       | Rochester, NY      |       | 77        |       | 8,427,559                             |       | 1/99            |       | 7/00             |       | 100                               | %          | 266,536                         |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Parkside Plaza Apts   |       | New York, NY       |       | 39        |       | 1,323,803                             |       | 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        |       | 1,092,942                             |       | 10/98           |       | 6/99             |       | 100                               | %          | 1,503,103                       |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Pearlwood Apts.       |       | Pearl, MS          |       | 40        |       | 832,738                               |       | 2/98            |       | 5/98             |       | 100                               | %          | 745,648                         |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Rose Villa Apts.      |       | Ganado, TX         |       | 8         |       | 182,520                               |       | 5/01            |       | 11/01            |       | 100                               | %          | 51,582                          |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Pecan Manor Apts.     |       | Natchitoches, LA   |       | 40        |       | 745,330                               |       | 7/98            |       | 10/98            |       | 100                               | %          | 1,501,914                       |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Pineridge Apts.       |       | Franklinton, LA    |       | 40        |       | 763,676                               |       | 7/98            |       | 1/99             |       | 100                               | %          | 1,497,889                       |       |
|                  |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Sterling Creek Apts.  |       | Independence, MO   |       | 48        |       | 769,232                               |       | 5/98            |       | 5/00             |       | 100                               | %          | 1,973,594                       |       |
|                       |            |                    |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 33

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**            | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-------------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                          |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bradford  Park Apts.          |       | Southhaven,  MS     |       | 208       |       | $                                     | 9,670,000  |            | 10/98      |             | 12/99      |                              | 100        | %                               | $          | 302,884 |   |
|                          |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bradford Square North Apts.   |       | Jefferson City,  TN |       | 50        |       | 1,215,366                             |       | 10/98           |       | 9/99             |       | 100                               | %          | 1,456,415                       |       |
|                          |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Carriage  Pointe Apts.        |       | Old Bridge,  NJ     |       | 18        |       | 161,057                               |       | 3/98            |       | 1/97             |       | 100                               | %          | 504,730                         |       |
|                          |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Columbia Luxar                |       | Dallas,  TX         |       | 125       |       | 3,278,695                             |       | 8/98            |       | 12/99            |       | 100                               | %          | 3,947,106                       |       |
|                          |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Foxridge Apts.                |       | Durham,  NC         |       | 92        |       | 2,798,470                             |       | 3/98            |       | 7/99             |       | 100                               | %          | 3,652,119                       |       |
|                          |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Harbor Pointe                 |       | Benton Harbor,  MI  |       | 84        |       | 1,394,020                             |       | 1/99            |       | 10/99            |       | 100                               | %          | 1,157,091                       |       |
|                          |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Merchant Court                |       | Dallas,  GA         |       | 192       |       | 5,423,561                             |       | 10/98           |       | 12/99            |       | 100                               | %          | 2,422,226                       |       |
|                          |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Northrock Apts.               |       | Topeka,  KS         |       | 76        |       | 2,094,767                             |       | 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        |       | 840,162                               |       | 7/98            |       | 1/99             |       | 100                               | %          | 1,495,966                       |       |
|                               |            |                     |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 34

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**                    | ** ** | **Location**             | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|---------------------------------------|------------|--------------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|-----------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Abby Ridge Apts.                      |       | Elizabethtown,  KY       |       | 24        |       | $                                     | 379,614    |            | 2/00       |            | 1/00       |                              | 100        | %                               | $          | 1,577,723 |   |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Allison Apts.                         |       | Mt. Washington,  KY      |       | 24        |       | 613,248                               |       | 11/98           |       | 1/99            |       | 100                               | %          | 850,013                         |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Belmont  Affordable Housing Two Apts. |       | Philadelphia,  PA        |       | 20        |       | 372,000                               |       | 1/99            |       | 12/99           |       | 100                               | %          | 1,829,040                       |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Boerne  Creekside Apts.               |       | Boerne,  TX              |       | 71        |       | 1,822,832                             |       | 11/98           |       | 6/00            |       | 100                               | %          | 2,324,652                       |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Bradford Park Apts.                   |       | Southaven,  MS           |       | 208       |       | 9,670,000                             |       | 3/99            |       | 12/99           |       | 100                               | %          | 2,868,684                       |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Hillside  Club Apts.                  |       | Bear Creek Township,  MI |       | 56        |       | 1,535,722                             |       | 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        |       | 1,413,452                             |       | 11/98           |       | 4/00            |       | 100                               | %          | 2,335,827                       |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Merchant  Court Apts.                 |       | Dallas,  GA              |       | 192       |       | 5,423,561                             |       | 10/98           |       | 12/99           |       | 100                               | %          | 4,718,773                       |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Millwood  Park Apts.                  |       | Douglasville,  GA        |       | 172       |       | 7,276,936                             |       | 12/98           |       | 11/99           |       | 100                               | %          | 1,870,576                       |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Northwood Homes                       |       | Leitchfield,  KY         |       | 24        |       | 656,773                               |       | 4/99            |       | 6/99            |       | 100                               | %          | 1,185,712                       |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Romeo  Village Apts.                  |       | Montour  Falls,  NY      |       | 24        |       | 1,010,908                             |       | 10/98           |       | 4/99            |       | 100                               | %          | 753,362                         |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Summer Park Apts.                     |       | Jackson,  MS             |       | 216       |       | 10,070,000                            |       | 10/99           |       | 6/00            |       | 100                               | %          | 1,106,814                       |       |
|                                  |       |                     |       |      |       |                                  |       |            |       |            |       |                              |       |                            |       |
| Washington Courtyards                 |       | Houston,  TX             |       | 74        |       | 2,557,894                             |       | 8/99            |       | 8/00            |       | 100                               | %          | 1,448,573                       |       |
|                                       |            |                          |            |           |            |                                       |            |                 |            |                 |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 35

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**                | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-----------------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Ashton  Cove Apts.                |       | Kingsland,  GA   |       | 72        |       | $                                     | 1,731,104  |            | 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        |       | 1,895,833                             |       | 7/99            |       | 7/00             |       | 100                               | %          | 3,074,829                       |       |
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Columbia Woods Townhomes          |       | Newman,  GA      |       | 120       |       | 4,106,317                             |       | 10/00           |       | 6/02             |       | 100                               | %          | 1,310,103                       |       |
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Country  Walk Apts.               |       | Mulvane,  KS     |       | 68        |       | 1,605,089                             |       | 12/98           |       | 11/99            |       | 100                               | %          | 1,923,697                       |       |
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cypress  Pointe  Retirement Apts. |       | Casa Grande,  AZ |       | 104       |       | 1,745,815                             |       | 4/99            |       | 3/00             |       | 100                               | %          | 2,680,499                       |       |
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Garden  Gates Apts. II            |       | New Caney,  TX   |       | 32        |       | 733,640                               |       | 3/99            |       | 3/00             |       | 100                               | %          | 1,067,950                       |       |
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Hillside  Terrace Apts.           |       | Poughkeepsie, NY |       | 64        |       | 1,673,491                             |       | 4/99            |       | 7/00             |       | 100                               | %          | 3,977,051                       |       |
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Riverwalk  Apt. Homes Phase II    |       | Sheboygan,  WI   |       | 20        |       | 362,774                               |       | 12/98           |       | 7/99             |       | 100                               | %          | 1,354,092                       |       |
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Washington Courtyards             |       | Houston,  TX     |       | 74        |       | 2,557,894                             |       | 8/99            |       | 8/00             |       | 100                               | %          | 606,140                         |       |
|                              |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Wedgewood Park Apts.              |       | Evans,  GA       |       | 180       |       | 4,969,269                             |       | 12/99           |       | 8/00             |       | 100                               | %          | 3,551,820                       |       |
|                                   |            |                  |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 36

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**                             | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|------------------------------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Annadale  Apts.                                |       | Fresno,  CA        |       | 222       |       | $                                     | 14,400,029 |            | 1/00       |             | 6/90       |                              | 100        | %                               | $          | 548,563 |   |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Ashton  Ridge                                  |       | Jackson,  MI       |       | 144       |       | 2,533,203                             |       | 2/00            |       | 12/00            |       | 100                               | %          | 1,430,296                       |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Farmington  Meadows                            |       | Aloha,  OR         |       | 69        |       | 2,584,939                             |       | 8/99            |       | 11/99            |       | 100                               | %          | 865,369                         |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Nowata  Village                                |       | Nowata,  OK        |       | 28        |       | 1,222,565                             |       | 8/99            |       | 2/00             |       | 100                               | %          | 330,497                         |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Paris  Place                                   |       | Paris,  KY         |       | 32        |       | 1,134,022                             |       | 6/00            |       | 9/00             |       | 100                               | %          | 930,412                         |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Riverview  Bend Apts.                          |       | Cystal City,  MO   |       | 94        |       | 2,925,000                             |       | 11/99           |       | 3/00             |       | 100                               | %          | 1,210,500                       |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Senior Suites  Of Chicago  Washington  Heights |       | Chicago,  IL       |       | 85        |       | 3,439,256                             |       | 12/99           |       | 11/00            |       | 100                               | %          | 2,243,090                       |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Valleyview  Estates  Apts.                     |       | Branson  West,  MO |       | 32        |       | 356,931                               |       | 11/99           |       | 5/00             |       | 100                               | %          | 1,306,789                       |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Wedgewood  Park Apts.                          |       | Evans,  GA         |       | 180       |       | 4,969,269                             |       | 12/99           |       | 8/00             |       | 100                               | %          | 3,551,820                       |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Willowbrook  Apts.                             |       | Lafayette,  LA     |       | 40        |       | 912,121                               |       | 6/99            |       | 9/99             |       | 100                               | %          | 1,200,789                       |       |
|                                           |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Wingfield  Apts.                               |       | Kinder,  LA        |       | 40        |       | 662,472                               |       | 6/99            |       | 7/99             |       | 100                               | %          | 1,645,817                       |       |
|                                                |            |                    |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 37

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**                     | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|----------------------------------------|------------|------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Ashton Ridge Apts.                     |       | Jackson,  MS     |       | 144       |       | $                                     | 2,533,203  |            | 02/00      |             | 12/00      |                              | 100        | %                               | $          | 6,003,938 |   |
|                                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Baldwin  Villas                        |       | Pontiac,  MI     |       | 65        |       | 5,446,106                             |       | 10/99           |       | 7/01             |       | 100                               | %          | 1,678,972                       |       |
|                                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Columbia  Woods  Townhomes             |       | Newnan,  GA      |       | 120       |       | 4,106,317                             |       | 10/00           |       | 6/02             |       | 100                               | %          | 3,285,137                       |       |
|                                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Senior  Suites of  Washington  Heights |       | Chicago,  IL     |       | 85        |       | 3,439,256                             |       | 12/99           |       | 11/00            |       | 100                               | %          | 2,243,090                       |       |
|                                   |       |             |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Silver  Pond Apts.                     |       | Wallingford,  CT |       | 160       |       | 3,870,997                             |       | 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       |       | 10,070,000                            |       | 10/99           |       | 6/00             |       | 100                               | %          | 2,379,767                       |       |
|                                        |            |                  |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 38

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**          | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-----------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Andover Crossing  Apts.     |       | Andover, KS        |       | 80        |       | $                                     | 2,208,385  |            | 5/00       |             | 12/00      |                              | 100        | %                               | $          | 1,772,874 |   |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Arbors at Eagle Crest Apts. |       | Mount Pleasant, MI |       | 120       |       | 2,305,599                             |       | 12/00           |       | 10/01            |       | 100                               | %          | 3,512,499                       |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bristow Place Apts.         |       | Bristow, OK        |       | 28        |       | 1,207,778                             |       | 6/01            |       | 12/00            |       | 100                               | %          | 487,648                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Columbia Creek Apts.        |       | Woodstock, GA      |       | 172       |       | 5,211,890                             |       | 8/01            |       | 11/01            |       | 100                               | %          | 2,795,601                       |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cushing  Place  Apts.       |       | Cushing, OK        |       | 24        |       | 1,076,853                             |       | 3/00            |       | 10/00            |       | 100                               | %          | 428,559                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Hammond  Place  Apts.       |       | Hammond, LA        |       | 40        |       | 406,483                               |       | 3/00            |       | 4/00             |       | 100                               | %          | 1,706,341                       |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Shoreham Apts.              |       | Houston, TX        |       | 120       |       | 3,280,400                             |       | 4/00            |       | 7/01             |       | 100                               | %          | 6,138,485                       |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Vanderbilt  Apts.           |       | Edna,  TX          |       | 12        |       | 285,400                               |       | 5/01            |       | 10/01            |       | 100                               | %          | 104,181                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Whitley Park Apts.          |       | Whitley City, KY   |       | 21        |       | 880,856                               |       | 6/00            |       | 6/00             |       | 100                               | %          | 302,339                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Willowbrook  II Apts.       |       | Lafayette,  LA     |       | 40        |       | 788,614                               |       | 3/00            |       | 5/00             |       | 100                               | %          | 1,247,680                       |       |
|                             |            |                    |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 39

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**          | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-----------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Arbors at Eagle Crest Apts. |       | Mount Pleasant,  MI |       | 120       |       | $                                     | 2,305,599  |            | 12/00      |             | 10/01      |                              | 100        | %                               | $          | 3,512,499 |   |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Arbors at Ironwood Apts.    |       | Mishawaka,  IN      |       | 88        |       | 1,687,325                             |       | 7/00            |       | 9/01             |       | 100                               | %          | 3,772,295                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Austin Acres Atps.          |       | Hopkinsville, KY    |       | 32        |       | 817,302                               |       | 11/00           |       | 9/01             |       | 100                               | %          | 1,275,155                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Columbia Creek Apts.        |       | Woodstock,  GA      |       | 172       |       | 5,211,890                             |       | 8/01            |       | 11/01            |       | 100                               | %          | 2,909,708                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Daystar Village Apts.       |       | Bowling Green,  KY  |       | 32        |       | 725,059                               |       | 2/01            |       | 1/01             |       | 100                               | %          | 1,113,443                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Hillview  Apts.             |       | Leitchfield,  KY    |       | 34        |       | 857,187                               |       | 5/01            |       | 12/01            |       | 100                               | %          | 327,226                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Pine Grove Community        |       | Gouverneur, NY      |       | 48        |       | 1,111,315                             |       | 12/00           |       | 10/01            |       | 100                               | %          | 3,077,767                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Tally-Ho  Apts.             |       | Campti,  CA         |       | 26        |       | 548,283                               |       | 6/01            |       | 12/01            |       | 100                               | %          | 485,057                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Timber Trails Apts.         |       | Pineville,  LA      |       | 32        |       | 784,641                               |       | 6/01            |       | 7/01             |       | 100                               | %          | 499,829                         |       |
|                             |            |                     |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Tableof Contents

 

Boston Capital Tax Credit Fund IV L.P. - Series 40

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**         | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|----------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Arbors @ Ironwood Apts. II |       | Mishawaka,  IN    |       | 40        |       | $                                     | 840,340    |            | 2/01       |             | 11/01      |                              | 100        | %                               | $          | 1,771,758 |   |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Baldwin Villas Apts.       |       | Pontiac,  MI      |       | 65        |       | 5,446,106                             |       | 8,01            |       | 7/01             |       | 100                               | %          | 344,405                         |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Carlyle Apts.              |       | Aberdeen,  SD     |       | 44        |       | 649,150                               |       | 2/01            |       | 6/01             |       | 100                               | %          | 1,359,155                       |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Center Place Apts.         |       | Center,  TX       |       | 32        |       | 758,786                               |       | 08/01           |       | 10/01            |       | 100                               | %          | 428,835                         |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Eagle Lake Gardens  Apts.  |       | Azle,  TX         |       | 60        |       | 1,106,635                             |       | 10/01           |       | 5/02             |       | 100                               | %          | 666,179                         |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Londontown Homes Apts.     |       | London,  KY       |       | 24        |       | 500,398                               |       | 2/01            |       | 6/01             |       | 100                               | %          | 1,836,027                       |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Mason’s Point Apts.   |       | Hopkinsville,  KY |       | 41        |       | 1,217,714                             |       | 06/01           |       | 7/02             |       | 100                               | %          | 1,824,270                       |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Meadowside  Apts.          |       | Milo,  NY         |       | 40        |       | 1,565,884                             |       | 05/01           |       | 12/01            |       | 100                               | %          | 855,372                         |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Northrock  Apts. II        |       | Topeka,  KS       |       | 60        |       | 2,145,309                             |       | 07/01           |       | 5/02             |       | 100                               | %          | 1,838,666                       |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Oakland  Apts.             |       | Oakdale,  LA      |       | 46        |       | 1,210,113                             |       | 2/01            |       | 7/01             |       | 100                               | %          | 767,451                         |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Parkview Apts.             |       | Springfield, MA   |       | 25        |       | 1,305,716                             |       | 2/01            |       | 2/02             |       | 100                               | %          | 1,221,510                       |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Sedgewick  Sundance Apts.  |       | Sedgewick,  KS    |       | 24        |       | 346,440                               |       | 09/01           |       | 10/01            |       | 100                               | %          | 1,372,208                       |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Southbrook  Humes Apts.    |       | Kily,  KY         |       | 24        |       | 443,997                               |       | 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       |       | 25,840,190                            |       | 6/02            |       | 10/01            |       | 100                               | %          | 718,652                         |       |
|                       |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Western Gardens  Apts.     |       | Dequincey,  LA    |       | 48        |       | 1,259,991                             |       | 2/01            |       | 7/01             |       | 100                               | %          | 782,188                         |       |
|                            |            |                   |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 41

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**              | ** ** | **Location**         | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|---------------------------------|------------|----------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bienville  Apts.                |       | Ringhold,  LA        |       | 32        |       | $                                     | 770,290    |            | 12/01      |             | 11/01      |                              | 100        | %                               | $          | 488,488 |   |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Breezewood  Villas I            |       | Frederiksted,  VI    |       | 12        |       | 978,015                               |       | 10/01           |       | 6/02             |       | 100                               | %          | 494,361                         |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cascades Crossing               |       | Sterling,  VA        |       | 320       |       | 22,279,121                            |       | 4/03            |       | 10/95            |       | 100                               | %          | 734,116                         |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cedar Grove Apartments Phase  I |       | Shepherdsville,  KY  |       | 36        |       | 1,029,998                             |       | 5/02            |       | 7/01             |       | 100                               | %          | 424,955                         |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cranberry Cove Apartments       |       | Beckley,  WV         |       | 28        |       | 974,246                               |       | 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        |       | 1,276,945                             |       | 4/03            |       | 2/95             |       | 100                               | %          | 21,275                          |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Franklin Green                  |       | Franklin Grove,  IL  |       | 12        |       | 347,950                               |       | 5/02            |       | 9/01             |       | 100                               | %          | 308,576                         |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Harbor Point II  Apts.          |       | Benton Township,  MI |       | 72        |       | 1,571,455                             |       | 8/01            |       | 10/02            |       | 100                               | %          | 2,295,523                       |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Hollywood Palms Apts.           |       | San Diego,  CA       |       | 94        |       | 7,559,776                             |       | 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       |       | 12,538,697                            |       | 7/01            |       | 8/02             |       | 100                               | %          | 1,385,308                       |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Meadowside  Apts.               |       | Milo,  NY            |       | 40        |       | 1,565,884                             |       | 5/01            |       | 12/01            |       | 100                               | %          | 855,372                         |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Mill Creek  Village             |       | Mt. Carroll,  IL     |       | 12        |       | 382,405                               |       | 5/02            |       | 9/01             |       | 100                               | %          | 264,354                         |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Northline Terrace               |       | Mentoda,  IL         |       | 24        |       | 669,446                               |       | 5/02            |       | 6/01             |       | 100                               | %          | 545,986                         |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Palisades Park                  |       | Fulton,  IL          |       | 16        |       | 500,853                               |       | 5/02            |       | 9/01             |       | 100                               | %          | 396,066                         |       |
|                            |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Red Hill Apts. I                |       | Farmerville,  LA     |       | 32        |       | 809,267                               |       | 11/01           |       | 6/01             |       | 100                               | %          | 502,692                         |       |
|                                 |            |                      |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 41

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**     | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                   |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Sandalwood Apartments  |       | Toppenish,  WA     |       | 20        |       | $                                     | 977,317    |            | 5/02       |             | 7/01       |                              | 100        | %                               | $          | 293,983 |   |
|                   |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Southpark  Apts. II    |       | Newton,  KS        |       | 60        |       | 1,424,676                             |       | 9/01            |       | 5/02             |       | 100                               | %          | 2,117,956                       |       |
|                   |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Springfield Crossing   |       | Springfield,  VA   |       | 347       |       | 25,840,190                            |       | 6/02            |       | 10/01            |       | 100                               | %          | 878,352                         |       |
|                   |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Sunshine Village Apts. |       | Elizabethtown,  KY |       | 32        |       | 804,944                               |       | 3/02            |       | 8/02             |       | 100                               | %          | 1,277,070                       |       |
|                        |            |                    |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 42

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**                | ** ** | **Location**         | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-----------------------------------|------------|----------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bellamy Mills Apartments          |       | Dover,  NH           |       | 30        |       | $                                     | 1,410,826  |            | 4/02       |             | 12/02      |                              | 100        | %                               | $          | 2,888,317 |   |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Breezewood Villas II              |       | Frederiksted,  VI    |       | 12        |       | 973,969                               |       | 4/02            |       | 3/03             |       | 100                               | %          | 505,416                         |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Canon  Club                       |       | Canon City,  CO      |       | 46        |       | 746,049                               |       | 7/02            |       | 12/03            |       | 100                               | %          | 511,573                         |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Chester Townhouses Phase II       |       | Chester,  SC         |       | 52        |       | 1,980,389                             |       | 4/06            |       | 12/06            |       | 100                               | %          | 421,158                         |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Clifton Family Housing            |       | Clifton,  CO         |       | 51        |       | 2,010,755                             |       | 7/02            |       | 12/03            |       | 100                               | %          | 798,494                         |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cooper’s Crossing Apartments |       | Los Colinas,  TX     |       | 93        |       | 3,074,104                             |       | 4/03            |       | 12/95            |       | 100                               | %          | 87,199                          |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Dorchester Apartments             |       | Port Huron,  MI      |       | 131       |       | 4,453,255                             |       | 4/02            |       | 8/03             |       | 100                               | %          | 2,578,034                       |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Harbor Pointe Apartments II       |       | Benton Township,  MI |       | 72        |       | 1,571,455                             |       | 4/02            |       | 10/02            |       | 100                               | %          | 1,731,786                       |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Helios Station                    |       | Lafayette,  CO       |       | 30        |       | 2,386,454                             |       | 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        |       | 7,559,776                             |       | 8/02            |       | 11/02            |       | 100                               | %          | 1,283,388                       |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lynnelle Landing Apts.            |       | Charleston,  WV      |       | 56        |       | 1,321,057                             |       | 3/02            |       | 9/02             |       | 100                               | %          | 2,009,976                       |       |
|                              |       |                 |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Marwood Senior Apartments         |       | Upper Marlboro, MD   |       | 67        |       | 12,538,697                            |       | 09/04           |       | 8/02             |       | 100                               | %          | 160,174                         |       |
|                                   |            |                      |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 42

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**       | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|--------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Natchez Place Apartments |       | Natchez,  MS      |       | 32        |       | $                                     | 807,468    |            | 8/02       |             | 11/01      |                              | 100        | %                               | $          | 554,881 |   |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Northfield Housing, LP   |       | Jackson,  MS      |       | 5         |       | 139,101                               |       | 4/03            |       | 12/96            |       | 100                               | %          | 24,330                          |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Park Meadow Apartments   |       | Gaylord,  MI      |       | 80        |       | 1,522,221                             |       | 4/03            |       | 4/97             |       | 100                               | %          | 228,511                         |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Park Plaza IV            |       | West Memphis,  AR |       | 24        |       | 634,597                               |       | 6/02            |       | 10/02            |       | 100                               | %          | 1,219,397                       |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Parkhurst Place          |       | Amherst,  NH      |       | 42        |       | 3,437,931                             |       | 1/02            |       | 9/02             |       | 100                               | %          | 518,876                         |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Strawberry Lane Apts.    |       | Clayton,  NY      |       | 71        |       | 1,859,648                             |       | 3/02            |       | 8/02             |       | 100                               | %          | 672,589                         |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Sunrise Manor Seniors.   |       | Buena Vista,  CO  |       | 40        |       | 1,200,699                             |       | 7/02            |       | 12/03            |       | 100                               | %          | 642,431                         |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Tiffany Square           |       | Lakewood,  CO     |       | 52        |       | 1,931,787                             |       | 7/02            |       | 12/03            |       | 100                               | %          | 479,244                         |       |
|                     |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Wingfield  Apartments II |       | Kinder,  LA       |       | 42        |       | 312,824                               |       | 8/02            |       | 11/01            |       | 100                               | %          | 1,422,373                       |       |
|                          |            |                   |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 43

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**          | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-----------------------------|------------|--------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Alexander  Mill Apartments  |       | Lawrenceville,GA   |       | 224       |       | $                                     | 11,777,096 |            | 12/02      |             | 1/03       |                              | 100        | %                               | $          | 1,854,189 |   |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Aspen Meadows               |       | Aurora,  CO        |       | 100       |       | 2,738,595                             |       | 9/02            |       | 12/03            |       | 100                               | %          | 1,256,823                       |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Ashbury Park                |       | Aurora,  CO        |       | 44        |       | 2,277,333                             |       | 9/02            |       | 12/03            |       | 100                               | %          | 728,732                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bohannon Place Apts.        |       | Bowling Green,  KY |       | 12        |       | 256,391                               |       | 5/03            |       | 10/03            |       | 100                               | %          | 909,561                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Carpenter  School           |       | Natchez,  MS       |       | 38        |       | 1,494,468                             |       | 1/03            |       | 12/03            |       | 100                               | %          | 1,278,002                       |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Charlevoix Apartments       |       | Charlevoix,  MI    |       | 40        |       | 1,224,439                             |       | 9/02            |       | 11/02            |       | 100                               | %          | 302,357                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Chester Townhouses Phase II |       | Chester,  SC       |       | 52        |       | 1,980,389                             |       | 4/06            |       | 12/06            |       | 100                               | %          | 226,777                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Cloverlane Apartments       |       | Lakeview,  MI      |       | 24        |       | 329,435                               |       | 9/02            |       | 10/02            |       | 100                               | %          | 356,228                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Dorchester Apartments       |       | Port Huron,  MI    |       | 131       |       | 4,453,255                             |       | 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        |       | 771,669                               |       | 7/03            |       | 5/04             |       | 100                               | %          | 2,780,800                       |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Hollywood Palm Apartments   |       | San Diego,  CA     |       | 94        |       | 7,559,776                             |       | 12/02           |       | 11/02            |       | 100                               | %          | 2,654,279                       |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Kearney Plaza               |       | Commerce City,  CO |       | 51        |       | 1,447,310                             |       | 9/02            |       | 12/03            |       | 100                               | %          | 575,398                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lakewood Apartments         |       | Saranac,  MI       |       | 24        |       | 815,746                               |       | 9/02            |       | 10/02            |       | 100                               | %          | 475,606                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| The Landing  Apts.          |       | Whitley,  KY       |       | 24        |       | 1,227,741                             |       | 4/03            |       | 6/04             |       | 100                               | %          | 302,763                         |       |
|                        |       |               |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Library  Square Apts.       |       | Mandan,  ND        |       | 46        |       | 2,098,871                             |       | 9/03            |       | 8/03             |       | 100                               | %          | 2,752,868                       |       |
|                             |            |                    |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 43

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**           | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Parkside Plaza Apartments    |       | New York,  NY     |       | 34        |       | $                                     | 1,323,803  |            | 1/04       |             | 5/01       |                              | 100        | %                               | $          | — |   |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Parkside Apartments          |       | Coleman,  MI      |       | 40        |       | 890,858                               |       | 9/02            |       | 12/02            |       | 100                               | %          | 832,371                         |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Riverview  Apartments        |       | Blissfield,  MI   |       | 32        |       | 715,789                               |       | 9/02            |       | 2/02             |       | 100                               | %          | 509,938                         |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Seven Points Apartments      |       | Seven Points,  TX |       | 36        |       | 965,197                               |       | 9/02            |       | 3/03             |       | 100                               | %          | 687,978                         |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Sheridan  Gardens            |       | Englewood,  CO    |       | 48        |       | 2,028,330                             |       | 9/02            |       | 12/03            |       | 100                               | %          | 571,759                         |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Stottville  Court Apartments |       | Stockport,  NY    |       | 28        |       | 1,106,542                             |       | 9/02            |       | 5/03             |       | 100                               | %          | 1,073,805                       |       |
|                         |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Strawberry  Lake Apts.       |       | Norway,  MI       |       | 32        |       | 961,066                               |       | 7/03            |       | 12/03            |       | 100                               | %          | 763,285                         |       |
|                              |            |                   |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

45

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Table of Contents

 

Boston Capital Tax Credit Fund IV L.P. - Series 44

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**      | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                    |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Alexander  Mills Apts.  |       | Lawrenceville, GA |       | 224       |       | $                                     | 11,777,096 |            | 2/03       |             | 1/03       |                              | 100        | %                               | $          | 2,266,233 |   |
|                    |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Aurora Village Sr.      |       | Aurora,  CO       |       | 100       |       | 4,308,214                             |       | 2/03            |       | 3/03             |       | 100                               | %          | 1,526,951                       |       |
|                    |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Brookside Park Apts.    |       | Atlanta,  GA      |       | 200       |       | 12,088,272                            |       | 12/03           |       | 3/05             |       | 100                               | %          | 137,046                         |       |
|                    |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Families First II       |       | W. Memphis,  AR   |       | 66        |       | 2,345,992                             |       | 5/03            |       | 6/04             |       | 100                               | %          | 2,005,916                       |       |
|                    |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Memphis  102            |       | Memphis,  TN      |       | 102       |       | 1,822,496                             |       | 5/03            |       | 8/04             |       | 100                               | %          | 3,497,653                       |       |
|                    |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Northrock  Apts. III    |       | Topeka,  KS       |       | 32        |       | 956,151                               |       | 6/03            |       | 11/03            |       | 100                               | %          | 1,565,194                       |       |
|                    |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Orchard  Manor Apts.**  |       | Ukiah,  CA        |       | 64        |       | 6,945,837                             |       | 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        |       | 1,313,508                             |       | 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        |       | 1,867,174                             |       | 4/03            |       | 10/03            |       | 100                               | %          | 1,568,815                       |       |
|                         |            |                   |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

----

**   3 properties which make up one Operating Partnership named Orchard River  Associates LP with 160 units.  Entire mortgage balance and capital  contributions paid reported with Orchard ManorApts.

 

46

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Boston Capital Tax Credit Fund IV L.P. - Series 45

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**          | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-----------------------------|------------|---------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Baldwin Villas Apts.        |       | Pontiac,  MI        |       | 65        |       | $                                     | 5,446,106  |            | 12/03      |             | 6/01       |                              | 100        | %                               | $          | 106,137 |   |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bartlett Bayou              |       | Pascagoula,  MS     |       | 48        |       | 878,883                               |       | 7/03            |       | 9/05             |       | 100                               | %          | 2,675,101                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Breezewood Villas II        |       | Frederiksted, VI    |       | 12        |       | 973,969                               |       | 12/03           |       | 3/03             |       | 100                               | %          | 53,729                          |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Brookside Park              |       | Atlanta,  GA        |       | 200       |       | 12,088,272                            |       | 12/03           |       | 3/05             |       | 100                               | %          | 3,666,890                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Brookside Square            |       | Boykins,  VA        |       | 32        |       | 1,277,714                             |       | 7/03            |       | 8/04             |       | 100                               | %          | 743,039                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Chevy Place  Hallman Court  |       | Rochester,  NY      |       | 77        |       | 8,427,559                             |       | 12/03           |       | 7/00             |       | 100                               | %          | 81,177                          |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Dawn Springs Villa          |       | London,  KY         |       | 24        |       | 551,070                               |       | 5/05            |       | 10/05            |       | 100                               | %          | 1,099,086                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Eastview Family             |       | Watonga, OK         |       | 16        |       | 632,729                               |       | 9/04            |       | 6/04             |       | 100                               | %          | 187,429                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Fairview Manor              |       | Childress,  TX      |       | 48        |       | 799,325                               |       | 5/03            |       | 3/04             |       | 100                               | %          | 859,892                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Harbor Pt. II Apts.         |       | Benton Township, MI |       | 72        |       | 1,571,455                             |       | 12/03           |       | 10/02            |       | 100                               | %          | 201,369                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Heritage Christian Home III |       | Brighton,  NY       |       | 12        |       | 435,684                               |       | 1/04            |       | 10/03            |       | 100                               | %          | 721,545                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Jefferson House             |       | Lynchburg,  VA      |       | 101       |       | 2,659,719                             |       | 12/04           |       | 7/05             |       | 100                               | %          | 925,273                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Kings Pt.  Apts.            |       | Sheridan,  CO       |       | 50        |       | 2,294,860                             |       | 8/03            |       | 12/03            |       | 100                               | %          | 788,729                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| La Mirage Apts.             |       | Borger,  TX         |       | 12        |       | 881,088                               |       | 8/03            |       | 10/03            |       | 100                               | %          | 766,945                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lakeview  Station           |       | Shepardsville,  KY  |       | 28        |       | 722,765                               |       | 7/03            |       | 9/03             |       | 100                               | %          | 1,402,270                       |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lawrence-ville Manor        |       | Lawrenceville,  VA  |       | 24        |       | 917,109                               |       | 7/03            |       | 8/04             |       | 100                               | %          | 771,671                         |       |
|                        |       |                |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lincoln Apts.               |       | Shinnston,  WV      |       | 32        |       | 885,492                               |       | 10/03           |       | 12/03            |       | 100                               | %          | 786,619                         |       |
|                             |            |                     |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 45

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 

Continued

 
| **Property  Name**                  | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|-------------------------------------|------------|-----------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| London Village                      |       | London,  KY           |       | 32        |       | $                                     | 612,103    |            | 4/05       |             | 9/05       |                              | 100        | %                               | $          | 2,021,436 |   |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lone Terrace                        |       | Lone Grove,  OK       |       | 32        |       | 1,249,149                             |       | 5/03            |       | 1/04             |       | 100                               | %          | 435,193                         |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Lorie Village                       |       | Bowling Green,  KY    |       | 32        |       | 893,407                               |       | 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        |       | 998,627                               |       | 6/03            |       | 12/03            |       | 100                               | %          | 347,253                         |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Orchard View Apst.                  |       | Farmington,  MO       |       | 40        |       | 845,922                               |       | 7/03            |       | 6/04             |       | 100                               | %          | 2,226,954                       |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Reese Village                       |       | Emporia,  VA          |       | 40        |       | 1,399,280                             |       | 3/05            |       | 11/04            |       | 100                               | %          | 1,198,088                       |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Ridge Crest  Apts.                  |       | St. Louis,  MO        |       | 83        |       | 3,612,133                             |       | 8/03            |       | 9/04             |       | 100                               | %          | 2,020,327                       |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Sulphur Terrace                     |       | Sulphur,  OK          |       | 32        |       | 1,222,024                             |       | 5/03            |       | 1/04             |       | 100                               | %          | 433,759                         |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| University  Plaza Sr. Complex       |       | Greely,  CO           |       | 34        |       | 1,089,718                             |       | 5/03            |       | 9/03             |       | 100                               | %          | 332,128                         |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Valleyview  Apts.                   |       | Canneyville,  KY      |       | 24        |       | 705,673                               |       | 12/05           |       | 12/04            |       | 100                               | %          | 488,540                         |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| William B.  Quarton                 |       | Cedar Rapids, IA |       | 28        |       | 1,156,139                             |       | 1/04            |       | 7/03             |       | 100                               | %          | 1,197,000                       |       |
|                                |       |                  |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Willow Oak and Oroville  Apartments |       | Willows, CA           |       | 122       |       | 4,410,124                             |       | 07/04           |       | 10/03            |       | 100                               | %          | 1,619,212                       |       |
|                                     |            |                       |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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Boston Capital Tax Credit Fund IV L.P. - Series 46

 

PROPERTY PROFILE AS OF MARCH 31, 2010

 
| **Property  Name**             | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/09** | ** ** | **Acq****Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/10** | ** ** | **Cap Con  paid thru  3/31/10** | ** ** |
|--------------------------------|------------|-------------------|------------|-----------|------------|---------------------------------------|------------|-----------------|------------|------------------|------------|-----------------------------------|------------|---------------------------------|------------|
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Bartlett Bayou Apartments      |       | Pascagoula,  MS   |       | 48        |       | $                                     | 878,883    |            | 7/03       |             | 9/05       |                              | 100        | %                               | $          | 786,153 |   |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Clayton Station Apartments     |       | Munfordville,  KY |       | 29        |       | 768,982                               |       | 4/04            |       | 9/04             |       | 100                               | %          | 1,274,486                       |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Deer Meadow Apartments         |       | Tishomingo, OK    |       | 24        |       | 1,139,973                             |       | 2/04            |       | 3/04             |       | 100                               | %          | 369,626                         |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Elma Gardens                   |       | Elma, WA          |       | 36        |       | 1,235,202                             |       | 3/05            |       | 1/04             |       | 100                               | %          | 588,701                         |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Jacksonville Square Apts.      |       | Jacksonville,  TX |       | 44        |       | 1,092,200                             |       | 11/03           |       | 7/04             |       | 100                               | %          | 614,912                         |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Kensington  Heights  Apts.     |       | Kansas City,  MO  |       | 126       |       | 4,672,071                             |       | 10/03           |       | 10/04            |       | 100                               | %          | 2,375,770                       |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Kimberly Place Apartments      |       | Danbury,  CT      |       | 117       |       | 7,185,811                             |       | 6/04            |       | 4/05             |       | 100                               | %          | 2,450,732                       |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Linden’s  Apartments      |       | Shawnee,  OK      |       | 54        |       | 1,155,502                             |       | 12/04           |       | 2/06             |       | 100                               | %          | 2,963,132                       |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Ocean East Housing             |       | Portland,  ME     |       | 32        |       | 1,482,980                             |       | 2/04            |       | 6/05             |       | 100                               | %          | 3,787,273                       |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Panola  Apts.                  |       | Carthage,  TX     |       | 32        |       | 772,795                               |       | 12/03           |       | 4/04             |       | 100                               | %          | 456,957                         |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Rosehill  Apts.                |       | Topeka,  KS       |       | 48        |       | 2,317,594                             |       | 12/03           |       | 9/04             |       | 100                               | %          | 2,540,503                       |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Sandy Hill Apartments          |       | Greenville, KY    |       | 29        |       | 545,420                               |       | 4/04            |       | 10/04            |       | 100                               | %          | 1,849,164                       |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Saint Martin  Apartments       |       | McCombs,  MS      |       | 40        |       | 891,091                               |       | 8/05            |       | 4/06             |       | 100                               | %          | 1,539,454                       |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Tanglewood Village  Apartments |       | Panama,  OK       |       | 24        |       | 1,172,331                             |       | 9/04            |       | 5/04             |       | 100                               | %          | 402,649                         |       |
|                           |       |              |       |      |       |                                  |       |            |       |             |       |                              |       |                            |       |
| Wagoner  Village               |       | Wagoner,  OK      |       | 31        |       | 972,519                               |       | 1/04            |       | 1/04             |       | 100                               | %          | 341,377                         |       |
|                                |            |                   |            |           |            |                                       |            |                 |            |                  |            |                                   |            |                                 |            |  |  |

 

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| Item 3. | Legal Proceedings       |
|---------|-------------------------|
|    |                    |
|    | None.                   |
|    |                    |
| Item 4. | (Removed and Reserved.) |

 

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PART II

 

Item                         5.                                       Market for the Fund’s Limited Partnership Interests, Related PartnershipMatters and Issuer Purchases of Partnership Interests

 

(a)                                  Market Information

 

The Fund is classified as a limited partnershipand does not have common stock.  There isno established public trading market for the BACs and it is not anticipatedthat any public market will develop.

 

(b)                                 Approximate number of security holders

 

As of March 31, 2010, the Fund has 42,519BAC holders for an aggregate of 83,651,080 BACs, at a subscription price of $10per BAC, received and accepted.

 

The BACs were issued in series.  Series 20 consists of 2,310

investors holding 3,866,700 BACs, Series 21consists of 1,161

investors holding 1,892,700 BACs, Series 22consists of 1,626

investors holding 2,564,400 BACs, Series 23consists of 2,111

investors holding 3,336,727 BACs, Series 24consists of 1,291

investors holding 2,169,878 BACs, Series 25consists of 1,759

investors holding 3,026,109 BACs, Series 26consists of 2,292

investors holding 3,995,900 BACs, Series 27consists of 1,316

investors holding 2,460,700 BACs, Series 28consists of 2,035

investors holding 4,000,738 BACs, Series 29consists of 2,227

investors holding 3,991,800 BACs, Series 30consists of 1,337

investors holding 2,651,000 BACs, Series 31consists of 2,046

investors holding 4,417,857 BACs, Series 32consists of 2,236

investors holding 4,754,198 BACs, Series 33consists of 1,223

investors holding 2,636,533 BACs, Series 34consists of 1,679

investors holding 3,529,319 BACs, Series 35consists of 1,650

investors holding 3,300,463 BACs, Series 36consists of 1,012

investors holding 2,106,837 BACs, Series 37consists of 1,122

investors holding 2,512,500 BACs, Series 38consists of 1,186

investors holding 2,543,100 BACs, Series 39consists of 980

investors holding 2,292,152 BACs, Series 40consists of 1,102

investors holding 2,630,256 BACs, Series 41consists of 1,392

investors holding 2,891,626 BACs, Series 42consists of 1,228

investors holding 2,744,262 BACs, Series 43consists of 1,662

investors holding 3,637,987 BACs, Series 44consists of 1,287

investors holding 2,701,973 BACs, Series 45consists of 1,835

investors holding 4,014,367 BACS and Series 46consists of 1,414

investors holding 2,980,998 BACS at March 31,2010

 

(c)                                  Dividend history and restriction  

 

The Fund has made no distributions of net cashflow to its BAC holders from its inception, October 5, 1993, through March 31,2010.

 

The Fund Agreement provides that profits, lossesand credits will be allocated each month to the holder of record of a BAC as ofthe last day of such month.  Allocationof profits, losses and credits among BAC holders are made in proportion to thenumber of BACs held by each BAC holder.  

 

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Any distributions of net cash flow orliquidation, sale or refinancing proceeds will be made within 180 days of theend of the annual period to which they relate. Distributions will be made to the holders of record of a BAC as of thelast day of each month in the ratio which (i) the BACs held by the holderon the last day of the calendar month bears to (ii) the aggregate number ofBACs outstanding on the last day of such month.

 

Fund allocations and distributions are describedin the Prospectus, as supplemented, under the caption “SharingArrangements:  Profits, Credits, Losses,Net Cash Flow and Residuals”, which is incorporated herein by reference.

 

During the year ended March 31, 1999, theFund made a return of equity distribution to the Series 27 limitedpartners in the amount  of $275,000.

 

During the year ended March 31, 2000 theFund made a  return of equity distribution tothe Series 29 limited partners in  the amount of $238,040.  Thedistribution was the result of  certainOperating Partnerships not achieving their projected tax  credits.  

 

During the year ended March 31, 2006 theFund made a  return of equity distribution toSeries 20 limited partners in  theamount of $371,349. The distribution was the result of proceeds available fromthe sale of one Operating Partnership.  

 

During the year ended March 31, 2006, the Fundmade a return of  equitydistribution to the Series 20 and Series 41 limited partners in theamount of $1,860,003 and $138,998, respectively.  The distributions were the result of proceedsavailable 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 Resultsof Operations

 

This Management’s Discussion and Analysis of FinancialCondition and Results of Operations contains forward-looking statementsincluding our intentions, hopes, beliefs, expectations, strategies andpredictions of our future activities, or other future events or conditions.These statements are “forward looking statements” within the meaning of Section 27Aof the Securities Act of 1993, as amended, and Section 21E of theSecurities Exchange Act of 1934, as amended, and are intended to be covered bythe safe harbors created by these acts. Investors are cautioned that allforward-looking statements involve risks and uncertainty, including, forexample, the factors identified in Part I, Item 1A of this Report.Although we believe that the assumptions underlying these forward-lookingstatements are reasonable, any of the assumptions could be inaccurate, andthere can be no assurance that the forward-looking statements included in thisReport will prove to be accurate. In light of the significant uncertaintiesinherent in these forward-looking statements, the inclusion of this informationshould not be regarded as a representation by us or any other person that ourobjectives and plans will be achieved.

 

Liquidity

 

The Fund’s primary source of funds is the proceeds ofeach Offering.  Other sources ofliquidity include (i) interest earned on capital contributions heldpending 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 in the Offering originallydeclared effective by the Securities and Exchange Commission on December 16,1993.  The Fund received and acceptedsubscriptions for $836,177,880 representing 83,651,080 BACs from investorsadmitted as BAC holders in Series 20 through 46 of the Fund.  On December 19, 2003, the Fund concludedits public offering of BACs.

 

(Series 20). The Fund commenced offering BACs in Series 20 on January 21,1994.  The Fund received and acceptedsubscriptions for $38,667,000 representing 3,866,700 BACs from investorsadmitted as BAC holders in Series 20. Offers and sales of BACs in Series 20 were completed and the lastof the BACs in Series 20 were issued by the Fund on June 24, 1994.

 

During the fiscal year ended March 31, 2010, noneof Series 20 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  Proceeds from the offer and sale of BACs in Series 20had been used to invest in 24 Operating Partnerships in an aggregate amount of$27,693,970.  As of March 31, 2010,3 of the properties have been disposed of and 21 remain.  The Fund had completed payment of allinstallments of its capital contributions to all of the Operating Partnerships.

 

(Series 21). The Fund commenced offering BACs in Series 21 on July 5,1994.  The Fund received and acceptedsubscriptions for $18,927,000 representing 1,892,700 BACs from investorsadmitted as BAC holders in Series 21. Offers and sales of BACs in Series 21 were completed and the lastof the BACs in Series 21 were issued by the Fund on September 30,1994.

 

During the fiscal year ended March 31, 2010, noneof Series 21 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 21 had been used to invest in 14Operating Partnerships in an aggregate amount of $13,872,728.  As of March 31, 2010, 4 of theproperties has been disposed of and 10 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 22 on October 12,1994.  The Fund received and acceptedsubscriptions for $25,644,000 representing 2,564,400 BACs from investorsadmitted as BAC holders in Series 22. Offers and sales of BACs in Series 22 were completed and the lastof the BACs in Series 22 were issued by the Fund on December 28,1994.

 

During the fiscal year ended March 31, 2010, noneof Series 22 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 22 had been used to invest in 29Operating Partnerships in an aggregate amount of $18,758,748 and the Fund hadcompleted payment of all installments of its capital contributions to 27 of theOperating Partnerships. As of March 31, 2010, 4 of the properties havebeen disposed of and 25 remain. Series 22 has outstanding contributionspayable to 2 Operating Partnerships in the amount of $9,352 as of March 31,2010.  The remaining contributions willbe released when the Operating Partnerships have achieved the conditions setforth in their respective partnership agreements.

 

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(Series 23). The Fund commenced offering BACs in Series 23 on January 10,1995.  The Fund received and acceptedsubscriptions for $33,366,000 representing 3,336,727 BACs from investorsadmitted as BAC holders in Series 23. Offers and Sales of BACs in Series 23 were completed and the lastof the BACs in Series 23 were issued by the Fund on June 23, 1995.

 

During the fiscal year ended March 31, 2010, noneof Series 23 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 23 had been used to invest in 22Operating Partnerships in an aggregate amount of $24,352,278.  As of March 31, 2010, 2 of theproperties have been disposed of and 20 remain. Fund had completed payment of all installments of its capitalcontributions to all of the Operating Partnerships.

 

(Series 24). The Fund commenced offering BACs in Series 24 on June 9,1995.  The Fund received and acceptedsubscriptions for $21,697,000 representing 2,169,878 BACs from investorsadmitted as BAC holders in Series 24. Offers and Sales of BACs in Series 24 were completed and the lastof the BACs in Series 24 were issued by the Fund on September 22,1995.

 

During the fiscal year ended March 31, 2010, noneof Series 24 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 24 had been used to invest in 24Operating Partnerships in an aggregate amount of $15,796,309 and the Fund hadcompleted payment of all installments of its capital contributions to 23 of theOperating Partnerships.  As of March 31,2010, 4 of the properties have been disposed of and 20 remain.  Series 24 has outstanding contributionspayable to 1 Operating Partnership in the amount of $9,999 as of March 31,2010.  The remaining contributions willbe released when the Operating Partnership has achieved the conditions setforth in their partnership agreement.

 

(Series 25). The Fund commenced offering BACs in Series 25 on September 30,1995.  The Fund received and acceptedsubscriptions for $30,248,000 representing 3,026,109 BACs from investorsadmitted as BAC holders in Series 25. Offers and Sales of BACs in Series 25 were completed and the lastof the BACs in Series 25 were issued by the Fund on December 29,1995.

 

During the fiscal year ended March 31, 2010, none ofSeries 25 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 25 had been used to invest in 22Operating Partnerships in an aggregate amount of $22,324,539 and the Fund hadcompleted payment of all installments of its capital contributions to 21 of theOperating Partnerships. As of March 31, 2010, 2 of the properties havebeen disposed of and 20 remain. Series 25 has outstanding contributionspayable to 1 Operating Partnership in the amount of $10,001 as of March 31,2010.  The remaining contributions willbe released when Operating Partnership has achieved the conditions set forth intheir partnership agreement.

 

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

 

During the fiscal year ended March 31, 2010, noneof Series 26 net offering proceeds were used to pay installments of itscapital contributions to the

 

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Operating Partnerships. As of March 31, 2010, proceeds from the offer and sale of BACs in Series 26had been used to invest in 45 Operating Partnerships in an aggregate amount of$29,401,215 and the Fund had completed payment of all installments of itscapital contributions to 43 of the Operating Partnerships.  As of March 31, 2010, 2 of theproperties have been disposed of and 43 remain. Series 26 has outstanding contributions payable to 2 OperatingPartnerships in the amount of $14,490, as of March 31, 2010.   The remaining contributions will be releasedwhen the Operating Partnerships have achieved the conditions set forth in theirrespective partnership agreements.

 

(Series 27). The Fund commenced offering BACs in Series 27 on June 17,1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACsfrom investors admitted as BAC holders in Series 27. Offers and sales ofBACs in Series 27 were completed and the last of the BACS in Series 27were issued by the Fund on September 27, 1996.

 

During the fiscal year ended March 31, 2010, noneof Series 27 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 27 had been used to invest in 16Operating Partnerships in an aggregate amount of $17,881,574 and the Fund hadcompleted payment of all installments of its capital contributions to 13 of theOperating Partnerships. Series 27 has outstanding contributions payable to3 Operating Partnerships in the amount of $22,861 as of March 31,2010.  Of the amount outstanding, $19,341has been advanced to two of the Operating Partnerships.  The advances will be converted to capital andthe remaining contributions of $3,520 will be released when the OperatingPartnerships have achieved the conditions set forth in their respectivepartnership 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 year ended March 31, 2010, noneof Series 28 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 28 had been used to invest in 26Operating Partnerships in an aggregate amount of $29,281,983 and the Fund hadcompleted payment of all installments of its capital contributions to 23 of theOperating Partnerships. Series 28 has outstanding contributions payable to3 Operating Partnerships in the amount of $40,968 as of March 31,2010.  The remaining contributions willbe released when the Operating Partnerships have achieved the conditions setforth in their respective partnership agreements.

 

(Series 29). The Fund commenced offering BACs in Series 29 on February 10,1997.  The Fund received and accepted$39,918,000 representing 3,991,800 BACs from investors admitted as BAC holdersin Series 29.  Offer and sales ofBACs in Series 29 were completed on June 20, 1997.

 

During the fiscal year ended March 31, 2010, noneof Series 29 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 29 had been used to invest in 22Operating Partnerships in an aggregate amount of $29,137,877.   As of March 31, 2010, 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

 

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Partnerships in the amount of $10,197 as of March 31,2010.  The remaining contributions willbe released when the Operating Partnerships have achieved the conditions setforth in their respective partnership agreements.

 

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

 

During the fiscal year ended March 31, 2010, noneof Series 30 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  Proceeds from the offer and sale of BACs in Series 30had been used to invest in 20 Operating Partnerships in an aggregate amount of$19,497,869.  As of March 31, 2010,two of the properties have been disposed of and 18 remain.  The Fund had completed payment of allinstallments of its capital contributions to 16 of the Operating Partnerships. Series 30has outstanding contributions payable to 4 Operating Partnerships in the amountof $127,396 as of March 31, 2010. The remaining contributions will be released when Operating Partnershipshave achieved the conditions set forth in their respective partnershipagreements.

 

(Series 31). The Fund commenced offering BACs in Series 31 on September 11,1997.  The Fund had received and accepted$44,057,750 representing 4,417,857 BACs from investors admitted as BAC holdersin Series 31.  Offer and sales ofBACs in Series 31 were completed on January 18, 1998.

 

During the fiscal year ended March 31, 2010, noneof Series 31 net offering proceeds were used to pay installments of itscapital contributions to the  OperatingPartnership.  As of March 31, 2010,proceeds from the offer and sale of BACs in Series 31 had been used toinvest in 27 Operating Partnerships in an aggregate amount of $32,569,100.  As of March 31, 2010, one of theproperties has been disposed of and 26 remain. The Fund had completed payment of all installments of its capitalcontributions to 23 of the Operating Partnerships. Series 31 hasoutstanding contributions payable to 4 Operating Partnerships in the amount of$66,294 as of March 31, 2010.  Ofthe amount outstanding, $25,000 has been funded into an escrow account onbehalf of another Operating Partnership. The escrowed funds will be converted to capital and the remainingcontributions of $41,294 will be released when the Operating Partnerships haveachieved the conditions set forth in their respective partnership agreements.

 

(Series 32). The Fund commenced offering BACs in Series 32 on January 19,1998.  The Fund had received and accepted$47,431,000 representing 4,754,198 BACs from investors admitted as BAC holdersin Series 32.  Offer and sales ofBACs in Series 32 were completed on June 23, 1998.

 

During the fiscal year ended March 31, 2010, noneof Series 32 net offering proceeds were used to pay installments of its capitalcontributions to the Operating Partnership. As of March 31, 2010, proceeds from the offer and sale of BACs in Series 32had been used to invest in 17 Operating Partnerships in an aggregate amount of$34,129,677.  As of March 31, 2010,one of the properties have been disposed of and 16 remain.  The Fund had completed payment of allinstallments of its capital contributions to 14 of the Operating Partnerships. Series 32has outstanding contributions payable to 3 Operating Partnerships in the amountof $173,561 as of March 31, 2010. Of the amount outstanding, $46,908 has been loaned to one of theOperating Partnerships.  The loan will beconverted to capital and the remaining contributions of $126,653 will bereleased when Operating Partnerships have achieved the conditions set forth intheir respective partnership agreements.

 

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During the fiscal year ended March 31, 1999, theFund had purchased assignments in Bradley Phase I of Massachusetts LLC, BradleyPhase II of Massachusetts LLC, Byam Village of Massachusetts LLC, HanoverTowers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hillof Massachusetts LLC.  Under the terms ofthe Assignments of Membership Interests dated December 1, 1998 the seriesis entitled to certain profits, losses, tax credits, cash flow, proceeds fromcapital transactions 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 33 on June 22,1998. The Fund received and accepted $26,362,000 representing 2,636,533 BACsfrom investors admitted as BAC holders in Series 33.  Offer and sales of BACs in Series 33were completed on September 21, 1998.

 

During the fiscal year ended March 31, 2010, noneof Series 33 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 33 had been used to invest in 10Operating Partnerships in an aggregate amount of $19,594,100 and the Fund hadcompleted payment of all installments of its capital contributions to 8 of theOperating Partnerships.  Series 33has outstanding contributions payable to 2 Operating Partnerships in the amountof $69,154 as of March 31, 2010. The remaining contributions of will be released when OperatingPartnerships have achieved the conditions set forth in their respective partnershipagreements.

 

(Series 34). The Fund commenced offering BACs in Series 34 on September 22,1998.  The Fund had received and accepted$35,273,000 representing 3,529,319 BACs from investors admitted as BAC holdersin Series 34.  Offer and sales ofBACs in Series 34 were completed on February 11, 1999.

 

During the fiscal year ended March 31, 2010, noneof Series 34 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 34 had been used to invest in 14Operating Partnerships in an aggregate amount of $25,738,978 and the Fund hadcompleted payment of all installments of its capital contributions to all ofthe Operating Partnerships.

 

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

 

During the fiscal year ended March 31, 2010, noneof Series 35 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 35 had been used to invest in 11Operating Partnerships in an aggregate amount of $24,002,391 and the Fund hadcompleted payment of all installments of its capital contributions to all ofthe Operating Partnerships.

 

(Series 36). The Fund commenced offering BACs in Series 36 on June 22,1999. The Fund received and accepted $21,068,375 representing 2,106,837 BACsfrom investors admitted as BAC holders in Series 36. Offer and sales ofBACs in Series 36 were completed on September 28, 1999.

 

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During the fiscal year ended March 31, 2010, noneof Series 36 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, 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 37 on October 29,1999.  The Fund received and accepted$25,125,000 representing 2,512,500 BACs from investors admitted as BAC holdersin Series 37. Offer and sales of BACs in Series 37 were completed on January 28,2000.

 

During the fiscal year ended March 31, 2010, noneof Series 37 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 37 had been used to invest in 7 OperatingPartnerships in an aggregate amount of $18,735,142 and the Fund had completedpayment of all installments of its capital contributions to 6 of the OperatingPartnerships. Series 37 has outstanding contributions payable to 1Operating Partnership in the amount of $138,438 as of March 31, 2010.  The remaining contributions will be releasedwhen the Operating Partnerships have achieved the conditions set forth in theirpartnership agreement.

 

(Series 38). The Fund commenced offering BACs in Series 38 on February 1,2000.  The Fund received and accepted$25,431,000 representing 2,543,100 BACs from investors admitted as BAC holdersin Series 38.  Offer and sales ofBACs in Series 38 were completed on July 31, 2000.

 

During the fiscal year ended March 31, 2010, noneof Series 38 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 38 had been used to invest in 10Operating Partnerships in an aggregate amount of $18,612,287 and the Fund hadcompleted payment of all installments of its capital contributions to theOperating Partnerships.

 

During the fiscal year ended March 31, 2002, theFund used $420,296 of Series 38 net offering proceeds to acquire a limitedpartnership equity interest in a limited liability company, which is 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 company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 39). The Fund commenced offering BACs in Series 39 on August 1,2000. The Fund received and accepted $22,921,000 representing 2,292,152 BACsfrom investors admitted as BAC holders in Series 39. Offer and sales ofBACs in Series 39 were completed on January 31, 2001.

 

During the fiscal year ended March 31, 2010, noneof Series 39 net offering proceeds to were used to pay installments of itscapital contributions to the Operating Partnership.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 39 had been used to invest in 9 OperatingPartnerships in an aggregate amount of $17,115,492, and the Fund had completedpayment of all installments of its capital contributions to all of theOperating Partnerships.

 

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During the fiscal year ended March 31, 2002, theFund used $192,987 of Series 39 net offering proceeds to acquire a limitedpartnership equity interest in a limited liability company, which is 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 company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 40). The Fund commenced offering BACs in Series 40 on February 1,2001.  The Fund received and accepted$26,269,250 representing 2,630,256 BACs from investors admitted as BAC holdersin Series 40.  Offer and sales ofBACs in Series 40 were completed on July 31, 2001.

 

During the fiscal year ended March 31, 2010, noneof Series 40 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 40 had been used to invest in 16Operating Partnerships in an aggregate amount of $19,030,772, and the Fund hadcompleted payment of all installments of its capital contributions to 15 of theOperating Partnerships. Series 40 has outstanding contributions payable to1 Operating Partnership in the amount of $102 as of March 31, 2010.  The remaining contributions will be releasedwhen the Operating Partnership have achieved the conditions set forth in theirpartnership agreement.

 

During the fiscal year ended March 31, 2002, theFund used $578,755 of Series 40 net offering proceeds to acquire 5 limitedpartnership equity interests in limited liability companies, which are thegeneral partners 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 investment is reported in the Investment inOperating Limited Partnerships line item on the balance sheet.

 

(Series 41). The Fund commenced offering BACs in Series 41 on August 1,2001. The Fund received and accepted $28,916,260 representing 2,891,626 BACsfrom investors admitted as BAC holders in Series 41. Offer and sales ofBACs in Series 41 were completed on January 31, 2002.

 

During the fiscal year ended March 31, 2010, noneof Series 41 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  Proceeds from the offer and sale of BACs in Series 41had been used to invest in 23 Operating Partnerships in an aggregate amount of$21,278,631.  As of March 31, 2010,two of the properties have been disposed of and 21 remain.  The Fund had completed payment of allinstallments of its capital contributions to 22 Operating Partnerships.  Series 41 has outstanding contributionspayable to 1 Operating Partnership in the amount of $100 as of March 31,2010.  The remaining contributions willbe released when the Operating Partnership have achieved the conditions setforth in their partnership agreement.

 

During the fiscal year ended March 31, 2002, theFund used $195,249 of Series 41 net offering proceeds to acquire a limitedpartnership equity interest in a limited liability company, which is 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 company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

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

 

During the fiscal year ended March 31, 2010, noneof Series 42 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 42 had been used to invest in 23Operating Partnerships in an aggregate amount of $20,661,120, and the Fund hadcompleted payment of all installments of its capital contributions to 18Operating Partnerships.  As of March 31,2010, 1 of the properties have been disposed of and 22 remain. Series 42has outstanding contributions payable to 5 Operating Partnerships in the amountof $452,937 as of March 31, 2010. 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 43 on August 1,2002. The Fund received and accepted $36,379,870 representing 3,637,987 BACsfrom investors admitted as BAC holders in Series 43. Offer and sales ofBACs in Series 43 were completed on December 31, 2002.

 

During the fiscal year ended March 31, 2010, noneof Series 43 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 43 had been used to invest in 23Operating Partnerships in an aggregate amount of $27,400,154, and the Fund hadcompleted payment of all installments of its capital contributions to 18 of theOperating Partnerships. Series 43 has outstanding contributions payable to5 Operating Partnerships in the amount of $307,738 as of March 31, 2010.Of the amount outstanding, $250,302 has been advanced or loaned to theOperating Partnerships. The loans and advances will be converted to capital andthe remaining contributions of $57,436 will be released when the OperatingPartnerships have achieved the conditions set forth in their respectivepartnership agreements.

 

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

 

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

 

During the fiscal year ended March 31, 2010, noneof Series 44 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and

 

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sale of BACs in Series 44 had been used to investin 10 Operating Partnerships in an aggregate amount of $20,248,519, and theFund had completed payment of all installments of its capital contributions to8 of the Operating Partnerships. Series 44 has outstanding contributionspayable to 2 Operating Partnerships in the amount of $590,561 as of March 31,2010. Of the amount outstanding, $196,604 has been advanced or loaned to theOperating Partnerships. The loans and advances will be converted to capital andthe remaining contributions of $393,957 will be released when the OperatingPartnerships have achieved the conditions set forth in their respectivepartnership agreements.

 

During the fiscal year ended March 31, 2004, theFund used $164,164 of Series 44 net offering proceeds to acquire 1 limitedpartnership equity interest in a limited liability company, which is 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 company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

(Series 45). The Fund commenced offering BACs in Series 45on July 1, 2003. The Fund received and accepted $40,143,670 representing4,014,367 BACs from investors admitted as BAC holders in Series 45. Offerand sales of BACs in Series 45 were completed on September 16, 2003.

 

During the fiscal year ended March 31, 2010, noneof Series 45 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 45 had been used to invest in 31Operating Partnerships in an aggregate amount of $30,232,512. As of March 31,2010, one of the properties has been disposed of and 30 remain.  The Fund had completed payment of allinstallments 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, 2010.  Theremaining contributions of will be released when the Operating Partnership hasachieved the conditions set forth in its partnership agreement.

 

During the fiscal year ended March 31, 2004, theFund used $302,862 of Series 45 net offering proceeds to acquire 1 limitedpartnership equity interest in limited liability company, which is the generalpartner of other operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

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

 

During the fiscal year ended March 31, 2010, noneof Series 46 net offering proceeds were used to pay installments of itscapital contributions to the Operating Partnerships.  As of March 31, 2010, proceeds from theoffer and sale of BACs in Series 46 had been used to invest in 15Operating Partnerships in an aggregate amount of $22,495,082, and the Fund hadcompleted payment of all installments of its capital contributions to 12 of theOperating Partnerships.  Series 46has outstanding contributions payable to 3 Operating Partnerships in the amountof $20,138 as of March 31, 2010. The remaining

 

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contributions will be released when the OperatingPartnerships have achieved the conditions set forth in their respectivepartnership agreements.

 

During the fiscal year ended March 31, 2004, theFund used $228,691 of Series 46 net offering proceeds to acquire 1 limitedpartnership equity interest in a limited liability company, which is thegeneral partner of other operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of theprofits, losses and tax credits of the limited liability company.  The investment is reported in the Investmentin Operating Limited Partnerships line item on the balance sheet.

 

Results of Operations

 

The Fund incurs a fund management fee to the generalpartner and/or its affiliates in an amount equal to 0.5% of the aggregate costof the apartment complexes owned by the Operating Partnerships, less the amountof partnership management and reporting fees paid by the OperatingPartnerships. The annual fund management fee incurred, net of fees received,for the fiscal years ended March 31, 2010 and 2009 was $5,572,190 and$6,053,083, respectively.

 

The Fund’s investment objectives do not include receiptof significant cash flow distributions from the Operating Partnerships in whichit has invested or intends to invest. The Fund’s investments in Operating Partnerships have been and will bemade principally with a view towards realization of Federal Housing Tax Creditsfor allocation to its partners and BAC holders.

 

As funds are utilized by the individual series forpayment of fund management fees, operating expenses and capital contributionsto the Operating Partnerships, it is anticipated that the “cash and cashequivalents” amounts for each series will decrease.  As a result of the reduction, it is expectedthat interest income reported by each series will begin to decrease after thefirst full year of operations. Occasionally the Fund will make interest-bearing loans to OperatingPartnerships against contributions due for release at a later date.

 

(Series 20). As of March 31, 2010 and 2009, the average Qualified Occupancy forthe series was 100%.  The series had atotal of 21 Operating Partnerships at March 31, 2010, all of which were at100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $1,012,337 and $1,454,574, respectively, inpassive income tax losses that were passed through to the investors and alsoprovided $0.00 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 20 was $0.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(279,089) and $(1,573,686),respectively.  The major components ofthese amounts are the Fund’s share of income (losses) from OperatingPartnerships, impairment losses, and the fund management fee.

 

East Douglas Apartments (East Douglas Apartments LimitedPartnership) has historically operated at or just below breakeven due to acombination of the low rent structure mandated by the state tax creditmonitoring agency, the Illinois Housing Development Authority (“IHDA”), andhigh debt. In general,

 

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the fundamentals of the property have been deterioratingsince 2006 as a result of a decrease in annual average occupancy and a decreasein net effective rents.  Occupancy as of March 31,2010 was 79%.  Average occupancy for 2009was 86% versus 82% for 2008, 81% for 2007 and 93% for 2006.  Due to several months of low occupancy, theproperty had insufficient cash to turn units and pay payroll and propertymanagement fees in early 2009. In May 2009, the investment partnershipfunded $16,238 to cover some payables associated with unit turn costs, as wellas past due management fees and payroll. In the third quarter of 2009, theinvestment partnership funded an additional $23,553 to cover mold remediationcosts (see below) that property operations could not support. To date, theinvestment partnership has funded $72,178 to the Operating Partnership foroperating deficits, of which $39,791 was funded in 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 breakeven.The property should be able to breakeven at 94% occupancy; however, at thecurrent occupancy level it is not possible to cover the cost of unit turnoversand pay debt service. The Operating Partnership previously established anoperating reserve, which had a balance of approximately $78,000 at the end ofthe second quarter 2009; however, per the loan documents, this reservefunctions as a debt service reserve, is controlled by the lender, and is onlyto be withdrawn from by the lender in the event of default under the loanagreement.

 

Several years ago, the operating general partner triedto improve the property’s financial performance by refinancing the mortgage,but was unsuccessful. Currently, an affiliate of the investment general partneris serving as the operating general partner. The investment general partner hadbeen attempting to find a replacement operating general partner and was indiscussions with several interested parties; however, no offers resulted fromthese conversations. As a result, the investment general partner hired a realestate broker to evaluate the operating general partner interest and helpidentify additional operating general partner replacements. To date it has beendifficult to find an unrelated third party willing to step in as the operatinggeneral partner for an underperforming property. The broker suggested that themost likely replacement operating general partner would be a non-profit entity.The investment general partner requested assistance from IHDA, which is alsothe second lender, in identifying such a non-profit; however, IHDA wasunable to provide recommendations or identify specific non-profit developers.

 

In May 2009, management reported mold growth in thebasement of the property after several weeks of heavy rain. The watereventually dissipated, but the excessive moisture in the basement caused rapidmold growth, mostly in the storage areas and stairwell of the basement.  Mold growth also spread into the laundry roomused by the residents. No resident units were affected. A mold inspection wasperformed in June 2009 and remediation bids were received in July 2009.Remediation began in July 2009 and cost approximately $42,000, of whichapproximately $18,500 was paid out of operating cash. The work was completed inAugust 2009 and a subsequent inspection revealed that all samples were belowacceptable contamination levels. To date, there have been no reports or claimswith regard to this mold issue from any residents.

 

The property taxes and insurance are current; however,in June 2009, the Operating Partnership stopped making debt servicepayments due to cash flow shortfalls. The lender has issued a default notice,started the foreclosure process and has appointed a receiver to run theproperty.  During the fourth quarter of2009, the Operating Partnership met with the senior lender to discuss thestatus of the property.  As a result ofthis meeting, a restructuring proposal was made to the senior lender.  This proposal sought to

 

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waive principal payments on the first, second and thirdmortgages from June of 2009 until December of 2011 with the deferralof principal payments contingent upon the extension through December 2011of the existing agreement between the City of Bloomington, IL and theOperating Partnership.  Under thisagreement, the City reimburses the Operating Partnership for real estate taxesin excess of the 1996 property tax amount of $3,203.  This agreement expired on December 31,2009.

 

During the first quarter of 2010, the senior lenderdenied the Operating Partnership’s request to restructure the debt and isproceeding toward foreclosure.  On March 24,2010, the court granted the lender a judgment of foreclosure and sale and we expectthe foreclosure sale to occur prior to the end of 2010.  The investment general partner has determinedthat the costs associated with maintaining the property through December 31,2010, the end of the low income housing tax credit compliance period, appeargreater than the benefits associated with maintaining tax credit compliance.Any foreclosure sale occurring prior to the December 31, 2010 expirationof the low income housing tax credit compliance period will require theOperating Partnership to recognize tax credit recapture.  If the foreclosure were to take place in2010, the Operating Partnership will experience estimated recapture andinterest of $292,999, equivalent to $74 per 1,000 BACs. The lender assigned areceiver to the property on October 1, 2009. The receiver is now managingthe property and all Operating Partnership accounts.

 

2730 Lafferty Street Apartments L.P. (GardenviewApartments) is a 309-unit property located approximately twenty miles outsideHouston, Texas. The 2008 average occupancy was 85% 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 cost for repairs is $2,300,000, withinsurance proceeds covering all expenses. In 2009, the property operated below breakeven for the year withoccupancy as of December 31, 2009 at 82%. 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 with a $300 discountare in place. Management has revised the marketing plan, which became effectiveduring the first quarter of 2010.  Theoccupancy for the first quarter of 2010 averaged 81%; however, with theimplementation of the new marketing plan, management is hopeful the occupancywill show signs of improvement throughout 2010. The mortgage, taxes, andinsurance payments are current.  On December 31,2010, the 15-year low income housing tax credit compliance period expires withrespect to Lafferty Street Apartments, L.P.

 

Northfield Apartments, LP (Willow Point I Apartments) isa 120-unit property located in Jackson, Mississippi. Through the first quarterof 2010, the property continues to operate below breakeven due to low occupancyand high maintenance, utility, and bad debt expenses.  Occupancy is low as the Jackson, MS market isover-saturated with tax credit housing; the subject property has difficultycompeting with newer affordable communities in the market.  Occupancy has improved slightly since 2009and ended the first quarter of 2010 at 70%. Management continues to offer concessions of up to one month free rentto help increase occupancy.  Maintenanceexpenses are high due to turnover and the need to make vacant units rent ready.Utility expenses are high due to exorbitant water rates in the City ofJackson.  To reduce bad debt, managementhas implemented a zero tolerance policy to remove non-paying residents fromunits more quickly and management is training staff to more aggressivelycollect payment.  Mortgage and insurancepayments are current and the operating general partner will be funding the realestate taxes in the

 

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second quarter. On December 31, 2009, the 15-year low income housing tax creditcompliance period expired.  Theinvestment general partner is in the process of exploring various dispositionopportunities consistent with the investment objectives of the investmentpartnership.

 

In December 2006, the investment general partner ofBoston Capital Tax Credit Fund II — Series 14, Boston Capital Tax CreditFund III — Series 17 and Series 20 transferred 33% of their interestin College Greene Rental Associates Limited Partnership to entities affiliatedwith the operating general partners for their assumption of one third of theoutstanding mortgage balance.  The cashproceeds 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 for expenses related to the transfer, whichincludes third party legal costs.  Theremaining proceeds received by Series 14, Series 17, and Series 20of $23,790, $7,320 and $60,390, respectively, were applied against theinvestment limited partners’ investment in the Operating Partnership inaccordance with the equity method of accounting.   In April 2010, the investment limitedpartner transferred 49% of its interest for $262,209.  Of the proceeds received $5,200, $1,600 and$13,200 for Series 14, Series 17 and Series 20, respectively,will be paid to BCAMLP for expenses related to the transfer.  The remaining proceeds of $62,974, $19,377and $159,858, respectively, were returned to the cash reserves held by Series 14,Series 17 and Series 20, respectively.  The proceeds were allocated to the investmentlimited partnerships based on their original equity investments in theOperating Partnership.  The remaininginvestment limited partner interest is scheduled to be transferred in March 2011.

 

Floral Acres Apartments II (Floral Acres II) is a32-unit complex located in Waggaman, LA. The property operated above breakeven in 2008 with average occupancy of90%.  As of December 31, 2009, occupancywas at 94%, yet the property operated below breakeven for the year due to alarge increase in operating expenses. Maintenance costs increased from $16,949 in 2008 to $87,096 in 2009.  According to the operating general partner,Rural Development required significant repair work as a result of their mostrecent audit.  Repair work included a newroof and flooring throughout the complex. All repair work was completed in the fourth quarter of 2009.  Occupancy was at 100% as of March 31,2010 and the property operated above breakeven. Maintenance expenses have corrected back to their historic levels.

 

In January 2010, the investment general partnertransferred its interest in Clarksville Estates, LP to a non-affiliated entityfor its assumption of the outstanding mortgage balance of approximately$656,811 and cash proceeds to the investment partnership of $19,866.  Of the total proceeds received $2,198represents reporting fees due to an affiliate of the investment partnership andthe balance represents proceeds from the transfer.  Of the total proceeds received, $7,500 willbe paid to BCAMLP for expenses related to the transfer, which includes thirdparty legal costs.  The remainingproceeds of $10,168 will be returned to cash reserves held by Series 20.  The monies held in cash reserves will beutilized to pay current operating expenses, accrued but unpaid asset managementfees, and accrued but unpaid expenses of the investment partnership.  After all outstanding obligations of theinvestment partnership are satisfied, any remaining monies will be distributedbased 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 in theOperating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of theproceeds from the sale, net of the

 

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overhead and expense reimbursement, has been recorded inthe amount of $10,168 as of March 31, 2010.

 

In May 2010, the investment general partner ofBoston Capital Tax Credit Fund III LP — Series 18 and Boston Capital TaxCredit Fund IV LP — Series 20 transferred their respective interests inEvergreen Hills Associates, Limited Partnership to an entity affiliated withthe operating general partner for its assumption of the outstanding mortgagebalance of approximately $2,635,694 and cash proceeds to the investmentpartnerships of $29,680 and $12,720, for Series 18 and Series 20,respectively.  Of the total proceedsreceived $22,680 and $9,720 for Series 18 and Series 20,respectively, represents reporting fees due to an affiliate of the investmentpartnerships and the balance represents proceeds from the transfer. Of theremaining proceeds, $7,000 and $3,000 for Series 18 and Series 20,respectively, will be paid to BCAMLP for expenses related to the transfer,which includes third party legal costs. No proceeds were returned to cash reserves held by Series 18 and Series 20,respectively.

 

In June 2010, the investment general partner of Series 20and Series 41 transferred their respective interests in Cascade Commons LPto an entity affiliated with the operating general partner for its assumptionof the outstanding mortgage balance of approximately $22,279,256 and cashproceeds to the investment partnerships of $782,140 and $390,484 for Series 20and Series 41, respectively. Of the total proceeds received, $17,876 and$8,924 for Series 20 and Series 41, respectively, will be paid toBCAMLP for expenses related to the transfer, which includes third party legalcosts. The remaining proceeds of $764,264 and $381,560 were returned to cashreserves held by Series 20 and Series 41, respectively.  The monies held in cash reserves will beutilized to pay current operating expenses, accrued but unpaid asset managementfees, and accrued but unpaid expenses of the investment partnership.  After all outstanding obligations of theinvestment partnership are satisfied, any remaining monies will be distributedbased on the number of BACs held by each investor at the time of distribution.

 

(Series 21). As of March 31, 2010 and 2009, the average Qualified Occupancy forthe series was 100%.  The series had atotal of 10 properties at March 31, 2010, all of which were at 100%Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $1,215,205 and $669,123, respectively inpassive income tax losses that were passed through to the investors and alsoprovided $0.08 and $0.11, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 21 was $0 and $97,879,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $528,259 and $(521,323), respectively.  The major components of these amounts are theFund’s share of income (losses) from Operating Partnerships, general andadministrative, impairment losses, and the fund management fee.

 

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Pumphouse Crossing II, LP (Pumphouse Crossing IIApartments) is a 48-unit family property located in Chippewa, Wisconsin.  Occupancy as of March 31, 2010 was 95%.Although occupancy is strong and expenses remain reasonable, low rental ratesin the area have prevented the property from achieving breakeven operations.The management company continues to market the available units by workingclosely with the Housing Authority, and by implementing various marketingefforts to attract qualified residents. The operating general partner continuesto financially support the Operating Partnership. The mortgage, taxes,insurance and payables are current.

 

Black River Run, LP (River Run Apartments) is a 48-unit,family property located in Black River Falls, Wisconsin.  Occupancy as of March 31, 2010 was 85%.Although expenses remain below the state average, low rental rates in the area haveprevented the property from achieving breakeven. The property’s taxes andinsurance are current; however, the Operating Partnership stopped making debtservice payments due to cash flow shortfalls. In the first quarter of 2010, theinvestment general partner learned that the property was six months in arrearson its mortgage and that the lender had issued a notice of default.  The note was accelerated in April of2010. The operating general partner was in contact with the lender in hopes ofgaining an interest only forbearance for a four-year period (the note maturesin 2014). However the lender did not agree to modify the terms of the loan anddemanded a payment of $959,495 be made by April 20, 2010 to cure thedefault.  The operating general partner failedto provide the funds and the lender commenced a foreclosure proceeding. Aforeclosure process in Wisconsin could take up to 12 months. Once the court hasissued a judgment of foreclosure, the borrower has a reinstatement period tostop the foreclosure by paying off the amount owed plus interest.  The reinstatement period varies; however,most of the properties subject to foreclosure have 6-12 months for thispayment.  Historically, the operatinggeneral partner has funded operating deficits in accordance with its operatingdeficit guarantee, which is unlimited in time and amount. However, theoperating general partner indicated that it would not continue to supportoperations due to financial constraints. The tax credit delivery period ended in 2004 and the low-income housingtax credit compliance period expired in 2009. A foreclosure sale occurring in2010 would not result in any recapture or penalties because the property isbeyond the compliance period.  As theannual losses generated by the operating partnership had previously reduced theinvestment partnership’s tax basis carrying value to zero, no gain or loss willbe recognized by the investment partnership as a result of the foreclosure.

 

Lookout Ridge LP (Lookout Ridge Apts.) is a 30-unitdevelopment located in Covington, KY. The property continues to operate below breakeven due to high operatingexpenses and low occupancy.  The propertyhad an average occupancy rate of 77% in 2009 and operated below breakeven, withcash flow deficit of ($81,458).  As of March 31,2010, occupancy declined to 73%.  On August 20,2007, the investment general partner received a fax, via management, from theInternal Revenue Service stating that due to continued non-compliance atLookout Ridge Apartments, credits could not be calculated for the year, andthat the previous credits claimed are subject to recapture.  The specific non-compliance issues cited bythe Internal Revenue Service are: management failed to correctly complete ordocument tenants’ annual income certification; violation(s) of localinspection standards; the project failed to meet minimum set-asiderequirements; violation(s) of the Vacant Unit Rule under Reg.1.42-5(c)(1)(ix); and the project is no longer in compliance with norparticipating in the Section 42 Program.

 

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Although the operating general partner has advancedsignificant funds to keep accounts current, the operational outlook for thisproperty is not favorable. Occupancy numbers are running at historic lows andexpenses continue to climb. Both the operating general partner and managementhave proven their inability to effectively run this property by not following Section 42guidelines.  Furthermore, KentuckyHousing has provided management with a number of opportunities to correctvarious non-compliance issues which management failed to act upon.  Other non-compliance issues are costlycapital expense items which include: replacement of concrete pads, replacementof entry stairs, replacement of landscaping ties, correction of drainageissues, and deck repairs.

 

The operating general partner requested use of operatingreserve funds in order to pay for 2008 taxes; as a result, the operatingreserve balance is now zero.  Accountspayables as of year-end 2009 were $215,664. The operating general partnerreports the funding of $338,000 in operating deficits as of May 2010.

 

In summary, the property has a history of unstablefinancial performance and inefficient management.  These problems are compounded by continuednon-compliance, significant costs necessary to correct capital improvementitems, a building fire destroying all tenant files and an IRS letter indicatingremoval from the Section 42 program. Due to the removal from the Section 42program, the Operating Partnership experienced recapture, interest andpenalties of $858,975.  This representsrecapture, interest and penalties of $445 per 1,000 BACs, which was reflectedon the 2007 tax return.  The operatinggeneral partner has worked with their attorney and Kentucky Housing in anattempt to get the property back into the Section 42 program, but uponreview, Kentucky Housing denied reinstatement back into the Section 42 taxcredit program.

 

In December 2008, the investment general partnerperformed a site visit at the property. The property is in extremely poor physical condition.  In addition, the tenant files were incompleteand the management office disorderly. Overall, the condition of the property, files and units are in desperateneed of assistance. Since the property is no longer part of the Section 42program, the investment general partner is in the process of exploring variousdisposition opportunities consistent with the investment objectives of theinvestment partnership.

 

Pinedale II, LP (Pinedale Apartments II) is a 60-unit,family property located in Menomonie, Wisconsin.  Occupancy was 97% as of March 31, 2010.The property’s operating expenses are below the state averages.  Despite high occupancy, low rental rates inthe area have prevented the property from achieving breakeven.  The management agent continues to market theavailable units by working closely with the Housing Authority and isimplementing various marketing efforts to attract qualified residents. Theoperating general partner continues to financially support the OperatingPartnership. The mortgage, taxes, insurance and account payables are current.

 

In January 2010, the investment general partnertransferred its interest in Campton Housing Associates LP to a non-affiliatedentity for its assumption of the outstanding mortgage balance of approximately$951,173 and cash proceeds to the investment partnership of $32,689.  Of the total proceeds received $2,640represents reporting fees due to an affiliate of the investment partnership andthe balance represents proceeds from the transfer.  Of the remaining proceeds, $15,808 will bepaid to BCAMLP for expenses related to the transfer, which includes third partylegal costs, and the remaining proceeds of $14,241 will be returned to cashreserves held by Series 21.  Themonies

 

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held in cash reserves will be utilized to pay currentoperating expenses, accrued but unpaid asset management fees, and accrued butunpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership aresatisfied, any remaining monies will be distributed based on the number of BACsheld by each investor at the time of distribution. 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 in theOperating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of theproceeds from the sale, net of the overhead and expense reimbursement, has beenrecorded in the amount of $14,241 as of March 31, 2010.

 

Centrum-Fairfax I, LP (Forest Glen at Sully Station,Phase I) is a 119-unit property located in Centerville, VA. Based on theresults of a market study performed in 2006, the operating general partnerdecided to reconfigure the property to have only 83 units, which reduced thenumber of 1-bedroom units from 100 to 29 and increased the number of 2-bedroomunits from 19 to 55. The construction was completed in March 2007 and theproperty was fully re-occupied by the spring of 2008. However, in 2009occupancy began to drop and as a result the property was unable to breakeven.Average occupancy in 2009 was 85%. Through the first quarter of 2010, physical occupancy improved and as ofMarch 2010 the property was 93% occupied and operating with a slightdeficit. The improved occupancy was due to intensified marketing efforts.However, rental concessions required to maintain occupancy and slightlyelevated administrative expenses, caused by increased marketing costs, resultedin the property operating below breakeven in March. Management is confidentthat breakeven will be achieved by June 2010. The mortgage, taxes,insurance, and payables are current. The operating general partner continues tofund operating deficits.

 

In May 2009, the investment general partner enteredinto an agreement to transfer its interest in Centrum — Frederick LP to anon-affiliated entity for its assumption of the outstanding mortgage balance ofapproximately $5,372,664 and cash proceeds to the investment partnership of$466,654. Of the total proceeds received, $88,576 represents a reimbursement offunds previously advanced to the Operating Partnership, and $55,000 representsreporting fees due to an affiliate of the investment partnership.  Of the remaining proceeds, $15,000 was paidto BCAMLP for expenses related to the transfer, which includes third partylegal costs.  The remaining proceeds of$308,078 will be returned to cash reserves. The monies held in cash reserves will be utilized to pay currentoperating expenses, accrued but unpaid asset management fees, and accrued butunpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership aresatisfied, any remaining monies will be distributed based on the number of BACsheld by each investor at the time of distribution. Annual losses generated bythe Operating Partnership, which were applied against the investment limitedpartnership investment in the Operating Partnership in accordance with theequity method of accounting, had previously reduced the investment limitedpartnership investment in the Operating Partnership to $97,878. Accordingly, again on the sale of the Operating Partnership, net of the overhead and expensereimbursement, has been recorded in the amount of $210,200 as of June 30,2009.  In August 2009, theinvestment partnership received its share of the operating partnership’s cashand reserves in the amount of $410,000 which was recorded as a gain on sale andreturned to the cash reserves as of September 30, 2009.

 

In January 2010, in accordance with the operatingpartnership agreement for Cattaraugus Manor LP, the investment general partnertransferred its interest

 

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in Cattaraugus Manor LP to an entity affiliated with theoperating general partner for its assumption of the outstanding mortgagebalance of approximately $1,051,904 and cash proceeds to the investment limitedpartner of $0.  Annual losses generatedby the 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 in theOperating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has beenrecorded as of March 31, 2010.  Theinvestment general partner on behalf of the investment limited partnershipentered into an agreement with the Operating Partnership for receipt of aresidual payment, if any.  Under theterms of the residual agreement if the property owned by the OperatingPartnership is refinanced or sold, on or before December 18, 2013, andcash proceeds are paid to the Operating Partnership as a result of suchrefinance or sale, there will be a payment of cash proceeds distributable tothe investment limited partnership in accordance with the Operating PartnershipAgreement in effect at the date the investment limited partnership transferredits interest.

 

(Series 22). As of March 31, 2010 and 2009, the average Qualified Occupancy forthe series was 100%.  The series hadtotal of 25 properties at March 31, 2010, all of which were at 100%Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $1,348,850 and $1,339,578, respectively inpassive income tax losses that were passed through to the investors and alsoprovided $0.00 and $0.01, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 22 was $0. By using the equity method,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, 2010 and 2009, thenet income (loss) of the series was $(208,678) and $(974,194),respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships,impairment losses and the fund management fee.

 

Elks Tower Apartments, LP (Elks Tower Apartments) is a27-unit development located in Litchfield, IL.  Occupancy in 2009 averaged 85% and theproperty operated below breakeven due to low occupancy and high maintenancecosts.  The operating general partnercontinues to focus on marketing, as there is considerable tax credit competitionin the area.  According to management,another Illinois Housing Development Authority property opened in January 2010saturating the market with a supply of income restricted units that weren’tneeded. The property is contemplating offering one-month free rent or freecable service to drive demand for Elks Tower units. Maintenance expenses werehigher in 2009 due to a water sprinkler supply line being cut causingconsiderable damage.  Occupancy was 81.5%as of March 2010, but has increased to 100% occupied as of May 2010.  Based on first quarter 2010 figures, theproperty continues to operate below breakeven. The mortgage, real estate taxes, and insurance payments are current.

 

Black River Run, LP (River Run Apartments) is a 48-unit,family property located in Black River Falls, Wisconsin.  Occupancy as of March 31, 2010 was 85%.Although expenses remain below the state average, low rental rates in the areahave prevented the property from achieving breakeven. The property’s

 

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taxes and insurance are current; however, the OperatingPartnership stopped making debt service payments due to cash flow shortfalls. Inthe first quarter of 2010, the investment general partner learned that theproperty was six months in arrears on its mortgage and that the lender hadissued a notice of default.  The note wasaccelerated in April of 2010. The operating general partner was in contactwith the lender in hopes of gaining an interest only forbearance for afour-year period (the note matures in 2014). However the lender did not agreeto modify the terms of the loan and demanded a payment of $959,495 be made by April 20,2010 to cure the default.  The operatinggeneral partner failed to provide the funds and the lender commenced aforeclosure proceeding. A foreclosure process in Wisconsin could take up to 12months. Once the court has issued a judgment of foreclosure, the borrower has areinstatement period to stop the foreclosure by paying off the amount owed plusinterest.  The reinstatement periodvaries; however, most of the properties subject to foreclosure have 6-12 monthsfor this payment. Historically, the operating general partner has fundedoperating deficits in accordance with its operating deficit guarantee, which isunlimited in time and amount. However, the operating general partner indicatedthat it would not continue to support operations due to financial constraints.  The tax credit delivery period ended in 2004and the low-income housing tax credit compliance period expired in 2009. Aforeclosure sale occurring in 2010 would not result in any recapture orpenalties because the property is beyond the compliance period.  As the annual losses generated by theoperating partnership had previously reduced the investment partnership’s taxbasis carrying value to zero, no gain or loss will be recognized by theinvestment partnership as a result of the foreclosure.

 

Roxbury Veterans Housing, LP (Highland House) is a14-unit property located in Roxbury, Massachusetts.  In the second quarter of 2007 the Departmentof Housing and Community Development informed the investment general partnerthat the Department of Mental Health would be terminating its contract withRoxbury Veterans Housing due to sub-par property conditions. Upon notification,the investment general partner inspected the property and found areas ofconcern regarding the overall condition of the property. The investment generalpartner also learned that the operating general partner terminated themanagement contract of the third-party agent late in 2006, with the intentionof self-managing. In May 2007, the investment general partner was informedof a default notice sent to the operating general partner by One United Bank,the holder of the first mortgage note. The investment general partner learnedthat there was a mortgage sale of the property scheduled for June 14,2007, and that this sale date had been extended from May 2007.

 

Subsequently, the investment general partner contactedall critical stakeholders including the City of Boston Department ofNeighborhood Development (DND), the Department of Housing and CommunityDevelopment (DHCD), the operating general partner and their respectiveattorneys 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 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 the first soft mortgage andbegan planning property upgrades to be funded by DND and DHCD.  The property was expected to be re-occupiedprior to year-end 2007; however, the work was delayed due to the fundingagencies’ frequent requests for additional information and the prolongedprocess of releasing funds.

 

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All units remained vacant through the fourth quarter of2008.  The property began making unitsavailable in 2009 and operated above breakeven for the year with occupancyending the year at 93%. The occupancy dipped slightly to 86% during the firstquarter of 2010 but management is confident that the occupancy will increaseduring the second quarter.  Throughoutnegotiations regarding the foreclosing lender, the operating general partnertransfer, and additional funding, the credit allocating agency repeatedlyassured that credits would not be in jeopardy. Since that time, there have been senior staff changes at the credit agencythat prompted the investment general partner to seek reconfirmation of thecredit situation; after repeated attempts for confirmation, the agency’sposition remains unknown.  The tax creditdelivery period ended in 2007 and the low-income housing tax credit complianceperiod expires in 2011.

 

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) isa 48-unit family development located in Longmont, CO.  The property suffers from low occupancy dueto a weak local economy.  In addition,the property has mostly three-bedroom units (42 of the 48) and these units havecomparable rents to single-family rental homes, which are more desirable.  The poor quality of the school system alsomakes 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 site visit wascompleted in July 2009, and found the property in excellentcondition.  The 2009 average occupancywas 89%, reaching 90% in December 2009. The first quarter of 2010 showed signs of improvement increasing to anaverage of 92%. The operating general partner continues to fund all operatingdeficits.  The mortgage, taxes, andinsurance are current. The last year for credit delivery was 2005 and the lowincome housing tax credit compliance period expires in 2010.

 

Edmond Properties, LP (Chapel Ridge of Edmond) is a160-unit property located in Edmond, OK. The property operated with an average occupancy of 83% in 2008 and 87%in 2009.  Despite the low occupancy, theOperating Partnership has been able to breakeven due to the operating generalpartner’s ability to control expenses. The management company was replaced at the end of 2007. Turnover at themaintenance staff position remained problematic in 2009 and contractors werehired to turn vacant units as management worked to fill three vacantmaintenance positions.  All threemaintenance positions were filled in the third quarter of 2009 and the propertyhas been fully staffed since that time. Management is aggressively advertisingin local publications and online sources. Through the first quarter of 2010,occupancy was 86% and operations remained above breakeven. All real estate tax,insurance, and mortgage payments are current.

 

Bayou Crossing, LP (Bayou Crossing Apartments) is a289-unit property located in Riverview, FL. The property began experiencing a decline in operations at the end of2007 due to a combination of a low occupancy and an increased insuranceexpense.  Occupancy continued to declinein 2008 and the property operated below breakeven due to increased concessions,turnover expenses, and bad debt. With aggressive marketing, occupancy reboundedslightly in 2009, averaging 88%, but operations remained below breakeven. Thecontinued struggle with vacancy and bad debt is a direct reflection of economicconditions in Florida where ongoing job losses have led to increased evictionsand migration from the area. Management continues to focus marketing efforts toon-line sources, Section 8, Tampa Housing Authority, and the HillsboroCounty Agencies. At the end of the first quarter of 2010, occupancy was 88%with

 

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below breakeven operations. Management has beensuccessful in reducing expenses but operations remain below breakeven due tothe high vacancy losses and bad debt. The investment general partner willcontinue to work with management to reduce economic vacancy and controlexpenses.  All real estate tax, insuranceand mortgage payments are current. 2010 is the final year of tax creditcompliance period.

 

Richmond Hardin(Richmond Square Apartments) is a 32-unit family property located in Richmond,Missouri.  Occupancy began to decline in July 2008to 71% by year-end, and operations were below breakeven status.  Occupancy fluctuatedthroughout 2009, from 81% in June to 85% by year-end. The propertyis not located in a densely populated area and the majority of residentsare retail employees with diminishing workhours.  The site manager continues toincrease advertising and outreach toarea employers, as well as offering resident referrals and rent concessions.  Occupancyin the first quarter of 2010 averaged 69% as layoffs continue and work hoursare further reduced. The investment general partner will continue to work with management to investigate alternative methods of attracting residents. Property taxes and insurance are current.  On December 31, 2009, the 15-year lowincome housing tax credit compliance period expired.  The investment general partner is in theprocess of exploring various disposition opportunities consistent with theinvestment objectives of the investment partnership.

 

Lost Tree Limited Partnership (Lost Tree Apartments) isan 88-unit family property located in Branson, Missouri.  Occupancy began to decline in April of2009 reaching 80%, from a previous six-month average of 90%.  Occupancy began to improve in September of2009 reaching 95% and remained strong at 92% as of December 31, 2009 and90% as of March 31, 2010, but the property continued to operate belowbreakeven in 2009. The majority of the tenant base is composed of employees inthe tourism industry.  Operations areanticipated to improve in the next quarter. The applicant pool is also limited due to the low-income limits in theCounty.  Due to increased turnover,maintenance expenses have increased from 2008 to 2009.  Management and the owners continue toincrease advertising and outreach.  In2009 the operating general partner used $41,000 from replacement reserves tofund deferred maintenance expenses and developer fees.  In December 2009, the operating generalpartner initiated a short term $50,000 loan to pay down the remaining developerfee, pay taxes and pay down the majority of payables.  This was done without permission of theinvestment general partner.  Theoperating general partner also depleted the remaining replacement reserves tofund the fourth quarter operating deficits. The 2009 audit depicted a cash deficit of ($25,000).  This was financed by depleting thereplacement reserves down to $2,500 and taking on the $50,000 affiliated loan.The main issue is that the operating general partner has exhausted the reservesand now will be required to fund estimated deficits of $18,000 to $20,000 peryear.  Property taxes and insurance arecurrent.  On December 31, 2009, the15-year low income housing tax credit compliance period expired.  The investment general partner is in the processof exploring various disposition opportunities consistent with the investmentobjectives of the investment partnership.

 

In January 2010, in accordance with the operatingpartnership agreement for Bellwood Gardens LP, the investment general partnertransferred its interest in Bellwood Gardens LP to an entity affiliated withthe operating general partner for its assumption of the outstanding mortgagebalance of approximately $1,195,267 and cash proceeds to the investment limitedpartner of $0.  Annual losses generatedby the 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 in theOperating Partnership to zero.

 

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Accordingly, no gain on the sale of the OperatingPartnership has been recorded as of March 31, 2010.  The investment general partner on behalf ofthe investment limited partnership entered into an agreement with the OperatingPartnership for receipt of a residual payment, if any.  Under the terms of the residual agreement ifthe property owned by the Operating Partnership is refinanced or sold, on orbefore December 18, 2013, and cash proceeds are paid to the OperatingPartnership as a result of such refinance or sale, there will be a payment ofcash proceeds distributable to the investment limited partnership in accordancewith the Operating Partnership Agreement in effect at the date the investmentlimited partnership transferred its interest.

 

In March 2010, the investment general partnertransferred its interest in Clarendon Court LP to an entity affiliated with theoperating general partner for its assumption of the outstanding mortgagebalance of approximately $1,391,510 and cash proceeds to the investmentpartnership of $56,082.  Of the totalproceeds received,$3,934 represents reporting fees due to an affiliate of theinvestment partnership and the balance represents proceeds from thetransfer.  Of the remaining proceeds,$15,000 will be paid to BCAMLP for expenses related to the transfer, which includesthird party legal costs.  The remainingproceeds of $37,148 were returned to cash reserves held by Series 22.  The monies held in cash reserves will beutilized to pay current operating expenses, accrued but unpaid asset managementfees, and accrued but unpaid expenses of the investment partnership.  After all outstanding obligations of theinvestment partnership are satisfied, any remaining monies will be distributedbased on the number of BACs held by each investor at the time of distribution.  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, a gain on the sale of the OperatingPartnership of the proceeds from the sale, net of the overhead and expensereimbursement, has been recorded in the amount of $37,148 as of March 31,2010.

 

In January 2010, the investment general partnertransferred its interest in Fonda LP to a non-affiliated entity for itsassumption of the outstanding mortgage balance of approximately $958,534 andcash proceeds to the investment partnership of $28,834.  Of the total proceeds received $5,115 will bepaid to BCAMLP for expenses related to the transfer, which includes third partylegal costs, and the remaining proceeds of $23,719 will be returned to cashreserves held by Series 22.  Themonies held in cash reserves will be utilized to pay current operatingexpenses, accrued but unpaid asset management fees, and accrued but unpaidexpenses of the investment partnership. After all outstanding obligations of the investment partnership aresatisfied, any remaining monies will be distributed based on the number of BACsheld by each investor at the time of distribution.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnershipinvestment in the Operating Partnership to zero. Accordingly, a gain on thesale of the Operating Partnership of the proceeds from the sale, net of theoverhead and expense reimbursement, has been recorded in the amount of $23,719as of March 31, 2010.

 

In January 2010, in accordance with the operatingpartnership agreement for Lake Street Apartments, the investment generalpartner transferred its interest in Lake Street Apartments to an entityaffiliated with the operating general partner for its assumption of theoutstanding mortgage balance of

 

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approximately $1,308,662 and cash proceeds to theinvestment limited partner of $0.  Annuallosses generated 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 in the Operating Partnership to zero.  Accordingly, no gain on the sale of theOperating Partnership has been recorded as of March 31, 2010.  The investment general partner on behalf ofthe investment limited partnership entered into an agreement with the OperatingPartnership for receipt of a residual payment, if any.  Under the terms of the residual agreement ifthe property owned by the Operating Partnership is refinanced or sold, on orbefore December 18, 2013, and cash proceeds are paid to the OperatingPartnership as a result of such refinance or sale, there will be a payment ofcash proceeds distributable to the investment limited partnership in accordancewith the Operating Partnership Agreement in effect at the date the investmentlimited partnership transferred its interest.

 

(Series 23). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 100%.  The series had a total of 20 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $1,266,065 and $1,494,044, respectively inpassive income tax losses that were passed through to the investors and alsoprovided $0.00 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 23 was $0.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(218,996) and $(1,118,218),respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships,impairment losses, and the fund management fee.

 

Colonna Redevelopment Company (Colonna House) is a36-unit development located in Hempstead, NY. Replacement reserves have not been fully funded and the account payablebalance remains high.  The balance sheetindicates that over $360,000 is due from the operating general partner andaffiliates for unapproved loans from the Operating Partnership, including anadditional $58,500 to the operating general partner’s company in 2008.  The investment general partner visited theoperating general partner at his corporate office to discuss these issues.  The operating general partner stated that hewould need to conduct additional research to understand how these sources weredeployed.  Asset management fees areguaranteed and remain outstanding.  Inaddition, Operating Partnership reporting from the operating general partner issporadic. Year-end 2009 occupancy was 97%, but operations were below breakevenfor the year.  As of March 2010 theproperty operated below breakeven.  Thefirst quarter financials and occupancy have been requested.  All taxes, insurance and mortgage paymentsare current.  The Operating Partnership’slow income housing tax credit compliance period expired on December 31,2009.  The investment general partner isin the process of exploring various disposition opportunities consistent withthe investment objectives of the investment partnership.

 

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South Hills Apartments (South Hills Apartments, LP) is a72-unit, family property located in Bellevue, Nebraska. In 2008, the propertyoperated below breakeven as a result of low occupancy, low rental rates andoverly burdensome debt, which carried an interest rate of 10.4%. Due to anumber of job losses in the area, occupancy decreased to 82% for 2009. Therewere few qualified prospective residents that could afford the tax credit rentswithout obtaining rental assistance, which was limited. The property was alsocompeting with newer properties, which offered superior amenity packages.  Despite management’s marketing and rentcollection efforts, the property continued to operate below breakeven in 2009.

 

Historically, the operating general partner had fundedoperating deficits in accordance with its operating deficit guarantee, which isunlimited in time and amount. However, in the first quarter of 2009, theoperating general partner indicated that it would not continue to support theoperations due to financial constraints. As a result, the Operating Partnershipmissed the April and June mortgage payments. In July 2009, thelender served the Operating Partnership with a Notice of Default and Electionto Sell. In addition, the mortgage was in technical default, as it fell belowthe required minimum combined escrow (real estate taxes, insurance, andreplacement reserves) balance of $50,000. The lender demanded a payment of$70,000 to be made by August 3, 2009, to cure the default; however, theoperating general partner failed to provide such funds. The lender commenced aforeclosure action on August 4, 2009, with a foreclosure sale that wasscheduled for October 20, 2009.  Atthat time, the investment general partner determined that the costs associatedwith maintaining the property through December 31, 2010, the end of thelow income housing tax credit compliance period, appeared to be greater thanthe benefit associated with maintaining tax credit compliance.

 

In September, a buyer was identified who was willing topurchase the interests of the Operating Partnership for a nominal amount andkeep the property affordable through the remainder of the compliance period, ifthe lender would agree to withdraw the foreclosure filing. However, the lenderrejected this proposal and, in October, accepted a bid from another buyer topurchase from the lender the outstanding debt on the property. The new lenderdelayed the foreclosure for several weeks. On December 1, 2009, theoperating general partner, investment general partner, and new lender signed anagreement to transfer the deed to the lender in lieu of foreclosure in January 2010.On January 4, 2010, the deed was transferred to the new lender.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment in the Operating Partnershipto zero.  Accordingly, no gain on theforeclosure of the Operating Partnership has been recorded as of March 31,2010.  It was originally estimated that aforeclosure occurring in 2010 would result in the Operating Partnershipexperiencing estimated recapture and interest of $360,713, equivalent to $106per 1,000 BACs. However, the property will likely maintain its affordablehousing minimum set-aside through 2010, due to the three year vacancy decontrolrule set forth in Section 42 of the Internal Revenue Code, whichprevents owners from evicting current residents for three years. The recapturecosts will likely be based only on the units that were not occupied by incomequalified residents in 2010, which should result in recapture costs lower thanthose stated above. This value cannot be determined until year-end 2010.

 

Kimbark 1200 Associates, LP (Kimbark 1200 Apartments) isa 48-unit family development located in Longmont, CO.  The property suffers from low occupancy dueto a weak local economy.  In addition,the property has mostly three-bedroom units (42 of the 48) and these units havecomparable rents to single-

 

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family rental homes, which are more desirable.  The poor quality of the school system alsomakes it difficult to attract families with children.  The site manager developed a good relationshipwith the local police who have initiated nighttime patrols. To attractapplicants, management continues to offer rental concessions and residentreferral fees.  Banners and signs havebeen redesigned for increased visibility; a rotating model unit is shown toapplicants; and advertising on the Internet, and in adjacent towns, hasincreased.  A site visit was completed inJuly 2009, and found the property in excellent condition.  The 2009 average occupancy was 89%, reaching90% in December 2009.  The firstquarter of 2010 showed signs of improvement increasing to an average of 92%.The operating general partner continues to fund all operating deficits.  The mortgage, taxes, and insurance arecurrent. The last year for credit delivery was 2005 and the low income housingtax credit compliance period expires in 2010.

 

Edmond Properties, LP (Chapel Ridge of Edmond) is a160-unit property located in Edmond, OK. The property operated with an average occupancy of 83% in 2008 and 87%in 2009.  Despite the low occupancy, theOperating Partnership has been able to breakeven due to the operating generalpartner’s ability to control expenses. The management company was replaced at the end of 2007. Turnover at themaintenance staff position remained problematic in 2009 and contractors werehired to turn vacant units as management worked to fill three vacantmaintenance positions.  All threemaintenance positions were filled in the third quarter of 2009 and the propertyhas been fully staffed since that time. Management is aggressively advertisingin local publications and online sources. Through the first quarter of 2010,occupancy was 86% and operations remained above breakeven. All real estate tax,insurance and mortgage payments are current.

 

Bayou Crossing, LP (Bayou Crossing Apartments) is a289-unit property located in Riverview, FL. The property began experiencing a decline in operations at the end of2007 due to a combination of a low occupancy and an increased insuranceexpense.  Occupancy continued to declinein 2008 and the property operated below breakeven due to increased concessions,turnover expenses, and bad debt. With aggressive marketing, occupancy reboundedslightly in 2009, averaging 88%, but operations remained below breakeven. Thecontinued struggle with vacancy and bad debt is a direct reflection of economicconditions in Florida where ongoing job losses have led to increased evictionsand migration from the area. Management continues to focus marketing efforts toon-line sources, Section 8, Tampa Housing Authority, and the HillsboroCounty Agencies.  At the end of the firstquarter of 2010, occupancy was 88% with below breakeven operations. Managementhas been successful in reducing expenses but operations remain below breakevendue to the high vacancy losses and bad debt. The investment general partnerwill continue to work with management to reduce economic vacancy and controlexpenses.  All real estate tax, insuranceand mortgage payments are current, 2010 is the final year of tax credit complianceperiod.

 

Mathis Apartments, LTD (Mathis Apartments) is a 32-unitcomplex located in Mathis, TX.  In 2008,occupancy averaged 94% and the property operated above breakeven.  Occupancy remained strong throughout 2009,ending the year at 95%. There was a large increase in maintenance costs in2009.  Maintenance costs increased 84%over 2008 figures.  According to theoperating general partner, the spike in maintenance is due to Rural Developmentrequired repairs.  Despite the increasein maintenance costs the property operated above breakeven in 2009.  The property continued to operate abovebreakeven through the first quarter of 2010 and occupancy averaged 97%.  All taxes, insurance and mortgage paymentsare current.

 

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In January 2010, the investment general partnertransferred its interest in Philmont LP to a non-affiliated entity for itsassumption of the outstanding mortgage balance of approximately $1,443,412 andcash proceeds to the investment partnership of $43,398.  Of the total proceeds received $5,173 will bepaid to BCAMLP for expenses related to the transfer, which includes third partylegal costs, and the remaining proceeds of $38,225 will be returned to cashreserves held by Series 23.  Themonies held in cash reserves will be utilized to pay current operatingexpenses, accrued but unpaid asset management fees, and accrued but unpaidexpenses of the investment partnership. After all outstanding obligations of the investment partnership aresatisfied, any remaining monies will be distributed based on the number of BACsheld by each investor at the time of distribution.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnershipinvestment in the Operating Partnership to zero. Accordingly, a gain on thesale of the Operating Partnership of the proceeds from the sale, net of theoverhead and expense reimbursement, has been recorded in the amount of $38,225as of March 31, 2010.

 

In February 2010, the investment general partnerentered into an agreement to transfer its interest in Broderick HousingAssociates LP to a non-affiliated entity for its assumption of the outstandingmortgage balance of approximately $1,611,311 and cash proceeds to the investmentpartnership of $74,780.  The transactionclosed on April 26, 2010. Of the total proceeds received, $10,000represents reporting fees due to an affiliate of the investment partnership andthe balance represents proceeds from the transfer.  Of the remaining proceeds, $20,400 will bepaid to BCAMLP for expenses related to the transfer, which includes third partylegal costs. The remaining proceeds from the transfer of $44,380 were returnedto cash reserves held by Series 23. The monies held in cash reserveswill be utilized to pay current operating expenses, accruedbut unpaid asset management fees, and accrued but unpaid expenses of theinvestment partnership. After all outstanding obligations of the investmentpartnership are satisfied, any remaining monies will be distributed basedon the number of BACs held by each investor at the time of distribution.

 

Mid City Associates LP (Mid City Apartments) are 58modular duplex apartments, comprising the first phase of a two-phase low-incomehousing project totaling 96-units in the North Greenville section of JerseyCity.  Located on 15 separate infillparcels, Mid-City Apartments consists of 57 two-bedroom units and 1three-bedroom unit, including 3 two-bedroom apartments designed specificallyfor handicapped tenants.  Averageoccupancy in 2009 was 98% and the property operated below breakeven.  As of March 2010 the property is 98%occupied with minimal bad debt.  Despitea high occupancy, the property’s expenses are roughly 134% of the stateaverage.  Maintenance expenses in 2009were $951 higher per unit than the previous year state average.  During November 2009 the first mortgagenote in the amount of $990,000 with the New Jersery Housing and MortgageFinance Agency matured.  As of December 31,2009 the liability was paid in full. In September 2009, the OperatingPartnership began discussions with the Agency regarding the possibility ofrefinancing the third mortgage note, which also matured in November 2009.The process is currently ongoing; with the Agency agreeing to forbearance untilrefinancing is finalized. On December 31, 2008, the 15-year low incomehousing tax credit compliance period expired.

 

(Series 24). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 100%. The series had a totalof 20 properties at March 31, 2010, all of which were at 100% QualifiedOccupancy.

 

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For the tax years ended December 31, 2009 and 2008,the series, in total, generated $2,155,903 and $897,459, respectively, inpassive income tax losses that were passed through to investors and alsoprovided $0.00 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009 Investments inOperating Partnerships for Series 24 was $0.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2010 and 2009 the netincome (loss) of the Series was $(11,402) and $(668,822), respectively.The major components of these amounts are the Fund’s share of losses fromOperating Partnerships, the fund management fee, and impairment losses.

 

Elm Street Associates, LimitedPartnership (Elm Street Apartments) is located in Yonkers, New York.  The neighborhood has been a difficult one inwhich to operate due to high crime. Almost all the tenants use some public subsidy, making this a verymanagement-intensive property.  Poortenancy has historically resulted in operating deficits.  Although management has been proactive inaddressing these concerns, other management issues, including poor rentcollections and deferred maintenance, have negatively impacted theproperty.  Occupancywas 77% at the end of the first quarter of 2010.  Management is trying to be proactive inkeeping residents by supplying life skills training to families who are havingtrouble paying rent.  After referringfamilies to rent assistance services, they offer counseling for basic budgetingskills to avoid future evictions. Operating expenses in the first quarter of 2010 are running slightlyabove budget and the property continues to operate below breakeven. Themortgage, real estate taxes, and insurance payments are all current. Thereplacement reserve is fully funded. The operating general partner has fundedthe operating deficits by cash infusions and deferring management fees.  The operating general partner’s long-termgoal is to work on improving and stabilizing the neighborhood in order toattract and retain residents. They have a longstanding and ongoing commitmentto the residents of southwest Yonkers where their housing programs and serviceoffices are located.

 

A site visit conducted in the fourth quarter of 2009showed the property looked good and was well maintained.  The majority of the vacant units were rentready, although there were no prospective move-ins scheduled.  The operating general partner remainscommitted to the property and the neighborhood and expressed a willingness tocontinue funding deficits until the property stabilizes.  The compliance period expires December 31,2010.  The investment general partnerwill continue to monitor this property until operations improve.

 

Jeremy Associates, LP (Coopers Crossing Apartments) is a93-unit family development located in Las Colinas, Texas.  In 2009, average occupancy was 95%; however,the property continued to operate below breakeven due to high operatingexpenses.  Occupancy continues to bestrong and was 95% at the end of the first quarter of 2010.  Operating expenses are high mainly due tomaintenance costs as a result of severe physical deficiencies in a number ofbuildings on site.  Since construction, anumber of the buildings have had differential settlement issues resulting incracked floor slabs, cracked brick veneer, cracking windows and doors andsagging balconies.  These concerns havebeen addressed on an ongoing basis via advances by the operating generalpartner.  Despite high occupancy and costcontrol efforts including staffing reduction, reduced marketing and theshutting down of one boiler during warmer

 

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months, the property continued to operate belowbreakeven in 2009.  The operating generalpartner continues to address settlement concerns by slab jacking to stabilize movement.  All buildings are on-line and deferredmaintenance does not appear to be an issue. The operating general partner is actively repairing drywall cracks,adjusting sticking doors, and repainting impacted units. The operating generalpartner continues to fund operating deficits despite the expiration of theoperating deficit guarantee.  So far theoperating general partner has advanced over $1,800,000 for repairs andoperating deficits. The mortgage, trade payables, property taxes and insuranceare current. The low income housing tax credit compliance period will expire onDecember 31, 2010.

 

Zwolle Partnership (Lakeway Apartments) is a 32-unitmultifamily development located in Zwolle, Louisiana.  Occupancy issues began in 2007 following arent increase.  According to theoperating general partner, in addition to the rent increase, occupancy had beenadversely affected by a weak local economy, as well as turnover of the on-sitemanager position.  Occupancy averaged 82%in 2008.  Despite the low occupancy, theproperty managed to operate above breakeven due to a reduction in operatingexpenses.  In September of 2009 anew management company was brought in to manage the complex.  The new management company has a great dealof experience in Low-income Housing Tax Credit property management throughoutLouisiana and Texas.  The new managementcompany found there to be a good deal of deferred maintenance at the propertyand vacant units were not rent ready.  ByDecember 31, 2009, new management had addressed all deferred maintenanceissues at the site and had restored all vacant units to rent ready status.  The cost for the repair work was funded fromthe project’s operating and replacement reserve accounts.  As a result, occupancy improved to 94% as of December 31,2009 and the property was 97% occupied as of March 31, 2010.  The property operated above breakeven in thefirst quarter of 2010.  The guarantee isunlimited in time and amount.  All realestate tax, mortgage, and insurance payments are current.

 

New Hilltop Apartments, Phase II (Hilltop Apartments) isa 72-unit property located in Laurens, SC. Industrial decline in the area has led to a dwindling population basefrom which to draw qualified residents. Only 21 of the property’s 72 units have rental assistance.  Consequently, the property has troublecompeting with properties that offer more units with rental assistance.  In 2008, occupancy averaged 85%, and theproperty operated below breakeven for the year. In 2009, the property averaged 73% occupancy and operated belowbreakeven with a cash flow deficit of ($11,072). Occupancy has been improvingin 2010 and was 89% as of March 2010. The primary reasons that theproperty continues to operate below breakeven include: insufficient rentalrates, vacancy loss, various capital improvement projects and additionalreplacement reserve funding per a Rural Development workout plan.  Management continues to market the propertythrough local media and civic organizations, as well as investigating thepossibility of obtaining additional project-based rental assistance subsidy.The mortgage, real estate tax, insurance and payables to non-related entitiesare current. The operating general partner’s guarantee is unlimited in time andamount.  The Operating Partnership’s lowincome housing tax credit compliance period expired on December 31,2009.  The investment general partner isin the process of exploring various disposition opportunities consistent withthe investment objectives of the investment partnership.

 

Century East V, LP (Century East V Apartments) is a24-unit development located in Bismarck, ND. In 2009, average occupancy declined to 84%, with operations slightlybelow breakeven.  Due to performanceconcerns, the site manager was replaced during the fourth quarter of 2008.  The concerns were due to poor tenantscreening and other managerial concerns. The new manager began

 

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evicting problematic tenants and put into place morestringent applicant approval standards. Further, as rents had not been increased in the last four years,management increased rents significantly. Despite the increase, rents were still lower than the marketaverage.  Many tenants moved out as aresult of the rental rate increase. Others moved out due to management’s enforcement of the rules, resultingin a decline in occupancy to 75% as of January 2009.  Management increased marketing efforts andoutreach.  Occupancy had improved to 88%by year-end 2009 and has continued trending upward into 2010, averaging 92% inthe first quarter, and the property is operating slightly above breakeven.  Management is considering another rental rateincrease in an effort to continue to stabilize operations.  The investment general partner will continueto monitor the property’s performance. All real estate tax, mortgage, andinsurance payments are current.

 

North Hampton Place, LP(North Hampton Place Apartments) is a 36-unit family property located inColumbia, Missouri.  Since 2006,occupancy has remained inconsistent, and the property has continued to operatebelow breakeven.  As a result, themanagement staff has been replaced.  Thenew staff has received additional training in leasing, marketing and residentretention.  Additionally, the leasingoffice has increased their hours of operations. New amenities at the site include the installation of a basketballcourt.  Although2009 occupancy averaged 81% and resulted in below breakeven operations, there wasconsistent improvement throughout the year and occupancy reached 100% in December 2009. Occupancyhas remained high, averaging 97% in the first quarter of 2010 and operationsare above breakeven. The investment general partner will continue to monitor operations andmanagement to ensure stabilization. The operating general partner continues tofund deficits as necessary. The mortgage, real estate taxes, and insurance arecurrent.  The tax credit delivery periodended in 2006.  The low income housingtax credit compliance period expires at year-end 2010.

 

Centenary Housing, LP. (Centenary Tower Apartments) wasa 100-unit senior property located in St. Louis, MO.  The property operated at a deficit for thefirst time in 2005, due to operating expenses which exceeded the state averageby 25%.  Throughout 2006, third partymanagement reports to the operating general partner and the investment generalpartner suggested that the property was operating adequately, although therewere a few reports that drug use and other undesirable activity were increasingat the property. In the first quarter of 2007, the investment general partnerlearned that the City of St. Louis had cited the property as a nuisance twice in2006.  The property’s security andhabitability had deteriorated sharply during the second half of 2006 and thefirst quarter of 2007, with over 700 police calls from June 15, 2006 — February 28,2007. After an additional citation from the City in the first quarter of 2007,the management company resigned effective February 1, 2007.  The operating general partner took overmanagement and hired new security personnel, but security guards wereineffective.  On February 28, 2007,the on-site manager was assaulted on the premises and the operating generalpartner was unable to re-establish a management presence at the property.

 

On March 2, 2007, the City of St. Louis conducted ahearing and ordered the building closed pursuant to public nuisanceordinances.  The Department of Housingand Urban Development terminated the Housing Assistance Payment contract.  The trustee for the bonds declared defaultunder the bond documents.  The operatinggeneral partner chose not to contest the City’s order or HUD’s contracttermination after determining that the highest recovery for the bondholders andlimited partners might result from a sale to a developer who would convert theproperty to a non-affordable use.  Theoperating general partner worked with HUD and local municipal officials to

 

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relocate the tenants, which concluded in early July 2007.The operating general partner engaged a broker who began marketing theproperty, but after three months of market exposure during the third quarter of2007, the property had failed to elicit any strong expressions ofinterest.  The lack of interest was inpart attributable to the general problems in the credit market that occurred inthe third quarter of 2007.  In October 2007,the operating general partner determined that it would be costly to carry theproperty through the winter and offered to consensually transfer the propertyto the bondholders’ trustee. As of December 2007, the bondholders’ trusteehad effectively taken control of the property, although it had not formallyaccepted the deed. The bondholders’ trustee has been attempting to market theproperty since late 2007, with numerous offers falling through.  In August 2009, the trustee identified abuyer that agreed to purchase the property for $375,000 and scheduled aforeclosure sale for late September.  Theproperty was sold at foreclosure sale to this buyer on September 23, 2009for $375,000, or less than $.20 of the face value of the bonds.  There are no proceeds to be returned to cashreserves. Annual losses generated by the Operating Partnership, which wereapplied against the investment limited partnership’s investment in theOperating Partnership in accordance with the equity method of accounting, hadpreviously reduced the investment limited partnership investment in theOperating Partnership to zero. Accordingly, no gain on the foreclosure of theOperating Partnership has been recorded.

 

Due to the property being shut down in 2007, investorslost 2007 tax credits and experienced recapture.  The Operating Partnership lost $88,635 incredits and experienced recapture of $496,442. This represents credits and recapture of $40 and $224, 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 under the guarantees,based on the unknown financial strength of the guarantors.

 

Lake Apartments Limited Partnership (Lake Apartments I)is a 24-unit property located in Fargo, ND. In 2009, average occupancy was 90%, and the property operated slightlybelow breakeven due to high utility expenses, high real estate taxes andturnover related expenses.  Historically,management at this property has coordinated with Lutheran Social Services (LSS)to provide housing to new Americans despite no rental or credit history.  As a result, the property was negativelyaffected by unique cultural concerns.  In2008, management discontinued providing housing for LSS referrals without anestablished rental and credit history. In addition, leases of problematic tenants were not renewed.  As a result, occupancy declined to 79% in January 2009but trended upward throughout the year and into 2010.  The operating general partner was positioningthe property for disposition upon the Operating Partnership’s emergence fromits compliance period in 2009.  Inaddition to the change in leasing strategies, physical improvements were madeto increase marketability including new landscaping and appliances.  As of March 31, 2010, occupancy was 96%and the property is operating just above breakeven.  In an effort to continue this upward trend inoccupancy, aggressive marketing tactics, which include advertisements in thelocal newspaper and the Apartment Finder Magazine, have been put intoplace.  In addition, management has alsomade the property pet friendly, opening the door to a whole new tenantbase.  The operating general partnercontinues to fund all deficits as operations are supported by an unlimitedguarantee.  The investment generalpartner will continue to monitor operations and assist management in improvingleasing standards as well as reducing operating expenses.  The mortgage, trade payables, property taxes,and insurance are current. The Operating Partnership’s low income housing taxcredit compliance

 

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period expired on December 31, 2009.  The investment general partner is in theprocess of exploring various disposition opportunities consistent with theinvestment objectives of the investment partnership.

 

In May 2009, the investment general partner of Series 24and Series 25, respectively, entered into an agreement to transfer itsinterest in Laurelwood Park LP to an entity affiliated with the operatinggeneral partner for its assumption of the outstanding mortgage balance ofapproximately $2,093,596 and cash proceeds to the 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, representsreporting fees due to an affiliate of the investment partnership and thebalance represents proceeds from the transfer. Of the remaining proceeds, $6,114 and $3,011 from Series 24 and Series 25,respectively, was paid to BCAMLP for expenses related to the transfer, whichincludes third party legal costs.  Theremaining proceeds of $78,849 and $38,836 were returned to cash reserves heldby Series 24 and Series 25, respectively.  The monies held in cash reserves will beutilized to pay current operating expenses, accrued but unpaid asset managementfees, and accrued but unpaid expenses of the investment partnership.  After all outstanding obligations of theinvestment partnership are satisfied, any remaining monies will be distributedbased on the number of BACs held by each investor at the time of distribution.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnershipinvestment in the Operating Partnership to zero. Accordingly, a gain on thesale 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, respectively, as of June 30, 2009.

 

Pahrump Valley Investors (Pahrump Valley Apartments) isa 33-unit senior living facility located in Pahrump, Nevada. In 2008, theproperty maintained an average occupancy of 96% with operations below breakevenstatus. Operating cash funded the 2008 deficit. The deficiency in operationscan be attributable to operating expenses related to an aging property,combined with low rent levels.  The largeincrease in operating expenses consists of higher utility rates and maintenanceincurred from turnover.  Managementindicated that to combat the utilities increase, primarily due to water andsewer rates, water saving devices such as new showerheads and faucets have beeninstalled in units.  The propertyoperated slightly below breakeven in 2009. Management has reported that turnoverdecreased in 2009, and has dropped of precipitously in the first quarter of2010. The property will begin to fund turnover costs from a well-fundedreplacement reserve account, eliminating the practice of funding these expensesthrough the operating cash account. At the end of March 2010, the propertyrecorded occupancy of 100%, with operations well above breakeven. In January 2010,management received a $100 rental increase per unit per month.  Along with dealing with the effect ofoperational expenses, the rental rate increase has enabled the property toextinguish accrued expenses.  Management’sgoal is to eradicate all existing accrued expenses by the end of 2010.  The mortgage, taxes, and insurance are allcurrent.

 

In January 2010, the investment general partnertransferred its interest in Brownsville Associates Limited, LP to anon-affiliated entity for its assumption of the outstanding mortgage balance ofapproximately $1,161,625 and cash proceeds to the investment partnership of$34,849.  Of the total estimated proceedsto be received $14,000 represents reporting fees due to an affiliate of theinvestment partnership and the balance represents proceeds from thetransfer.  Of the remaining proceeds,$7,500 will be paid to BCAMLP

 

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for expenses related to the transfer, which includesthird party legal costs, and the remaining proceeds of $13,349 will be returnedto cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay currentoperating expenses, accrued but unpaid asset management fees, and accrued butunpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership aresatisfied, any remaining monies will be distributed based on the number of BACsheld by each investor at the time of distribution. 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, a gainon the sale of the Operating Partnership of the proceeds from the sale, net ofthe overhead and expense reimbursement, has been recorded in the amount of$13,349 as of March 31, 2010.

 

In January 2010, the investment general partnertransferred its interest in Stanton Associates Limited, LP to a non-affiliatedentity for its assumption of the outstanding mortgage balance of approximately$1,172,438 and cash proceeds to the investment partnership of $35,173.  Of the total estimated proceeds to bereceived $11,926 represents reporting fees due to an affiliate of theinvestment partnership and the balance represents proceeds from thetransfer.  Of the remaining proceeds,$7,500 will be paid to BCAMLP for expenses related to the transfer, whichincludes third party legal costs, and the remaining proceeds of $15,747 will bereturned to cash reserves held by Series 24.  The monies held in cash reserves will beutilized to pay current operating expenses, accrued but unpaid asset managementfees, and accrued but unpaid expenses of the investment partnership.  After all outstanding obligations of theinvestment partnership are satisfied, any remaining monies will be distributedbased 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 of the proceeds from the sale,net of the overhead and expense reimbursement, has been recorded in the amountof $15,747 as of March 31, 2010.

 

(Series 25). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%. The series had a total of20 properties at March 31, 2010, all of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $3,107,970 and $1,002,780, respectively, inpassive income tax losses that were passed through to investors and alsoprovided $0.00 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 25 was $0 and $9,461, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(87,110) and $(2,854,621),respectively.  The major components of theseamounts are the Fund’s share of losses from Operating Partnerships, the fundmanagement fee, and impairment losses.

 

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Sutton Place Apartments, LP (Sutton Place Apartments) isa 360-unit apartment complex located in Indianapolis, Indiana. In 2005,the original general partner and management company were replaced as operationsfell below breakeven and deferred maintenance issues developed. Since deferredmaintenance had not been properly addressed, the new management companystruggled to bring severely damaged units back online as replacement reservefunds and cash flow was insufficient to complete the work. Although the newoperating general partner funded capital expenditures of $133,000 in 2005 and$190,000 in 2006 to complete repairs, the property failed the 2007 Real EstateAssessment Center (REAC) inspection. Due to the failed inspection, theDepartment of Housing and Urban Development (HUD) lost confidence in themanagement company and required a change. With the approval of the investmentgeneral partner, the operating general partner secured a $500,000 bridge loanto address all items raised by 2007 REAC inspection, as well as additionalrehab items on all units. A new management company was hired in February 2008.Since that time, management has focused on evicting problem tenants,strengthening screening criteria, and working closely with the local socialservice organizations and the local authorities in order to improve securityand the reputation of the property. Occupancy averaged 91% in 2009 andoperations were slightly above breakeven. A new REAC inspection in December 2009resulted in a failing score but that inspection was challenged due to inspectorerror. The inspection was reissued with a passing score in March of 2010.With the passing of the REAC inspection Indianapolis HUD agreed to extend theHousing Assistance Program contract to January 31, 2012. The owner hassigned the contract and is awaiting the final executed copy to bereturned.  Through the first quarter of2010, occupancy was 96% and the property was operating above breakeven. Allreal estate tax, insurance, and mortgage payments are current. In September 2009,the investment general partner of Sutton Place Apartments Limited Partnershipapproved an agreement to sell the property and the transaction was anticipatedto close in December 2009; however, the buyer was unable to consummate thesale and the agreement has expired.

 

M.R.H., LP (The Mary Ryder Home), is a 48-unit elderlyproperty located in St. Louis, MO. Despite strong occupancy, the propertyoperated at a deficit in 2007, due to a large increase in real estatetaxes.  The City of St. Louis granted theproperty a tax abatement that expired in 2006; however, the operating generalpartner erroneously thought the abatement went through 2007, and did not budgetfor the additional liability.  The newassessment was appealed after the City of St. Louis rejected an extension tothe abatement. The firm who did the original property appraisal offered itsservice for the appeal, pro-bono. In the third quarter of 2009, the taxassessment was reduced by approximately 50%, resulting in an $18,756 taxsavings. The operating general partner and the tax consultant felt that thetaxes should be reduced further and continued to appeal the assessment into thefourth quarter of 2009.  This was notsuccessful; however, the property was reclassified from a commercial propertyto a residential property.  The operatinggeneral partner plans to appeal the 2010 assessment, which is expected to beissued in the third quarter of 2010. The property has been paying the highertax amount through the entire tax appeal process; all payments are current. Theproperty continued to operate below breakeven in 2009 due to high operatingexpenses.  In the first quarter of 2010,the property experienced a decline in occupancy and resulting increase inmaintenance costs associated with turnover expenses. The occupancy averaged 78%for the quarter ending March 31, 2010. The current deficits are being funded through charitable contributionsand operating general partner advances. Despite the cash deficit, the Operating Partnership has no debt.  The operating deficit guarantee is unlimitedin time and amount.

 

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In May 2009, the investment general partner enteredinto an agreement to transfer its interest in Dogwood Park LP to an entityaffiliated with the operating general partner for its assumption of theoutstanding mortgage balance of approximately $2,307,114 and cash proceeds tothe investment partnership of $46,846. Of the total proceeds received, $37,721 represents reporting fees due toan affiliate of the investment partnership and the balance represents proceedsfrom the transfer.  Of the remainingproceeds, $9,125 was paid to BCAMLP for expenses related to the transfer, whichincludes third party legal costs.  Thereare no proceeds to be returned to cash reserves. Annual 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 limitedpartnership investment in the Operating Partnership to zero. Accordingly, nogain on the transfer of the Operating Partnership has been recorded.

 

In May 2009, the investment general partner of Series 24and Series 25, respectively, entered into an agreement to transfer itsinterest in Laurelwood Park LP to an entity affiliated with the operatinggeneral partner for its assumption of the outstanding mortgage balance ofapproximately $2,093,596 and cash proceeds to the 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, representsreporting fees due to an affiliate of the investment partnership and thebalance represents proceeds from the transfer. Of the remaining proceeds, $6,114 and $3,011 from Series 24 and Series 25,respectively, was paid to BCAMLP for expenses related to the transfer, whichincludes third party legal costs.  Theremaining proceeds of $78,849 and $38,836 will be returned to cash reservesheld by Series 24 and Series 25, respectively.  The monies held in cash reserves will beutilized to pay current operating expenses, accrued but unpaid asset managementfees, and accrued but unpaid expenses of the investment partnership.  After all outstanding obligations of theinvestment partnership are satisfied, any remaining monies will be distributedbased on the number of BACs held by each investor at the time of distribution.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnershipinvestment in the Operating Partnership to zero. Accordingly, a gain on thesale 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, respectively, as of June 30, 2009.

 

In January 2010, the operating general partner ofSandstone Village Limited Partnership entered into an agreement to sell theproperty and the transaction closed on April 9, 2010, but no proceeds havebeen received.  The sales price of theproperty was $1,509,127, which includes the outstanding mortgage balance ofapproximately $1,324,657 and cash proceeds to the investment partnership of$21,818.  Of the total proceeds received,$13,134 represents reporting fees due to an affiliate of the investment partnershipand the balance represents proceeds from the sale.  Of the remaining proceeds, $8,684 will bepaid to BCAMLP for expenses related to the sale, which includes third partylegal costs.  There are no remainingproceeds from the sale to be returned to cash reserves held by Series 25.

 

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(Series 26). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 100%.  The series had a total of 43 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $1,975,447 and $682,887, respectively, inpassive income tax losses that were passed through to investors and alsoprovided $0.04 and $0.21, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships  for Series 26was $0 and $1,338,250, respectively.  Thedecrease is a result of the way the Fund accounts for such investments, theequity 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, 2010 and 2009, thenet income (loss) of the series was $(1,672,971) and $(4,529,704),respectively. The major components of these amounts are the Fund’s share oflosses from Operating Partnerships, the fund management fee, and impairmentlosses.

 

In June 2009, the investment general partnerentered into an agreement to transfer its investment limited partner interestin Cameron Apartments to an entity affiliated with the operating generalpartner for its assumption of the outstanding mortgage balance of approximately$578,473 and cash proceeds to the investment limited partner of $0.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnershipinvestment in the Operating Partnership to zero. Accordingly, no gain on thetransfer of the Operating Partnership has been recorded.

 

The Willows, (The Willows Apartments) is a 32-unitmultifamily development located in Smithville, Texas.  In 2008, occupancy averaged 92% and theproperty operated right at breakeven. The property operated above breakeven in 2009 and through the firstquarter of 2010, the property continues to operate above breakeven.  There are mandatory Texas Department ofHousing and Community Affairs repairs that need to be addressed.  The operating general partner has received aHousing Trust Fund loan totaling $500,000 to rehabilitate the property.   The work began in May 2010, withan estimated duration of six to ten months. The low income housing tax creditcompliance period expires in 2010. All real estate tax, mortgage, and insurancepayments are current

 

Country Edge, LP (Country Edge Apts.) is a 48-unitproperty located in Fargo, North Dakota. Through 2009, occupancy declined to an annual average of 79% andoperated below breakeven due to high economic vacancy, high real estate taxes,high utility expenses and turnover related expenses.  Historically, management at this property hadcoordinated with LSS to provide housing to new Americans despite no rental orcredit history.  As a result, theproperty was negatively affected by unique cultural concerns.  In 2008, management discontinued providinghousing for LSS referrals without an established rental and credithistory.  In addition, leases ofproblematic tenants were not renewed. Occupancy as of March 31, 2010 is 81% with operations continuingbelow breakeven status.  The operatinggeneral partner is positioning the property for disposition upon the OperatingPartnership’s emergence from its compliance period in 2012.  In addition to the change in leasingstrategies, physical improvements such as new landscaping and appliancereplacement are being made to increase the marketability of the project.  The operating

 

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general partner continues to fund all operating deficitsas operations are supported by an unlimited guarantee.  The investment general partner will continueto monitor operations to insure occupancy continues to improve and stabilizesabove 90%. The mortgage, trade payables, property taxes, and insurance arecurrent.

 

Grandview Apartments, LP (Grandview Apts.) is a 36-unitproperty located in Fargo, North Dakota. In 2009, average occupancy increased to 89%, and the property continuedto operate below breakeven due to high vacancy, high real estate taxes,turnover costs and utility expenses. Historically, management at this property had coordinated with LSS toprovide housing to new Americans despite no rental or credit history.  As a result, the property was negativelyaffected by unique cultural concerns.  In2008, management discontinued providing housing for LSS referrals without anestablished rental and credit history. In addition, leases of problematic tenants were not renewed.  Occupancy as of March 31, 2010 was 94%with operations continuing below breakeven status.  The operating general partner is positioningthe property for disposition upon the Operating Partnership’s emergence fromits compliance period in 2011.  Inaddition to the change in leasing strategies, physical improvements such as newlandscaping and appliance replacement are being completed to enhance themarketability of the property.  Occupancysteadily increased throughout 2009 and is continuing this trend throughout thefirst quarter of 2010.  The operatinggeneral partner continues to fund all operating deficits as operations aresupported by an unlimited guarantee.  Theinvestment general partner will continue to monitor operations and assist managementin improving leasing efforts and reducing operating expenses.  The mortgage, trade payables, property taxes,and insurance are current.

 

Lake Apartments IV Limited Partnership (Lake ApartmentsIV) is a 24-unit property located in Fargo, ND. Through 2009, average occupancy was 72%, and operations were belowbreakeven due to high economic vacancy, real estate taxes, turnover costs andutility expenses. Historically, management at this property had coordinatedwith LSS to provide housing to new Americans despite no rental or credithistory.  As a result, the property wasnegatively affected by unique cultural concerns. In 2008, managementdiscontinued providing housing for LSS referrals without an established rentaland credit history.  In addition, leasesof problematic tenants were not renewed. As such, occupancy declined to 75% during the fourth quarter of 2008 andcontinued trending downward throughout 2009. The operating general partner is positioning the property fordisposition upon the Operating Partnership’s emergence from its complianceperiod in 2010.  In addition to thechange in leasing strategies, physical improvements such as new landscaping andappliances are being made to increase the marketability of the property.  As of March 31,2010, occupancy is at 75%and the partnership is operating below breakeven.  To address the decreased occupancy,management is considering engaging YWCA, which provides transitional housingfor abused women and children.  Inaddition, management put a new pet friendly policy in place, which opens thedoor to a whole new tenant base.  Theoperating general partner continues to fund all operating deficits asoperations are supported by an 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.

 

East Park II, LP (East Park Apartments II) is a 24-unitdevelopment in Dilworth, MN.  Averageoccupancy for 2009 was 76% with operations below breakeven due to thecombination of increased vacancy loss and a significant increase in turnovercosts.  The property is located in ahighly competitive area.  The 2007decline in occupancy was due primarily to new townhouse units

 

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with garages being built in the immediate area, offeringrents that were competitive to those at East Park Apartments.  The Operating Partnership is comprisedprimarily of two and three bedroom units. As a result, the majority of these units appeal to families.  The property had experienced an increase inturnover as the families moved to the larger townhouse homes.  In early 2007, a Wal-Mart opened next to theproperty.  This had a significant impacton the property’s performance as the property became highly visible and was nowlocated in a more desirable area.  Inaddition, more resources are being committed to the property in order to makethe units more marketable.  In 2008, theoperating general partner began replacing appliances, carpet and flooring.  In addition, the roof was replaced.  In 2009, new siding was installed and theparking lot was re-surfaced and re-striped. Occupancy as of March 31, 2010was 75%, and the property continues to operate below breakeven in the firstquarter of 2010.  All real estate tax,mortgage, and insurance payments are current.

 

Butler Estates A L.D.H.A. (Butler Estates Apartments) isa 10-unit development located in Leesville, Louisiana.  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.  Since that time, theoperating general partner invested $20,000 into the property.  Throughout 2009, the investment limitedpartner worked with the operating general partner in an effort to bring theproperty back on-line.  The property is90% occupied as of April 20, 2010 and the manager has received a depositon the one vacant unit.  The investmentgeneral partner will continue to monitor occupancy to ensurestabilization.  The low income housingtax credit compliance period expires in 2011. All real estate tax, mortgage, and insurance payments are current.

 

In May 2009, the investment general partner enteredinto an agreement to transfer its interest in Edgewood Park LP to an entityaffiliated with the operating general partner for its assumption of theoutstanding mortgage balance of approximately $1,216,737 and cash proceeds tothe investment partnership of $34,094. Of the total proceeds received $24,969 represents reporting fees due toan affiliate of the investment partnership and the balance represents proceedsfrom the transfer. Of the remaining proceeds, $9,125 was paid to BCAMLP forexpenses related to the transfer, which includes third party legal costs.  No proceeds will be returned to cashreserves. Annual losses generated by the Operating Partnership, which wereapplied against the investment limited partnership’s investment in theOperating Partnership in accordance with the equity method of accounting, hadpreviously reduced the investment limited partnership investment in theOperating Partnership to zero. Accordingly, no gain on the sale of theOperating Partnership has been recorded.

 

Beckwood Manor One Limited Partnership (WestsideApartments) is a 29-unit senior property located in Salem, Arkansas.  In 2009, occupancy averaged 73% and theproperty operated below breakeven.  Lowoccupancy combined with slightly higher than average-operating expenses causeda decline in operating cash flow.  Theproperty receives rental assistance for 28 units, but the target market ofresidents is limited.  Given the state ofthe economy, many seniors lack the financial resources to rent an apartment atthe property without rental assistance. Management is offering two months of free rent as a leasing incentive,and continues to advertise heavily in the immediate and surrounding areas. Theyare also renting the apartments with no rental assistance at reduced rents andwith three months of free electricity. Occupancy was at 72% at the end of the first quarter of 2010, withoperations above breakeven due to a decrease in operating expenses incomparison to the prior year and the budget. The operating general partnercontinues to fund

 

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operating deficits as needed.  The mortgage payments, taxes, insurance, andaccounts payables are all current.

 

Maxton Green Associates Limited Partnership****(Carolina Pines Apartments) is a 32-unit developmentlocated in Maxton, NC.  In 2008, averageoccupancy was strong at 92%, and the property operated at breakeven.  Occupancy fluctuated throughout 2009 andaveraged 88% for the year, and the property operated below breakeven.  The decrease in occupancy in 2009 wasprimarily due to evictions as a result of tenants neglecting their units.  The site manager conducts quarterlyinspections of the units to ensure that tenants are maintaining themproperly.  When a unit is found to be inpoor condition, management first sends a letter of notification to the tenantto inform them that they must clean and/or repair the unit.  Management then does a follow-up inspectionand provides further suggestions as to how the tenant can better upkeep theunit. When a tenant does not take action after management has diligently workedwith them to resolve the issue, based on the severity of the damage, managementis forced to take further action.  Theproactive quarterly inspections tend to eliminate the necessity of evictions,but there were several problematic tenants at the property who caused damagesto the units and consequently were evicted in 2009.  Security deposits were used for repairs on thedamaged units.  Tenants were held responsiblefor all additional costs, and a third party collection agency is being utilizedto collect what the deposits did not cover. The dip in occupancy has had a continued effect on operations throughthe first quarter of 2010 and the property is operating below breakeven.  Management feels strongly that occupancy willimprove moving forward and operations will stabilize now that the problematictenants have been weeded out.  All realestate tax, mortgage, and insurance payments are current.

 

(Series 27). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 16 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $447,849 and $546,251, respectively, in passiveincome tax losses that were passed through to investors and also provided $0.17and $0.47, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 27 was $2,342,151 and $2,695,200,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(551,574) and $(4,524,267),respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships, thefund management fee, and impairment losses.

 

Holly Heights, LP (Holly Heights Apartments) is a30-unit property located in Storm Lake, Iowa. The property had occupancyof 97% as of March 31, 2010. Despite high occupancy and expenses in linewith state averages, the property has continued to incur operating deficits dueto low rental rates coupled with a high interest rate on the permanentmortgage. Management has presented the loan to various lenders but the netoperating income of the property cannot support a new loan. The managementcompany, an affiliate of the operating general partner, is deferring all feesuntil operations improve. The operating general partner continued to funddeficits through the third quarter of 2008, his guarantee being unlimited intime and amount, but ceased to fully support

 

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the property’s operations in the fourth quarter of 2008.As of the end of the first quarter of 2010, 2008 and 2009 real estate taxes inthe amount of $12,000 have not been paid. Property taxes in Iowa are paid insemi-annual installments due in September of the same year and March ofthe following year. Real estate taxes become delinquent if not paid by April 1.A tax sale occurs on the third Monday of June of the following year(2010). One year and nine-months after the tax sale occurs, a warning is sentto the property owner stating that they have 90 days to pay taxes plus interestaccrued before a tax sale deed is created. Ninety days after the second warning (2012) the property is given to thenew tax sale holder, as long as the paperwork is completed and redemptionoccurred.  The investment general partnerwill continue to closely monitor the property and payment of the taxes.****The mortgage and insurance payments are current.****The low-income housing tax credit compliance period ends in2012.

 

Angelou Court (Angelou Court Apts.) is a 23-unit co-opproperty located in Harlem, New York. Occupancy was at 100% as of March 2010.   Tenant receivables are an issue that hashistorically plagued the profitability of the project.  However, during the first quarter of 2010 theproperty collected prior and current tenant receivables.  The resulting increase in cash flow allowedthe property to operate above breakeven during the first quarter of 2010.  Management hired an outside financial consultantwith the primary focus on identifying what are tenant receivables versus whatis bad debt.  The focus on, whichaccounts are collectable enables management to concentrate their focus onattainable tenant receivables.  To combatthe continued increase in utility costs, management plans to implement a waterand sewer saving plan in the second quarter of 2010.  The Department of Water and Sewer provided aretrofit kit for each apartment that is expected to result in a 15% saving inwater and sewer expenses.  Managementalso has employed a three-year plan to increase revenue by adjusting the 2008tenant maintenance charges by 10% in 2009, and 5% in 2010 and 2011.  Management continues to work on reducingtenant delinquencies by aggressively filing late notices and pursuing evictionsthrough the housing court. The investment general partner continues to workwith the operating general partner to improve operations.  Management has made significant progress byadamantly voicing concerns and prosecuting tenants in New York City tenantcourt.  The tenant delinquency report and rent roll indicatethat a significant portion of the accounts receivable are attributable totenants who have inhabited the property for more than 10 years.  To help combat increases in tenantreceivables, management is implementing the following measures: a strictertenant screening process, a change in legal counsel for tenant court, and ananalysis of “tenant hold over” (court process, with hope of rent collection)versus “tenant non-payment” (eviction with no hope of rent collection).  Generally, legal proceedings take at leastsix months before a tenant will have to appear in rent court in front of ajudge.  History shows that legaldecisions in New York City involving low-income housing tend to rule infavor of the tenant.The property’s goal is to pay down all 2007 and 2008past due payables by the end of the first quarter 2010.  The increase in the tenant maintenancecharges will supplement this goal.  Themortgage and insurance are current.  Theproperty is real estate tax exempt.

 

Kiehl Partners (Park Crest Apartments) is a 216-unitproperty located in Sherwood, AR. Despite low occupancy, the property operatedabove breakeven in 2009. The property continued to operate above breakeven inthe first quarter of 2010 and ended the quarter with 80% occupancy. Since theproperty never converted to a fixed rate financing, all operating deficits areguaranteed by the operating general partner’s completion guarantee.  All tax, mortgage, and insurance payments arecurrent.

 

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Lake Apartments II Limited Partnership (Lake ApartmentsII) is a 24-unit property located in Fargo, ND. In 2009, average occupancy was 89%, and the property operated belowbreakeven due to high economic vacancy, utility costs, real estate taxes andturnover related expenses.  Historically,management at this property had coordinated with LSS to provide housing to newAmericans despite no rental or credit history. As a result, the property was negatively affected by unique culturalconcerns.  In 2008, managementdiscontinued providing housing for LSS referrals without an established rentaland credit history.  In addition, leasesof problematic tenants were not renewed. The operating general partner is positioning the property fordisposition upon the  OperatingPartnership’s emergence from its compliance period in 2010.  In addition to the change in leasingstrategies, physical improvements such as new landscaping and appliancereplacements are being made to increase the marketability of the property.  As of March 31, 2010, occupancy was at88% and the property is operating below breakeven.  To address the decreased occupancy,management is considering forming a partnership with the YWCA, which providestransitional housing for abused women and children.  In addition, management put a new petfriendly policy in place, which opens the door to a whole new tenant base.  The operating general partner continues tofund all operating deficits as operations are supported by an unlimitedguarantee.  The investment generalpartner will continue to monitor operations and assist management in improvingleasing efforts as well as reducing operating expenses.  The mortgage, trade payables, property taxes,and insurance are current.

 

(Series 28). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 99.6% and 100%, respectively.  The series had a total of 26 properties at March 31,2010, 25 of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $1,559,670 and $1,328,766, respectively, inpassive income tax losses that were passed through to investors and alsoprovided $0.17 and $0.58, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 28 was $0 and $688,188,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(923,375) and $(5,152,986),respectively.  The major components ofthese amounts are the Fund’s share of losses from Operating Partnerships, thefund management fee, and impairment losses.

 

Cottonwood Partnership (Cottonwood Apartments) is a24-unit multifamily development located in Cottonwood, Louisiana.  Occupancy ended 2009 at 29% occupied and hassince improved to 58% as of March 31, 2010.  In April 2010, management lowered rentsin an effort to attract new tenants. According to the operating general partner, low vacancy is due to thepoor local economy and a lack of jobs and qualified applicants.  The investment general partner conducted asite visit in March of 2010 and confirmed that the ongoing occupancyissues are in fact a market issue.  Theproperty is located in a very rural setting with almost noindustry/commerce.  There are two prisonsin close proximity to the property but the employees do not incomequalify.  There is a rubber manufacturingplant scheduled to open in early 2011, which will add 141 potential jobs to theimmediate market area. The operating general partner is focused on targetingthese workers.  The low-income housing

 

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tax credit compliance period ends in 2012.  All real estate tax, mortgage, and insurancepayments are current.

 

Fairway II LDHA, (Fairway Apartments II) is a 48-unitfamily property located in Marlette, MI. The new site manager believes that at the very minimum tenants shouldoccupy 44 out of the 48 units, due to subsidies on 44 units.  Occupancy dropped at the beginning of thesecond quarter of 2009 due to the eviction of difficult tenants that wereadmitted under the previous management’s tenure in 2008.  Occupancy reached 88% during the fourthquarter of 2009, and dropped to 81% in the first quarter of 2010. During thefirst three-quarters of 2009, management accessed $25,000 in reserves in orderto implement a new drainage system and restore a damaged unit back to rentablecondition.  The maintenance staff wasreplaced during the fourth quarter of 2009 due to ineffective handling of theproperty.  Management does not foreseeany capital needs issues in 2010.  In2009 the property operated at breakeven and continues to operate at breakeven duringthe first quarter of 2010.  In 2009,management joined “continuum of care”, a local committee that is involvedwith low income housing organizations with the objective of making low incomehousing a better and more efficient product. Management joined the committeewith the prospect of attaining vouchers for the four non-subsidized units.  Although the continuum of care committee hasnot proven to be fruitful, the property continues to assert itself in the localcommunity.  On a weekly basis the propertymanager performs local outreach by visiting businesses, churches and othercommunity events.  The property has alsobegun offering a $100 decrease in monthly rent for the four non-subsidizedunits. Management is offering specials such as a reduced security deposit,referral fee, and one-months free rent in order to attract prospective tenantsfor the non-subsidized units.  Themortgage, taxes, and insurance are all current.

 

Maplewood Apartments Partnership (Maplewood Apartments)is a 40-unit property located in Winnfield, Louisiana. Occupancy issues beganback in 2007 when a rent increase was put into effect.  In 2009, the property averaged 74% occupancyand operated below breakeven.  At the endof the first quarter of 2010, the property was 78% occupied and continues tooperate below breakeven. The investment general partner conducted a site visitin March of 2010.  During the sitevisit the investment general partner identified major deferred maintenanceissues and fourteen vacant units that had not been turned over.  The investment general partner shared thesefindings with the operating general partner who is taking immediate steps toaddress the deferred maintenance and unit turnover issues.  In an effort to improve operations at theproperty the investment general partner approved an operating general partnertransfer.  The transfer was finalized in April 2010.The new operating general partner has a strong record for managing successfulproperties in this region and the investment general partner hopes that theywill have an immediate positive impact on this property.  The investment general partner will continueto monitor occupancy and repair work at the property to ensure all units are online and all deferred maintenance has been addressed.  The operating general partner continues tofund all deficits as necessary by deferring fees.  The guarantee is unlimited in time andamount.  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 lien issues remainunresolved.  The investment generalpartner has decided not to proceed due to the inadequate value of the propertybased on size and location, as well as the operating general partner’scontinued funding, neither of which supports an extended legal battle forremoval.  In 2008 and 2009, the property operated with an averageoccupancy of 99% with below breakeven operations.  2010first quarter occupancy is reported to be at 100%. The investment general partner continues to monitor thisproperty.  The mortgage, property taxesand insurance are current.  The taxcredit delivery period ended in 2007, with the low income housing tax creditcompliance period expires in 2011.

 

Bienville III Apartments (Bienville II Apartments) is a32-unit complex located in Ringgold, LA. The property operated well in 2008. Average occupancy in 2009 was 93% and the property operated abovebreakeven.  There was a fire in June 2009that consumed 8 units. The insurance claim has been settled.  The final inspection occurred on April 28,2010, but Rural Development, or RD, came back with a list of punch list itemsbefore they would issue certificates of occupancy.  There was another inspection on June 4,2010, at which time Rural Development identified two additional items requiringrepair. The inspector noted a dip in the roofline near the ridge vent in thebuilding impacted by the fire.  Also, adrain cap was missing in the rear of the building. The operating generalpartner is in the process of addressing these items.  All insurance checks for payment to thecontractor have been subject to Rural Development inspection, and counterendorsement by RD.  Occupancy averaged96% through the first quarter of 2010 and the property continues to operateabove breakeven.  The mortgage, propertytaxes and insurance are current.  The taxcredit compliance period ends in 2012.

 

Evangeline Partnership (Evangeline Place Apartments) isa 32-unit complex located in Lake Arthur, TX. In 2008, occupancy averaged 90% and the property operated abovebreakeven.  Hurricane Gustav hit theproperty in early September 2008 and there was a fire at the property onthe day the hurricane hit.  Five unitswere damaged.  The insurance claim wassettled and the damaged units were brought back on line in the first quarter of2009.  There was a second fire in June 2009in one of the buildings that damaged eight units.  As a result, occupancy dropped to 56% as of December 31,2009.  Despite the occupancy issuesresulting from the fires, the property operated above breakeven in 2009 andcontinues to operate above breakeven through the first quarter of 2010.  The insurance claim on the second fire hasbeen settled and all work has been completed as of April 20, 2010.  Occupancy has improved to 67% as of April 20,2010 and the operating general partner expects to have occupancy back up at2008 levels in the near term.

 

Blanchard Partnership, A LA Partnership (Blanchard PlaceII) is a 32-unit complex located in Shreveport, LA.  In 2008, occupancy at the property averaged87% and the property operated above breakeven for the year.  Occupancy in 2009 averaged 80% and theproperty operated below breakeven.  Inaddition to the low occupancy, maintenance expenses increased from $13,669 in2008 to $34,388 in 2009.  According tothe operating general partner, the reason for the increased maintenanceexpenses was that Rural Development required significant repair work as aresult of their most recent audit.

 

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Occupancy has improved to 100% as of the end of March 31,2010 and the property operated above breakeven. The investment general partner has approved an operating general partnertransfer for this property.  The transferwill be finalized in the second quarter of 2010.

 

Pin Oak Elderly Associates LP (Pin Oak Village) wasformed as a limited partnership under the laws of the State of Maryland on November 1,1994.  The  Operating Partnership was originally formed to develop, construct, own,maintain and operate a 110-unit multi-family apartment project located inBowie, Maryland (Phase I) which is now completed and operating as Pin OakVillage Apartments.  The OperatingPartnership executed a second amended and restated partnership agreement on November 1,1997, expanding the Operating Partnership and amending its purpose to provide for the acquisition ofland and the development of an additional 110 apartment units as part of PinOak Village (Phase II). The apartment project’s operations sufferedconsiderably in 2009; occupancy decreased from 93% in 2008 to 80% in 2009,while net operating income declined from $918,505 to $590,835 over the sametime span. During 2009 the property experienced complete roof repair. Theproperty stripped the existing roof, removed all rotting decking and plywood,installed a layer of ice shield, removed siding and installed flashing,installed a new drip edge and pipes, and added new plywood and shingles. Thenew roof has a 5-year contractor’s warranty and a 30-year manufacturer’smaterial warranty.  Although this didcontribute to the auxiliary expenses associated with construction, occupancyremains a concern. As of March 2010, occupancy was 65.8% and annualizedrental income through the first quarter of 2010 equates to roughly $1.7MM.  This is a significant drop from total rentalincome in 2009 of $1.86MM.  Managementhas atttributed this to two new senior communities opening in a 10 mile radiuswhich have drawn residents from Pin Oak. Also, residents have been moving in with family members to reduceexpenses. In an attempt to reverse declining occupancy the operating generalpartner has petitioned Prince George’s County and the Department of Housing andCommunity Development to lower the age limit from 62+ to 55+.  Additionally, management has hired a staffexclusively for marketing and leasing. The investment general partner will continue to monitor occupancy andleasing at the property.

 

(Series 29). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 99.2% and 96.4%,respectively.  The series had a total of21 properties at March 31, 2010, 20 of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $2,135,805 and $2,488,220, respectively inpassive income tax losses that were passed through to investors, and alsoprovided $0.24 and $0.55, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 29 was $24,395 and $609,522,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(877,090) and $(3,236,562), respectively.The major components of these amounts are the Fund’s share of losses fromOperating Partnerships, the fund management fee, and impairment losses.

 

Lombard Partners, LP (Lombard Heights Apts.) located inSpringfield, Missouri, operated below breakeven starting in 2005.  The property suffered from

 

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ineffective management, which led to poor physicalcondition and low occupancy. Average occupancy was 72%, 47% and 70%,respectively, in 2005, 2006 and 2007. In the first quarter of 2007, theinvestment general partner learned that the property was five months in arrearson its mortgage and that the lender had issued a notice of default. The lenderreplaced on-site management with a third-party management company atthe end of the second quarter of 2007. To stabilize the property, thelender depleted the replacement reserve  account to fund unit turnovers, which improved occupancy to the mid-90%s.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 losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment in the Operating Partnershipto zero.  Accordingly, no gain from thesale of the Operating Partnership has been recorded.

 

As a result of the foreclosure, the OperatingPartnership lost remaining credits of $47,840. The investment general partner has determined that the new owner willnot continue to operate the property as a Section 42 property. As aresult, the Operating Partnership also experienced recapture and interest of$199,516.  This represents a loss of taxcredits, and recapture and interest of $12 and $49, respectively, per 1,000BACs.  The investment general partner hasstarted to pursue the guarantors under the guaranty with a view to recoveringthe investment limited partner’s losses. Counsel recently resolved jurisdictional issues and is now pursuing theguarantors in Massachusetts. Additionally, the operating general partner’s attorney withdrew ascounsel in September 2009.  Whilethe individual guarantors have the option of representing themselves, the courtordered the operating general partner’s ownership entity to obtain new counseland file a notice of appearance by November 6, 2009 which it did notdo.  This failure to comply with thecourt order now exposes the defendants to the risk of sanctions up to andincluding a default judgment.  Theinvestment general partner’s counsel filed a motion for sanctions with thecourt in December 2009 that led to the scheduling of a court hearing onthis matter in May 2010.  Thesedevelopments increase the likelihood of a default judgment and some recoveryfrom the guarantors; however, the size of that recovery is difficult to predictsince the guarantors’ financial situation is unknown to the investment generalpartner at this time.  This continues tobe the case at March 31, 2010.  Todate, the parties have been unable to agree on the appropriate size of asettlement, but discussions are ongoing.

 

Bryson Apartments, Limited Partnership (Pecan HillApartments) is a 16-unit development located in Bryson, TX.  Bryson is a small town with a population ofapproximately 500. With only 16 units, the occupancy at the property fluctuatessignificantly when only two or three units become vacant.  The property operated below breakeven in 2009due to average occupancy of 81% and higher than average operatingexpenses.  The occupancy continued tostruggle during the first quarter of 2010 with an average occupancy of77%.  Management stated that although theywere getting plenty of applicants, most were not passing the background checks.  They will continue advertising and areconfident occupancy will increase in the second quarter.  The operating general partner continues tofund deficits as necessary. The mortgage, taxes and insurance are all current.

 

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Northfield Apartments III, LP (Willow Point ApartmentsIII) is a 120-unit property located in Jackson, Mississippi. Through the firstquarter of 2010, the property continued to operate below breakeven due to lowoccupancy and high maintenance, utility, and bad debt expenses.  The Jackson, MS market is over-saturated withaffordable units and the subject property has difficulty competing with neweraffordable communities in the market. Low occupancy  remained a challenge for the property as it ended the first quarter of2010 at 88%.  Management maintains thatthe low occupancy is the result of not having units ready to rent toprospective residents.  Management hasrealigned maintenance tasks to ensure focus on completing the rent readyprocess for vacant units.  Additionally,management continues to offer concessions of up to one month free rent to helpincrease occupancy. Maintenance expenses are high due to the high turnover atthe property and the need to make vacant units rent ready.  Utility expenses are high due to exorbitantwater rates in the City of Jackson.  Toreduce bad debt, management has implemented a zero tolerance policy to removenon-paying residents from units more quickly. Despite the zero tolerance policy, bad debt remains high. Mortgage andinsurance payments are current and the operating general partner will befunding the property taxes during the second quarter of 2010.

 

Forest Hill Apartments, L.P.****(TheArbors) is an 85-unit, senior property located in Richmond, VA.  In the first quarter of 2004, the propertywas severely damaged by a fire. There were issues related to the receipt of theinsurance proceeds which delayed the reconstruction of the property but it wasrebuilt and received final certificates of occupancy in January 2008.  Lease-up was very slow and as of December 2008,the property was 54% physically occupied and 58% leased with below breakevenoperations. In the fourth quarter of 2009 the occupancy improved and as of December 31,2009 the property was 92% physically occupied. However, due to low occupancythroughout the early part of 2009, operations were below breakeven for theyear. All units were qualified as of October 2009 but maintaining highoccupancy has been a challenge. Through first quarter 2010, occupancy is stablein the high eighties percent.  As of March 2010,the property was 89% occupied.  Toattract residents, management is advertising on local buses and in all localnewspapers.  They are also offering onemonth free rent as a referral fee to its current residents.  Additionally, management hosts monthly bingosessions and offers daily blood pressure screenings.  Mortgage, real estate taxes, and propertyinsurance are current. The operating general partner continues to fund alloperating deficits as necessary.

 

Kiehl Partners (Park Crest Apartments) is a 216-unitproperty located in Sherwood, AR. Despite low occupancy, the property operatedabove breakeven in 2009. The property continued to operate above breakeven inthe first quarter of 2010 and ended the quarter with 80% occupancy. Since theproperty never converted to a fixed rate financing, all operating deficits areguaranteed by the operating general partner’s completion guarantee.  All tax, mortgage, and insurance payments arecurrent.

 

(Series 30). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 18 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $979,296 and $967,486, respectively, in passiveincome tax losses that were passed through to investors and also provided $0.29and $0.68, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships  for Series 30was $83,042 and $1,217,326, respectively. The decrease is a

 

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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, 2010 and 2009, thenet income (loss) of the series was $(1,486,625) and $(3,481,426),respectively. The major components of these amounts are the Fund’s share oflosses from Operating Partnerships, the fund management fee, and impairmentlosses.

 

Bellwood Four LP (Whistle Stop Apartments) is a 28-unitcomplex located in Gentry, Arkansas. Occupancy has been historically low at the property as it is located ina very rural area which has very little rental demand.  Occupancy averaged 83% in 2009, and was at86% at the end of the first quarter of 2010. The main cause of the more recentoccupancy struggles has been layoffs, which have left many residents unable toafford rent.  Residents are relocating toother areas with more job opportunities or moving in with family members.  Management continues to run advertisements inlocal media and is distributing flyers in adjacent towns in hopes of attractingqualified tenants.  Low rental rates area large contributing factor for below breakeven operations in 2009, continuinginto the first quarter or 2010. Operating expenses are below budget in the first quarter of 2010, andhave decreased since the prior year.

 

JMC, LLC (Farwell Mills Apts.) is a 27-unit propertylocated in Lisbon, ME.  Historically,vacancy rates have been highly contingent upon employment and deploymentactivity at the nearby military base. Despite strong annual occupancy in 2008, averaging 94%, the propertyoperated below breakeven, due to high operating expenses. Utility costs arecontinuously an issue for the property and fluctuate with seasonal demand.  In order to reduce this expense, theoperating general partner’s energy company has been diligently researchingalternative energy sources to implement throughout the entire portfolio;specifically, a “Co-Gen” energy system, which utilizes micro-turbines andnatural gas to produce heat as a by-product is being explored.  Additionally, contractual services were highin 2008; the ground service provider was not billing the property in a timelymanner and accrued 2007 invoices were all received in the first quarter of2008. In order to reduce this cost, Pen Bay Builders took over the janitorialcontract, beginning in 2008. Administrative expenses were also high in 2008 because thecredit/background check company, employed by management, had been charging theproperty incorrectly, and several 2007 amounts were not received until 2008;this issue has since been resolved. Finally, as a result of the on-site manager not being aggressive enoughwith rent collections, bad debt became an issue in 2008; this ultimately led tohis termination and replacement.

 

As a result of the military base closing, occupancyexperienced a significant decline in 2009, averaging 89%.  As such, management expanded marketingefforts to include: advertising in several local newspapers, sending a direct mailerto approximately 12,000 households, online advertising through Craigslist andthe Maine Housing website, and adding new signage to the property.  A limited time promotional offer of twomonths free rent was offered and occupancy returned to 100% by the end of thefirst quarter of 2010.  The investmentgeneral partner will continue to monitor occupancy to ensure levels havestabilized.

 

The property continued to operate below breakeven in2009, due to high operating expenses and decreased occupancy.  Utilities ran over budget, due to higher thanexpected gas prices. Maintenance expenses were also high due to severalunexpected expenses in the first quarter. A tenant accidentally

 

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flooded his bathtub, damaging their unit and the onebelow; additional carpet cleaning was needed to repair the water damage.  The property also had multiple HVAC servicecalls, contributing to higher maintenance expenses.  Finally, new on-site and regional managerswere assigned to the property in the second quarter of 2009.  Due to the increased concessions, higher  administrative costs and utility expensesremaining elevated, the property continues to operate below breakeven throughthe first quarter of 2010.

 

The investment general partner visited the property inthe third quarter of 2009 to inspect the condition and evaluate the new on-sitemanager.  The property does not have thefunds necessary to address some of the larger aesthetic site improvements;however, the investment general partner was pleased to find the property andgrounds to be clean and well maintained. The operating general partner funds cash deficits by deferring fees owedto his management and maintenance companies. All tax, insurance, and mortgage payments are current. The operatinggeneral partner’s operating deficit guarantee, capped at $400,000, expires in July 2013.

 

Linden Partners II (Western Trails Apartments II) is a30-unit property located in Council Bluffs, IA.  The property has had inconsistent occupancylevels since 2003.  In 2008, occupancyremained consistent at 90%.  In 2009,occupancy floated downward to 77% during the second quarter, but has sincerebounded to end 2009 at 88% overall average occupancy, with 100% occupancy by March 31,2010.  Total expenses, including debtservice, were in line with the budget. The condition of the property continues to improve with the availablecash on hand.  Other tax creditcommunities in the area have been able to operate with higher occupancy levelswhile also having the ability to charge higher rents than Western Trails.  This is primarily due to their communitiesbeing newer with superior amenities including additional bathrooms, garages,swimming pools and exercise facilities. Western Trails continues to strugglewith the ability to improve curb appeal as well as maintain a high level oftenant retention.  There are four majorcompetitors located within a few miles of Western Trails Apartments II.  Fortunately, there is redevelopment andgrowth taking place nearby, including a new small retail mall, proposedimprovements of the recreational fields and the construction of a large outletmall projected to open in 2010.

 

Starting at the end of the third quarter, management wasable to reinstitute advertising the property in the monthly rentalmagazines.  There are unpaid prior yearsaudit fees that need to be remitted in order for the CPA to generate a final auditfor 2009.  The operating general partnerhas negotiated a 20% reduction in the 2009 audit fees, pending the outstandingbalances being made current, but the property has not generated enough cash topay the fees and the operating general partner was not willing to pay the fees.  The taxes, insurance, and mortgage paymentsare all current.

 

Nocona Apartments, LP (Nocona Apartments) is a 36-unitproperty located in Nocona, Texas. Historically, the property has been plagued with low occupancy due to astagnant local economy and a challenging rural location.   Over the past two years management hasfocused on evicting undesirable tenants and increasing marketing andoutreach.  The occupancy improved during2009, averaging 95%; however, the property still did not operate abovebreakeven due to higher than average operating expenses.  Occupancy remained strong through the firstquarter of 2010, averaging 96%.  Theoperating general partner has an unlimited guarantee in time and amount andcontinues to fund any shortfalls. The mortgage, taxes, and insurance are allcurrent.****The tax credit delivery period endedin 2008 and the low-income housing tax credit compliance period expires in2011.

 

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Millwood Park, LP (Millwood Park Apartments) is a172-unit family property located in Douglasville, Georgia.  Historically, the property has struggled inthis highly competitive market.  Theoperating general partner responded with move-in specials and increasedadvertising with local businesses and rental guides. As part of the partnershiprestructuring in June of 2008, the new  operating general partner agreed to extend the expiring operating deficitguarantees through June 2011. Deficits have been and continue to be largely funded by operatinggeneral partner advances along with accruing management fees. The investmentgeneral partner found the property to be in excellent condition upon a siteinspection in April of 2009.

 

Through the first quarter of 2010, the property operatedbelow breakeven primarily due to high utilities, bad debt, advertising expenseson billboards, low occupancy, and the addition of a private security company.At the end of the first quarter 2010, occupancy decreased to 76%.  A new site manager was hired at the end of July 2009.  The new site manager has incorporated pizzabox marketing, as once a week residents and local community members can buypizzas on the property for $5. Management also implemented “Billboard” marketing off the main highwayin order to attract prospective tenants who use the highway as a main source oftransportation.  Both marketingtechniques are in conjunction with a broader annual marketing plan that expiresduring the second quarter 2010.  Based onthe results of the current marketing plan, management will reevaluate whattactics are effective and efficient and discard tactics that prove to besuperfluous and expensive.  During thefourth quarter of 2009 management implemented a surety bond to combat the baddebt expense and to serve as an incentive for new residents.  The residents will pay a minimal amount for asurety bond opposed to a higher amount for a security deposit.  The property will receive a guarantee thatthe surety bond, limited to the bond cap amount, will cover all damage incurredto a unit.  The new site manager’sprimary focus is on creating resident retention initiatives such as afterschool programs.  During the firstquarter of 2010 management instituted a forgiveness of past creditprogram.  The program allows forprospective tenants with negative past credit history admission for residency.In order to be admitted the prospective tenant must provide evidence ofreparations made as well as five years without incident.  Currently, occupancy is low due to recentgang activity occurring on or around the property.  The operating general partner requested fromthe Department of Community Affairs the construction of a police substation inone of the three community rooms. However, local authorities denied this request and management hired afull time private security company to patrol the property around the clock.  Since the addition of the private securitycompany home invasions significantly decreased. Management will continue to fund the private security operations withthe hope that the decrease in homes invasions will have a residual effect onsurrounding community violence, increasing property appeal and occupancy. Theoperating general partner has financed all 2009 operating deficits and willcontinue to do so in 2010.  All tax,insurance, and mortgage payments are current.

 

Jeffries Associates, LP (New River Gardens Apartments)is a 48-unit property located in Radford, VA. The property had a steady decline in occupancy throughout 2008.  Occupancy declined from 90% in July 2008to 75% at year-end 2008.  However,occupancy improved greatly in 2009 because of management’s leasing andmarketing efforts and ended the year at 92%. The property has no rental assistance, which contributed to its historicproblems with vacancy.  The propertyoperated slightly below breakeven in 2009 because of the high vacancy in theearly part of the year.  To address thevacancy challenge, management advertised in local and regional newspapers andinvested in additional signage.  Theyalso listed the property in the Renter’s Guide Book and reached out to alllocal HUD offices and local social service

 

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organizations to make them aware that the property hadapartments available. Further, management offered a prorated concession topeople who move in immediately in an effort to fill vacancies quicker. All ofthese efforts have paid off, and occupancy is no longer an issue.

 

West Swanzey Affordable Housing Associates (RiverbendApartments) is a 24-unit family development located in West Swanzey, NH.  Despite strong occupancy, the propertyoperated below breakeven in 2008 due to a large increase in operating expenses;specifically, maintenance costs and real estate taxes.  A new property manager was assigned to theproperty in March 2008, and upon takeover, she inspected all units; thisresulted in several evictions due to illegal live-ins and/or poor unitconditions.  Turnover costs increased,leading to higher maintenance costs. The new manager inspects units morefrequently to avoid unanticipated high turnover costs.  The property also experienced two sewage pumpfailures in 2008, which required extensive work and contributed to the highoperating expenses.  Finally, propertytaxes increased significantly in 2008, as the tax rate and the building’sassessed valuation both increased.

 

In 2009, the property continued to operate belowbreakeven, due to high operating expenses. Despite a stable average annual occupancy of 95%, management hasreported continued issues with a non-compliant tenant base from illegalmove-ins.  This problem resulted inadditional evictions throughout 2009 and ultimately high bad debt.  Although taxes declined in 2009, after theoperating general partner had the property re-assessed, total operating expensesare still considered high compared to the investment general partner’s average.

 

The investment general partner contacted managementregarding rent levels, which are not sufficient to cover operatingexpenses.  Effective January 1,2010, all rents were increased to the maximum allowable tax credit rent.  Increased revenue from higher rents hasallowed operations to improve throughout the first quarter of 2010, but theproperty remains below breakeven, due to maintenance costs remaining high.  Occupancy has not been negatively impacted byincreased rents, averaging 96% in the first quarter of 2010. The investmentgeneral partner will continue to monitor the operating expenses andcollections.  All tax, insurance, andmortgage payments are current.  The operatinggeneral partner and his affiliates continue to fund deficits as needed.

 

(Series 31). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 100%.  The series had a total of 26 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $2,670,175 and $1,595,315, respectively, inpassive income tax losses that were passed through to investors and alsoprovided $0.18 and $0.36, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships  for Series 31was $42,364 and $647,143, respectively. The decrease is a result of the way the Fund accounts for such investments,the equity method.  By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2010 and 2009, the netincome (loss) of the series was $(984,934) and $(5,668,443), respectively. Themajor components of

 

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these amounts are the Fund’s share of losses fromOperating Partnerships, the fund management fee, and impairment losses.

 

Canton Housing One, LP (Madison Heights Apartments) isan 80-unit property located in Canton, Mississippi. Occupancy was 84% at theend of the first quarter of 2010.  Theproperty continues to experience increased turnover primarily due to evictionsfor non-payment of rent and skips. In addition, there were several gang-relatedincidents at or near the property. Because of the gang activity, managementhired a police officer to patrol the site and is working with the local policedepartment to ensure extra patrols and support for the property.  These actions appear to be working.  Management has also taken several measures inits effort to increase occupancy.  Theseefforts were successful as vacancy decreased in the first quarter.Advertisements have been placed in the local newspapers and management isoffering move-in rental concessions. Furthermore, arrangements were made toemploy a full-time manager on the site and extra personnel have been hired toprepare vacant units for occupancy. Management has been successful incontrolling operating expenses in the first quarter of 2010. As the result,even though the occupancy remains low, the property was able to operate abovebreakeven through March 2010.

 

Riverbend Housing Associates, LP (Riverbend Estates) isa 28-unit development located in Biddeford, ME. In 2008, the property operated below breakeven, due to low occupancy,high bad debt and increased operating expenses. Occupancy dropped below 90% in July 2008 and averaged 86% throughthe third and fourth quarters.  Theproperty continued to struggle with occupancy in the first half of 2009, due toseveral move-outs and evictions, as well as continued competition from otherhousing options in the area; specifically, available rental homes, withcomparable rents.  Management hasincreased advertising efforts to include on-line postings, newspaper ads, a $300resident referral bonus, and a concession of one month free rent.  The advertising efforts generated rentalinquiries; however, the majority of the applicants only satisfied the 40% AreaMedian Income standard, rather than the required 60%.  The district manager contacted Maine StateHousing Authority (MSHA) to discuss renting three of the long-term vacant 60%units at the 40% rent level; MSHA approved the request in the first quarter of2009.  With state approval, managementwas able to rent several additional units and occupancy increased from an 82%average in the first quarter of 2009 to an 88% average in the second quarter.Occupancy improved further with a 96% average in the third quarter, which wasmaintained through year end. Additionally, because the on-site manager was not being aggressiveenough with rent collections, bad debt became an issue in 2008.  The manager had a relationship with twotenants and allowed them to stay after they lost their jobs and stopped payingrent; this led to his termination and replacement in the third quarter of2009.  The district manager has sinceimplemented a policy throughout the entire portfolio where any tenants thathave not paid rent by the 16th of the month automatically receive a “7 DayNotice to Quit.”  This new policy reducedbad debt 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 dueto bed bug treatments required at the property. Operating expenses have stabilized in 2009; however, as a result of lowoccupancy in the first and second quarters, the property operated belowbreakeven.  Through the first quarter of2010, occupancy has averaged 89%, ending at 86%.  An eviction for non-payment caused highermaintenance costs from the incurred turnover repairs.  In order to stabilize occupancy,administrative expenses are also a bit elevated, due to additionaladvertisement costs.  Management isconfident occupancy will stabilize in the coming quarter.  Management expects expenses to increase withseasonal demand, but does not anticipate any additional

 

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operational issues at this time.  The property is expected to operate abovebreakeven in upcoming quarters with improved occupancy. All tax, insurance, andmortgage payments are current. The operating general partner is responsible forfunding operating deficits, capped at $300,000, through the end of tax creditcompliance period. The operating general partner funds cash deficits bydeferring fees owed to his management company and his maintenance company.

 

Level Creek Partners,L.P (Plantation Ridge) is a 218-unit (130 LIHTC units) family property locatedin Sugar Hill, GA.  Due to weak anddeclining economic conditions throughout 2008, many employers closed orsignificantly reduced employee hours.  Asa result of hourly-wage employment composing a large portion of the property’stenant base, the number of move-outs and evictions isconsistently high.  In the first quarter of 2009,occupancy reached 77%, declining from a previous 2008 annual average of88%.  Due to the property’s location inan isolated neighborhood, traffic has been limited; however, management hasbeen aggressively marketing the community. The manager has been targeting the Hispanic community, with print ads inthe Hispanic newspaper, and by hiring a bi-lingual assistant manager inJune.  Two billboards on a heavilytraveled highway have also been rented, one facing northbound and the othersouthbound, to capture commuter traffic. Finally, management has implemented rental concessions.  Occupancyincreased from these marketing measures throughout 2009 ending the year at 92% and has since remained strong with a 2010 first quarter occupancy average of 91%; however, operations are below breakeven. The investment general partner will continue to work with management inan effort to stabilize operations in 2010. The mortgage, real estate taxes, and insurance payments are current.

 

(Series 32). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 100%.  The series had a total of 16 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $3,002,522 and $1,876,664, respectively inpassive income tax losses that were passed through to investors, and alsoprovided $0.56 and $0.78, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 32 was $698,752 and $3,031,771,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method.  By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(2,935,793) and $(6,260,761),respectively. The major components of these amounts are the Fund’s share oflosses from Operating Partnerships,  the fund management fee, and impairment losses.  It is anticipated that future net losses willdecrease from the amount reported in the current year as the impairment lossesare not expected to have as significant an effect on future years.

 

FFLM Associates is an Operating Partnership that ownsthree limited partner interests, one of which is Carriage Pointe Investors,LP.  Carriage Pointe Investors LP(Carriage Pointe Apartments) is an 18-unit property for seniors located in OldBridge, New Jersey.  The Low Income TaxCredit Compliance period expires in 2010. In 2008, occupancy averaged 99%, but the property operated belowbreakeven due to high debt service and real estate taxes.  The property’s debt service represents approximately50% of its total income.

 

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Despite 100% occupancy as of December 2009, theproperty continued to operate below breakeven. The operating general partner continued to fund operating deficits.  An operating reserve in the amount of $25,000was established at closing in 1997, and those funds are being utilized to keepthe mortgage payments current.  In 2010,the reserve account has been depleted and the operating general partner is innegotiations to sell the property.  As ofJune 2010, the mortgage payment is past due.  Taxes and insurance are current.

 

In July 2009, the investment general partner of Series 32and Series 33, respectively, transferred its interest in FFLM Associates —Woodhaven at South Brunswick to an entity affiliated with the operating generalpartner for its assumption of the outstanding mortgage balance of approximately$2,705,250 and cash proceeds to the investment partnerships of $3,750 and$3,750 to Series 32 and Series 33, respectively.  Of the total proceeds received, $3,750 and$3,750 from Series 32 and Series 33, respectively, was paid to BCAMLPfor expenses related to the transfer, which includes third party legalcosts.  No proceeds will be returned tocash reserves held by Series 32 and Series 33, respectively. Annuallosses generated 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, no gain on the transfer of the Operating Partnership has beenrecorded.

 

In January 2010, the investment general partner of Series 32and Series 33, respectively, transferred its interest in FFLM Associates —Sayreville Senior Housing Investors, LP to an entity affiliated with theoperating general partner for its assumption of the outstanding mortgagebalance of approximately $3,826,428 and cash proceeds to the investmentpartnerships of $7,500 and $7,500 to Series 32 and Series 33,respectively.  Of the total proceedsreceived, $7,500 and $7,500 from Series 32 and Series 33,respectively, will be paid to BCAMLP for expenses related to the transfer,which includes third party legal costs. No proceeds will be returned to cash reserves held by Series 32 andSeries 33, respectively. Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnershipinvestment in the Operating Partnership to zero. Accordingly, no gain on thetransfer of the Operating Partnership has been recorded.

 

Indiana Development, LP (Clear Creek Apartments) is a64-unit development, located in North Manchester, Indiana.  During the 2005-2007 period the propertyoperated below breakeven as a result of low occupancy (79% in 2006 and 86% in2007). Cash deficits were ($53,329), ($39,990) and ($5,196) for the years 2005,2006 and 2007, respectively.  Prior to2008, the operating general partner, who does not have an affiliated managementcompany, engaged five different management companies.  Finally, in early 2008 in connection with aportfolio-wide debt restructuring, the current third party management companywas engaged.  This management companyappears much stronger than any of the previous management firms.  Occupancy improved to 94% in 2009 and 92% in2008. During 2009, the property operated at breakeven.  Although the quality of the tenant base andrent collections improved in 2009, maintenance expense due to unit turnovershas been high, concessions are being offered, and rental rates were decreasedslightly in an effort to increase traffic. During the first quarter of 2010, average occupancy was 89%.  The decrease in occupancy is related to theoverall weakness in the local economy.  To date, the operating general partner has funded all operatingdeficits, although its unlimited operating deficit guarantee expired in September 2004.The mortgage, taxes and insurance are current.

 

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Martinsville I Limited (Martinsville Apartments) is a13-unit project located in Shelbyville, KY. Occupancy averaged 85% in 2007. This property is located in a high crime neighborhood that is known tohave drug activity.  In October 2007a resident filed a complaint with the Kentucky Housing Agency regarding safetyconcerns in and around the site.  As aresult, the Kentucky Housing Agency began granting residents the option tobreak leases and transfer to other properties. In addition, the Agency did notapprove a subsidy for new residents.  Theinvestment general partner worked with the operating general partner to addressthe safety concerns by exploring a number of security initiatives toimplement.  These initiatives include aneighborhood block watch program, improved communications between the propertystaff and local police officials, adding security cameras to the exterior, andincreased security lighting.  A petitionwas sent to the Mayor, Governor, and other officials to increase crime controlin the neighborhood.  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 vouchers to leave the property if theydo not feel safe.  The operating generalpartner was not willing to fund any additional money for this site.

 

Since the operating general partner and the KentuckyHousing Agency exhibited little commitment to improving the property, theinvestment general partner made the decision to allow this property to go intoforeclosure. The investment general partner made a payment to the accountantsin order to receive the 2007 tax returns. The investment general partner received a default notice on April 8,2008. Through the second quarter, occupancy averaged 67%.  In July 2008, the investment generalpartner was notified that all residents had moved out of the complex.  The foreclosure and sale occurred on August 22,2008.

 

As a result of the foreclosure, the OperatingPartnership experienced a $203,718 loss of credits and recapture and interestof $236,009.  This represents lostcredits and recapture and interest of $42 and $49, respectively, per 1,000BACs.  The investment general partnerintends to pursue the guarantors under the guaranty with a view to recoveringthe investment limited partner’s losses. The guarantors’ financial strength and likelihood of recovery areunknown at this time. In addition, an impairment loss in the amount of $119,470was recorded to reduce the investment balance to zero, as of September 30,2008.

 

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a39-unit co-op property located in Harlem, New York.  The property operated below breakeven in2005, 2006, 2007, and 2008 due to high utility, maintenance and administrativeexpenses combined with collection loss. Occupancy was at 100% as of March 2010.   Tenant receivables are an issue that hashistorically plagued the profitability of the project.  However, during the first quarter of 2010 theproperty collected prior and current tenant receivables.  The resulting increase in cash flow allowedthe property to operate above breakeven during the first quarter of 2010.  Management hired an outside financialconsultant with the primary focus on identifying what are tenant receivablesversus what is bad debt.  The focus on,which accounts are collectable enables management to concentrate their focus onattainable tenant receivables.  To combatthe continued increase in utility costs, management plans to implement a waterand sewer saving plan in the second quarter of 2010.  The Department of Water and Sewer provided aretrofit kit for each apartment that is expected to result in a 15% saving inwater and sewer expenses.  Managementalso has employed a three-year plan to increase revenue by adjusting the 2008tenant maintenance charges by 10% in 2009, and 5% in 2010 and 2011.  Management continues to work

 

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on reducing tenant delinquencies by aggressively filinglate notices and pursuing evictions through the housing court. The investmentgeneral partner continues to work with the operating general partner to improveoperations.  Management has madesignificant progress by adamantly voicing concerns and prosecuting tenants inNew York City tenant court.   The tenant delinquency report andrent roll indicate that a significant portion of the accounts receivable areattributable to tenants who have inhabited the property for more than 10years.  To help combat increases intenant receivables, management is implementing the following measures: astricter tenant screening process, a change in legal counsel for tenant court,and an analysis of “tenant hold over” (court process, with hope of rentcollection) versus “tenant non-payment” (eviction with no hope of rentcollection).  Generally legal proceedingstake at least six months before a tenant will have to appear in rent court infront of a judge.  History shows thatlegal decisions in New York City involving low-income housing tend to rule infavor of the tenant.The property’s goal is to pay down all 2007 and 2008past due payables by the end of the first quarter 2010.  The increase in the tenant maintenancecharges will supplement this goal.  Themortgage and insurance are current.  Theproperty is real estate tax exempt.

 

(Series 33). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $2,040,416 and $790,015, respectively in passiveincome tax losses that were passed through to the investors and also provided$0.69 and $0.85, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 33 was $150,153 and $1,789,130,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the  Series was$(1,844,221) and $(5,082,253), respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships, the fund management fee, and impairment losses.

 

FFLM Associates is an Operating Partnership that ownsthree limited partner interests, one of which is Carriage Pointe Investors,LP.  Carriage Pointe Investors LP(Carriage Pointe Apartments) is an 18-unit property for seniors located in OldBridge, New Jersey.  The Low Income TaxCredit Compliance period expires in 2010. In 2008, occupancy averaged 99%, but the property operated belowbreakeven due to high debt service and real estate taxes.  The property’s debt service representsapproximately 50% of its total income. Despite 100% occupancy as of December 2009, the property continuedto operate below breakeven.  Theoperating general partner continued to fund operating deficits.  An operating reserve in the amount of $25,000was established at closing in 1997, and those funds are being utilized to keepthe mortgage payments current.  As of June 2010the operating general partner is in negotiations to sell the OperatingPartnership.  The reserve account hasbeen depleted and the mortgage is past due. Taxes and insurance are current.

 

In July 2009, the investment general partner of Series 32and Series 33, respectively, transferred its interest in FFLM Associates —Woodhaven at South

 

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Brunswick to an entity affiliated with the operatinggeneral partner for its assumption of the outstanding mortgage balance ofapproximately $2,705,250 and cash proceeds to the investment partnerships of$3,750 and $3,750 to Series 32 and Series 33, respectively.  Of the total proceeds received, $3,750 and$3,750 from Series 32 and Series 33, respectively, was paid to BCAMLPfor expenses related to the transfer, which includes third party legalcosts.  No proceeds will be returned tocash reserves held by Series 32 and Series 33, respectively. Annuallosses generated 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, no gain on the transfer of the Operating Partnership has beenrecorded.

 

In January 2010, the investment general partner of Series 32and Series 33, respectively, transferred its interest in FFLM Associates —Sayreville Senior Housing Investors, LP to an entity affiliated with theoperating general partner for its assumption of the outstanding mortgagebalance of approximately $3,826,428 and cash proceeds to the investmentpartnerships of $7,500 and $7,500 to Series 32 and Series 33,respectively.  Of the total proceedsreceived, $7,500 and $7,500 from Series 32 and Series 33,respectively, will be paid to BCAMLP for expenses related to the transfer,which includes third party legal costs. No proceeds will be returned to cash reserves held by Series 32 andSeries 33, respectively. Annual losses generated by the OperatingPartnership, which were applied against the investment limited partnership’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnershipinvestment in the Operating Partnership to zero. Accordingly, no gain on thetransfer of the Operating Partnership has been recorded

 

Bradford Group Partners of Jefferson County, LP(Bradford Square North Apartments) is a 50-unit senior property located inJefferson City, Tennessee. In 2008, occupancy averaged 93%, but increasedoperating expenses caused the property to operate below breakeven.  Occupancy declined to 66% in December 2009due to a number of deaths and illnesses. However, operating expenses improved in 2009 through a reduction inmaintenance expenses of $27,577. In order to increase occupancy, managementcontinues outreach to the local social service organizations in the area.  As of March 31, 2010 the property was62% occupied. The operating general partner is currently seeking approval fromthe investment general partner for a refinance of their existing debt, but at alower interest rate.  A reduced debtservice payment and reduction in administrative and maintenance expenses willallow the property’s operations to improve in the near term.  The operating general partner continues tofund operating deficits as needed.  Themortgage payments, taxes, insurance, and accounts payables are all current.

 

Merchants Court, LLLP (Merchants Court Apartments) is a192-unit property located in Dallas, GA.  In 2009, the property operatedbelow breakeven due to low occupancy, high operating expenses, and bad debt.Through the first quarter of 2010 the property continued to operate belowbreakeven as a result of high maintenance expenses. Maintenance expensesincreased because of a burst sprinkler line. In January, a sprinkler line ruptured in one unit, causing damage toclosets in multiple units.  The insurancecompany has advanced funds to complete the required repairs and management hascontracted to have the work completed. All repairs should be finished in the second quarter of 2010. Occupancyincreased during the first quarter of 2010 and ended the quarter at 95%.  Additionally, bad debt decreased as a resultof management’s increased collection efforts. All taxes, insurance and mortgage payments are current.

 

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Stearns Assisted Housing Associates, L.P. (StearnsAssisted Housing) is a 20-unit senior property located in Millinocket, ME.  The property has historically operated belowbreakeven, due to high utility expenses. Additionally, Stearns has struggledwith vacancy; however, occupancy improved and stabilized in 2008 with a 92%annual average.  Occupancy remainedstrong through the third quarter of 2009, averaging 96%, but fell to 85% by year-end.The decline in occupancy resulted after it was determined that Maine Care, theelderly care service provider, was never a federally approved program.  As such, their services were terminated,effective July 1, 2009, and replaced by Pen Cap, who charges a fee equalto 40% of residents’ disposable income. Ultimately, occupancy has continued to decline, ending in the firstquarter of 2010 at 75%.

 

The property continues to operate at a deficit, due tohigh fuel costs from an inefficient heating system.  In an effort to reduce operating expenses,management allowed the Maine Public Utilities Commission to conduct awalk-through energy audit at the property. Recommendations were made toincrease energy efficiency at the property. The recommendations were brokendown into two categories: low cost maintenance procedures, and capitalimprovement projects. Management implemented the low cost recommendations,which included weather-stripping, adding caulking around doors and windows, andshutting down the ventilation system during unoccupied times. Per the energyaudit, the major issue is that, due to the inefficient use of space, too muchof the unoccupied portion of the building is heated. The commission recommendedthat the heating system be rezoned and an energy management system that controlsthe temperature in unoccupied areas should be installed.

 

The operating general partner researched manyalternative energy systems and concluded that Chip-Tech, a heating system thatuses wood chips, and garbage (under EPA standards), rather than oil to produceheat, would substantially reduce the property’s heating costs.  Chip-tech toured the property in May 2008and felt the property would be an ideal candidate for its technology.  The operating general partner visited theinvestment general partner in October 2008 to discuss the energyalternatives he had been researching throughout his portfolio.  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; unfortunately, the Authority would not provide financialapproval because the property cannot support the additional debt required toimplement any major changes.  At therequest of the Authority, the operating general partner and investment generalpartner attended a meeting in September 2009 to discuss the issues atStearns Assisted and the options available to improve operations at theproperty.  Since Stearns Assisted cannotsupport the additional debt, the Authority agreed to research financing optionswhich would help the property implement less expensive improvements.

 

The operating general partner was expecting a decisionon the financing options from the Authority in the first quarter of 2010;however, due to changes in the review process, now a decision is not expectedto be received until the end of the third quarter of 2010.  If approved, the Authority provides 100% financingup to 30 years at a fixed rate of 4.75%. Any proposals from the Authority would also require approval from theinvestment limited partner and HUD. 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.

 

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Forest Park Apartments Partnership (Stonewall RetirementVillage) is a 40-unit elderly development located in Stonewall, Louisiana.  In 2008, occupancy averaged 96% and theproperty operated above breakeven.  In2009, occupancy averaged 97% and the property operated below breakeven.  There was a 101% increase in operatingexpenses in 2009, specifically maintenance costs. According to the operatinggeneral partner, the increase in maintenance costs was the result of requiredrepairs following the 2009 Rural Development audit and expenses are expected toreturn to 2008 levels once the repairs are completed.   All repairs were finished by the fourthquarter of 2009.  Occupancy was at 90% atthe end of the first quarter of 2010 and the property operated below breakevenfor the quarter.  The below breakevenoperations were due to some of the repair costs being booked in the firstquarter.  The investment general partnerwill continue to monitor occupancy and expenses at the property.  The low income housing tax credit complianceperiod expires in 2013.  All real estatetax, mortgage, and insurance payments are current.

 

(Series 34). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 100%.  The series had a total of 14 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $1,858,001 and $1,687,527, respectively inpassive income tax losses that were passed through to the investors and alsoprovided $0.82 and $0.98, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009 Investments inOperating Partnerships for Series 34 was $452,150 and $1,959,856,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the Series was $(2,349,137) and $(5,616,496),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.

 

Boerne Creekside Apartments LP, (Boerne Creekside Apartments)is a 71-unit family property located in Boerne, Texas. Physical occupancystarted to decline in May of 2009 as the local economy softened. Occupancywas at 72% as of March 2010. The property has experienced increasedturnover mostly because of the economic downturn.  The local economy continues to struggle; manyemployers have relocated or reduced their work force. Evictions/skips at theproperty rose when residents lost their means of employment and could no longermeet their rent obligations. In addition, management’s inability to enforce astringent collection policy contributed to an increase in delinquency loss.These issues led to an escalation of marketing and maintenance expenses andresulted in operating deficits. The operating general partner tried to addressthe problems by replacing the management company in December of 2009.  The new management has increased marketingefforts and continues to reach out to local businesses to try to increaseoccupancy. Fliers and postcards are frequently distributed to variousemployers, businesses, housing-related service agencies, and communityorganizations. The manager has been working diligently with the Boerne HousingAuthority to increase the referral of prospective residents and to lobby theagency for additional Section 8 vouchers. Management has also added concessions and

 

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other incentives to improve occupancy. They arecurrently offering one month of free rent prorated over a 12-month lease, a$250 resident referral gift card, and a “look and lease” special of a $100 giftcard. To minimize turnover and boost resident retention management continues toorganize monthly social events at the property. Despite these efforts, thevacancy rate remained high in the first quarter of 2010, and the property wasnot able to breakeven.  The property’smortgage, real estate taxes, and insurance are current. The operating generalpartner is committed to this property and has indicated that he will fulfillhis operating deficit guarantee as required.

 

Merchants Court, LLLP (Merchants Court Apartments) is a192-unit property located in Dallas, GA.  In 2009, the property operatedbelow breakeven due to low occupancy, high operating expenses, and bad debt.Through the first quarter of 2010 the property continued to operate belowbreakeven as a result of high maintenance expenses. Maintenance expensesincreased because of a burst sprinkler line. In January, a sprinkler line ruptured in one unit, causing damage toclosets in multiple units.  The insurancecompany has advanced funds to complete the required repairs and management hascontracted to have the work completed. All repairs should be finished in the second quarter of 2010. Occupancyincreased during the first quarter of 2010 and ended the quarter at 95%.  Additionally, bad debt decreased as a resultof management’s increased collection efforts. All taxes, insurance and mortgage payments are current.

 

RHP 96—I, LP (Hillside Club I Apartments) is a 56-unitproperty located in Petosky, Michigan. Hillside Club operated below breakevenin the 2005-2007 period as a result of low occupancy.  Occupancy averaged 81% for the years 2005,2006, and 2007, and the property suffered cash losses of ($50,619), ($71,828)and ($66,013) in those years, respectively. Prior to 2008, the operating general partner, who does not have anaffiliated management company, engaged five management companies.  In early 2008, in connection with a portfoliowide restructing, the current third party management was engaged.  This management company appears much strongerthan any of the past management firms and occupancy for 2008 improved to87%.  During 2009, the property operatedslightly below breakeven and average occupancy for 2009 was 87%.  Occupancy at March 31, 2010 is 89% andthe property operated again slightly below breakeven.  Management is currently offering a reducedsecurity deposit and eliminated the application fee, and has increasedmarketing through radio advertisements and flier inserts in the localnewspaper.  The operating general partner’sunlimited operating deficit guarantee expired as of July 31, 2003.  The operating general partner continued tofund deficits through the third quarter of 2006, but ceased to fully supportthe property’s operations in the fourth quarter of 2006.  As a result, the Operating Partnership fellinto arrears on both its tax and mortgage payments.  As of March 31, 2010, the OperatingPartnership is two months delinquent on its mortgage.  The Operating Partnership has not received aformal default notice from the lender. Although the 2007 real estate taxes were paid in the second quarter2009, the 2008 and 2009 real estate taxes remain outstanding.  The operating general partner is hoping topay the 2008 real estate taxes during the first half of 2010.  The 2008 real estate taxes need to be paidprior to February 2011 to avoid a tax sale by the county.  The investment general partner is exploringalternatives, which include a workout plan with the existing operating generalpartner or the replacement of the operating general partner.

 

Millwood Park, LP (Millwood Park Apartments) is a172-unit family property located in Douglasville, Georgia.  Historically, the property has struggled inthis highly competitive market.  Theoperating general partner responded with move-in specials and increasedadvertising with local businesses and rental guides. As part of the partnershiprestructuring in June of 2008, the new

 

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operating general partner agreed to extend the expiringoperating deficit guarantees through June 2011.  Deficits have been and continue to be largelyfunded by operating general partner advances along with accruing managementfees. The investment general partner found the property to be in excellentcondition upon a site inspection in April of 2009.  Through the first quarter of 2010, theproperty operated below breakeven primarily due to high utilities, bad debt,advertising expenses on billboards, low occupancy, and the addition of aprivate security company. At the end of the first quarter 2010, occupancydecreased to 76%.  A new site manager washired at the end of July 2009.  Thenew site manager has incorporated pizza box marketing, as once a week residentsand local community members can buy pizzas on the property for $5.  Management also implemented “Billboard”marketing off the main highway in order to attract prospective tenants who usethe highway as a main source of transportation. Both marketing techniques are in conjunction with a broader annual marketingplan that expires during the second quarter 2010.  Based on the results of the current marketingplan, management will reevaluate what tactics are effective and efficient anddiscard tactics that prove to be superfluous and expensive.  During the fourth quarter of 2009 managementimplemented a surety bond to combat the bad debt expense and to serve as anincentive for new residents.  Theresidents will pay a minimal amount for a surety bond opposed to a higher amountfor a security deposit.  The propertywill receive a guarantee that the surety bond, limited to the bond cap amount,will cover all damage incurred to a unit. The new site manager’s primary focus is on creating resident retentioninitiatives such as after school programs. During the first quarter of 2010 management instituted a forgiveness ofpast credit program.  The program allowsfor prospective tenants with negative past credit history admission forresidency. In order to be admitted the prospective tenant must provide evidenceof reparations made as well as five years without incident.  Currently, occupancy is low due to recentgang activity occurring on or around the property.  The operating general partner requested fromthe Department of Community Affairs the construction of a police substation inone of the three community rooms. However, local authorities denied this request and management hired afull time private security company to patrol the property around the clock.  Since the addition of the private securitycompany home invasions significantly decreased. Management will continue to fund the private security operations withthe hope that the decrease in homes invasions will have a residual effect onsurrounding community violence, increasing property appeal and occupancy. Theoperating general partner has financed all 2009 operating deficits and willcontinue to do so in 2010.  All tax,insurance, and mortgage payments are current.

 

(Series 35). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 11 properties at March 31,2010 all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $1,431,209 and $1,454,862, respectively inpassive income tax losses that were passed through to the investors and alsoprovided $0.93 and $0.97, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 35 was $2,576,041 and $5,644,539,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

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For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(3,359,953) and $(6,285,010),respectively.  The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee, impairment losses, and amortization of acquisition costs.

 

Columbia Wood, LP (Columbia Wood Townhomes) is a120-unit property located in Newnan, GA. Historically, occupancy has been a concern at this property due toeconomic decline in the area.  Theproperty operated below breakeven in 2009 generating a cash deficit of$(284,901). Occupancy averaged 83% for the year 2009. However, as of March 2010occupancy has increased to 93% and operations were below breakeven.  The primary reasons for below breakevenoperations have been high vacancy and bad debt. The lack of income has affected management’s ability to pay bills,resulting in high payables. In the first quarter of 2010 the property has madesignificant improvement. Management has hired a new portfolio manager and a newproperty manager who are both familiar with the market and have been veryeffective in their efforts to improve operations. Occupancy has increased from74% in November 2009 to 93% by March 2010. Management plans to paydown accounts payable from available cash flow as operations improve.

 

The investment general partner met with the operatinggeneral partner and visited this site in September 2009.  The property was very well maintained and thetax credit files were in very good order. Budgeted 2010 capital improvements include new signage and asphaltrepairs. Exterior painting was done in 2009. These improvement projects will befunded from replacement reserves and the operating general partneradvances.  Real estate tax, insurance andmortgage payments are current.  Theoperating general partner’s guarantee remains unlimited until rentalachievement.  Rental achievement has notyet been met.  After rental achievement,the operating deficit guarantee is unlimited for three years. The operatinggeneral partner continues to fund deficits as needed. The investment generalpartner continues to hold bi-monthly conference calls with the operatinggeneral partner and management staff to review all operational issues at theproperty.  These reviews will continueuntil occupancy and operations stabilize.

 

Mulvane Housing Associates Limited Partnership (CountryWalk Apartments) is a 68-unit family property located in Mulvane, Kansas. As ofMarch 31, 2010, the property was 97% occupied.  The property operated below breakeven throughthe first quarter of 2010. Administrative expenses were high in the first quarter due to costsincurred in advertising as a result of low occupancy. However, these expensesare expected to normalize as occupancy rebounded in the first quarter.  Maintenance expenses were high in the firstquarter as a result of turnover.  Thesecosts included carpet and vinyl replacement, power washing and painting,microwave replacement, and bike rack installation. The improvements cost$20,295 and will be funded in the second quarter of 2010 from the replacementreserve.  Maintenance expenses areexpected to normalize in the second quarter, as management does not anticipateany additional required improvements to the property in the short term.  The investment general partner will continueto monitor the property’s expense levels and management’s leasing efforts toensure occupancy remains strong. The operating general partner has continued tofund all operating deficits despite an expired guarantee and has stated that hewill continue to do so until the end of the tax credit compliance period in2014.  All real estate taxes, insurance,and mortgage payments are current.

 

New Caney Housing II, LP (Garden Gates Apartments) is a32-unit family property located in New Caney, TX. The property operated atbreakeven in 2009, due to insufficient rental income.  Although average occupancy increased to 90%in 2009, further improvements are needed to achieve above breakeven

 

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operations.  Theproperty continues to operate at 90% occupancy through the first quarter of2010. There is a lot of competition from other multifamily properties in thearea and the management team has been working diligently to rebuild the tenantbase and revamp their marketing program. They have focused on increasingresident retention and improving collections. In order to increase residentretention and overall occupancy, the company implemented an in-depth tenantscreening process. Management took steps to aggressively enforce lease provisionsby either moving for eviction or not renewing leases for residents who violatedthe terms outlined in their rental agreement. Management has also addedconcessions and other incentives to improve occupancy. Management reports thatthe resident profile and resident retention have both greatly improved. Theproperty continued to operate below breakeven through the first quarter due toleasing concessions and the full payment of the real estate taxes. Themortgage, taxes and insurance are all current. The management company isdeferring all fees until operations improve. The investment general partnerwill continue to monitor the property’s occupancy and operations.

 

(Series 36). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 11 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $1,423,093 and $1,169,350, respectively inpassive income tax losses  thatwere passed through to the investors and also provided $0.91 and $0.93,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 36 was $1,812,747 and $3,832,441,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(2,242,113) and $(3,824,248),respectively. The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee, impairment losses,and amortization of acquisition costs.

 

Farmington Meadows Apartments (Aloha Housing LimitedPartnership) is a 69-unit apartment complex located in Aloha, OR, withproject-based Section 8 subsidy on 100% of the units. Historically, theproperty has had strong operations. Average occupancy for 2009 was 96%.  Due to its high debt service, the propertyoperated below breakeven in 2009 and through the first quarter of 2010.  A number of other issues have also affectedcash flow, resulting in several late payments on the mortgage.

 

The property’s balconies deteriorated significantly from2006 to 2008.  While awaiting contractors’bids to repair the balconies, management issued letters directing residents notto use their balconies until they were repaired.  Despite the letters, one resident continuedto use her balcony and sprained her ankle when the balcony collapsed in August 2008.The incident was reported to both parties’ insurance companies, but theresident has taken no legal action. After the incident, all doors to the balconies were boarded upimmediately.  Work to remediate thebalconies was completed in the first quarter of 2009.

 

Due to limited funds, the Operating Partnership hasalternated between paying vendors and making its debt service payments.  After the sewer line was

 

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repaired in July 2008 for $60,000, the contractorwho performed the work filed a lien on the property.  Payment has since been made, but this causedsome arrearage in the mortgage payments. The operating general partner brought the mortgage current, but payablesbegan to build again. In order to pay down some of these payables, theOperating Partnership missed two mortgage payments in 2009. The mortgagepayments were brought current and have remained current partially through arelease of funds from the Operating Partnership’s debt service reserve, but areagain about one month in arrears through the first quarter of 2010.

 

In March 2008, the operating general partnerreplaced the management agent.  The newagent appears to be skilled in all areas of Low Income Housing Tax Creditproperty management and has been working to address the issues noted above, aswell as performing mold remediation on affected units.  Some of the balcony repair costs were paidout of the property’s replacement reserve. The investment general partner will continue to monitor the progress onthese issues.  The investment generalpartner continues to press the operating general partner to continue fundingdeficits in a more timely manner.  Althoughthe mortgage lenders had not issued a notice of default as of the end of firstquarter of 2010, they could since there are ongoing mortgage payment arrearageswhich could trigger a foreclosure action in 2010 or 2011 if the operatinggeneral partner doesn’t cure the mortgage payment defaults.  A foreclosure sale in 2010 would require theOperating Partnership to recognize estimated tax credit recapture costs andinterest penalty of approximately $443,925, equivalent to $206 per 1,000 BACs.

 

Nowata Village Limited Partnership (Nowata Village) is a28-unit family property located in Nowata, OK. Nowata is a small town with limited employment opportunities.  Consequently, Nowata Village has struggled tomaintain a stabilized occupancy and to keep operations above breakeven.  However, the regional manager began spendingmore time onsite in 2008, marketing efforts improved and occupancy increased to89% by year-end. Occupancy was stable in 2009, averaging 93% for the year, butthe property operated below breakeven due to increased maintenance andinsurance costs.  The increase in maintenancewas due to non-budgeted replacement expenses that were not reimbursed fromreplacement reserves due to Rural Development restrictions.  Insurance premiums increased due to anincrease in insurance claims in 2008/2009. The investment general partner has put the operating general partner intouch with an insurance agent in an effort to reduce those costs. RuralDevelopment approved a $20-75 rent increase on all units effective January 1,2010 that was projected to bring operations back above breakeven.  However, despite occupancy averaging 93%through the first quarter of 2010, operations remain below breakeven due tocontinued high expenses.  The operatinggeneral partner continues to fund deficits as needed. The property’s mortgage,real estate taxes and insurance payments are all current.

 

Riverview Bend Limited Partnership (Riverview Bend) is a94-unit property located in Crystal City, MO. The property sustained fire damage in June 2009. All damage wasrepaired in 2009 and the property operated above breakeven.  During the first quarter of 2010, theproperty operated above breakeven and ended the quarter with 99%occupancy.  All real estate tax,mortgage, and insurance payments are current.

 

Wingfield Apartments LP. (Wingfield Apartments) is a 40-unitmultifamily development located in Kinder, Louisiana.  In 2008, occupancy averaged 84% and theproperty operated above breakeven.  In2009, occupancy averaged 85% and the property operated below breakeven.  There was a 38% increase in operating expensesin 2009, specifically maintenance costs. According to the operating general partner, the increase in maintenancecosts was the result of required

 

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repairs following the 2009 Rural Development audit andexpenses are expected to return to 2008 levels once the repairs arecompleted.   All repairs were finished bythe fourth quarter of 2009.  Occupancywas at 88% at the end of the first quarter of 2010 and the property operatedbelow breakeven.  The investment generalpartner will continue to monitor occupancy and expenses at the property.  The low income housing tax credit complianceperiod expires in 2014.  All real estatetax, mortgage, and insurance payments are current.

 

(Series 37). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 7 properties at March 31,2010 all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $1,586,942 and $1,753,474, respectively inpassive income tax losses that were passed through to investors and alsoprovided $0.97 in both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 37 was $1,400,181 and $3,894,815,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity method the Fund adjusts its investment cost for its share  of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(2,780,498) and $(6,790,196),respectively. The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the  fund management fee, impairment losses, and amortization of acquisitioncosts.

 

Columbia Wood, LP (Columbia Wood Townhomes) is a120-unit property located in Newnan, GA. Historically, occupancy has been a concern at this property due toeconomic decline in the area.  Theproperty operated below breakeven in 2009 generating a cash deficit of$(284,901). Occupancy averaged 83% for the year 2009. However, as of March 2010occupancy has increased to 93% and operations were below breakeven.  The primary reasons for below breakevenoperations have been high vacancy and bad debt. The lack of income has affected management’s ability to pay bills,resulting in high payables. In the first quarter of 2010 the property has madesignificant improvement. Management has hired a new portfolio manager and a newproperty manager who are both familiar with the market and have been veryeffective in their efforts to improve operations. Occupancy has increased from74% in November 2009 to 93% by March 2010. Management plans to paydown accounts payable from available cash flow as operations improve.

 

The investment general partner met with the operatinggeneral partner and visited this site in September 2009.  The property was very well maintained and thetax credit files were in very good order. Budgeted 2010 capital improvements include new signage and asphaltrepairs. Exterior painting was done in 2009. These improvement projects will befunded from replacement reserves and the operating general partneradvances.  Real estate tax, insurance andmortgage payments are current.  Theoperating general partner’s guarantee remains unlimited until rentalachievement.  Rental achievement has notyet been met.  After rental achievement,the operating deficit guarantee is unlimited for three years. The operating generalpartner continues to fund deficits as needed. The investment general partnercontinues to hold bi-monthly conference calls with the operating generalpartner and management staff to review all operational issues at theproperty.  These reviews will continueuntil occupancy and operations stabilize.

 

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Stearns Assisted Housing Associates, L.P. (StearnsAssisted Housing) is a 20-unit senior property located in Millinocket, ME.  The property has historically operated belowbreakeven, due to high utility expenses. Additionally, Stearns has struggledwith vacancy; however, occupancy improved and stabilized in 2008 with a 92%annual average.  Occupancy remainedstrong through the third quarter of 2009, averaging 96%, but fell to 85% byyear-end. The decline in occupancy resulted after it was determined that MaineCare, the elderly care service provider, was never a federally approvedprogram.  As such, their services wereterminated, effective July 1, 2009, and replaced by Pen Cap, who charges afee equal to 40% of residents’ disposable income.  Ultimately, occupancy has continued todecline, ending in the first quarter of 2010 at 75%.

 

The property continues to operate at a deficit, due tohigh fuel costs from an inefficient heating system.  In an effort to reduce operating expenses,management allowed the Maine Public Utilities Commission to conduct awalk-through energy audit at the property. Recommendations were made toincrease energy efficiency at the property. The recommendations were brokendown into two categories: low cost maintenance procedures, and capitalimprovement projects. Management implemented the low cost recommendations,which included weather-stripping, adding caulking around doors and windows, andshutting down the ventilation system during unoccupied times. Per the energyaudit, the major issue is that, due to the inefficient use of space, too muchof the unoccupied portion of the building is heated. The commission recommendedthat the heating system be rezoned and an energy management system thatcontrols the temperature in unoccupied areas should be installed.

 

The operating general partner researched manyalternative energy systems and concluded that Chip-Tech, a heating system thatuses wood chips, and garbage (under EPA standards), rather than oil to produceheat, would substantially reduce the property’s heating costs.  Chip-tech toured the property in May 2008and felt the property would be an ideal candidate for its technology.  The operating general partner visited theinvestment general partner in October 2008 to discuss the energyalternatives he had been researching throughout his portfolio.  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; unfortunately, the Authority would not provide financialapproval because the property cannot support the additional debt required toimplement any major changes.  At therequest of the Authority, the operating general partner and investment generalpartner attended a meeting in September 2009 to discuss the issues atStearns Assisted and the options available to improve operations at theproperty.  Since Stearns Assisted cannotsupport the additional debt, the Authority agreed to research financing optionswhich would help the property implement less expensive improvements.

 

The operating general partner was expecting a decisionon the financing options from the Authority in the first quarter of 2010;however, due to changes in the review process, now a decision is not expectedto be received until the end of the third quarter of 2010.  If approved, the Authority provides 100%financing up to 30 years at a fixed rate of 4.75%.  Any proposals from the Authority would alsorequire approval from the investment limited partner and HUD. The operatinggeneral partner’s operating deficit guaranty is unlimited in time and amountand he continues to fund cash deficits as necessary. All tax and insurancepayments are current, and there is no hard debt associated with the property’sfinancing.

 

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Baldwin Villas Limited Partnership (Baldwin Villas) is a65-unit property located in Pontiac, MI. The project consists of single familyrental homes, with home ownership an option available to qualifyingtenants.  Because the cost to build theproject approximated the cost for a single-family development, construction ofthe project required a significant amount of debt.  As a result, the rent structure required to supportthe project is high, and most tenants need significant subsidy to afford the$1,000+/ per month rents.

 

During 2006, occupancy at Baldwin Villas averaged over90% and the property generated $61,425 in cash. Due in part to the decreasedavailability of portable Section 8 vouchers caused by funding constraints,average occupancy declined in 2007 to 82% and the property operated belowbreakeven. In October 2007, the operating general partner engaged a newproperty management company to manage several of its properties, includingBaldwin.  The property continued tooperate below breakeven in 2008 and 2009 with occupancy averaging 89% and 88%in these years, respectively.  Averageoccupancy for the first quarter of 2010 was 90%.  During the first quarter of 2010, theproperty operated at roughly breakeven after paying interest expense but beforefunding any capital reserves or paying any principal payments. Unemployment ishigh in Pontiac, a suburb of Detroit, and the local housing authority hasstopped issuing vouchers due to funding cuts. Operating expenses remain well above state averages due to the fact thatthe property consists of single family homes. Maintenance expenses are approximately three times the state average dueto extremely costly unit turnovers. Management began using a new credit agency for more comprehensive creditchecks in August 2008 in an effort to curb unit turnovers and tenantreceivables; however, evictions for non-payment of rent continue to be anissue.  Additionally, the homes werebuilt on slabs and settling has caused plumbing issues and shifting of some ofthe exterior walkways.  Repairs are beingmade on an as-needed basis every other month. During 2009 the site manager worked with the local housing authority toobtain voucher holder referrals, held several open houses during 2009, andincreased radio and newspaper advertisements.

 

In the third quarter of 2008 the investment generalpartner received the 2007 draft audit which revealed that the operating generalpartner had renegotiated the loan agreement during 2007 resulting in the lenderagreeing to the deferral of the scheduled principal payments for 2006 and2007.  As of March 31, 2010, theseprincipal payments remain deferred.   The contractual principal payments for 2008 and 2009 have also not beenpaid, although the lender elected to convert these two mortgage principalpayment liabilities to a separate demand note liability executed by theOperating Partnership.  A principal paymenton the demand note was due October 31, 2009; however, that payment was notmade.  Although the lender had not yetissued a default notice to the Operating Partnership, the operating generalpartner is attempting to resolve this issue with the lender.  The Operating Partnership remains current onthe interest portion of its debt service. The real estate taxes for 2008 were paid in the first quarter of2010.  Real estate taxes for 2009 remainunpaid, but the operating general partner did file an appeal in 2009, which iscurrently pending.  Payables are high andcontinue to increase.  The investmentgeneral partner is closely monitoring the management company’s ability toincrease occupancy and cash flow, reduce unit turnovers, and controlmaintenance expenses and bad debt.  Theinvestment general partner continues to press the operating general partner fora plan to pay down unpaid real estate taxes and growing payables.

 

(Series 38). As of March 31, 2010 and 2009,the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

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For the tax years ended December 31, 2009 and 2008,the series, in total, generated $920,580 and $866,692, respectively, in passiveincome tax losses that were passed through to investors and also provided $0.94for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for  Series 38was $3,761,779 and $6,295,306, 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, 2010 and 2009, thenet income (loss) of the series was $(2,712,997) and $(6,258,767), respectively.The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, the fund management fee, impairment losses, andamortization of acquisition costs.

 

Columbia Creek Apartments is a 172-unit familydevelopment located in Woodstock, GA. Average occupancy decreased from 85% in 2007 to 83% in 2008, to 75% in2009.  The property operated belowbreakeven with a cash deficit of $(214,258). The primary cause of the poor performance was low occupancy, whichaveraged 75% in 2009. However, due to changes referenced below, occupancy hasincreased to 87% as of March 2010. According to management, maintaininghigh occupancy has been difficult because of a declining market and lack ofqualified residents due to job losses in the area.  The operating general partner has reducedrental rates and is currently offering resident referral fees, merchantreferral fees and giveaways as a means to improve occupancy.  The property continues to operate belowbreakeven due to low occupancy and high bad debt.  In addition, maintenance expenses have beenhigh as a result of increased turnover costs. In 2010, management has hired anew portfolio manager and a new property manager who are both familiar with themarket and have been very effective in their efforts to improve operations.Occupancy has increased from 75% in November 2009 to 87% by March 2010.

 

The investment general partner recently met with theoperating general partner and visited the site in September 2009.  The property is very well maintained, andshows nicely as a result of recent capital improvement projects includingexterior painting and re-striping of the parking lot.  A model unit has been created and landscapingimprovements have been done to further improve curb appeal. Management plans toupgrade the fitness equipment in 2010. All files were well kept and in goodorder.  All real estate taxes, insuranceand mortgage payments are current.  Theinvestment general partner continues to hold bi-monthly conference calls withthe operating general partner and management staff to review all operationalissues at the property.  These reviewswill continue until occupancy and operations stabilize.

 

Hammond Place Apartments Partnership (Hammond PlaceApartments) is a 40-unit multifamily development located in Hammond,Louisiana.  In 2008, occupancy averaged91% and the property operated above breakeven. In 2009, occupancy averaged 86% and the property operated belowbreakeven.  There was a 23% increase inoperating expenses in 2009, specifically maintenance costs.  According to the operating general partner,the increase in maintenance costs was the result of required repairs followingthe 2009 Rural Development audit and expenses are expected to return to 2008levels once the repairs are completed.  All repairs were finished by the fourth quarter of 2009.  Occupancy was at 90% at the end of the firstquarter of 2010 and the property operated below breakeven.  The investment general partner will continueto monitor occupancy and expenses at the property.  The low income housing tax

 

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credit compliance period expires in 2014.  All real estate tax, mortgage, and insurancepayments are current.

 

(Series 39). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 9 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $1,148,527 and $855,835, respectively, inpassive income tax losses that were passed through to investors. The seriesalso provided $0.93 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 39 was $3,970,104 and $6,063,709,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, 2010 and 2009, thenet income (loss) of the series was $(2,291,962) and $(4,318,730),respectively. The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee, impairment losses,and amortization of acquisition costs.

 

Columbia Creek Apartments is a 172-unit familydevelopment located in Woodstock, GA. Average occupancy decreased from 85% in 2007 to 83% in 2008, to 75% in2009.  The property operated belowbreakeven with a cash deficit of $(214,258).  The primary cause of the poor performance was low occupancy, whichaveraged 75% in 2009. However, due to changes referenced below, occupancy hasincreased to 87% as of March 2010. According to management, maintaininghigh occupancy has been difficult because of a declining market and lack ofqualified residents due to job losses in the area.  The operating general partner has reducedrental rates and is currently offering resident referral fees, merchantreferral fees and giveaways as a means to improve occupancy.  The property continues to operate below breakevendue to low occupancy and high bad debt. In addition, maintenance expenses have been high as a result ofincreased turnover costs. In 2010, management has hired a new portfolio managerand a new property manager who are both familiar with the market and have beenvery effective in their efforts to improve operations. Occupancy has increasedfrom 75% in November 2009 to 87% by March 2010.

 

The investment general partner recently met with theoperating general partner and visited the site in September 2009.  The property is very well maintained, andshows nicely as a result of recent capital improvement projects includingexterior painting and re-striping of the parking lot.  A model unit has been created and landscapingimprovements have been done to further improve curb appeal. Management plans toupgrade the fitness equipment in 2010. All files were well kept and in goodorder.  All real estate taxes, insuranceand mortgage payments are current.  Theinvestment general partner continues to hold bi-monthly conference calls withthe operating general partner and management staff to review all operationalissues at the property.  These reviewswill continue until occupancy and operations stabilize.

 

Timber Trails I Partnership (Timber Trails Apartments)is a 32 unit complex located in Ball, LA. The property performed well in 2008 with average occupancy of 89% andabove breakeven operations.  Occupancyimproved in 2009 and ended the year at 97% occupied.  Despite this improvement, the propertyoperated below breakeven for the year due to a large increase in maintenancecosts.  Maintenance expenses increasedfrom $18,141 in 2008 to $55,756 in

 

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2009.  Accordingto the operating general partner, Rural Development required significant repairwork as a result of their most recent audit. All required repairs were completed in 2009.  Occupancy averaged 97% through the firstquarter of 2010 and the property operated above breakeven for the quarter.  Maintenance expenses have returned to theirhistoric levels.  The investment generalpartner has approved a general partner transfer for Timber Trails.    The transfer will be finalized in thesecond quarter of 2010.

 

(Series 40). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 16 properties at March 31,  2010, all of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $1,072,131 and $1,020,429, respectively inpassive income tax losses that were passed through to investors. The seriesalso provided $0.92 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 40 was $4,858,175 and $7,326,362,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(2,709,589) and $(5,416,173),respectively. The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee, impairment losses,and amortization of acquisition costs.

 

Baldwin Villas Limited Partnership (Baldwin Villas) is a65-unit property located in Pontiac, MI. The project consists of single familyrental homes, with home ownership an option available to qualifyingtenants.  Because the cost to build theproject approximated the cost for a single-family development, construction ofthe project required a significant amount of  debt.  As a result, the rentstructure required to support the project is high, and most tenants needsignificant subsidy to afford the $1,000+/ per month rents.

 

During 2006, occupancy at Baldwin Villas averaged over90% and the property generated $61,425 in cash. Due in part to the decreasedavailability of portable Section 8 vouchers caused by funding constraints,average occupancy declined in 2007 to 82% and the property operated belowbreakeven. In October 2007, the operating general partner engaged a newproperty management company to manage several of its properties, includingBaldwin.  The property continued tooperate below breakeven in 2008 and 2009 with occupancy averaging 89% and 88%in these years, respectively.  Averageoccupancy for the first quarter of 2010 was 90%.  During the first quarter of 2010, theproperty operated at roughly breakeven after paying interest expense but beforefunding any capital reserves or paying any principal payments. Unemployment ishigh in Pontiac, a suburb of Detroit, and the local housing authority hasstopped issuing vouchers due to funding cuts. Operating expenses remain well above state averages due to the fact thatthe property consists of single family homes. Maintenance expenses are approximately three times the state average dueto extremely costly unit turnovers. Management began using a new credit agency for more comprehensive creditchecks in August 2008 in an effort to curb unit turnovers and tenantreceivables; however, evictions for non-payment of rent continue to be anissue.  Additionally, the homes werebuilt on slabs and settling has caused plumbing issues and shifting of some of theexterior walkways.  Repairs are beingmade on an as-needed basis every other month.

 

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During 2009 the site manager worked with the localhousing authority to obtain voucher holder referrals, held several open housesduring 2009, and increased radio and newspaper advertisements.

 

In the third quarter of 2008 the investment generalpartner received the 2007 draft audit which revealed that the operating generalpartner had renegotiated the loan agreement during 2007 resulting in the lenderagreeing to the deferral of the scheduled principal payments for 2006 and2007.  As of March 31, 2010, theseprincipal payments remain deferred.   The contractual principal payments for 2008 and 2009 have also not beenpaid, although the lender elected to convert these two mortgage principalpayment liabilities to a separate demand note liability executed by theOperating Partnership.  A principalpayment on the demand note was due October 31, 2009; however, that paymentwas not made.  Although the lender hadnot yet issued a default notice to the Operating Partnership, the operatinggeneral partner is attempting to resolve this issue with the lender.  The Operating Partnership remains current onthe interest portion of its debt service. The real estate taxes for 2008 were paid in the first quarter of2010.  Real estate taxes for 2009 remainunpaid, but the operating general partner did file an appeal in 2009, which is currentlypending.  Payables are high and continueto increase.  The investment generalpartner is closely monitoring the management company’s ability to increaseoccupancy and cash flow, reduce unit turnovers, and control maintenanceexpenses and bad debt.  The investmentgeneral partner continues to press the operating general partner for a plan topay down unpaid real estate taxes and growing payables.

 

Western Gardens Partnership (Western Gardens Apartments)is a 48-unit complex located in Dequincey, LA. The property operated well in 2008 averaging 88% occupancy with abovebreakeven operations.  Occupancy ended2009 at 83% and the property operated below breakeven for the year.  In addition to the decrease in occupancy inthe fourth quarter of 2009, maintenance costs increased 171% over 2008figures.  According to the operatinggeneral partner, the large increase in maintenance expenses is due to RuralDevelopment required repairs.  Occupancyended the first quarter of 2010 at 83%, and maintenance expenses have returnedto 2008 levels.  As a result, theproperty operated above breakeven through the first quarter of 2010.  All taxes, insurance and mortgage paymentsare current.  The low income housing taxcredit compliance period expires in 2015.

 

Oakland Partnership, a LA Partnership (OaklandApartments) is a 46-unit complex located in Oakdale, LA.  In 2008, the property had average occupancyof 81% and was able to operate above breakeven for the year.  Operating expenses were slightly below stateaverages and the property benefited from other revenue resulting from late feesand forfeited deposits.  Occupancy for2009 averaged 70% and ended the year at 89%. The property operated below breakeven for the year.  According to the operating general partner,they have had turnover at the manager position, which has hindered theirability to lease-up the property.  Theyhired a new manager in the fourth quarter and occupancy has improved to 87% asof March 31, 2010.  In addition, theproperty operated above breakeven through the first quarter of 2010. All taxes,insurance and mortgage payments are current.

 

Center Place Apartments II Limited Partnership (CenterPlace Apartments) is a 32-unit complex located in Center, TX.  In 2008, the property had average occupancyof 89% and operated above breakeven for the year.  Despite the low occupancy, the property wasable to generate cash due to low operating expenses.  Occupancy at the end of 2009 improved to 94%yet the property operated below breakeven for the year due to increasedoperating expenses.  In 2009, expenseswere up 100% over 2008 figures. Maintenance expenses for 2009

 

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were $61,527 compared to $8,636 in 2008.  According to the operating general partner,Rural Development required repair work as a result of their most recentaudit.  Occupancy at the end of the firstquarter of 2010 was 91% and the property operated slightly belowbreakeven.  The investment generalpartner will continue to monitor occupancy and property operations movingforward.  All taxes, insurance andmortgage payments are current.

 

(Series 41) As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 21 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31, 2009 and 2008,the series, in total, generated $868,556 and $1,524,913, respectively inpassive income tax losses that were passed through to investors and alsoprovided $0.76 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 41 was $4,593,671 and $6,283,404,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For years ended March 31, 2010 and 2009, the netincome (loss) of the series was $(2,440,525) and $(3,871,357),respectively.  The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee, impairment losses, and amortization of acquisition costs.

 

Rural Housing Partners of Mt. Carroll, LP (Mill CreekVillage) is a 12-unit family property located in Mt. Carroll, IL.  The property is located in a depressed ruralarea.  In 2006, two of the units lostrental assistance from Rural Development, due to being vacant for at least sixmonths.  Those two units remained vacantuntil January 2009 due to an inability to find tenants who could affordthe rents without Rural Development rental assistance.  According to the operating general partner,there is little chance of re-attaining the lost rental assistance. Averageoccupancy increased in 2009 as compared to 2008.  Despite this improved occupancy, the propertyoperated at breakeven in 2009 due to higher operating expenses.  Through the first quarter of 2010, occupancydropped to 83% and operations were slightly below breakeven.  The mortgage, property taxes, and insuranceare current.

 

Madison Housing Associates II Limited Partnership(Southpark Apartments II) is a 68-unit family property located in Mulvane,Kansas.  The property operated abovebreakeven in 2009.  The propertycontinued to operate above breakeven in the first quarter of 2010. As of March 31,2010 occupancy was strong at 95%. To ensure above breakeven operations,management has implemented a property manager incentive program based uponoccupancy and net operating income.  Thiswill motivate the on-site manager to further reduce expenses and increaserevenue.  All real estate taxes,insurance and mortgage payments are current.

 

Hawthorne Associates, LP (Sandalwood Apartments) is a20-unit property located in Toppenish, Washington.  The Operating Partnership experienceddifficulties in 2006 when overall average occupancy of 84% declined to 65%, dueto inadequate management, poor tenant rent collection, high eviction rates, andmany over-income applicants. New site staff was hired early in 2007 and thesite manager was able to restore occupancy to 95% by September 2007.  The property operated slightly belowbreakeven in 2007 but improved back to breakeven status in 2008.  Average occupancy in 2008 was 90%.  The occupancy as of March 31, 2010 was90%, up from 85% as of the end of December, 2009.

 

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The overall average occupancy in 2009 was 90%.  The property continued to operate abovebreakeven through 2009 and the first quarter 2010. The rent collection andeviction policies are being strictly enforced; no further collection issues areanticipated.  The taxes, mortgage andinsurance are all current.

 

Marwood Senior Associates, LLC (Marwood SeniorApartments) is a new construction property for the elderly located in UpperMarlboro, Maryland.  On May 31,2008, a hailstorm damaged roof shingles, gutters, and trim.  The damage was not discovered until a roofleak appeared on January 9, 2009. The leaks were temporarily repaired, andmanagement contacted three companies for estimates of the damage.  It was determined that the roof needed to bereplaced.  Work commenced in the firstquarter 2009, and was completed in October 2009.  The first check was approved and executed bythe investment general partner on June 5, 2009, and the final insurancecheck was received on January 21, 2010. This was approved and endorsed by the investment general partner shortlythereafter.  The property averaged 91%occupancy in the first quarter of 2010, and continues to operate abovebreakeven.  All required reserves andescrows are fully funded.

 

Bienville Partnership (Bienville Apartments) is a32-unit complex located in Ringgold, LA. In 2008, the property had average occupancy of 88% and operated abovebreakeven.  Despite the low occupancy,the property was able to generate cash. 2009 average occupancy was 79% and the property operated below breakevenfor the year.  In addition to the lowoccupancy, maintenance expenses increased to $69,091 in 2009 compared to$22,860 in 2008.  According to theoperating general partner, Rural Development required significant repair workas a result of their 2009 audit. Approximately $7,000 of these expenses were funded from the replacementreserve account.  According to theoperating general partner, all repairs were completed in 2009.  A new site manager was hired in the fourthquarter of 2009 and there has been a renewed focus on marketing andadvertising. Occupancy has improved to 84% at the end of the first quarter of2010; however, the property did operate below breakeven for the quarter.  The investment general partner has approved ageneral partner transfer for Bienville. The transfer will be finalized in the second quarter of 2010.  The investment general partner will monitoroccupancy and expenses at the site.

 

In June 2010, the investment general partner of Series 20and Series 41 transferred their respective interests in Cascade Commons LPto an entity affiliated with the operating general partner for its assumptionof the outstanding mortgage balance of approximately $22,279,256 and cashproceeds to the investment partnerships of $782,140 and $390,484 for Series 20and Series 41, respectively. Of the total proceeds received, $17,876 and$8,924 for Series 20 and Series 41, respectively, will be paid toBCAMLP for expenses related to the transfer, which includes third party legalcosts. The remaining proceeds of $764,264 and $381,560 were returned to cashreserves held by Series 20 and Series 41, respectively.  The monies held in cash reserves will beutilized to pay current operating expenses, accrued but unpaid asset managementfees, and accrued but unpaid expenses of the investment partnership.  After all outstanding obligations of theinvestment partnership are satisfied, any remaining monies will be distributedbased on the number of BACs held by each investor at the time of distribution.

 

(Series 42). As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%.  The series had a total of 22 properties at March 31,2010, all of which were at 100% Qualified Occupancy.

 

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For the tax years ended December 31, 2009 and 2008the series, in total, generated $1,041,100 and $1,982,663, respectively inpassive income tax losses that were passed through to investors and alsoprovided $0.92 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009 Investments inOperating Partnerships for Series 42 was $5,635,060 and $7,460,540,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, 2010 and 2009 the netincome (loss) of the series was $(2,439,386) and $(6,857,155), respectively.The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, the fund management fee, impairment losses, andamortization of acquisition costs.

 

Wingfield Apartments Partnership II, A L.P. (WingfieldApartments II) is a 42-unit multifamily development located in Kinder,Louisiana.  Throughout 2008, occupancydeclined from a high of 90% in January to a low of 69% in December 2008.  This decline was due to a rent increaseimplemented in 2007.  Despite the lowoccupancy, the property operated above breakeven for 2008 due to reducedoperating expenses. Occupancy ended 2009 at 71% and the property operated belowbreakeven for the year. The operating general partner attributes the vacanciesto necessary evictions due to non-compliant tenants. According to the operatinggeneral partner, they are advertising locally and offering rental concessionsin order to drive traffic to the site. Occupancy was at 70% at the end of the first quarter of 2010 and theproperty operated below breakeven for the quarter.  The investment general partner will continueto monitor occupancy at the site.  Theoperating deficit guarantee expired in 2005. The low income housing tax credit compliance period expires in2016.  All real estate tax, mortgage, andinsurance payments are current.

 

Dorchester Court Apartments (Dorchester Court LimitedDividend Housing Association, LP) is a 131-unit apartment complex located inPort Huron, MI, with 75% of the units devoted to elderly housing.  Due to construction delays and slow initiallease-up, the property experienced difficulty generating positive cash flowfrom the onset.  Further, one of the twooriginal members of the operating general partner entity was unable tocontribute his share of the advances required under the operating deficitguarantee.  In July 2005, thatmember was replaced and a new member was inserted as the second member of theoperating general partner entity. Although the new second member did not assumethe obligations of the guarantor, it had significant resources and contributedover $190,000 to the Operating Partnership to fund the property’s operatingdeficits during the 2006-2007 periods. In 2008, however, growing tensionsbetween the two members resulted in less attention to management of theproperty and diminished willingness of the operating general partner to funddeficits. In May 2009, the Operating Partnership approved the transfer ofinterests within the operating general partner entity; the new second membertransferred its interest to the remaining single member.  As noted above, the members had been at oddsand the transfer was deemed likely to clarify control of the entity and resultin improved performance of the property.

 

Occupancy averaged 90% for 2008, 2009, and the firstquarter of 2010.  The property operatedbelow breakeven in 2008, 2009, and the first quarter of 2010 due to lowoccupancy and high utilities and maintenance expenses. Based on the 2009expenses, the property would have to maintain 97% occupancy to breakeven;however, the first quarter 2010 unaudited financial statements indicate someimprovement in expenses, decreasing the deficit from those posted in 2008 and

 

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2009. The operating general partner believes that withthe change in the operating general partner entity noted above, occupancy willrise and operations will continue to improve. The Operating Partnership hasbeen funding the replacement reserve, in accordance with the loan and OperatingPartnership agreements, since September 2007 when the debt was refinanced.The mortgage, taxes and insurance payments are all current.  Accounts payable and accrued expenses stoodat approximately $68,600 as of March 2010, up approximately $11,000 from December 2009.

 

HS Housing, LP (Helios Station Apartments) is a 30-unitfamily property located in Lafayette, CO. The property operated well above breakeven and occupancy remained strongfor the year 2009 averaging 97%.  Throughthe first quarter of 2010 the property continues to have strong occupancy andoperates above breakeven.  All realestate taxes, insurance, and mortgage payments are current. The operatinggeneral partner’s obligation to fund operating deficits is unlimited in timeand amount.  A site visit conducted in September 2008revealed that although the property was in good 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 began in the beginning of May 2009.  This manager has previous tax creditexperience as an assistant manager and was promoted from a larger property withthe idea that she can deliver focus to this smaller property.  Another site visit was conducted at theproperty in July 2009.  Housekeepingand maintenance had improved, but tenant files continued to require attention.The site manager and regional compliance manager corrected all fileissues.  A 100% recertification and statemanagement review occurred in October 2009, resulting in a satisfactoryscore.

 

Effective July 1, 2008, the operating generalpartner brought in a new management company to manage its entire portfolio of18 properties in Colorado. The change in management was intended to address unsatisfactoryoperations at several properties in the Colorado portfolio.  The operating general partner is attemptingto recapitalize its Colorado portfolio, including HS Housing, but the plan’slikelihood for success continues to be uncertain at this time.  However, improved management has resulted inincreased 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, andadvanced funds to two properties in June 2009.  In the second quarter of 2010 the investmentgeneral partner has requested that the management company put together acapital needs plan for the entire Colorado portfolio.  This plan was expected to be completed by theend of June 2010, at which point the investment general partner willdiscuss the needs with the operating general partner.  The operating general partner will berequired to advance funds to each partnership that will not have sufficientreplacement reserve money to complete the capital improvements that are needed.

 

SM Housing, LP (Sunrise Manor Apartments) is a 40-unitproperty located in Buena Vista, Colorado. On September 7, 2008, there was a fire at the property, whichcaused damage to 12 of the 40 units.  On January 9,2009, the property passed the final inspection for the rehab work and theCertificates of Occupancy were re-issued. There was no loss of credits as a result of the

 

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down units.  Thecontractor who performed the rehab work put a lien against the property in theoriginal amount of $213,308.  Theoperating general partner paid a portion of the outstanding amount in 2009 andthe lien was reduced to $50,000.  Theoperating general partner and management company paid down an additional$15,000 in the fourth quarter of 2009. The operating general partner has arranged a payment plan with thecontractor and the issue with the lien has been resolved.  Through the first quarter of 2010, theproperty operated above breakeven and occupancy was 98%.  All real estate tax, mortgage, and insurancepayments are current.

 

TS Housing, LP (Tiffany Square Apartments) is a 52-unitfamily property located just outside Denver in Lakewood, CO.  Parts of the property developed structuralissues related to the floor joists, which resulted in uneven floors andrequired extensive repairs.  Ten unitswere off-line for over six months while management attempted to remediate theissue.  As a result of lower revenue fromthe down units, and increased maintenance expenditures, the property expendedcash of ($19,023) in 2006.  During 2007,average occupancy was 91% and the property expended cash of ($65,739) due toincreased maintenance expenditures and structural repairs of the eight units.

 

In 2006, the Colorado Housing and Finance Authorityissued 8823s, citing the ten units that were unsuitable for occupancy for anextended period of time due to the structural issues noted above. As of April 2007,the ten units had been repaired and re-occupied. In May 2008, corrected8823s for the ten units that were off-line were filed with the IRS by theColorado Finance Housing Agency.  In2009, two units were discovered to be in need of structural repairs related tothe floor joists.  Management obtainedbids and work was completed in June 2009 on the first unit.  The bid was for $5,000 and was paid fromoperating cash.  This unit was broughtback online and was re-tenanted in late June. A second unit was vacated in August 2009 and received structuralrepairs that were completed in November 2009.  The repairs were anticipated to be completedduring the third quarter of 2009; however, the scope of work increased afterfurther investigation.  The contractorhonored the original bid of $4,000 and was paid from operating cash.  The unit was re-tenanted in December 2009.  No additional units in need of structuralrepairs have been identified.  Theproperty operated above breakeven in 2008 and 2009 with the help of strongoccupancy.  Through the first quarter of2010, occupancy has averaged 96%, and the property continues to operate abovebreakeven.  All real estate taxes,insurance, and mortgage payments are current. The operating general partner’s obligation to fund operating deficits isunlimited in time and amount.

 

Effective July 1, 2008, the operating generalpartner brought in a new management company to manage its entire portfolio of18 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 TS Housing, but the plan’s likelihood for successcontinues to be uncertain at this time. However, improved management has resulted in increased cash flow acrossthe entire portfolio.  The investmentgeneral partner has turned its attention toward obtaining a commitment from theoperating general partner to fund the portfolio’s identified near term capitalimprovement needs and aged payables out of the improved cash flow from theentire portfolio.  The operating generalpartner signed a letter agreeing to fund capital needs at the Coloradoproperties, and advanced funds to two properties in June 2009.  In the second quarter of 2010 the investmentgeneral partner has requested that the management company put together acapital needs plan for the entire Colorado portfolio.  This plan s expected to be completed by theend of June 2010, at which point the investment general partner will

 

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discuss the needs with the operating generalpartner.  The operating general partnerwill be required to advance funds to each partnership that will not havesufficient replacement reserve money to complete the capital improvements thatare needed.

 

Jeremy Associates, LP (Coopers Crossing Apartments) is a93-unit family development located in Las Colinas, Texas.  In 2009, average occupancy was 95%; however,the property continued to operate below breakeven due to high operatingexpenses.  Occupancy continues to bestrong and was 95% at the end of the first quarter of 2010.  Operating expenses are high mainly due tomaintenance costs as a result of severe physical deficiencies in a number ofbuildings on site.  Since construction, anumber of the buildings have had differential settlement issues resulting incracked floor slabs, cracked brick veneer, cracking windows and doors andsagging balconies.  These concerns havebeen addressed on an ongoing basis via advances by the operating generalpartner.  Despite high occupancy and costcontrol efforts including staffing reduction, reduced marketing and theshutting down of one boiler during warmer months, the property continued tooperate below breakeven in 2009.  Theoperating general partner continues to address settlement concerns by slabjacking to stabilize movement.  Allbuildings are on-line and deferred maintenance does not appear to be anissue.  The operating general partner isactively repairing drywall cracks, adjusting sticking doors, and repaintingimpacted units. The operating general partner continues to fund operatingdeficits despite the expiration of the operating deficit guarantee.  So far the operating general partner hasadvanced over $1,800,000 for repairs and operating deficits. The mortgage,trade payables, property taxes and insurance are current. The low incomehousing tax credit compliance period will expire on December 31, 2010.

 

Centenary Housing, LP. (Centenary Tower Apartments) wasa 100-unit senior property located in St. Louis, MO.  The property operated at a deficit for thefirst time in 2005, due to operating expenses which exceeded the state averageby 25%.  Throughout 2006, third partymanagement reports to the operating general partner and the investment generalpartner suggested that the property was operating adequately, although therewere a few reports that drug use and other undesirable activity were increasingat the property. In the first quarter of 2007, the investment general partnerlearned that the City of St. Louis had cited the property as a nuisance twicein 2006.  The property’s security andhabitability had deteriorated sharply during the second half of 2006 and thefirst quarter of 2007, with over 700 police calls from June 15, 2006 — February 28,2007. After an additional citation from the City in the first quarter of 2007,the management company resigned effective February 1, 2007.  The operating general partner took overmanagement and hired new security personnel, but security guards wereineffective.  On February 28, 2007,the on-site manager was assaulted on the premises and the operating generalpartner was unable to re-establish a management presence at the property.

 

On March 2, 2007, the City of St. Louis conducted ahearing and ordered the building closed pursuant to public nuisance ordinances.  The Department of Housing and UrbanDevelopment terminated the Housing Assistance Payment contract.  The trustee for the bonds declared defaultunder the bond documents.  The operatinggeneral partner chose not to contest the City’s order or HUD’s contracttermination after determining that the highest recovery for the bondholders andlimited partners might result from a sale to a developer who would convert theproperty to a non-affordable use.  Theoperating general partner worked with HUD and local municipal officials torelocate the tenants, which concluded in early July 2007. The operatinggeneral partner engaged a broker who began marketing the property, but after

 

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three months of market exposure during the third quarterof 2007, the property had failed to elicit any strong expressions ofinterest.  The lack of interest was inpart attributable to the general problems in the credit market that occurred inthe third quarter of 2007.  In October 2007,the operating general partner determined that it would be costly to carry theproperty through the winter and offered to consensually transfer the propertyto the bondholders’ trustee. As of December 2007, the bondholders’ trusteehad effectively taken control of the property, although it had not formallyaccepted the deed. The bondholders’ trustee has been attempting to market theproperty since late 2007, with numerous offers falling through.  In August 2009, the trustee identified abuyer that agreed to purchase the property for $375,000 and scheduled aforeclosure sale for late September.  Theproperty was sold at foreclosure sale to this buyer on September 23, 2009for $375,000, or less than $.20 of the face value of the bonds.  There are no proceeds to be returned to cashreserves. Annual losses generated by the Operating Partnership, which wereapplied against the investment limited partnership’s investment in theOperating Partnership in accordance with the equity method of accounting, hadpreviously reduced the investment limited partnership investment in theOperating Partnership to zero. Accordingly, no gain on the foreclosure of theOperating Partnership has been recorded.

 

Due to the property being shut down in 2007, investorslost 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.

 

Marwood Senior Associates, LLC (Marwood SeniorApartments) is a new construction property for the elderly located in UpperMarlboro, Maryland.  On May 31,2008, a hailstorm damaged roof shingles, gutters, and trim.  The damage was not discovered until a roofleak appeared on January 9, 2009. The leaks were temporarily repaired, andmanagement contacted three companies for estimates of the damage.  It was determined that the roof needed to bereplaced.  Work commenced in the firstquarter 2009, and was completed in October 2009.  The first check was approved and executed bythe investment general partner on June 5, 2009, and the final insurancecheck was received on January 21, 2010. This was approved and endorsed by the investment general partner shortlythereafter.  The property averaged 91%occupancy in the first quarter of 2010, and continues to operate abovebreakeven.  All required reserves andescrows are fully funded.

 

Lynnelle Landing LimitedPartnership (Lynnelle Landing Apartments) is a 56-unit family property locatedin Charleston, WV.  Due to weak anddeclining economic conditions throughout 2008, many retail employers closed orreduced employee hours significantly. Retail employment composes a large portion of the property’s tenant baseand, as a result, the number of evictions increased.  The manager was terminated in the fourth quarterof 2008, as she had become too lax with her responsibilities, particularly rentcollections.  The new manager, with 20years experience, has been much more forceful and proactive with collections.By the end of the 2009 fourth quarter, occupancy returned to historiclevels, reaching 89%, and operations are abovebreakeven. First quarter 2010 occupancy is at 90%.

 

In May of 2009,fire and water damaged eight apartments, the laundry room and maintenanceshed.  Renovations were expected to becompleted by September

 

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2009; however, it tookthe insurance company 60 days to issue the scope of work, postponing thecompletion until November 30, 2009. The property’s income loss insurance covered 100% of the lost monthlyrent on all eight units through construction. The investment general partner will continue to monitor to ensureoperations and occupancy stabilize in the upcoming months.  The mortgage, real estate taxes and insurancepayments are current.

 

(Series 43) As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%. The series had a total of23 properties as of March 31, 2010, all of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $1,486,317 and $2,768,132, respectively inpassive income tax losses that were passed through to investors. The seriesalso provided $0.93 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 43 was $9,259,429 and $11,543,202,respectively.  The decrease is a resultof the way the Fund accounts for such investments, the equity method. By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(3,178,616) and $(6,502,229),respectively. The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee, impairment losses,and amortization of acquisition costs.

 

Dorchester Court Apartments (Dorchester Court LimitedDividend Housing Association, LP) is a 131-unit apartment complex located inPort Huron, MI, with 75% of the units devoted to elderly housing.  Due to construction delays and slow initiallease-up, the property experienced difficulty generating positive cash flowfrom the onset.  Further, one of the twooriginal members of the operating general partner entity was unable tocontribute his share of the advances required under the operating deficitguarantee.  In July 2005, thatmember was replaced and a new member was inserted as the second member of theoperating general partner entity. Although the new second member did not assumethe obligations of the guarantor, it had significant resources and contributedover $190,000 to the Operating Partnership to fund the property’s operatingdeficits during the 2006-2007 periods. In 2008, however, growing tensionsbetween the two members resulted in less attention to management of theproperty and diminished willingness of the operating general partner to funddeficits. In May 2009, the Operating Partnership approved the transfer ofinterests within the operating general partner entity; the new second membertransferred its interest to the remaining single member.  As noted above, the members had been at oddsand the transfer was deemed likely to clarify control of the entity and resultin improved performance of the property.

 

Occupancy averaged 90% for 2008, 2009, and the firstquarter of 2010.  The property operatedbelow breakeven in 2008, 2009, and the first quarter of 2010 due to lowoccupancy and high utilities and maintenance expenses. Based on the 2009expenses, the property would have to maintain 97% occupancy to breakeven;however, the first quarter 2010 unaudited financial statements indicate someimprovement in expenses, decreasing the deficit from those posted in 2008 and2009. The operating general partner believes that with the change in theoperating general partner entity noted above, occupancy will rise andoperations will continue to improve. The Operating Partnership has been fundingthe replacement reserve, in accordance with the loan and Operating Partnershipagreements, since September 2007 when the debt was refinanced. The

 

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mortgage, taxes and insurance payments are allcurrent.  Accounts payable and accruedexpenses stood at approximately $68,600 as of March 2010, up approximately$11,000 from December 2009.

 

Lakewood Apartments-Saranac, LP (Lakewood Apartments) isa 24-unit property located in Saranac, MI. The area suffers from very low employment, lack of public transportationand limited retail stores. In addition, the property only has seven subsidizedunits while other area properties are 100% subsidized. As a result, theproperty has struggled to maintain consistent occupancy and has operated belowbreakeven every year since inception. In recent years, management hasimplemented a variety of concessions including lowering the security depositfrom one month’s rent to $99, waiving the $20 application fee, and offering onemonth free rent.  In addition, privaterental assistance of up to $200/month has been offered for qualifiedapplicants. While these concessions have improved occupancy, the propertycontinues to operate at a deficit. In an effort to improve cash flow,management removed the concessions after occupancy reached 100% in March 2009.Afterwards, occupancy immediately began to decline and ended September 2009at 83%.  The concessions were thenreinstated and occupancy improved to 88% by year-end 2009.  Occupancy has remained under 90% through thefirst quarter of 2010, ending March at 84%, and operations continue to bebelow breakeven.  Real estate taxes,insurance and mortgage payments are current. The operating general partner’s operating deficit guaranty expired in February 2009but he continues to fund deficits as needed.

 

Carpenter School I Elderly Apartments, L.P. (CarpenterSchool I Elderly Apartments) is a 38-unit property located in Natchez, MS.  The property operated with a negative cashflow during the year 2009, mostly as a result of decreased occupancy and lowrental rates.  Average physical occupancyin 2009 was 89%. Through first quarter 2010, occupancy improved significantlyand as of March 2010 the property was 97% occupied.  However, it was still unable breakeven.Although occupancy is high and expenses remain reasonable, low rental rates inthe area continue negatively impact cash flow. The management company continuesto market the available units by working closely with the housing authority,and by continuing various marketing efforts to attract qualified residents. As aresult of aggressive advertising, physical occupancy has improved. Marketingconsists of advertisements in the local newspaper and distributing fliers tolocal business, churches, and schools. Management has also contacted the local housing authority and hasinstituted a resident referral program. To help retain residents, management isorganizing on-site events to enhance the sense of community at the property.The investment general partner emphasized the importance of resident retentionand is working with management to develop more regular social programs andactivities at the property. The investment general partner will continue towork with the operating general partner in an effort to stabilize operationsabove breakeven.  The mortgage, realestate taxes, insurance, and account payables are all current.

 

Parkside Plaza, L.P. (Parkside Plaza Apartments) is a39-unit co-op property located in Harlem, New York.  The property operated below breakeven in2005, 2006, 2007, and 2008 due to high utility, maintenance and administrativeexpenses combined with collection loss. Occupancy was at 100% as of March 2010.   Tenant receivables are an issue that hashistorically plagued the profitability of the project.  However, during the first quarter of 2010 theproperty collected prior and current tenant receivables.  The resulting increase in cash flow allowedthe property to operate above breakeven during the first quarter of 2010.  Management hired an outside financialconsultant with the primary focus on identifying what are tenant receivablesversus what is bad debt.  The focus on,which accounts are collectable enables management

 

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to concentrate their focus on attainable tenantreceivables.  To combat the continuedincrease in utility costs, management plans to implement a water and sewersaving plan in the second quarter of 2010. The Department of Water and Sewer provided a retrofit kit for eachapartment that is expected to result in a 15% saving in water and sewerexpenses.  Management also has employed athree-year plan to increase revenue by adjusting the 2008 tenant maintenancecharges by 10% in 2009, and 5% in 2010 and 2011.  Management continues to work on reducingtenant delinquencies by aggressively filing late notices and pursuing evictionsthrough the housing court. The investment general partner continues to work withthe operating general partner to improve operations.  Management has made significant progress byadamantly voicing concerns and prosecuting tenants in New York City tenantcourt.   The tenant delinquency report and rent roll indicatethat a significant portion of the accounts receivable are attributable totenants who have inhabited the property for more than 10 years.  To help combat increases in tenantreceivables, management is implementing the following measures: a strictertenant screening process, a change in legal counsel for tenant court, and ananalysis of “tenant hold over” (court process, with hope of rent collection)versus “tenant non-payment” (eviction with no hope of rent collection).  Generally legal proceedings take at least sixmonths before a tenant will have to appear in rent court in front of ajudge.  History shows that legaldecisions in New York City involving low-income housing tend to rule infavor of the tenant.The property’s goal is to pay down all 2007 and 2008past due payables by the end of the first quarter 2010.  The increase in the tenant maintenancecharges will supplement this goal.  Themortgage and insurance are current.  Theproperty is real estate tax exempt.

 

Alexander Mills, Limited Partnership (Alexander MillsApartments) is a 224-unit family property located about 30 miles northeast ofAtlanta, in Lawrenceville, GA. Occupancy, which averaged 94% during 2008, began to decline in thefourth quarter of 2008, reaching 89% occupancy in December.   Occupancy improved modestly during 2009 andthe first quarter of 2010 to 90%, but this was only able to be achieved withrent concessions.  The major employers inthe area have cut either staffing levels or worker’s hours.  As most residents are hourly employees, thosewho have retained their jobs have had their income significantly reduced.  Also, the decline in the constructionindustry has led to additional vacancies at the site.  Management has been very proactive in cuttingexpenses, collecting tenant receivables, and developing rent payment workoutplans to retain residents where possible. Management does not expect the jobmarket to turn around in the near future. The investment general partner performed a site visit in September 2009.  The property was found in excellentcondition.  The investment general partnerwill continue to monitor operations to ensure stabilization.  The September 2009 mortgage payment waslate and the operating general partner indicated it was unwilling to continueto advance funds to subsidize the Operating Partnership’s below breakevenoperations.  In addition, the operatinggeneral partner hoped that its decision to stop mortgage payments would triggernegotiations with the first mortgage lender on a possible loan re-structure orforbearance agreement.  This tacticresulted in a forbearance agreement that closed on April 13, 2010, andconverted the loan to an interest only payment schedule through December 31,2011, at which time amortization re-starts. At closing on the forbearance agreement, the past due interest was paidand a $200,000 operating deficit reserve was established.  This agreement should ensure that theOperating Partnership stays current on the first mortgage payments into 2012and provide a bridge to an improved economy and improved rental market inAtlanta. If the rental market in Atlanta does not improve by 2012, theOperating Partnership may not be able to make its monthly mortgage payment onceamortization re-starts, exposing the Operating Partnership to

 

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foreclosure risk and re-capture costs in 2012.  The real estate taxes and insurance paymentsare current as of March 31, 2010.

 

(Series 44) As of March 31, 2010 and 2009, theaverage Qualified Occupancy for the series was 100%. The series had a total of10 properties at March 31, 2010, all of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $2,151,478 and $1,133,030, respectively inpassive income tax losses that were passed through to the investors and alsoprovided $0.96 and $0.97, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 44 was $7,784,498 and $10,442,251,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, 2010 and 2009, thenet income (loss) of the series was $(3,226,501) and $(3,188,252),respectively. The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee, impairment loss andamortization of acquisition costs.

 

Post Oak East LP (Post Oak East Apartments) is a240-unit family property located in Fort Worth, Texas. Occupancy began todecline in the fourth quarter of 2009 and reached 85% in December.  Occupancy has improved to 90% as of March 31,2010. The property continues to operate below breakeven through the firstquarter of 2010 due to low occupancy and high operating expenses.  The property has struggled to maintain stableoccupancy due to weak current market conditions and local competition coupledwith poor management. Post Oak Apartments has been experiencing higher residentturnover than expected, primarily because of delinquency and evictions. Mostevicted residents lost their means of employment and could no longer meet theirrental obligations.  Also, there are anumber of comparably priced market rate communities in the immediate vicinity,some of which have better amenities and offer significant concessions.  Furthermore, poor management has contributedto low occupancy, the escalation of bad debt, and high operating expenses. Theoperating general partner addressed the problem by replacing the managementcompany in December of 2009.  Thenew management has implemented a comprehensive marketing and resident retentionprogram in an effort to increase occupancy and find more qualified residents.Management continues to reach out to local businesses in an attempt to boostoccupancy.  Fliers and postcards arecontinuously distributed to various employers, businesses, housing-relatedservice agencies, and community organizations. To reduce turnover and minimize expenses, management is currentlyoffering to paint units and install new carpets to entice residents to renewtheir leases.  Management has also addedconcessions and other incentives to improve occupancy. They are currentlyoffering reduced rents on one-bedroom and three-bedroom apartments, a $250resident referral gift card, and a “look and lease” special of a $100 giftcard. They also continue to organize monthly social events at the property.

 

As the result of low economic occupancy, the propertyhas not been able to convert from the construction mortgage as originallyprojected. The bank has granted the Operating Partnership a third extension ofthe construction loan through August 16, 2010. Currently, the operatinggeneral partner is exploring all available options to take out the constructiondebt.  The operating general partner hasan unlimited guarantee until Rental Achievement.  Rental Achievement is defined as a 1.15 debtcoverage service ratio for three

 

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consecutive months. Once Rental Achievement occurs, theoperating general partner is obligated until the third anniversary of RentalAchievement to advance funds to eliminate operating deficits in an amount notto exceed $1,000,000.  The investmentgeneral partner continues to monitor the situation to ensure the propertyconverts to permanent financing. The property’s construction mortgage, realestate tax, and insurance payments are current.

 

Brookside Park Limited Partnership (Brookside ParkApartments) is a 200-unit family property located in Atlanta, Georgia.  Occupancy fell to a low of 89% in March 2007,as a result of crime in the surrounding neighborhood.  Management responded by replacing chain linkfencing with more durable hard fence, thinning shrub cover and installing alarmsystems in every unit.  Due to a recentoperating general partnership transfer in June of 2008, the new operatinggeneral partner agreed to extend the operating deficit guarantee through June of2011.

 

In 2009, the property operated well belowbreakeven.  All operating deficits arefunded by the operating general partner through operating deficit loans.  At the end of the first quarter 2010 theproperty increased occupancy to 94%. The increase in occupancy is attributed toa decrease in criminal activity surrounding the property, as well as newleasing specials.  The new leasingspecials include: $299 move in, $300 lease renewal and a $300 resident referralspecial.  Management indicated that overthe last two quarters of 2009, the property experienced a handful of homeinvasions.  To combat the recent influxin crime, management restructured its security approach by releasing theineffective courtesy officer.  Theproperty stationed a part time police officer in the front of the propertyduring the predominantly higher crime times. During the fourth quarter of 2009, management implemented a surety bondas an incentive for new residents.  Theresidents will pay a minimal amount for a surety bond as opposed to a higheramount for a security deposit.  Theproperty will receive a guarantee that the surety bond, limited to the bond capamount, will cover all damage incurred to a unit.  The operating general partner is currentlyassessing the effectiveness of existing management personnel. The property’smortgage, real estate tax and insurance payments are current.

 

Alexander Mills, Limited Partnership (Alexander MillsApartments) is a 224-unit family property located about 30 miles northeast of Atlanta,in Lawrenceville, GA.  Occupancy, whichaveraged 94% during 2008, began to decline in the fourth quarter of 2008,reaching 89% occupancy in December.  Occupancy improved modestly during 2009 and the first quarter of 2010 to90%, but this was only able to be achieved with rent concessions.  The major employers in the area have cuteither staffing levels or worker’s hours. As most residents are hourly employees, those who have retained theirjobs have had their income significantly reduced.  Also, the decline in the constructionindustry has led to additional vacancies at the site.  Management has been very proactive in cuttingexpenses, collecting tenant receivables, and developing rent payment workoutplans to retain residents where possible. Management does not expect the jobmarket to turn around in the near future. The investment general partner performed a site visit in September 2009.  The property was found in excellentcondition.  The investment generalpartner will continue to monitor operations to ensure stabilization.  The September 2009 mortgage payment waslate and the operating general partner indicated it was unwilling to continueto advance funds to subsidize the Operating Partnership’s below breakevenoperations.  In addition, the operatinggeneral partner hoped that its decision to stop mortgage payments would triggernegotiations with the first mortgage lender on a possible loan re-structure orforbearance agreement.  This tacticresulted in a forbearance agreement that closed on April 13, 2010, andconverted the loan to an interest only payment

 

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schedule through December 31, 2011, at which timeamortization re-starts.  At closing onthe forbearance agreement, the past due interest was paid and a $200,000operating deficit reserve was established. This agreement should ensure that the Operating Partnership stayscurrent on the first mortgage payments into 2012 and provide a bridge to animproved economy and improved rental market in Atlanta. If the rental market inAtlanta does not improve by 2012, the Operating Partnership may not be able tomake its monthly mortgage payment once amortization re-starts, exposing theOperating Partnership to foreclosure risk and re-capture costs in 2012.  The real estate taxes and insurance paymentsare current as of March 31, 2010.

 

United Development CO. 2001 LP (Memphis 102), is a102-unit scattered site family development, located in Memphis, TN.  Occupancy in 2009 averaged 87% and theproperty operated below breakeven.  Baddebt was an issue in 2009 due to the overall economy with tenants losing theirjobs. Maintenance expenses were $861 higher than the state average on a perunit basis. As of December 31, 2009, accrued taxes totaled $452,574.  As of March 2010, occupancy was 94% witha significant improvement in maintenance expenses.  The investment general partner will visit thesite in the second quarter of 2010 to meet with the operating general partnerand review the operational issues. The operating general partner is no longerfunding operating deficits as needed. The mortgage payments, insurance, and accounts payables are allcurrent.  The operaing general partner iscurrently working with Greystone towards a potential refinance of the property.

 

North Forty Aspen Plus, L.P*.*(AspenVillage Townhomes),**is a Virginialimited partnership that constructed, owns and operates The Villages at AspenClub, a 30-unit apartment complex located in Bealeton, Virginia. The Villagesat Aspen Club Apartments were newly constructed in 2003 and are locatedadjacent to Aspen Club Apartments (owned by North Forty Aspen Plus, LP).Bealeton is located approximately 45 miles southwest of Washington D.C. Theproperty consists of 30 LIHTC units located in 15 duplex townhomes, each havingthree bedrooms. Between the years 2004 and 2008, the property maintained anaverage occupancy of 95%-98%. In 2009 occupancy averaged 88% for the year. Theproperty operated below breakeven in 2009 with negative cash flow of ($28,388).Total revenue decreased while operating expenses increased from the prior year.Operating expenses are 13% above the state average. The property had tenant receivablesof $16,679 as of year-end 2009 and bad debt of $11,852. All real estate taxes,insurance and mortgage payments are current. The investment general partnerwill monitor operations quarterly and discuss issues with the operating generalpartner and management as needed.

 

(Series 45) As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%. The series had a total of30 properties as of March 31, 2010, all of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $2,128,113 and $2,424,133, respectively inpassive income tax losses that were passed through to investors, and alsoprovided $0.96 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 45 was $15,742,704 and $19,184,988,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.

 

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For the years ended March 31, 2010 and 2009, thenet income (loss) of the series was $(4,185,948) and $(4,427,068),respectively. The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee, impairment loss andamortization of acquisition costs.

 

Baldwin Villas Limited Partnership (Baldwin Villas) is a65-unit property located in Pontiac, MI. The project consists of single familyrental homes, with home ownership an option available to qualifyingtenants.  Because the cost to build theproject approximated the cost for a single-family development, construction ofthe 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+/ per month rents.

 

During 2006, occupancy at Baldwin Villas averaged over90% and the property generated $61,425 in cash. Due in part to the decreasedavailability of portable Section 8 vouchers caused by funding constraints,average occupancy declined in 2007 to 82% and the property operated belowbreakeven. In October 2007, the operating general partner engaged a newproperty management company to manage several of its properties, includingBaldwin.  The property continued tooperate below breakeven in 2008 and 2009 with occupancy averaging 89% and 88%in these years, respectively.  Averageoccupancy for the first quarter of 2010 was 90%.  During the first quarter of 2010, the propertyoperated at roughly breakeven after paying interest expense but before fundingany capital reserves or paying any principal payments. Unemployment is high inPontiac, a suburb of Detroit, and the local housing authority has stoppedissuing vouchers due to funding cuts. Operating expenses remain well above state averages due to the fact thatthe property consists of single family homes. Maintenance expenses are approximately three times the state average dueto extremely costly unit turnovers.  Managementbegan using a new credit agency for more comprehensive credit checks in August 2008in an effort to curb unit turnovers and tenant receivables; however, evictionsfor non-payment of rent continue to be an issue.  Additionally, the homes were built on slabsand settling has caused plumbing issues and shifting of some of the exteriorwalkways.  Repairs are being made on anas-needed basis every other month. During 2009 the site manager worked with the local housing authority toobtain voucher holder referrals, held several open houses during 2009, andincreased radio and newspaper advertisements.

 

In the third quarter of 2008 the investment generalpartner received the 2007 draft audit which revealed that the operating generalpartner had renegotiated the loan agreement during 2007 resulting in the lenderagreeing to the deferral of the scheduled principal payments for 2006 and2007.  As of March 31, 2010, theseprincipal payments remain deferred.   The contractual principal payments for 2008 and 2009 have also not beenpaid, although the lender elected to convert these two mortgage principalpayment liabilities to a separate demand note liability executed by theOperating Partnership.  A principalpayment on the demand note was due October 31, 2009; however, that paymentwas not made.  Although the lender hadnot yet issued a default notice to the Operating Partnership, the operatinggeneral partner is attempting to resolve this issue with the lender.  The Operating Partnership remains current onthe interest portion of its debt service. The real estate taxes for 2008 were paid in the first quarter of2010.  Real estate taxes for 2009 remainunpaid, but the operating general partner did file an appeal in 2009, which iscurrently pending.  Payables are high andcontinue to increase.  The investmentgeneral partner is closely monitoring the management company’s ability toincrease occupancy and cash flow, reduce unit turnovers, and controlmaintenance expenses and bad debt.  Theinvestment general partner

 

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continues to press the operating general partner for aplan to pay down unpaid real estate taxes and growing payables.

 

Harbet Avenue, LP (William B. Quarton Place) is a28-unit family property located in Cedar Rapids, Iowa.  Inappropriate checks and wires were made tothe operating general partner from the Operating Partnership’s escrow andoperating accounts totaling $142,758. Funds totaling $97,265 have been repaid to the Operating Partnership,leaving an outstanding balance owed of $45,494. A demand letter was sent to theoperating general partner and followed up with a default notice.  The operating general partner then disclosedthat they had financial difficulties and were unable to continue as a viableorganization.  Another non-profitorganization was retained to take over property management. The investmentgeneral partner met with representatives of both the original non-profitoperating general partner and new management to determine a course of action toserve the best interest of the Operating Partnership.  The new management has expressed their desireto assume the role of operating general partner as they are committed topreserving affordable housing in the Cedar

 

Rapids area, and have formed an entity to step in as theoperating general partner.  An agreementhas been proposed and amendments to the Operating Partnership agreement havebeen drafted. The agreement calls for repayment of the outstanding balance of$45,493.  The proceeds will be split with$23,209 allocated to the operating reserve and $22,284 allocated to replacementreserves. It is anticipated the transfer will occur in the second quarter of2010. Occupancy is strong, averaging 96% through the first quarter of 2010. Theproperty is operating above breakeven due to low operating expenses, combinedwith 100% soft debt financing that requires payments of principal and interestfrom available cash flow only.  Tradepayables, taxes and insurance are all current. A recent site visit found that the property was well maintained andmanaged.

 

Brookside Park Limited Partnership (Brookside ParkApartments) is a 200-unit family property located in Atlanta, Georgia.  Occupancy fell to a low of 89% in March 2007,as a result of crime in the surrounding neighborhood.  Management responded by replacing chain linkfencing with more durable hard fence, thinning shrub cover and installing alarmsystems in every unit.  Due to a recentoperating general partnership transfer in June of 2008, the new operatinggeneral partner agreed to extend the operating deficit guarantee through June of2011.

 

In 2009, the property operated well belowbreakeven.  All operating deficits arefunded by the operating general partner through operating deficit loans.  At the end of the first quarter 2010 theproperty increased occupancy to 94%. The increase in occupancy is attributed toa decrease in criminal activity surrounding the property, as well as newleasing specials.  The new leasingspecials include: $299 move in, $300 lease renewal and a $300 resident referralspecial.  Management indicated that overthe last two quarters of 2009, the property experienced a handful of homeinvasions.  To combat the recent influxin crime, management restructured its security approach by releasing theineffective courtesy officer.  Theproperty stationed a part time police officer in the front of the propertyduring the predominantly higher crime times. During the fourth quarter of 2009, management implemented a surety bondas an incentive for new residents.  Theresidents will pay a minimal amount for a surety bond as opposed to a higheramount for a security deposit.  Theproperty will receive a guarantee that the surety bond, limited to the bond capamount, will cover all damage incurred to a unit.  The operating general partner is currentlyassessing the effectiveness of existing management personnel. The property’smortgage, real estate tax and insurance payments are current.

 

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Jefferson Housing, LP (Jefferson House) is a 101-unitproperty located in Lynchburg, VA.  Theproperty operated at below breakeven operations in 2009.  The below breakeven operations were due tohigh operating expenses.  Through thefirst quarter of 2010, the property continued to operate below breakeven as aresult of high administrative, maintenance and utility expenses.  During the first quarter, administrativeexpenses were high as a result of computer and software expenses.  Additionally, maintenance expenses increasedas a result of repairs to the elevators at the property.  These items are one-time costs and are notanticipated to negatively impact future operations.  Occupancy remains high and ended the firstquarter of 2010 at 98%.  All taxes,insurance, and mortgage payments are current. The investment general partnerwill monitor operating expenses and work with management to control and reduceexpenses in the second quarter of 2010.

 

(Series 46) As of March 31, 2010 and 2009 theaverage Qualified Occupancy for the series was 100%. The series had a total of15 properties as of March 31, 2010, all of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31, 2009 and 2008the series, in total, generated $1,529,763 and $1,757,786, respectively inpassive income tax losses that were passed through to investors, and alsoprovided $0.97 for both years in tax credits per BAC to the investors.

 

As of March 31, 2010 and 2009, Investments inOperating Partnerships for Series 46 was $14,415,932 and $17,118,038,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, 2010 and 2009, thenet income (loss) of the series was $(3,303,319) and $(4,253,731),respectively. The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee, impairment loss andamortization of acquisition costs.

 

Saint Martin Apartments, L.P. (Saint Martin Apartments)is a 40-unit new construction development located in McComb, Mississippi.  Construction was completed April 4,2006.  The property operated belowbreakeven in 2008 despite averaging 98% occupancy, primarily due to a high debtlevel. Rents were increased by $60 per unit in 2008. Occupancy at the end of2009 was 90% and the property operated above breakeven for the year.  As of March 31, 2010, the property is98% occupied and has operated above breakeven through the first quarter of2010.  All real estate tax, mortgage, andinsurance payments are current

 

Linden-Shawnee Partners, L.P. (Linden’s Apartments) is a54-unit family development, located in Shawnee, OK. Occupancy averaged 92% in2008, but decreased to an average of 85% during 2009. The local economy inShawnee experienced negative effects due to decreasing employment levels,causing the local resident population to seek employment in Oklahoma City wherethere were more available job opportunities. The property rents are lower than the area fair market rents.  This prompted management to target thecompeting properties by sending a mass-mailing to over 700 residences topromote lower rents at Linden’s Apartments. The mailing revealed that of those 700 apartments, at least 85 unitswere vacant as the mailings were returned. Management sent another mass-mailing in October 2009 to over 500units with slightly lower rents.  Themailing was to all rental units excluding nursing homes offering incentives ofup to two months free rent.  Thisresulted in

 

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eleven move-ins during the fourth quarter of 2009.  In order to increase visibility of theproperty from the street, management cleared trees in between the property andthe road in the fall of 2009.  Theseassertive leasing initiatives proved to be effective as the occupancy levelrebounded to 94% by December of 2009 and remains strong averaging 98% inthe first quarter of 2010. Even with the decrease in average occupancy in 2009,the property continued to operate above breakeven.  The mortgage payments, taxes, and insuranceare all current.

 

Wagoner Village Apartments, LP (Wagoner VillageApartments) is a 31-unit family property located in Wagoner, OK.  Wagoner is a small town with limitedemployment opportunities.  Consequently,Wagoner Village has struggled to maintain a stabilized occupancy and to keepoperations above breakeven.  To meet thedemand for larger units in the area, the operating general partner converted 4one-bedroom apartments into 2 three-bedroom apartments. Both units were rentedquickly when they came on-line in late 2008 and remain occupied.  In addition, a more experienced manager tookover the property in 2009 and has increased marketing efforts and workedclosely with local businesses to improve occupancy through referrals**.**  With the increasedmarketing efforts and successful unit conversions, occupancy improved to anaverage of 91% in 2009, but rental rates remained insufficient to coverincreased maintenance and insurance costs. The majority of maintenance costs were replacement items that were notreimbursed from the replacement reserve account due to Rural Developmentrestrictions.  Insurance premiumsincreased due to an increase in insurance claims in 2008/2009.  The investment general partner has put theoperating general partner in touch with an insurance agent in an effort toreduce those costs.  Rural Developmentapproved a $30-60 rent increase on all units effective January 1, 2010that was projected to bring operations back above breakeven.  However, despite occupancy averaging 90%through the first quarter of 2010, operations remain below breakeven based onun-audited financials due to continued high expenses.  The operating general partner continues tofund deficits as needed. The property’s mortgage, real estate taxes, andinsurance payments are all current.

 

Rosehill Apartments (Rosehill Place of Topeka, L.L.C.)is a 48-unit elderly apartment complex located in Topeka, Kansas.  Despite strong occupancy of 97% in 2009 andthe first quarter of 2010, the property operated just below breakeven in 2009and the first quarter of 2010. In the first quarter of 2010, the investmentgeneral partner discussed with the operating managing member filing a realestate tax appeal, as the taxes are higher than the state average. Theoperating managing member is considering an appeal of the assessed value viathe Payment Under Protest process in December 2010; however, the firsthalf of the 2010 taxes will also need to be paid at that time of appeal. Inaddition, because occupancy is very strong, the investment general partner hasalso discussed with the operating managing member a potential rent increase.The rent increase request is expected to be filed with the state in the secondquarter of 2010 and if approved, will likely go into effect in the third quarterof 2010.  The operating managing memberis also exploring a refinance of the first mortgage as it carries an interestrate of 7.5%. The mortgage and insurance payments are current; however, thereal estate taxes are approximately two and a half years in arrears. Theoperating managing member has been making monthly payments on these past duetaxes and, if successful with a refinance, plans to bring the taxes currentthrough proceeds from such a refinance.

 

Panola Housing Ltd. (Panola Housing) is a 32-unitmultifamily development located in Carthage, TX.  In 2008, occupancy averaged 95% and theproperty operated slightly below breakeven. In 2009, despite average occupancy of 99%, the property operated belowbreakeven.  There was a 25% increase inoperating

 

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expenses in 2009, specifically maintenance costs.  According to the operating general partner,the increase in maintenance costs was the result of required repairs followingthe 2009 Rural Development audit and expenses are expected to return to 2008levels once the repairs are completed.  Occupancy was at 97% at the end of the first quarter of 2010 and the propertyoperated below breakeven for the quarter. There was $10,000 in Rural Development required repairs in the firstquarter that caused the below breakeven operations.  According to the operating general partner,all repairs have been completed as of March 31, 2010, and they expectmaintenance expenses to return to 2008 levels. The investment general partner will continue to monitor occupancy andexpenses at the property.  The low incomehousing tax credit compliance period expires in 2018.  All real estate tax, mortgage, and insurancepayments are current.

 

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Off Balance Sheet Arrangements

 

None.

 

Principal Accounting Policies and Estimates

 

The financial statements are prepared in accordance withaccounting principles generally accepted in the United States of America(GAAP), which require the Fund to make various estimates and assumptions.  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 materially differentamounts being reported in the financial statements.

 

The Fund is required to assess potential impairments toits long-lived assets, which are primarily investments in limitedpartnerships.  The Fund accounts for itsinvestment in limited partnerships in accordance with the equity method ofaccounting since the Fund does not control the operations of the OperatingPartnerships. The purpose of an impairment analysis is to verify that the realestate investment balance reflected on the balance sheet does not exceed thevalue of the underlying investments.

 

If the book value of the Fund’s investment in anOperating Partnership exceeds the estimated value derived by management, whichgenerally consists of the remaining future Low-Income Housing Credits allocableto the Fund and the estimated residual value to the Fund, the Fund reduces itsinvestment in the Operating Partnership and includes this reduction in equityin loss of investment of limited partnerships.

 

The main reason an impairment loss typically occurs isthat the annual operating losses, recorded in accordance with the equity methodof accounting, of the investment in limited partnership does not reduce thebalance as quickly as the annual use of the tax credits.  In years prior to the year ended March 31,2009, management included remaining tax credits as well as residual value inthe calculated value of the underlying investments. However, management decidedto take a more conservative approach to the investment calculation anddetermined that the majority of the residual value component of the valuationwas zero for the years ended, March 31, 2010 and 2009. However, it isimportant to note that this change in the accounting estimate to thecalculation method of the impairment loss has no effect on the actual value orperformance of the overall investment, nor does it have any effect on theremaining credits to be generated.

 

GAAP provides guidance on when a company should includethe assets, liabilities, and activities of a variable interest entity (“VIE”)in its financial statements and when it should disclose information about itsrelationship with a VIE.  A VIE is alegal structure used to conduct activities or hold assets, which must beconsolidated by a company if it is the primary beneficiary because it absorbsthe majority of the entity’s expected losses, the majority of the expectedreturns, or both.

 

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Principal Accounting Policies and Estimates - continued

 

Based on this guidance, the Operating Partnerships inwhich the Fund invests meet the definition of a VIE.  However, management does not consolidate theFund’s interests in these VIEs under this guidance, as it is not considered tobe the primary beneficiary.  The Fundcurrently records the amount of its investment in these partnerships as anasset on its balance sheets, recognizes its share of partnership income orlosses in the statements of operations, and discloses how it accounts formaterial types of these investments in its financial statements.

 

The Fund’s balance in investment in OperatingPartnerships, plus the risk of recapture of tax credits previously recognizedon these investments, represents its maximum exposure to loss.  The Fund’s exposure to loss on thesepartnerships is mitigated by the condition and financial performance of theunderlying properties as well as the strength of the local general partners andtheir guarantee against credit recapture.

 

Recent Accounting Changes

 

In June 2006, accounting guidance for Accountingfor Uncertainty in Income Taxes, an interpretation of the accounting guidancefor Accounting for Income Taxes, was issued. This requires all taxpayers to analyze all material positions they havetaken or plan to take in all tax returns that have been filed or should havebeen filed with all taxing authorities for all years still subject to challengeby those taxing authorities. The Fund has elected to be treated as apass-through entity for income tax purposes and, as such, is not subject toincome taxes.  Rather, all items oftaxable income, deductions and tax credits are passed through to and arereported by its owners on their respective income tax returns.  The Fund’s federal tax status as apass-through entity is based on its legal status as a partnership.  Accordingly, the Fund is not required to takeany tax positions in order to qualify as a pass-through entity.  The Fund is required to file and does filetax returns with the Internal Revenue Service and other taxingauthorities.  Accordingly, thesefinancial statements do not reflect a provision for income taxes and the Fundhas no other tax positions, which must be considered for disclosure.

 

In September 2006, the Financial AccountingStandards Board (“FASB”) issued accounting guidance for Fair ValueMeasurements, which defines fair value, establishes a framework for measuringfair value and expands disclosure about fair value measurements. This guidanceis effective for financial statements issued for fiscal years beginning after November 15,2007 and shall be applied prospectively except for very limitedtransactions.  In February 2008, theFASB delayed for one year implementation of the guidance as it pertains tocertain non-financial assets and liabilities. The Fund adopted GAAP for FairValue Measurements effective April 1, 2008, except as it applies to thosenon-financial assets and liabilities, for which the effective date was April 1,2009. The Fund has determined that adoption of this guidance has no materialimpact on the Fund’s financial statements.

 

In February 2007, the FASB issued accountingguidance for The Fair Value Option for Financial Assets and FinancialLiabilities. This guidance permits entities to choose to measure many financialinstruments 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. It is effective for fiscal years beginning after November 15,2007.  On April 1,

 

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Recent Accounting Changes - continued

 

2008, the Fund adopted GAAP for The Fair Value Optionfor Financial Assets and Financial Liabilities and elected not to apply theprovisions to its eligible financial assets and financial liabilities on thedate of adoption. Accordingly, the initial application of the guidance had noeffect on the Fund.

 

In November 2008, the FASB issued accountingguidance on Equity Method Investment Accounting Considerations that addresseshow the initial carrying value of an equity method investment should bedetermined, how an impairment assessment of an underlying indefinite-livedintangible asset of an equity method investment should be performed, how anequity method investee’s issuance of shares should be accounted for, and how toaccount for a change in an investment from the equity method to the costmethod. This guidance is effective in fiscal years beginning on or after December 15, 2008,and interim periods within those fiscal years. The Fund adopted the guidancefor the interim quarterly period beginning April 1, 2009. The impact ofadopting it does not have a material impact on the Fund’s financial conditionor results of operations.

 

In April 2009, the FASB issued accounting guidancefor Interim Disclosures about Fair Value of FinancialInstruments.  This requires disclosure about the method andsignificant assumptions used to establish the fair value of financial instrumentsfor interim reporting periods as well as annual statements.  Itbecame effective for Boston Capital Tax Credit Fund IV L.P. as of and for theinterim period ended June 30, 2009 and has no impact on the Fund’sfinancial condition or results of operations.

 

In May 2009, the FASB issued guidance regardingsubsequent events, which was subsequently updated in February 2010. Thisguidance established general standards of accounting for and disclosure ofevents that occur after the balance sheet date but before financial statementsare issued or are available to be issued. In particular, this guidance setsforth the period after the balance sheet date during which management of areporting entity should evaluate events or transactions that may occur forpotential recognition or disclosure in the financial statements, thecircumstances under which an entity should recognize events or transactionsoccurring after the balance sheet date in its financial statements, and thedisclosures that an entity should make about events or transactions thatoccurred after the balance sheet date. This guidance was effective forfinancial statements issued for fiscal years and interim periods ending afterJune 15, 2009, and was therefore adopted by the Fund for the quarter endedJune 30, 2009. The adoption did not have a significant impact on thesubsequent events that the Fund reports, either through recognition ordisclosure, in the financial statements. In February 2010, the FASBamended its guidance on subsequent events to remove the requirement to disclosethe date through which an entity has evaluated subsequent events, alleviatingconflicts with current SEC guidance. This amendment was effective immediatelyand therefore the Company did not include the disclosure in this Form 10-K.

 

In June 2009, the FASB issued an amendment to theaccounting and disclosure requirements for the consolidation of variableinterest entities (VIEs).  The amended guidance modifies the consolidationmodel to one based on control and economics, and replaces the currentquantitative primary beneficiary analysis with a qualitative analysis. Theprimary beneficiary of a VIE will be the entity that has (1) the power todirect the activities of the VIE that most significantly impact the VIE’seconomic performance and (2) the obligation to

 

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Recent Accounting Changes - continued

 

absorb losses or receive benefits that could potentiallybe significant to the VIE.  If multiple unrelated parties share suchpower, as defined, no party will be required to consolidate the VIE. Further,the amended guidance requires continual reconsideration of the primarybeneficiary of a VIE and adds an additional reconsideration event fordetermination of whether an entity is a VIE.  Additionally, the amendmentrequires enhanced and expanded disclosures around VIEs.  This amendment iseffective for fiscal years beginning after November 15, 2009.  Theadoption of this guidance on April 1, 2010 is not expected to have amaterial effect on the Fund’s financial statements.

 

In June 2009, the FASB issued the AccountingStandards Codification (Codification). Effective July 1, 2009, the Codification is the single source ofauthoritative accounting principles recognized by the FASB to be applied bynon-governmental entities in the preparation of financial statements inconformity with GAAP.  The Codificationis intended to reorganize, rather than change, existing GAAP.  Accordingly, all references to currentlyexisting GAAP have been removed and have been replaced with plain Englishexplanations of the Fund’s accounting policies. The adoption of the Codification did not have a material impact on theFund’s financial position 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, 2010. 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, 2010, 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,  2010 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 directors or executives officers of itsown.  The following biographicalinformation is presented for the partners of the General Partners andaffiliates of those partners (including Boston Capital Partners, Inc. (“BostonCapital”)) with principal responsibility for the Partnership’s affairs.

 

**John P. Manning**, age 61, isco-founder, and since 1974 has been the President and Chief Executive Officer,of Boston Capital Corporation. 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 the managing member of BostonAssociates. Mr. Manning is also the principal of Boston CapitalCorporation. While Boston Capital is not a direct subsidiary of Boston CapitalCorporation, each of the entities is under the common control of Mr. Manning.

 

**Jeffrey H. Goldstein,**age 48, is Chief Operating Officer and has been the Director of RealEstate of Boston Capital Corporation since 1996. He directs Boston CapitalCorporation’s comprehensive real estate services, which include all aspects oforigination, underwriting, due diligence and acquisition. As COO, Mr. Goldsteinis responsible 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 for Homeowner Financial Services, afinancial consulting firm for residential and commercial properties, and workedas an analyst responsible for budgeting and forecasting for the New York CityCouncil Finance Division. He graduated from the University of Colorado andreceived his MBA from Northeastern University.

 

**Kevin P. Costello,**age 63, is Executive Vice President and has been the Director ofInstitutional Investing of Boston Capital Corporation since 1992 and serves onthe firm’s Executive Committee. He is responsible for all corporate investmentactivity and has spent over 20 years in the real estate syndication andinvestment business. Mr. Costello’s prior responsibilities at BostonCapital Corporation have involved the management of the Acquisitions Departmentand the structuring and distribution of conventional and tax credit privateplacements. Prior to joining Boston Capital Corporation in 1987, he heldpositions with First Winthrop, Reynolds Securities and Bache &Company. Mr. Costello graduated from Stonehill College and received hisMBA with honors from Rutgers’ Graduate School of Business Administration.

 

**Marc N. Teal,**age 46, has been Chief Financial Officer of Boston Capital Corporationsince May 2003. Mr. Teal previously served as Senior Vice Presidentand Director of Accounting and prior to that served as Vice President ofPartnership Accounting. He has been with Boston Capital Corporation since 1990.In his current role as CFO he oversees all of the accounting, financialreporting, SEC reporting, budgeting, audit, tax and compliance for BostonCapital Corporation, its affiliated entities and all Boston Capital Corporationsponsored programs. Additionally, Mr. Teal is responsible for maintainingall banking and borrowing relationships of Boston Capital Corporation andtreasury management of all working capital reserves.  He also oversees Boston Capital Corporation’sinformation and technology areas, including the strategic strategic planningfor Boston Capital Corporation and its affiliaties.  Prior to joining Boston Capital in 1990, Mr. Tealwas a Senior Accountant for Cabot, Cabot & Forbes, a multifaceted realestate company, and prior to that was a Senior Accountant for Liberty RealEstate Corp. He received a Bachelor of Science Accountancy from Bentley Collegeand a Masters in Finance from Suffolk University.

 
| (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 officers or directors and nocompensation committee.  However, underthe terms of the Amended and Restated Agreement and Certificate of LimitedPartnership of the Fund, the Fund has paid or accrued obligations to thegeneral partner and its affiliates for the following fees during the 2010fiscal year:

 

1.  An annual fundmanagement fee based on .5 percent of the aggregate cost of all apartmentcomplexes acquired by the Operating Partnerships, less the amount of reportingfees received, has been accrued or paid to Boston Capital Asset ManagementLimited Partnership. The annual fund management fees charged to operations forthe year ended March 31, 2010 was $5,572,190.

 

2.  The Fund hasreimbursed or accrued as a payable to an affiliate of the general partner atotal of $452,424 for amounts charged to operations during the year ended March 31,2010.  The reimbursement is for itemslike postage, printing, travel, and overhead allocations.

 
| Item 12. | Security Ownership of Certain Beneficial Owners and Management  and Related Partner Matters |
|----------|---------------------------------------------------------------------------------------------|
|     |                                                                                        |
|     | (a)                                                                                         | Security ownership of certain beneficial owners.  |
|     |                                                                                        |   |
|     |                                                                                        | As of March 31, 2010, 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 |   | 6.88 | % |   |
|     |                                                                                        |   | 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, 2010. |
|     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|     | (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 Accounting Fees and Services                                                                   |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |
|     | Fees paid to the Fund’s independent auditors for  fiscal year 2010 were comprised of the following: |
|     |                                                                                                     |
|     | **Fee Type**                                                                                             |   | **Ser. 20** | ** ** | **Ser. 21** | ** ** | **Ser. 22** | ** ** | **Ser. 23** | ** ** | **Ser. 24** | ** ** |
|     | Audit Fees                                                                                               |   | $ | 15,787 |   | $ | 12,412 |   | $ | 18,412 |   | $ | 15,787 |   | $ | 16,537 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit Related Fees                                                                                       |   | 750 |   | 500 |   | 750 |   | 750 |   | 750 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax Fees                                                                                                 |   | 6,565 |   | 4,855 |   | 7,895 |   | 6,565 |   | 6,945 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All Other Fees                                                                                           |   | — |   | — |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 23,102 |   | $ | 17,767 |   | $ | 27,057 |   | $ | 23,102 |   | $ | 24,232 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | **Fee Type**                                                                                             | ** ** | **Ser. 25** | ** ** | **Ser. 26** | ** ** | **Ser. 27** | ** ** | **Ser. 28** | ** ** | **Ser. 29** | ** ** |
|     | Audit Fees                                                                                               |   | $ | 15,787 |   | $ | 24,412 |   | $ | 13,537 |   | $ | 17,287 |   | $ | 15,787 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit Related Fees                                                                                       |   | 3,500 |   | 4,250 |   | 2,250 |   | 4,000 |   | 4,000 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax Fees                                                                                                 |   | 6,565 |   | 10,935 |   | 5,425 |   | 7,325 |   | 6,565 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All Other Fees                                                                                           |   | — |   | — |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 25,852 |   | $ | 39,597 |   | $ | 21,212 |   | $ | 28,612 |   | $ | 26,352 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | **Fee Type**                                                                                             | ** ** | **Ser. 30** | ** ** | **Ser. 31** | ** ** | **Ser. 32** | ** ** | **Ser. 33** | ** ** | **Ser. 34** |   |
|     | Audit Fees                                                                                               |   | $ | 14,287 |   | $ | 17,287 |   | $ | 13,912 |   | $ | 11,287 |   | $ | 12,787 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit Related Fees                                                                                       |   | 4,500 |   | 5,500 |   | 3,750 |   | 2,250 |   | 3,250 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax Fees                                                                                                 |   | 5,805 |   | 7,515 |   | 5,615 |   | 4,285 |   | 5,045 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All Other Fees                                                                                           |   | — |   | — |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 24,592 |   | $ | 30,302 |   | $ | 23,277 |   | $ | 17,822 |   | $ | 21,082 |   |

 

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| Item 14. | Principal Accounting Fees and Services - continued                                                       |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |
|     | Fees paid to the Fund’s independent auditors for  fiscal year 2010 were comprised of the following: |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | **Fee Type**                                                                                             | ** ** | **Ser. 35** | ** ** | **Ser. 36** | ** ** | **Ser. 37** | ** ** | **Ser. 38** | ** ** | **Ser. 39** | ** ** |
|     | Audit Fees                                                                                               |   | $ | 11,662 |   | $ | 11,662 |   | $ | 10,162 |   | $ | 11,287 |   | $ | 10,912 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit Related Fees                                                                                       |   | 2,500 |   | 2,500 |   | 1,750 |   | 2,500 |   | 2,250 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax Fees                                                                                                 |   | 4,475 |   | 4,475 |   | 3,715 |   | 4,285 |   | 4,095 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All Other Fees                                                                                           |   | — |   | — |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 18,637 |   | $ | 18,637 |   | $ | 15,627 |   | $ | 18,072 |   | $ | 17,257 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | **Fee Type**                                                                                             | ** ** | **Ser. 40** | ** ** | **Ser. 41** | ** ** | **Ser. 42** | ** ** | **Ser. 43** | ** ** | **Ser. 44** | ** ** |
|     | Audit Fees                                                                                               |   | $ | 13,537 |   | $ | 15,412 |   | $ | 16,162 |   | $ | 16,162 |   | $ | 11,287 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit Related Fees                                                                                       |   | 4,000 |   | 4,500 |   | 4,750 |   | 5,500 |   | 2,250 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax Fees                                                                                                 |   | 5,425 |   | 6,375 |   | 6,755 |   | 6,755 |   | 4,285 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All Other Fees                                                                                           |   | — |   | — |   | — |   | — |   | — |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 22,962 |   | $ | 26,287 |   | $ | 27,667 |   | $ | 28,417 |   | $ | 17,822 |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | **Fee Type**                                                                                             | ** ** | **Ser. 45** | ** ** | **Ser. 46** | ** ** |   |   |   |   |   |   |
|     | Audit Fees                                                                                               |   | $ | 18,787 |   | $ | 13,178 |   |   |   |   |   |   |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Audit Related Fees                                                                                       |   | 7,250 |   | 3,750 |   |   |   |   |   |   |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Tax Fees                                                                                                 |   | 8,085 |   | 5,235 |   |   |   |   |   |   |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | All Other Fees                                                                                           |   | — |   | — |   |   |   |   |   |   |   |
|     |                                                                                                     |   |   |   |   |   |   |   |   |   |   |   |
|     | Total                                                                                                    |   | $ | 34,122 |   | $ | 22,163 |   |   |   |   |   |   |   |

 

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| Item 14. | Principal Accounting Fees and Services- continued                                                        |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |
|     | 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 Accounting 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 |   |   |   |   |   |   |   |
|     |                                                                                                                                                                                           |
|     | 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, 2010 and 2009 |
|                                                                                                  |                                                                                                                                                                                                                                                                                        |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                        | Statements of Operations for the years ended March 31,  2010 and 2009 |
|                                                                                                  |                                                                                                                                                                                                                                                                                        |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                        | Statements of Changes in Partners’ Capital (Deficit)  for the years ended March 31, 2010 and 2009 |
|                                                                                                  |                                                                                                                                                                                                                                                                                        |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                        | Statements of Cash Flows for the years ended March 31,  2010 and 2009 |
|                                                                                                  |                                                                                                                                                                                                                                                                                        |   |
|                                                                                                  |                                                                                                                                                                                                                                                                                        | Notes to Financial Statements, March 31, 2010 and  2009 |
|                                                                                                  |                                                                                                                                                                                                                                                                                        |   |
|                                                                                                  | 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 for Operating  Partnerships; Filed herein. |
|                                                         |   |
|                                                         |   |
| Exhibit No. 28 - Additional exhibits.              |
|                                                         |   |
| a.                                                           | Agreement of Limited Partnership of Better Homes for  Havelock  Limited Partnership  (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and  Exchange Commission on February 1,  1995). |
|                                                         |   |
| b.                                                           | Agreement of Limited Partnership of Cynthiana  Properties Limited  (Incorporated  by reference from Registrant’s current report on  Form 8-K as filed with the Securities and  Exchange Commission on  February 1,  1995). |
|                                                         |   |
| c.                                                           | Agreement of Limited Partnership of North Hampton  Place Limited  Partnership  (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the  Securities and Exchange  Commission  on October 13, 1995). |
|                                                         |   |
| d.                                                           | Agreement of Limited Partnership of Brook Summitt  Apartments, LP  (Incorporated  by reference from Registrant’s current report on  Form 8-K as filed with the Securities and  Exchange Commission on  February 29,  1996). |
|                                                         |   |
| e.                                                           | Agreement of Limited Partnership of New Madison Park IV  Limited  Partnership (Incorporated by  reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange  Commission on December 16, 1997). |
|                                                         |   |
| f.                                                           | Agreement of Limited Partnership of Smith House II  Limited  Partnership (Incorporated by  reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange  Commission on December 16, 1997). |
|                                                         |   |
| g.                                                           | Agreement of Limited Partnership of New Madison Park  IV Limited  Partnership  (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with the  Securities and Exchange  Commission  on February 11, 1997). |
|                                                         |   |
| h.                                                           | Agreement of Limited Partnership of M.R.H.,L.P.  (Incorporated by  reference  from Registrant’s current report on Form 8-K as filed  with the Securities and Exchange Commission on  February 14, 1997). |
|                                                         |   |
| i.                                                           | Agreement of Limited Partnership of 352 Lenox  Associates,  L.P.(Incorporated  by reference from Registrant’s current  report on Form 8-K as filed with the Securities and Exchange  Commission on December 16, 1997). |
|                                                         |   |
| j.                                                           | Agreement of Limited Partnership of Decro Nordoff,  L.P.  (Incorporated by reference from  Registrant’s current report on  Form 8-K  as filed with the Securities and Exchange Commission on  December 16, 1997). |
|                                                              |  |  |

 

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

 

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

 

m.            Agreementof Limited Partnership of Mokapoke Limited Partnership  (Incorporated by reference from Registrant’scurrent report on  Form 8-K asfiled with the Securities and Exchange Commission on  March 25, 1997).

 

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

 

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

 

p.              Agreementof Limited Partnership of Coolidge-Pinal II Associates  (Incorporated by reference from Registrant’scurrent report on  Form 8-K asfiled with the Securities and Exchange Commission on  March 26, 1997).

 

q.              Agreementof Limited Partnership of Dublin Housing Associates  Phase II (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with theSecurities and  Exchange Commissionon March 26, 1997).

 

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

 

s.               Agreementof Limited Partnership of Edenfield Place Apartments,  L.P. (Incorporated by reference from Registrant’scurrent  report on Form 8-K asfiled with the Securities and Exchange  Commission on March 26, 1997).

 

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

 

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

 

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

 

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w.            Agreementof Limited Partnership of Northfield Housing,  L.P.(Incorporated by reference from Registrant’s current  report on Form 8-K as filed with theSecurities and Exchange  Commissionon March 26, 1997).

 

x.                Agreementof Limited Partnership of Ohio Investors Limited  Partnership (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with theSecurities and Exchange  Commissionon March 26, 1997).

 

y.              Agreementof Limited Partnership of Osborne Housing,  L.P.(Incorporated by reference from Registrant’s current  report on Form 8-K as filed with theSecurities and Exchange  Commissionon March 26, 1997).

 

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

 

aa.         Agreementof Limited Partnership of Pahrump Valley Investors  (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with theSecurities and Exchange  Commissionon March 26, 1997).

 

ab.        Agreementof Limited Partnership of Osborne Housing,  L.P.(Incorporated by reference from Registrant’s  current report on Form 8-K as filed with theSecurities and  Exchange Commissionon March 26, 1997).

 

ac.         Agreementof Limited Partnership of Shannon Housing, L.P.  (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with theSecurities and Exchange  Commissionon March 26, 1997).

 

ad.        Agreementof Limited Partnership of Sutton Place Apartments  (Incorporated by reference from Registrant’s current  report on Form 8-K as filed with theSecurities and Exchange  Commissionon March 26, 1997).

 

ae.         Agreementof Limited Partnership of West Point Housing,  L.P.(Incorporated by reference from Registrant’s current  report on Form 8-K as filed with theSecurities and Exchange  Commissionon March 26, 1997).

 

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

 

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

 

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

 

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

 

aj.            Agreementof Limited Partnership of Elm Street Associates, L.P.  (incorporated by reference from Registrantscurrent report on form  8-K as filedwith the Securities and Exchange Commission on April 7,  1997.)

 

ak.         Agreementof Limited Partnership of Brookhaven Apartments  Partnership (incorporated by reference from Registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on May 21,1997.)

 

al.            Agreementof Limited Partnership of Maple Limited Partnership  (incorporated by reference from Registrants current report on form8-K as filed with the Securities andExchange Commission on July 16,  1997.)

 

am.      Agreementof Limited Partnership of Byam Limited Partnership  (incorporated by reference from Registrants current report on form8-K as filed with the Securities andExchange Commission on July 22,  1997.)

 

an.        Agreementof Limited Partnership of Harbor Limited Partnership  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on July 22,  1997.)

 

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

 

ap.        Agreementof Limited Partnership of Butler Street/Hanover Towers  Limited Partnership (incorporated by referencefrom registrants  current report onform 8-K as filed with the Securities and Exchange  Commission on July 22, 1997.)

 

aq.        Agreementof Limited Partnership of Bradley Phase I Limited  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on July 22,1997.)

 

ar.           Agreementof Limited Partnership of 1374 Boston Road Limited  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on August 5,1997.)

 

as.         Agreementof Limited Partnership of Centenary Housing Limited  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on August 5,1997.)

 

at.           Agreementof Limited Partnership of Lake Apartments II Limited  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on August 5,1997.)

 

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au.        Agreementof Limited Partnership of AHAB Project One, LP  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on August  8,1997.)

 

av.        Agreementof Limited Partnership of Grandview Limited Partnership  (incorporated by reference from registrantscurrent report on form  8-K as filedwith the Securities and Exchange Commission on April  23, 1998.)

 

aw.      Agreementof Limited Partnership of Angelou Associates, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on April  23, 1998.)

 

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

 

ay.        Agreementof Limited Partnership of Sumner House Limited Partnership  (incorporated by reference from registrantscurrent report on form  8-K as filedwith the Securities and Exchange Commission on April  27, 1998.)

 

az.          Agreementof Limited Partnership of Magnolia Place Apartments  Partnerships (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on April 30,1998.)

 

ba.        Agreementof Limited Partnership of Edgewood Apartments Partnership  (incorporated by reference from registrantscurrent report on form  8-K as filedwith the Securities and Exchange Commission on April  30, 1998.)

 

bb.       Agreementof Limited Partnership of Harrisonville Heights L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on April  30,1998.)

 

bc.        Agreementof Limited Partnership of Neighborhood Restorations  Limited Partnership VII incorporated by reference from registrantscurrent report on form 8-K as filed withthe Securities and Exchange  Commissionon April 30, 1998.)

 

bd.       Agreementof Limited Partnership of Escher SRO Project, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on May  1, 1998.)

 

be.        Agreementof Limited Partnership of Silver Creek/MHT Limited  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on June 30,1999.)

 

bf.          Agreementof Limited Partnership of Meridian Housing Limited  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on June 30,1999.)

 

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bg.       Agreementof Limited Partnership of Southaven Partners I, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange on July 27, 1999.)

 

bh.       Agreementof Limited Partnership of Athens Partners, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on July  27,1999.)

 

bi.           Agreementof Limited Partnership of Pearl Partners, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on November  30,1999.)

 

bj.           Agreementof Limited Partnership of Harbor Pointe/MHT Limited  Dividend Housing Association Limited Partnership (incorporated by  reference from registrants current report on form8-K as filed  with the Securities andExchange Commission on December 28,  1999.)

 

bk.        Agreementof Limited Partnership of Level Creek Partners, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on December  29,1999.)

 

bl.           Agreementof Limited Partnership of Lake City Limited Partnership  (incorporated by reference from registrantscurrent report on form  8-K as filedwith the Securities and Exchange Commission on February  3, 2000.)

 

bm.     Agreementof Limited Partnership of Pine Ridge Apartments  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  on on February 9,2000.)

 

bn.       Agreementof Limited Partnership of Pecan Manor Apartments  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on February 10,2000.)

 

bo.       Agreementof Limited Partnership of Pyramid Four Limited  Partnership (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on February 16,2000.)

 

bp.       Agreementof Limited Partnership of Lombard Partners, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on January  26,2000.)

 

bq.       Agreementof Limited Partnership of Belmont Affordable Housing  II LP (incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on September 29,2000.)

 

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

 

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bs.        Agreementof Limited Partnership of Fort Bend NHC, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on September  29,2000.)

 

bt.          Agreementof Limited Partnership of Breezewood II, L.P.  (incorporated by reference from registrants current report on form8-K as filed with the Securities andExchange Commission on October  30,2002.)

 

bu.       Agreementof Limited Partnership of Wingfield Apartments II L.P.  (incorporated by reference from registrantscurrent report on form  8-K as filedwith the Securities and Exchange Commission on November  12, 2002.)

 

bv.       Agreementof Limited Partnership of Natchez Place Apartments L.P.  (incorporated by reference from registrantscurrent report on form  8-K as filedwith the Securities and Exchange Commission on November  13, 2002.)

 

bw.     Agreementof Limited Partnership of Rural Housing Partners of  Mendota LP incorporated by reference from registrants current reporton form 8-K as filed with the Securitiesand Exchange Commission  on December 30,2002.)

 

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

 

by.       Agreementof Limited Partnership of Rural Housing Partners of  Mt. Carroll LP incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

bz.         Agreementof Limited Partnership of Meadowside Associates  incorporated by reference from registrants current report on form 8-K asfiled with the Securities and Exchange Commission on January 21, 2003.)

 

ca.         Agreementof Limited Partnership of Los Lunas Apts. LP  incorporated by reference from registrants current report on form 8-K asfiled with the Securities and Exchange Commission on January 21, 2003.)

 

cb.        Agreementof Limited Partnership of Edna Vanderbilt incorporated  by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

cc.         Agreementof Limited Partnership of Hawthorne Assoc. LP incorporated  by reference from registrants current report onform 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

cd.        Agreementof Limited Partnership of Rural Housing Partners of  Franklin Grove LP incorporated by reference from registrants current reporton form 8-K as filed with the Securities and Exchange Commission on January 21,2003.)

 

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ce.         Agreementof Limited Partnership of Rural Housing Partners of  Fulton LP incorporated by reference from registrants current  report on form 8-K as filed with the Securitiesand Exchange  Commission on January 21,2003.)

 

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

 

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

 

ch.        Agreementof Limited Partnership of Hattiesburg Housing LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

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

 

cj.            Agreementof Limited Partnership of 200 East Avenue Associates LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

ck.         Agreementof Limited Partnership of Casa Rosa Apartments  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

cl.            Agreementof Limited Partnership of Lake Apartments II LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

cm.      Agreementof Limited Partnership of Northrock Housing Associates LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

cn.        Agreementof Limited Partnership of AHAB Project One LP incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

co.        Agreementof Limited Partnership of Randolph Village Associates LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

cp.        Agreementof Limited Partnership of Sr. Suites Chicago Austin LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

cq.        Agreementof Limited Partnership of Clubview Partners LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

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cr.           Agreementof Limited Partnership of Edgewood Apartments Partnership  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

cs.         Agreementof Limited Partnership of Harbor Pointe/MHT LDHA LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31, 2003.)

 

ct.           Agreementof Limited Partnership of Lombard Partners LP incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

cu.        Agreementof Limited Partnership of Millwood Park LP incorporated by  reference from registrants current report on form8-K as filed with  the Securities andExchange Commission on March 31, 2003.)

 

cv.        Agreementof Limited Partnership of Hillside Terrace Associates LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

cw.      Agreementof Limited Partnership of San Angelo Bent Tree Apts. LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

cx.          Agreementof Limited Partnership of Montfort Housing LP incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

cy.        Agreementof Limited Partnership of Summerdale Partners LP II  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

cz.          Agreementof Limited Partnership of Seagraves Apartments LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

da.        Agreementof Limited Partnership of FFLM Associates LP incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

db.       Agreementof Limited Partnership of COGIC Village LDHA LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

dc.        Agreementof Limited Partnership of FFLM Associates LP incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

dd.       Agreementof Limited Partnership of FFLM Associates LP incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

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de.        Agreementof Limited Partnership of Pyramid Four Limited Partnership  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

df.          Agreementof Limited Partnership of 200 East Avenue Associates LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

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

 

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

 

di.           Agreementof Limited Partnership of Northrock Housing Assoc. LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

dj.           Agreementof Limited Partnership of Southaven Partners I LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

dk.        Agreementof Limited Partnership of Howard Park Ltd incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

dl.           Agreementof Limited Partnership of Washington Courtyards LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

dm.     Agreementof Limited Partnership of Highway Partners 18 LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

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

 

do.       Agreementof Limited Partnership of Washington Courtyards LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

dp.       Agreementof Limited Partnership of Annadale Housing Partners  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

dq.       Agreementof Limited Partnership of Ashton Ridge LDHA LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

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dr.          Agreementof Limited Partnership of FAH Silver Pond LP incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

ds.        Agreementof Limited Partnership of Ashton Ridge LDHA LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

dt.          Agreementof Limited Partnership of Aldine Westfield Apts., LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

du.       Agreementof Limited Partnership of Arbors at Eagle Crest LDHA LP  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

dv.       Agreementof Limited Partnership of KC Shalom Housing LP  incorporated by reference from registrants current report on form 8-Kas filed with the Securities and ExchangeCommission on March 31,  2003.)

 

dw.     Agreementof Limited Partnership of Breeze Cove Limited Partnership  incorporated by reference from registrantscurrent report on form 8-K  as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

dx.         Agreementof Limited Partnership of DS Housing LP incorporated by  reference from registrants current report on form8-K as filed with  the Securities andExchange Commission on March 31, 2003.)

 

dy.       Agreementof Limited Partnership of CC Housing LP incorporated by  reference from registrants current report on form8-K as filed with  the Securities andExchange Commission on March 31, 2003.)

 

dz.         Agreementof Limited Partnership of TS Housing LP incorporated by  reference from registrants current report on form8-K as filed with  the Securities andExchange Commission on March 31, 2003.)

 

ea.         Agreementof Limited Partnership of Carpenter School I Elderly Apts.  LP incorporated by reference from registrantscurrent report on form  8-K as filedwith the Securities and Exchange Commission on March 31,  2003.)

 

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

 

ec.         Agreementof Limited Partnership of New Shinnston I LP incorporated  by reference from registrants current report onform 8-K as filed  with theSecurities and Exchange Commission on March 31, 2003.)

 

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

 

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ee.         Agreementof Limited Partnership of New Shinniston I Limited Partnership incorporated byreference from registrants current report on form 8-K as filed with theSecurities and Exchange Commission on March 31, 2004.)

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

et.           Agreementof Limited Partnership of Portland Ocean East I Limited Partnership incorporatedby reference from registrants current report on form 8-K as filed with theSecurities and Exchange Commission on January 24, 2005.)

 

eu.        Agreementof Limited Partnership of Clayton Station Limited Partnership incorporated byreference from registrants current report on form 8-K as filed with theSecurities and Exchange Commission on January 24, 2005.)

 

ev.        Agreementof Limited Partnership of Deer Meadows Limited Partnership incorporated byreference from registrants current report on form 8-K as filed with theSecurities and Exchange Commission on January 24, 2005.)

 

Exhibit No. 31Certification 302

 

a.                                       Certification pursuant to 18 U.S.C. Section 1350, pursuant toSection 302 of the Sarbanes-Oxley Act of 2002, filed herein

 

b.                                      Certification pursuant to 18 U.S.C. Section 1350, pursuant toSection 302 of the Sarbanes-Oxley Act of 2002, filed herein

 

Exhibit No. 32Certification 906

 

a.                                       Certification pursuant to 18 U.S.C. Section 1350, pursuant toSection 906 of the Sarbanes-Oxley Act of 2002, filed herein

 

b.                                      Certification pursuant to 18 U.S.C. Section 1350, pursuant toSection 906 of the Sarbanes-Oxley Act of 2002, filed herein

 

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SIGNATURES

 

Pursuant to the requirements of Section 13 of theSecurities Exchange  Act of 1934,the Fund 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, 2010 |   |                                   | By: | /s/ John P. Manning |
|                     |   |                                   |   | John P. Manning |

 

 

Pursuant to the requirements of the Securities ExchangeAct of 1934,  this report hasbeen signed below by the following persons on behalf of the  Fund and in the capacities and on the datesindicated:  

 
| **DATE:**          | ** ** | **SIGNATURE:**      | ** ** | **TITLE:**                                                                                                                                                                                                                           |
|--------------------|------------|---------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |       |                |       |                                                                                                                                                                                                                                 |
| July 14, 2010 |       | /s/ John P. Manning |       | Director, President (Principal Executive Officer),  C&M Management, Inc.; Director, President (Principal Executive  Officer) BCTC IV Assignor Corp.                                                                         |
|               |       | John P. Manning     |       |
|               |       |                |       |
|               |       |                |       |
|               |       |                |       |                                                                                                                                                                                                                                 |
| July 14, 2010 |       | /s/ Marc N. Teal    |       | Sr. Vice President, Chief Financial Officer (Principal  Accounting and Financial Officer) C&M Management Inc.; Sr. Vice  President, Chief Financial Officer (Principal Accounting and Financial  Officer) BCTC IV Assignor Corp. |
|               |       | Marc N. Teal        |       |
|               |       |                |       |
|               |       |                |       |
|               |       |                |       |

 

169

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