**UNITED STATES SECURITIES ANDEXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-K**

 

**x****  ANNUAL REPORT PURSUANT TO SECTION 13 OR15(d) OF THE**

**SECURITIESEXCHANGE ACT OF 1934**

 

**For the fiscal year ended March 31,2008 or**

 

**o****   TRANSITIONREPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGEACT OF 1934**

 

**For the transition period from              to             **

 

**Commission filenumber        0-26200**

 

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

(Exact name of registrantas specified in its charter)

 

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

 

Registrant’s telephonenumber, including area code **(617) 624-8900**

 

**Securities registered pursuant toSection 12(b) of the Act:**

Title of each class -Name of each exchange on which registered

 

**None**

Securities registeredpursuant to Section 12(g) of the Act:

 

Title of class

**None**

 

Indicate by check mark ifthe Registrant is a well-known seasoned issuer, as defined in Rule 405 ofthe Securities Act.
| Yes  o |   | No  x |
|------------------|--------|-----------------|

 

Indicate by check mark if the Registrant is not required to filereports pursuant to Section 13 or Section 15(d) of the Act.
| Yes  o |   | No  x |
|------------------|--------|-----------------|

 

Indicate by check mark whether the registrant (1) has filed allreports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter periodthat the registrant was required to file such reports), and (2) has beensubject to such filing requirements for the past 90 days.
| Yes  x |   | No  o |
|------------------|--------|-----------------|

 

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

 

| Large accelerated filer  o                     |   | Accelerated filer o          |
|------------------------------------------------|--------|-----------------------------------|
|                                           |   |                              |
| Non-accelerated filer o                        |   | Smaller reporting  company x |
| (Do not check if a  smaller reporting company) |   |                              |

 

Indicate by check mark whether the registrant is a shell company (asdefined in Rule 12b-2 of the Exchange Act).
| Yes  o |   | No  x |
|------------------|--------|-----------------|

 

 

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DOCUMENTS INCORPORATED BYREFERENCE

 

The following documentsof the Fund are incorporated by reference:

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

 

----

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

 

----

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

 

----

 
| **Form 10-K** | ** ** | ** **                                 | ** ** |
|--------------------|------------|--------------------------------------------|------------|
| **Parts**          | ** ** | **Document**                               | ** ** |
|               |       |                                       |       |
| Parts II, IV       |       | Form 8-K dated April 1, 1999     |       |
|               |       | Form 8-K  dated October 1, 1998  |       |
|               |       | Form 8-K  dated April 27, 2000   |       |
|               |       | Form 8-K  dated June 1, 2004     |       |
|               |       | Form 8-K  dated June 11, 2004    |       |
|               |       | Form 8-K  dated June 23, 2004    |       |
|               |       | Form 8-K  dated 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 CREDITFUND IV L.P.

FORM 10-K ANNUALREPORT FOR THE YEAR ENDED MARCH 31, 2008

 

TABLE OF CONTENTS

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

 

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PART I

 

Item1.                Business

 

Organization

 

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

 

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

 

A Registration Statementon Form S-11 and the related prospectus, as supplemented (together witheach subsequently filed prospectus, as supplemented, the “Prospectus”) werefiled with the Securities and Exchange Commission and became effective December 16,1993, in connection with a public offering (together with each subsequentoffering of BACs described herein, the “Offering”) in one or more series of aminimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC.  On April 18, 1996, a Form S-11,which registered an additional 10,000,000 BACs for sale to the public in one ormore series, became effective. On April 2, 1998, a Form S-11, whichregistered an additional 25,000,000 BACs for sale to the public in one or moreseries, became effective. On August 31, 1999, a Form S-11, whichregistered an additional 8,000,000 BACs for sale to the public, becameeffective.  On July 26, 2000, a Form S-11,which registered an additional 7,500,000 BACs for sale to the public, becameeffective. On July 23, 2001, a Form S-11, which registered anadditional 7,000,000 BACs for sale to the public, became effective.  On July 24, 2002, a Form S-11,which registered an additional 7,000,000 BAC’s for sale to the public, becameeffective. On July 1, 2003, a Form S-11, which registered anadditional 7,000,000 BAC’s for sale to the public, became effective.  As of March 31, 2008, subscriptions hadbeen received and accepted by the General Partner in Series 20, Series 21,Series 22, Series 23, Series 24, Series 25, Series 26,Series 27, Series 28, Series 29, Series 30, Series 31,Series 32, Series 33, Series 34, Series 35, Series 36,Series 37, Series 38, Series 39, Series 40, Series 41,Series 42, Series 43 Series 44, Series 45 and Series 46for 83,651,080 BACs representing capital contributions of $836,177,880.

 

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

 

1

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Description of Business

 

The Fund’s principal business is to invest as a limited partner inother limited partnerships (the “Operating Partnerships”) each of which willown or lease and will operate an apartment complex exclusively or partially forlow- and moderate-income tenants.  EachOperating Partnership in which the Fund invests owns apartment complexes, whichare completed, newly-constructed, under construction or rehabilitation, orto-be constructed or rehabilitated, and which are expected to receivegovernment 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 may alsoqualify for the historic rehabilitation tax credit under Section 47 of theCode (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 from HUD.  HUD has been in the process of convertingrent supplement assistance to assistance paid not to the owner of the apartmentcomplex, but directly to the individuals. At this time, the Fund is unable to predict whether Congress willcontinue rent supplement programs payable directly to owners of apartmentcomplexes.

 

As of March 31, 2008 the Fund had invested in 22 OperatingPartnerships on behalf of Series 20, 13 Operating Partnership on behalf ofSeries 21, 29 Operating Partnerships on behalf of Series 22, 22Operating Partnerships on behalf of Series 23, 24 Operating Partnershipson behalf of Series 24, 22 Operating Partnerships on behalf of Series 25,45 Operating Partnerships on behalf of Series 26, 16 OperatingPartnerships on behalf of Series 27, 26 Operating Partnerships on behalfof Series 28, 22 Operating Partnerships on behalf of Series 29, 18Operating Partnerships on behalf of Series 30, 26 Operating Partnershipson behalf of Series 31, 17 Operating Partnerships on behalf of Series 32,10 Operating Partnerships on behalf of Series 33, 14 OperatingPartnerships on behalf of Series 34, 11 Operating Partnerships on behalfof Series 35, 11 Operating Partnerships on behalf of Series 36, 7Operating 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, 23 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.

 

2

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

 

Employees

 

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

 

Item 1A.        RiskFactors

 

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

 

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

 

*In addition to the otherinformation set forth in this report, you should carefully consider thefollowing factors which could materially affect our business, financialcondition or results of operations. The risks described below are not the onlyrisks we face. Additional factors not presently known to us or that wecurrently deem to be immaterial also may materially adversely affect ourbusiness operations.*

 

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

 

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

 

3

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

 

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

 

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

 

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

 

·  difficulties in obtaining rentincreases;

·  limitations on cash distributions;

·  limitations on sales or refinancingof Operating Partnerships;

·  limitations on transfers of interestsin Operating Partnerships;

·  limitations on removal of localgeneral partners;

·  limitations on subsidy programs; and

·  possible changes in applicableregulations.

 

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

 

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

 

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

 

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

 

Upon the sale or othertaxable disposition of BACs, investors will realize taxable income to theextent that their allocable share of the non-recourse mortgage indebtedness onthe apartment complexes, together with the money they receive from the sale ofthe BACs, is greater than the original cost of their BACs.  This realized taxable income is reduced tothe extent that investors have suspended passive losses or credits.  It is possible that the sale of BACs may notgenerate enough cash to pay the tax obligations arising from the sale.

 

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

 

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

 

4

----

 

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

 

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

 

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

 

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

 

· Thenecessity of obtaining the consent of the operating general partners;

 

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

 

· Theuncertainty of the market.

 

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

 

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

 

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

 
| Item 1B.        |   | Unresolved Staff  Comments |
|-----------------|--------|----------------------------|
|            |   |                       |
| Not applicable. |   |                       |
|            |   |                       |
| Item 2.         |   | Properties                 |

 

The Fund has acquired alimited partnership interest in 512 Operating Partnerships in 27 series,identified in the table set forth below. The apartment complexes owned by the Operating Partnerships are eligiblefor the Federal Housing Tax Credit. Initial occupancy of a unit in each apartment complex which initiallycomplied with the minimum set-aside test (i.e., initial occupancy by tenantswith incomes equal to no more than a designated

 

5

----

 

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

 

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

 

6

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**              | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|---------------------------------|------------|------------------|------------|-----------|------------|--------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Ashbury Apartments              |       | Sioux Falls, SD  |       | 48        |       | $                                          | 1,154,700  |          | 4/94       |            | 6/94       |                              | 100        | %                                         | $          | 806,117 |   |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Bennetts Pointe Apts.           |       | Bennetsville, SC |       | 32        |       | 1,298,743                                  |       | 3/94          |       | 8/94            |       | 100                               | %          | 281,100                                   |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Bradley Manor                   |       | Bradley, AR      |       | 25        |       | 773,356                                    |       | 8/94          |       | 3/95            |       | 100                               | %          | 182,044                                   |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Cascades Commons Apts.          |       | Sterling, VA     |       | 320       |       | 22,573,276                                 |       | 6/94          |       | 10/95           |       | 100                               | %          | 7,132,820                                 |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Clarksville Estates             |       | Clarksville, MO  |       | 32        |       | 666,494                                    |       | 6/94          |       | 9/94            |       | 100                               | %          | 142,639                                   |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Club Goldenrod II, Apartments   |       | Orlando, FL      |       | 220       |       | 6,944,656                                  |       | 4/94          |       | 6/95            |       | 100                               | %          | 3,681,417                                 |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| College Greene Senior Apts      |       | N. Chili, NY     |       | 110       |       | 3,713,871                                  |       | 3/95          |       | 8/95            |       | 100                               | %          | 1,918,496                                 |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Concordia Manor I               |       | St. Croix, VI    |       | 22        |       | 1,421,349                                  |       | 8/94          |       | 7/95            |       | 100                               | %          | 490,034                                   |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Coushatta Seniors II Apartments |       | Coushatta, LA    |       | 24        |       | 688,036                                    |       | 5/94          |       | 3/94            |       | 100                               | %          | 175,182                                   |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| East Douglas Apartment          |       | Bloomington, IL  |       | 51        |       | 1,884,632                                  |       | 7/94          |       | 12/95           |       | 100                               | %          | 1,534,461                                 |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Edison Lane Apartments          |       | Edison, GA       |       | 24        |       | 699,146                                    |       | 9/94          |       | 10/95           |       | 100                               | %          | 204,561                                   |       |
|                            |       |             |       |      |       |                                       |       |          |       |            |       |                              |       |                                      |       |
| Evergreen Hills Apts.           |       | Macedon, NY      |       | 72        |       | 2,598,858                                  |       | 8/94          |       | 1/95            |       | 100                               | %          | 693,966                                   |       |
|                                 |            |                  |            |           |            |                                            |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

7

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**          | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Fairoaks Lane Apts.         |       | Rincon, GA        |       | 44        |       | $                                               | 1,375,718  |          | 7/94       |            | 5/95       |                              | 100        | %                                         | $          | 339,284 |   |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Floral Acres II             |       | Waggaman, LA      |       | 32        |       | 1,000,082                                       |       | 5/94          |       | 8/94            |       | 100                               | %          | 228,457                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Forest Glen Village         |       | Vidalia, GA       |       | 46        |       | 1,290,826                                       |       | 7/94          |       | 2/95            |       | 100                               | %          | 378,777                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Gardenview Apartments       |       | Pasedena, TX      |       | 309       |       | 4,598,028                                       |       | 6/94          |       | 9/95            |       | 100                               | %          | 2,261,021                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Harrisonburg, Seniors Apts. |       | Harrison-burg, LA |       | 24        |       | 660,480                                         |       | 5/94          |       | 1/94            |       | 100                               | %          | 176,621                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Hillside Apartments         |       | Cynthiana, KY     |       | 48        |       | 579,862                                         |       | 10/94         |       | 4/95            |       | 100                               | %          | 643,850                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Kristine Apartments         |       | Bakersfield, CA   |       | 60        |       | 1,092,024                                       |       | 10/94         |       | 10/94           |       | 100                               | %          | 311,675                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Northfield Apts.            |       | Jackson, MS       |       | 120       |       | 2,598,772                                       |       | 6/94          |       | 8/95            |       | 100                               | %          | 3,273,126                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Riverview Apartments        |       | Franklinton, LA   |       | 47        |       | 1,632,552                                       |       | 4/94          |       | 10/94           |       | 100                               | %          | 370,000                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Shady Lane Senior Apts.     |       | Winnfield, LA     |       | 32        |       | 905,158                                         |       | 5/94          |       | 10/93           |       | 100                               | %          | 197,200                                   |       |
|                             |            |                   |            |           |            |                                                 |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

8

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**                | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------------|------------|-----------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Black River Run                   |       | Black River Falls, WI |       | 48        |       | $                                               | 1,009,004  |          | 10/94      |            | 12/94      |                              | 100        | %                                         | $          | 350,531 |   |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Cattaraugus Manor                 |       | Cattaraugus, NY       |       | 24        |       | 1,063,035                                       |       | 8/94          |       | 4/95            |       | 100                               | %          | 263,711                                   |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Creekside at Tasker’s Chance |       | Frederick, MD         |       | 120       |       | 4,399,803                                       |       | 10/94         |       | 9/95            |       | 100                               | %          | 2,686,170                                 |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Forest Glen at Sully Station      |       | Centreville, VA       |       | 119       |       | 5,896,768                                       |       | 11/94         |       | 9/95            |       | 100                               | %          | 2,649,450                                 |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Fort Halifax                      |       | Winslow, ME           |       | 24        |       | 1,013,639                                       |       | 9/94          |       | 1/95            |       | 100                               | %          | 389,085                                   |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Havelock Manor Apts.              |       | Havelock, NC          |       | 60        |       | 1,776,145                                       |       | 12/94         |       | 10/95           |       | 100                               | %          | 347,557                                   |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Holly Village                     |       | Buchanan, GA          |       | 24        |       | 692,022                                         |       | 8/94          |       | 6/95            |       | 100                               | %          | 205,400                                   |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Liveoak Village                   |       | Union Springs, AL     |       | 24        |       | 736,269                                         |       | 10/94         |       | 7/95            |       | 100                               | %          | 176,953                                   |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Lookout Ridge Apts.               |       | Covington, KY         |       | 30        |       | 512,162                                         |       | 12/94         |       | 12/94           |       | 100                               | %          | 763,038                                   |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Pinedale Apartments II            |       | Menomonie, WI         |       | 60        |       | 1,179,381                                       |       | 10/94         |       | 12/94           |       | 100                               | %          | 869,798                                   |       |
|                              |       |                  |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Pumphouse Crossing II Apartments  |       | Chippewa, WI          |       | 48        |       | 1,052,743                                       |       | 10/94         |       | 12/94           |       | 100                               | %          | 692,840                                   |       |
|                                   |            |                       |            |           |            |                                                 |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

9

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**     | ** ** | **Location**   | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------|------------|----------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| The Woods  Apartments  |       | Campton, NH    |       | 20        |       | $                                               | 975,409    |          | 8/94       |            | 10/94      |                              | 100        | %                                         | $          | 269,500 |   |
|                   |       |           |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Tower View  Apartments |       | Tower City, PA |       | 25        |       | 1,086,907                                       |       | 11/94         |       | 5/95            |       | 100                               | %          | 268,863                                   |       |
|                        |            |                |            |           |            |                                                 |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

10

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**      | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------|------------|-----------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Albemarle  Village      |       | Hertford, NC          |       | 36        |       | $                                               | 1,382,124  |          | 1/95       |             | 9/94       |                              | 100        | %                                         | $          | 321,628 |   |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Apple Village           |       | Edmond, OK            |       | 160       |       | 3,468,556                                       |       | 11/94         |       | 3/96             |       | 100                               | %          | 1,572,166                                 |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bayou Crossing          |       | Riverview, FL         |       | 290       |       | 8,346,471                                       |       | 11/94         |       | 1/96             |       | 100                               | %          | 2,854,036                                 |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bellwood Gardens        |       | Ford City, PA         |       | 28        |       | 1,209,161                                       |       | 6/95          |       | 9/95             |       | 100                               | %          | 308,152                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Black River Run  Apts.  |       | Black River Falls, WI |       | 48        |       | 1,009,004                                       |       | 3/95          |       | 12/94            |       | 100                               | %          | 395,279                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Clarendon Court         |       | Summerton, SC         |       | 40        |       | 1,406,625                                       |       | 10/94         |       | 4/95             |       | 100                               | %          | 340,737                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Club II  Goldenrod      |       | Orlando, FL           |       | 220       |       | 6,944,656                                       |       | 3/95          |       | 6/95             |       | 100                               | %          | 2,106,975                                 |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cobblestone  Apartments |       | Fuquay, NC            |       | 33        |       | 1,371,440                                       |       | 1/95          |       | 5/94             |       | 100                               | %          | 326,054                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Concordia Manor  II     |       | St. Croix, VI         |       | 20        |       | 1,452,533                                       |       | 1/95          |       | 11/95            |       | 100                               | %          | 259,444                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Concordia Manor  III    |       | St. Croix, VI         |       | 20        |       | 1,435,607                                       |       | 2/95          |       | 12/95            |       | 100                               | %          | 264,007                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Drakes Branch  Elderly  |       | Drakes Branch, VA     |       | 32        |       | 1,227,656                                       |       | 1/95          |       | 6/95             |       | 100                               | %          | 232,722                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Elks Towers  Apartments |       | Litchfield, IL        |       | 27        |       | 751,605                                         |       | 10/95         |       | 12/96            |       | 100                               | %          | 756,656                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Fonda Terrace           |       | Fonda, NY             |       | 24        |       | 977,239                                         |       | 12/94         |       | 10/94            |       | 100                               | %          | 259,387                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Highland House          |       | Boston, MA            |       | 14        |       | 1,018,397                                       |       | 12/96         |       | 5/97             |       | 100                               | %          | 586,492                                   |       |
|                         |            |                       |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

11

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**      | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------|------------|-----------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Kimbark 1200  Apts.     |       | Longmont, CO          |       | 48        |       | $                                               | 1,898,170  |          | 9/95       |             | 12/95      |                              | 100        | %                                         | $          | 321,843 |   |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Kingsway  Apartments    |       | Swedsboro, NJ         |       | 36        |       | 1,424,450                                       |       | 7/95          |       | 11/01            |       | 100                               | %          | 384,585                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lake City  Apartments   |       | Lake City, PA         |       | 44        |       | 1,252,906                                       |       | 8/98          |       | 6/98             |       | 100                               | %          | 240,900                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lake Street  Apartments |       | Girard, PA            |       | 32        |       | 1,322,087                                       |       | 4/95          |       | 9/95             |       | 100                               | %          | 342,369                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lost Tree  Apartments   |       | Branson, MO           |       | 88        |       | 1,416,853                                       |       | 4/95          |       | 6/95             |       | 100                               | %          | 474,948                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Maplewood  Apartments   |       | Sacramento, KY        |       | 12        |       | 420,843                                         |       | 8/95          |       | 9/95             |       | 100                               | %          | 110,881                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Marksville  Square      |       | Marksville, LA        |       | 32        |       | 927,197                                         |       | 1/95          |       | 1/96             |       | 100                               | %          | 268,848                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Neshoba County          |       | Philadelphia, MS      |       | 25        |       | 827,096                                         |       | 7/95          |       | 8/95             |       | 100                               | %          | 251,411                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Philadelphia  Square    |       | Philadelphia, MS      |       | 16        |       | 529,341                                         |       | 7/95          |       | 8/95             |       | 100                               | %          | 149,950                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Quankey Hills           |       | Halifax, NC           |       | 24        |       | 973,908                                         |       | 1/95          |       | 3/95             |       | 100                               | %          | 200,496                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Richmond Square         |       | Richmond, MO          |       | 32        |       | 727,661                                         |       | 12/94         |       | 2/95             |       | 100                               | %          | 931,456                                   |       |
|                    |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Salem Wood  Apartments  |       | Salemburg, NC         |       | 24        |       | 891,392                                         |       | 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        |       | 1,599,131                                       |       | 12/94         |       | 6/95             |       | 100                               | %          | 1,810,416                                 |       |
|                         |            |                       |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

12

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name** | ** ** | **Location** | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|--------------------|------------|--------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Twin City Villa    |       | Festus, MO   |       | 40        |       | $                                               | 1,191,310  |          | 1/95       |             | 11/95      |                              | 100        | %                                         | $          | 679,176 |   |
|                    |            |              |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

13

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**        | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|---------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |   |
| Apple Village             |       | Edmond, OK       |       | 160       |       | $                                               | 3,468,556  |          | 11/94      |             | 3/96       |                              | 100        | %                                         | $          | 1,572,166 |   |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bayou Crossing            |       | Riverview, FL    |       | 290       |       | 8,346,471                                       |       | 4/95          |       | 1/96             |       | 100                               | %          | 4,281,054                                 |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Concordia Manor  II       |       | St. Croix, VI    |       | 20        |       | 1,452,533                                       |       | 1/95          |       | 11/95            |       | 100                               | %          | 259,445                                   |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Concordia Manor  III      |       | St. Croix, VI    |       | 20        |       | 1,435,607                                       |       | 2/95          |       | 12/95            |       | 100                               | %          | 264,007                                   |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Colonna House             |       | Hempstead, NY    |       | 37        |       | 989,456                                         |       | 5/95          |       | 5/95             |       | 100                               | %          | 1,551,605                                 |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Country Hill  Apts. Ph II |       | Cedar Rapids, IA |       | 92        |       | 1,803,589                                       |       | 8/95          |       | 6/96             |       | 100                               | %          | 1,981,495                                 |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Great Pines  Apts.        |       | Hurleyville, NY  |       | 26        |       | 1,116,449                                       |       | 7/95          |       | 12/95            |       | 100                               | %          | 340,835                                   |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Heatheridge  Estates **   |       | Barling, AR      |       | 17        |       | 759,032                                         |       | 7/95          |       | 11/95            |       | 100                               | %          | 748,240                                   |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Ithaca Apts. I            |       | Ithaca, MI       |       | 28        |       | 579,425                                         |       | 11/95         |       | 7/95             |       | 100                               | %          | 164,008                                   |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Kimbark 1200  Apts.       |       | Longmont, CO     |       | 48        |       | 1,898,170                                       |       | 9/95          |       | 12/95            |       | 100                               | %          | 965,530                                   |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| La Pensione K  Apts.      |       | Sacramento, CA   |       | 129       |       | 2,279,538                                       |       | 9/95          |       | 12/96            |       | 100                               | %          | 2,650,580                                 |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Mathis  Apartments        |       | Mathis, TX       |       | 32        |       | 876,683                                         |       | 1/95          |       | 1/95             |       | 100                               | %          | 228,172                                   |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Mid City  Apartments      |       | Jersey City, NJ  |       | 58        |       | 2,430,771                                       |       | 9/95          |       | 6/94             |       | 100                               | %          | 113,679                                   |       |
|                      |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Orange Grove  Seniors     |       | Orange Grove, TX |       | 24        |       | 641,426                                         |       | 5/95          |       | 2/95             |       | 100                               | %          | 163,637                                   |       |
|                           |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

14

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**      | ** ** | **Location**         | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------|------------|----------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |   |   |
| Philmont Terrace        |       | Philmont, LA         |       | 32        |       | $                                               | 1,456,662  |          | 5/95       |             | 5/95       |                              | 100        | %                                         | $          | 370,750 |   |
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Riverview Apartments    |       | St. Louis, MO        |       | 42        |       | 1,127,919                                       |       | 8/95          |       | 12/95            |       | 100                               | %          | 1,160,308                                 |       |
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| South Hills  Apartments |       | Bellevue, NE         |       | 72        |       | 1,721,130                                       |       | 6/95          |       | 2/96             |       | 100                               | %          | 1,686,354                                 |       |
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| St. Peters Villa        |       | St. Peters, MO       |       | 54        |       | 1,521,456                                       |       | 7/95          |       | 3/96             |       | 100                               | %          | 1,495,685                                 |       |
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| The Birches             |       | Old Orchard Beach,ME |       | 88        |       | 2,800,000                                       |       | 1/95          |       | 3/96             |       | 100                               | %          | 1,399,532                                 |       |
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Twin City Villa         |       | Festus, MO           |       | 40        |       | 1,191,310                                       |       | 2/95          |       | 11/95            |       | 100                               | %          | 679,176                                   |       |
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Village Woods  Est.     |       | Kansas City, KS      |       | 45        |       | 1,375,844                                       |       | 5/95          |       | 12/95            |       | 100                               | %          | 1,704,928                                 |       |
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Vinsett Estates  **     |       | Van Buren, AR        |       | 10        |       | **                                              |       | 7/95          |       | 11/95            |       | 100                               | %          | **                                        |       |
|                    |       |                 |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Woodland Hills          |       | Roland, OK           |       | 10        |       | 346,097                                         |       | 7/95          |       | 6/95             |       | 100                               | %          | 274,540                                   |       |

 

----

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

 

15

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**       | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|--------------------------|------------|-----------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Autumn Ridge  Apartments |       | Shenandoah, VA  |       | 34        |       | $                                               | 1,497,684  |          | 7/96       |             | 1/97       |                              | 100        | %                                         | $          | 319,466 |   |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Brooks Summit            |       | Blue Ridge, GA  |       | 36        |       | 1,090,820                                       |       | 12/95         |       | 11/96            |       | 100                               | %          | 332,470                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Brownsville  Apartments  |       | Brownsville, TN |       | 36        |       | 1,167,470                                       |       | 9/95          |       | 9/95             |       | 100                               | %          | 267,091                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Century East  Apts. IV   |       | Bismark, ND     |       | 24        |       | 569,534                                         |       | 8/95          |       | 8/95             |       | 100                               | %          | 399,962                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Century East  Apts. V    |       | Bismark, ND     |       | 24        |       | 569,535                                         |       | 11/95         |       | 9/95             |       | 100                               | %          | 399,962                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Centenary Towers  Apts.  |       | St. Louis, MO   |       | 100       |       | —                                          |       | 5/97          |       | 12/97            |       | 100                               | %          | 828,815                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cooper’s  Crossing  |       | Irving, TX      |       | 93        |       | 3,218,389                                       |       | 6/96          |       | 12/95            |       | 100                               | %          | 848,708                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Edenfield  Apartments    |       | Millen, GA      |       | 48        |       | 1,167,472                                       |       | 1/96          |       | 12/96            |       | 100                               | %          | 314,827                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Elm Street  Apartments   |       | Yonkers, NY     |       | 35        |       | 1,750,555                                       |       | 1/96          |       | 1/96             |       | 100                               | %          | 407,601                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Heritage Glen  Apts.     |       | Coolidge, AZ    |       | 28        |       | 1,095,625                                       |       | 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        |       | 557,614                                         |       | 8/95          |       | 7/95             |       | 100                               | %          | 399,962                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lakeway Apts             |       | Zwolle, LA      |       | 32        |       | 822,737                                         |       | 11/95         |       | 4/96             |       | 100                               | %          | 210,714                                   |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Laurelwood Park  Apts.   |       | High Point, NC  |       | 100       |       | 2,137,653                                       |       | 2/96          |       | 10/96            |       | 100                               | %          | 2,120,403                                 |       |
|                     |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Madison Park IV          |       | Boston, MA      |       | 143       |       | 13,614,121                                      |       | 5/96          |       | 3/97             |       | 99                                | %          | 1,220,537                                 |       |
|                          |            |                 |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

16

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**        | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|---------------------------|------------|-----------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| New Hilltop  Apartments   |       | Laurens, SC     |       | 72        |       | $                                               | 1,583,532  |          | 11/95      |             | 11/95      |                              | 100        | %                                         | $          | 450,039 |   |
|                      |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| North Hampton  Pl.        |       | Columbia, MO    |       | 36        |       | 677,629                                         |       | 11/95         |       | 3/96             |       | 100                               | %          | 1,002,996                                 |       |
|                      |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Northfield  Housing, L.P. |       | Jackson, MS     |       | 5         |       | 154,247                                         |       | 12/96         |       | 9/96             |       | 100                               | %          | 217,266                                   |       |
|                      |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Pahrump Valley  Apts.     |       | Pahrump, NV     |       | 32        |       | 1,356,612                                       |       | 7/96          |       | 7/96             |       | 100                               | %          | 335,225                                   |       |
|                      |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Park Meadow  Apartments   |       | Gaylord, MI     |       | 80        |       | 1,590,311                                       |       | 9/95          |       | 4/97             |       | 100                               | %          | 1,753,158                                 |       |
|                      |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Shadowcreek  Apartments   |       | Overton, NV     |       | 24        |       | 1,193,006                                       |       | 6/96          |       | 9/96             |       | 100                               | %          | 361,320                                   |       |
|                      |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Stanton Village  Apts.    |       | Stanton, TN     |       | 40        |       | 1,178,261                                       |       | 9/95          |       | 9/95             |       | 100                               | %          | 279,730                                   |       |
|                      |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Woodlands  Apartments     |       | Elko, NV        |       | 24        |       | 1,187,649                                       |       | 11/95         |       | 9/95             |       | 100                               | %          | 269,867                                   |       |
|                      |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Wyandotte  Apartments     |       | Los Angeles, CA |       | 73        |       | 2,987,424                                       |       | 4/96          |       | 2/97             |       | 100                               | %          | 1,663,747                                 |       |
|                           |            |                 |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

17

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Dogwood Park  Apts.    |       | Athens, GA        |       | 127       |       | $                                               | 2,392,229  |          | 12/95      |             | 10/96      |                              | 100        | %                                         | $          | 4,147,387 |   |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Dunlap Acres           |       | West Point, MS    |       | 50        |       | 835,718                                         |       | 9/96          |       | 4/96             |       | 100                               | %          | 522,160                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Century East II  Apts. |       | Bismark, ND       |       | 24        |       | 464,145                                         |       | 8/96          |       | 6/96             |       | 100                               | %          | 371,183                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Clarke Manor  Apts.    |       | Pokamoke City, MD |       | 30        |       | 1,188,943                                       |       | 2/96          |       | 4/96             |       | 100                               | %          | 440,107                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hannah Heights  Apts.  |       | Ethel, MS         |       | 28        |       | 790,956                                         |       | 6/96          |       | 12/96            |       | 100                               | %          | 321,584                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Heartland Green  Cave  |       | Horse Cave, KY    |       | 24        |       | 820,103                                         |       | 5/96          |       | 11/96            |       | 100                               | %          | 270,132                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hurricane Hills        |       | Hurricane, UT     |       | 49        |       | 1,138,023                                       |       | 9/96          |       | 4/97             |       | 100                               | %          | 2,242,394                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Laurelwood Park  Apts. |       | High Point, NC    |       | 100       |       | 2,137,653                                       |       | 2/96          |       | 10/96            |       | 100                               | %          | 1,044,377                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lenox Ave. Apts.       |       | Manhattan, NY     |       | 18        |       | 603,800                                         |       | 10/96         |       | 9/97             |       | 100                               | %          | 903,792                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Madison Park IV        |       | Boston, MA        |       | 143       |       | 13,539,121                                      |       | 5/96          |       | 3/97             |       | 100                               | %          | 2,169,843                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Main Everett  Apts.    |       | New Rochelle, NY  |       | 11        |       | 553,742                                         |       | 6/96          |       | 1/97             |       | 100                               | %          | 782,852                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Maple Hill             |       | New Haven, CT     |       | 32        |       | 792,172                                         |       | 2/97          |       | 2/98             |       | 100                               | %          | 199,951                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Osborne Apts.          |       | White Plains, NY  |       | 7         |       | 382,429                                         |       | 6/96          |       | 12/96            |       | 100                               | %          | 522,325                                   |       |
|                        |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

18

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**         | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|----------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Rose Square                |       | Connellsville, PA |       | 11        |       | $                                               | 383,123    |          | 10/96      |             | 2/97       |                              | 100        | %                                         | $          | 288,209 |   |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Rosewood  Estates, II |       | Bladenboro, NC    |       | 16        |       | 661,171                                         |       | 9/96          |       | 12/96            |       | 100                               | %          | 124,304                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sandstone  Village         |       | Great Falls, MT   |       | 48        |       | 1,271,818                                       |       | 11/95         |       | 8/96             |       | 100                               | %          | 1,295,623                                 |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Shannon Rentals            |       | Shannon, MS       |       | 48        |       | 11,225,830                                      |       | 4/96          |       | 1/97             |       | 100                               | %          | 324,990                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Smith House                |       | Roxbury, MA       |       | 132       |       | 1,167,446                                       |       | 4/96          |       | 3/97             |       | 100                               | %          | 1,031,269                                 |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sutton Place               |       | Indianopolis, IN  |       | 360       |       | 5,475,000                                       |       | 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        |       | 2,987,424                                       |       | 4/96          |       | 2/97             |       | 100                               | %          | 2,280,623                                 |       |
|                            |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

19

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**        | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|---------------------------|------------|--------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Academy Apts.             |       | West Point, VA     |       | 32        |       | $                                               | 1,133,795  |          | 4/97       |             | 3/98       |                              | 100        | %                                         | $          | 263,722 |   |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bradley Estates Phase  I  |       | Meriden, CT        |       | 74        |       | 1,402,467                                       |       | 2/97          |       | 12/97            |       | 100                               | %          | 671,336                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bradley Estates  Phase II |       | Meriden, CT        |       | 42        |       | 799,319                                         |       | 2/97          |       | 12/97            |       | 100                               | %          | 486,861                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Brookhaven Apts.          |       | Shrevport, LA      |       | 35        |       | 1,001,830                                       |       | 2/97          |       | 1/97             |       | 100                               | %          | 726,113                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Butler Estates            |       | Leesville, LA      |       | 10        |       | 156,605                                         |       | 8/96          |       | 10/96            |       | 100                               | %          | 129,311                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Calgory Apts. I           |       | Bismark, ND        |       | 24        |       | 559,915                                         |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Calgory Apts. II          |       | Bismark, ND        |       | 24        |       | 566,835                                         |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Calgory Apts.  III        |       | Bismark, ND        |       | 24        |       | 553,206                                         |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cameron Apts.             |       | Cameron, LA        |       | 40        |       | 386,226                                         |       | 8/96          |       | 10/96            |       | 100                               | %          | 793,209                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Country Edge  Apts.       |       | Fargo, ND          |       | 48        |       | 931,010                                         |       | 7/97          |       | 12/97            |       | 100                               | %          | 1,128,587                                 |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Devonshire II  Apts.      |       | London, OH         |       | 28        |       | 719,656                                         |       | 1/97          |       | 12/96            |       | 100                               | %          | 182,070                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Devonshire West  Apts.    |       | W. Jefferson, OH   |       | 19        |       | 503,003                                         |       | 1/97          |       | 1/97             |       | 100                               | %          | 126,983                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| East Park II  Apts.       |       | Dilworth, MN       |       | 24        |       | 503,495                                         |       | 8/96          |       | 8/96             |       | 100                               | %          | 525,631                                   |       |
|                      |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Edgewood Park  Apts.      |       | Milledge-ville, GA |       | 61        |       | 1,216,737                                       |       | 5/96          |       | 1/97             |       | 100                               | %          | 1,477,023                                 |       |
|                           |            |                    |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

20

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**           | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Edgewood Estates Apts.       |       | Edgewood, TX      |       | 22        |       | $                                               | 579,962    |          | 6/97       |             | 11/96      |                              | 100        | %                                         | $          | 173,436 |   |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Escher Street SRO            |       | Trenton, NJ       |       | 104       |       | 1,522,830                                       |       | 4/97          |       | 5/98             |       | 100                               | %          | 3,734,928                                 |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Grandview Apartments         |       | Fargo, ND         |       | 36        |       | 1,049,459                                       |       | 8/96          |       | 8/96             |       | 100                               | %          | 1,069,522                                 |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Grayson Manor                |       | Independence, VA  |       | 32        |       | 999,240                                         |       | 3/98          |       | 11/98            |       | 100                               | %          | 656,156                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hallman Court Apts.          |       | Rochester, NY     |       | 77        |       | 8,616,926                                       |       | 1/99          |       | 7/00             |       | 100                               | %          | 325,768                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hanover Apts.                |       | Ashland, VA       |       | 40        |       | 1,244,074                                       |       | 11/97         |       | 4/98             |       | 100                               | %          | 295,538                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hanover Towers Apts.         |       | Meriden, CT       |       | 100       |       | 3,722,914                                       |       | 2/97          |       | 11/97            |       | 100                               | %          | 1,065,649                                 |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hazeltine Apts.              |       | Los Angeles, CA   |       | 35        |       | 1,272,341                                       |       | 6/96          |       | 1/97             |       | 100                               | %          | 1,606,155                                 |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Holly Heights Apts.          |       | Bowling Green, KY |       | 30        |       | 1,109,419                                       |       | 5/97          |       | 8/97             |       | 100                               | %          | 362,738                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lake Apts. IV                |       | Fargo, ND         |       | 24        |       | 585,689                                         |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lake Apts. V                 |       | Fargo, ND         |       | 24        |       | 560,806                                         |       | 2/96          |       | 12/95            |       | 100                               | %          | 414,507                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lauderdale County Properties |       | Meriden, MS       |       | 48        |       | 1,017,909                                       |       | 12/98         |       | 5/99             |       | 100                               | %          | 444,136                                   |       |
|                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Liberty Village Apts.        |       | Liberty, NY       |       | 32        |       | 1,712,508                                       |       | 1/97          |       | 5/97             |       | 100                               | %          | 437,448                                   |       |
|                              |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

21

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**         | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|----------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Little Valley Est.         |       | Little Valley, NY |       | 24        |       | $                                               | 1,120,821  |          | 1/97       |             | 4/97       |                              | 100        | %                                         | $          | 284,257 |   |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Maxton Green Apts.         |       | Maxton, NC        |       | 32        |       | 930,256                                         |       | 9/96          |       | 12/96            |       | 100                               | %          | 263,281                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Madison Apartments         |       | Miami Beach, FL   |       | 17        |       | 967,864                                         |       | 3/96          |       | 6/97             |       | 100                               | %          | 896,695                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Mason Manor Apts.          |       | Mason, TN         |       | 24        |       | 904,840                                         |       | 2/96          |       | 1/96             |       | 100                               | %          | 229,775                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Mosby Forest Apts.         |       | Littleton, NC     |       | 24        |       | 570,911                                         |       | 10/96         |       | 10/96            |       | 100                               | %          | 496,753                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| New Hope Bailey Apts.      |       | De Ridder, LA     |       | 40        |       | 793,826                                         |       | 8/96          |       | 9/96             |       | 100                               | %          | 758,620                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Nordhoff Apts.             |       | North Hills, CA   |       | 38        |       | 1,918,293                                       |       | 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        |       | 664,551                                         |       | 3/98          |       | 12/98            |       | 100                               | %          | 1,423,248                                 |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Southwind Apts. A LDHA     |       | Jennings, LA      |       | 36        |       | 810,692                                         |       | 8/96          |       | 12/96            |       | 100                               | %          | 700,216                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| T.R. Bobb Apts.            |       | New Iberia, LA    |       | 30        |       | 661,363                                         |       | 8/96          |       | 12/96            |       | 100                               | %          | 714,504                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Timmons- Ville Green Apts. |       | Timmonsville, SC  |       | 32        |       | 1,042,092                                       |       | 10/96         |       | 2/97             |       | 100                               | %          | 292,587                                   |       |
|                       |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Tremont Station Apartments |       | Tremont, PA       |       | 24        |       | 1,127,896                                       |       | 5/96          |       | 11/96            |       | 100                               | %          | 349,889                                   |       |
|                            |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

22

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**     | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------|------------|-----------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Village Estates  Apts. |       | Victoria, VA    |       | 32        |       | $                                               | 1,125,582  |          | 4/97       |             | 10/98      |                              | 100        | %                                         | $          | 270,204 |   |
|                   |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Village Green  Apts.   |       | Gloucester, VA  |       | 32        |       | 1,121,480                                       |       | 4/97          |       | 11/97            |       | 100                               | %          | 296,893                                   |       |
|                   |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Warrensburg Heights    |       | Warrensburg, MO |       | 28        |       | 1,078,348                                       |       | 12/96         |       | 11/96            |       | 100                               | %          | 308,825                                   |       |
|                   |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Westside Apts.         |       | Salem, AR       |       | 29        |       | 1,008,849                                       |       | 8/96          |       | 10/96            |       | 100                               | %          | 265,020                                   |       |
|                   |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| The Willows  Apts.     |       | Smithville, TX  |       | 32        |       | 762,889                                         |       | 5/96          |       | 5/96             |       | 100                               | %          | 209,768                                   |       |
|                        |            |                 |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

23

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**                           | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|----------------------------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| AHAB Rental Units Phase II                   |       | Springfield, MO   |       | 17        |       | $                                               | 395,715    |          | 6/97       |             | 11/97      |                              | 100        | %                                         | $          | 578,458 |   |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Angelou Court Apts.                          |       | New York, NY      |       | 23        |       | 912,756                                         |       | 10/97         |       | 8/99             |       | 100                               | %          | 1,791,275                                 |       |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Canisteo Manor                               |       | Canisteo, NY      |       | 24        |       | 883,874                                         |       | 4/98          |       | 4/98             |       | 100                               | %          | 621,857                                   |       |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| The Casa Rosa                                |       | San Juan, PR      |       | 97        |       | 545,811                                         |       | 9/97          |       | 4/98             |       | 100                               | %          | 1,232,936                                 |       |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Forest Glen At Sulluy Station Phase II Atps. |       | Centreville, VA   |       | 119       |       | 5,954,323                                       |       | 8/96          |       | 6/97             |       | 100                               | %          | 1,362,808                                 |       |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Harrison Heights Apts.                       |       | Harrisonville, MO |       | 48        |       | 1,095,384                                       |       | 1/98          |       | 12/96            |       | 100                               | %          | 245,516                                   |       |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Harbor Towers Apts.                          |       | Meriden, CT       |       | 202       |       | 9,253,055                                       |       | 2/97          |       | 11/97            |       | 100                               | %          | 2,895,280                                 |       |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Holly Heights Apts.                          |       | Storm Lake, IA    |       | 32        |       | 471,203                                         |       | 4/97          |       | 8/98             |       | 100                               | %          | 614,058                                   |       |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lake Apts. II                                |       | Fargo, ND         |       | 24        |       | 556,307                                         |       | 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        |       | 2,243,151                                       |       | 5/00          |       | 5/00             |       | 100                               | %          | 610,365                                   |       |
|                                         |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Park Crest Apts.                             |       | Sherwood, AR      |       | 216       |       | 8,900,000                                       |       | 11/99         |       | 6/99             |       | 100                               | %          | 115,311                                   |       |
|                                              |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

24

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Pear Village  Apts.    |       | Leitchfile, KY    |       | 16        |       | $                                               | 171,573    |          | 8/96       |             | 2/97       |                              | 100        | %                                         | $          | 488,822 |   |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Randolph Village       |       | Silver Spring, MD |       | 130       |       | 4,948,512                                       |       | 9/96          |       | 8/97             |       | 100                               | %          | 2,240,075                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Summer Hill Sr.  Apts. |       | Wayne, NJ         |       | 164       |       | 8,280,283                                       |       | 11/96         |       | 4/98             |       | 100                               | %          | 2,337,000                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sunday Sun Apts.       |       | Bowling Green, KY |       | 30        |       | 759,200                                         |       | 10/96         |       | 12/96            |       | 100                               | %          | 714,938                                   |       |
|                        |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

25

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 28

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**            | ** ** | **Location**          | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------------|------------|-----------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| 1374 Boston Road L.P.         |       | New York, NY          |       | 15        |       | $                                               | 295,060    |          | 2/97       |             | 6/97       |                              | 100        | %                                         | $          | 522,065 |   |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Ashberry Manor Apts.          |       | Bardstown, KY         |       | 24        |       | 623,003                                         |       | 2/97          |       | 3/97             |       | 100                               | %          | 561,330                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bienville III Apts.           |       | Ringold, LA           |       | 32        |       | 937,586                                         |       | 2/97          |       | 2/97             |       | 100                               | %          | 349,186                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Blanchard Apts.               |       | Blanchard, LA         |       | 32        |       | 886,061                                         |       | 7/97          |       | 7/97             |       | 100                               | %          | 307,218                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Chandler Village Apts         |       | Chandler, OK          |       | 32        |       | 883,458                                         |       | 4/97          |       | 7/97             |       | 100                               | %          | 255,639                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cottonwood Apts.              |       | Cottonwood, LA        |       | 24        |       | 715,037                                         |       | 7/97          |       | 7/97             |       | 100                               | %          | 248,058                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cottonwood Apts.              |       | Holly Grove, AR       |       | 24        |       | 905,915                                         |       | 2/97          |       | 4/97             |       | 100                               | %          | 254,856                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Evangeline Apts.              |       | Lake Arthur, LA       |       | 32        |       | 948,769                                         |       | 11/97         |       | 1/98             |       | 100                               | %          | 366,284                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Fairway Apts. II              |       | Marlette, MI          |       | 48        |       | 949,897                                         |       | 12/96         |       | 3/97             |       | 100                               | %          | 255,353                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Falcon Pointe Apts.           |       | Rosenburg, TX         |       | 102       |       | 2,925,414                                       |       | 4/98          |       | 10/99            |       | 100                               | %          | 3,782,145                                 |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Jackson Place Apts.           |       | Jackson, LA           |       | 40        |       | 965,818                                         |       | 7/97          |       | 10/97            |       | 100                               | %          | 983,615                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Mapelwood Apts.               |       | Winnfield, LA         |       | 40        |       | 876,673                                         |       | 3/98          |       | 8/98             |       | 100                               | %          | 922,119                                   |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Milton Village Apts.          |       | Milton, NY            |       | 32        |       | 1,167,648                                       |       | 2/97          |       | 6/97             |       | 100                               | %          | 1,192,184                                 |       |
|                          |       |                  |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Neighborhood Restorations VII |       | West Philadelphia, PA |       | 72        |       | 1,322,904                                       |       | 2/98          |       | 2/98             |       | 100                               | %          | 3,809,335                                 |       |
|                               |            |                       |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

26

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 28

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**          | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Park Plaza I & II  |       | West Memphis, AR  |       | 128       |       | $                                               | 2,724,631  |          | 12/97      |             | 11/96      |                              | 100        | %                                         | $          | 553,954 |   |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Park Village Apts.          |       | Athens, TN        |       | 80        |       | 1,125,558                                       |       | 10/98         |       | 6/99             |       | 100                               | %          | 1,992,486                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Pin Oak Village             |       | Bowie, MD         |       | 110       |       | 9,673,600                                       |       | 11/97         |       | 1/96             |       | 100                               | %          | 3,880,319                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Southern Villa Apts.        |       | Russellville, KY  |       | 32        |       | 1,309,091                                       |       | 11/97         |       | 4/98             |       | 100                               | %          | 323,500                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Randolph Village            |       | Silver Spring, MD |       | 130       |       | 4,920,968                                       |       | 12/97         |       | 8/97             |       | 100                               | %          | 909,471                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sand Lane Manor Apts.       |       | Henderson, KY     |       | 24        |       | 632,780                                         |       | 8/97          |       | 4/98             |       | 100                               | %          | 556,478                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Senior Suites of Chicago    |       | Chicago, IL       |       | 84        |       | 3,995,217                                       |       | 12/97         |       | 12/98            |       | 100                               | %          | 3,208,112                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sumner House                |       | Hartford, CT      |       | 79        |       | 1,033,699                                       |       | 1/98          |       | 7/98             |       | 100                               | %          | 2,010,966                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Terraceview Townhomes Apts. |       | Litchfield MN     |       | 22        |       | 557,983                                         |       | 7/97          |       | 10/97            |       | 100                               | %          | 726,402                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Tilghman Square             |       | Dunn, NC          |       | 20        |       | 701,277                                         |       | 11/97         |       | 10/97            |       | 100                               | %          | 307,605                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Wellston Village Apts.      |       | Wellston, OK      |       | 14        |       | 366,083                                         |       | 4/97          |       | 8/97             |       | 100                               | %          | 107,258                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Yale Village Apts.          |       | Yale, OK          |       | 8         |       | 193,297                                         |       | 2/98          |       | 7/98             |       | 100                               | %          | 74,341                                    |       |
|                             |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

27

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**    | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| The Arbor Park Apts.  |       | Jackson, MS       |       | 160       |       | $                                               | 5,360,000  |          | 12/96      |             | 6/98       |                              | 100        | %                                         | $          | 2,809,826 |   |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| The Arbors            |       | Richmond, VA      |       | 85        |       | 2,825,449                                       |       | 7/97          |       | 11/98            |       | 100                               | %          | 2,480,576                                 |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Barrington Cove Apts. |       | Barrington, RI    |       | 60        |       | 1,933,995                                       |       | 4/97          |       | 5/97             |       | 100                               | %          | 4,264,830                                 |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bent Tree Apts.       |       | Jacksboro, TX     |       | 24        |       | 558,541                                         |       | 12/97         |       | 1/98             |       | 100                               | %          | 161,552                                   |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Colonial Apts.        |       | Poplarville, MS   |       | 16        |       | 384,180                                         |       | 10/97         |       | 7/97             |       | 100                               | %          | 86,039                                    |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Dogwood Apts.         |       | Appomattox, VA    |       | 48        |       | 1,333,196                                       |       | 10/98         |       | 5/99             |       | 100                               | %          | 637,151                                   |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Emerald Trace Apts.   |       | Ruston, LA        |       | 48        |       | 1,284,434                                       |       | 8/98          |       | 4/99             |       | 100                               | %          | 1,199,141                                 |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Edgewood Apts.        |       | Baker, LA         |       | 72        |       | 1,483,759                                       |       | 3/97          |       | 9/98             |       | 100                               | %          | 1,856,539                                 |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Glenbrook Apts.       |       | Saint Jo, TX      |       | 24        |       | 467,409                                         |       | 12/97         |       | 3/97             |       | 100                               | %          | 145,871                                   |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Harbor Pointe Apts.   |       | Benton Harbor, MI |       | 84        |       | 1,441,209                                       |       | 1/99          |       | 10/99            |       | 100                               | %          | 3,209,292                                 |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| The Lincoln Hotel     |       | San Diego, CA     |       | 41        |       | 727,533                                         |       | 2/97          |       | 7/97             |       | 100                               | %          | 697,511                                   |       |
|                  |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lombard Heights Apts. |       | Springfield, MO   |       | 24        |       | 720,000                                         |       | 10/98         |       | 7/98             |       | 100                               | %          | 322,808                                   |       |
|                       |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

28

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**      | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------|------------|-----------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Lutkin Bayou Apts.      |       | Drew, MS        |       | 36        |       | $                                               | 799,223    |          | 11/97      |             | 6/97       |                              | 100        | %                                         | $          | 192,283 |   |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Nacodgoches Plaza Apts. |       | Nacodgoches, TX |       | 70        |       | 1,440,318                                       |       | 4/97          |       | 3/98             |       | 100                               | %          | 2,793,695                                 |       |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Newcastle Apts.         |       | Collins, MS     |       | 36        |       | 648,833                                         |       | 9/97          |       | 6/98             |       | 100                               | %          | 194,259                                   |       |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Park Crest Apts.        |       | Sherwood, AZ    |       | 216       |       | 8,900,000                                       |       | 2/98          |       | 6/99             |       | 100                               | %          | 3,199,520                                 |       |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Palmetto Place Apts.    |       | Benton, LA      |       | 40        |       | 1,056,893                                       |       | 10/98         |       | 4/99             |       | 100                               | %          | 1,153,878                                 |       |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Pecan Hill Apts.        |       | Bryson, TX      |       | 16        |       | 355,744                                         |       | 8/97          |       | 1/98             |       | 100                               | %          | 110,600                                   |       |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Regency Apts.           |       | Poplarville, MS |       | 16        |       | 444,935                                         |       | 10/97         |       | 7/97             |       | 100                               | %          | 102,419                                   |       |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Rhome Apts.             |       | Rhome, TX       |       | 24        |       | 472,181                                         |       | 12/97         |       | 2/97             |       | 100                               | %          | 160,551                                   |       |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Westfield Apts.         |       | Welsh, LA       |       | 40        |       | 766,770                                         |       | 11/97         |       | 8/98             |       | 100                               | %          | 918,605                                   |       |
|                    |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Willow Point Apts. III  |       | Jackson, MS     |       | 120       |       | 4,485,000                                       |       | 12/96         |       | 2/98             |       | 100                               | %          | 2,035,596                                 |       |
|                         |            |                 |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

29

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**     | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Byam Village           |       | Waterbury, CT    |       | 46        |       | $                                               | 747,517    |          | 2/97       |             | 2/98       |                              | 100        | %                                         | $          | 426,008 |   |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Country Estates Apts.  |       | Farmville, VA    |       | 24        |       | 873,008                                         |       | 3/98          |       | 7/99             |       | 100                               | %          | 223,562                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Emerald Trace II Apts  |       | Ruston, LA       |       | 24        |       | 305,934                                         |       | 7/98          |       | 12/98            |       | 100                               | %          | 717,594                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Farewell Mills Apts.   |       | Lisbon, ME       |       | 27        |       | 762,550                                         |       | 8/97          |       | 3/98             |       | 100                               | %          | 662,864                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hillside Terrace Apts. |       | Poughkeepsie, NY |       | 64        |       | 1,723,475                                       |       | 4/99          |       | 7/00             |       | 100                               | %          | 542,326                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lakewood Apts.         |       | Clarksville, VA  |       | 52        |       | 1,516,494                                       |       | 3/98          |       | 10/99            |       | 100                               | %          | 394,349                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lone Oak Apts.         |       | Graham, TX       |       | 64        |       | 1,417,725                                       |       | 8/97          |       | 9/98             |       | 100                               | %          | 408,634                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Millwood Park Apts.    |       | Douglasville, GA |       | 172       |       | 7,581,917                                       |       | 12/98         |       | 11/99            |       | 100                               | %          | 971,164                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| New River Gardens      |       | Radford, VA      |       | 48        |       | 1,430,003                                       |       | 10/98         |       | 5/99             |       | 100                               | %          | 637,321                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Nocona Terrace Apts.   |       | Nocona, TX       |       | 36        |       | 746,659                                         |       | 8/97          |       | 12/98            |       | 100                               | %          | 249,394                                   |       |
|                   |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Northgate Apts.        |       | Bryant, AR       |       | 20        |       | 624,521                                         |       | 4/99          |       | 11/99            |       | 100                               | %          | 834,557                                   |       |
|                        |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

30

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**   | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|----------------------|------------|--------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Park Trace Apts.     |       | Jackson, TN        |       | 84        |       | $                                               | 1,528,883  |          | 11/97      |             | 3/99       |                              | 100        | %                                         | $          | 3,353,303 |   |
|                 |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Pine Forest Apts.    |       | Dahlgren, VA       |       | 40        |       | 1,830,373                                       |       | 3/98          |       | 2/99             |       | 100                               | %          | 503,181                                   |       |
|                 |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Riverbend Apts.      |       | Swanzey, NH        |       | 24        |       | 563,980                                         |       | 7/97          |       | 2/98             |       | 100                               | %          | 1,321,798                                 |       |
|                 |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Royal Crest Apts.    |       | Bowie, TX          |       | 48        |       | 1,004,466                                       |       | 8/97          |       | 10/98            |       | 100                               | %          | 337,545                                   |       |
|                 |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Trinity Life Gardens |       | Pueblo, CO         |       | 44        |       | 1,115,561                                       |       | 4/99          |       | 12/99            |       | 100                               | %          | 1,952,175                                 |       |
|                 |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Western Trails Apts. |       | Council Bluffs, IA |       | 30        |       | 894,295                                         |       | 7/98          |       | 6/99             |       | 100                               | %          | 912,827                                   |       |
|                 |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Whistle Stop Apts.   |       | Gentry, AR         |       | 27        |       | 712,162                                         |       | 9/97          |       | 5/98             |       | 100                               | %          | 726,507                                   |       |
|                      |            |                    |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

31

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 31

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**            | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Bent Tree Apts.               |       | San Angelou, TX   |       | 112       |       | $                                               | 2,479,278  |          | 12/97      |             | 7/99       |                              | 100        | %                                         | $          | 3,521,950 |   |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Brittney Square Apts.         |       | Bowling Green, KY |       | 20        |       | 553,930                                         |       | 7/98          |       | 7/98             |       | 100                               | %          | 629,917                                   |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Canton Manor Apts.            |       | Canton, MS        |       | 32        |       | 786,329                                         |       | 11/97         |       | 7/98             |       | 100                               | %          | 271,306                                   |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Canton Village Apts.          |       | Canton, MS        |       | 42        |       | 1,099,052                                       |       | 11/97         |       | 7/98             |       | 100                               | %          | 363,557                                   |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Double Springs Manor II Apts. |       | Bowling Green, KY |       | 25        |       | 334,038                                         |       | 9/98          |       | 3/99             |       | 100                               | %          | 985,432                                   |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Eagles Ridge Terrace          |       | Decatur, TX       |       | 89        |       | 1,702,381                                       |       | 12/97         |       | 5/98             |       | 100                               | %          | 467,063                                   |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Elmwood Apts.                 |       | Ellisville, MS    |       | 32        |       | 619,646                                         |       | 12/97         |       | 6/98             |       | 100                               | %          | 243,483                                   |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Giles Apts.                   |       | Amelia, VA        |       | 16        |       | 704,420                                         |       | 3/98          |       | 2/99             |       | 100                               | %          | 183,711                                   |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Henderson Terrace Apts.       |       | Bridgeport, TX    |       | 24        |       | 488,583                                         |       | 11/97         |       | 9/98             |       | 100                               | %          | 120,846                                   |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hurricane Hills               |       | Hurricane, UT     |       | 28        |       | 697,215                                         |       | 9/97          |       | 8/98             |       | 100                               | %          | 2,020,271                                 |       |
|                          |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Madison Height Apts.          |       | Canton, MS        |       | 80        |       | 2,172,904                                       |       | 11/97         |       | 7/98             |       | 100                               | %          | 786,614                                   |       |
|                               |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

32

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 31

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**           | ** ** | **Location**           | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------------|------------|------------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Lakeview Court               |       | City of Little Elm, TX |       | 24        |       | $                                               | 416,927    |          | 11/97      |             | 1/99       |                              | 100        | %                                         | $          | 83,390 |   |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Mesquite Trails              |       | Jacksboro, TX          |       | 35        |       | 640,036                                         |       | 11/97         |       | 11/98            |       | 100                               | %          | 193,766                                   |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Munjoy South Townhouse Apts. |       | Portland, ME           |       | 140       |       | 3,334,169                                       |       | 9/97          |       | 10/98            |       | 100                               | %          | 777,411                                   |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Nottoway Manor               |       | Blackstone, VA         |       | 28        |       | 841,419                                         |       | 3/98          |       | 4/99             |       | 100                               | %          | 214,977                                   |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Parktowne Apts.              |       | Cleveland, TN          |       | 84        |       | 1,481,985                                       |       | 11/97         |       | 6/98             |       | 100                               | %          | 3,363,097                                 |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Park Ridge Apts.             |       | McKee, KY              |       | 22        |       | 867,118                                         |       | 10/97         |       | 5/98             |       | 100                               | %          | 338,464                                   |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Pilot Point Apts.            |       | Pilot Point, VA        |       | 40        |       | 718,786                                         |       | 11/97         |       | 2/99             |       | 100                               | %          | 142,680                                   |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Plantation Ridge             |       | Sugar Hill, GA         |       | 218       |       | 12,790,000                                      |       | 5/98          |       | 5/99             |       | 100                               | %          | 1,974,354                                 |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Riverbend Apts.              |       | Bedford, ME            |       | 28        |       | 746,349                                         |       | 10/97         |       | 7/98             |       | 100                               | %          | 1,578,561                                 |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Roth Village                 |       | Mechanicsburg, PA      |       | 61        |       | 1,926,791                                       |       | 10/97         |       | 9/98             |       | 100                               | %          | 2,664,992                                 |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Royal Estates Apts.          |       | Canton, MS             |       | 32        |       | 821,378                                         |       | 11/97         |       | 7/98             |       | 100                               | %          | 282,525                                   |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Silver Creek Apts.           |       | Flat Rock, MI          |       | 112       |       | 3,122,229                                       |       | 3/98          |       | 8/99             |       | 100                               | %          | 4,535,381                                 |       |
|                         |       |                   |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Springs Manor Apts.          |       | Rawls Spring, MS       |       | 32        |       | 804,912                                         |       | 12/97         |       | 6/98             |       | 100                               | %          | 328,693                                   |       |
|                              |            |                        |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

33

----

 

Boston Capital TaxCredit Fund IV L.P. - Series 31

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**  | ** ** | **Location** | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|---------------------|------------|--------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
|                |       |         |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Western Hills Apts. |       | Ferris, TX   |       | 16        |       | 425,549                                         |       | 5/00          |       | 9/00             |       | 100                               | %          | $                                         | 91,419     |   |
|                |       |         |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Windsor Park Apts.  |       | Jackson, MS  |       | 279       |       | 7,400,000                                       |       | 11/97         |       | 3/99             |       | 100                               | %          | 2,891,603                                 |       |
|                     |            |              |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |

 

34

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**      | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Carriage Pointe Apts.** |       | Old Bridge, NJ    |       | 18        |       | $                                               | 6,490,628  |          | 1/98       |             | 1/97       |                              | 100        | %                                         | $          | 3,051,011 |   |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Chardonnay Apts.        |       | Oklahoma City, OK |       | 14        |       | 46,682                                          |       | 1/98          |       | 1/97             |       | 100                               | %          | 393,700                                   |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cogic Village Apts.     |       | Benton Harbor, MI |       | 136       |       | 2,208,896                                       |       | 4/98          |       | 7/99             |       | 100                               | %          | 6,669,762                                 |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Courtside Apts.         |       | Cottonwood, AZ    |       | 44        |       | 831,826                                         |       | 6/98          |       | 7/98             |       | 100                               | %          | 1,667,188                                 |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Clear Creek Apts.       |       | N. Manchester, IN |       | 64        |       | 1,472,002                                       |       | 7/98          |       | 9/99             |       | 100                               | %          | 2,112,665                                 |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Columbia Luxar          |       | Dallas, TX        |       | 125       |       | 3,383,752                                       |       | 8/98          |       | 12/99            |       | 100                               | %          | 3,947,106                                 |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Colony Park Apts.       |       | Pearl, MS         |       | 192       |       | 8,000,000                                       |       | 6/98          |       | 12/99            |       | 100                               | %          | 2,911,900                                 |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Gilette Manor **        |       | Sayreville, NJ    |       | 100       |       | **                                              |       | 1/98          |       | 1992             |       | 100                               | %          | **                                        |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hallman Court Apts.     |       | Rochester, NY     |       | 77        |       | 8,648,054                                       |       | 1/99          |       | 7/00             |       | 100                               | %          | 266,536                                   |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Martinsville Apts.      |       | Shelbyville, KY   |       | 125       |       | 225,769                                         |       | 8/99          |       | 2/00             |       | 100                               | %          | 345,791                                   |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Parkside Plaza Apts     |       | New York, NY      |       | 39        |       | 1,330,380                                       |       | 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        |       | 1,125,558                                       |       | 10/98         |       | 6/99             |       | 100                               | %          | 1,503,103                                 |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Pearlwood Apts.         |       | Pearl, MS         |       | 40        |       | 872,321                                         |       | 2/98          |       | 5/98             |       | 100                               | %          | 745,648                                   |       |
|                    |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Rose Villa Apts.        |       | Ganado, TX        |       | 8         |       | 194,124                                         |       | 5/01          |       | 11/01            |       | 100                               | %          | 51,582                                    |       |
|                         |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

35

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**   | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|----------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Pecan Manor Apts.    |       | Natchitoches, LA |       | 40        |       | $                                               | 756,899    |          | 7/98       |             | 10/98      |                              | 100        | %                                         | $          | 1,501,914 |   |
|                 |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Pineridge Apts.      |       | Franklinton, LA  |       | 40        |       | 775,535                                         |       | 7/98          |       | 1/99             |       | 100                               | %          | 1,497,889                                 |       |
|                 |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sterling Creek Apts. |       | Independence, MO |       | 48        |       | 828,226                                         |       | 5/98          |       | 5/00             |       | 100                               | %          | 1,973,594                                 |       |
|                 |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Woodhaven Apts.**    |       | S. Brunswick, NJ |       | 80        |       | **                                              |       | 1/98          |       | 1995             |       | 100                               | %          | **                                        |       |
|                      |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

----

**          3 properties which makeup one Operating Partnership named FFLM Associates  LP with 194 units.  Entiremortgage balance and capital contributions paid reported with Carriage PointeApartments LP.

 

36

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**           | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------------|------------|--------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Bradford Park Apts.          |       | Southhaven, MS     |       | 208       |       | $                                               | 9,790,000  |          | 10/98      |             | 12/99      |                              | 100        | %                                         | $          | 302,884 |   |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bradford Square North Apts.  |       | Jefferson City, TN |       | 50        |       | 1,010,220                                       |       | 10/98         |       | 9/99             |       | 100                               | %          | 1,456,415                                 |       |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Carriage Pointe Apts.        |       | Old Bridge, NJ     |       | 18        |       | 6,490,628                                       |       | 3/98          |       | 1/97             |       | 100                               | %          | 3,051,011                                 |       |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Columbia Luxar               |       | Dallas, TX         |       | 125       |       | 3,383,752                                       |       | 8/98          |       | 12/99            |       | 100                               | %          | 3,947,106                                 |       |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Foxridge Apts.               |       | Durham, NC         |       | 92        |       | 2,888,815                                       |       | 3/98          |       | 7/99             |       | 100                               | %          | 3,652,119                                 |       |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Gilette Manor                |       | Sayreville, NJ     |       | 100       |       | **                                              |       | 1/98          |       | 1992             |       | 100                               | %          | **                                        |       |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Harbor Pointe                |       | Benton Harbor, MI  |       | 84        |       | 1,441,209                                       |       | 1/99          |       | 10/99            |       | 100                               | %          | 1,157,091                                 |       |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Merchant Court               |       | Dallas, GA         |       | 192       |       | 5,614,981                                       |       | 10/98         |       | 12/99            |       | 100                               | %          | 2,422,226                                 |       |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Northrock Apts.              |       | Topeka, KS         |       | 76        |       | 2,243,151                                       |       | 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        |       | 853,854                                         |       | 7/98          |       | 1/99             |       | 100                               | %          | 1,495,966                                 |       |
|                         |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Woodhaven Apts.              |       | S. Brunswick, NJ   |       | 80        |       | **                                              |       | 1/98          |       | 1995             |       | 100                               | %          | **                                        |       |
|                              |            |                    |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

----

**          3properties which make up one Operating Partnership named FFLM Associates LPwith 194 units.  Entire mortgage balanceand capital contributions paid reported with Carriage Pointe Apartments LP.

 

37

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**                   | ** ** | **Location**            | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|--------------------------------------|------------|-------------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|-----------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Abby Ridge Apts.                     |       | Elizabethtown, KY       |       | 24        |       | $                                               | 407,875    |          | 2/00       |            | 1/00       |                              | 100        | %                                         | $          | 1,577,723 |   |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Allison Apts.                        |       | Mt. Washington, KY      |       | 24        |       | 700,293                                         |       | 11/98         |       | 1/99            |       | 100                               | %          | 850,013                                   |       |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Belmont Affordable Housing Two Apts. |       | Philadelphia, PA        |       | 20        |       | 418,145                                         |       | 1/99          |       | 12/99           |       | 100                               | %          | 1,820,797                                 |       |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Boerne Creekside Apts.               |       | Boerne, TX              |       | 71        |       | 1,889,922                                       |       | 11/98         |       | 6/00            |       | 100                               | %          | 2,324,652                                 |       |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Bradford Park Apts.                  |       | Southaven, MS           |       | 208       |       | 9,790,000                                       |       | 3/99          |       | 12/99           |       | 100                               | %          | 2,868,684                                 |       |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Hillside Club Apts.                  |       | Bear Creek Township, MI |       | 56        |       | 1,585,839                                       |       | 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        |       | 1,468,295                                       |       | 11/98         |       | 4/00            |       | 100                               | %          | 2,335,827                                 |       |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Merchant Court Apts.                 |       | Dallas, GA              |       | 192       |       | 5,614,981                                       |       | 10/98         |       | 12/99           |       | 100                               | %          | 4,718,773                                 |       |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Millwood Park Apts.                  |       | Douglasville, GA        |       | 172       |       | 7,581,917                                       |       | 12/98         |       | 11/99           |       | 100                               | %          | 1,870,576                                 |       |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Northwood Homes                      |       | Leitchfield, KY         |       | 24        |       | 696,943                                         |       | 4/99          |       | 6/99            |       | 100                               | %          | 1,185,712                                 |       |
|                                 |       |                    |       |      |       |                                            |       |          |       |            |       |                              |       |                                      |       |
| Romeo Village Apts.                  |       | Montour Falls, NY       |       | 24        |       | 1,014,075                                       |       | 10/98         |       | 4/99            |       | 100                               | %          | 753,362                                   |       |
|                                      |            |                         |            |           |            |                                                 |            |               |            |                 |            |                                   |            |                                           |            |  |  |

 

38

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**    | ** ** | **Location** | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------|------------|--------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Summer Park Apts.     |       | Jackson, MS  |       | 216       |       | $                                               | 10,320,000 |          | 10/99      |             | 6/00       |                              | 100        | %                                         | $          | 1,106,814 |   |
|                  |       |         |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Washington Courtyards |       | Houston, TX  |       | 74        |       | 2,653,454                                       |       | 8/99          |       | 8/00             |       | 100                               | %          | 1,448,573                                 |       |
|                       |            |              |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

39

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**              | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|---------------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Ashton Cove Apts.               |       | Kingsland, GA    |       | 72        |       | $                                               | 1,805,071  |          | 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        |       | 1,925,833                                       |       | 7/99          |       | 7/00             |       | 100                               | %          | 3,074,829                                 |       |
|                            |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Columbia Woods Townhomes        |       | Newman, GA       |       | 120       |       | 4,213,164                                       |       | 10/00         |       | 6/02             |       | 100                               | %          | 1,310,103                                 |       |
|                            |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Country Walk Apts.              |       | Mulvane, KS      |       | 68        |       | 1,723,793                                       |       | 12/98         |       | 11/99            |       | 100                               | %          | 1,923,697                                 |       |
|                            |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cypress Pointe Retirement Apts. |       | Casa Grande, AZ  |       | 104       |       | 1,799,723                                       |       | 4/99          |       | 3/00             |       | 100                               | %          | 2,680,499                                 |       |
|                            |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Garden Gates Apts. II           |       | New Caney, TX    |       | 32        |       | 774,046                                         |       | 3/99          |       | 3/00             |       | 100                               | %          | 1,067,950                                 |       |
|                            |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hillside Terrace Apts.          |       | Poughkeepsie, NY |       | 64        |       | 1,723,475                                       |       | 4/99          |       | 7/00             |       | 100                               | %          | 3,977,051                                 |       |
|                            |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Riverwalk Apt. Homes Phase II   |       | Sheboygan, WI    |       | 20        |       | 381,614                                         |       | 12/98         |       | 7/99             |       | 100                               | %          | 1,354,092                                 |       |
|                            |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Washington Courtyards           |       | Houston, TX      |       | 74        |       | 2,653,454                                       |       | 8/99          |       | 8/00             |       | 100                               | %          | 606,140                                   |       |
|                            |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Wedgewood Park Apts.            |       | Evans, GA        |       | 180       |       | 5,125,041                                       |       | 12/99         |       | 8/00             |       | 100                               | %          | 3,551,820                                 |       |
|                                 |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

40

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**                          | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|---------------------------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Annadale Apts.                              |       | Fresno, CA       |       | 222       |       | $                                               | 13,229,483 |          | 1/00       |             | 6/90       |                              | 100        | %                                         | $          | 548,563 |   |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Ashton Ridge                                |       | Jackson, MI      |       | 144       |       | 2,518,817                                       |       | 2/00          |       | 12/00            |       | 100                               | %          | 1,430,296                                 |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Farmington Meadows                          |       | Aloha, OR        |       | 69        |       | 2,879,201                                       |       | 8/99          |       | 11/99            |       | 100                               | %          | 865,369                                   |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Nowata Village                              |       | Nowata, OK       |       | 28        |       | 1,234,026                                       |       | 8/99          |       | 2/00             |       | 100                               | %          | 330,497                                   |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Paris Place                                 |       | Paris, KY        |       | 32        |       | 1,171,759                                       |       | 6/00          |       | 9/00             |       | 100                               | %          | 930,412                                   |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Riverview Bend Apts.                        |       | Cystal City, MO  |       | 94        |       | 3,043,612                                       |       | 11/99         |       | 3/00             |       | 100                               | %          | 1,210,500                                 |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Senior Suites Of Chicago Washington Heights |       | Chicago, IL      |       | 85        |       | 3,399,340                                       |       | 12/99         |       | 11/00            |       | 100                               | %          | 2,243,090                                 |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Valleyview Estates Apts.                    |       | Branson West, MO |       | 32        |       | 388,686                                         |       | 11/99         |       | 5/00             |       | 100                               | %          | 1,306,789                                 |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Wedgewood Park Apts.                        |       | Evans, GA        |       | 180       |       | 5,125,041                                       |       | 12/99         |       | 8/00             |       | 100                               | %          | 3,551,820                                 |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Willowbrook Apts.                           |       | Lafayette, LA    |       | 40        |       | 969,540                                         |       | 6/99          |       | 9/99             |       | 100                               | %          | 1,200,789                                 |       |
|                                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Wingfield Apts.                             |       | Kinder, LA       |       | 40        |       | 670,152                                         |       | 6/99          |       | 7/99             |       | 100                               | %          | 1,645,817                                 |       |
|                                             |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

41

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**                  | ** ** | **Location**    | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------------------|------------|-----------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Ashton Ridge Apts.                  |       | Jackson, MS     |       | 144       |       | $                                               | 2,518,817  |          | 02/00      |             | 12/00      |                              | 100        | %                                         | $          | 6,003,938 |   |
|                                |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Baldwin Villas                      |       | Pontiac, MI     |       | 65        |       | 4,738,000                                       |       | 10/99         |       | 7/01             |       | 100                               | %          | 1,678,972                                 |       |
|                                |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Columbia Woods Townhomes            |       | Newnan, GA      |       | 120       |       | 4,213,164                                       |       | 10/00         |       | 6/02             |       | 100                               | %          | 3,285,137                                 |       |
|                                |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Senior Suites of Washington Heights |       | Chicago, IL     |       | 85        |       | 3,399,340                                       |       | 12/99         |       | 11/00            |       | 100                               | %          | 2,243,090                                 |       |
|                                |       |            |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Silver Pond Apts.                   |       | Wallingford, CT |       | 160       |       | 4,095,467                                       |       | 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       |       | 10,320,000                                      |       | 10/99         |       | 6/00             |       | 100                               | %          | 2,379,767                                 |       |
|                                     |            |                 |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

42

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**          | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------|------------|--------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Andover Crossing Apts.      |       | Andover, KS        |       | 80        |       | $                                               | 2,351,000  |          | 5/00       |             | 12/00      |                              | 100        | %                                         | $          | 1,772,874 |   |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Arbors at Eagle Crest Apts. |       | Mount Pleasant, MI |       | 120       |       | 1,602,640                                       |       | 12/00         |       | 10/01            |       | 100                               | %          | 3,512,499                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bristow Place Apts.         |       | Bristow, OK        |       | 28        |       | 1,218,173                                       |       | 6/01          |       | 12/00            |       | 100                               | %          | 487,648                                   |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Columbia Creek Apts.        |       | Woodstock, GA      |       | 172       |       | 5,349,830                                       |       | 8/01          |       | 11/01            |       | 100                               | %          | 2,795,601                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cushing Place Apts.         |       | Cushing, OK        |       | 24        |       | 1,086,258                                       |       | 3/00          |       | 10/00            |       | 100                               | %          | 428,559                                   |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hammond Place Apts.         |       | Hammond, LA        |       | 40        |       | 484,611                                         |       | 3/00          |       | 4/00             |       | 100                               | %          | 1,706,341                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Shoreham Apts.              |       | Houston, TX        |       | 120       |       | 3,391,116                                       |       | 4/00          |       | 7/01             |       | 100                               | %          | 6,138,485                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Vanderbilt Apts.            |       | Edna, TX           |       | 12        |       | 299,990                                         |       | 5/01          |       | 10/01            |       | 100                               | %          | 104,181                                   |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Whitley Park Apts.          |       | Whitley City, KY   |       | 21        |       | 890,923                                         |       | 6/00          |       | 6/00             |       | 100                               | %          | 302,339                                   |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Willowbrook II Apts.        |       | Lafayette, LA      |       | 40        |       | 845,551                                         |       | 3/00          |       | 5/00             |       | 100                               | %          | 1,247,680                                 |       |
|                             |            |                    |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

43

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**          | ** ** | **Location**       | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------|------------|--------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Arbors at Eagle Crest Apts. |       | Mount Pleasant, MI |       | 120       |       | $                                               | 1,602,640  |          | 12/00      |             | 10/01      |                              | 100        | %                                         | $          | 3,512,499 |   |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Arbors at Ironwood Apts.    |       | Mishawaka, IN      |       | 88        |       | 1,732,010                                       |       | 7/00          |       | 9/01             |       | 100                               | %          | 3,772,295                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Austin Acres Atps.          |       | Hopkinsville, KY   |       | 32        |       | 834,811                                         |       | 11/00         |       | 9/01             |       | 100                               | %          | 1,275,155                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Columbia Creek Apts.        |       | Woodstock, GA      |       | 172       |       | 5,349,830                                       |       | 8/01          |       | 11/01            |       | 100                               | %          | 2,909,708                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Daystar Village Apts.       |       | Bowling Green, KY  |       | 32        |       | 750,849                                         |       | 2/01          |       | 1/01             |       | 100                               | %          | 1,113,443                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hillview Apts.              |       | Leitchfield, KY    |       | 34        |       | 877,670                                         |       | 5/01          |       | 12/01            |       | 100                               | %          | 327,226                                   |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Pine Grove Community        |       | Gouverneur, NY     |       | 48        |       | 1,141,467                                       |       | 12/00         |       | 10/01            |       | 100                               | %          | 3,077,767                                 |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Tally-Ho Apts.              |       | Campti, CA         |       | 26        |       | 559,458                                         |       | 6/01          |       | 12/01            |       | 100                               | %          | 485,057                                   |       |
|                        |       |               |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Timber Trails Apts.         |       | Pineville, LA      |       | 32        |       | 796,856                                         |       | 6/01          |       | 7/01             |       | 100                               | %          | 499,829                                   |       |
|                             |            |                    |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

44

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**         | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|----------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Arbors @ Ironwood Apts. II |       | Mishawaka, IN    |       | 40        |       | $                                               | 862,624    |          | 2/01       |             | 11/01      |                              | 100        | %                                         | $          | 1,771,758 |   |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Baldwin Villas Apts.       |       | Pontiac, MI      |       | 65        |       | 4,738,000                                       |       | 8,01          |       | 7/01             |       | 100                               | %          | 344,405                                   |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Carlyle Apts.              |       | Aberdeen, SD     |       | 44        |       | 727,630                                         |       | 2/01          |       | 6/01             |       | 100                               | %          | 1,359,155                                 |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Center Place Apts.         |       | Center, TX       |       | 32        |       | 769,536                                         |       | 08/01         |       | 10/01            |       | 100                               | %          | 428,835                                   |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Eagle Lake Gardens Apts.   |       | Azle, TX         |       | 60        |       | 1,149,582                                       |       | 10/01         |       | 5/02             |       | 100                               | %          | 666,179                                   |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Londontown Homes Apts.     |       | London, KY       |       | 24        |       | 530,780                                         |       | 2/01          |       | 6/01             |       | 100                               | %          | 1,836,027                                 |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Mason’s Point Apts.   |       | Hopkinsville, KY |       | 41        |       | 1,210,003                                       |       | 06/01         |       | 7/02             |       | 100                               | %          | 1,824,270                                 |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Meadowside Apts.           |       | Milo, NY         |       | 40        |       | 1,570,742                                       |       | 05/01         |       | 12/01            |       | 100                               | %          | 855,372                                   |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Northrock Apts. II         |       | Topeka, KS       |       | 60        |       | 2,225,487                                       |       | 07/01         |       | 5/02             |       | 100                               | %          | 1,838,666                                 |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Oakland Apts.              |       | Oakdale, LA      |       | 46        |       | 1,224,869                                       |       | 2/01          |       | 7/01             |       | 100                               | %          | 767,451                                   |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Parkview Apts.             |       | Springfield, MA  |       | 25        |       | 1,323,149                                       |       | 2/01          |       | 2/02             |       | 100                               | %          | 1,221,510                                 |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sedgewick Sundance Apts.   |       | Sedgewick, KS    |       | 24        |       | 354,736                                         |       | 09/01         |       | 10/01            |       | 100                               | %          | 1,372,208                                 |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Southbrook Humes Apts.     |       | Kily, KY         |       | 24        |       | 474,759                                         |       | 04/01         |       | 11/01            |       | 100                               | %          | 1,866,896                                 |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Shalom Plaza Apts.         |       | Kansas City, MO  |       | 126       |       | 3,646,407                                       |       | 08/01         |       | 11/01            |       | 100                               | %          | 1,273,119                                 |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Springfield Crossing       |       | Springfield, VA  |       | 347       |       | 26,311,150                                      |       | 6/02          |       | 10/01            |       | 100                               | %          | 718,652                                   |       |
|                       |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Western Gardens Apts.      |       | Dequincey, LA    |       | 48        |       | 1,273,980                                       |       | 2/01          |       | 7/01             |       | 100                               | %          | 782,188                                   |       |
|                            |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

45

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**             | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|--------------------------------|------------|---------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Bienville Apts.                |       | Ringhold, LA        |       | 32        |       | $                                               | 786,243    |          | 12/01      |             | 11/01      |                              | 100        | %                                         | $          | 488,488 |   |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Breezewood Villas I            |       | Frederiksted, VI    |       | 12        |       | 985,537                                         |       | 10/01         |       | 6/02             |       | 100                               | %          | 494,361                                   |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cascades Crossing              |       | Sterling, VA        |       | 320       |       | 22,573,276                                      |       | 4/03          |       | 10/95            |       | 100                               | %          | 734,116                                   |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cedar Grove Apartments Phase I |       | Shepherdsville, KY  |       | 36        |       | 1,043,281                                       |       | 5/02          |       | 7/01             |       | 100                               | %          | 424,955                                   |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cranberry Cove Apartments      |       | Beckley, WV         |       | 28        |       | 982,972                                         |       | 5/02          |       | 1/02             |       | 100                               | %          | 514,844                                   |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Dawson Square                  |       | Thornton, CO        |       | 36        |       | 1,755,114                                       |       | 7/02          |       | 12/03            |       | 100                               | %          | 605,962                                   |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Forest Glen Village            |       | Vidalia, GA         |       | 46        |       | 1,290,826                                       |       | 4/03          |       | 2/95             |       | 100                               | %          | 21,275                                    |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Franklin Green                 |       | Franklin Grove, IL  |       | 12        |       | 361,904                                         |       | 5/02          |       | 9/01             |       | 100                               | %          | 308,576                                   |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Harbor Point II Apts.          |       | Benton Township, MI |       | 72        |       | 1,612,117                                       |       | 8/01          |       | 10/02            |       | 100                               | %          | 2,295,523                                 |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hollywood Palms Apts.          |       | San Diego, CA       |       | 94        |       | 7,813,210                                       |       | 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       |       | 12,747,736                                      |       | 7/01          |       | 8/02             |       | 100                               | %          | 1,385,308                                 |       |
|                           |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Meadowside Apts.               |       | Milo, NY            |       | 40        |       | 1,570,742                                       |       | 5/01          |       | 12/01            |       | 100                               | %          | 855,372                                   |       |
|                                |            |                     |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

46

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Mill Creek Village     |       | Mt. Carroll, IL   |       | 12        |       | $                                               | 393,332    |          | 5/02       |             | 9/01       |                              | 100        | %                                         | $          | 264,354 |   |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Northline Terrace      |       | Mentoda, IL       |       | 24        |       | 690,303                                         |       | 5/02          |       | 6/01             |       | 100                               | %          | 545,986                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Palisades Park         |       | Fulton, IL        |       | 16        |       | 518,406                                         |       | 5/02          |       | 9/01             |       | 100                               | %          | 396,066                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Red Hill Apts. I       |       | Farmerville, LA   |       | 32        |       | 820,174                                         |       | 11/01         |       | 6/01             |       | 100                               | %          | 502,692                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sandalwood Apartments  |       | Toppenish, WA     |       | 20        |       | 985,124                                         |       | 5/02          |       | 7/01             |       | 100                               | %          | 293,983                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Southpark Apts. II     |       | Newton, KS        |       | 60        |       | 1,478,680                                       |       | 9/01          |       | 5/02             |       | 100                               | %          | 2,117,956                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Springfield Crossing   |       | Springfield, VA   |       | 347       |       | 26,311,150                                      |       | 6/02          |       | 10/01            |       | 100                               | %          | 878,352                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sunshine Village Apts. |       | Elizabethtown, KY |       | 32        |       | 833,355                                         |       | 3/02          |       | 8/02             |       | 100                               | %          | 1,277,070                                 |       |
|                        |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

47

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**                | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------------|------------|---------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Bellamy Mills Apartments          |       | Dover, NH           |       | 30        |       | $                                               | 1,442,209  |          | 4/02       |             | 12/02      |                              | 100        | %                                         | $          | 2,888,317 |   |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Breezewood Villas II              |       | Frederiksted, VI    |       | 12        |       | 982,895                                         |       | 4/02          |       | 3/03             |       | 100                               | %          | 505,416                                   |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Canon Club                        |       | Canon City, CO      |       | 46        |       | 772,134                                         |       | 7/02          |       | 12/03            |       | 100                               | %          | 511,573                                   |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Centenary Towers Apts.            |       | St. Louis, MO       |       | 100       |       | —                                          |       | 4/03          |       | 12/97            |       | 100                               | %          | 110,749                                   |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Chester Townhouses Phase II       |       | Chester, SC         |       | 52        |       | 2,006,628                                       |       | 4/06          |       | 12/06            |       | 100                               | %          | 416,947                                   |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Clifton Family Housing            |       | Clifton, CO         |       | 51        |       | 2,202,342                                       |       | 7/02          |       | 12/03            |       | 100                               | %          | 798,494                                   |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cooper’s Crossing Apartments |       | Los Colinas, TX     |       | 93        |       | 3,218,389                                       |       | 4/03          |       | 12/95            |       | 100                               | %          | 87,199                                    |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Dorchester Apartments             |       | Port Huron, MI      |       | 131       |       | 4,550,143                                       |       | 4/02          |       | 8/03             |       | 100                               | %          | 2,578,034                                 |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Harbor Pointe Apartments II       |       | Benton Township, MI |       | 72        |       | 1,612,117                                       |       | 4/02          |       | 10/02            |       | 100                               | %          | 1,731,786                                 |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Helios Station                    |       | Lafayette, CO       |       | 30        |       | 2,481,336                                       |       | 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        |       | 7,813,210                                       |       | 8/02          |       | 11/02            |       | 100                               | %          | 1,283,388                                 |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lynnelle Landing Apts.            |       | Charleston, WV      |       | 56        |       | 1,363,379                                       |       | 3/02          |       | 9/02             |       | 100                               | %          | 2,009,976                                 |       |
|                              |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Marwood Senior Apartments         |       | Upper Marlboro, MD  |       | 67        |       | 12,759,136                                      |       | 09/04         |       | 08/02            |       | 100                               | %          | 160,174                                   |       |
|                                   |            |                     |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

48

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**       | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|--------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Natchez Place Apartments |       | Natchez, MS      |       | 32        |       | $                                               | 820,447    |          | 8/02       |             | 11/01      |                              | 100        | %                                         | $          | 554,881 |   |
|                     |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Northfield Housing, LP   |       | Jackson, MS      |       | 5         |       | 154,247                                         |       | 4/03          |       | 12/96            |       | 100                               | %          | 24,330                                    |       |
|                     |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Park Meadow Apartments   |       | Gaylord, MI      |       | 80        |       | 1,590,311                                       |       | 4/03          |       | 4/97             |       | 100                               | %          | 228,511                                   |       |
|                     |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Park Plaza IV            |       | West Memphis, AR |       | 24        |       | 691,854                                         |       | 6/02          |       | 10/02            |       | 100                               | %          | 1,219,397                                 |       |
|                     |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Parkhurst Place          |       | Amherst, NH      |       | 42        |       | 3,480,485                                       |       | 1/02          |       | 9/02             |       | 100                               | %          | 518,876                                   |       |
|                     |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Strawberry Lane Apts.    |       | Clayton, NY      |       | 71        |       | 1,943,493                                       |       | 3/02          |       | 8/02             |       | 100                               | %          | 672,589                                   |       |
|                     |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sunrise Manor Seniors.   |       | Buena Vista, CO  |       | 40        |       | 1,472,142                                       |       | 7/02          |       | 12/03            |       | 100                               | %          | 642,431                                   |       |
|                     |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Tiffany Square           |       | Lakewood, CO     |       | 52        |       | 1,922,357                                       |       | 7/02          |       | 12/03            |       | 100                               | %          | 479,244                                   |       |
|                     |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Wingfield Apartments II  |       | Kinder, LA       |       | 42        |       | 334,847                                         |       | 8/02          |       | 11/01            |       | 100                               | %          | 1,422,373                                 |       |
|                          |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

49

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**          | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Alexander Mill Apartments   |       | Lawrenceville, GA |       | 224       |       | $                                               | 12,110,875 |          | 12/02      |             | 1/03       |                              | 100        | %                                         | $          | 1,854,189 |   |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Aspen Meadows               |       | Aurora, CO        |       | 100       |       | 2,889,582                                       |       | 9/02          |       | 12/03            |       | 100                               | %          | 1,256,823                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Ashbury Park                |       | Aurora, CO        |       | 44        |       | 2,350,893                                       |       | 9/02          |       | 12/03            |       | 100                               | %          | 728,732                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bohannon Place Apts.        |       | Bowling Green, KY |       | 12        |       | 271,707                                         |       | 5/03          |       | 10/03            |       | 100                               | %          | 909,561                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Carpenter School            |       | Natchez, MS       |       | 38        |       | 1,371,292                                       |       | 1/03          |       | 12/03            |       | 100                               | %          | 1,278,002                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Charlevoix Apartments       |       | Charlevoix, MI    |       | 40        |       | 1,242,540                                       |       | 9/02          |       | 11/02            |       | 100                               | %          | 302,357                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Chester Townhouses Phase II |       | Chester, SC       |       | 52        |       | 2,006,628                                       |       | 4/06          |       | 12/06            |       | 100                               | %          | 224,509                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Cloverlane Apartments       |       | Lakeview, MI      |       | 24        |       | 394,473                                         |       | 9/02          |       | 10/02            |       | 100                               | %          | 356,228                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Dorchester Apartments       |       | Port Huron, MI    |       | 131       |       | 4,550,143                                       |       | 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        |       | 818,033                                         |       | 7/03          |       | 5/04             |       | 100                               | %          | 2,780,800                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Hollywood Palm Apartments   |       | San Diego, CA     |       | 94        |       | 7,813,210                                       |       | 12/02         |       | 11/02            |       | 100                               | %          | 2,654,279                                 |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Kearney Plaza               |       | Commerce City, CO |       | 51        |       | 1,512,927                                       |       | 9/02          |       | 12/03            |       | 100                               | %          | 575,398                                   |       |
|                        |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lakewood Apartments         |       | Saranac, MI       |       | 24        |       | 826,176                                         |       | 9/02          |       | 10/02            |       | 100                               | %          | 475,606                                   |       |
|                             |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

50

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**          | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| The Landing Apts.           |       | Whitley, KY      |       | 24        |       | $                                               | 1,227,663  |          | 4/03       |             | 6/04       |                              | 100        | %                                         | 302,763    |   |
|                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Library Square Apts.        |       | Mandan, ND       |       | 46        |       | 2,154,967                                       |       | 9/03          |       | 8/03             |       | 100                               | %          | 2,752,868                                 |       |
|                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Parkside Plaza Apartments   |       | New York, NY     |       | 34        |       | 1,330,380                                       |       | 1/04          |       | 5/01             |       | 100                               | %          | —                                    |       |
|                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Parkside Apartments         |       | Coleman, MI      |       | 40        |       | 931,732                                         |       | 9/02          |       | 12/02            |       | 100                               | %          | 832,371                                   |       |
|                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Riverview Apartments        |       | Blissfield, MI   |       | 32        |       | 729,447                                         |       | 9/02          |       | 2/02             |       | 100                               | %          | 509,938                                   |       |
|                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Seven Points Apartments     |       | Seven Points, TX |       | 36        |       | 992,556                                         |       | 9/02          |       | 3/03             |       | 100                               | %          | 687,978                                   |       |
|                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sheridan Gardens            |       | Englewood, CO    |       | 48        |       | 2,066,607                                       |       | 9/02          |       | 12/03            |       | 100                               | %          | 571,759                                   |       |
|                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Stottville Court Apartments |       | Stockport, NY    |       | 28        |       | 1,110,500                                       |       | 9/02          |       | 5/03             |       | 100                               | %          | 1,073,805                                 |       |
|                        |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Strawberry Lake Apts.       |       | Norway, MI       |       | 32        |       | 1,009,576                                       |       | 7/03          |       | 12/03            |       | 100                               | %          | 763,285                                   |       |
|                             |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |

 

51

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**     | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Alexander Mills Apts.  |       | Lawrenceville, GA |       | 224       |       | $                                               | 12,110,875 |          | 2/03       |             | 1/03       |                              | 100        | %                                         | $          | 2,266,233 |   |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Aurora Village Sr.     |       | Aurora, CO        |       | 100       |       | 4,452,517                                       |       | 2/03          |       | 3/03             |       | 100                               | %          | 1,526,951                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Brookside Park Apts.   |       | Atlanta, GA       |       | 200       |       | 12,315,583                                      |       | 12/03         |       | 3/05             |       | 100                               | %          | 137,046                                   |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Families First II      |       | W. Memphis, AR    |       | 66        |       | 2,413,102                                       |       | 5/03          |       | 6/04             |       | 100                               | %          | 1,947,742                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Memphis 102            |       | Memphis, TN       |       | 102       |       | 1,859,130                                       |       | 5/03          |       | 8/04             |       | 100                               | %          | 3,497,653                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Northrock Apts. III    |       | Topeka, KS        |       | 32        |       | 986,205                                         |       | 6/03          |       | 11/03            |       | 100                               | %          | 1,565,194                                 |       |
|                   |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Orchard Manor Apts.**  |       | Ukiah, CA         |       | 64        |       | 7,090,471                                       |       | 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        |       | 1,333,383                                       |       | 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        |       | 1,913,578                                       |       | 4/03          |       | 10/03            |       | 100                               | %          | 1,568,815                                 |       |
|                        |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

----

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

 

52

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**          | ** ** | **Location**        | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-----------------------------|------------|---------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Baldwin Villas Apts.        |       | Pontiac, MI         |       | 65        |       | $                                               | 4,738,000  |          | 12/03      |             | 6/01       |                              | 100        | %                                         | $          | 106,137 |   |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Bartlett Bayou              |       | Pascagoula, MS      |       | 48        |       | 896,229                                         |       | 7/03          |       | 9/05             |       | 100                               | %          | 2,675,101                                 |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Breezewood Villas II        |       | Frederiksted, VI    |       | 12        |       | 982,895                                         |       | 12/03         |       | 3/03             |       | 100                               | %          | 53,729                                    |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Brookside Park              |       | Atlanta, GA         |       | 200       |       | 12,315,583                                      |       | 12/03         |       | 3/05             |       | 100                               | %          | 3,666,890                                 |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Brookside Square            |       | Boykins, VA         |       | 32        |       | 1,306,135                                       |       | 7/03          |       | 8/04             |       | 100                               | %          | 743,039                                   |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Chevy Place Hallman Court   |       | Rochester, NY       |       | 77        |       | 8,648,054                                       |       | 12/03         |       | 7/00             |       | 100                               | %          | 81,177                                    |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Dawn Springs Villa          |       | London, KY          |       | 24        |       | 581,892                                         |       | 5/05          |       | 10/05            |       | 100                               | %          | 1,099,086                                 |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Eastview Family             |       | Watonga, OK         |       | 16        |       | 638,573                                         |       | 9/04          |       | 6/04             |       | 100                               | %          | 187,429                                   |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Fairview Manor              |       | Childress, TX       |       | 48        |       | 830,083                                         |       | 5/03          |       | 3/04             |       | 100                               | %          | 859,892                                   |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Harbor Pt. II Apts.         |       | Benton Township, MI |       | 72        |       | 1,612,117                                       |       | 12/03         |       | 10/02            |       | 100                               | %          | 201,369                                   |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Heritage Christian Home III |       | Brighton, NY        |       | 12        |       | 496,290                                         |       | 1/04          |       | 10/03            |       | 100                               | %          | 721,545                                   |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Jefferson House             |       | Lynchburg, VA       |       | 101       |       | 2,910,303                                       |       | 12/04         |       | 7/05             |       | 100                               | %          | 925,273                                   |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Kings Pt. Apts.             |       | Sheridan, CO        |       | 50        |       | 2,380,906                                       |       | 8/03          |       | 12/03            |       | 100                               | %          | 788,729                                   |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| La Mirage Apts.             |       | Borger, TX          |       | 12        |       | 923,387                                         |       | 8/03          |       | 10/03            |       | 100                               | %          | 766,945                                   |       |
|                        |       |                |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lakeview Station            |       | Shepardsville, KY   |       | 28        |       | 764,675                                         |       | 7/03          |       | 9/03             |       | 100                               | %          | 1,402,270                                 |       |
|                             |            |                     |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

53

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

 
| **Property  Name**                 | ** ** | **Location**      | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|------------------------------------|------------|-------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Lawrence-ville Manor               |       | Lawrenceville, VA |       | 24        |       | $                                               | 939,419    |          | 7/03       |             | 8/04       |                              | 100        | %                                         | 771,671    |   |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lincoln Apts.                      |       | Shinnston, WV     |       | 32        |       | 967,795                                         |       | 10/03         |       | 12/03            |       | 100                               | %          | 786,619                                   |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| London Village                     |       | London, KY        |       | 32        |       | 646,682                                         |       | 4/05          |       | 9/05             |       | 100                               | %          | 2,021,436                                 |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lone Terrace                       |       | Lone Grove, OK    |       | 32        |       | 1,262,198                                       |       | 5/03          |       | 1/04             |       | 100                               | %          | 435,193                                   |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Lorie Village                      |       | Bowling Green, KY |       | 32        |       | 925,238                                         |       | 7/03          |       | 11/03            |       | 100                               | %          | 1,288,510                                 |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Marina Woods Apts.                 |       | Halfmoon, NY      |       | 32        |       | 1,387,733                                       |       | 12/03         |       | 4/02             |       | 100                               | %          | 4,435                                     |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Mill Race Apts.                    |       | Plainwell, MI     |       | 32        |       | 1,025,018                                       |       | 6/03          |       | 12/03            |       | 100                               | %          | 347,253                                   |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Orchard View Apst.                 |       | Farmington, MO    |       | 40        |       | 905,574                                         |       | 7/03          |       | 6/04             |       | 100                               | %          | 2,226,954                                 |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Reese Village                      |       | Emporia, VA       |       | 40        |       | 1,410,871                                       |       | 3/05          |       | 11/04            |       | 100                               | %          | 1,198,088                                 |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Ridge Crest Apts.                  |       | St. Louis, MO     |       | 83        |       | 3,802,868                                       |       | 8/03          |       | 9/04             |       | 100                               | %          | 2,020,327                                 |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sulphur Terrace                    |       | Sulphur, OK       |       | 32        |       | 1,234,818                                       |       | 5/03          |       | 1/04             |       | 100                               | %          | 433,759                                   |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| University Plaza Sr. Complex       |       | Greely, CO        |       | 34        |       | 1,124,298                                       |       | 5/03          |       | 9/03             |       | 100                               | %          | 332,128                                   |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Valleyview Apts.                   |       | Canneyville, KY   |       | 24        |       | 437,570                                         |       | 12/05         |       | 12/04            |       | 100                               | %          | 488,540                                   |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| William B. Quarton                 |       | Cedar Rapids, IA  |       | 28        |       | 1,069,899                                       |       | 1/04          |       | 7/03             |       | 100                               | %          | 1,197,000                                 |       |
|                               |       |              |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Willow Oak and Oroville Apartments |       | Willows, CA       |       | 122       |       | 4,501,668                                       |       | 07/04         |       | 10/03            |       | 100                               | %          | 1,619,212                                 |       |
|                                    |            |                   |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |

 

54

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2008

##  

| **Property  Name**            | ** ** | **Location**     | ** ** | **Units** | ** ** | **Mortgage  Balance as  of 12/31/07** | ** ** | **Acq  Date** | ** ** | **Const  Comp.** | ** ** | **Qualified  Occupancy  3/31/08** | ** ** | **Cap Con  paid thru  3/31/08** | ** ** |
|-------------------------------|------------|------------------|------------|-----------|------------|-------------------------------------------------|------------|---------------|------------|------------------|------------|-----------------------------------|------------|-------------------------------------------|------------|
| Bartlett Bayou Apartments     |       | Pascagoula, MS   |       | 48        |       | $                                               | 896,229    |          | 7/03       |             | 9/05       |                              | 100        | %                                         | $          | 786,153 |   |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Clayton Station Apartments    |       | Munfordville, KY |       | 29        |       | 793,056                                         |       | 4/04          |       | 9/04             |       | 100                               | %          | 1,274,486                                 |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Deer Meadow Apartments        |       | Tishomingo, OK   |       | 24        |       | 1,151,803                                       |       | 2/04          |       | 3/04             |       | 100                               | %          | 369,626                                   |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Elma Gardens                  |       | Elma, WA         |       | 36        |       | 1,265,215                                       |       | 3/05          |       | 1/04             |       | 100                               | %          | 588,701                                   |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Jacksonville Square Apts.     |       | Jacksonville, TX |       | 44        |       | 1,107,930                                       |       | 11/03         |       | 7/04             |       | 100                               | %          | 614,912                                   |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Kensington Heights Apts.      |       | Kansas City, MO  |       | 126       |       | 4,771,840                                       |       | 10/03         |       | 10/04            |       | 100                               | %          | 2,375,770                                 |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Kimberly Place Apartments     |       | Danbury, CT      |       | 117       |       | 7,429,017                                       |       | 6/04          |       | 4/05             |       | 100                               | %          | 2,450,732                                 |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Linden’s Apartments      |       | Shawnee, OK      |       | 54        |       | 1,181,246                                       |       | 12/04         |       | 2/06             |       | 98                                | %          | 2,963,132                                 |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Ocean East Housing            |       | Portland, ME     |       | 32        |       | 1,502,288                                       |       | 2/04          |       | 6/05             |       | 100                               | %          | 3,787,273                                 |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Panola Apts.                  |       | Carthage, TX     |       | 32        |       | 787,707                                         |       | 12/03         |       | 4/04             |       | 100                               | %          | 456,957                                   |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Rosehill Apts.                |       | Topeka, KS       |       | 48        |       | 2,377,552                                       |       | 12/03         |       | 9/04             |       | 100                               | %          | 2,540,503                                 |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Sandy Hill Apartments         |       | Greenville, KY   |       | 29        |       | 579,419                                         |       | 4/04          |       | 10/04            |       | 100                               | %          | 1,849,164                                 |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Saint Martin Apartments       |       | McCombs, MS      |       | 40        |       | 913,760                                         |       | 8/05          |       | 4/06             |       | 100                               | %          | 1,539,454                                 |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Tanglewood Village Apartments |       | Panama, OK       |       | 24        |       | 1,183,866                                       |       | 9/04          |       | 5/04             |       | 100                               | %          | 402,649                                   |       |
|                          |       |             |       |      |       |                                            |       |          |       |             |       |                              |       |                                      |       |
| Wagoner Village               |       | Wagoner, OK      |       | 31        |       | 981,196                                         |       | 1/04          |       | 1/04             |       | 100                               | %          | 341,377                                   |       |
|                               |            |                  |            |           |            |                                                 |            |               |            |                  |            |                                   |            |                                           |            |  |  |

 

55

----

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

 

56

----

 

PART II

 
| Item   | 5.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | Market for the  Fund’s Limited Partnership Interests,  Related Partnership Matters and Issuer Purchases of Partnership Interests                                                                                                                                                                          |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                           |
|   | (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Market Information                                                                                                                                                                                                                                                                                             |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | The Fund is classified  as a limited partnership and does not have common stock.  There is no established public trading  market for the BACs and it is not anticipated that any public market will develop.                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                           |
|   | (b)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Approximate number of  security holders                                                                                                                                                                                                                                                                        |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | As of March 31,  2008, the Fund has 43,058 BAC holders for an aggregate of 83,651,080 BACs, at  a subscription price of $10 per BAC, received and accepted.                                                                                                                                               |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                           |
|   | The BACs were issued in  series.  Series 20 consists of  2,332  investors holding 3,866,700 BACs, Series 21 consists of 1,168  investors holding 1,892,700 BACs, Series 22 consists of 1,632  investors holding 2,564,400 BACs, Series 23 consists of 2,111  investors holding 3,336,727 BACs, Series 24 consists of 1,293  investors holding 2,169,878 BACs, Series 25 consists of 1,774  investors holding 3,026,109 BACs, Series 26 consists of 2,296  investors holding 3,995,900 BACs, Series 27 consists of 1,659  investors holding 2,460,700 BACs, Series 28 consists of 2,026  investors holding 4,000,738 BACs, Series 29 consists of 2,238  investors holding 3,991,800 BACs, Series 30 consists of 1,344  investors holding 2,651,000 BACs, Series 31 consists of 2,047  investors holding 4,417,857 BACs, Series 32 consists of 2,267  investors holding 4,754,198 BACs, Series 33 consists of 1,246  investors holding 2,636,533 BACs, Series 34 consists of 1,691  investors holding 3,529,319 BACs, Series 35 consists of 1,659  investors holding 3,300,463 BACs, Series 36 consists of 1,009  investors holding 2,106,837 BACs, Series 37 consists of 1,130  investors holding 2,512,500 BACs, Series 38 consists of 1,194  investors holding 2,543,100 BACs, Series 39 consists of 991  investors holding 2,292,152 BACs, Series 40 consists of 1,106  investors holding 2,630,256 BACs, Series 41 consists of 1,399  investors holding 2,891,626 BACs, Series 42 consists of 1,237  investors holding 2,744,262 BACs, Series 43 consists of 1,662  investors holding 3,637,987 BACs, Series 44 consists of 1,287  investors holding 2,701,973 BACs, Series 45 consists of 1,827  investors holding 4,014,367 BACS and Series 46 consists of 1,433  investors holding 2,980,998 BACS at March 31, 2008 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                           |
|   | (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | Dividend history and  restriction                                                                                                                                                                                                                                                                         |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | The Fund has made no  distributions of net cash flow to its BAC holders from its inception, October 5,  1993, through March 31, 2008.                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | The Fund Agreement  provides that profits, losses and credits will be allocated each month to the  holder of record of a BAC as of the last day of such month.  Allocation of profits, losses and credits among  BAC holders are made in proportion to the number of BACs held by each BAC  holder.  |

 

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

 

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

 

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

 

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

 

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

 

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

 

## Liquidity

 

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

 

The Fund had entered intoa line of credit financing agreement with Fleet National Bank under which theFund could borrow up to $40 million for up to 90 days to meet short-term cashneeds required for the investment in some Operating Partnerships.  Under the terms of the agreement, the Fundpledged its interest in a particular Operating Partnership in order to drawfunds from the line.  The repayment ofany draws was anticipated to be made once the Fund received sufficient investorproceeds.  Repayments on the line weretied to specific Operating Partnerships, which were then released as collateralby the bank.  The obligations under theline of credit were non-recourse to the Fund, its partners and assets, otherthan the interest in the particular Operating Partnerships pledged.  As of March 31, 2008 the Fund was nolonger a party to the line of credit.

 

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## Capital Resources

 

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

 

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

 

During the fiscal yearended March 31, 2008, none of Series 20 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  Proceeds from the offerand sale of BACs in Series 20 had been used to invest in 24 OperatingPartnerships in an aggregate amount of $27,693,970.  As of March 31, 2008, two of theproperties have been disposed of and 22 remain. The Fund had completed payment of all installments of its capitalcontributions to all of the Operating Partnerships.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 21 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 21 had been used toinvest in 14 Operating Partnerships in an aggregate amount of $13,872,728.  As of March 31, 2008, one of theproperties has been disposed of and 13 remain. The Fund had completed payment of all installments of its capitalcontributions to 13 of the Operating Partnerships. Series 21 hasoutstanding contributions payable to 1 Operating Partnership in the amount of$236,479 as of March 31, 2008, all of which has been loaned to theOperating Partnerships.  The loans willbe converted to capital when the Operating Partnerships have achieved theconditions set forth in their partnership agreement.

 

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

 

During the fiscal yearended March 31, 2008, the fund used $14,663 of Series 22 net offeringproceeds to pay installments of its capital contributions to 1 of the OperatingPartnership.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 22 had been used toinvest in 29 Operating Partnerships in an aggregate amount of $18,758,748 andthe Fund had completed payment of all installments of its capital contributionsto 27 of the Operating Partnerships. Series 22 has outstandingcontributions payable to 2 Operating Partnerships in the amount of $9,352 as ofMarch 31, 2008.  The remainingcontributions will be released when the Operating Partnerships have achievedthe conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 23 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 23 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $24,352,278 andthe Fund had completed payment of all installments of its capital contributionsto all of the Operating Partnerships.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 24 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 24 had been used toinvest in 24 Operating Partnerships in an aggregate amount of $15,796,309 andthe Fund had completed payment of all installments of its capital contributionsto 23 of the Operating Partnerships. Series 24 has outstandingcontributions payable to 1 Operating Partnership in the amount of $9,999 as of March 31,2008.  The remaining contributions willbe released when the Operating Partnerships have achieved the conditions setforth in their partnership agreement.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 25 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 25 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $22,324,539 andthe Fund had completed payment of all installments of its capital contributionsto 20 of the Operating Partnerships. Series 25 has outstanding contributionspayable to 2 Operating Partnerships in the amount of $61,733 as of March 31,2008.  The remaining contributions willbe released when Operating Partnerships have achieved the conditions set forthin their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 26 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 26 had been used toinvest in 45 Operating Partnerships in an aggregate amount of $29,401,215 andthe Fund had completed payment of

 

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all installments of itscapital contributions to 42 of the Operating Partnerships. Series 26 hasoutstanding contributions payable to 3 Operating Partnerships in the amount of$29,490, as of March 31, 2008.   Theremaining contributions will be released when the Operating Partnerships haveachieved the conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 27 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 27 had been used toinvest in 16 Operating Partnerships in an aggregate amount of $17,881,574 andthe Fund had completed payment of all installments of its capital contributionsto 13 of the Operating Partnerships. Series 27 has outstandingcontributions payable to 3 Operating Partnerships in the amount of $39,749 asof March 31, 2008.  Of the amountoutstanding, $6,500 has been advanced to one of the OperatingPartnerships.  The advance will beconverted to capital and the remaining contributions of $33,249 will bereleased when the Operating Partnerships have achieved the conditions set forthin their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 28 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 28 had been used toinvest in 26 Operating Partnerships in an aggregate amount of $29,281,983 andthe Fund had completed payment of all installments of its capital contributionsto 23 of the Operating Partnerships. Series 28 has outstandingcontributions payable to 3 Operating Partnerships in the amount of $40,968 asof March 31, 2008.  The remainingcontributions will be released when the Operating Partnerships have achievedthe conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 29 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 29 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $29,137,877 andthe Fund had completed payment of all installments of its capital contributionsto 18 of the Operating Partnerships. Series 29 has outstandingcontributions payable to 4 Operating Partnerships in the amount of $45,783 asof March 31, 2008.  The remainingcontributions will be released when the Operating Partnerships have achievedthe conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 30 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  Proceeds from the offerand sale of BACs in Series 30 had been used to invest in 20 OperatingPartnerships in an aggregate amount of $19,497,869.  As of March 31, 2008, two of theproperties have been disposed of and 18 remain. The Fund had completed payment of all installments of its capitalcontributions to 16 of the Operating Partnerships. Series 30 hasoutstanding contributions payable to 4 Operating Partnerships in the amount of$127,396 as of March 31, 2008.  Theremaining contributions of will be released when Operating Partnerships haveachieved the conditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 31 net offering proceeds wereused to pay installments of its capital contributions to the  Operating Partnership.  As of March 31, 2008, proceeds from theoffer and sale of BACs in Series 31 had been used to invest in 27Operating Partnerships in an aggregate amount of $32,569,100.  As of March 31, 2008, 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$61,294 as of March 31, 2008.  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 32on January 19, 1998.  The Fund hadreceived and accepted $47,431,000 representing 4,754,198 BACs from investorsadmitted as BAC holders in Series 32. Offer and sales of BACs in Series 32 were completed on June 23,1998.

 

During the fiscal yearended March 31, 2008, none of Series 32 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnership.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 32 had been used toinvest in 17 Operating Partnerships in an aggregate amount of $34,129,677 andthe Fund had completed payment of all installments of its capital contributionsto 13 of the Operating Partnerships. Series 32 has outstandingcontributions payable to 4 Operating Partnerships in the amount of $298,561 asof March 31, 2008.  Of the amountoutstanding, $46,908 has been advanced or loaned to some of the OperatingPartnerships.  In addition, $125,000 hasbeen funded into escrow accounts on behalf of another other OperatingPartnership.  The loans and escrowedfunds will be converted to capital and the remaining contributions of $126,653will be released when Operating Partnerships have achieved the conditions setforth in their respective partnership agreements.

 

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

 

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

 

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

 

During the fiscal yearended March 31, 2008, none of Series 33 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 33 had been used toinvest in 10 Operating Partnerships in an aggregate amount of $19,594,100 andthe Fund had completed payment of all installments of its capital contributionsto 7 of the Operating Partnerships. Series 33 has outstandingcontributions payable to 3 Operating Partnerships in the amount of $194,154 asof March 31, 2008.  Of the amountoutstanding, $125,000 has been funded into an escrow account on behalf ofanother Operating Partnership.  Theescrowed funds will be converted to capital and the remaining contributions of$69,154, will be released when the Operating Partnerships have achieved theconditions set forth in their respective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 34 net offering proceeds to payinstallments of its capital contributions to Operating Partnership.  As of March 31, 2008, 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 13 of theOperating Partnerships. Series 34 has outstanding contributions payable to1 Operating Partnership in the amount of $8,244 as of March 31, 2008.  The remaining contributions will be releasedwhen the Operating Partnerships have achieved the conditions set forth in theirrespective partnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, the Fund used $163,782 of Series 35 netoffering proceeds to pay installments of its capital contributions to 1 of theOperating Partnership.  As of March 31,2008, proceeds from the offer and sale of BACs in Series 35 had been usedto invest in 11 Operating Partnerships in an aggregate amount of $24,002,391and the Fund had completed payment of all installments of its capitalcontributions to all of the Operating Partnerships.

 

(Series 36).  The Fund commenced offering BACs in Series 36on June 22, 1999.

 

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The Fund received andaccepted $21,068,375 representing 2,106,837 BACs from investors admitted as BACholders in Series 36. Offer and sales of BACs in Series 36 werecompleted on September 28, 1999.

 

During the fiscal yearended March 31, 2008, none of Series 36 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 36 had been used toinvest in 11 Operating Partnerships in an aggregate amount of $15,277,041, andthe Fund had completed payment of all installments of its capital contributionsto all of the Operating Partnerships.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 37 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 37 had been used toinvest in 7 Operating Partnerships in an aggregate amount of $18,735,142 andthe Fund had completed payment of all installments of its capital contributionsto 6 of the Operating Partnerships. Series 37 has outstandingcontributions payable to 1 Operating Partnership in the amount of $138,438 asof March 31, 2008.  The remainingcontributions will be released when the Operating Partnerships have achievedthe conditions set forth in their partnership agreement.

 

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

 

During the fiscal yearended March 31, 2008, none of Series 38 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnership.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 38 had been used toinvest in 10 Operating Partnerships in an aggregate amount of $18,612,287 andthe Fund had completed payment of all installments of its capital contributionsto the Operating Partnerships.

 

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

 

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

 

During the fiscal yearended March 31, 2008, none of Series 39 net offering proceeds to wereused to pay installments of its capital contributions to the OperatingPartnership.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 39 had been used toinvest in 9 Operating Partnerships in an aggregate amount of $17,115,492, andthe Fund had completed payment of all

 

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installments of itscapital contributions to all of the Operating Partnerships.

 

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

 

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

 

During the fiscal yearended March 31, 2008, none of Series 40 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 40 had been used toinvest in 16 Operating Partnerships in an aggregate amount of $19,030,772, andthe Fund had completed payment of all installments of its capital contributionsto 14 of the Operating Partnerships. Series 40 has outstandingcontributions payable to 2 Operating Partnerships in the amount of $8,694 as ofMarch 31, 2008.  The remainingcontributions will be released when the Operating Partnerships have achievedthe conditions set forth in their respective partnership agreements.

 

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

 

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

 

During the fiscal yearended March 31, 2008, none of Series 41 net offering proceeds wereused to pay installments of its capital contributions to the OperatingPartnership.  Proceeds from the offer andsale of BACs in Series 41 had been used to invest in 23 OperatingPartnerships in an aggregate amount of $21,278,631.  As of March 31, 2008, two of theproperties have been disposed of and 21 remain. The Fund had completed payment of all installments of its capitalcontributions to 22 Operating Partnerships. Series 41 has outstanding contributions payable to 1 OperatingPartnership in the amount of $100 as of March 31, 2008.  The remaining contributions will be releasedwhen the Operating Partnership have achieved the conditions set forth in theirpartnership agreement.

 

During the fiscal yearended March 31, 2002, the Fund used $195,249 of Series 41 netoffering proceeds to acquire a limited partnership equity interest in a limitedliability company, which is the general partner of other operating limitedpartnerships, which own or are constructing, rehabilitating or operatingapartment complexes.  The series isentitled to a percentage of the

 

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profits, losses and taxcredits of the limited liability company. The investment is reported in the Investment in Operating LimitedPartnerships line item on the balance sheet.

 

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

 

During the fiscal yearended March 31, 2008, the Fund used $164,252 of Series 42 netoffering proceeds to pay installments of its capital contributions to 1Operating Partnership.  As of March 31,2008, proceeds from the offer and sale of BACs in Series 42 had been usedto invest in 23 Operating Partnerships in an aggregate amount of $20,661,120,and the Fund had completed payment of all installments of its capitalcontributions to 17 Operating Partnerships. Series 42 has outstanding contributions payable to 6 OperatingPartnerships in the amount of $457,148 as of March 31, 2008. Of the amountoutstanding, $333,819 has been advanced or loaned to the OperatingPartnerships. The loans and advances will be converted to capital and theremaining contributions of $123,329 will be released when the OperatingPartnerships have achieved the conditions set forth in their respectivepartnership agreements.

 

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

 

During the fiscal yearended March 31, 2008, the Fund used $88,443 of Series 43 net offeringproceeds to pay installments of its capital contributions to 1 OperatingPartnership.  As of March 31, 2008,proceeds from the offer and sale of BACs in Series 43 had been used toinvest in 23 Operating Partnerships in an aggregate amount of $27,400,154, andthe Fund had completed payment of all installments of its capital contributionsto 17 of the Operating Partnerships. Series 43 has outstandingcontributions payable to 6 Operating Partnerships in the amount of $310,006 asof March 31, 2008. Of the amount outstanding, $250,302 has been advancedor loaned to the Operating Partnerships. The loans and advances will beconverted to capital and the remaining contributions of $59,704 will bereleased when the Operating Partnerships have achieved the conditions set forthin their respective partnership agreements.

 

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

 

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

 

During the fiscal yearended March 31, 2008, none of Series 44 net offering

 

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proceeds were used to payinstallments of its capital contributions to the Operating Partnership.  As of March 31, 2008, proceeds from theoffer and sale of BACs in Series 44 had been used to invest in 10Operating Partnerships in an aggregate amount of $20,248,519, and the Fund hadcompleted payment of all installments of its capital contributions to 7 of theOperating Partnerships. Series 44 has outstanding contributions payable to3 Operating Partnerships in the amount of $702,126 as of March 31, 2008.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 $505,522 will be released when the OperatingPartnerships have achieved the conditions set forth in their respectivepartnership agreements.

 

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

 

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

 

During the fiscal yearended March 31, 2008, the Fund used $170,826 of Series 45 netoffering proceeds to pay installments of its capital contributions to 2Operating Partnerships.  As of March 31,2008, proceeds from the offer and sale of BACs in Series 45 had been usedto invest in 31 Operating Partnerships in an aggregate amount of $30,232,512.As of March 31, 2008, one of the properties has been disposed of and 30remain.  The Fund had completed paymentof all installments of its capital contributions to 30 of the OperatingPartnerships.  Series 45 hasoutstanding contributions payable to 1 Operating Partnership in the amount of$16,724 as of March 31, 2008.  Theremaining contributions of will be released when the Operating Partnership hasachieved the conditions set forth in its partnership agreement.

 

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

 

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

 

During the fiscal yearended March 31, 2008, the Fund used $1,430,612 of Series 46 netoffering proceeds to pay installments of its capital contributions to 4Operating Partnerships.  As of March 31,2008, proceeds from the offer and sale of BACs in Series 46 had been usedto invest in 15 Operating Partnerships in an aggregate amount of $22,495,082,and the Fund had completed payment of all installments of its capitalcontributions to 12 of

 

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the OperatingPartnerships.  Series 46 hasoutstanding contributions payable to 3 Operating Partnerships in the amount of$20,138 as of March 31, 2008.  Theremaining contributions will be released when the Operating Partnerships haveachieved the conditions set forth in their respective partnership agreements.

 

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

 

## Results of Operations

 

The Fund incurs a fundmanagement fee to the general partner and/or its affiliates in an amount equalto 0.5% of the aggregate cost of the apartment complexes owned by the OperatingPartnerships, less the amount of partnership management and reporting fees paidby the Operating Partnerships. The annual fund management fee incurred, net offees received, for the fiscal years ended March 31, 2008 and 2007 was$6,091,352 and $6,438,508, respectively.

 

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

 

As funds are utilized bythe individual series for payment of fund management fees, operating expensesand capital contributions to the Operating Partnerships, it is anticipated thatthe combination of the “cash and cash equivalents” and “investments availablefor sale” 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, 2008 and 2007, theaverage Qualified Occupancy for the series was 100%.  The series had a total of 22 OperatingPartnerships at March 31, 2008, all of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31,2007 and 2006, the series, in total, generated $1,592,685 and $1,690,870,respectively, in passive income tax losses that were passed through to theinvestors and also provided $0.00 and $0.01, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 20 was$1,204,188 and $466,647, respectively. The increase is a result of insurance proceeds received from a fire atone of the Operating Partnerships. In the future the Investment balance is anticipatedto decrease as a result of the way the Fund accounts for such investments, theequity method.  By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $447,494 and ($830,291),respectively.  The major components of

 

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these amounts are theFund’s share of income (losses) from Operating Partnerships, impairment losses,and the fund management fee.  It isanticipated that the net loss for Series 20 will remain relativelyconsistent to prior years since the series has finished acquiring Operating Partnershipsand they are all fully operational.

 

The operating generalpartner of Breeze Cove Limited Partnership entered into an agreement to sellthe property and the transaction closed in March 2006. As part of thepurchase agreement, the buyer is required to maintain the property asaffordable housing through the end of the tax credit compliance period, and toprovide a recapture bond to avoid the recapture of the tax credits that havebeen taken.  After payment of theoutstanding mortgage balance of approximately $1,828,883, the proceeds to theinvestment limited partnership were $508,616, all of which were allocated to Series 20.  Of the total proceeds received, $10,000represents payment of outstanding reporting fees due to an affiliate of theinvestment partnership; approximately $14,501 represents reimbursement ofexpenses incurred related to the sale, which includes due diligence and legalcosts; and $484,115 represents partial reimbursement for outstanding operatingadvances made by the investment partnership to the property.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partner’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnership’sinvestment in the Operating Partnership to zero.  Advances made by the investment generalpartner that were not repaid from the sale proceeds totaled $954,317 and havebeen recorded as a loss on the sale of the Operating Partnership as of March 31,2006.  Additional gains on the sale of$7,016 and $19,427 were realized in the quarters ended June 30, 2006 and December 31,2006, respectively.

 

East Douglas Apartments(East Douglas Apartments Limited Partnership) has historically operated at orjust below breakeven due to a combination of the low rent structure allowed bythe state tax credit monitoring agency, the Illinois Housing DevelopmentAuthority, and high debt.  The 2007 averageoccupancy was 81% and the 2008 first quarter average occupancy was 90%.Occupancy decreased significantly in 2007 due to ten units that went off-lineas the result of two separate sprinkler damage events. A dryer fire caused thefirst event in one of the units and the second event was the result of freezingpipes. The units are back on-line and the damage was covered by the property’sinsurance.

 

Due to the reducedoccupancy noted above, cash flow deteriorated in 2007 and $17,112 of fundingfrom the investment partnership was necessary in the third quarter of 2007 tobring the real estate tax escrow current, pay down certain third partypayables, and pay the property payroll. The property operated slightly belowbreakeven for the year 2007 and continued to operate below breakeven for the firstquarter of 2008.

 

Efforts to improve theproperty’s financial performance by refinancing the mortgage have been ongoingfor two years, but these efforts have not been successful. Currently, anaffiliate of the investment general partner is serving as the operating generalpartner. The investment general partner is attempting to find a replacementoperating general partner and had been in discussions with several interestedparties; however, no offers resulted from these conversations. As a result, theinvestment general partner hired a real estate broker to evaluate the operatinggeneral partner interest and help identify additional operating general partnerreplacements. The investment general partner will contact these additionalparties in the second quarter 2008, with a goal to identify a replacementoperating general partner by the

 

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third or fourth quarterof 2008. The mortgage, property taxes and insurance are all current.  The Tax Increment Financing (TIF), a reducedreal estate tax program from the city, will expire in 2009. The investmentgeneral partner is trying to determine if the financing will be renewable atthat time.  The low income housing taxcredit compliance period expires on December 31, 2010.

 

Northfield ApartmentsL.P. (Willow Point Apartments I) is a 120-unit property located in Jackson, MS.In 2007, occupancy averaged 90% and the property operated slightly belowbreakeven. The property operated slightly below breakeven due to vacancy loss,delinquency loss, and high turnover costs. To curb bad debt and strengthen theresident base, management evicted a large number of non-paying residents, whichcaused occupancy to drop. By the fourth quarter 2007, increased occupancy andimproved collections allowed the property to operate above breakeven for thequarter. The property continued to operate above breakeven in the first quarterof 2008. As of March 31, 2008, occupancy averaged 96%. The complianceperiod ends in 2010. The operating general partner’s operating deficitguarantee is unlimited in time and amount and the operating general partner hasa longstanding history of funding operating deficits as necessary. Allmortgage, taxes, and insurance payments are current.

 

2730 Lafferty StreetApartments L.P. (Gardenview Apartments) is a 309-unit property locatedapproximately twenty miles outside Houston, Texas. The property suffered a firein the second quarter of 2006, causing twenty units to come off-line. Theproperty was issued 8823s for the units taken off-line. Additionally, 8823swere issued to the property as a result of a state inspection completed priorto the fire.  Management has sentcorrective documents to the Texas Department of Housing and CommunityAffairs.  The Department and managementhave gone back and forth with correspondence on resolving these issues.  The most recent correspondence withmanagement suggests that corrected 8823s will be issued in the second quarterof 2008.  Work on the fire-damaged unitswas completed early in the second quarter of 2007.  Since then, occupancy has shown significantimprovements averaging 91% for the first quarter of 2008.  The operating general partner received $131,412in insurance proceeds for recovery of lost rents in the fourth quarter of2007.  Marketing efforts have beenfocused on local medical offices as well as the City of Pasadena and HarrisCounty Housing Authorities.  The taxcredit delivery period ended in 2005 and the low income house tax creditcompliance period expires in December 2009.  The mortgage, taxes, and insurance paymentsare current.

 

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

 

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Harrisonburg SeniorsApartments Partnership, (Harrisonburg Seniors Apartments) is a 24-unitdevelopment located in Harrisonburg, Louisiana. Despite occupancy averaging 100% during 2006, the property operated at acash deficit due to stagnant rental rates and high operating expensesassociated with minor repair of damages sustained during the 2005 hurricaneseason.  Going forward the maintenancestaff is attempting to replace the flooring in two units each quarter.  Occupancy remained strong in 2007 averaging98% for the year.  In 2007 operationscontinued to improve and the partnership operated above breakeven.  Additionally, management obtained approvalfor a $15 per unit rent increase, which went into effect on January 1,2008.  The operating general partner’sguarantee is unlimited in time and amount. All real estate tax, mortgage, and insurance payments are current.

 

(Series 21).  As of March 31, 2008 and 2007, theaverage Qualified Occupancy for the series was 100%.  The series had a total of 13 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2007 and 2006, the series, in total,generated $603,976 and $1,493,885, respectively, in passive income tax lossesthat were passed through to the investors and also provided $0.11 and $0.28,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 21 was $209,082and $338,536, respectively.  The decreaseis a result of the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(391,828) and$(467,446), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, professional fees, and the fund management fee.  It is anticipated that future net losses willbe more consistent with the amount reported in the current year, as theimpairment losses are not expected to have as significant an effect on futureyears.

 

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

 

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

 

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In July 2006, allparties acknowledged that the proponent’s Plan was unlikely to becomeeffective. On September 6, 2006, the Court converted the case from Chapter11 to Chapter 7 and a Trustee was appointed to oversee the sale of theproperty. On February 23, 2007, the Trustee conducted an auction at whichthe property was sold for $3,650,000; the sale closed on April 25, 2007.The investment limited partners will lose the remaining future tax credits,estimated at $50,000.  At this time, theinvestment general partner has some uncertainty whether the new owner willcontinue to operate the property in compliance with the requirements of Section 42,and has decided not to post a Section 42 Disposition Bond.  As a result, the investors will experiencerecapture in 2007.  Annual lossesgenerated by the Operating Partnership, which were applied against theinvestment limited partner’s investment in the Operating Partnership inaccordance with the equity method of accounting, had previously reduced theinvestment limited partnership’s investment in the Operating Partnership tozero.  Accordingly, no gain or loss onthe foreclosure of the investment general partner interest has beenrecorded.  The Operating Partnership lost$52,306 in credits and experienced recapture and interest of $1,462,036.  This represents credit loss and recapture of$27 and $757, respectively, per 1,000 BACs.

 

Centrum-Fairfax I, LP(Forest Glen at Sully Station, Phase I) is a 119-unit property located in Centerville,VA. The average physical occupancy for 2006 was 61%. Based on the results of amarket study performed in 2006, the operating general partner decided toreconfigure the property to have only 83 units, which reduced the number of1-bedroom units from 100 to 29 and increased the number of 2-bedroom units from19 to 55. The conversion of the units started in early June 2006 and itwas originally anticipated to be complete by mid-October 2006. However,the construction of the property was delayed due to issues with subcontractors.The construction was completed in March 2007 and all units have receivedCertificates of Occupancy. It took ten months to lease the property. As of December 31,2007, the property was 98% occupied and all the converted units were 100%occupied. However, the property was still unable to breakeven due to the slowleasing and the high marketing and promotion expense during the lease up.  As of March 31, 2008, the property is97% occupied and operated above breakeven for the first quarter of 2008.Management is confident occupancy will remain strong. The funding to completethe work came from the Virginia Housing Authority in the amount of$580,000.  The mortgage, taxes, insuranceand payables are current. The operating general partner continues to fundoperating deficits.

 

Pumphouse Crossing II, LP(Pumphouse Crossing II Apartments) is a 48-unit family property located inChippewa, Wisconsin.  The propertyoperated with an average occupancy of 97% in 2007. Occupancy has been consistentwith the prior year, averaging 96% through March of 2008. Operatingexpenses are below the investment general partner’s state average. Althoughoccupancy is high and expenses remain reasonable, low rental rates in the areaprevented the property from achieving breakeven operations through the firstquarter of 2008. The management company continues to market the available unitsby working closely with the housing authority, and by continuing variousmarketing efforts to attract qualified residents. The operating general partnercontinues to 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 RiverFalls, Wisconsin. The property operated with an average occupancy of 96% in2007. Occupancy has been consistent with the prior year averaging 93% through March of2008. Although occupancy is high, expenses remained below the investmentgeneral partners’ state average; low rental

 

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rates in the areaprevented the property from achieving breakeven operations through the firstquarter of 2008. The management agent continues to market the available unitsby working closely with the housing authority and continuing various marketingefforts to attract qualified residents. The operating general partner continuesto financially support the Operating Partnership. The mortgage, taxes,insurance and payables are current.

 

Lookout Ridge LP (LookoutRidge Apts.) is a 30-unit development located in Covington, KY.  The property is operating below breakeven dueto high operating expenses and low occupancy, the result of a lack of subsidyand unit turnover costs.  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 tenant’s 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 nor participatingin the Section 42 Program.

 

Although the operatinggeneral partner has advanced significant funds to keep accounts current, theoperational outlook for this property is not promising. Occupancy numbers arerunning at historic lows and expenses continue to climb. Both the operatinggeneral partner and management have proven their inability to effectively runthis property by not following Section 42 guidelines.  Furthermore, Kentucky Housing has providedmanagement with a number of opportunities to correct various non-complianceissues and management has failed to correct the non-compliance.  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.

 

Fourth quarter occupancyand financial reports have been requested but were not available at the time ofreporting.  The operating general partnerhas requested use of operating reserve funds in order to pay for taxes andrepairs cited in previously issued 8823s. After the withdrawals, the operating reserve balance will be$14,288.  In 2007 the property operatedwith a cash flow deficit.  In total, theoperating general partner has funded operating deficits of $324,422. Theoperating general partner continues to advance funds as needed.  The property’s low income housing tax creditcompliance period expires in 2010.

 

In summary, the propertyhas a history of unstable financial performance and inefficientmanagement.  These problems arecompounded by continued non-compliance, significant costs necessary to correctcapital improvement items, a recent building fire destroying all tenant filesand an IRS letter indicating removal from the Section 42 program. Due tothe removal from the Section 42 program the Operating Partnershipexperienced recapture, interest and penalties of $858,975.  This represents recapture, interest andpenalties of $445 per 1,000 BACs, which was reflected on the 2007 taxreturn.  As of May 14, 2008,management has sent copies of all resident files to Kentucky Housing forreview.  Upon review, Kentucky Housingmay or may not allow Lookout Ridge back into the Section 42 tax creditprogram.  If needed, the investmentgeneral partner may take legal action against the operating general partner forlosses sustained as a result of the propert’s removal from the Section 42program.

 

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Pinedale II, LP (PinedaleApartments II) is a 60-unit, family property located in Menomonie, Wisconsin.The property operated with an average occupancy of 95% in 2007. Occupancy hasbeen consistent with the prior year, averaging 93% in the first quarter of2008. The property’s operating expenses are below the investment generalpartner’s state average.  Despiteoccupancy above 90%, low rental rates in the area prevented the property fromachieving breakeven operations. The management agent continues to market theavailable units by working closely with the housing authority and continuingvarious marketing efforts to attract qualified residents. The operating generalpartner continues to financially support the Operating Partnership. Themortgage, taxes, insurance and payables are current.

 

(Series 22).  As of March 31, 2008 and 2007, theaverage Qualified Occupancy for the series was 100%.  The series had total of 29 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2007 and 2006, the series, in total,generated $1,368,568 and $1,395,375, respectively in passive income tax lossesthat were passed through to the investors and also provided $0.06 and $0.27,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 22 was $580,501and $666,278, respectively.  The decreaseis primarily a result of the way the Fund accounts for such investments, theequity method. By using the equity method, the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(406,258) and$(759,153), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, impairment losses and the fund management fee.  It is anticipated that future net losses willbe more consistent with the amount reported in the current year as theimpairment losses are not expected to have as significant an effect on futureyears.

 

Elks Tower Apartments, LP(Elks Tower Apartments) is a 27-unit development located in Litchfield,IL.  Through the first quarter of 2008,occupancy averaged 91%, a slight decrease from the 2007 average of 93%.  The property continues to operate belowbreakeven due to low rental rates.  Theoperating general partner advertises daily in the community newspaper.  In 2007, new billboards were installed at thefront of the complex to attract more foot and drive-by traffic to theproperty.  The operating general partnermaintains a strong relationship with the local real estate companies that referpotential renters to the property.  Theproperty is also using resident referral incentives to help increaseoccupancy.  The operating general partnercontinues to focus on marketing, as there is considerable tax creditcompetition in the area.  The mortgage,real estate tax, and insurance payments are current.

 

Black River Run, LP(River Run Apartments) is a 48-unit, family property located in Black RiverFalls, Wisconsin. The property operated with an average occupancy of 96% in2007. Occupancy has been consistent with the prior year, averaging 93% through March of2008. Although occupancy is high and expenses remain below the investmentgeneral partner’s state average, low rental rates in the area prevented theproperty from achieving breakeven operations through the first quarter of 2008.The management agent continues to market the available units by working closelywith the housing authority and continuing

 

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various marketing effortsto attract qualified residents. The operating general partner continues tofinancially support the Operating Partnership. The mortgage, taxes, insuranceand payables are current.

 

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

 

Subsequently, theinvestment general partner contacted all critical stakeholders including theCity of Boston Department of Neighborhood Development, the Department ofHousing and Community Development, the operating general partner and theirrespective attorneys to come to a workout plan with the lender.  After much negotiation and the threat of abankruptcy filing that would reinstate the loan on its original terms, thelender agreed to a forbearance agreement. This agreement, signed June 13,2007, allowed a 60-day window during which the operating general partnerinterest was to be sold and the PAR value of the note ($355,000) held by OneUnited was to be paid in full.  The newoperating general partner, Victory Programs Inc., was agreed to by all of theparties, and on September 14, 2007 the One United note was paid infull.  Victory Programs now holds thefirst soft mortgage and has begun rehabbing the property with assistance ofgovernment funding.  Although theproperty was expected to be re-occupied prior to year-end 2007, therehabilitation work has progressed more slowly than anticipated.  Units remain vacant; however, the creditallocating agency has confirmed that credits will not be jeopardized. The taxcredit delivery period ends in 2007 and the low income housing tax creditcompliance period expires in 2011.

 

Kimbark 1200 Associates,LP (Kimbark 1200 Apartments) is a 48-unit family development located inLongmont, CO.  The property suffers fromlow occupancy due to a weak rental market. In addition, the property has mostly three-bedroom units (42 of the 48)and these units have comparable rents to single-family rental homes, which aremore desirable.   The poor quality of theschool system also makes it difficult to attract families with children.  The site manager developed a goodrelationship with the local police who have initiated nighttime patrols. Toattract applicants, management continues to offer rental concessions andresident referral fees.  Banners andsigns have been redesigned for increased visibility; a model unit has beenprepared for showing to applicants; and advertising on the internet, and inadjacent towns, has increased.  Aconsultant visited the property in August, and reported that the property wasin excellent condition. The 2007 average annual occupancy was 92% and the firstquarter of 2008 is at 95%. The operating general partner continues to fund alloperating deficits.  Accounts payable,mortgage, taxes, and insurance are current. 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 a 160-unit property located in Edmond, OK.  Average occupancy in 2007 was 85% andimproved slightly to 87%

 

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in the first quarter of2008.  Despite the low average occupancy,Edmond has historically operated above breakeven due to management’s ability tocontrol operating expenses.  In addition,in 2007, management increased rents.  Atthe end of 2007, due to continued occupancy issues the operating generalpartner replaced the management company. Since that time, new leasing staff has been hired and new marketingstrategies have been implemented which have enabled the property to increasetraffic.  While the area is a desirableplace to live, it is also extremely competitive.  Overall, the low occupancy is due to acombination of market related factors as well as poor prior management.  Management states that the biggest challengeis finding qualified maintenance technicians to staff the property.  The investment general partner will continueto monitor and assist management with marketing and leasing strategies.  A site visit will be completed in the firstquarter of 2008 to assess the level of deferred maintenance and review the newmanagement company’s operating performance. All real estate tax, insurance and mortgage payments are current.

 

(Series 23).As of March 31, 2008 and 2007, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 22 properties at March 31, 2008, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2007 and 2006, the series, in total,generated $1,786,136 and $1,582,246, respectively in passive income tax lossesthat were passed through to the investors and also provided $0.02 and $0.40,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 23 was $680,481and $736,069, respectively.   Thedecrease is a result of the way the Fund accounts for such investments, theequity method.  By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(350,492) and$(2,190,568), respectively.   The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, impairment losses, and the fund management fee.  It is anticipated that future net losses willbe more consistent with the amount reported in the current year as the impairmentlosses are not expected to have as significant an effect on future years.

 

Mathis Apartments, LTD.(Mathis Apartments) is a 32-unit multifamily development located in Mathis,Texas.  Despite being 95% occupied during2007 and implementing a rent increase, the partnership was unable to supporthigh operating costs and operated below breakeven.  The deficit was directly attributable toinadequate rents combined with an increase in real estate taxes and maintenancecosts.  The maintenance expense increasedabout 31% due to costs for supplies and repairs and the taxes more than doubledfrom 2006.  The 2007 operating deficitwas funded by increasing payables, withdrawals from the reserves account, andaccruing management fees and operating general partner advances.  As of the first quarter 2008, occupancy hasincreased slightly and is averaging 97%.  All real estate tax, mortgage, and insurance payments are current.

 

South Hills Apartments,LP (South Hills Apartments) is a 72-unit, family property located in Bellevue,Nebraska. The property operated with an average occupancy of 80% in the firstquarter of 2008. There are few qualified prospective residents that can affordthe tax credit rents without obtaining rental assistance. Currently there islimited assistance as evidenced by a

 

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nine-month waiting listat the local housing authority. There are also newer competing propertiesoffering more attractive amenities. Over the past three years, there have beennumerous managers at the property. The operating general partner completedanother site management change in November 2007. Management increasedconcessions and resident referral rewards. Management is in constantcommunication with the nearby Air Force base and local employers, is placingadvertising in the weekly newspaper, and has a website for the property. Thenew manager is focusing on strengthening the resident base, increasing residentretention, and improving collections. The manager has been proactive in anattempt to improve lease renewals by contacting every resident to ask if theyneed any additional services. The on-site manager has made personal contactwith specific employers in the immediate area that best support the propertyand received permission to display brochures to promote the community in breakrooms and at front desks. Management also changed the office hours to betteraccommodate working residents. As the result of the low occupancy and overlyburdensome debt service, the property was not able to operate above breakevenin the first quarter of 2008. Per an agreement with the operating generalpartner, the management company (an affiliate of the operating general partner)is deferring all fees until operations improve and the property can support itself.The operating general partner continues to fund the operating deficits. Theoperating general partner operating deficit guarantee is unlimited in time andamount.  The mortgage, taxes, andinsurance payments are current.

 

Sacramento SRO, LP (LaPensione K Apartments), is a 129-unit single-room occupancy property, forspecial needs residents, located in Sacramento, CA.  In 2004, a tax lien was discovered uponfollow-up with the operating general partner regarding the extraordinarypenalties recorded in the audit. According to the city of Sacramento, this lien was for the periodbetween tax exemption application and receipt of tax exemption status.  The operating general partner thought theperiod was covered by the exemption.  Theamount of the tax lien is approximately $95,190 ($63,249 for actual taxes due,the balance for penalties).  Theoperating general partner has negotiated a five-year payment plan to pay downthe tax lien. As a result, on top of the annual real estate taxes, theOperating Partnership makes a $25,000 annual payment as required by the city toavoid being declared in default. As of December 31, 2007, full balance ofthe tax lien has been fully paid off. In 2007, the property continued tooperate at a surplus with an average physical occupancy of 99%. As of March 31,2008, this property was 99% occupied. The property’s mortgage, taxes andinsurance are all current.

 

Kimbark 1200 Associates,LP (Kimbark 1200 Apartments) is a 48-unit family development located inLongmont, CO.  The property suffers fromlow occupancy due to a weak rental market. In addition, the property has mostly three-bedroom units (42 of the 48)and these units have comparable rents to single-family rental homes, which aremore desirable.   The poor quality of theschool system also makes it difficult to attract families with children.  The site manager developed a goodrelationship with the local police who have initiated nighttime patrols. Toattract applicants, management continues to offer rental concessions and residentreferral fees.  Banners and signs havebeen redesigned for increased visibility; a model unit has been prepared forshowing to applicants; and advertising on the internet, and in adjacent towns,has increased.  A consultant visited theproperty in August, and reported that the property was in excellent condition.The 2007 average annual occupancy was 92% and the first quarter of 2008 is at95%. The operating general partner continues to fund all operatingdeficits.  Accounts payable, mortgage,taxes, and insurance are current.  Thelast year for credit delivery was 2005 and the low income housing tax creditcompliance period expires in 2010.

 

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Broderick HousingAssociates, LP (Country Hill Apartments, Phase II) is a 92-unit family complexlocated in Cedar Rapids, Iowa. Occupancy averaged 99% in 2007 and the propertyoperated above breakeven. The property was 96% occupied as of March 31,2008. Despite high occupancy, the property operated below breakeven in thefirst quarter of 2008 due to increased heating and appliance repair expensesand high seasonal utility costs. High turnover costs and maintenace, namelypainting, also increased the operating expenses. Management is currentlyworking to develop a strong resident retention program to minimize turnoverexpenses. To offset high operating expenses, a rent increase will beimplemented in May 2008. Monthly rents will increase by an average of $15to $25 per unit, which will increase gross potential revenue by approximately$2,000 per month. Despite an expired guarantee, the operating general partnerhas a longstanding history of funding operating deficits and continues to funddeficits as necessary. All taxes, insurance and mortgage payments are current.

 

Edmond Properties, LP(Chapel Ridge of Edmond) is a 160-unit property located in Edmond, OK.  Average occupancy in 2007 was 85% andimproved slightly to 87% in the first quarter of 2008.  Despite the low average occupancy, Edmond hashistorically operated above breakeven due to management’s ability to controloperating expenses.  In addition, in2007, management increased rents.  At theend of 2007, due to continued occupancy issues the operating general partner replacedthe management company.  Since that time,new leasing staff has been hired and new marketing strategies have beenimplemented which have enabled the property to increase traffic.  While the area is a desirable place to live,it is also extremely competitive. Overall, the low occupancy is due to a combination of market-relatedfactors as well as poor prior management. Management states that the biggest challenge is finding qualifiedmaintenance technicians to staff the property. The investment general partner will continue to monitor and assistmanagement with marketing and leasing strategies.  A site visit will be completed in early 2008to assess the level of deferred maintenance and review the new managementcompany’s operating performance.  Allreal estate tax, insurance and mortgage payments are current.

 

(Series 24). As of March 31,2008 and 2007, the average Qualified Occupancy for the series was 100% and99.9%, respectively. The series had a total of 24 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006, the series, in total, generated $1,371,273 and $1,018,318,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.09 and $0.66, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 24 was $286,029and $503,037, respectively.  The decreaseis primarily the result of the way the Fund accounts for such investments, theequity method. By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued

 

For the years ended March 31,2008 and 2007, the net income (loss) of the Series was $(660,630) and$(1,333,324), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.  It is anticipatedthat future net losses will be more consistent with the amount reported in thecurrent year as the impairment losses are not expected to have as significantan effect on future years.

 

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ElmStreet Associates, Limited Partnership (Elm Street Apartments) is located inYonkers, New York.  The neighborhood hasbeen a difficult one in which to operate due to high crime.  Almost all tenants have some public subsidy,making this a very management-intensive property.  Poor tenancy has historically resulted inoperating deficits.  Although managementhas been proactive in addressing these concerns, other management issues,including poor rent collections and deferred maintenance, have negativelyimpacted the property.  Although occupancystarted showing signs of improvement in the first three-quarters of 2007, thefourth quarter saw occupancy decline to 80% in November and December.  This trend continued into the first quarterof 2008 with occupancy holding at 80%.

 

Management is trying tobe proactive in trying to keep residents in the units by supplying life skillsworkers to families who are having trouble paying rent.  After referring families to rent assistanceservices, they offer counseling for basic budgeting skills to avoid futureevictions.  Many tenants have given uppossession of their units, as they are unable to catch up with rent paymentsowed in arrears.   Bad debt write-offstotaled $72,569 in 2007. In addition to the occupancy issues, operating expenseshave also increased significantly.  Managementhad previously been diligent in controlling operating expenses in order toreduce their operating deficit. Maintenance expenses increased in conjunction with the increasedturnover.  One unit required moldabatement, which drove up maintenance costs. Water and sewer expenses have also seen significant increases.  Due to the decreased occupancy, bad debt, andthe increase in operating expenses, the property continues to operate belowbreakeven.  The mortgage, real estatetax, insurance and required reserves are all current. The Operating Partnershipis dependent on the operating general partner funding the operating deficits bycash infusions, and deferring management fees. The goal of management is to work on improving and stabilizing theneighborhood in order to attract and retain residents. The operating generalpartner has a long-standing and ongoing commitment to the residents ofSouthwest Yonkers where their housing programs and service offices are located.

 

The operating generalpartner’s most intensive community development work is focused in Nodine Hillwhere the property is located.  Thecommunity organizer serves as the coordinator of the US Department of Justice’s“Weed to Seed” initiative which combines law enforcement and social services ina coordinated effort to remediate problems in the neighborhood.  The operating general partner has beeninstrumental in operating the Elm Street Neighborhood Center. The center offersneighborhood residents access to after school children’s programs, job trainingfor adults and teens, and work services programs for adults. The operatinggeneral partner has been proactive and successful in obtaining grants such as arecent award under the New York State Main Street program which was designed tostimulate downtown revitalization.  Fundshave been utilized for building renovations, streetscape enhancements, andcommercial and affordable housing development. Funds have been earmarked forthe purchase of some surrounding vacant lots for the construction of a playarea. The operating general partner remains committed to the property and theneighborhood and expressed a willingness to continue funding deficits until theproperty stabilizes.  The operatinggeneral partner has a significant investment in the community in which theproperty is located, and all attempts to stabilize the property are geared forthe long term.  The City of Yonkers iscurrently undergoing significant growth. A casino has opened in the Yonkers Racetrack, and a water shuttleservice has come on line that connects to the financial district inManhattan.  It is hoped that this growthwill make this neighborhood a better place to live.  In the short term, the operating generalpartner is working to increase occupancy levels, as well as working to educatethe tenants so they do not fall behind in rent payments.

 

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The investment generalpartner will continue to monitor this Operating Partnership until propertyoperations have stabilized.  A site visitis planned for the second quarter 2008.

 

Jeremy Associates, LP(Coopers Crossing Apartments) is a 93-unit family development located in LasColinas, Texas.  Average occupancy for2007 was 90%, down 6% from the 2006 average occupancy.  Through the first quarter of 2008, averageoccupancy is 93%, and has steadily increased each month to reach 95% as of March 2008.  The reason for the decline in performance in2007 was due to having to relocate tenants out of an entire building forstructural repairs.  In 2003 an engineer’sreport identified foundation and stress cracks in a number of buildings onsite.  The total cost of the project wasestimated at $320,000; however, there were additional repairs required due toplumbing breaks as the foundations were being repaired, resulting in a totalproject cost of $360,000. The construction repairs were funded by a capitalcontribution from the operating general partner, and the project was completedin November of 2007 and all units have been brought back on line.  In efforts to market the units, managementreduced the move-in deposit and has been networking with local employers in thearea.  The investment general partnerinspected the project after completion of the repairs and found that allfoundation repairs have been addressed and the overall property is in very goodphysical condition, as all structural repairs have been addressed andoperations are improving to pre-project levels. The mortgage, trade payables, property taxes and insurance are current.

 

Los Lunas Apartments, LP(Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property.Average physical occupancy for 2007 was 88% and the property operated abovebreakeven. As of March 31, 2008, the property was 92% occupied. However,the property was not able to operate above breakeven, due to slightly highermaintenance expenses. In the first quarter of 2008, instead of usingreplacement reserve funds for some necessary repairs and appliancereplacements, the management used available funds from operations. To increaseand maintain the occupancy management continues to market the property throughlocal media and civic organizations. The operating general partner has alsorenegotiated the laundry contract with the vendor and all of the machines wereupgraded.  The property has receivedfunds from the vendor for re-signing the contract. The real estate taxes,insurance, and mortgage payments are current.

 

New Hilltop Apartments,Phase II (Hilltop Apartments) is a 72-unit property located in Laurens,SC.  Industrial decline in the area hasled to a dwindling population base from which to draw qualified residents.  Only twenty-one of the property’s seventy-twounits have rental assistance. Consequently, the property has trouble competing with properties thatoffer more units with rental assistance. In 2006 average occupancy declined to 77% from an average of 93% in 2005as the qualified resident base continued to decline, resulting in belowbreakeven operations.  Occupancy hasaveraged 84% through the first quarter of 2008. Due to this continued low occupancy, the property continues to operatebelow breakeven status.  The primaryreasons for the cash flow deficit include: insufficient rental rates, vacancylosses to due to poor occupancy, various capital improvement projects andadditional replacement reserve funding per a Rural Housing 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 low income housing taxcredit compliance period expires in 2009.

 

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Century East IV, LP(Century East IV Apartments) is a 24-unit development located in Bismarck,ND.  In 2006 the property operated with acash deficit due to maintaining an average occupancy of 88%.  In 2007, average occupancy improved to 93%and the property began operating above breakeven again.  Through the first quarter of 2008, occupancywas 90%.  In the fourth quarter of 2007,the site manager was replaced and marketing efforts were increased.  This resulted in significantly moretraffic.  In addition, management hasbegun a process of re-tenanting the property in an effort to reduce bad debtexpenses, skips, and evictions.  As aresult, many problematic tenants have been evicted and replaced with morestable tenants.  It is important to notethat, in the past, the operating general partner has funded all operatingdeficits, despite the expiration of the operating deficit guarantee.  The investment general partner will continue tomonitor the property’s performance and will perform a site inspection duringthe first half of 2008.  The mortgage,trade payables, property taxes, and insurance are current.

 

Century East V, LP(Century East V Apartments) is a 24-unit development located in Bismarck,ND.  In 2006 the property operated with acash deficit due to maintaining an average occupancy of 89%. In 2007, averageoccupancy improved to 93% and the property began operating above breakeven.  Through the first quarter of 2008, occupancywas 94%.  In the fourth quarter of 2007,the site manager was replaced and marketing efforts were increased.  This resulted in significantly more traffic.  In addition, management has begun a processof re-tenanting the property in an effort to reduce bad debt expenses, skips,and evictions.  As a result, many problemtenants have been evicted and replaced with more stable tenants.  It is important to note that, in the past,the operating general partner has funded all operating deficits, despite theexpiration of the operating deficit guarantee. The investment general partner will continue to monitor the property’sperformance and will perform a site inspection during the first half of2008.  The mortgage, trade payables,property taxes and insurance are current.

 

North Hampton Place, LP(North Hampton Place Apartments) is a 36-unit family property located inColumbia, Missouri.  Occupancy began todecline in the first quarter of 2006 to an average of 82%.  The property is not located near publictransportation, somewhat reducing applicant appeal.  Management increased the frequency ofnewspaper advertising and occupancy improved through 2006 and 2007, reaching91% by December 2007.  However, theproperty operated below breakeven. In the first quarter of 2008 occupancydecreased to 87%. The operating general partner is funding deficits asnecessary and the mortgage, property taxes, and insurance are current.  The tax credit delivery period ended in 2006,with the low income housing tax credit compliance period due to expire in 2010.

 

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

 

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the on-site manager wasassaulted on the premises and the operating general partner was unable tore-establish a management presence at the property.

 

On March 2, 2007,the City of St. Louis conducted a hearing and ordered the building closedpursuant to public nuisance ordinances. The Department of Housing and Urban Development (HUD) terminated theHousing Assistance Payment contract.  Thetrustee for the bonds declared default under the bond documents.  The operating general partner chose not tocontest the City’s order or HUD’s contract termination after determining thatthe highest recovery for the bondholders and limited partners might result froma sale to a developer who would convert the property to a non-affordableuse.  The operating general partnerworked with HUD and local municipal officials to relocate the tenants, whichconcluded in early July 2007. The operating general partner engaged abroker who began marketing the property, but after three months of marketexposure during the third quarter of 2007, the property had failed to elicitany strong expressions of interest.  Thelack of interest was in part attributable to the general problems in the creditmarket that occurred in the third quarter of 2007.  In October 2007, the operating generalpartner determined that it would be costly to carry the property through thewinter and offered to consensually transfer the property to the bondholders’trustee. As of December 2007, the bondholders’ trustee had effectivelytaken control of the property and was pursuing its own marketing effort,although it had not formally accepted the deed.

 

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

 

(Series 25). As of March 31,2008 and 2007, the average Qualified Occupancy for the series was 100% and99.9%, respectively. The series had a total of 22 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006, the series, in total, generated $1,762,115 and $1,072,577, respectively,in passive income tax losses that were passed through to investors and alsoprovided $0.15 and $1.05, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 25 was$2,477,296 and $2,936,860, 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 31,2008 and 2007, the net income (loss) of the series was $(704,857) and$(4,602,731), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, 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.

 

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Sutton Place Apartments,LP (Sutton Place Apartments) is a 360-unit apartment complex located inIndianapolis, Indiana.  In January of2005, the Operating Partnership underwent a change in the operating generalpartner, which was accompanied by a change in management. In 2005, the property’sperformance dipped below breakeven due to high operating expenses, mainly dueto deferred maintenance.  Given the sizeand difficult tenant base/market of the property, the original operatinggeneral partner did not have the resources to support the property longterm.  As a result, deferred maintenanceitems were not addressed and the property’s physical condition declined.   As a result, when the new operating generalpartner assumed the position there was a significant amount of deferredmaintenance and a number of vacant units, which could not be rented due tosignificant costs required to make them marketable.  Many of the more costly vacant units weredown in efforts to turn over the other less costly units.  The new management endeavored to address themaintenance items utilizing the existing replacement reserve account andavailable cash flow.  Unfortunately, theavailable escrowed funds and cash flow have not proven to be sufficient.  Capital expenditures in the amounts of$133,000 for 2005 and $190,000 for 2006 were contributed by the operatinggeneral partners; however, this was not enough to address all physicalconcerns.  As a result, the propertyfailed the 2007 Real Estate Assessment Center inspection and management lostthe confidence of HUD, resulting in a HUD required management change.  With the approval of the investment generalpartner, the operating general partner secured a $500,000 bridge loan toaddress all items raised by the Center, as well as additional rehab items onall units.  The operating general partnerand management are working closely with HUD to complete the project and willschedule a Center inspection upon completion. Upon successfully passing the Center inspection, the bridge and currentpermanent financing will be refinanced at a lower rate.  Historically, the property has operated withan occupancy level of 90%.  The 2006 and2007 average occupancy was 91% and 89%, respectively, and as of March 2008was 84%.  According to the operatinggeneral partner, the decline in occupancy during the second half of 2007 wasthe result of the new management re-tenanting the property.  Management is attempting to create a positivenet monthly occupancy while ensuring that new tenants meet the stricter rentingcriteria, which have been implemented. Through the first 3 months of 2008, occupancy has steadily increased andmanagement is confident they can achieve 90% by June 2008.

 

It is important to notethat the new operating general partner assumed the obligations under theguaranty agreement dated November 20, 1996.  Per the guarantee, after the fifth year fromthe date rental achievement was met, the operating general partner is obligatedto advance funds to eliminate any operating deficit up to $150,000.  Since assumption of the operating generalpartner position, the operating general partner has advanced $290,000.  The investment general partner will continueto work with the operating general partner in finalizing the refinance andcompleting the required repairs, as well as evaluating the new managementcompany and their marketing strategies. All real estate tax, insurance, andmortgage payments are current.

 

M.R.H., LP (The MaryRyder Home), a 48-unit property located in St. Louis, MO, received a 60-dayletter issued by the IRS proposing to reduce the amount of low income housingtax credits allowable because it asserts that certain fees and otherexpenditures were not includible in the eligible basis of the property. The60-day letter was the result of an IRS audit of the Operating Partnership’sbooks and records. As a result of their audit, the IRS proposed an adjustmentthat would disallow approximately 18% of past and future tax credits. Theadjustment would also include interest. The investment general partner and itscounsel, along with the operating general partner and its

 

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counsel, filed an appealon June 30, 2003 and continued negotiations with the IRS Appeals Office.

 

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

 

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

 

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

 

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

 

Despite strong occupancy,the property operated with a deficit in 2007. The loss was due to a largeincrease in real estate taxes in 2007. In 1997 the City of St. Louis granted the property a tax abatement whichexpired in 2006. The operating general partner erroneously thought theabatement went through 2007, so they had not budgeted for the large increase inreal estate taxes.  Per the operatinggeneral partner the City of St. Louis will not extend the abatement; however,the operating general partner is working with his counsel to appeal the assessmentfor the upcoming tax year.  This processwill begin in the Fall of 2008. Management is working with the investment general partner to determineif a withdrawal request from the operating reserve will be required to coverthe real estate tax expense.  Despite thecash deficit, the partnership has no debt.

 

Dogwood Park L.P.(Dogwood Park Apartments) is a 127-unit family development located in Athens,Georgia. Although 2007 occupancy averaged 95% and expenses were reduced by $75per unit, the property still operated below breakeven due to stagnant rentlevels and high debt service.  Theoperating general partner contested the 2007 property taxes, but the appeal wasdenied.  In the first quarter of 2008,occupancy averaged 99%.  The mortgage,taxes and insurance are current. The low income housing tax credit complianceperiod expires in 2011.

 

(Series 26). As of March 31,2008 and 2007, the average Qualified Occupancy for the series was 100%.  The series had a total of 45 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006, the series, in total, generated $1,358,300 and $2,020,505,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.37 and $1.07, respectively, in tax credits perBAC to the investors.

 

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As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 26 was$5,982,367 and $6,753,914, 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 31,2008 and 2007, the net income (loss) of the series was $(1,161,604) and$(4,098,003), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.  It is anticipatedthat future net losses will decrease from the amount reported in the currentyear, as the impairment losses are not expected to have as significant aneffect on future years.

 

Cameron Apartments (CameronApartments Partnership) was a 40-unit apartment complex located in Cameron,Louisiana.  The property was completelydestroyed by Hurricane Rita and the National Flood Insurance Program wrote offthe property as a complete loss. The operating general partner determined thatrebuilding the property on the same site would be cost prohibitive andoperations would not support the property’s insurance premium. Based on thelocal conditions, the investment general partner on behalf of the OperatingPartnership informally requested forgiveness from the Internal Revenue Serviceof the tax credit recapture that will result from not rebuilding the propertyat the original location; however, no such reprieve was granted. As a result,the investors experienced in 2007 the reversal of tax credits claimed for 2005and 2006 (after the property was destroyed) of $260,955, and recapture andinterest of $563,818.  This representscredit loss of $65 and recapture of $141, respectively, per 1,000 BACs.  As a result of the destruction of theproperty there are insurance proceeds available that will be utilized to payoff the first mortgage and reimburse a portion of the tax credit recapture.

 

As previously reportedand as discussed above, the initial informal request to rebuild the property atanother location and avoid recapture was denied by the IRS.  In the first quarter of 2008, the operatinggeneral partner on behalf of the Operating Partnership will file a formalrequest with the IRS to i) waive the recapture; ii) waive the recapture andallow the property to be rebuilt in another location; or iii) waive a portionof the recapture.  As a result of theformal request being submitted to the IRS, the proceeds held by the OperatingPartnership to offset a portion of the anticipated recapture have been placedin an escrow account.  In accordance withthe escrow agreement, if the IRS does not waive the recapture or a portion ofthe recapture the monies held in escrow will be released to the investmentpartnership.  If the request to waiverecapture or a portion of the recapture is granted, the recapture recognized byBAC holders in 2007 will be reversed in 2008. Further, if the recapture iswaived entirely then the funds held in escrow will i) be utilized to rebuildthe property at an alternative location; or ii) will be distributed inaccordance with the terms of the Operating Partnership Agreement.

 

Willows, (The WillowsApartments) is a 32-unit multifamily development located in Smithville,Texas.  During the first half of 2007,occupancy declined as a result of management evicting non-paying tenants aswell as tenants moving out because of necessary maintenance items beingdeferred.  The complex was rehabilitatedin 1996 and is in need of unit and curb appeal improvements.  Although there was approximately $16,600remaining in the replacement reserve account, Rural Development would notrelease the funds until all necessary work was completed.  Some of the issues plaguing the site wereelectrical, plumbing, flooring and HVAC repairs; however, there has not beenenough

 

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revenue generated tocover the costs.  In addition, aninspection performed by The Texas Department of Housing and Community Affairsfound multiple items that will need to be addressed in the near future.  Some of the issues noted were: missingshingles and wood sections, exterior painting, rust removal, mortar and brickrepairs, dryer vents replaced, door and wall repainting.  The inspection also noted buildings two andfour are missing accessibility entrances, so ramps will need to beinstalled.  The operating general partnerand management are working on a work out plan with Rural Development becausethe complex does not have the cash flow to cover the cost of the neededrepairs.  Occupancy fluctuated throughout2007 causing year-to-date occupancy to average 90%.  Occupancy increased significantly during thefourth quarter to reach a year high of 97%; however, high administrative andmaintenance expenses from resident turnover and legal costs resulted in belowbreakeven operations.  Management hasrequested a rent increase from Rural Development of approximately $60 per unit;however, the increase has not yet been granted. The operating general partneris funding the operating deficit, as the guarantee is unlimited in time andamount.  The investment general partnerwill continue to monitor the property’s occupancy, operations, repairs and workout plan with Rural Development as well as assist management in determiningways to increase revenue and occupancy while reducing expenses in an effort toachieve breakeven operations in 2008. All real estate tax, mortgage, and insurance payments are current.

 

Country Edge, LP (CountryEdge Apts.) is a 48-unit property located in Fargo, North Dakota.  During 2007 the property operated with anaverage occupancy of 90%, which was a 10% increase from the prior year.  Despite this increase, there was a decline inoccupancy during the last two months of 2007 as occupancy declined to 77% andhas remained on average at 77% through the first quarter of 2008.  According to the regional manager, asignificant part of the tenant base is comprised of new Americans.  As a result, the property is affected byunique cultural concerns.  As many ofthese tenants move as a group, it is not uncommon to have a dramatic number ofmove-outs as an entire family may move-out all at once.  This was the reason for the significant dropin occupancy at year-end.  As this is theslowest period for leasing, management is having difficulty replacing themove-outs despite aggressive advertising and lowered rents.  Management forecasts that a return to 90%occupancy will not happen until summer 2008 when the weather begins to improveand area residents feel comfortable moving. The operating general partner continues to fund all operating deficits,despite the expiration of the operating deficit guarantee.  A site inspection will be conducted duringthe first half of 2008 to ensure deferred maintenance items are being addressedand to review the current leasing strategies. The mortgage, trade payables, property taxes, and insurance are current.

 

Grandview Apartments, LP(Grandview Apts.) is a 36-unit property located in Fargo, North Dakota.  Average occupancy for 2007 was 92%, an 11%improvement from the prior year.  Despitethis improvement, Grandview operated below breakeven for the year due to higherthen average expenses from turnover costs and bad debt.  According to the regional manager, asignificant part of the tenant base is comprised of new Americans.  As a result, the property is affected byunique cultural concerns.  As many ofthese tenants move as a group, it is not uncommon to have a dramatic number ofmove-outs as an entire family may move-out all at once.  In addition, many of these tenants causetheir apartments to incur significant damages resulting in high turnovercosts.  Towards the end of 2007, a groupof tenants relocated which resulted in an 8% decline in occupancy.  Since then, management has been able toimprove occupancy, which as of March 2008 was at 89%.  The operating general partner continues tofund all operating deficits, despite the expiration of the operating deficitguarantee.  A site inspection will be conductedin early

 

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2008 to ensure deferredmaintenance items are all being addressed and to review the current leasingstrategies.  The mortgage, tradepayables, property taxes, and insurance are current.

 

Lake Apartments IV LimitedPartnership (Lake Apartments IV) is a 24-unit property located in Fargo,ND.  During 2007 the property operatedwith an average occupancy of 92%, which was a 12% improvement from the prioryear when, due to excessive vacancy loss, the property was unable to operateabove breakeven.  Through the firstquarter of 2008, occupancy was 96% which is historically higher then firstquarter occupancy in prior years.  In thepast, the operating general partner has funded all operating deficits, despitethe expiration of the operating deficit guarantee. The last site inspectionreport indicates that there are no deferred maintenance items at the site.  The investment general partner will continueto monitor the property’s performance and will perform a site inspection duringthe first half of 2008 to assess the physical condition of the property andreview leasing strategies.  The mortgage,trade payables, property taxes, and insurance are current.

 

Calgory Apartments II, LP(Calgory Apartments II) is a 24-unit development in Bismarck, ND.  In 2007 the property operated with an averageoccupancy of 86% which was down by 6% from the prior year.  As a result of the increase in vacancies, theproperty operated slightly below breakeven for 2007.  During the fourth quarter of 2007, occupancyimproved and through the first quarter of 2008, average occupancy was 96%.  In the fourth quarter of 2007, the sitemanager was replaced and marketing efforts were increased.  This resulted in significantly moretraffic.  In addition, management hasbegun a process of re-tenanting the property in efforts to reduce bad debtexpenses, evictions and skips.  As aresult, many problem tenants have been evicted and replaced with more stabletenants.  According to the new sitemanager, they are leasing up the units as fast they can turn them.  The investment general partner will continueto monitor the property’s performance and will perform a site inspection duringthe first half of 2008.  All real estatetax, mortgage, and insurance payments are current.

 

East Park II, LP (EastPark Apartments II) is a 24-unit development in Dilworth, MN.  Average occupancy for 2007 was 72%, with afourth quarter average occupancy of 75%. The property was operating below breakeven due to a combination ofincreased vacancy loss as well as a significant increase in turnovercosts.  The property is located in ahighly competitive area.  Recently newtownhouse units with garages were built in the immediate market area, offeringrents that are competitive with those at the Operating Partnership.  The Operating Partnership is comprisedprimarily of two and three bedroom units. As a result, the majority of these units appeal to families.  The property has experienced an increase inturnover as the families move 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 desirable area.  As such,occupancy improved to 96% as of March 2008 and had a first quarter 2008average occupancy of 90%.  The investmentgeneral partner will continue to work with the operating general partner tomonitor occupancy and ensure ongoing improvement.  A site inspection will be conducted duringthe first half of 2008.  All real estatetax, mortgage, and insurance payments are current.

 

(Series 27). As of March 31, 2008 and 2007 the averageQualified Occupancy for the series was 100%. The series had a total of 16 properties at March 31, 2008, all ofwhich were at 100% Qualified Occupancy.

 

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Forthe tax years ended December 31, 2007 and 2006, the series, in total,generated $734,794 and $1,012,504, respectively, in passive income tax lossesthat were passed through to investors and also provided $1.01 and $1.11,respectively, in tax credits per BAC to the investors.

 

Asof March 31, 2008 and 2007, Investments in Operating Partnerships for Series 27was $6,799,406 and $7,447,478, 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 31,2008 and 2007, the net income (loss) of the series was $(1,009,610) and$(2,229,898), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, 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.

 

Holly Heights, LP (HollyHeights Apartments) is a 30-unit property located in Storm Lake, Iowa. Theproperty continues to incur operating deficits due to high tenant turnover andlow rental rates. This property operated with an average occupancy of 85% in2007, and the occupancy averaged 89% in the first quarter of 2008. There arelimited job opportunities in the area and, as a result, residents continue tomove to other areas to find work. In response to the declining occupancy, themanagement agent intensified leasing efforts by offering concessions of onemonth free rent and other incentives, including lower rents, no securitydeposits and increased resident referral rewards. As a result of low occupancycombined with low rental rents, the property continues to experience negativecash flow. In addition, the property suffers from a high interest rate on thepermanent mortgage. Management has presented the loan to various lenders, butnet operating income cannot support a new loan. The investment general partnerwill continue to closely monitor the property. Per an agreement with theoperating general partner, the management company (an affiliate of theoperating general partner) is deferring all fees until operations improve. Theoperating general partner continues to fund the operating deficits inaccordance with his guarantee, which is unlimited in time and amount.  The mortgage, taxes, and insurance paymentsare current.

 

Angelou Court (AngelouCourt Apts.) is a 23-unit co-op property located in Harlem, New York. TheOperating Partnership operated below breakeven in 2007, due to increasingresident receivables and high operating expenses.  Occupancy was at 100% as of March 31,2008.  Management has been pursuing andmaintaining a more aggressive collection and eviction procedure.  The operating general partner and theinvestment general partner continue to proactively monitor these problematiccollections closely.  The operatinggeneral partner states that a 2% rent increase was effective for January 2008.The operating general partner and management continue to explore options toreduce utility costs, including educating residents about conservation andseeking grants from utility companies. Management and the operating general partner filed an application forassistance to replace windows and boilers with New York State Energy Researchand Development Authority and are waiting for a response.  Harlem is undergoing a great deal of urbanrevitalization.  The property pays noproperty taxes as the result of their non-profit, tax-exempt status. Themortgage and insurance payments are current and the operating general partneris funding deficits as needed.

 

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Kiehl Partners (ParkCrest Apartments) is a 216-unit property located in Sherwood, AR. In 2007,average occupancy was 81% and the property operated below breakeven.  The property operated below breakeven due tolow occupancy and high administrative, maintenance and bad debt expenses. As ofMarch 31, 2008, the property was 76% occupied and it continued to operatebelow breakeven. Occupancy continued to struggle; however, delinquency loss hadsubstantially improved.  A new regionalmanager was hired in January 2008. The new regional manager is currently working on a plan to help increaseoccupancy and decrease expenses.  Theplan includes increased local advertising, concessions to help increaseoccupancy, better screening of tenants, and a stricter policy on non-payingtenants, which will decrease bad debt. The new regional manager is also researching ways to loweradministrative and maintenance expenses. The investment general partner will continue bi-monthly conference callswith the regional manager to monitor operations and ensure that occupancyimproves and expenses decrease. In the second quarter of 2008, the investmentgeneral partner requested a third party shop to assess the leasing performanceof the manager. Since the property never converted to a fixed rate financing,any operating deficits are guaranteed by the operating general partner’soperating deficit guaranty until they convert to permanent fixed ratefinancing. The operating general partner funds operating deficits as necessary.All tax, mortgage, and insurance payments are current.

 

(Series 28). As of March 31,2008 and 2007, the average Qualified Occupancy for the series was 100%.  The series had a total of 26 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006, the series, in total, generated $1,379,843 and $1,609,005,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.95 and $1.04, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 28 was$5,524,970 and $8,669,887, respectively. The decrease is a result the way the Fund accounts for such investments,the equity method.  By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(3,378,418) and$(5,760,322), respectively.  The majorcomponents of these amounts are the Fund’s share of losses from OperatingPartnerships, 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.

 

Cottonwood Partnership(Cottonwood Apartments) is a 24-unit multifamily development located inCottonwood, Louisiana.  During 2007,occupancy averaged 83% and fluctuated between a low of 67% and a high of 92%throughout the year. The 13% decline in occupancy was caused, in part, by asmall rent increase, but the majority of the vacancy was from evictions filedfor failure to pay rent, lease violators, or suspected criminal activity.  The property operated just below breakevenfor the year and the accounts payable at the site remain an issue.  During the first quarter of 2008 theoccupancy has declined further, averaging 79%. Management continues to seek out ways to increase traffic and occupancyat the site.  Current measures includeblanketing the immediate area with flyers, and working with local non-profitagencies and

 

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area employers, as wellas initiating a resident referral program. The operating general partner is funding deficits as necessary.  The guarantee is unlimited in amount untilthe end of the low income housing tax credit compliance period in 2012.  The investment general partner will continueto work with the operating general partner to help improve occupancy and assistwith gaining another rent increase approval from Rural Development.  All real estate tax, mortgage, and insurancepayments are current.

 

Maplewood ApartmentsPartnership (Maplewood Apartments) is a 40-unit property located in Winnfield,Louisiana.  In 2006 the property operatedbelow breakeven due to increased maintenance expenses caused by the repair ofdamages sustained during the 2005 hurricane season.  The property was insured, but damages werenot great enough to cover the insurance deductible, and the repairs were paidfor out of operations.  Although a smallrent increase was applied in 2006, the rents were still insufficient to coverthe expenses, which led to the deficit. During 2007, rental rates were still insufficient to cover the normaloperating expenses, which caused the partnership to remain belowbreakeven.  Management decided toimplement a substantial increase of $50 per unit, which became effective uponlease renewal.  This caused significantvacancies as tenants moved out when their leases were up because they could notafford the new rates.  As a result,occupancy averaged only 82% for 2007. Although much of the decline was due to the rent increase, it was alsoattributed to management’s efforts to evict non-paying and problemresidents.  During the first quarter of2008, occupancy declined further reaching a low of 58% in March 2008.  Management is adamant that improving theresident base will help operating results going forward.  The operating general partner is funding alldeficits as necessary.  The guarantee isunlimited in time and amount.  Theinvestment general partner will continue to monitor the property’s occupancyand operations, as well as assist management in determining how to improve operatingresults.  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.  The operating general partner reported thatthe 2008 first quarter occupancy was 93% and operations were stable. The 2007average occupancy was 98% with operations above breakeven status. In 2003, theOperating Partnership recorded a $112,000 loan from the operating generalpartner to pay for a tax lien.  Furtherinvestigation showed that the tax lien was incurred during the constructionperiod, and should have been funded by the operating general partner, withoutreimbursement, as part of his obligation to complete construction of theproperty per the partnership agreement and the development agreement.  The investment general partner’s repeatedrequests to restructure the loan went unheeded. In September 2005, legal counsel for the investment general partnersent a letter demanding a removal of the loan from the partnership account andthe return of all payments made on this loan. The operating general partner’s response did not address the issuesatisfactorily.  Additionally, in December 2005,a title search on the Operating Partnership showed at least $60,000 in liensincurred by the operating general partner that were never reported to theinvestment general partner.  Theinvestment general partner evaluated what the impact of removing the operatinggeneral partner would be since these lien issues remain unresolved.  The investment general partner has decidednot to proceed due to the inadequate value of the property (based on size andlocation), as well as the operating general partner’s continued funding,neither of which supports an extended legal battle for removal.  The investment general partner continues tomonitor this property.  The mortgage,property taxes and insurance are current. The tax credit delivery period ended in 2007, with the low-incomehousing tax credit compliance period expiring in 2011.

 

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Sumner House LP (SumnerHouse Apartments) is a 79-unit property located in Hartford, CT.  Occupancy averaged 94% in 2007, finishing theyear at 99% in December 2007.  Inthe first quarter of 2008 the property has maintained 100% occupancy.  Despite the high occupancy, the propertyoperated significantly below breakeven in 2007 due to low rental rates.  In March 2007, the property had a firethat caused substantial smoke damage in the basement and parking facility.  As the property didn’t incur any structuraldamage, no units were taken off-line and the necessary repairs were completedduring the second quarter of 2007.  Theoperating general partner is focused on establishing a better reputation forthe neighborhood surrounding the property and is working with the local policeto increase patrols.  For the past yearand a half, the operating general partner implemented a strict residentselection process to improve the resident base as well as offer leasingconcessions to help increase occupancy. The operating general partner continues to fund all deficits.  Taxes, insurance, and mortgage payments arecurrent.

 

(Series 29). As of March 31,2008 and 2007, the average Qualified Occupancy for the series was 100%.  The series had a total of 22 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006 the series, in total, generated $2,156,438 and $2,929,215,respectively in passive income tax losses that were passed through toinvestors, and also provided $0.97 and $1.18, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 29 was$3,506,468 and $6,221,809, respectively. The decrease is a result the way the Fund accounts for such investments,the equity method.  By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(3,076,775) and$(4,297,339), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.  It is anticipatedthat future net losses will decrease from the amount reported in the currentyear, as the impairment losses are not expected to have as significant aneffect on future years.

 

Lombard Partners, LP(Lombard Heights Apts.) located in Springfield, Missouri, operated belowbreakeven in 2005 and 2006 due to low occupancy, which averaged 72% in 2005 andfell to 47% in 2006. The site has no central office and the laundry room wasboarded up due to vandalism. A site visit performed in the first quarter of2007 revealed the property is in poor physical condition and there ismanagement presence. Historically, the operating general partner has been slowin reporting financial and occupancy data. In the first quarter of 2007, theinvestment general partner learned that the property was five months in arrearsof its mortgage and that the lender had issued a notice of default. Theoperating general partner has no plans to fund the property or to present aworkout plan to the lender. The lender replaced on-site management with athird-party management company. The lender holds both debt and replacementreserve accounts, the latter of which was depleted to fund unit turnovers andbring the property to a saleable condition, rather than to foreclosure.  The investment general partner and lendercontinue to discuss their options; however, any workout plan would includereplenishing reserves and paying down the outstanding mortgage.  As a result foreclosure is likely. Theinvestor general partner will continue negotiations with the operating generalpartner in an effort to maintain operations and avoid foreclosure that appears

 

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imminent at this time. Ifforeclosure occurs, the Operating Partnership will lose remaining credits of$47,356 and experience estimated recapture and interest of $203,312.  This represents an estimated loss of futurecredits and recapture and interest of $12 and $51, respectively, per 1,000BAC.  The investment general partner hasconfirmed that taxes and insurance are current.

 

In December, the lenderpolled the bondholders for their preference in resolving the default.  They were given the options of foreclosuresale, an 18-month debt forbearance as part of a workout plan, or refinancingthe property.  Although the bondholdersshowed no specific preference, the lender continues to review debt resolutionthrough sale.  Occupancy has increasedand fluctuates between 92% and 96%; however, the interest expense remains highand the debt service remains outstanding.

 

Bryson Apartments,Limited Partnership (Pecan Hill Apartments) is a 16-unit development located inBryson, TX.  Despite average occupancy of79% during 2007, the property operated above breakeven due to a rent increaseduring the year.   In an effort toincrease occupancy, a new site manager was hired in the fourth quarter of2007.  Occupancy showed signs ofimprovement during the first quarter of 2008 increasing to 79% from 73% in thefourth quarter of 2007.  The operatinggeneral partner continues to fund deficits as necessary. The mortgage, taxesand insurance are all current.

 

Forest Hill Apartments,L.P.****(The Arbors) is an 85-unit, seniorproperty located in Richmond, VA.  In thefirst quarter of 2004, the property was severely damaged by a fire. There wereno reported injuries as a result of the loss and all of the residents weresuccessfully relocated. The fire marshal has been unable to definitivelydetermine the cause of the fire.  Theoperating general partner received an initial insurance payment totaling$500,000 and at that time it was determined that the building should be razeddue to the significant fire and water damage. In the third quarter 2004, thelender approved the release of sufficient insurance proceeds of $148,000 toraze the property.  After bidding theproperty repairs, the operating general partner determined that there wereadditional costs of approximately $1.4 million due to building code changessince its original construction in 1998. The operating general partner’sprimary underwriter, and their excess property insurance carrier, determinedthat the policy did not cover code changes of more than $10,000.  The operating general partner appealed theirinitial determination regarding additional coverage and in February 2006the appeal was denied.

 

The operating generalpartner received an additional insurance payment totaling $3 million dollars,representing the insurance company’s estimate to rebuild the community minusthe code change upgrades in dispute. The lender is currently holding theinsurance proceeds.  The operatinggeneral partner was able to reduce the original construction budget by$1,167,306.  The main reductions in costswere site work, verticals and contingency. The reduction of the constructionbudget greatly reduced the originally anticipated shortfall of $1,257,519.  As a result, in early October 2006, theoperating general partner received a commitment letter from the VirginiaHousing Development Authority indicating approval of the additional debt of$1,600,000.  The construction of theproject started in early November 2006, and was expected to be completewithin nine to ten months. However, the partnership encountered somedifficulties with permits during the early stages of construction, causingconstruction delays. The property received final certificates of occupancy inearly January 2008.  As of March 2008,the property was 20% occupied. The property is expected to be fully leased-upby September 2008.

 

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Jackson Partners, LP,(Arbor Park Apartments) is a 160-unit property located in Jackson,Mississippi.  In 2007, occupancy averaged90% and the property operated below breakeven. High utility and maintenance expenses, along with high delinquency loss,were the main causes of below breakeven operations. In the first quarter of2008, occupancy averaged 80% and the property continued to operate belowbreakeven.  The regional manager wasterminated and a new regional manager was hired to improve operations. Theinvestment general partner will work with management to improve occupancy,reduce maintenance/turnover expenses, and lower delinquency loss. Utilityexpenses are high due to exorbitant water rates from the City of Jackson. Thisissue has been addressed with management; the investment general partner willcontinue to work with management to mitigate high water costs. All tax,mortgage, and insurance payments are current.

 

Kiehl Partners (ParkCrest Apartments) is a 216-unit property located in Sherwood, AR. In 2007,average occupancy was 81% and the property operated below breakeven.  The property operated below breakeven due tolow occupancy and high administrative, maintenance and bad debt expenses. As ofMarch 31, 2008, the property was 76% occupied and it continued to operatebelow breakeven. Occupancy continued to struggle; however, delinquency loss hadsubstantially improved.  A new regionalmanager was hired in January 2008. The new regional manager is currently working on a plan to help increaseoccupancy and decrease expenses.  Theplan includes increased local advertising, concessions to help increaseoccupancy, better screening of tenants, and a stricter policy on non-payingtenants, which will decrease bad debt. The new regional manager is also researching ways to loweradministrative and maintenance expenses. The investment general partner will continue bi-monthly conference callswith the regional manager to monitor operations and ensure that occupancyimproves and expenses decrease. In the second quarter of 2008, the investmentgeneral partner requested a third party shop to assess the leasing performanceof the manager. Since the property never converted to a fixed rate financing,any operating deficits are guaranteed by the operating general partner’soperating deficit guaranty until they convert to permanent fixed ratefinancing. The operating general partner funds operating deficits as necessary.All tax, mortgage, and insurance payments are current.

 

(Series 30). As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100%.  The series had a total of 18 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006, the series, in total, generated $832,248 and $1,267,331,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.83 and $0.16, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 30 was$4,341,662 and $5,755,599, 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 31,2008 and 2007, the net income (loss) of the series was $(1,581,867) and$(2,864,146), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.  It is anticipatedthat future net losses will decrease from the amount reported in the current year,as the impairment losses are not expected to have as significant an effect onfuture years.

 

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Bellwood Four, LP(Whistle Stop Apartments) is a 28-unit family complex in Gentry, AR.  Through the first quarter of 2008, occupancyaveraged 94%, a significant increase from the 2007 average of 85%.  In 2007, many initiatives were taken to helpthe property, such as improving the exterior curb appeal of the property,improving the resident selection criteria, and improved rent collections.  The property operated below breakeven, evenwith operating expenses decreasing by 12% from 2006 levels.  All taxes, mortgage, and insurance paymentsare current.

 

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

 

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

 

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

 

The lender suspendedactive efforts to foreclose its mortgage throughout most of 2005, but renewedits efforts in January 2006, by filing a Motion for Summary Judgment inthe foreclosure action. The Operating Partnership and the New Mexico MortgageFinance Authority agreed to stipulate to a judgment of foreclosure.  The Stipulation was recorded and the propertywas sold at foreclosure sale in July 2006, with the lender bidding in theproperty for the amount of its debt claim. The lender had been in possession of the property, collecting rents anddirecting the operations of the property, since May 1, 2006.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partner’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnership’sinvestment in the Operating Partnership to zero.  Accordingly, no gain or loss on theforeclosure of the investment general partner interest has been recorded.Recapture and interest resulting from this 2006 event are estimated to be$741,543 and $209,111, respectively.

 

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

 

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obligation to fundoperating deficits. In October 2004, the investment general partnerremoved the operating general partner.

 

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

 

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

 

The lender suspendedactive efforts to foreclose its mortgage throughout most of 2005, but renewedits efforts in January 2006, by filing a Motion for Summary Judgment inthe foreclosure action. The Operating Partnership and the New Mexico MortgageFinance Authority agreed to stipulate to a judgment of foreclosure.  The Stipulation was recorded and the propertywas sold at foreclosure sale in July 2006, with the lender bidding in theproperty for the amount of its debt claim. The lender had been in possession of the property, collecting rents anddirecting the operations of the property, since May 1, 2006.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partner’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnership’sinvestment in the Operating Partnership to zero.  Accordingly, no gain or loss on theforeclosure of the investment general partner’s interest has been recorded.Recapture and interest resulting from this 2006 event are estimated to be$642,208 and $184,459, respectively.

 

JMC, LLC (Farwell MillsApts.) is a 27-unit development located in Lisbon, ME. Despite low occupancy,the property operated above breakeven in 2006 due to a favorable debt structurewhere a portion of the property’s debt service is payable only if there issurplus cash.  The property operated witha significant cash deficit in the first quarter of 2007 due to low occupancy,which was caused by application processing delays at the management company’scorporate office which was understaffed. Many prospective residents were discouraged by the delays and oftenchose to live elsewhere. The investment general partner worked with theoperating general partner to improve his affiliated management company’spolicies and procedures to increase application-processing speed and improveleasing techniques. As of December 31, 2007, occupancy improved to 100%,and occupancy averaged 95% through the first quarter of 2008.  In 2008, advertising expenses are expected todecrease since occupancy has seen significant improvements.  Utilities increased due to seasonal usage andare expected to stabilize.  Additionally,management is researching a “Co-Gen” energy system, which utilizesmicro-turbines and natural gas to produce heat as a by-product.  The payback analysis has not been completedat this time.  Contractual servicesincreased in the first quarter because the grounds service company was notbilling the property in a timely manner. Therefore, accumulated invoices from the past year were all received inthe first quarter of 2008.  The propertyhas terminated its contract with this company and going forward grounds will bemaintained in-house.  To further reduceexpenses, Pen Bay Builders is also going to take

 

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over the full janitorialcontract.  The operating general partnerfunded the 2007 cash deficit by deferring fees owed to his management companyand his maintenance company (Pen Bay Builders). All tax, insurance, and mortgage payments are current. The operatinggeneral partner’s operating deficit guarantee, capped at $400,000, expires in July 2013.

 

Linden Partners II(Western Trails Apartments II) is a 30-unit property located in Council Bluffs,IA.  This property has had inconsistentoccupancy levels since 2003.  In 2007 occupancyimproved to 93% from the 2006 average of 89%. In 2007 the property operatedbelow breakeven due to increased utility and administrative expenses.  In 2007, the driveway was repaved and areasof the exterior siding were repaired to help improve the curb appeal of theproperty.  The investment general partnerwill continue to monitor occupancy and work with the operating general partnerto improve operations.  The operatinggeneral partner will continue to fund the property as needed in order to completephysical improvements and cover any operating deficits that arise.  The taxes, insurance, and mortgage paymentsare all current.

 

Nocona Apartments, LP(Nocona Apartments) is a 36-unit property located in Nocona, Texas.  Historically, the property has been plaguedwith low occupancy due to a stagnant local economy and a challenging rurallocation.  Despite average occupancy of87% during 2007, the property operated above breakeven mainly due to a rentincrease during the year.  The 2007occupancy suffered due to the termination of the site manager and evictions ofundesirable tenants involved in drug related activity.  It is reported that no illegal activity tookplace on the property but several good tenants chose to leave as well.  The management company immediately trained anew site manager and focused on marketing and outreach.  As a result, the fourth quarter occupancyrose to an average of 82%.  Occupancycontinues to show signs of improvement averaging 89% for the first quarter of2008. The operating general partner has an unlimited guarantee in time andamount and continues to fund any shortfalls. The mortgage, taxes, and insuranceare all current.****The tax credit delivery periodends in 2008 and the low income housing tax credit compliance period expires in2011.

 

Millwood Park, LP(Millwood Park Apartments) is a 172-unit family property located inDouglasville, Georgia.  The property’soccupancy has struggled in a highly competitive market.  The operating general partner responded withmove-in specials and increased advertising with local businesses and rentalguides. As a result, occupancy improved to an average of 88% in 2006 and 95% in2007. Expenses remained high and resulted in operations just below breakeven in2007.  In the fourth quarter of 2007, theoperating general partner successfully contested the property tax assessment,resulting in a savings of $7,551 for the property.  Through the first quarter of 2008, occupancyaveraged 98%. The operating deficit guarantee remains in effect until2011.  The mortgage, taxes and insuranceare all current.

 

(Series 31). As of March 31,2008 and 2007, the average Qualified Occupancy for the series was 100%.  The series had a total of 26 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006, the series, in total, generated $2,055,082 and $2,427,967,respectively, in passive income tax losses that were passed through toinvestors and also provided $1.03 and $1.04, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 31 was$5,822,035 and $9,108,735, respectively. The decrease is a result the way the Fund accounts for such investments,the equity method.  By

 

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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 31,2008 and 2007, the net income (loss) of the series was $(3,412,504) and$(4,208,462), respectively. The major components of these amounts are the Fund’sshare of losses from Operating Partnerships, the fund management fee, andimpairment losses.  It is anticipatedthat future net losses will continue to decrease from the amount reported inthe current year as the impairment losses are not expected to have assignificant an effect on future years.

 

Summerdale Partners LP, II(Summerdale Commons - Phase II) is a 108-unit property located in Atlanta,GA.  Starting in 2005, under thestewardship of the former operating general partner, the property began todeteriorate both physically and financially. At the end of the fourth quarter 2007, occupancy had fallen to 58%.  The operating general partner refused tohonor his guaranty to support operating deficits and the deficits resulted inunacceptably high payables, various liens and a large amount of deferredmaintenance.  Thirty percent of the unitsare public housing units that receive an insufficient subsidy under the Section 9program of $200/month.  Because of adeteriorating relationship with the operating general partner, the AtlantaHousing Authority which, in addition to administering the Section 9contract, holds the second mortgage on the property, was unwilling to addressthe insufficient subsidy while the former operating general partner remained inplace.

 

In the fourth quarter of2006, the investment general partner and the Authority began seeking areplacement operating general partner. Although a number of parties were identified all ultimately declinedbecause of the magnitude of the property’s capital needs and liens/payables.Even though no alternative third party operating general partner wasidentified, the investment general partner proceeded to remove the operatinggeneral partner. In June 2007, the special limited partner issued aremoval notice, and in October 2007, an affiliate of the investmentgeneral partner was inserted as the new operating general partner.

 

In July 2007, thefirst mortgage lender notified the Operating Partnership that the OperatingPartnership was in default due to the existence of liens and insufficient levelof replacement reserves (based upon a physical needs assessment that the lenderhad commissioned). In August 2007, the first mortgage lender acceleratedthe debt, based on these defaults, although debt payments were at this timecurrent.  In September 2007, theinvestment general partner and the Atlanta Housing Authority proposed a tentativeplan to recapitalize and reposition the property.   This included substituting a Section 8contract on 40% of the units for the existing Section 9 contract andidentified $1.2 million in funding sources, $400,000 of which was to come fromthe replacement reserves held by the first mortgage lender.

 

The first mortgage lenderrejected the proposal and proceeded to initiate a foreclosure byadvertisement.  Although discussions wereongoing between the first and second mortgage lender regarding the potentialpurchase of the first mortgage debt, the first mortgage lender was unwilling topostpone the foreclosure sale, scheduled for December 4, 2007.

 

In order to preventforeclosure sale from occurring, the Operating Partnership filed bankruptcyunder Chapter 11 on December 3, 2007. At the time of filing, the investment general partner believed that aviable Plan of Reorganization could be crafted, essentially similar to therecapitalization plan formulated

 

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in September 2007and outlined above.  However, soon intothe bankruptcy case, it became evident that the Authority was not willing tofirmly commit to providing the subsidy upon which any viable Plan ofReorganization would depend.  Without theAuthority’s firm commitment, the ability of the Operating Partnership toattract new capital to remediate the property’s condition disappeared.

 

As a result, the debtorand secured lenders agreed before the Court that there was little prospect ofreorganizing and that the first mortgage lender should be allowed to advertiseduring January 2008. The foreclosure sale occurred on February 5,2008, with the first mortgage lender bidding in the property for $1,280,000. Asa result of the foreclosure, the Operating Partnership lost future credits of$557,088 and will record recapture of $1,611,997 on its 2008 tax return. Thisrepresents estimated credits and recapture of $124 and $358, respectively, per1,000 BACs.  In addition, an impairmentloss in the amount of $594,947 was recorded to reduce the investment balance tozero, as of December 31, 2007.

 

Pilot Point Apartments,LP (Pilot Point Apartments) is a 40-unit property located in Pilot Point,TX.  During 2007, the property operatedwell above breakeven as occupancy increased by 7% from the prior year andrental increases were approved.  PilotPoint has had to contend with a declining local economy in recent years, asthere has been a reduction in the population from the area due to a lack ofjobs.  The closest large employers arethirty to forty miles away.  Managementalso received approval for an additional rent increase beginning January 1,2008.  While occupancy improvedthroughout 2007 to average 91% for the year, it did dip back down to end theyear at 85% as there were an inordinate amount of move-outs during the fourthquarter of 2007.  Through February 2008,occupancy is 84%.  Despite the improvedannual performance, the investment general partner will continue to monitor theproperty’s occupancy and operations to ensure occupancy picks back up.  All taxes, insurance and mortgage paymentsare current.

 

Seagraves Apartments LP(Western Hills Apartments) is a 16-unit development located in Ferris, Texas.In 2006, due to market conditions, occupancy dropped to 80% for the year.  Average occupancy improved to 90% in 2007;however, this was not enough to allow the property to breakeven.  As the property is very small, slight changesin occupancy have a significant effect on the overall operations.  Operating expenses are higher than stateaverage on a per unit basis.  Maintenanceexpense has steadily increased over the last few years due to increaseddeferred maintenance as the property ages. Management increased marketing efforts in the area including fliers andnewspaper ads, and as of March 2008, had increased occupancy to 88%.  The investment limited partner will work withmanagement to continue to improve and stabilize occupancy while reducingcontrollable expenses.  All taxes,mortgage, and insurance payments are current.

 

(Series 32).As of March 31, 2008 and 2007, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 17 properties at March 31, 2008, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2007 and 2006, the series, in total,generated $1,563,729 and $2,175,230, respectively in passive income tax lossesthat were passed through to investors, and also provided $0.91 and $0.92,respectively, in tax credits per BAC to the investors.

 

Asof March 31, 2008 and 2007, Investments in Operating Partnerships for Series 32was $8,742,643 and $12,004,644, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method.

 

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

 

Forthe years ended March 31, 2008 and 2007, the net income (loss) of theseries was $(3,623,702) and $(5,934,668), 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.

 

Pecan Manor Partnership(Pecan Manor Apartments) is a 40-unit development located in Natchitoches,Louisiana.  Despite occupancy averaging97% in 2006, and overall operating expenses which were in line with stateaverages, inadequate rental rates caused the property to operate belowbreakeven in 2006.  Occupancy remainedstrong averaging 95% throughout 2007.  In2007 the property received approval for a 15% rent increase.  The increase went into effect upon newmove-ins and lease renewal.  Due to therent increase and strong occupancy, the property is operating back abovebreakeven status.  All real estate tax,mortgage and insurance payments are current.

 

FFLM Associates is anOperating Partnership that owns three limited partner interests, one of whichis Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) is an 18-unit,two building property located in Old Bridge, New Jersey.  Historically this property operated with acash flow deficit, high accounts payable, and under-funded replacementreserves.  Occupancy in 2007 averaged100% for the entire year.  Despite the highoccupancy, the property operated below breakeven in 2007 due to high debtservice and operating expenses.  In thefirst quarter of 2008, the property maintained 100% occupancy. The property’sdebt service represents about 50% of its total income.  The operating general partner was able torefinance the debt in 2004 and continues to explore further refinancingoptions.  The mortgage, taxes, insuranceand payables are current.

 

Indiana Development, LP(Clear Creek Apartments) is a 64-unit development, located in North Manchester,Indiana.  The property has historicallyoperated below breakeven as a result of low occupancy.  During 2006, occupancy averaged 79% and in2007 average occupancy improved to 86%. The property suffered cash losses of ($53,329), ($39,990) and ($5,196)for the years 2005, 2006 and 2007, respectively, and the property operatedslightly above breakeven for the first quarter of 2008. The property’s physicalappearance and condition is good; however, management has beenineffective.  The operating generalpartner does not have an affiliated management company and has sought to managethe property using third party management companies.  The operating general partner has engagedfive management companies in five years, with the most recent change occurringin early 2008.  To date, the operatinggeneral partner has funded all operating deficits, although its unlimitedoperating deficit guarantee expired in September 2004. The mortgage andtaxes are current.  However, theoperating general partner has a portfolio of properties in Michigan, some ofwhich are operating at deficits, so its ability to continue to fund operatingdeficits for Clear Creek Apartments may be limited.

 

Martinsville I Limited(Martinsville Apartments) is a 13-unit project located in Shelbyville, KY.  Occupancy averaged 85% in 2007, a slightincrease from the 2006 average of 80%. In the fourth quarter of 2007, a resident filed a complaint with the KentuckyHousing Agency, the Section 8 broker, regarding safety concerns in and aroundthe site.  As a result of this, theKentucky Housing Agency began granting residents the option to transfer toother

 

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properties.  The investment general partner is workingdiligently with the operating general partners to address the safety concernsby exploring a number of security initiatives to implement.  These initiatives include a neighborhoodblock watch program, improved communications between the property staff andlocal police officials, adding security cameras to the exterior, and increasedsecurity lighting.  A petition was sentto the Mayor, the Governor, and other officials to increase crime control inthe neighborhood.  As of January 2008,the Kentucky Housing Agency verbally stated they will once again approveapplications for occupancy once the security initiatives are acted upon.  The operating general partner has indicatedthey will no longer fund operating deficits going forward, or fund the neededsecurity improvements. The accounts payable balance continues to increase,taxes are currently due and the mortgage payments are delinquent. The investorgeneral partner will continue negotiations with the operating general partnerin an effort to maintain operations and avoid foreclosure that appears imminentat this time. If foreclosure occurs, the Operating Partnership will lose futurecredits of $203,677 and experience estimated recapture and interest of$239,787.  This represents estimated creditsand recapture and interest of $42 and $49, respectively, per 1,000 BAC.

 

Parkside Plaza, L.P.(Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, NewYork.  The property operated belowbreakeven in 2005, 2006 and 2007 due to high utility, maintenance andadministrative expenses combined with collection loss.  Management is exploring options to reduceutility costs, including tenant education on conservation and possible grantfunding from non-profit agencies to conserve energy. Most recently, managementand the operating general partner filed an application for assistance to replacewindows and boilers with the New York State Energy Research and DevelopmentAuthority and are awaiting approval.  Asite visit by the investment general partner is planned in the second quarterof 2008.  The operating general partnerstated that a formal rent increase of 2% was effective January 1, 2008.Management is working to reduce tenant delinquencies by aggressively filinglate notices and pursuing evictions through the housing court.  Collections remain an ongoing and seriousissue.  Physical occupancy was 100% as ofMarch 31, 2008. As outlined in the cooperative documents, management isassessing unit maintenance charges to all the residents.  The investment general partner continues towork with the operating general partner to improve operations.  The operating general partner continues tofund deficits as needed.  The mortgageand insurance payments are current.  Theproperty pays no real estate taxes as the result of a tax-exempt status.

 

(Series 33). As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2007 and 2006, the series, in total,generated $1,019,018 and $956,452, respectively in passive income tax lossesthat were passed through to investors, and also provided $0.85 for both yearsin tax credits per BAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 33 was$6,206,010 and $7,872,995, 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 31,2008 and 2007, the net income (loss) of the

 

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Series was$(1,889,804) and $(2,627,734), respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships, the fund management fee, and impairmentlosses.  It is anticipated that futurenet losses will continue to decrease from the amount reported in the currentyear, as the impairment losses are not expected to have as significant aneffect on future years.

 

FFLM Associates is anOperating Partnership that owns three limited partner interests, one of whichis Carriage Pointe Investors, LP. Carriage Pointe Investors LP (Carriage Pointe Apartments) is an 18-unit,two building property located in Old Bridge, New Jersey.  Historically this property operated with acash flow deficit, high accounts payable, and under-funded replacementreserves.  Occupancy in 2007 averaged100% for the entire year.  Despite thehigh occupancy, the property operated below breakeven in 2007 due to high debtservice and operating expenses.  In thefirst quarter of 2008, the property maintained 100% occupancy. The property’sdebt service represents about 50% of its total income.  The operating general partner was able torefinance the debt in 2004 and continues to explore further refinancingoptions.  The mortgage, taxes, insuranceand payables are current.

 

Stearns Assisted HousingAssociates, L.P. (Stearns Assisted Housing) is a 20-unit property inMillinocket, ME that provides housing to seniors. In 2006, occupancy averaged90% and the property operated below breakeven due to high operating expenses.The property continued to operate below breakeven in 2007 due to vacancy lossand high utility expenses. Management believes occupancy declined due to thelack of vouchers in the Millinocket area. Management addressed its issue withthe local housing agency and with the Maine State Housing Authority, which putpressure on the local housing agency to expedite the processing of allnecessary paperwork in order to release additional vouchers. These measuresincreased occupancy at the property in the second quarter of 2007 and strongoccupancy was maintained in the third and fourth quarters. As of December 31,2007 occupancy reached 90%, and occupancy has remained at 90% throughout thefirst quarter of 2008.

 

Despite the improvementin occupancy, the property operated below breakeven in 2007 due to high utilitycosts incurred in the winter months. 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 do-it-yourself operations or maintenanceprocedures, and capital improvement projects. Management implemented the low costoperations and maintenance procedure recommendations, includingweather-stripping, adding caulking around doors and windows, and shutting downthe ventilation system during unoccupied times. Per the energy audit, the mainproblem is that too much of the building is heated but not occupied due toinefficient use of space. The commission recommended that the heating system isrezoned and an energy management system that sets back the temperature in areaswhen they become unoccupied should be installed. Management is currentlylooking into an alternative energy system that could substantially reduce theheating costs at the property.  Chip-techtoured the property in May and felt the property would be an idealcandidate for its wood chip technology which uses wood chips rather than oil toproduce heat.  The engineer is in theprocess of preparing the payback analysis. If the analysis is favorable, management plans to apply for a loanthrough Maine State Housing Authority and RD to implement the energy upgrades.  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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(Series 34).As of March 31, 2008 and 2007, the average Qualified Occupancy for theseries was 100%.  The series had a totalof 14 properties at March 31, 2008, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2007 and 2006, the series, in total,generated $1,745,326 and $1,684,893, respectively in passive income tax losses thatwere passed through to investors, and also provided $.98 for both years in taxcredits per BAC to the investors.

 

Asof March 31, 2008 and 2007 Investments in Operating Partnerships for Series 34was $7,235,804 and $10,044,251, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method.  By usingthe equity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

Forthe years ended March 31, 2008 and 2007, the net income (loss) of the Series was$(3,182,480) and $(3,857,900), respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships, the fund management fee, and impairmentlosses.  It is anticipated that futurenet losses will decrease from the amount reported in the current year as theimpairment losses are not expected to have as significant an effect on futureyears.

 

Hwy 18 Partners, LP(Summer Park) is a 104-unit property located in Jackson, MS. Despite overlyburdensome debt service, rising vacancy and delinquency loss, the propertyoperated above breakeven in 2007. The debt service for 2007 totaled 48% of theproperty’s total income.  A new screeningpolicy was implemented in December 2007, which helped management tostrengthen the property’s resident base and mitigate delinquency loss. Theinvestment general partner will continue to work with the operating generalpartner to improve collections. Occupancy decreased in the fourth quarter of 2007 and into the firstquarter of 2008 due to the opening of a new development of 375 single-familyhomes near the property. The homes are part of an affordable home ownershipprogram; monthly mortgage payments are comparable to Summer Park’s monthlyrental rates. Management is conducting daily outreach to local businesses andchurches to increase traffic. Increased vacancy caused the property to operatebelow breakeven in the first quarter of 2008. As of March 31, 2008, theproperty was 86% occupied. Any operating deficits through the compliance periodare guaranteed by the operating general partner’s operating deficit guarantyunless the Operating Partnership converts to a fixed rate permanent financing.All taxes, insurance, and mortgage payments are current.

 

RHP 96-I, LP (HillsideClub I Apartments), is a 56-unit property located in Petosky, Michigan.Hillside Club operated below breakeven as a result of low occupancy, whichaveraged 79% in 2006, but improved to 81% average occupancy in 2007.  The property suffered cash losses of($50,619), ($71,828) and ($66,013) for the years 2005, 2006, and 2007,respectively.  During the first quarterof 2008 occupancy averaged 82% and the property operated below breakeven. Theproperty’s physical appearance and condition is good; management, however, hasbeen ineffective. The operating general partner does not have an affiliatedmanagement company and has sought to manage the property using third-partymanagement companies. The operating general partner has engaged five managementcompanies in five years.  The operatinggeneral partner’s unlimited operating deficit guarantee expired as of July 31,2003.  The operating general partnercontinued to fund deficits through the third quarter of 2006, but ceased tofully support the property’s operations in the fourth quarter of 2006.  At the end of the first quarter 2008, theOperating Partnership is four months delinquent on its mortgage.  To date, the lender

 

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has not declared the loanin default and a forbearance agreement has been reached in principle, whichwould modify the loan payments to include unpaid interest. It is anticipated aformal forbearance agreement will be completed in the second quarter of 2008.The investment general partner is actively exploring alternatives, whichinclude a workout plan with the existing operating general partner or thereplacement of the operating general partner.

 

Millwood Park, LP(Millwood Park Apartments) is a 172-unit family property located inDouglasville, Georgia.  The property’soccupancy has struggled in a highly competitive market.  The operating general partner responded withmove-in specials and increased advertising with local businesses and rentalguides. As a result, occupancy improved to an average of 88% in 2006 and 95% in2007. Expenses remained high, resulting in operations just below breakeven in2007. In the fourth quarter of 2007, the operating general partner successfullycontested the property tax assessment, resulting in savings of $7,551 for theproperty.  Through the first quarter of2008, occupancy averaged 98%. The operating deficit guarantee remains in effectuntil 2011.

 

(Series 35). As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties at March 31,2008 all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006 the series, in total, generated $1,494,963 and $1,308,973,respectively in passive income tax losses that were passed through to investorsand also provided $.97 for both years in tax credits per BAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 35 was$9,704,927 and $12,312,793, 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 31,2008 and 2007, the net income (loss) of the series was $(2,980,268) and$(2,366,309), respectively.  The majorcomponents of these amounts are the Fund’s share of loss from OperatingPartnerships, the fund management fee, impairment losses, and amortization ofacquisition costs. It is anticipated that future net losses will decrease fromthe amount reported in the current year, as the impairment losses are notexpected to have as significant an effect on future years.

 

Tennessee Partners XII,LP (Autumn Park) is a 104-unit property located in Dickson, Tennessee. In 2007,occupancy averaged 96% and the property operated above breakeven. A refinancein 2007 lowered monthly debt service payments and allowed the property toachieve above breakeven operations. The refinance reduced the property’s bondsfrom $5,000,000 to $3,125,000. The property continued to operate abovebreakeven in the first quarter of 2008. As of March 31, 2008, the propertywas 98% occupied. All taxes, insurance, and mortgage payments are current forthis property.

 

Columbia Wood, LP(Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA.  Historically, occupancy has been a concern atthis property due to competition from low priced homes for sale throughout thearea.  Average occupancy improved to 92%in 2007 as new jobs brought additional qualified residents to the market.  Through the first quarter of 2008, averageoccupancy was 88%.  Management statesthey had residents who did not meet standards of occupancy and they evictedthose tenants in the third and fourth quarters of 2007, which accounts for thedecline in occupancy.  In addition,management

 

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changed their marketingstrategy due to the fact that they were receiving mostly over-qualifiedapplicants.  A slight increase in theiradvertising budget supports that strategy. Additional focus placed on improving collections has helped managementto maximize rental income.  The OperatingPartnership continues to operate below breakeven status.  Real estate tax, insurance and mortgagepayments are current.  The operatinggeneral partner’s obligation to fund operating deficits is unlimited in amountuntil the time of rental achievement, which has not yet occurred.

 

Mulvane HousingAssociates Limited Partnership (Country Walk Apartments) is a 68-unit familyproperty located in Mulvane, Kansas. In 2007, occupancy averaged 93% and theproperty operated below breakeven due to low occupancy in the beginning of theyear, high maintenance expenses, and high debt service payments. Debt servicepayments represented 45% of the property’s total income in 2007. As of March 31,2008, the property was 88% occupied. The property continued to operate belowbreakeven in the first quarter of 2008 due to vacancy loss, high seasonalheating costs, and high debt service. Management is conducting outreach on adaily basis and advertising in local newspapers and rental publications toimprove occupancy. To offset high debt service, management implemented a rentincrease in January 2008. The rent increase will increase gross potentialrent by $2,000/month. With the rent increase in place, and assuming highseasonal operating expenses normalize in the spring months, the property shouldoperate above breakeven in the second quarter of 2008. The operating generalpartner has continued to fund all operating deficits despite an expiredguarantee and has stated that he will continue to do so until the property’send of compliance in 2015.  All realestate taxes, insurance and mortgage payments are current.

 

New Caney Housing II, LP(Garden Gates Apartments) is a 32-unit family property located in New Caney,TX. With an average occupancy of 85% in 2007 the property operated belowbreakeven. The property struggles with low occupancy due to soft marketconditions coupled with ineffective site management. Low occupancy hascontinued to be an issue at this property because of the increased competitionin the primary market area. Management did not adapt their marketing plans toaddress the increased competition quickly enough. In addition, the regionalmanager has stated that the market area offers a limited number of eligibleprospects because the maximum income limits used to qualify residents are too low.The operating general partner has addressed the previously ineffectivemanagement team by replacing the regional manager and the on-site manager. Thenew management team has been working diligently to rebuild the tenant base andrevamp their outreach program. They focused on strengthening the resident base,increasing resident retention and improving collections. In order to increaseresident retention and overall occupancy, the company implemented an in-depthtenant screening process. Management took steps to aggressively enforce leaseprovisions by either moving for eviction or not renewing leases for residentswho violated terms outlined in their rental agreement. Management has alsoadded concessions and other incentives to improve occupancy. They are currentlyoffering one month rent-free pro-rated over 12 months. Management is alsoworking with a local housing authority in an effort to increase the referral ofprospective residents and to lobby the agency for additional Section 8vouchers. Management reports that the resident profile and retention aregreatly improved. As of March 2008, the property is 84% occupied and 88%leased.  The property is still operatingbelow breakeven through the first quarter of 2008.  The mortgage, taxes and insurance are allcurrent. The management company is deferring all fees until operations improve.The investment general partner will continue to monitor the property’soccupancy and operations.

 

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(Series 36).As of March 31, 2008 and 2007 the average Qualified Occupancy for theseries was 100%.  The series had a totalof 11 properties at March 31, 2008, all of which were at 100% QualifiedOccupancy.

 

For the tax years ended December 31,2007 and 2006 the series, in total, generated $1,432,051 and $1,339,451,respectively in passive income tax losses that were passed through toinvestors, and also provided $0.93 and $0.92, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 36 was$6,035,254 and $7,598,987, 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 31,2008 and 2007, the net income (loss) of the series was $(1,820,515) and$(2,207,906), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs. It is anticipated that futurenet losses will decrease from the amount reported in the current year, as theimpairment losses are not expected to have as significant an effect on futureyears.

 

Annadale Housing Partners(King’s View Apartments) is a 222-unit property located in Fresno, CA.  The property operated below breakeven in 2007due to decrease in occupancy.  Occupancyhas been an issue for Annadalde for several years, but saw a steady decline in2007 averaging 79% for the year.  TheOperating Partnership is located in one of the most violent gang and high crimeareas in the city of Fresno, CA.  Crimehas increased substantially over the past two years.  Management spends approximately $11,500 permonth on private security. The operating general partner estimates that inreality the site requires $30,000 - $60,000 per month in private security toeffectively secure the property. Management has been working closely with the police department.  Over the past few months the policedepartment has diverted resources from other areas of the city to the King’sView neighborhood.  This has made a positiveimpact on the area but the operating general partner is doubtful that theimpact will be long lasting.  As a resultof the substantial, visible crime in the area, management has had extremedifficulty in finding applicants and maintaining a quality residentprofile.  Most of the good residentscontinue to move out of the area. Management continues to work with police, the City of Fresno and theHousing Authority for support. As a result of the efforts of management,occupancy has increased in the first quarter of 2008, averaging 88% in March 2008.  The investment general partner will continueto monitor occupancy and management’s efforts going forward.

 

(Series 37). As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100%.  The series had a total of 7 properties at March 31,2008 all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006, the series, in total, generated $1,317,284 and $1,308,983,respectively in passive income tax losses that were passed through to investorsand also provided $0.97 in both years in tax credits per BAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 37 was$9,109,138 and $10,765,794, 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

 

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of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

Forthe years ended March 31, 2008 and 2007, the net income (loss) of theseries was $(1,930,779) and $(1,477,871), respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee, impairment losses, and amortization of acquisition costs. It isanticipated that future net losses will decrease from the amount reported inthe current year, as the impairment losses are not expected to have assignificant an effect on future years.

 

Hwy 18 Partners, LP(Summer Park) is a 104-unit property located in Jackson, MS. Despite overlyburdensome debt service, rising vacancy and delinquency loss, the propertyoperated above breakeven in 2007. The debt service for 2007 totaled 48% of theproperties total income.  A new screeningpolicy was implemented in December 2007, which helped management tostrengthen the property’s resident base and mitigate delinquency loss. Theinvestment general partner will continue to work with the operating generalpartner to improve collections. Occupancy decreased in the fourth quarter of 2007 and into the firstquarter of 2008 due to the opening of a new development of 375 single-familyhomes near the property. The homes are part of an affordable home ownershipprogram; monthly mortgage payments are comparable to Summer Park’s monthlyrental rates. Management is conducting daily outreach to local businesses andchurches to increase traffic. Increased vacancy caused the property to operatebelow breakeven in the first quarter of 2008. As of March 31, 2008, theproperty was 86% occupied. Any operating deficits through the compliance periodare guaranteed by the operating general partner’s operating deficit guarantyunless the Operating Partnership converts to a fixed rate permanent financing.All taxes, insurance, and mortgage payments are current.

 

Columbia Wood, LP(Columbia Wood Townhomes) is a 120-unit property located in Newnan, GA.  Historically, occupancy has been a concern atthis property due to competition from low priced homes for sale throughout thearea.  Average occupancy improved to 92%in 2007 as new jobs brought additional qualified residents to the market.  Through the first quarter of 2008, averageoccupancy was 88% year-to-date. Management states they had residents who did not meet standards ofoccupancy and they have recently evicted those tenants in the third and fourthquarters of 2007 which accounts for the decline in occupancy. In addition,management has changed their marketing strategy due to the fact that they werereceiving mostly over-qualified applicants. A slight increase in their advertising budget supports that strategy.  Additional focus placed on improvingcollections has helped management to maximize rental income.  The Operating Partnership continues tooperate below breakeven status.  Realestate tax, insurance and mortgage payments are current.  The operating general partner’s obligation tofund operating deficits is unlimited in amount until the time of rentalachievement, which has not yet occurred.

 

Stearns Assisted HousingAssociates, L.P. (Stearns Assisted Housing) is a 20-unit property inMillinocket, ME that provides housing to seniors. In 2006, occupancy averaged90% and the property operated below breakeven due to high operating expenses.The property continued to operate below breakeven in 2007 due to vacancy lossand high utility expenses. Management believes occupancy declined due to thelack of vouchers in the Millinocket area. Management addressed its issue withthe local housing agency and with the Maine State Housing Authority, which putpressure on the local housing agency to expedite the processing of allnecessary paperwork in order to release additional vouchers. These measuresincreased occupancy at the property in the second quarter and strong occupancywas maintained in the third and fourth quarters

 

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of 2007. As of December 31,2007 occupancy reached 90%, and occupancy has remained at 90% throughout thefirst quarter of 2008.

 

Despite the improvementin occupancy, the property operated below breakeven in 2007 due to high utilitycosts incurred in the winter months. 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 do-it-yourself operations or maintenanceprocedures, and capital improvement projects. Management implemented the lowcost operations and maintenance procedure recommendations, includingweather-stripping, adding caulking around doors and windows, and shutting downthe ventilation system during unoccupied times. Per the energy audit, the mainproblem is that too much of the building is heated but not occupied due toinefficient use of space. The commission recommended that the heating system berezoned and an energy management system that sets back the temperature in areaswhen they become unoccupied should be installed. Management is currentlylooking into an alternative energy system that could substantially reduce theheating costs at the property.  Chip-techtoured the property in May and felt the property would be an idealcandidate for its wood chip technology which uses wood chips rather than oil toproduce heat.  The engineer is in theprocess of preparing the payback analysis. If the analysis is favorable, management plans to apply for a loanthrough Maine State Housing Authority and RD to implement the energyupgrades.  The operating general partner’soperating deficit guaranty is unlimited in time and amount and he continues tofund cash deficits as necessary. All tax and insurance payments are current,and there is no hard debt associated with the property’s financing.

 

Baldwin Villas LimitedPartnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI.  Although the land is commonly owned and theunits rented, the project has every appearance of being a single-familysubdivision. Because the cost to build the project approximated the cost for asingle-family development, construction of the project required a significantamount of debt.  As a result, the rentstructure required to support the project is high, and most tenants needsignificant subsidy to afford the $1,000+/ month rents.

 

During 2006, occupancy atBaldwin Villas averaged over 90% and the property generated $61,425 in cash. In2007, the local Section 8 administrating authority experienced fundingconstraints.  Due in part to thedecreased availability of portable Section 8 vouchers, average occupancydeclined in 2007 to 82% and the property operated below breakeven.  To date, the operating general partner hassupported the operating deficits and the mortgage, insurance and taxes arecurrent.  However, the operating generalpartner has a portfolio of other properties in Michigan, some of which are alsooperating at deficits, so its ability to continue to fund operating deficits atBaldwin Villas may be limited.

 

In October 2007, theoperating general partner engaged a new property management company to manageseveral of its properties, including Baldwin. In the first quarter of 2008, occupancy averaged around 80%, withoccupancy at the end of the quarter reaching 85%; however, the propertycontinued to operate below breakeven. The investment general partner is closely monitoring the new managementcompany’s ability to increase occupancy and cash flow.

 

(Series 38). As of March 31,2008 and 2007, the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

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For the tax years ended December 31,2007 and 2006, the series, in total, generated $957,600 and $793,633,respectively, in passive income tax losses that were passed through toinvestors and also provided $0.94 for both years in tax credits per BAC to theinvestors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 38 was$10,629,006 and $11,563,324, 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 31,2008 and 2007, the net income (loss) of the series was $(1,217,122) and$(1,510,973), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs. It is anticipated that futurenet losses will decrease from the amount reported in the current year, as theimpairment losses are not expected to have as significant an effect on futureyears.

 

(Series 39). As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100%.  The series had a total of 9 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006 the series, in total, generated $977,714 and $992,471,respectively, in passive income tax losses that were passed through toinvestors. The series also provided $0.93 for both years in tax credits per BACto the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 39 was$8,575,183 and $10,148,743, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(1,814,271) and$(1,538,626), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

Timber Trails IPartnership (Timber Trails Apartments) is a 32-unit development located inBall, Louisiana.  Despite occupancyaveraging 95% during 2007, the partnership operated below breakeven.  Occupancy declined slightly from 2006 as aresult of a rent increase as well as evictions being filed on residents fornon-payment of rent.  This, in turn,increased administrative and maintenance expenses due to legal and turnovercosts.  Although the turnover costsresulted in the partnership operating below breakeven in 2007, the manager isadamant that the better tenant base will help improve operations goingforward.  The operating general partnercontinues to work with Rural Development in an effort to gain approval foranother rent increase; however, it is cautious of the possible vacancies it maycause.  During the first quarter of 2008,occupancy has declined to average 85%. This is directly attributed to management evicting several tenants forfailure to pay rent, as well as lease violations.  The operating general partner has fundeddeficits to date; however, the guarantee expired in 2004.  The investment general partner will continueto monitor the property’s occupancy and operations closely, as well as assistmanagement in determining

 

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ways to increase revenueand reduce operating expenses.  All realestate tax, mortgage, and insurance payments are current.

 

Arbors at Ironwood, LP(Arbors at Ironwood) is an 88-unit family property located in Mishawaka,IN.  Occupancy was 97% in the firstquarter of 2007, 95% in the second quarter, and 98% through both the third andfourth quarters. The site manager continues to hold resident appreciationactivities.  In 2007 the propertycontinued to reduce bad debt from $16,115 in 2006 to $6,256 in 2007.  The property operated above breakeven for theyear.  Occupancy remained high in thefirst quarter of 2008, averaging 98%. The taxes, insurance, and mortgagepayments are all current.

 

In January 2008 theoperating general partner began negotiations to sell his interest. Theprospective buyer has worked with the investment general partner in the past,and specializes in improving under-performing properties. The sale was expectedto close in May 2008.

 

(Series 40).As of March 31, 2008 and 2007 the average Qualified Occupancy for theseries was 100%.  The series had a totalof 16 properties at March 31, 2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006 the series, in total, generated $1,148,216 and $1,266,852,respectively in passive income tax losses that were passed through toinvestors. The series also provided $0.92 for both years in tax credits per BACto the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 40 was$10,446,429 and $12,803,828, 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 31,2008 and 2007, the net income (loss) of the series was $(2,695,404) and$(2,177,601), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

Arbors at Ironwood II, LP(Arbors at Ironwood) is a 40-unit family property located in Mishawaka, IN. In2005, average occupancy declined to 85%, but improved quickly throughout 2006for an annual average of 91%.  Thisimprovement continued in 2007 with occupancy averaging 95% for the year.However, due to high administrative costs and bad debt the property continuesto operate below breakeven. The site manager continues to hold residentappreciation activities.  Managementcontinues to focus on reducing bad debt expense by attention to the applicantscreening process. In the first quarter of 2008, occupancy averaged 98%. Thetaxes, insurance, and mortgage payments are all current.

 

In January 2008 theoperating general partner began negotiations to sell his interest. The prospectivebuyer has worked with the investment general partner in the past, andspecializes in improving under-performing properties. The sale was expected toclose in May 2008.

 

Baldwin Villas LimitedPartnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI.  Although the land is commonly owned and theunits rented, the project has every appearance of being a single-familysubdivision. Because the cost to build the project approximated the cost for a single-familydevelopment, construction of the project required a significant amount

 

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of debt.  As a result, the rent structure required tosupport the project is high, and most tenants need significant subsidy toafford the $1,000+/ month rents.

 

During 2006, occupancy atBaldwin Villas averaged over 90% and the property generated $61,425 in cash. In2007, the local Section 8 administrating authority experienced fundingconstraints.  Due in part to thedecreased availability of portable Section 8 vouchers, average occupancydeclined in 2007 to 82% and the property operated below breakeven.  To date the operating general partner hassupported the operating deficits and the mortgage, insurance and taxes arecurrent.  However, the operating generalpartner has a portfolio of other properties in Michigan, some of which are alsooperating at deficits, so its ability to continue to fund operating deficits atBaldwin Villas may be limited.

 

In October 2007, theoperating general partner engaged a new property management company to manageseveral of its properties, including Baldwin. In the first quarter of 2008, occupancy averaged around 80%, withoccupancy at the end of the quarter reaching 85%; however, the propertycontinued to operate below breakeven. The investment general partner is closely monitoring the new managementcompany’s ability to increase occupancy and cash flow.

 

(Series 41)As of March 31, 2008 and 2007 the average Qualified Occupancy for theseries was 100%.  The series had a total of21 properties at March 31, 2008, all of which were at 100% QualifiedOccupancy.

 

Forthe tax years ended December 31, 2007 and 2006, the series, in total,generated $1,548,644 and $2,086,960, respectively in passive income tax lossesthat were passed through to investors and also provided $0.77 and $0.90,respectively, in tax credits per BAC to the investors.

 

Asof March 31, 2008 and 2007, Investments in Operating Partnerships for Series 41was $8,842,020 and $10,559,816, respectively. The decrease is a result of the way the Fund accounts for suchinvestments, the equity method. By using the equity method the Fund adjusts itsinvestment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For years ended March 31,2008 and 2007, the net income (loss) of the series was $(2,132,436) and$(2,288,843), respectively.  The majorcomponents of these amounts are the Fund’s share of loss from OperatingPartnerships, the fund management fee, impairment losses, and amortization ofacquisition costs.

 

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) andits limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against theformer operating general partner and its affiliates for breaches of variousagreements.  In December of 2004, ajudgment was filed in the Superior Court of the State of California (San DiegoCounty) awarding the plaintiffs the amount of $3,507,426 plus post-judgmentinterest at an annual rate of 10%.  Thesettlement included attorney’s fees for the plaintiffs in the amount of$1,125,000 plus $123,697 in costs.  TheState Appeals Court upheld the judgment in the fourth quarter of 2006.  The investment general partner has beenpursuing payment, and on April 21, 2008, the deficiency was settled thoughmediation for a total of $3,950,000.  Thepayment plan requires that cash payments of $1,650,000 be made within 200 daysof Settlement, and the remaining $2,300,000 be paid over time, secured by thedefendant’s interests in 8 real estate holdings.  To date $1,300,000 has been collected.

 

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An affiliate of theinvestment general partner has funded emergency repairs to stabilize hillsidesoils and reinforce retaining walls.  Thework will continue on an as needed basis. The Operating Partnership hasasserted in court that the retaining wall was not constructed properly and hasfiled suit against the retaining wall contractor and the original generalcontractor of the property, who was replaced before completion of construction.The operating general partner is reviewing bids for the final stabilizationwork. During the fourth quarter of 2007, the case was settled in mediation for$2,001,000.  During the first quarter2008, the Operating Partnership received $1,993,500 in damages to date.  The Operating Partnership is in the processof reimbursing the affiliate of the investment general partner for the fundsthey have advanced for the repairs.  Thebalance of the settlement held in reserves is anticipated to complete thenecessary repairs and associated landscaping.

 

The operating generalpartner of Breeze Cove Limited Partnership entered into an agreement to sellthe property and the transaction closed in March 2006. As part of thepurchase agreement, the buyer is required to maintain the property asaffordable housing through the end of the tax credit compliance period, and toprovide a recapture bond to avoid the recapture of the tax credits that havebeen taken.  After payment of the outstandingmortgage balance of approximately $1,828,883, the proceeds to the investmentgeneral partner were $535,278, all of which were allocated to Series 20.  Annual losses generated by the OperatingPartnership, which were applied against the investment limited partner’sinvestment in the Operating Partnership in accordance with the equity method ofaccounting, had previously reduced the investment limited partnership’sinvestment in the Operating Partnership to zero.  Accordingly, no gain or loss on the sale ofthe investment general partner interest has been recorded.

 

Brookstone Place IIApartments (Brookstone Place II LDHA, LP), is a 72-unit family property locatedin Port Huron, MI.  The property operatedbelow expectations for several years due to regional economic weakness, themarket’s saturation with moderate-income properties and the operating generalpartner’s inability to identify and maintain consistent management at the siteand regional levels.

 

In May 2006, thelender advertised a foreclosure sale for June 2006.  The investment general partner’s analysisindicated that the costs of maintaining the property outweighed the benefits ofreceiving the remaining tax credits and determined that it was in the bestinterest of the investment partnership to forfeit the property if the lenderrefused to restructure the debt. The foreclosure sale took place on August 17,2006, with the lender bidding in the property for the amount of the debt.  There was a 6-month redemption period duringwhich the Operating Partnership could redeem the property from foreclosure.

 

In the fourth quarter of2006, an unrelated third-party buyer offered to purchase all of the interestsof the Operating Partnership and redeem the property from the bank during theredemption period for consideration of providing IRS Section 42Disposition Bonds that would allow the investment limited partners to avoidrecapture.  The investment generalpartner agreed to this transaction because it represented a significantimprovement over a straight forfeiture of the property.  The sale of the interests and redemption ofthe property by the Operating Partnership closed on January 26, 2007. Thesales price was $2,763,894, which included the outstanding mortgage balance of$2,588,606, closing costs of $5,849, and the cost of the IRS Section 42Disposition Bonds of approximately $169,439. Annual losses generated by theOperating Partnership, which were applied against the investment limitedpartner’s investment in the Operating Partnership in accordance with the

 

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equity method ofaccounting, had previously reduced the investment limited partner’s investmentin the Operating Partnership to zero. Accordingly, no gain or loss on the sale of the investment limitedpartner interest has been recorded.

 

Rural Housing Partners ofMt. Carroll, LP (Mill Creek Village), is a 12-unit family property located inMt. Carroll, IL. In 2007, the property had an average occupancy of 74% andoperated below breakeven.  The marketthat the property is located in is a depressed rural area.  In 2006, two of the units had lost rentalassistance from RD due to being vacant for at least six months.  Since that time, these units have not beenleased due to an inability to find tenants who can afford the rents without RDrental assistance.  According to theoperating general partner, there is little chance of re-attaining that rentalassistance, as the units would need to be occupied first. The reason the unitswere vacant for at least six months was market related.  They are currently rent ready and have beensince 2006.  The other 10 units areleased and through April 2008 average occupancy is 83% (2 vacant).  Given the unlikelihood of leasing up the twounits without rental assistance, it will be difficult to improve occupancy, andthe operating general partner will need to find ways to reduce controllableexpenses in order to breakeven.  Theinvestment general partner will work with the operating general partner toexplore ways to lease up the two units, including attaining rental assistanceagain. The mortgage, property taxes, and insurance are current.

 

Hawthorne Associates, LP(Sandalwood Apartments) is a 20-unit property located in Toppenish,Washington.  The partnership operatedabove breakeven in 2006.  However, the2006 overall average occupancy of 84% declined to 65% in December 2006 dueto inadequate site staffing, poor tenant rent collection, high eviction rates,and many over-income applicants.  A newsite staff was hired early in 2007 and the current site manager has been ableto restore occupancy to 90% as of December 31, 2007.  The property operated slightly belowbreakeven in 2007. The rent collection and eviction policies are being strictlyenforced; no further collection issues are anticipated.  The taxes, mortgage and insurance are allcurrent.

 

(Series 42). As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100%.  The series had a total of 23 properties at March 31,2008, all of which were at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006 the series, in total, generated $1,336,507 and $1,979,460,respectively in passive income tax losses that were passed through to investorsand also provided $0.90 and $0.98, respectively, in tax credits per BAC to theinvestors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 42 was$12,469,734 and $14,051,858, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(1,747,899) and$(2,002,788), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

Wingfield ApartmentsPartnership II, A L.P. (Wingfield Apartments II) is a 42-unit multifamilydevelopment located in Kinder, Louisiana. Despite occupancy

 

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averaging 99% in 2006,the property operated below breakeven due to costs to repair damages sustainedduring the 2005 hurricane season.  Theproperty did receive insurance proceeds to cover most of the repairs, but somedamages were not covered and were paid for out of operations.  Additionally, the partnership had to coverthe cost of the insurance deductible out of operations.  During 2006 the utility expenses (water,sewer and electric) increased approximately $141 per unit.  The increase in costs continued throughout2007 as a direct result of hurricane aftermath. During the first half of 2007, a $50 per unit rent increase wasimplemented upon move in and lease renewal. This caused occupancy to decline by approximately 13%.  Tenants had to move because they could notafford the new rates or due to evictions being filed for non-payment.  Although occupancy rebounded during thefourth quarter of 2007 to 93%, the year-to-date average was only 87%.  The decreased occupancy combined withincreased costs caused the partnership to operate below breakeven for theyear.  All real estate tax, mortgage, andinsurance payments are current.  Theinvestment general partner will continue to monitor the property’s occupancyand operations, as well as assist management in determining ways to increaserevenue and reduce operating expenses. The operating general partner’s guarantee expired in 2005.  All real estate tax, mortgage, and insurancepayments are current.

 

San Diego/Fox Hollow, LP (Hollywood Palms Apts.) andits limited partner, BCP/Fox Hollow LLC (Plaintiff) filed a lawsuit against theformer operating general partner and its affiliates for breaches of variousagreements.  In December of 2004, ajudgment was filed in the Superior Court of the State of California (San DiegoCounty) awarding the plaintiffs the amount of $3,507,426 plus post-judgmentinterest at an annual rate of 10%.  Thesettlement included attorney’s fees for the plaintiffs in the amount of$1,125,000 plus $123,697 in costs.  TheState Appeals Court upheld the judgment in the fourth quarter of 2006.  The investment general partner has beenpursuing payment, and on April 21, 2008, the deficiency was settled thoughmediation for a total of $3,950,000.  Thepayment plan requires that cash payments of $1,650,000 be made within 200 daysof Settlement, and the remaining $2,300,000 be paid over time, secured by thedefendant’s interests in 8 real estate holdings.  To date $1,300,000 has been collected.

 

An affiliate of theinvestment general partner has funded emergency repairs to stabilize hillsidesoils and reinforce retaining walls.  Thework will continue on an as needed basis. The Operating Partnership hasasserted in court that the retaining wall was not constructed properly and hasfiled suit against the retaining wall contractor and the original generalcontractor of the property, who was replaced before completion of construction.The operating general partner is reviewing bids for the final stabilizationwork. During the fourth quarter of 2007, the case was settled in mediation for$2,001,000.  During the first quarter2008, the Operating Partnership received $1,993,500 in damages to date.  The Operating Partnership is in the processof reimbursing the affiliate of the investment general partner for the fundsthey have advanced for the repairs.  Thebalance of the settlement held in reserves is anticipated to complete thenecessary repairs and associated landscaping.

 

Dorchester CourtApartments (Dorchester Court Limited Dividend Housing Association, LP) is a131-unit apartment complex located in Port Huron, MI, with 75% of the unitsdevoted to elderly housing.  Due toconstruction delays and slow initial lease-up, the property experienceddifficulty generating positive cash flow. One of the two original members of the operating general partner entitywas unable to contribute his share of the advances required under the operatingdeficit guarantee.  In July 2005,the defaulting member of the operating general partner entity was replaced witha new member. The new member has significant resources and experience in realestate and has

 

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contributed over $190,000to the Operating Partnership to fund the property’s operating deficits.  Occupancy for 2007 averaged 92% and occupancythe first quarter of 2008 averaged 91%. The property operated below breakeven in 2007 and the first quarter of2008.  However, there was an improvementin operations over 2007. This improvement is due in part to the operatinggeneral partner refinancing the debt in July 2007 to a much lower interestrate.  Under the new debt service andassuming expenses are maintained in line with those of 2007, the propertyshould be able to breakeven at 93% occupancy. Prior to the refinance, the operatinggeneral partner had not funded the replacement reserve account; however, theOperating Partnership has been funding the replacement reserve, in accordancewith the loan and operating partnership agreements, since September 2007.The mortgage, taxes and insurance payments are all current.

 

HS Housing, LP (HeliosStation Apartments) is a 30-unit family property located in Lafayette, CO.  The property’s operations suffered as aresult of low occupancy, and the property expended cash in 2006. In response tosubstandard property operations, the management company replaced the sitemanager in the third quarter of 2006. This had a positive effect on occupancy,with occupancy for 2007 and the first quarter 2008 averaging 97%, and theproperty operated slightly above breakeven. All real estate taxes, insurance,and mortgage payments are current. The operating general partner’s obligationto fund operating deficits is unlimited in time and amount.

 

TS Housing, LP (TiffanySquare Apartments) is a 52-unit family property located just outside Denver inLakewood, CO.  Parts of the propertydeveloped structural issues related to the floor joists, which resulted inuneven floors and required extensive repairs. Eight units were off-line for over six months while management attemptedto remediate the issue.  As a result oflower revenue from the down units, and increased maintenance expenditures, theproperty expended cash of ($19,023) in 2006. During 2007, average occupancy was 91% and the unaudited financialstatement show that the property operated below breakeven.  All real estate taxes, insurance, andmortgage payments are current.  Whilemanagement expects improved occupancy going forward, the structural issuesnoted above could require considerable additional capital expenditures.  The operating general partner’s obligation tofund operating deficits is unlimited in time and amount.

 

In 2006, the ColoradoHousing and Finance Authority issued 8823s, citing the ten units that wereunsuitable for occupancy for an extended period of time due to the structuralissues noted above. As of April 2007, the ten units have been repaired andre-occupied. The management company is pursuing the Colorado Housing andFinance Authority to issue corrected 8823s.

 

The operating generalpartner is currently attempting to recapitalize 18 properties it controls inCO, including TS Housing.  Arecapitalization, if completed, would provide funds necessary to addressTiffany Square’s capital needs.

 

Los Lunas Apartments, LP(Hillridge Apartments), located in Los Lunas, NM, is a 38-unit property.Average physical occupancy for 2007 was 88% and the property operated abovebreakeven. As of March 31, 2008, the property was 92% occupied. However,the property was not able to operate above breakeven, due to slightly highermaintenance expenses. In the first quarter of 2008, instead of usingreplacement reserve funds for some necessary repairs and appliancereplacements, the management used available funds from operations. To increaseand maintain the occupancy management continues to market the property throughlocal media and civic organizations. The operating general partner has alsorenegotiated the laundry contract with the vendor and all of the machines were

 

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upgraded.  The property has received funds from thevendor for re-signing the contract. The real estate taxes, insurance, andmortgage payments are current.

 

Jeremy Associates, LP(Coopers Crossing Apartments) is a 93-unit family development located in LasColinas, Texas.  Average occupancy for2007 was 90%, down 6% from the 2006 average occupancy.  Through the first quarter of 2008, averageoccupancy is 93%, and has steadily increased each month to reach 95% as of March 2008.  The reason for the decline in performance in2007 was due to having to relocate tenants out of an entire building forstructural repairs.  In 2003 an engineer’sreport identified foundation and stress cracks in a number of buildings onsite.  The total cost of the project wasestimated at $320,000; however, there were additional repairs required due toplumbing breaks as the foundations were being repaired, resulting in a totalproject cost of $360,000. The construction repairs were funded by a capitalcontribution from the operating general partner, and the project was completedin November of 2007 and all units have been brought back on line.  In efforts to market the units, managementreduced the move-in deposit and has been networking with local employers in thearea.  The investment general partnerinspected the project after completion of the repairs and found that allfoundation repairs have been addressed and the overall property is in very goodphysical condition, as all structural repairs have been addressed andoperations are improving to pre-project levels. The mortgage, trade payables, property taxes and insurance are current.

 

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

 

On March 2, 2007,the City of St. Louis conducted a hearing and ordered the building closedpursuant to public nuisance ordinances. The Department of Housing and Urban Development terminated the HousingAssistance Payment contract.  The trusteefor the bonds declared default under the bond documents.  The operating general partner chose not tocontest the City’s order or HUD’s contract termination after determining thatthe highest recovery for the bondholders and limited partners might result froma sale to a developer who would convert the property to a non-affordableuse.  The operating general partner workedwith HUD and local municipal officials to relocate the tenants, which concludedin early July 2007. The operating general partner engaged a broker whobegan marketing the property, but after three months of market exposure duringthe third quarter of 2007, the property had failed to elicit any strongexpressions of interest.  The lack ofinterest was in part attributable to the general problems in the credit marketthat occurred in the third quarter of 2007. In October 2007, the operating general partner determined that itwould be costly to carry the property through the

 

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winter and offered toconsensually transfer the property to the bondholders’ trustee. As of December 2007,the bondholders’ trustee had effectively taken control of the property and waspursuing its own marketing effort, although it had not formally accepted thedeed.

 

Due to the property beingshut down in 2007, investors lost 2007 tax credits and experiencedrecapture.  The Operating Partnershiplost $44,252 in tax credits and experienced recapture of $65,954.  This represents estimated credits andrecapture of $16 and $24, respectively, per 1,000 BACs.  The operating general partner has unlimitedguarantees and the investment general partner intends to pursue payment underthese guarantees in order to offset some or all of the expected recapture oftax credits.  However, it is not certainat this time how much can be collected under the guarantees, based on theunknown financial strength of the guarantors.

 

(Series 43) As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100%. Theseries had a total of 23 properties as of March 31, 2008, all of whichwere at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006 the series, in total, generated $2,293,853 and $2,628,403,respectively in passive income tax losses that were passed through toinvestors. The series also provided $0.93 and $0.92, respectively, in taxcredits per BAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 43 was$16,587,969 and $18,822,633, 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 31,2008 and 2007, the net income (loss) of the series was $(2,632,307) and$(1,885,910), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentlosses, and amortization of acquisition costs.

 

San Diego/Fox Hollow, LP(Hollywood Palms Apts.) and its limited partner, BCP/Fox Hollow LLC (Plaintiff)filed a lawsuit against the former operating general partner and its affiliatesfor breaches of various agreements.  In December of2004, a judgment was filed in the Superior Court of the State of California(San Diego County) awarding the plaintiffs the amount of $3,507,426 pluspost-judgment interest at an annual rate of 10%.  In addition, attorney’s fees for theplaintiffs were awarded in the amount of $1,125,000 plus $123,697 incosts.  The State Appeals Court upheldthe judgment in the fourth quarter of 2006. The investment general partner is currently pursuing payment of thejudgments through mediation and/or seizure of assets.

 

An affiliate of theinvestment general partner has funded emergency repairs to stabilize hillsidesoils and reinforce retaining walls.  Thework will continue on an as needed basis. The Operating Partnership hasasserted in court that the retaining wall was not constructed properly and hasfiled suit against the original general contractor of the property, who wasreplaced before completion of construction. The operating general partner isreviewing bids for the final stabilization work. During the fourth quarter of2007, the case was settled and the Operating Partnership is anticipatingreceipt of approximately two million dollars in damages.  The property operated above breakeven in 2007and has generated cash through the first quarter of 2008, even though occupancyaveraged 91%.  The property replaced theon-site manager in February 2008 and the operating general partner isconfident that occupancy

 

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will rebound to stronglevels in the second quarter.  Themortgage, taxes, and insurance are current.

 

Dorchester CourtApartments (Dorchester Court Limited Dividend Housing Association, LP) is a131-unit apartment complex located in Port Huron, MI, with 75% of the unitsdevoted to elderly housing.  Due toconstruction delays and slow initial lease-up, the property experienceddifficulty generating positive cash flow. One of the two original members of the operating general partner entitywas unable to contribute his share of the advances required under the operatingdeficit guarantee.  In July 2005,the defaulting member of the operating general partner entity was replaced witha new member. The new member has significant resources and experience in realestate and has contributed over $190,000 to the Operating Partnership to fundthe property’s operating deficits. Occupancy for 2007 averaged 92% and occupancy the first quarter of 2008averaged 91%.  The property operatedbelow breakeven in 2007 and the first quarter of 2008.  However, there was an improvement inoperations over 2007. This improvement is due in part to the operating generalpartner refinancing the debt in July 2007 to a much lower interestrate.  Under the new debt service andassuming expenses are maintained in line with those of 2007, the propertyshould be able to breakeven at 93% occupancy. Prior to the refinance, the operatinggeneral partner had not funded the replacement reserve account; however, theOperating Partnership has been funding the replacement reserve, in accordancewith the loan and operating partnership agreements, since September 2007.The mortgage, taxes and insurance payments are all current.

 

LakewoodApartments-Saranac, LP (Lakewood Apartments) is a 24-unit property located inSaranac, MI.  The property operateswithout rental assistance and competes with three area properties offering Section 8subsidies.  The management company hireda new site manager in 2007.  Advertisingand marketing efforts were expanded in the local community.  Management initiated rent concessions and $99security deposits, waiving the first month’s rent, and eliminating theapplication fee to attract new applicants. Despite these attempts, the 2007 annual average occupancy decreased to79% from 86% in 2006; however, occupancy has rebounded to 88% in the firstquarter of 2008. Although the replacement reserve is under-funded, theOperating Partnership is under an approved workout plan with RuralDevelopment.  Taxes, insurance andmortgage payments are current.  Theoperating general partner’s guaranty is in effect through February 2009.

 

Carpenter School IElderly Apartments, L.P. (Carpenter School I Elderly Apartments) is a 38-unitproperty located in Natchez, MS. When a new regional manager was hired in August 2005,she found that the property suffered from high tenant receivables and highmaintenance costs.  Upon furtherinvestigation into these issues and in order to improve operations, theydiscovered falsification of records by the site manager and impropermaintenance at the site resulting in high expenses.  The two involved employees were arrested, indicted,and are scheduled for trial. To better control operations, the regional managerhas instituted significant policy changes in rent collection and supplypurchases. Additionally, the operating general partner started performingextensive background checks on prospective employees. In January 2007,upon a physical inspection, it was discovered that the property is having somemold issues. The operating general partner was notified immediately.Fortunately, the issues were not too severe and could be resolved with a morerigorous maintenance plan. The operating general partner is working to resolvethese issues by implementing a comprehensive maintenance plan. In the fourthquarter, the management company hired a full time manager and a part timeassistant manager. The property is finally become more equipped to deal withthe heavy traffic, which resulted from recent newspaper

 

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advertisement. Also, in October 2007,the property experienced fire resulting in two damaged units which were off linethrough February 2008. All the required repairs were made and finished by March 2008.In March 2008, the investment general partner’s inspector visited theproperty and concluded that all required repairs were made. Average physicaloccupancy for 2007 was 82% and the property was able to operate abovebreakeven. As of March 31, 2008, the property was 82% occupied. Thedecrease in the occupancy was due to the fact that some elderly residents movedout to a nursing home. However, the management is optimistic that the occupancywill increase to 95% by May 2008. The property has experienced heavytraffic in the past three months due to heavy advertisements.  The investment general partner will continueto work with the operating general partner in an effort to bring operationsabove breakeven.  The mortgage, taxes,insurance and account payables are all current.

 

Parkside Plaza, L.P.(Parkside Plaza Apartments) is a 39-unit co-op property located in Harlem, NewYork.  The property operated belowbreakeven in 2005, 2006 and 2007 due to high utility, maintenance andadministrative expenses combined with collection loss.  Management is exploring options to reduceutility costs, including tenant education on conservation and possible grantfunding from non-profit agencies to conserve energy. Most recently, managementand the operating general partner filed an application for assistance toreplace windows and boilers with the New York State Energy Research andDevelopment Authority and are awaiting approval.  A site visit by the investment generalpartner is planned in the second quarter of 2008.  The operating general partner stated that aformal rent increase of 2% was effective January 1, 2008. Management isworking to reduce tenant delinquencies by aggressively filing late notices andpursuing evictions through the housing court. Collections remain an ongoing and serious issue. Physical occupancy was100% as of March 31, 2008. As outlined in the cooperative documents,management is assessing unit maintenance charges to all the residents.  The investment general partner continues towork with the operating general partner to improve operations.  The operating general partner continues to funddeficits as needed.  The mortgage andinsurance payments are current.  Theproperty pays no real estate taxes as the result of a tax-exempt status.

 

(Series 44) As of March 31,2008 and 2007, the average Qualified Occupancy for the series was 100%. Theseries had a total of 10 properties at March 31, 2008, all of which wereat 100% Qualified Occupancy.

 

Forthe tax years ended December 31, 2007 and 2006 the series, in total,generated $3,963,653 and $2,023,558, respectively in passive income tax lossesthat were passed through to investors and also provided $0.97 and $0.90, respectively,in tax credits per BAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 44 was$13,358,199 and $15,062,451, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(1,973,251) and$(1,993,000), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentloss and amortization of acquisition costs.

 

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Brookside Park LimitedPartnership (Brookside Park Apartments) is a 200-unit family property locatedin Atlanta, Georgia.  Occupancy fell to alow of 89% in March 2007, as a result of crime in the surroundingneighborhood.  Management responded byreplacing chain link fencing with more durable hard fence, thinning shrub coverand installing alarm systems in every unit. A site visit conducted in March 2007 rated the property inexcellent condition. Occupancy rebounded by the end of the year, averaging 94%and further improved to 99% through the first quarter of 2008.  The property has not yet converted itsconstruction loan and has extension options through August 2008. The currentlender has started the underwriting process involved in converting to permanentfinancing and conversion is expected late in the third quarter. Theconstruction loan, taxes, and insurance are current.

 

(Series 45) As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100%. Theseries had a total of 30 properties as of March 31, 2008, all of whichwere at 100% Qualified Occupancy.

 

For the tax years ended December 31,2007 and 2006 the series, in total, generated $2,066,646 and $3,675,768,respectively in passive income tax losses that were passed through toinvestors, and also provided $0.94 and $0.96, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 45 was$22,717,292 and $25,143,982, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(2,684,304) and$(2,082,580), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentloss and amortization of acquisition costs.

 

Brookstone Place IIApartments (Brookstone Place II LDHA, LP), is a 72-unit family property locatedin Port Huron, MI.  The property operatedbelow expectations for several years due to regional economic weakness, themarket’s saturation with moderate-income properties and the operating generalpartner’s inability to identify and maintain consistent management at the siteand regional levels.

 

In May 2006, the lenderadvertised a foreclosure sale for June 2006.  The investment general partner’s analysisindicated that the costs of maintaining the property outweighed the benefits ofreceiving the remaining tax credits and determined that it was in the bestinterest of the investment partnership to forfeit the property if the lenderrefused to restructure the debt.  Theforeclosure sale took place on August 17, 2006, with the lender bidding inthe property for the amount of the debt. There was 6-month redemption period during which the OperatingPartnership could redeem the property from foreclosure.

 

In the fourth quarter of2006, an unrelated third party buyer offered to purchase all of the interestsof the Operating Partnership and redeem the property from the bank during theredemption period for consideration of providing IRS Section 42Disposition Bonds that would allow the investment limited partners to avoidrecapture.  The investment generalpartner agreed to this transaction because it represented a significantimprovement over a straight forfeiture of the property.  The sale of the interests and redemption ofthe property by the Operating Partnership closed on January 26, 2007. The

 

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sales price was $2,763,894,which included the outstanding mortgage balance of $2,588,606, closing costs of$5,849, and the cost of the IRS Section 42 Disposition Bonds ofapproximately $169,439.  Annual lossesgenerated by the Operating Partnership, which were applied against theinvestment limited partner’s investment in the Operating Partnership inaccordance with the equity method of accounting, had previously reduced theinvestment limited partnership’s investment in the Operating Partnership tozero.  Accordingly, no gain or loss onthe sale of the investment limited partner interest has been recorded.

 

Baldwin Villas LimitedPartnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI.  Although the land is commonly owned and theunits rented, the project has every appearance of being a single-familysubdivision. Because the cost to build the project approximated the cost for asingle-family development, construction of the project required a significantamount of debt.  As a result, the rentstructure required to support the project is high, and most tenants needsignificant subsidy to afford the $1,000+/ month rents.

 

During 2006, occupancy atBaldwin Villas averaged over 90% and the property generated $61,425 in cash. In2007, the local Section 8 administrating authority experienced fundingconstraints.  Due in part to thedecreased availability of portable Section 8 vouchers, average occupancydeclined in 2007 to 82% and the property operated below breakeven.  To date the operating general partner hassupported the operating deficits and the mortgage, insurance and taxes arecurrent.  However, the operating generalpartner has a portfolio of other properties in Michigan, some of which are alsooperating at deficits, so its ability to continue to fund operating deficits atBaldwin Villas may be limited.

 

In October 2007, theoperating general partner engaged a new property management company to manageseveral of its properties, including Baldwin. In the first quarter of 2008, occupancy averaged around 80%, with occupancyat the end of the quarter reaching 85%; however, the property continued tooperate below breakeven.  The investmentgeneral partner is closely monitoring the new management company’s ability toincrease occupancy and cash flow.

 

Childress Apartments LTD(Fairview Manor Apartments) is a 48-unit development located in Childress,TX.  The average occupancy for 2007decreased to 84% from 87% in 2006 partially due to evictions for non-payment.  Despite the low occupancy in 2007, theproperty operated above breakeven due to a rent increase coupled with fundswithdrawn from the reserves for expensed improvements.  In an effort to increase occupancy, a newsite manager was hired in the fourth quarter of 2007.  There is currently a move-in special beingoffered.  Occupancy showed signs ofimprovement during the first quarter of 2008 increasing to 83% from 77% in thefourth quarter of 2007. The management company expects occupancy to continue toimprove in 2008.  The operating generalpartner continues to fund all deficits. The mortgage, taxes and insurance are all current.

 

Harbet Avenue, LP(William B. Quarton Place) is a 28-unit family property located in CedarRapids, Iowa.  During 2004 and through February 2005inappropriate checks and wires were made to the operating general partner fromthe Operating Partnership’s escrow and operating accounts.  The total of the misappropriated funds hasbeen determined to be $142,758.  Through August 2007,funds totaling $97,265 have been repaid to the Operating Partnership, leavingan outstanding balance owed of $45,494. Funds utilized to repay the Operating Partnership came from a variety ofsources including sales of multi-family housing, returned management fees andfacilitator charges, and cash

 

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contributions.  A default notice was sent to the operatinggeneral partner on September 1, 2005. The default notice was than followed up by a demand letter sent to theoperating general partner in July 2006. The operating general partner has disclosed that they continue to havefinancial difficulties and are unable to continue as a viableorganization.  Another non-profitorganization, Four Oaks of Iowa, was retained to take over propertymanagement.  The investment generalpartner met with representatives of both the original non-profit operatinggeneral partner and Four Oaks to determine a course of action that serves thebest interest of the Operating Partnership. Four Oaks has expressed their desire to assume the role of operatinggeneral partner as they are committed to preserving affordable housing in theCedar Rapids area.  Four Oaks iscontinuing to work on forming an entity to step in as the operating generalpartner.  Amendments to the PartnershipAgreement have been drafted, and it is anticipated that the transfer shouldoccur sometime during the third quarter of 2008. Occupancy is strong, averaging98% in the first quarter of 2008.  Theproperty is operating above breakeven due to low operating expenses, combinedwith 100% soft debt financing, requiring payments of principal and interestfrom cash flow only.  Trade payables,taxes and insurance are all current.  Theinvestment general partner will continue to closely monitor operations and thepending transfer of the operating general partner interest.

 

Brookside Park LimitedPartnership (Brookside Park Apartments) is a 200-unit family property locatedin Atlanta, Georgia.  Occupancy fell to alow of 89% in March 2007, as a result of crime in the surrounding neighborhood.  Management responded by replacing chain linkfencing with more durable hard fence, thinning shrub cover and installing alarmsystems in every unit.  A site visitconducted in March 2007 rated the property in excellent condition.Occupancy rebounded towards the end of the year, averaging 94% and averaged 99%through the first quarter of 2008.  Theproperty has not yet converted its construction loan and has extension optionsthrough August 2008. The current lender has started the underwriting processinvolved in converting to permanent financing and conversion is expected latein the third quarter. The construction loan, taxes, and insurance are current.

 

Bartlett Bayou is a48-unit development located in Pascagoula, MS. Prior to completion of construction Hurricane Katrina impacted theproperty.  The hurricane damage resultedin a delay in construction completion and an increase in constructioncosts.  As a result the operating generalpartner was able to obtain an additional $97,000 in tax credits for 2006.  However, the 8609s were incorrect byindicating the allocation date as February 28, 2007.  Recently, Bartlett Bayou received thecorrected 8609s, which allocate the supplemental credits to the operatinggeneral partner.  The 8609s were reviewedand approved by the investment general partner and all equity distributionshave been made to the operating general partner.

 

As a result of thehurricane damage, insurance premiums increased significantly in the area in2006 resulting in a drop in performance despite the fact that occupancyaveraged 98% through the year.  In 2007,the operating general partner was able to reduce insurance expensessignificantly while increasing revenue via an increase in rents.  In addition, taxes were reduced due to a reductionin the taxable value of the property.  Assuch, the property operated well above breakeven for the year.  Through the first quarter of 2008, occupancyremains near 100%.  The mortgage, taxesand insurance are all current.

 

(Series 46) As of March 31,2008 and 2007 the average Qualified Occupancy for the series was 100% and99.9%, respectively. The series had a total of 15 properties as of March 31,2008, all of which were at 100% Qualified Occupancy.

 

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For the tax years ended December 31,2007 and 2006 the series, in total, generated $1,889,140 and $1,729,254,respectively in passive income tax losses that were passed through toinvestors, and also provided $0.95 and $0.88, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2008and 2007, Investments in Operating Partnerships for Series 46 was$19,669,467 and $19,762,322, respectively. The decrease is a result of the waythe Fund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31,2008 and 2007, the net income (loss) of the series was $(1,231,513) and$(1,071,510), respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee, impairmentloss, interest income and amortization of acquisition costs.

 

Saint Martin Apartments,L.P. (Saint Martin Apartments) is a 40-unit new construction developmentlocated in McComb, Mississippi. Construction was completed April 4, 2006.  The property operated below breakeven in2007.  Although some of the loss isattributed to fees associated with the construction and lease-up of thecomplex, the debt service is high due to a 9.5% interest rate.  The operating general partner, as requiredunder the Partnership Agreement, has not yet funded the operating reserve of$48,150.  In addition, the rents wereinadequate to support the normal operating expenses; therefore a rent increaseof about $30 per unit was implemented June 1, 2007 for new move-ins orupon lease renewal.  The rate increasedid not affect the occupancy, as it was strong averaging 99% for the year.  Overall operating expenses appear to be inline with the prior year’s state averages. The operating general partner didnot fund the replacement reserves or the security deposit accounts as requiredand there is insufficient cash to offset that obligation.  The operating general partner is required tofund deficits as necessary.  Theguarantee is unlimited in amount until thirty-six months after rentalachievement is met; however, there is a further stipulation that the complexmust sustain debt service coverage at 1.15 for twelve consecutive months beforethe guarantee is released.  Theinvestment general partner will work with the operating general partner tomonitor the partnership until operations have improved and all requiredreserves are funded.  All real estatetax, mortgage, and insurance payments are current.

 

Bartlett Bayou is a48-unit development located in Pascagoula, MS. Prior to completion of construction, Hurricane Katrina impacted theproperty.  The hurricane damage resultedin a delay in construction completion and an increase in constructioncosts.  As a result the operating generalpartner was able to obtain an additional $97,000 in tax credits for 2006.  However, the 8609s were incorrect byindicating the allocation date as February 28, 2007.  Recently, Bartlett Bayou received thecorrected 8609s, which allocate the supplemental credits to the operatinggeneral partner.  The 8609s were reviewedand approved by the investment general partner and all equity distributionshave been made to the operating general partner.

 

As a result of thehurricane damage, insurance premiums increased significantly in the area in2006 resulting in a drop in performance despite the fact that occupancyaveraged 98% through the year.  In 2007,the operating general partner was able to reduce insurance expenses whileincreasing revenue via an increase in rents. In addition, taxes were reduced due to a reduction in the taxable valueof the property and the property operated well above breakeven for theyear.  Through the first quarter of 2008,occupancy remains near 100%.  Themortgage, taxes and insurance are all current.

 

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Off Balance Sheet Arrangements

 

None.

 

Principal Critical Accounting Policies and Estimates

 

The financial statementsare prepared in accordance with accounting principles generally accepted in theUnited States of America, which require the Fund to make various estimates andassumptions.  A summary of significantaccounting policies is provided in Note 1 to the financial statements.  The following section is a summary of someaspects of those accounting policies that may require subjective or complexjudgments and are most important to the portrayal of the Fund’s financialcondition and results of operations.  TheFund believes that there is a low probability that the use of differentestimates or assumptions in making these judgments would result in materiallydifferent amounts being reported in the financial statements.

 

The Fund is required toassess potential impairments to its long-lived assets, which is primarilyinvestments in limited partnerships.  TheFund accounts for its investment in limited partnerships in accordance with theequity method of accounting since the Fund does not control the operations ofthe Operating Partnerships.

 

If the book value of theFund’s investment in an Operating Partnership exceeds the estimated valuederived by management, which generally consists of the remaining future Low-IncomeHousing Credits allocable to the Fund and the estimated residual value to theFund, the Fund reduces its investment in the Operating Partnership and includesthis reduction in equity in loss of investment of limited partnerships.

 

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

 

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

 

The Fund’s balancein investment in Operating Partnerships, plus the risk of recapture of tax creditspreviously recognized on these investments, represents its maximum exposure toloss.  The Fund’s exposure to loss onthese partnerships is mitigated by the condition and financial performance ofthe underlying properties as well as the strength of the local general partnersand their guarantee against credit recapture.

 

124

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Recent Accounting Changes

 

In September 2006,the Financial Accounting Standards Board (“FASB”) issued Statement of FinancialAccounting Standards (SFAS) No. 157, “Fair Value Measurements,” (SFAS157), which defines fair value, establishes a framework for measuring fairvalue in generally accepted accounting principles and expands disclosure aboutfair value measurements. SFAS 157 is effective for financial statements issuedfor fiscal years beginning after November 15, 2007 and shall be appliedprospectively except for very limited transactions, which for the Fund is April 1,2008.  In December 2007, the FASBdelayed the implementation of SFAS 157 as it pertains to non-financial assetsand liabilities for fiscal years beginning after November 15, 2008, whichfor the Fund is April 1, 2009. The Fund is currently evaluating thepotential impact of the adoption of SFAS 157 on its financial statements.

 

In February 2007 theFASB issued SFAS 159 “The Fair Value Option for Financial Assets and FinancialLiabilities.”  SFAS 159 permits entitiesto choose to measure many financial instruments and certain other items at fairvalue.  The fair value election isdesigned to improve financial reporting by providing entities with theopportunity to mitigate volatility in reported earnings caused by measuringrelated assets and liabilities differently without having to apply complexhedge accounting provisions.  SFAS 159 iseffective for fiscal years beginning after November 15, 2007.  The Fund does not expect to elect the fairvalue option.

 

On December 4, 2007,the FASB issued Statement No. 141R, “Business Combinations” (“SFAS 141 R”).  This statement changes the accounting foracquisitions specifically eliminating the step acquisition model, changing therecognition of contingent consideration from being recognized when it isprobable to being recognized at the time of acquisition, and disallowing the capitalizationof transaction costs and delays when restructurings related to acquisitions canbe recognized.  The standard is effectivefor fiscal years ending after December 15, 2008.  The Fund is currently evaluating the impactof the adoption of SFAS 141 R on its financial statements.  However, the Fund does not expect SFAS 141Rto have a material impact on the Fund’s statement of operations or financialposition.

 

On December 4, 2007,the FASB issued statement No. 160, “Noncontrolling Interests in ConsolidatedFinancial Statements, an amendment of ARB No. 51” (“SFAS 160”).  SFAS 160 replaces the concept of minorityinterest with noncontrolling interests in subsidiaries.  Noncontrolling interests will now be reportedas a component of equity in the consolidated statement of financialposition.  Earnings attributable tononcontrolling interests will continue to be reported as a part of consolidatedearnings; however, SFAS 160 requires that income attributable to both controllingand noncontrolling interests be presented separately on the face of theconsolidated income statement.  Inaddition, SFAS 160 provides that when losses attributable to noncontrollinginterests exceed the noncontrolling interest’s basis, losses continue to beattributed to the noncontrolling interest as opposed to being absorbed by theconsolidating entity.  SFAS 160 requiresretroactive adoption of the presentation and disclosure requirements forexisting minority interests.  All otherrequirements of SFAS 160 shall be applied prospectively. SFAS 160 is effectivefor the first annual reporting period beginning on or after December 15,2008. However, the Fund does not expect SFAS 160 to have a material impact onthe Fund’s financial statements.

 

125

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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. |

 

126

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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, 2008. 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, 2008, 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, 2008 that materially affected, or are  reasonably likely to materially affect, the Fund’s internal control over  financial reporting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| Item 9B. |   |   |   | Other Information                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|     |   |   |   | Not Applicable                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

 

127

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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 its own.   The following biographical information is presented for the partners  of the General Partners and affiliates of those partners (including Boston  Capital Partners, Inc. (“Boston Capital”)) with principal responsibility  for the Partnership’s affairs. |

 

**John P. Manning**,age 59, is co-founder, and since 1974 has been the President and ChiefExecutive Officer, of Boston Capital Corporation. As co-founder and CEO ofBoston Capital, Mr. Manning’s primary responsibilities include strategicplanning, business development and the continued oversight of newopportunities. In addition to his responsibilities at Boston CapitalCorporation, Mr. Manning is a proactive leader in the multifamily realestate industry. He served in 1990 as a member of the Mitchell-Danforth TaskForce, which reviewed and suggested reforms to the Low Income Housing TaxCredit program. He was the founding President of the Affordable Housing TaxCredit Coalition and is a former member of the board of the National LeasedHousing Association. During the 1980s, he served as a member of theMassachusetts Housing Policy Committee as an appointee of the Governor ofMassachusetts. In addition, Mr. Manning has testified before the U.S.House Ways and Means Committee and the U.S. Senate Finance Committee on thecritical role of the private sector in the success of the Low Income HousingTax Credit. In 1996, President Clinton appointed him to the President’sAdvisory Committee on the Arts at the John F. Kennedy Center for the PerformingArts. In 1998, President Clinton appointed Mr. Manning to the President’sExport Council, the premiere committee comprised of major corporate CEOs thatadvise the President on matters of foreign trade and commerce. In 2003, he wasappointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing. Mr. Manningsits on the Board of Directors of the John F. Kennedy Presidential Library inBoston where he serves as Chairman of the Distinguished Visitors Program. He isalso on the Board of Directors of the Beth Israel Deaconess Medical Center inBoston. Mr. Manning is a graduate of Boston College.

 

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

 

**JeffreyH. Goldstein,**age 46, is Chief Operating Officer and has beenthe Director of Real Estate of Boston Capital Corporation since 1996. Hedirects Boston Capital Corporation’s comprehensive real estate services, whichinclude all aspects of origination, underwriting, due diligence andacquisition. As COO, Mr. Goldstein is responsible for the financial andoperational areas of Boston Capital Corporation and assists in the design andimplementation of business development and strategic planning objectives. Mr. Goldsteinpreviously served as the Director of the Asset Management division as well asthe head of the dispositions and troubled assets group. Utilizing his 16 yearsexperience in the real estate syndication and development industry, Mr. Goldsteinhas been 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

 

128

----

 

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

 

**Kevin P.Costello,**age 61, is Executive Vice President and has beenthe Director of Institutional Investing of Boston Capital Corporation since1992 and serves on the firm’s Executive Committee. He is responsible for allcorporate investment activity and has spent over 20 years in the real estatesyndication and investment business. Mr. Costello’s prior responsibilitiesat Boston Capital Corporation have involved the management of the AcquisitionsDepartment and the structuring and distribution of conventional and tax creditprivate placements. Prior to joining Boston Capital Corporation in 1987, heheld positions 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 44, has been Chief Financial Officer of BostonCapital Corporation since May 2003. Mr. Teal previously served asSenior Vice President and Director of Accounting and prior to that served asVice President of Partnership Accounting. He has been with Boston CapitalCorporation since 1990. In his current role as CFO he oversees all of theaccounting, financial reporting, SEC reporting, budgeting, audit, tax andcompliance for Boston Capital Corporation, its affiliated entities and allBoston Capital Corporation sponsored programs. Additionally, Mr. Teal isresponsible for maintaining all banking and borrowing relationships of BostonCapital Corporation and treasury management of all working capitalreserves.  He also oversees BostonCapital Corporation’s information and technology areas, including the strategicstrategic planning for 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. |

 

129

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

 

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

 

1.  An annual fund management fee based on .5percent of the aggregate cost of all apartment complexes acquired by theOperating Partnerships, less the amount of reporting fees received, has beenaccrued or paid to Boston Capital Asset Management Limited Partnership. Theannual fund management fees charged to operations for the year ended March 31,2008 was $6,091,352.

 

2.  The Fund has reimbursed or accrued as apayable to an affiliate of the general partner a total of $605,346 for amountscharged to operations during the year ended March 31, 2008.  The reimbursement is for items like postage,printing, travel, and overhead allocations.

 
| Item 12. |   | Security Ownership of  Certain Beneficial Owners and Management |
|----------|--------|-----------------------------------------------------------------|
|     |   |                                                            |
|     |   | (a)                                                             |   | Security  ownership of certain beneficial owners. |
|     |   |                                                            |   |   |
|     |   |                                                            |   | As of March 31,  2008, 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 |   | 6.59 | % |
| Series 28 |   | 6.98 | % |
| Series 29 |   | 7.20 | % |
| Series 30 |   | 7.26 | % |
| Series 31 |   | 6.84 | % |
| Series 32 |   | 7.19 | % |
| Series 33 |   | 6.71 | % |
| Series 34 |   | 5.77 | % |
| Series 35 |   | 6.59 | % |
| Series 36 |   | 6.27 | % |
| Series 37 |   | 5.58 | % |
| Series 38 |   | 5.81 | % |
| Series 39 |   | 6.20 | % |

 
|   |   | (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.  |

 

130

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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, 2008. |
|     |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|     |   | (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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

 

131

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| Item 14. | Principal Accounting  Fees and Services                                                                  |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |
|     | Fees paid to the Fund’s  independent auditors for fiscal year 2008 were comprised of the following: |

 
| **Fee Type**   | ** ** | **Ser. 20** | ** ** | **Ser. 21** | ** ** | **Ser. 22** | ** ** | **Ser. 23** | ** ** | **Ser. 24** | ** ** |
|---------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|
| Audit Fees          |       | $                | 19,271     |             | $          | 13,571           |       | $                | 19,731     |             | $          | 19,271 |   | $ | 19,271 |   |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Audit Related  Fees |       | 1,750            |       | 1,250            |       | 1,500            |       | 3,000            |       | 3,500            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Tax Fees            |       | 6,565            |       | 5,045            |       | 7,895            |       | 6,565            |       | 6,945            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| All Other Fees      |       | —           |       | —           |       | —           |       | —           |       | —           |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Total               |       | $                | 27,586     |             | $          | 19,866           |       | $                | 29,126     |             | $          | 28,836 |   | $ | 29,716 |   |

 
| **Fee Type**   | ** ** | **Ser. 25** | ** ** | **Ser. 26** | ** ** | **Ser. 27** | ** ** | **Ser. 28** | ** ** | **Ser. 29** | ** ** |
|---------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|
| Audit Fees          |       | $                | 19,271     |             | $          | 27,571           |       | $                | 15,861     |             | $          | 20,411 |   | $ | 19,271 |   |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Audit Related  Fees |       | 5,000            |       | 8,500            |       | 3,750            |       | 6,250            |       | 5,000            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Tax Fees            |       | 6,565            |       | 11,125           |       | 5,615            |       | 7,325            |       | 6,755            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| All Other Fees      |       | —           |       | —           |       | —           |       | —           |       | —           |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Total               |       | $                | 30,836     |             | $          | 47,196           |       | $                | 25,226     |             | $          | 33,986 |   | $ | 31,026 |   |

 
| **Fee Type**   | ** ** | **Ser. 30** | ** ** | **Ser. 31** | ** ** | **Ser. 32** | ** ** | **Ser. 33** | ** ** | **Ser. 34** | ** ** |
|---------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|
| Audit Fees          |       | $                | 17,071     |             | $          | 20,411           |       | $                | 20,521     |             | $          | 9,131 |   | $ | 15,861 |   |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Audit Related  Fees |       | 4,500            |       | 6,250            |       | 4,000            |       | 2,500            |       | 3,500            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Tax Fees            |       | 5,805            |       | 7,515            |       | 7,135            |       | 4,665            |       | 5,045            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| All Other Fees      |       | —           |       | —           |       | —           |       | —           |       | —           |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Total               |       | $                | 27,376     |             | $          | 34,176           |       | $                | 31,656     |             | $          | 16,296 |   | $ | 24,406 |   |

 

132

----

 
| Item 14. | Principal Accounting  Fees and Services                                                                  |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |
|     | Fees paid to the Fund’s  independent auditors for fiscal year 2008 were comprised of the following: |

 
| **Fee Type**   | ** ** | **Ser. 35** | ** ** | **Ser. 36** | ** ** | **Ser. 37** | ** ** | **Ser. 38** | ** ** | **Ser. 39** | ** ** |
|---------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|
| Audit Fees          |       | $                | 6,701      |             | $          | 9,031            |       | $                | 9,461      |             | $          | 10,641 |   | $ | 13,021 |   |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Audit Related  Fees |       | 2,750            |       | 2,500            |       | 1,750            |       | 2,500            |       | 2,250            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Tax Fees            |       | 4,475            |       | 4,475            |       | 3,715            |       | 4,475            |       | 4,285            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| All Other Fees      |       | —           |       | —           |       | —           |       | —           |       | —           |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Total               |       | $                | 13,926     |             | $          | 16,006           |       | $                | 14,926     |             | $          | 17,616 |   | $ | 19,556 |   |

 
| **Fee Type**   | ** ** | **Ser. 40** | ** ** | **Ser. 41** | ** ** | **Ser. 42** | ** ** | **Ser. 43** | ** ** | **Ser. 44** | ** ** |
|---------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|
| Audit Fees          |       | $                | 16,091     |             | $          | 16,091           |       | $                | 16,091     |             | $          | 18,251 |   | $ | 13,401 |   |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Audit Related  Fees |       | 4,000            |       | 5,250            |       | 5,500            |       | 5,500            |       | 2,250            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Tax Fees            |       | 6,375            |       | 6,755            |       | 6,755            |       | 8,085            |       | 4,285            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| All Other Fees      |       | —           |       | —           |       | —           |       | —           |       | —           |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Total               |       | $                | 26,466     |             | $          | 28,096           |       | $                | 28,346     |             | $          | 31,836 |   | $ | 19,936 |   |

 
| **Fee Type**        | ** ** | **Ser. 45** | ** ** | **Ser. 46** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 20,561     |        | $          | 12,261 |   |
|                |       |        |       |        |       |
| Audit Related  Fees |       | 7,250       |       | 3,500       |       |
|                |       |        |       |        |       |
| Tax Fees            |       | 8,275       |       | 5,235       |       |
|                |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       |
|                |       |        |       |        |       |
| Total               |       | $           | 36,086     |        | $          | 20,996 |   |

 

133

----

 
| Item 14. | Principal Accounting  Fees and Services                                                                  |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |
|     | Fees paid to the Fund’s  independent auditors for fiscal year 2007 were comprised of the following: |

 
| **Fee Type**   | ** ** | **Ser. 20** | ** ** | **Ser. 21** | ** ** | **Ser. 22** | ** ** | **Ser. 23** | ** ** | **Ser. 24** | ** ** |
|---------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|
| Audit Fees          |       | $                | 18,525     |             | $          | 13,045           |       | $                | 18,965     |             | $          | 18,525 |   | $ | 18,525 |   |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Audit Related  Fees |       | 1,250            |       | 1,000            |       | 1,250            |       | 2,750            |       | 3,000            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Tax Fees            |       | 6,560            |       | 4,890            |       | 7,670            |       | 6,370            |       | 6,740            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| All Other Fees      |       | —           |       | —           |       | —           |       | —           |       | —           |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Total               |       | $                | 26,335     |             | $          | 18,935           |       | $                | 27,885     |             | $          | 27,645 |   | $ | 28,265 |   |

 
| **Fee Type**        | ** ** | **Ser. 25** | ** ** | **Ser. 26** | ** ** | **Ser. 27** | ** ** | **Ser. 28** | ** ** | **Ser. 29** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 18,525     |        | $          | 26,505      |       | $           | 15,245     |        | $          | 19,615 |   | $ | 18,525 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 4,750       |       | 8,500       |       | 3,250       |       | 5,500       |       | 5,000       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 6,370       |       | 10,620      |       | 5,440       |       | 7,110       |       | 6,560       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 29,645     |        | $          | 45,625      |       | $           | 23,935     |        | $          | 32,225 |   | $ | 30,085 |   |

 
| **Fee Type**        | ** ** | **Ser. 30** | ** ** | **Ser. 31** | ** ** | **Ser. 32** | ** ** | **Ser. 33** | ** ** | **Ser. 34** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 16,405     |        | $          | 19,615      |       | $           | 19,725     |        | $          | 8,775 |   | $ | 15,245 |   |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Audit Related  Fees |       | 4,250       |       | 5,750       |       | 3,500       |       | 2,000       |       | 2,500       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Tax Fees            |       | 6,000       |       | 7,300       |       | 6,920       |       | 4,520       |       | 4,890       |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |       |
|                |       |        |       |        |       |        |       |        |       |        |       |
| Total               |       | $           | 26,655     |        | $          | 32,665      |       | $           | 30,145     |        | $          | 15,295 |   | $ | 22,635 |   |

 

134

----

 
| Item 14. | Principal Accounting  Fees and Services                                                                  |
|----------|----------------------------------------------------------------------------------------------------------|
|     |                                                                                                     |
|     | Fees paid to the Fund’s  independent auditors for fiscal year 2007 were comprised of the following: |

 
| **Fee Type**   | ** ** | **Ser. 35** | ** ** | **Ser. 36** | ** ** | **Ser. 37** | ** ** | **Ser. 38** | ** ** | **Ser. 39** | ** ** |
|---------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|------------------|------------|
| Audit Fees          |       | $                | 6,435      |             | $          | 8,675            |       | $                | 9,085      |             | $          | 10,225 |   | $ | 12,515 |   |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Audit Related  Fees |       | 2,000            |       | 1,750            |       | 1,250            |       | 1,750            |       | 1,500            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Tax Fees            |       | 4,340            |       | 4,340            |       | 3,600            |       | 4,330            |       | 4,150            |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| All Other Fees      |       | —           |       | —           |       | —           |       | —           |       | —           |       |
|                |       |             |       |             |       |             |       |             |       |             |       |
| Total               |       | $                | 12,775     |             | $          | 14,765           |       | $                | 13,935     |             | $          | 16,305 |   | $ | 18,165 |   |

 
| **Fee Type**        | ** ** | **Ser. 40** | ** ** | **Ser. 41** | ** ** | **Ser. 42** | ** ** | **Ser. 43** | ** ** | **Ser. 44** |   |
|---------------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|--------|
| Audit Fees          |       | $           | 15,465     |        | $          | 15,465      |       | $           | 15,465     |        | $      | 17,545 |   | $ | 12,875 |   |
|                |       |        |       |        |       |        |       |        |       |        |   |
| Audit Related  Fees |       | 3,000       |       | 4,250       |       | 3,500       |       | 4,000       |       | 1,750       |   |
|                |       |        |       |        |       |        |       |        |       |        |   |
| Tax Fees            |       | 6,180       |       | 6,740       |       | 6,560       |       | 7,850       |       | 4,150       |   |
|                |       |        |       |        |       |        |       |        |       |        |   |
| All Other Fees      |       | —      |       | —      |       | —      |       | —      |       | —      |   |
|                |       |        |       |        |       |        |       |        |       |        |   |
| Total               |       | $           | 24,645     |        | $          | 26,455      |       | $           | 25,525     |        | $      | 29,395 |   | $ | 18,775 |   |

 
| **Fee Type**        | ** ** | **Ser. 45** | ** ** | **Ser. 46** | ** ** |
|---------------------|------------|-------------|------------|-------------|------------|
| Audit Fees          |       | $           | 19,765     |        | $          | 11,785 |   |
|                |       |        |       |        |       |
| Audit Related  Fees |       | 6,500       |       | 3,500       |       |
|                |       |        |       |        |       |
| Tax Fees            |       | 8,040       |       | 4,890       |       |
|                |       |        |       |        |       |
| All Other Fees      |       | —      |       | —      |       |
|                |       |        |       |        |       |
| Total               |       | $           | 34,305     |        | $          | 20,175 |   |

 

Audit Committee

 

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

 

135

----

 

# 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, 2008 and 2007                                                                                                                                                       |
|                                 |                                                                                                  |                                                                                                                                                                                                |
|                                 |                                                                                                  | Statements  of Operations for the years ended March 31, 2008 and 2007                                                                                                                          |
|                                 |                                                                                                  |                                                                                                                                                                                                |
|                                 |                                                                                                  | Statements  of Changes in Partners’ Capital (Deficit) for the years ended March 31,  2008 and 2007                                                                                        |
|                                 |                                                                                                  |                                                                                                                                                                                                |
|                                 |                                                                                                  | Statements  of Cash Flows for the years ended March 31, 2008 and 2007                                                                                                                          |
|                                 |                                                                                                  |                                                                                                                                                                                                |
|                                 |                                                                                                  | Notes  to Financial Statements, March 31, 2008 and 2007                                                                                                                                        |
|                                 |                                                                                                  |                                                                                                                                                                                                |
|                                 |                                                                                                  | 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 |
|                                      |                                                                                                       |                                                                                                                                                                                                     |  |  |  |  |  |

 

136

----

 
|   | 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). |
|   |                                                         |   |
|        |                                                              |  |  |  |  |

 

137

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|   | k.     |   | Agreement of Limited  Partnership of Hurricane Hills, L.P. (Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 25, 1997).                          |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | l.     |   | Agreement of Limited  Partnership of Main Everett Housing, L.P. (Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 25, 1997).                     |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | m.     |   | Agreement of Limited  Partnership of Mokapoke Limited Partnership (Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 25, 1997).                   |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | n.     |   | Agreement of Limited  Partnership of Autumn Ridge L.P. (Incorporated by reference from Registrant’s  current report on Form 8-K as filed with the Securities and Exchange  Commission on March 26, 1997).                              |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | o.     |   | Agreement of Limited  Partnership of Century East Apartments II Limited Partnership (Incorporated  by reference from Registrant’s current report on Form 8-K as filed with  the Securities and Exchange Commission on March 26, 1997). |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | p.     |   | Agreement of Limited  Partnership of Coolidge-Pinal II Associates (Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 26, 1997).                   |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | q.     |   | Agreement of Limited  Partnership of Dublin Housing Associates Phase II (Incorporated by reference  from Registrant’s current report on Form 8-K as filed with the  Securities and Exchange Commission on March 26, 1997).             |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | r.     |   | Agreement of Limited  Partnership of East Park Apartments II Limited Partnership(Incorporated by  reference from Registrant’s current report on Form 8-K as filed with the  Securities and Exchange Commission on March 26, 1997).     |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | s.     |   | Agreement of Limited  Partnership of Edenfield Place Apartments, L.P. (Incorporated by reference  from Registrant’s current report on Form 8-K as filed with the  Securities and Exchange Commission on March 26, 1997).               |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | t.     |   | Agreement of Limited  Partnership of Ethel Housing, L.P. (Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 26, 1997).                            |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | u.     |   | Agreement of Limited  Partnership of Los Lunas Limited Partnership(Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 26, 1997).                   |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                                  |
|   | v.     |   | Agreement of Limited  Partnership of New Devonshire West, Limited Partnership (Incorporated by  reference from Registrant’s current report on Form 8-K as filed with the  Securities and Exchange Commission on March 26, 1997).       |
|   |   |   |

 

138

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|   | w.     |   | Agreement of Limited  Partnership of Northfield Housing, L.P.(Incorporated by reference from  Registrant’s current

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

report on Form 8-K  as filed with the Securities and Exchange Commission on March 26, 1997).                 |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                         |
|   | z.     |   | Agreement of Limited  Partnership of Overton Associates Limited Partnership(Incorporated by  reference from Registrant’s current report on Form 8-K as filed with the  Securities and Exchange Commission on March 26, 1997). |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                         |
|   | aa.    |   | Agreement of Limited  Partnership of Pahrump Valley Investors (Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 26, 1997).              |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                         |
|   | ab.    |   | Agreement of Limited  Partnership of Osborne Housing, L.P.(Incorporated by reference from  Registrant’s current report on Form 8-K as filed with the Securities and  Exchange Commission on March 26, 1997).                  |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                         |
|   | ac.    |   | Agreement of Limited  Partnership of Shannon Housing, L.P. (Incorporated by reference from  Registrant’s current

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

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

report on Form 8-K  as filed with the Securities and Exchange Commission on March 26, 1997).              |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                         |
|   | af.    |   | Agreement of Limited  Partnership of Jeremy Associates Limited Partnership (Incorporated by  reference from Registrant’s current report on Form 8-K as filed with the  Securities and Exchange Commission on March 27, 1997). |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                         |
|   | ag.    |   | Agreement of Limited  Partnership of Laurelwood Park Limited Partnership (Incorporated by reference  from Registrant’s current report on Form 8-K as filed with the  Securities and Exchange Commission on March 27, 1997).   |
|   |   |   |
|   |   |   |                                                                                                                                                                                                                                         |
|   | ah.    |   | Agreement of Limited  Partnership of Jeremy Associates Limited Partnership (Incorporated by  reference from Registrant’s current report on Form 8-K as filed with the  Securities and Exchange Commission on March 27, 1997). |

 

139

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

 

140

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

 

141

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

 

142

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

 

143

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

 

144

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

 

145

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

 

146

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

 

147

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

 

148

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|   | eq.                                         |   | Agreement of Limited  Partnership of Elma Gardens of Grays Harbor Limited Partnership incorporated  by reference from registrants current report on form 8-K as filed with the Securities  and Exchange Commission on August 2, 2004.) |
|--------|---------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | er.                                         |   | Agreement of Limited  Partnership of Kimberly Danbury Limited Partnership incorporated by reference  from registrants current report on form 8-K as filed with the Securities and  Exchange Commission on August 2, 2004.)             |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | es.                                         |   | Agreement of Limited  Partnership of Tanglewood Village Limited Partnership incorporated by  reference from registrants current report on form 8-K as filed with the  Securities and Exchange Commission on August 4, 2004.)           |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | et.                                         |   | Agreement of Limited  Partnership of Portland Ocean East I Limited Partnership incorporated by  reference from registrants current report on form 8-K as filed with the  Securities and Exchange Commission on January 24, 2005.)      |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | eu.                                         |   | Agreement of Limited  Partnership of Clayton Station Limited Partnership incorporated by reference  from registrants current report on form 8-K as filed with the Securities and  Exchange Commission on January 24, 2005.)            |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | ev.                                         |   | Agreement of Limited  Partnership of Deer Meadows Limited Partnership incorporated by reference  from registrants current report on form 8-K as filed with the Securities and  Exchange Commission on January 24, 2005.)               |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | Exhibit No. 31  Certification 302 |
|   |                                        |
|   | a.                                          |   | Certification pursuant  to 18 U.S.C. Section 1350, pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002, filed herein                                                                                                       |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | b.                                          |   | Certification pursuant  to 18 U.S.C. Section 1350, pursuant to Section 302 of the  Sarbanes-Oxley Act of 2002, filed herein                                                                                                       |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | Exhibit No. 32  Certification 906 |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | a.                                          |   | Certification pursuant  to 18 U.S.C. Section 1350, pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002, filed herein                                                                                                       |
|   |                                        |   |                                                                                                                                                                                                                                        |
|   | b.                                          |   | Certification pursuant  to 18 U.S.C. Section 1350, pursuant to Section 906 of the  Sarbanes-Oxley Act of 2002, filed herein                                                                                                       |
|        |                                             |        |                                                                                                                                                                                                                                             |  |  |

 

149

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# SIGNATURES

 

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

 
|                           |   | Boston  Capital Tax Credit Fund IV L.P. |
|--------------------------------|--------|-----------------------------------------|
|                           |   |                                    |   |   |
|                           |   | By:                                     | Boston Capital  Associates IV L.P. |
|                           |   |                                    | General Partner |
|                           |   |                                    |   |
|                           |   | By:                                     | BCA Associates Limited  Partnership |
|                           |   |                                    | General Partner |
|                           |   |                                    |   |
|                           |   | By:                                     | C&M  Management, Inc. |
|                           |   |                                    | General Partner |
|                           |   |                                    |   |
| Date:  July 14, 2008 |   |                                    | By: | /s/ John P. Manning |   |
|                           |   |                                    |   | John P. Manning |
|                                |        |                                         |  |  |  |  |

 

 

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

 
| **DATE:**          | ** ** | **SIGNATURE:**      | ** ** | **TITLE:**                                                                                                                                                                                                                           |
|--------------------|------------|---------------------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|               |       |                |       |                                                                                                                                                                                                                                 |
| July 14, 2008 |       | /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, 2008 |       | /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        |       |
|               |       |                |       |
|               |       |                |       |

 

150

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