**SECURITIES AND EXCHANGE COMMISSION**

**Washington,D.C. 20549**

 

**FORM 10-K**

 

**ý****        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934**

 

**Forthe fiscal year ended March 31, 2004 or**

 

**o****        TRANSITION REPORT PERSUANT TO SECTION 13 OR 15 (d) OFTHE SECURITIES EXCHANGE ACT OF 1934**

 

**For thetransition periodfrom          to          **

 

**Commissionfile number        0-26200**

 

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

(Exact name ofregistrant as specified in its charter)

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

 

Registrants telephone number,including area code  **(617)624-8900**

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

 

| **Title of each class** |   | **Name of each exchange  on which registered** |
|-------------------------|--------|------------------------------------------------|
|                    |   |                                           |
| None                    |   | None                                           |

 

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

 

Beneficial AssigneeCertificates

 

(Title of Class)

 

Indicate by check markwhether the Fund (1) has filed all reports required to be filed bySection 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding twelve months (or for such shorter period that the Fund was requiredto file such reports), and (2) has been subject to such filing requirements forthe past 90 days.

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

 

Indicate by check mark ifdisclosure of delinquent filers pursuant to Item 405 or Regulation S-K (229.405 of this chapter) is not contained herein, and will not be contained, tothe best of registrant’s knowledge, in definitive proxy or informationstatements incorporated by reference in Part III of this Form 10-K or anyamendment to this Form 10-K.

 

ý

 

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

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

 

 

----

 

# DOCUMENTS INCORPORATED BY REFERENCE

 

The following documentsof the Fund are incorporated by reference:

 

| **Form 10-K  Parts**          |   | **Document**                           |
|-------------------------------|--------|----------------------------------------|
|                          |   |                                   |
| Parts I, III as  supplemented |   | January 3, 1994  Prospectus,      |
|                          |   |                                   |
| Parts II, IV                  |   | Form 8-K dated  February 1, 1995  |
|                          |   | Form 8-K dated  March 9, 1995     |
|                          |   | Form 8-K dated  October 13, 1995  |
|                          |   | Form 8-K dated  February 29, 1996 |
|                          |   | Form 8-K dated  December 16, 1996 |
|                          |   | Form 8-K dated December 16,  1996 |
|                          |   | Form 8-K dated  February 11, 1997 |
|                          |   | Form 8-K dated  February 14, 1997 |
|                          |   | Form 8-K dated  March 25, 1997    |
|                          |   | Form 8-K dated  March 25, 1997    |
|                          |   | Form 8-K dated  March 25, 1997    |
|                          |   | Form 8-K dated  March 25, 1997    |
|                          |   | Form 8-K dated  March 25, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated March 26,  1997    |
|                          |   | Form 8-K dated  March 26, 1997    |
|                          |   | Form 8-K dated  March 27, 1997    |
|                          |   | Form 8-K dated  March 27, 1997    |
|                          |   | Form 8-K dated  March 27, 1997    |
|                          |   | Form 8-K dated  April 7, 1997     |
|                          |   | Form 8-K dated May 21,  1998           |
|                          |   | Form 8-K dated  July 16, 1997     |
|                          |   | Form 8-K dated  July 22, 1997     |
|                          |   | Form 8-K dated  July 22, 1997     |
|                          |   | Form 8-K dated  July 22, 1997     |
|                          |   | Form 8-K dated  July 22, 1997     |
|                          |   | Form 8-K dated  July 22, 1997     |
|                          |   | Form 8-K dated  August 5, 1997    |
|                          |   | Form 8-K dated  August 5, 1997    |
|                          |   | Form 8-K dated  August 5, 1997    |
|                          |   | Form 8-K dated  August 8, 1997    |

 

----

 

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

 

----

 

| **Form 10-K  Parts** |   | **Document**                          |
|----------------------|--------|---------------------------------------|
|                 |   |                                  |
| Parts II, IV         |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated October 21,  2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |
|                 |   | Form 8-K dated  October 21, 2002 |

 

----

 

BOSTON CAPITAL TAXCREDIT FUND IV L.P.

FORM 10-K ANNUALREPORT FOR THE YEAR ENDED MARCH 31, 2004

 

TABLE OF CONTENTS

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

 

----

 

# PART I

 

Item 1.                                     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 wasa restructuring, and as a result, the Fund’s general partner was reorganized asfollows.  The General Partner of theFund continues to be Boston Capital Associates IV L.P., a Delaware limitedpartnership.  The general partner of theGeneral Partner is now BCA Associates Limited Partnership, a Massachusettslimited partnership, whose sole general partner is C&M Management, Inc., aMassachusetts corporation.  John P.Manning is the principal executive officer of C&M Management, Inc.  The limited partner of the General Partneris Capital Investment Holdings, a general partnership whose partners arecertain officers and employees of Boston Capital Partners, Inc., and itsaffiliates.  The Assignor LimitedPartner is BCTC IV Assignor Corp., a Delaware corporation which is nowwholly-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 will be assignedby the Assignor Limited Partner by means of beneficial assignee certificates(“BACs”) to investors and investors will be entitled to all the rights andeconomic benefits of a Limited Partner of the Fund including rights to apercentage of the income, gains, losses, deductions, credits and distributionsof the Fund.

 

A Registration Statementon Form S-11 and the related prospectus, as supplemented (the “Prospectus”)were filed with the Securities and Exchange Commission and became effectiveDecember 16, 1993 in connection with a public offering (“Offering”) in oneor more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at$10 per BAC.  On April 18, 1996 anamendment to Form S-11, which registered an additional 10,000,000 BACs for saleto the public in one or more series, became effective. On April 2, 1998 anamendment to Form S-11, which registered an additional 25,000,000 BACs for saleto the public in one or more series, became effective. On August 31, 1999an amendment to Form S-11, which registered an additional 8,000,000 BACs forsale to the public became effective.  OnJuly 26, 2000 an amendment to Form S-11, which registered an additional7,500,000 BACs for sale to the public became effective. On July 23, 2001an amendment to Form S-11, which registered an additional 7,000,000 BACs forsale to the public became effective.  OnJuly 24, 2002 an amendment to Form S-11, which registered an additional7,000,000 BAC’s for sale to the public became effective. On July 1, 2003an amendment to Form S-11, which registered an additional 7,000,000 BAC’s forsale to the public became effective.  Asof March 31, 2004, subscriptions had been received and accepted by theGeneral 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 andSeries 46 for 83,651,080 BAC’s representing capital contributions of$836,177,880.

 

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

 

1

----

 

## Description of Business

 

The Fund’s principalbusiness is to invest as a limited partner in other limited partnerships (the“Operating Partnerships”) each of which will own or lease and will operate anApartment Complex exclusively or partially for low- and moderate-incometenants.  Each Operating Partnership inwhich the Fund will invest will own Apartment Complexes which are completed,newly-constructed, under construction or rehabilitation, or to-be constructedor rehabilitated, and which are expected to receive Government Assistance.  Each Apartment Complex is expected toqualify for the low-income housing tax credit under Section 42 of the Code(the “Federal Housing Tax Credit”), thereby 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.  Certain Apartment Complexesmay also qualify for the historic rehabilitation tax credit underSection 47 of the Code (the “Rehabilitation Tax Credit”).  The Federal Housing Tax Credit and theGovernment Assistance programs are described on pages 64 to 88 of theProspectus, as supplemented, under the captions “Tax Credit Programs” and“Government Assistance Programs,” which is incorporated herein byreference.  Section 236 (f) (ii) ofthe National Housing Act, as amended, in Section 101 of the Housing andUrban Development Act of 1965, as amended, each provide for the making by HUDof rent supplement payments to low income tenants in properties which receiveother forms of federal assistance such as Tax Credits.  The payments for each tenant, which are madedirectly to the owner of their property, generally are in such amounts as toenable the tenant to pay rent equal to 30% of the adjusted family income.  Some of the Apartment Complexes in which thePartnership has invested are receiving such rent supplements from HUD.  HUD has been in the process of convertingrent supplement assistance to assistance paid not to the owner of the ApartmentComplex, but directly to the individuals. At this time, the Partnership is unable to predict whether Congress willcontinue rent supplement programs payable directly to owners of the ApartmentComplex.

 

As of March 31, 2004the Fund had invested in 24 Operating Partnerships on behalf of Series 20, 14Operating Partnership on behalf of Series 21, 29 Operating Partnerships onbehalf of Series 22, 22 Operating Partnerships on behalf of Series 23, 24Operating Partnerships on behalf of Series 24, 22 Operating Partnerships onbehalf of Series 25, 45 Operating Partnerships on behalf of Series 26, 16Operating Partnerships on behalf of Series 27, 26 Operating Partnerships onbehalf of Series 28, 22 Operating Partnerships on behalf of Series 29, 20Operating Partnerships on behalf of Series 30, 27 Operating Partnerships onbehalf of Series 31, 17 Operating Partnerships on behalf of Series 32, 10Operating Partnerships on behalf of Series 33, 14 Operating Partnerships onbehalf of Series 34, 11 Operating Partnerships on behalf of Series 35, 11Operating Partnerships on behalf of Series 36, 7 Operating Partnerships onbehalf of Series 37, 10 Operating Partnerships on behalf of Series 38, 9Operating Partnerships on behalf of Series 39, 16 Operating Partnerships onbehalf of Series 40, 23 Operating Partnerships on behalf of Series 41, 21Operating Partnerships on behalf of Series 42, 21 Operating Partnerships onbehalf of Series 43, 8 Operating Partnerships on behalf of Series 44, 24Operating Partnerships on behalf of Series 45 and 6 Operating partnerships onbehalf of Series 46.  A description ofthese Operating Partnerships is set forth in Item 2 herein.

 

2

----

 

The business objectivesof the Fund are to:

(1)                                  Providecurrent tax benefits to Investors in the form of Federal Housing Tax Creditsand in limited instances, a small amount of Rehabilitation Tax Credits, whichan Investor may apply, subject to certain strict limitations, against theinvestor’s federal income tax liability from active, portfolio and passiveincome;

(2)                                  Preserveand protect the Fund’s capital and provide capital appreciation and cashdistributions through increases in value of the Fund’s investments and, to theextent applicable, equity buildup through periodic payments on the mortgageindebtedness with respect to the Apartment Complexes.

(3)                                  Providetax benefits in the form of passive losses which an Investor may apply tooffset his passive income (if any); and

(4)                                  Providecash distributions (except with respect to the Fund’s investment in certainNon-Profit Operating Partnerships) from Capital Transaction proceeds.  The Operating Partnerships intend to holdthe Apartment Complexes for appreciation in value.  The Operating Partnerships may sell the Apartment Complexes aftera period of time if financial conditions in the future make such salesdesirable and if such sales are permitted by government restrictions.

 

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

 

Employees

 

The Fund does not haveany employees.  Services are performedby the General Partner and its affiliates and agents retained by them.

 

Item 2.                                     Properties

 

The Fund has acquired aLimited Partnership interest in 499 Operating Partnerships in 27 series,identified in the table set forth below. The Apartment Complex owned by the Operating Partnership is eligible forthe Federal Housing Tax Credit.  Initialoccupancy of a unit in each Apartment Complex which initially complied with theMinimum Set-Aside Test (i.e., initial occupancy by tenants with incomes equalto no more than a certain percentage of area median income) and the RentRestriction Test (i.e., gross rent charged tenants does not exceed 30% of theapplicable income standards) is referred to hereinafter as “QualifiedOccupancy.”  The Operating Partnershipand the respective Apartment Complex is described more fully in theProspectus.  The General Partnerbelieves that there is adequate casualty insurance on the properties.

 

Please refer to Item 7.“Management’s Discussion and Analysis of Financial Condition and Results ofOperations” for a more detailed discussion of operational difficultiesexperienced by certain of the Operating Partnerships.

 

3

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**               |   | **Location**        |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|----------------------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Ashbury Apartments               |   | Sioux Falls, SD     |   | 48        |   | $                                     | 1,250,000 |          | 4/94   |            | 6/94   |                              | 100    | %                               | $      | 806,117 |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Bennetts Pointe Apts.            |   | Bennetsville, SC    |   | 32        |   | 1,323,685                             |      | 3/94          |   | 8/94            |   | 100                               | %      | 281,100                         |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Bradley  Manor                   |   | Bradley, AR         |   | 25        |   | 787,459                               |      | 8/94          |   | 3/95            |   | 100                               | %      | 182,044                         |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Breeze  Cove Apts.               |   | Port Washington, WI |   | 64        |   | 1,815,519                             |      | 5/94          |   | 10/94           |   | 100                               | %      | 2,601,494                       |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Cascades Commons Apts.           |   | Sterling, VA        |   | 320       |   | 14,079,951                            |      | 6/94          |   | 10/95           |   | 100                               | %      | 7,132,820                       |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Clarksville  Estates             |   | Clarksville, MO     |   | 32        |   | 682,642                               |      | 6/94          |   | 9/94            |   | 100                               | %      | 142,639                         |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Club Goldenrod II,  Apartments   |   | Orlando, FL         |   | 220       |   | 7,043,538                             |      | 4/94          |   | 6/95            |   | 100                               | %      | 3,681,417                       |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| College Greene Senior  Apts      |   | N. Chili, NY        |   | 110       |   | 3,695,262                             |      | 3/95          |   | 8/95            |   | 100                               | %      | 1,918,496                       |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Concordia  Manor I               |   | St. Croix, VI       |   | 22        |   | 1,446,125                             |      | 8/94          |   | 7/95            |   | 100                               | %      | 490,034                         |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Coushatta Seniors II  Apartments |   | Coushatta, LA       |   | 24        |   | 702,539                               |      | 5/94          |   | 3/94            |   | 100                               | %      | 175,182                         |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| East Douglas Apartment           |   | Bloomington, IL     |   | 51        |   | 2,047,428                             |      | 7/94          |   | 12/95           |   | 100                               | %      | 1,281,690                       |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Edison Lane Apartments           |   | Edison, GA          |   | 24        |   | 710,581                               |      | 9/94          |   | 10/95           |   | 100                               | %      | 204,561                         |   |
|                             |   |                |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Evergreen Hills Apts.            |   | Macedon, NY         |   | 72        |   | 2,711,665                             |      | 8/94          |   | 1/95            |   | 100                               | %      | 693,966                         |   |
|                                  |        |                     |        |           |        |                                       |           |               |        |                 |        |                                   |        |                                 |        |  |  |

 

4

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| **Property  Name**           |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|------------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Fairoaks Lane Apts.          |   | Rincon, GA        |   | 44        |   | $                                     | 1,397,266 |          | 7/94   |            | 5/95   |                              | 100    | %                               | $      | 339,284 |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Floral  Acres II             |   | Waggaman, LA      |   | 32        |   | 1,018,798                             |      | 5/94          |   | 8/94            |   | 100                               | %      | 228,457                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Forest  Glen Village         |   | Vidalia, GA       |   | 46        |   | 1,313,071                             |      | 7/94          |   | 2/95            |   | 100                               | %      | 378,777                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Gardenview Apartments        |   | Pasedena, TX      |   | 309       |   | 4,913,590                             |      | 6/94          |   | 9/95            |   | 100                               | %      | 2,261,021                       |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Harrisonburg, Seniors  Apts. |   | Harrison-burg, LA |   | 24        |   | 676,481                               |      | 5/94          |   | 1/94            |   | 100                               | %      | 176,621                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Hillside Apartments          |   | Cynthiana, KY     |   | 48        |   | 734,960                               |      | 10/94         |   | 4/95            |   | 100                               | %      | 643,850                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Kristine Apartments          |   | Bakersfield, CA   |   | 60        |   | 1,242,384                             |      | 10/94         |   | 10/94           |   | 100                               | %      | 311,675                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Northfield  Apts.            |   | Jackson, MS       |   | 120       |   | 2,787,981                             |      | 6/94          |   | 8/95            |   | 100                               | %      | 3,273,126                       |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Parkside Apartments          |   | Avondale, AZ      |   | 54        |   | 635,449                               |      | 12/94         |   | 1/94            |   | 100                               | %      | 282,547                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Riverview Apartments         |   | Franklinton, LA   |   | 47        |   | 1,670,262                             |      | 4/94          |   | 10/94           |   | 100                               | %      | 370,000                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Shady Lane Senior Apts.      |   | Winnfield, LA     |   | 32        |   | 927,350                               |      | 5/94          |   | 10/93           |   | 100                               | %      | 197,200                         |   |
|                              |        |                   |        |           |        |                                       |           |               |        |                 |        |                                   |        |                                 |        |  |  |

 

5

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**                 |   | **Location**          |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|------------------------------------|--------|-----------------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Atlantic  City Apts.               |   | Atlantic City, NJ     |   | 153       |   | $                                     | 5,175,000 |          | 9/94   |            | 10/95  |                              | 100    | %                               | $      | 2,500,000 |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Black  River Run                   |   | Black River Falls, WI |   | 48        |   | 1,166,046                             |      | 10/94         |   | 12/94           |   | 100                               | %      | 350,531                         |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Cattaraugus  Manor                 |   | Cattaraugus, NY       |   | 24        |   | 1,080,851                             |      | 8/94          |   | 4/95            |   | 100                               | %      | 263,711                         |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Creekside at Tasker’s  Chance |   | Frederick, MD         |   | 120       |   | 4,689,852                             |      | 10/94         |   | 9/95            |   | 100                               | %      | 2,686,170                       |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Forest Glen at Sully  Station      |   | Centreville, VA       |   | 119       |   | 5,657,528                             |      | 11/94         |   | 9/95            |   | 100                               | %      | 2,649,450                       |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Fort  Halifax                      |   | Winslow, ME           |   | 24        |   | 1,095,166                             |      | 9/94          |   | 1/95            |   | 100                               | %      | 389,085                         |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Havelock Manor Apts.               |   | Havelock, NC          |   | 60        |   | 1,818,004                             |      | 12/94         |   | 10/95           |   | 100                               | %      | 347,557                         |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Holly  Village                     |   | Buchanan, GA          |   | 24        |   | 704,960                               |      | 8/94          |   | 6/95            |   | 100                               | %      | 205,400                         |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Liveoak  Village                   |   | Union Springs, AL     |   | 24        |   | 752,264                               |      | 10/94         |   | 7/95            |   | 100                               | %      | 176,953                         |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Lookout Ridge Apts.                |   | Covington, KY         |   | 30        |   | 602,117                               |      | 12/94         |   | 12/94           |   | 100                               | %      | 763,038                         |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Pinedale Apartments II             |   | Menomonie, WI         |   | 60        |   | 1,305,866                             |      | 10/94         |   | 12/94           |   | 100                               | %      | 869,798                         |   |
|                               |   |                  |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Pumphouse Crossing II  Apartments  |   | Chippewa, WI          |   | 48        |   | 1,191,754                             |      | 10/94         |   | 12/94           |   | 100                               | %      | 692,840                         |   |
|                                    |        |                       |        |           |        |                                       |           |               |        |                 |        |                                   |        |                                 |        |  |  |

 

6

----

 
| **Property  Name**    |   | **Location**   |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------|--------|----------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| The Woods Apartments  |   | Campton, NH    |   | 20        |   | $                                     | 1,006,764 |          | 8/94   |            | 10/94  |                              | 100    | %                               | $      | 269,500 |   |
|                  |   |           |   |      |   |                                  |      |          |   |            |   |                              |   |                            |   |
| Tower View Apartments |   | Tower City, PA |   | 25        |   | 1,110,230                             |      | 11/94         |   | 5/95            |   | 100                               | %      | 268,863                         |   |
|                       |        |                |        |           |        |                                       |           |               |        |                 |        |                                   |        |                                 |        |  |  |

 

7

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**     |   | **Location**          |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|------------------------|--------|-----------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Albemarle  Village     |   | Hertford, NC          |   | 36        |   | $                                     | 1,422,836 |           | 1/95   |             | 9/94   |                              | 100    | %                               | $      | 321,628 |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Apple  Village         |   | Edmond, OK            |   | 160       |   | 3,718,412                             |      | 11/94          |   | 3/96             |   | 100                               | %      | 1,572,166                       |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bayou  Crossing        |   | Riverview, FL         |   | 290       |   | 8,581,322                             |      | 11/94          |   | 1/96             |   | 100                               | %      | 2,854,036                       |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bellwood  Gardens      |   | Ford City, PA         |   | 28        |   | 1,231,153                             |      | 6/95           |   | 9/95             |   | 100                               | %      | 308,152                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Black River Run Apts.  |   | Black River Falls, WI |   | 48        |   | 1,166,046                             |      | 3/95           |   | 12/94            |   | 100                               | %      | 395,279                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Clarendon  Court       |   | Summerton, SC         |   | 40        |   | 1,430,848                             |      | 10/94          |   | 4/95             |   | 100                               | %      | 340,737                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Club  II Goldenrod     |   | Orlando, FL           |   | 220       |   | 7,043,538                             |      | 3/95           |   | 6/95             |   | 100                               | %      | 2,106,975                       |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cobblestone Apartments |   | Fuquay, NC            |   | 33        |   | 1,396,533                             |      | 1/95           |   | 5/94             |   | 100                               | %      | 326,054                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia  Manor II    |   | St. Croix, VI         |   | 20        |   | 1,475,804                             |      | 1/95           |   | 11/95            |   | 100                               | %      | 259,444                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor III    |   | St. Croix, VI         |   | 20        |   | 1,463,892                             |      | 2/95           |   | 12/95            |   | 100                               | %      | 264,007                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Drakes Branch Elderly  |   | Drakes Branch, VA     |   | 32        |   | 1,249,614                             |      | 1/95           |   | 6/95             |   | 100                               | %      | 232,722                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Elks Towers Apartments |   | Litchfield, IL        |   | 27        |   | 806,016                               |      | 10/95          |   | 12/96            |   | 100                               | %      | 752,156                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Fonda  Terrace         |   | Fonda, NY             |   | 24        |   | 1,007,216                             |      | 12/94          |   | 10/94            |   | 100                               | %      | 259,387                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Highland  House        |   | Boston, MA            |   | 14        |   | 715,700                               |      | 12/96          |   | 5/97             |   | 100                               | %      | 571,829                         |   |
|                        |        |                       |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

8

----

 
| **Property  Name**     |   | **Location**          |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|------------------------|--------|-----------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Kimbark 1200 Apts.     |   | Longmont, CO          |   | 48        |   | $                                     | 1,950,493 |           | 9/95   |             | 12/95  |                              | 100    | %                               | $      | 321,843 |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Kingsway Apartments    |   | Swedsboro, NJ         |   | 36        |   | 1,793,366                             |      | 7/95           |   | 11/01            |   | 100                               | %      | 46,290                          |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake City Apartments   |   | Lake City, PA         |   | 44        |   | 1,271,588                             |      | 8/98           |   | 6/98             |   | 100                               | %      | 240,900                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake Street Apartments |   | Girard, PA            |   | 32        |   | 1,343,155                             |      | 4/95           |   | 9/95             |   | 100                               | %      | 342,369                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lost Tree Apartments   |   | Branson, MO           |   | 88        |   | 1,527,550                             |      | 4/95           |   | 6/95             |   | 100                               | %      | 474,948                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maplewood Apartments   |   | Sacramento, KY        |   | 12        |   | 428,926                               |      | 8/95           |   | 9/95             |   | 100                               | %      | 110,881                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Marksville  Square     |   | Marksville, LA        |   | 32        |   | 946,794                               |      | 1/95           |   | 1/96             |   | 100                               | %      | 268,848                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Neshoba  County        |   | Philadelphia, MS      |   | 25        |   | 839,568                               |      | 7/95           |   | 8/95             |   | 100                               | %      | 251,411                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Philadelphia  Square   |   | Philadelphia, MS      |   | 16        |   | 537,323                               |      | 7/95           |   | 8/95             |   | 100                               | %      | 149,950                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Quankey  Hills         |   | Halifax, NC           |   | 24        |   | 995,875                               |      | 1/95           |   | 3/95             |   | 100                               | %      | 200,496                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Richmond  Square       |   | Richmond, MO          |   | 32        |   | 818,539                               |      | 12/94          |   | 2/95             |   | 100                               | %      | 818,770                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Salem Wood Apartments  |   | Salemburg, NC         |   | 24        |   | 931,701                               |      | 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        |   | 1,794,526                             |      | 12/94          |   | 6/95             |   | 100                               | %      | 1,810,416                       |   |
|                        |        |                       |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

9

----

 
| **Property  Name** |   | **Location** |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|--------------------|--------|--------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Twin  City Villa   |   | Festus, MO   |   | 40        |   | $                                     | 1,334,900 |           | 1/95   |             | 11/95  |                              | 100    | %                               | $      | 679,176 |   |
|                    |        |              |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

10

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**        |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|---------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Apple  Village            |   | Edmond, OK       |   | 160       |   | $                                     | 3,718,412 |           | 11/94  |             | 3/96   |                              | 100    | %                               | $      | 1,572,166 |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bayou  Crossing           |   | Riverview, FL    |   | 290       |   | 8,581,322                             |      | 4/95           |   | 1/96             |   | 100                               | %      | 4,281,054                       |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia  Manor II       |   | St. Croix, VI    |   | 20        |   | 1,475,804                             |      | 1/95           |   | 11/95            |   | 100                               | %      | 259,445                         |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor III       |   | St. Croix, VI    |   | 20        |   | 1,463,892                             |      | 2/95           |   | 12/95            |   | 100                               | %      | 264,007                         |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Commons          |   | Hempstead, NY    |   | 37        |   | 1,126,116                             |      | 5/95           |   | 5/95             |   | 100                               | %      | 1,501,605                       |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country Hill Apts. Ph  II |   | Cedar Rapids, IA |   | 92        |   | 1,973,509                             |      | 8/95           |   | 6/96             |   | 100                               | %      | 1,981,495                       |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Great  Pines Apts.        |   | Hurleyville, NY  |   | 26        |   | 1,148,252                             |      | 7/95           |   | 12/95            |   | 100                               | %      | 340,835                         |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heatheridge Estates **    |   | Barling, AR      |   | 17        |   | 798,440                               |      | 7/95           |   | 11/95            |   | 100                               | %      | 748,240                         |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Ithaca  Apts. I           |   | Ithaca, MI       |   | 28        |   | 629,500                               |      | 11/95          |   | 7/95             |   | 100                               | %      | 164,008                         |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Kimbark 1200 Apts.        |   | Longmont, CO     |   | 48        |   | 1,950,493                             |      | 9/95           |   | 12/95            |   | 100                               | %      | 965,530                         |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| La Pensione K Apts.       |   | Sacramento, CA   |   | 129       |   | 2,435,547                             |      | 9/95           |   | 12/96            |   | 100                               | %      | 2,650,580                       |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mathis  Apartments        |   | Mathis, TX       |   | 32        |   | 896,576                               |      | 1/95           |   | 1/95             |   | 100                               | %      | 219,045                         |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mid City Apartments       |   | Jersey City, NJ  |   | 58        |   | 2,773,413                             |      | 9/95           |   | 6/94             |   | 100                               | %      | 113,679                         |   |
|                      |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Orange Grove Seniors      |   | Orange Grove, TX |   | 24        |   | 656,650                               |      | 5/95           |   | 2/95             |   | 100                               | %      | 104,728                         |   |
|                           |        |                  |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

11

----

 
| **Property  Name**     |   | **Location**          |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|------------------------|--------|-----------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Philmont  Terrace      |   | Philmont, LA          |   | 32        |   | $                                     | 1,477,588 |           | 5/95   |             | 5/95   |                              | 100    | %                               | $      | 370,750 |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Riverview Apartments   |   | St. Louis, MO         |   | 42        |   | 1,134,021                             |      | 8/95           |   | 12/95            |   | 100                               | %      | 1,160,308                       |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| South Hills Apartments |   | Bellevue, NE          |   | 72        |   | 1,791,267                             |      | 6/95           |   | 2/96             |   | 100                               | %      | 1,686,354                       |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| St.  Peters Villa      |   | St. Peters, MO        |   | 54        |   | 1,703,602                             |      | 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        |   | 1,334,900                             |      | 2/95           |   | 11/95            |   | 100                               | %      | 679,176                         |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Village  Woods Est.    |   | Kansas City, KS       |   | 45        |   | 1,511,032                             |      | 5/95           |   | 12/95            |   | 100                               | %      | 1,704,928                       |   |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Vinsett  Estates **    |   | Van Buren, AR         |   | 10        |   |                                  | **        | 7/95           |   | 11/95            |   | 100                               | %      |                            | **     |
|                   |   |                  |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Woodland  Hills        |   | Roland, OK            |   | 10        |   | 397,881                               |      | 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 contributionsare listed with Heatheridge Estates.

 

12

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**      |   | **Location**    |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-------------------------|--------|-----------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Autumn Ridge Apartments |   | Shenandoah, VA  |   | 34        |   | $                                     | 1,515,491 |           | 7/96   |             | 1/97   |                              | 100    | %                               | $      | 319,466 |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brooks  Summit          |   | Blue Ridge, GA  |   | 36        |   | 1,108,333                             |      | 12/95          |   | 11/96            |   | 100                               | %      | 223,280                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brownsville Apartments  |   | Brownsville, TN |   | 36        |   | 1,182,598                             |      | 9/95           |   | 9/95             |   | 100                               | %      | 267,091                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East Apts. IV   |   | Bismark, ND     |   | 24        |   | 604,142                               |      | 8/95           |   | 8/95             |   | 100                               | %      | 399,962                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East Apts. V    |   | Bismark, ND     |   | 24        |   | 604,142                               |      | 11/95          |   | 9/95             |   | 100                               | %      | 399,962                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Centenary Towers Apts.  |   | St. Louis, MO   |   | 100       |   | 2,352,500                             |      | 5/97           |   | 12/97            |   | 100                               | %      | 679,577                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cooper’s  Crossing |   | Irving, TX      |   | 93        |   | 3,441,264                             |      | 6/96           |   | 12/95            |   | 100                               | %      | 848,708                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edenfield Apartments    |   | Millen, GA      |   | 48        |   | 1,237,075                             |      | 1/96           |   | 12/96            |   | 100                               | %      | 314,827                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Elm Street Apartments   |   | Yonkers, NY     |   | 35        |   | 1,611,861                             |      | 1/96           |   | 1/96             |   | 100                               | %      | 407,601                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heritage Glen Apts.     |   | Coolidge, AZ    |   | 28        |   | 1,116,950                             |      | 4/96           |   | 4/96             |   | 100                               | %      | 373,388                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hillridge  Apts         |   | Los Lunas, NM   |   | 38        |   | 215,000                               |      | 8/96           |   | 6/96             |   | 100                               | %      | 1,019,255                       |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake  Apts I            |   | Fargo, ND       |   | 24        |   | 586,531                               |      | 8/95           |   | 7/95             |   | 100                               | %      | 399,962                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lakeway  Apts           |   | Zwolle, LA      |   | 32        |   | 852,141                               |      | 11/95          |   | 4/96             |   | 100                               | %      | 110,902                         |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Laurelwood Park Apts.   |   | High Point, NC  |   | 100       |   | 2,279,621                             |      | 2/96           |   | 10/96            |   | 100                               | %      | 2,120,403                       |   |
|                    |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison  Park IV        |   | Boston, MA      |   | 143       |   | 7,310,060                             |      | 5/96           |   | 3/97             |   | 97                                | %      | 1,220,537                       |   |
|                         |        |                 |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

13

----

 
| **Property  Name**        |   | **Location**    |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|---------------------------|--------|-----------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| New Hilltop Apartments    |   | Laurens, SC     |   | 72        |   | $                                     | 1,655,332 |           | 11/95  |             | 11/95  |                              | 100    | %                               | $      | 450,039 |   |
|                      |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| North  Hampton Pl.        |   | Columbia, MO    |   | 36        |   | 735,530                               |      | 11/95          |   | 3/96             |   | 100                               | %      | 1,002,996                       |   |
|                      |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Northfield Housing,  L.P. |   | Jackson, MS     |   | 5         |   | 178,476                               |      | 12/96          |   | 9/96             |   | 100                               | %      | 217,266                         |   |
|                      |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pahrump Valley Apts.      |   | Pahrump, NV     |   | 32        |   | 1,373,829                             |      | 7/96           |   | 7/96             |   | 100                               | %      | 335,225                         |   |
|                      |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Meadow Apartments    |   | Gaylord, MI     |   | 80        |   | 1,744,970                             |      | 9/95           |   | 4/97             |   | 100                               | %      | 1,753,158                       |   |
|                      |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Shadowcreek Apartments    |   | Overton, NV     |   | 24        |   | 1,212,381                             |      | 6/96           |   | 9/96             |   | 100                               | %      | 361,320                         |   |
|                      |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Stanton Village Apts.     |   | Stanton, TN     |   | 40        |   | 1,193,187                             |      | 9/95           |   | 9/95             |   | 100                               | %      | 279,730                         |   |
|                      |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Woodlands Apartments      |   | Elko, NV        |   | 24        |   | 1,205,460                             |      | 11/95          |   | 9/95             |   | 100                               | %      | 269,867                         |   |
|                      |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Wyandotte Apartments      |   | Los Angeles, CA |   | 73        |   | 3,201,242                             |      | 4/96           |   | 2/97             |   | 100                               | %      | 1,663,747                       |   |
|                           |        |                 |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

14

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**    |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Dogwood Park Apts.    |   | Athens, GA        |   | 127       |   | $                                     | 2,502,448 |           | 12/95  |             | 10/96  |                              | 100    | %                               | $      | 3,538,760 |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Dunlap  Acres         |   | West Point, MS    |   | 50        |   | 1,032,632                             |      | 9/96           |   | 4/96             |   | 100                               | %      | 522,160                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East II Apts. |   | Bismark, ND       |   | 24        |   | 512,278                               |      | 8/96           |   | 6/96             |   | 100                               | %      | 371,183                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Clarke Manor Apts.    |   | Pokamoke City, MD |   | 30        |   | 1,207,991                             |      | 2/96           |   | 4/96             |   | 100                               | %      | 440,107                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hannah Heights Apts.  |   | Ethel, MS         |   | 28        |   | 803,915                               |      | 6/96           |   | 12/96            |   | 100                               | %      | 321,584                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heartland Green Cave  |   | Horse Cave, KY    |   | 24        |   | 835,861                               |      | 5/96           |   | 11/96            |   | 100                               | %      | 270,132                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hurricane  Hills      |   | Hurricane, UT     |   | 49        |   | 1,214,295                             |      | 9/96           |   | 4/97             |   | 100                               | %      | 2,242,394                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Laurelwood Park Apts. |   | High Point, NC    |   | 100       |   | 2,279,621                             |      | 2/96           |   | 10/96            |   | 100                               | %      | 946,539                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lenox  Ave. Apts.     |   | Manhattan, NY     |   | 18        |   | 485,103                               |      | 10/96          |   | 9/97             |   | 100                               | %      | 903,792                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison  Park IV      |   | Boston, MA        |   | 143       |   | 7,310,060                             |      | 5/96           |   | 3/97             |   | 97                                | %      | 2,169,843                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Main  Everett Apts.   |   | New Rochelle, NY  |   | 11        |   | 594,763                               |      | 6/96           |   | 1/97             |   | 100                               | %      | 782,852                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maple  Hill           |   | New Haven, CT     |   | 32        |   | 974,866                               |      | 2/97           |   | 2/98             |   | 100                               | %      | 199,951                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mary  Ryder Home      |   | St. Louis, MO     |   | 48        |   | 7,612                                 |      | 1/97           |   | 6/96             |   | 100                               | %      | 1,591,573                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Osborne  Apts.        |   | White Plains, NY  |   | 7         |   | 410,758                               |      | 6/96           |   | 12/96            |   | 100                               | %      | 522,325                         |   |
|                       |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

15

----

 
| **Property  Name**   |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|----------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Rose  Square         |   | Connellsville, PA |   | 11        |   | $                                     | 385,075 |           | 10/96  |             | 2/97   |                              | 100    | %                               | $      | 288,209 |   |
|                 |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Rosewood Estates, II |   | Bladenboro, NC    |   | 16        |   | 671,705                               |    | 9/96           |   | 12/96            |   | 100                               | %      | 124,304                         |   |
|                 |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sandstone  Village   |   | Great Falls, MT   |   | 48        |   | 1,113,884                             |    | 11/95          |   | 8/96             |   | 100                               | %      | 1,295,623                       |   |
|                 |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Shannon  Rentals     |   | Shannon, MS       |   | 48        |   | 1,248,251                             |    | 4/96           |   | 1/97             |   | 100                               | %      | 324,990                         |   |
|                 |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Smith  House         |   | Roxbury, MA       |   | 132       |   | 1,718,937                             |    | 4/96           |   | 3/97             |   | 100                               | %      | 1,031,269                       |   |
|                 |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sutton  Place        |   | Indianopolis, IN  |   | 360       |   | 5,870,000                             |    | 11/96          |   | 10/97            |   | 100                               | %      | 647,751                         |   |
|                 |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Washington  Arms     |   | Dayton, OH        |   | 93        |   | 1,706,100                             |    | 2/96           |   | 2/95             |   | 100                               | %      | 203,859                         |   |
|                 |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Wyandotte  Apts.     |   | Los Angeles, CA   |   | 73        |   | 3,201,242                             |    | 4/96           |   | 2/97             |   | 100                               | %      | 2,280,623                       |   |
|                      |        |                   |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

16

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**        |   | **Location**       |   | **Units** |   | **Mortgage  Balance as of  12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|---------------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Academy  Apts.            |   | West Point, VA     |   | 32        |   | $                                     | 1,151,974 |           | 4/97   |             | 3/98   |                              | 100    | %                               | $      | 263,722 |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bradley Estates Phase I   |   | Meriden, CT        |   | 74        |   | 1,541,823                             |      | 2/97           |   | 12/97            |   | 100                               | %      | 671,336                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bradley Estates Phase  II |   | Meriden, CT        |   | 42        |   | 927,634                               |      | 2/97           |   | 12/97            |   | 100                               | %      | 486,861                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brookhaven  Apts.         |   | Shrevport, LA      |   | 35        |   | 1,023,436                             |      | 2/97           |   | 1/97             |   | 100                               | %      | 573,912                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Butler  Estates           |   | Leesville, LA      |   | 10        |   | 163,019                               |      | 8/96           |   | 10/96            |   | 100                               | %      | 77,627                          |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory  Apts. I          |   | Bismark, ND        |   | 24        |   | 602,729                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory  Apts. II         |   | Bismark, ND        |   | 24        |   | 605,964                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory  Apts. III        |   | Bismark, ND        |   | 24        |   | 599,168                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cameron  Apts.            |   | Cameron, LA        |   | 40        |   | 745,237                               |      | 8/96           |   | 10/96            |   | 100                               | %      | 475,965                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country  Edge Apts.       |   | Fargo, ND          |   | 48        |   | 1,020,641                             |      | 7/97           |   | 12/97            |   | 100                               | %      | 1,128,587                       |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Devonshire  II Apts.      |   | London, OH         |   | 28        |   | 754,027                               |      | 1/97           |   | 12/96            |   | 100                               | %      | 182,070                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Devonshire West Apts.     |   | W. Jefferson, OH   |   | 19        |   | 524,522                               |      | 1/97           |   | 1/97             |   | 100                               | %      | 126,983                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| East  Park II Apts.       |   | Dilworth, MN       |   | 24        |   | 544,271                               |      | 8/96           |   | 8/96             |   | 100                               | %      | 525,631                         |   |
|                      |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edgewood Park Apts.       |   | Milledge-ville, GA |   | 61        |   | 1,500,000                             |      | 5/96           |   | 1/97             |   | 100                               | %      | 1,477,023                       |   |
|                           |        |                    |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

17

----

 
| **Property  Name**            |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-------------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Edgewood Estates Apts.        |   | Edgewood, TX      |   | 22        |   | $                                     | 601,745 |           | 6/97   |             | 11/96  |                              | 100    | %                               | $      | 173,436 |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Esche  Street SRO             |   | Trenton, NJ       |   | 104       |   | 2,233,602                             |    | 4/97           |   | 5/98             |   | 100                               | %      | 3,734,928                       |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Grandview Apartments          |   | Fargo, ND         |   | 36        |   | 1,116,826                             |    | 8/96           |   | 8/96             |   | 100                               | %      | 1,069,522                       |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Grayson  Manor                |   | Independence, VA  |   | 32        |   | 1,037,956                             |    | 3/98           |   | 11/98            |   | 100                               | %      | 656,156                         |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hallman Court Apts.           |   | Rochester, NY     |   | 77        |   | 9,000,665                             |    | 1/99           |   | 7/00             |   | 100                               | %      | 325,768                         |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hanover  Apts.                |   | Ashland, VA       |   | 40        |   | 1,265,621                             |    | 11/97          |   | 4/98             |   | 100                               | %      | 295,538                         |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hanover Towers Apts.          |   | Meriden, CT       |   | 100       |   | 4,439,704                             |    | 2/97           |   | 11/97            |   | 100                               | %      | 1,065,649                       |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hazeltine  Apts.              |   | Los Angeles, CA   |   | 35        |   | 1,361,436                             |    | 6/96           |   | 1/97             |   | 100                               | %      | 1,606,155                       |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Holly  Heights Apts.          |   | Bowling Green, KY |   | 30        |   | 1,223,910                             |    | 5/97           |   | 8/97             |   | 100                               | %      | 362,738                         |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lake  Apts. IV                |   | Fargo, ND         |   | 24        |   | 616,918                               |    | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lake  Apts. V                 |   | Fargo, ND         |   | 24        |   | 591,088                               |    | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lauderdale County  Properties |   | Meriden, MS       |   | 48        |   | 1,096,718                             |    | 12/98          |   | 5/99             |   | 100                               | %      | 444,136                         |   |
|                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Liberty Village Apts.         |   | Liberty, NY       |   | 32        |   | 1,728,312                             |    | 1/97           |   | 5/97             |   | 100                               | %      | 437,448                         |   |
|                               |        |                   |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

18

----

 
| **Property  Name**          |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Little  Valley Est.         |   | Little Valley, NY |   | 24        |   | $                                     | 1,137,804 |           | 1/97   |             | 4/97   |                              | 100    | %                               | $      | 284,257 |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maxton Green Apts.          |   | Maxton, NC        |   | 32        |   | 954,209                               |      | 9/96           |   | 12/96            |   | 100                               | %      | 263,281                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Apartments          |   | Miami Beach, FL   |   | 17        |   | 1,098,809                             |      | 3/96           |   | 6/97             |   | 100                               | %      | 896,695                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mason  Manor Apts.          |   | Mason, TN         |   | 24        |   | 919,716                               |      | 2/96           |   | 1/96             |   | 100                               | %      | 229,775                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mosby  Forest Apts.         |   | Littleton, NC     |   | 24        |   | 656,537                               |      | 10/96          |   | 10/96            |   | 100                               | %      | 496,753                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| New Hope Bailey Apts.       |   | De Ridder, LA     |   | 40        |   | 813,266                               |      | 8/96           |   | 9/96             |   | 100                               | %      | 455,212                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Nordhoff  Apts.             |   | North Hills, CA   |   | 38        |   | 1,949,906                             |      | 9/96           |   | 7/97             |   | 100                               | %      | 1,787,961                       |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Ridge Apartments       |   | Jackson, TN       |   | 136       |   | 5,000,000                             |      | 11/98          |   | 12/99            |   | 100                               | %      | 835,861                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Powell Valley Village       |   | Jonesville, VA    |   | 34        |   | 722,669                               |      | 3/98           |   | 12/98            |   | 100                               | %      | 1,423,248                       |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Southwind Apts. A LDHA      |   | Jennings, LA      |   | 36        |   | 830,656                               |      | 8/96           |   | 12/96            |   | 100                               | %      | 428,742                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| T.R.  Bobb Apts.            |   | New Iberia, LA    |   | 30        |   | 674,110                               |      | 8/96           |   | 12/96            |   | 100                               | %      | 428,742                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Timmons-Ville Green  Apts.  |   | Timmonsville, SC  |   | 32        |   | 1,059,039                             |      | 10/96          |   | 2/97             |   | 100                               | %      | 292,587                         |   |
|                        |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Tremont Station  Apartments |   | Tremont, PA       |   | 24        |   | 1,145,448                             |      | 5/96           |   | 11/96            |   | 100                               | %      | 349,889                         |   |
|                             |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

19

----

 
| **Property  Name**    |   | **Location**    |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------|--------|-----------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Village Estates Apts. |   | Victoria, VA    |   | 32        |   | $                                     | 1,144,535 |           | 4/97   |             | 10/98  |                              | 100    | %                               | $      | 270,204 |   |
|                  |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Village  Green Apts.  |   | Gloucester, VA  |   | 32        |   | 1,138,855                             |      | 4/97           |   | 11/97            |   | 100                               | %      | 296,893                         |   |
|                  |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Warrensburg Heights   |   | Warrensburg, MO |   | 28        |   | 1,100,692                             |      | 12/96          |   | 11/96            |   | 100                               | %      | 308,825                         |   |
|                  |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Westside  Apts.       |   | Salem, AR       |   | 29        |   | 1,028,601                             |      | 8/96           |   | 10/96            |   | 100                               | %      | 265,020                         |   |
|                  |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| The  Willows Apts.    |   | Smithville, TX  |   | 32        |   | 792,293                               |      | 5/96           |   | 5/96             |   | 100                               | %      | 209,768                         |   |
|                       |        |                 |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

20

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**                            |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| AHAB Rental Units Phase  II                   |   | Springfield, MO   |   | 17        |   | $                                     | 477,007 |           | 6/97   |             | 11/97  |                              | 100    | %                               | $      | 578,458 |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Angelou Court Apts.                           |   | New York, NY      |   | 23        |   | 976,009                               |    | 10/97          |   | 8/99             |   | 100                               | %      | 1,791,275                       |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Canisteo  Manor                               |   | Canisteo, NY      |   | 24        |   | 888,494                               |    | 4/98           |   | 4/98             |   | 100                               | %      | 621,857                         |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| The  Casa Rosa                                |   | San Juan, PR      |   | 97        |   | 798,126                               |    | 9/97           |   | 4/98             |   | 100                               | %      | 1,232,936                       |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Forest Glen At Sulluy  Station Phase II Atps. |   | Centreville, VA   |   | 119       |   | 6,369,925                             |    | 8/96           |   | 6/97             |   | 100                               | %      | 1,362,808                       |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Harrison Heights Apts.                        |   | Harrisonville, MO |   | 48        |   | 1,221,802                             |    | 1/98           |   | 12/96            |   | 100                               | %      | 245,516                         |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Harbor Towers Apts.                           |   | Meriden, CT       |   | 202       |   | 11,066,045                            |    | 2/97           |   | 11/97            |   | 100                               | %      | 2,895,280                       |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Holly  Heights Apts.                          |   | Storm Lake, IA    |   | 32        |   | 487,834                               |    | 4/97           |   | 8/98             |   | 100                               | %      | 614,058                         |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lake  Apts. II                                |   | Fargo, ND         |   | 24        |   | 586,321                               |    | 1/97           |   | 12/95            |   | 100                               | %      | 396,024                         |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Magnolia Place Apts.                          |   | Gautier, MS       |   | 40        |   | 858,997                               |    | 11/97          |   | 1/98             |   | 100                               | %      | 800,027                         |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Northrock  Apts.                              |   | Topeka, KS        |   | 76        |   | 2,487,985                             |    | 5/00           |   | 5/00             |   | 100                               | %      | 610,365                         |   |
|                                          |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Park Crest Apts.                              |   | Sherwood, AR      |   | 216       |   | 9,200,000                             |    | 11/99          |   | 6/99             |   | 100                               | %      | 115,311                         |   |
|                                               |        |                   |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

21

----

 
| **Property  Name**    |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Pear  Village Apts.   |   | Leitchfile, KY    |   | 16        |   | $                                     | 489,779 |           | 8/96   |             | 2/97   |                              | 100    | %                               | $      | 488,822 |   |
|                  |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Randolph  Village     |   | Silver Spring, MD |   | 130       |   | 5,606,330                             |    | 9/96           |   | 8/97             |   | 100                               | %      | 2,240,075                       |   |
|                  |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Summer Hill Sr. Apts. |   | Wayne, NJ         |   | 164       |   | 8,936,527                             |    | 11/96          |   | 4/98             |   | 100                               | %      | 2,337,000                       |   |
|                  |   |              |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sunday  Sun Apts.     |   | Bowling Green, KY |   | 30        |   | 846,385                               |    | 10/96          |   | 12/96            |   | 100                               | %      | 714,938                         |   |
|                       |        |                   |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

22

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**             |   | **Location**          |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|--------------------------------|--------|-----------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| 1374 Boston Road L.P.          |   | New York, NY          |   | 15        |   | $                                     | 457,504 |           | 2/97   |             | 6/97   |                              | 100    | %                               | $      | 522,065 |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Ashberry Manor Apts.           |   | Bardstown, KY         |   | 24        |   | 633,979                               |    | 2/97           |   | 3/97             |   | 100                               | %      | 561,330                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Bienville  III Apts.           |   | Ringold, LA           |   | 32        |   | 952,899                               |    | 2/97           |   | 2/97             |   | 100                               | %      | 349,186                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Blanchard  Apts.               |   | Blanchard, LA         |   | 32        |   | 902,890                               |    | 7/97           |   | 7/97             |   | 100                               | %      | 307,218                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Chandler Village Apts          |   | Chandler, OK          |   | 32        |   | 898,796                               |    | 4/97           |   | 7/97             |   | 100                               | %      | 255,639                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Cottonwood  Apts.              |   | Cottonwood, LA        |   | 24        |   | 728,491                               |    | 7/97           |   | 7/97             |   | 100                               | %      | 248,058                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Cottonwood  Apts.              |   | Holly Grove, AR       |   | 24        |   | 922,848                               |    | 2/97           |   | 4/97             |   | 100                               | %      | 254,856                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Evangeline  Apts.              |   | Lake Arthur, LA       |   | 32        |   | 963,131                               |    | 11/97          |   | 1/98             |   | 100                               | %      | 366,284                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Fairway  Apts. II              |   | Marlette, MI          |   | 48        |   | 1,017,668                             |    | 12/96          |   | 3/97             |   | 100                               | %      | 255,353                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Falcon  Pointe Apts.           |   | Rosenburg, TX         |   | 102       |   | 3,043,857                             |    | 4/98           |   | 10/99            |   | 100                               | %      | 3,782,145                       |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Jackson Place Apts.            |   | Jackson, LA           |   | 40        |   | 993,042                               |    | 7/97           |   | 10/97            |   | 100                               | %      | 983,615                         |   |
|                           |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Mapelwood  Apts.               |   | Winnfield, LA         |   | 40        |   | 899,402                               |    | 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        |   | 1,982,404                             |    | 2/98           |   | 2/98             |   | 100                               | %      | 3,809,335                       |   |
|                                |        |                       |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

23

----

 
| **Property  Name**           |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|------------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Park  Plaza I & II       |   | West Memphis, AR  |   | 128       |   | $                                     | 2,903,982 |          | 12/97  |             | 11/96  |                              | 100    | %                               | $      | 553,954 |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Park  Village Apts.          |   | Athens, TN        |   | 80        |   | 1,178,845                             |      | 10/98         |   | 6/99             |   | 100                               | %      | 1,992,486                       |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Pin  Oak Village             |   | Bowie, MD         |   | 110       |   | 8,821,416                             |      | 11/97         |   | 1/96             |   | 100                               | %      | 3,880,319                       |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Southern Villa Apts.         |   | Russellville, KY  |   | 32        |   | 1,329,187                             |      | 11/97         |   | 4/98             |   | 100                               | %      | 323,500                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Randolph  Village            |   | Silver Spring, MD |   | 130       |   | 5,282,387                             |      | 12/97         |   | 8/97             |   | 100                               | %      | 909,471                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Sand Lane Manor Apts.        |   | Henderson, KY     |   | 24        |   | 659,130                               |      | 8/97          |   | 4/98             |   | 100                               | %      | 556,478                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Senior Suites of  Chicago    |   | Chicago, IL       |   | 84        |   | 4,058,085                             |      | 12/97         |   | 12/98            |   | 100                               | %      | 3,208,112                       |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Sumner  House                |   | Hartford, CT      |   | 79        |   | 1,096,796                             |      | 1/98          |   | 7/98             |   | 100                               | %      | 2,010,966                       |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Terraceview Townhomes  Apts. |   | Litchfield MN     |   | 22        |   | 641,675                               |      | 7/97          |   | 10/97            |   | 100                               | %      | 726,402                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Tilghman  Square             |   | Dunn, NC          |   | 20        |   | 742,683                               |      | 11/97         |   | 10/97            |   | 100                               | %      | 307,605                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Wellston Village Apts.       |   | Wellston, OK      |   | 14        |   | 371,651                               |      | 4/97          |   | 8/97             |   | 100                               | %      | 107,258                         |   |
|                         |   |              |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Yale  Village Apts.          |   | Yale, OK          |   | 8         |   | 196,321                               |      | 2/98          |   | 7/98             |   | 100                               | %      | 74,341                          |   |
|                              |        |                   |        |           |        |                                       |           |               |        |                  |        |                                   |        |                                 |        |  |  |

 

24

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 

 
| **Property  Name**    |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| The Arbor Park Apts.  |   | Jackson, MS       |   | 160       |   | $                                     | 5,640,000 |           | 12/96  |             | 6/98   |                              | 100    | %                               | $      | 2,809,826 |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| The Arbors            |   | Richmond, VA      |   | 85        |   | 2,841,946                             |      | 7/97           |   | 11/98            |   | 100                               | %      | 2,480,576                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Barrington Cove Apts. |   | Barrington, RI    |   | 60        |   | 2,023,027                             |      | 4/97           |   | 5/97             |   | 100                               | %      | 4,264,830                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bent Tree Apts.       |   | Jacksboro, TX     |   | 24        |   | 587,871                               |      | 12/97          |   | 1/98             |   | 100                               | %      | 161,552                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Colonial Apts.        |   | Poplarville, MS   |   | 16        |   | 390,651                               |      | 10/97          |   | 7/97             |   | 100                               | %      | 86,039                          |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Dogwood Apts.         |   | Appomattox, VA    |   | 48        |   | 1,357,146                             |      | 10/98          |   | 5/99             |   | 100                               | %      | 637,151                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Emerald Trace Apts.   |   | Ruston, LA        |   | 48        |   | 1,309,335                             |      | 8/98           |   | 4/99             |   | 100                               | %      | 1,199.141                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edgewood Apts.        |   | Baker, LA         |   | 72        |   | 1,951,621                             |      | 3/97           |   | 9/98             |   | 100                               | %      | 1,856,539                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Glenbrook Apts.       |   | Saint Jo, TX      |   | 24        |   | 495,964                               |      | 12/97          |   | 3/97             |   | 100                               | %      | 145,871                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Harbor Pointe Apts.   |   | Benton Harbor, MI |   | 84        |   | 1,521,340                             |      | 1/99           |   | 10/99            |   | 100                               | %      | 3,209,292                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| The Lincoln Hotel     |   | San Diego, CA     |   | 41        |   | 797,847                               |      | 2/97           |   | 7/97             |   | 100                               | %      | 676,576                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lombard Heights Apts. |   | Springfield, MO   |   | 24        |   | 955,294                               |      | 10/98          |   | 7/98             |   | 100                               | %      | 302,808                         |   |
|                       |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

25

----

 
| **Property  Name**      |   | **Location**    |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-------------------------|--------|-----------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Lutkin  Bayou Apts.     |   | Drew, MS        |   | 36        |   | $                                     | 815,590 |           | 11/97  |             | 6/97   |                              | 100    | %                               | $      | 192,283 |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Nacogdoches Plaza Apts. |   | Nacodgoches, TX |   | 70        |   | 1,532,483                             |    | 4/97           |   | 3/98             |   | 100                               | %      | 2,793,695                       |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Newcastle  Apts.        |   | Collins, MS     |   | 36        |   | 671,350                               |    | 9/97           |   | 6/98             |   | 100                               | %      | 194,259                         |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Park  Crest Apts.       |   | Sherwood, AZ    |   | 216       |   | 9,200,000                             |    | 2/98           |   | 6/99             |   | 100                               | %      | 3,199,520                       |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Palmetto Place Apts.    |   | Benton, LA      |   | 40        |   | 1,088,265                             |    | 10/98          |   | 4/99             |   | 100                               | %      | 1,153,878                       |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Pecan  Hill Apts.       |   | Bryson, TX      |   | 16        |   | 374,616                               |    | 8/97           |   | 1/98             |   | 100                               | %      | 110,600                         |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Regency  Apts.          |   | Poplarville, MS |   | 16        |   | 452,953                               |    | 10/97          |   | 7/97             |   | 100                               | %      | 102,419                         |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Rhome  Apts.            |   | Rhome, TX       |   | 24        |   | 499,963                               |    | 12/97          |   | 2/97             |   | 100                               | %      | 160,551                         |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Westfield  Apts.        |   | Welsh, LA       |   | 40        |   | 786,647                               |    | 11/97          |   | 8/98             |   | 100                               | %      | 918,605                         |   |
|                    |   |            |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Willow Point Apts. III  |   | Jackson, MS     |   | 120       |   | 4,525,000                             |    | 12/96          |   | 2/98             |   | 100                               | %      | 2,035,596                       |   |
|                         |        |                 |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

26

----

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**     |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Broadway Place Apts.   |   | Hobbs, NM        |   | 32        |   | $                                     | 988,606 |           | 2/98   |             | 12/98  |                              | 100    | %                               | $      | 1,837,527 |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Byam Village           |   | Waterbury, CT    |   | 46        |   | 883,070                               |    | 2/97           |   | 2/98             |   | 100                               | %      | 426,008                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Country Estates Apts.  |   | Farmville, VA    |   | 24        |   | 885,587                               |    | 3/98           |   | 7/99             |   | 100                               | %      | 223,562                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Emerald Trace II Apts  |   | Ruston, LA       |   | 24        |   | 369,584                               |    | 7/98           |   | 12/98            |   | 100                               | %      | 717,594                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Farewell Mills Apts.   |   | Lisbon, ME       |   | 27        |   | 770,091                               |    | 8/97           |   | 3/98             |   | 100                               | %      | 662,864                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hillside Terrace Apts. |   | Poughkeepsie, NY |   | 64        |   | 1,807,564                             |    | 4/99           |   | 7/00             |   | 100                               | %      | 542,326                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lakewood Apts.         |   | Clarksville, VA  |   | 52        |   | 1,538,023                             |    | 3/98           |   | 10/99            |   | 100                               | %      | 394,349                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lone Oak Apts.         |   | Graham, TX       |   | 64        |   | 1,489,676                             |    | 8/97           |   | 9/98             |   | 100                               | %      | 408,634                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Mesa Grande Apts.      |   | Carlsbad, NM     |   | 72        |   | 1,941,054                             |    | 2/98           |   | 12/98            |   | 100                               | %      | 2,160,782                       |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Millwood Park Apts.    |   | Douglasville, GA |   | 172       |   | 8,085,135                             |    | 12/98          |   | 11/99            |   | 100                               | %      | 971,164                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| New River Gardens      |   | Radford, VA      |   | 48        |   | 1,455,521                             |    | 10/98          |   | 5/99             |   | 100                               | %      | 637,321                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Nocona Terrace Apts.   |   | Nocona, TX       |   | 36        |   | 805,004                               |    | 8/97           |   | 12/98            |   | 100                               | %      | 249,394                         |   |
|                   |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Northgate Apts.        |   | Bryant, AR       |   | 20        |   | 648,013                               |    | 4/99           |   | 11/99            |   | 100                               | %      | 834,557                         |   |
|                        |        |                  |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

27

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| **Property  Name**   |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|----------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Park Trace Apts.     |   | Jackson, TN        |   | 84        |   | $                                     | 1,600,170 |           | 11/97  |             | 3/99   |                              | 100    | %                               | $      | 3,353,303 |   |
|                 |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pine Forest Apts.    |   | Dahlgren, VA       |   | 40        |   | 1,858,966                             |      | 3/98           |   | 2/99             |   | 100                               | %      | 503,181                         |   |
|                 |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Riverbend Apts.      |   | Swanzey, NH        |   | 24        |   | 603,207                               |      | 7/97           |   | 2/98             |   | 100                               | %      | 1,321,798                       |   |
|                 |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Royal Crest Apts.    |   | Bowie, TX          |   | 48        |   | 1,084,696                             |      | 8/97           |   | 10/98            |   | 67                                | %      | 337,545                         |   |
|                 |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Trinity Life Gardens |   | Pueblo, CO         |   | 44        |   | 1,260,981                             |      | 4/99           |   | 12/99            |   | 100                               | %      | 1,952,175                       |   |
|                 |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Western Trails Apts. |   | Council Bluffs, IA |   | 30        |   | 912,994                               |      | 7/98           |   | 6/99             |   | 100                               | %      | 912,827                         |   |
|                 |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Whistle Stop Apts.   |   | Gentry, AR         |   | 27        |   | 703,769                               |      | 9/97           |   | 5/98             |   | 100                               | %      | 726,507                         |   |
|                      |        |                    |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

28

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**             |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|--------------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Bent Tree Apts.                |   | San Angelou, TX   |   | 112       |   | $                                     | 2,617,155 |           | 12/97  |             | 7/99   |                              | 100    | %                               | $      | 3,521,950 |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brittney Square Apts.          |   | Bowling Green, KY |   | 20        |   | 604,927                               |      | 7/98           |   | 7/98             |   | 100                               | %      | 629,917                         |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Canton Manor Apts.             |   | Canton, MS        |   | 32        |   | 805,634                               |      | 11/97          |   | 7/98             |   | 100                               | %      | 271,306                         |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Canton Village Apts.           |   | Canton, MS        |   | 42        |   | 1,124,307                             |      | 11/97          |   | 7/98             |   | 100                               | %      | 363,557                         |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Double Springs Manor II  Apts. |   | Bowling Green, KY |   | 25        |   | 374,969                               |      | 9/98           |   | 3/99             |   | 100                               | %      | 985,432                         |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Eagles Ridge Terrace           |   | Decatur, TX       |   | 89        |   | 1,789,576                             |      | 12/97          |   | 5/98             |   | 100                               | %      | 467,063                         |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Elmwood Apts.                  |   | Ellisville, MS    |   | 32        |   | 649,692                               |      | 12/97          |   | 6/98             |   | 100                               | %      | 243,483                         |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Giles Apts.                    |   | Amelia, VA        |   | 16        |   | 714,186                               |      | 3/98           |   | 2/99             |   | 100                               | %      | 183,711                         |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Henderson Terrace Apts.        |   | Bridgeport, TX    |   | 24        |   | 513,022                               |      | 11/97          |   | 9/98             |   | 100                               | %      | 120,846                         |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hurricane Hills                |   | Hurricane, UT     |   | 28        |   | 758,144                               |      | 9/97           |   | 8/98             |   | 100                               | %      | 2,020,271                       |   |
|                           |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Height Apts.           |   | Canton, MS        |   | 80        |   | 2,220,729                             |      | 11/97          |   | 7/98             |   | 100                               | %      | 786,614                         |   |
|                                |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

29

----

 
| **Property  Name**            |   | **Location**           |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru 3/31/04** |   |
|-------------------------------|--------|------------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|--------------------------------|--------|
| Lakeview Court                |   | City of Little Elm, TX |   | 24        |   | $                                     | 437,783 |           | 11/97  |             | 1/99   |                              | 100    | %                              | $      | 83,390 |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Mesquite Trails               |   | Jacksboro, TX          |   | 35        |   | 672,052                               |    | 11/97          |   | 11/98            |   | 100                               | %      | 193,766                        |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Munjoy South Townhouse  Apts. |   | Portland, ME           |   | 140       |   | 3,601,180                             |    | 9/97           |   | 10/98            |   | 100                               | %      | 706,503                        |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Nottoway Manor                |   | Blackstone, VA         |   | 28        |   | 855,804                               |    | 3/98           |   | 4/99             |   | 100                               | %      | 214,977                        |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Parktowne Apts.               |   | Cleveland, TN          |   | 84        |   | 1,551,085                             |    | 11/97          |   | 6/98             |   | 100                               | %      | 3,363,097                      |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Park Ridge Apts.              |   | McKee, KY              |   | 22        |   | 882,053                               |    | 10/97          |   | 5/98             |   | 100                               | %      | 338,464                        |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Pilot Point Apts.             |   | Pilot Point, VA        |   | 40        |   | 754,740                               |    | 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        |   | 772,994                               |    | 10/97          |   | 7/98             |   | 100                               | %      | 1,578,561                      |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Roth Village                  |   | Mechanicsburg, PA      |   | 61        |   | 2,083,852                             |    | 10/97          |   | 9/98             |   | 100                               | %      | 2,664,992                      |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Royal Estates Apts.           |   | Canton, MS             |   | 32        |   | 834,308                               |    | 11/97          |   | 7/98             |   | 100                               | %      | 282,525                        |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Silver Creek Apts.            |   | Flat Rock, MI          |   | 112       |   | 3,292,043                             |    | 3/98           |   | 8/99             |   | 100                               | %      | 4,535,381                      |   |
|                          |   |                   |   |      |   |                                  |    |           |   |             |   |                              |   |                           |   |
| Springs Manor Apts.           |   | Rawls Spring, MS       |   | 32        |   | 821,414                               |    | 12/97          |   | 6/98             |   | 100                               | %      | 328,693                        |   |
|                               |        |                        |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                |        |  |  |

 

30

----

 
| **Property  Name**          |   | **Location** |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------------|--------|--------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Summerdale Commons Phase II |   | Atlanta, GA  |   | 108       |   | $                                     | 3,712,516 |           | 12/98  |             | 4/99   |                              | 100    | %                               | $      | 2,496,904 |   |
|                        |   |         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Western Hills Apts.         |   | Ferris, TX   |   | 16        |   | 445,923                               |      | 5/00           |   | 9/00             |   | 100                               | %      | 77,706                          |   |
|                        |   |         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Windsor Park Apts.          |   | Jackson, MS  |   | 279       |   | 7,500,000                             |      | 11/97          |   | 3/99             |   | 100                               | %      | 2,346,847                       |   |
|                             |        |              |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

31

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**    |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Carriage Pointe Apts. |   | Old Bridge, NJ    |   | 18        |   | $                                     | 7,290,860 |           | 1/98   |             | 1/97   |                              | 100    | %                               | $      | 3,051,011 |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Chardonnay Apts.      |   | Oklahoma City, OK |   | 14        |   | 69,673                                |      | 1/98           |   | 1/97             |   | 100                               | %      | 393,700                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cogic Village Apts.   |   | Benton Harbor, MI |   | 136       |   | 2,350,940                             |      | 4/98           |   | 7/99             |   | 100                               | %      | 6,669,762                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Courtside Apts.       |   | Cottonwood, AZ    |   | 44        |   | 883,470                               |      | 6/98           |   | 7/98             |   | 100                               | %      | 1,667,188                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Clear Creek Apts.     |   | N. Manchester, IN |   | 64        |   | 1,523,838                             |      | 7/98           |   | 9/99             |   | 100                               | %      | 1,884,358                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Luxar        |   | Dallas, TX        |   | 125       |   | 3,554,297                             |      | 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        |   | 9,000,665                             |      | 1/99           |   | 7/00             |   | 100                               | %      | 266,536                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Martinsville Apts.    |   | Shelbyville, KY   |   | 125       |   | 413,678                               |      | 8/99           |   | 2/00             |   | 100                               | %      | 345,791                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Parkside Plaza Apts   |   | New York, NY      |   | 39        |   | 1,332,545                             |      | 7/99           |   | 5/01             |   | 100                               | %      | 2,611,014                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Ridge Apts.      |   | Jackson, TN       |   | 136       |   | 5,000,000                             |      | 11/98          |   | 12/99            |   | 100                               | %      | 1,637,102                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Village Apts.    |   | Athens, TN        |   | 80        |   | 1,178,845                             |      | 10/98          |   | 6/99             |   | 100                               | %      | 1,503,103                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pearlwood Apts.       |   | Pearl, MS         |   | 40        |   | 934,848                               |      | 2/98           |   | 5/98             |   | 100                               | %      | 745,648                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Rose Villa Apts.      |   | Ganado, TX        |   | 8         |   | 212,649                               |      | 5/01           |   | 11/01            |   | 100                               | %      | 51,582                          |   |
|                       |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

32

----

 
| **Property  Name**   |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|----------------------|--------|------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Pecan Manor Apts.    |   | Natchitoches, LA |   | 40        |   | $                                     | 774,011 |           | 7/98   |             | 10/98  |                              | 100    | %                               | $      | 1,501,914 |   |
|                 |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Pineridge Apts.      |   | Franklinton, LA  |   | 40        |   | 793,079                               |    | 7/98           |   | 1/99             |   | 100                               | %      | 1,497,889                       |   |
|                 |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sterling Creek Apts. |   | Independence, MO |   | 48        |   | 902,258                               |    | 5/98           |   | 5/00             |   | 100                               | %      | 1,973,594                       |   |
|                 |   |             |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| 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.

 

33

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**            |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-------------------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Bradford Park Apts.           |   | Southhaven, MS     |   | 208       |   | $                                     | 9,790,000 |           | 10/98  |             | 12/99  |                              | 100    | %                               | $      | 302,884 |   |
|                          |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bradford Square North  Apts.  |   | Jefferson City, TN |   | 50        |   | 1,042,559                             |      | 10/98          |   | 9/99             |   | 100                               | %      | 1,456,415                       |   |
|                          |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Carriage Pointe Apts.         |   | Old Bridge, NJ     |   | 18        |   | 7,290,860                             |      | 3/98           |   | 1/97             |   | 100                               | %      | 3,051,011                       |   |
|                          |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Luxar                |   | Dallas, TX         |   | 125       |   | 3,554,297                             |      | 8/98           |   | 12/99            |   | 100                               | %      | 3,947,106                       |   |
|                          |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Foxridge Apts.                |   | Durham, NC         |   | 92        |   | 3,031,434                             |      | 3/98           |   | 7/99             |   | 100                               | %      | 3,652,119                       |   |
|                          |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Gilette Manor                 |   | Sayreville, NJ     |   | 100       |   |                                  | **        | 1/98           |   | 1992             |   | 100                               | %      |                            | **     |
|                          |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Harbor Pointe                 |   | Benton Harbor, MI  |   | 84        |   | 1,521,340                             |      | 1/99           |   | 10/99            |   | 100                               | %      | 1,157,091                       |   |
|                          |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Merchant Court                |   | Dallas, GA         |   | 192       |   | 5,918,650                             |      | 10/98          |   | 12/99            |   | 100                               | %      | 2,422,226                       |   |
|                          |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Northrock Apts.               |   | Topeka, KS         |   | 76        |   | 2,487,985                             |      | 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        |   | 875,028                               |      | 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.

 

34

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**                    |   | **Location**            |   | **Units** |   | **Mortgage  Balance as of  12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|---------------------------------------|--------|-------------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Abby Ridge Apts.                      |   | Elizabethtown, KY       |   | 24        |   | $                                     | 461,372 |           | 2/00   |             | 1/00   |                              | 100    | %                               | $      | 1,577,723 |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Allison Apts.                         |   | Mt. Washington, KY      |   | 24        |   | 841,824                               |    | 11/98          |   | 1/99             |   | 100                               | %      | 850,013                         |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Belmont Affordable  Housing Two Apts. |   | Philadelphia, PA        |   | 20        |   | 490,422                               |    | 1/99           |   | 12/99            |   | 100                               | %      | 1,820,797                       |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Boerne Creekside Apts.                |   | Boerne, TX              |   | 71        |   | 1,998,048                             |    | 11/98          |   | 6/00             |   | 100                               | %      | 2,303,497                       |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| 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        |   | 1,655,188                             |    | 10/98          |   | 12/99            |   | 100                               | %      | 2,087,333                       |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Howard Park Apts                      |   | Florida City, FL        |   | 16        |   | 329,144                               |    | 4/99           |   | 12/99            |   | 100                               | %      | 640,834                         |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Kerrville Meadows Apts.               |   | Kerrville, TX           |   | 72        |   | 1,558,102                             |    | 11/98          |   | 4/00             |   | 100                               | %      | 2,329,758                       |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Merchant Court Apts.                  |   | Dallas, GA              |   | 192       |   | 5,918,650                             |    | 10/98          |   | 12/99            |   | 100                               | %      | 4,718,773                       |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Millwood Park Apts.                   |   | Douglasville, GA        |   | 172       |   | 8,085,135                             |    | 12/98          |   | 11/99            |   | 100                               | %      | 1,870,576                       |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Northwood Homes                       |   | Leitchfield, KY         |   | 24        |   | 766,862                               |    | 4/99           |   | 6/99             |   | 100                               | %      | 1,185,712                       |   |
|                                  |   |                    |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Romeo Village Apts.                   |   | Montour Falls, NY       |   | 24        |   | 1,019,341                             |    | 10/98          |   | 4/99             |   | 100                               | %      | 753,362                         |   |
|                                       |        |                         |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

35

----

 
| **Property  Name**    |   | **Location** |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |       | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|-----------------------|--------|--------------|--------|-----------|--------|---------------------------------------|------------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Summer Park Apts.     |   | Jackson, MS  |   | 216       |   | $                                     | 10,550,000 |           | 10/99  |             | 6/00   |                              | 100    | %                               | $      | 1,106,814 |   |
|                  |   |         |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Washington Courtyards |   | Houston, TX  |   | 74        |   | 2,807,709                             |       | 8/99           |   | 8/00             |   | 100                               | %      | 1,448,573                       |   |
|                       |        |              |        |           |        |                                       |            |                |        |                  |        |                                   |        |                                 |        |  |  |

 

36

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**               |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|----------------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Ashton Cove Apts.                |   | Kingsland, GA    |   | 72        |   | $                                     | 1,927,473 |           | 1/00   |             | 4/00   |                              | 100    | %                               | $      | 2,557,680 |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Autumn Park                      |   | Dickson, TN      |   | 104       |   | 5,000,000                             |      | 4/99           |   | 12/99            |   | 100                               | %      | 1,463,162                       |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brazoswood Apts.                 |   | Clute, TX        |   | 72        |   | 1,975,833                             |      | 7/99           |   | 7/00             |   | 100                               | %      | 3,074,829                       |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Woods  Townhomes        |   | Newman, GA       |   | 120       |   | 4,379,943                             |      | 10/00          |   | 6/02             |   | 100                               | %      | 1,310,103                       |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country Walk Apts.               |   | Mulvane, KS      |   | 68        |   | 1,932,138                             |      | 12/98          |   | 11/99            |   | 100                               | %      | 1,923,697                       |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cypress Pointe  Retirement Apts. |   | Casa Grande, AZ  |   | 104       |   | 1,580,084                             |      | 4/99           |   | 3/00             |   | 100                               | %      | 2,680,499                       |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Garden Gates Apts. II            |   | New Caney, TX    |   | 32        |   | 837,718                               |      | 3/99           |   | 3/00             |   | 100                               | %      | 1,067,950                       |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hillside Terrace Apts.           |   | Poughkeepsie, NY |   | 64        |   | 1,762,564                             |      | 4/99           |   | 7/00             |   | 100                               | %      | 3,977,051                       |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Riverwalk Apt. Homes  Phase II   |   | Sheboygan, WI    |   | 20        |   | 408,633                               |      | 12/98          |   | 7/99             |   | 100                               | %      | 1,354,092                       |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Washington Courtyards            |   | Houston, TX      |   | 74        |   | 2,807,709                             |      | 8/99           |   | 8/00             |   | 100                               | %      | 606,140                         |   |
|                             |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Wedgewood Park Apts.             |   | Evans, GA        |   | 180       |   | 5,371,085                             |      | 12/99          |   | 8/00             |   | 100                               | %      | 3,229,037                       |   |
|                                  |        |                  |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

37

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**                           |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |       | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|----------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|------------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Annadale Apts.                               |   | Fresno, CA       |   | 222       |   | $                                     | 11,572,097 |           | 1/00   |             | 6/90   |                              | 100    | %                               | $      | 548,563 |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Ashton Ridge                                 |   | Jackson, MI      |   | 144       |   | 2,625,042                             |       | 2/00           |   | 12/00            |   | 100                               | %      | 1,430,296                       |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Farmington Meadows                           |   | Aloha, OR        |   | 69        |   | 3,318,040                             |       | 8/99           |   | 11/99            |   | 100                               | %      | 530,154                         |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Nowata Village                               |   | Nowata, OK       |   | 28        |   | 1,252,801                             |       | 8/99           |   | 2/00             |   | 100                               | %      | 330,497                         |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Paris Place                                  |   | Paris, KY        |   | 32        |   | 1,240,541                             |       | 6/00           |   | 9/00             |   | 100                               | %      | 930,412                         |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Riverview Bend Apts.                         |   | Cystal City, MO  |   | 94        |   | 3,266,667                             |       | 11/99          |   | 3/00             |   | 100                               | %      | 1,210,500                       |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Senior Suites Of  Chicago Washington Heights |   | Chicago, IL      |   | 85        |   | 3,382,830                             |       | 12/99          |   | 11/00            |   | 100                               | %      | 2,243,090                       |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Valleyview Estates  Apts.                    |   | Branson West, MO |   | 32        |   | 449,091                               |       | 11/99          |   | 5/00             |   | 100                               | %      | 1,306,789                       |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Wedgewood Park Apts.                         |   | Evans, GA        |   | 180       |   | 5,371,085                             |       | 12/99          |   | 8/00             |   | 100                               | %      | 3,229,037                       |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Willowbrook Apts.                            |   | Lafayette, LA    |   | 40        |   | 1,030,601                             |       | 6/99           |   | 9/99             |   | 100                               | %      | 1,200,789                       |   |
|                                         |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Wingfield Apts.                              |   | Kinder, LA       |   | 40        |   | 682,108                               |       | 6/99           |   | 7/99             |   | 100                               | %      | 1,645,817                       |   |
|                                              |        |                  |        |           |        |                                       |            |                |        |                  |        |                                   |        |                                 |        |  |  |

 

38

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**                   |   | **Location**    |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|--------------------------------------|--------|-----------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Ashton Ridge Apts.                   |   | Jackson, MS     |   | 144       |   | $                                     | 2,625,042 |           | 02/00  |             | 12/00  |                              | 100    | %                               | $      | 6,003,938 |   |
|                                 |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Baldwin Villas                       |   | Pontiac, MI     |   | 65        |   | 4,923,000                             |      | 10/99          |   | 7/01             |   | 100                               | %      | 1,678,972                       |   |
|                                 |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Woods  Townhomes            |   | Newnan, GA      |   | 120       |   | 4,379,943                             |      | 10/00          |   | 6/02             |   | 100                               | %      | 3,285,137                       |   |
|                                 |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Senior Suites of  Washington Heights |   | Chicago, IL     |   | 85        |   | 3,382,830                             |      | 12/99          |   | 11/00            |   | 100                               | %      | 2,243,090                       |   |
|                                 |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Silver Pond Apts.                    |   | Wallingford, CT |   | 160       |   | 4,544,340                             |      | 6/00           |   | 12/01            |   | 100                               | %      | 1,563,634                       |   |
|                                 |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Stearns Assisted Apts.               |   | Millinocket, ME |   | 20        |   | 435,500                               |      | 12/99          |   | 3/01             |   | 100                               | %      | 1,407,173                       |   |
|                                 |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Summer Park                          |   | Jackson, MS     |   | 216       |   | 10,550,000                            |      | 10/99          |   | 6/00             |   | 100                               | %      | 2,379,767                       |   |
|                                      |        |                 |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

39

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**           |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|------------------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Andover  Crossing Apts.      |   | Andover, KS        |   | 80        |   | $                                     | 2,586,314 |           | 5/00   |             | 12/00  |                              | 100    | %                               | $      | 1,772,874 |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Arbors  at Eagle Crest Apts. |   | Mount Pleasant, MI |   | 120       |   | 1,766,499                             |      | 12/00          |   | 10/01            |   | 100                               | %      | 3,512,499                       |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bristow  Place Apts.         |   | Bristow, OK        |   | 28        |   | 1,235,201                             |      | 6/01           |   | 12/00            |   | 100                               | %      | 487,648                         |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia  Creek Apts.        |   | Woodstock, GA      |   | 172       |   | 5,566,663                             |      | 8/01           |   | 11/01            |   | 100                               | %      | 2,795,601                       |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cushing  Place Apts.         |   | Cushing, OK        |   | 24        |   | 1,101,664                             |      | 3/00           |   | 10/00            |   | 100                               | %      | 428,559                         |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hammond  Place Apts.         |   | Hammond, LA        |   | 40        |   | 493,304                               |      | 3/00           |   | 4/00             |   | 100                               | %      | 1,706,341                       |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Shoreham  Apts.              |   | Houston, TX        |   | 120       |   | 3,574,057                             |      | 4/00           |   | 7/01             |   | 100                               | %      | 6,020,750                       |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Vanderbilt  Apts.            |   | Edna, TX           |   | 12        |   | 323,208                               |      | 5/01           |   | 10/01            |   | 100                               | %      | 104,181                         |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Whitley  Park Apts.          |   | Whitley City, KY   |   | 21        |   | 908,231                               |      | 6/00           |   | 6/00             |   | 100                               | %      | 302,339                         |   |
|                         |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Willowbrook  II Apts.        |   | Lafayette, LA      |   | 40        |   | 951,008                               |      | 3/00           |   | 5/00             |   | 100                               | %      | 1,247,680                       |   |
|                              |        |                    |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

40

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**           |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of  12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Capital  Contributions  Paid Through  3/31/04** |   |
|------------------------------|--------|--------------------|--------|-----------|--------|----------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------------------------|--------|
| Arbors  at Eagle Crest Apts. |   | Mount Pleasant, MI |   | 120       |   | $                                      | 1,766,499 |           | 12/00  |             | 10/01  |                              | 100    | %                                                 | $      | 3,512,499 |   |
|                         |   |               |   |      |   |                                   |      |           |   |             |   |                              |   |                                              |   |
| Arbors  at Ironwood Apts.    |   | Mishawaka, IN      |   | 88        |   | 1,801,436                              |      | 7/00           |   | 9/01             |   | 100                               | %      | 3,772,295                                         |   |
|                         |   |               |   |      |   |                                   |      |           |   |             |   |                              |   |                                              |   |
| Austin  Acres Atps.          |   | Hopkinsville, KY   |   | 32        |   | 867,821                                |      | 11/00          |   | 9/01             |   | 100                               | %      | 1,275,155                                         |   |
|                         |   |               |   |      |   |                                   |      |           |   |             |   |                              |   |                                              |   |
| Columbia  Creek Apts.        |   | Woodstock, GA      |   | 172       |   | 5,566,663                              |      | 8/01           |   | 11/01            |   | 100                               | %      | 2,909,708                                         |   |
|                         |   |               |   |      |   |                                   |      |           |   |             |   |                              |   |                                              |   |
| Daystar  Village Apts.       |   | Bowling Green, KY  |   | 32        |   | 797,919                                |      | 2/01           |   | 1/01             |   | 100                               | %      | 1,113,443                                         |   |
|                         |   |               |   |      |   |                                   |      |           |   |             |   |                              |   |                                              |   |
| Hillview  Apts.              |   | Leitchfield, KY    |   | 34        |   | 911,670                                |      | 5/01           |   | 12/01            |   | 100                               | %      | 327,226                                           |   |
|                         |   |               |   |      |   |                                   |      |           |   |             |   |                              |   |                                              |   |
| Pine  Grove Community        |   | Gouverneur, NY     |   | 48        |   | 1,200,000                              |      | 12/00          |   | 10/01            |   | 100                               | %      | 3,077,767                                         |   |
|                         |   |               |   |      |   |                                   |      |           |   |             |   |                              |   |                                              |   |
| Tally-Ho  Apts.              |   | Campti, CA         |   | 26        |   | 577,563                                |      | 6/01           |   | 12/01            |   | 100                               | %      | 485,057                                           |   |
|                         |   |               |   |      |   |                                   |      |           |   |             |   |                              |   |                                              |   |
| Timber  Trails Apts.         |   | Pineville, LA      |   | 32        |   | 817,284                                |      | 6/01           |   | 7/01             |   | 100                               | %      | 499,829                                           |   |
|                              |        |                    |        |           |        |                                        |           |                |        |                  |        |                                   |        |                                                   |        |  |  |

 

41

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**          |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |   | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |      |
|-----------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|--------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|-----------|
| Arbors @ Ironwood Apts.  II |   | Mishawaka, IN    |   | 40        |   | 897,619                               |   | 2/01           |   | 11/01            |   | 100                               | %      | $                               | 1,771,758 |   |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Baldwin Villas Apts.        |   | Pontiac, MI      |   | 65        |   | 4,923,000                             |   | 8,01           |   | 7/01             |   | 100                               | %      | 344,405                         |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Carlyle Apts.               |   | Aberdeen, SD     |   | 44        |   | 872,511                               |   | 2/01           |   | 6/01             |   | 100                               | %      | 1,359,155                       |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Center Place Apts.          |   | Center, TX       |   | 32        |   | 784,142                               |   | 08/01          |   | 10/01            |   | 100                               | %      | 428,835                         |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Eagle Lake Gardens  Apts.   |   | Azle, TX         |   | 60        |   | 1,224,708                             |   | 10/01          |   | 5/02             |   | 100                               | %      | 666,179                         |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Londontown Homes Apts.      |   | London, KY       |   | 24        |   | 586,429                               |   | 2/01           |   | 6/01             |   | 100                               | %      | 1,836,027                       |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Mason’s Point Apts.    |   | Hopkinsville, KY |   | 41        |   | 1,209,948                             |   | 06/01          |   | 7/02             |   | 100                               | %      | 1,824,270                       |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Meadowside Apts.            |   | Milo, NY         |   | 40        |   | 1,578,846                             |   | 05/01          |   | 12/01            |   | 100                               | %      | 855,372                         |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Northrock Apts. II          |   | Topeka, KS       |   | 60        |   | 2,357,780                             |   | 07/01          |   | 5/02             |   | 100                               | %      | 1,838,666                       |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Oakland Apts.               |   | Oakdale, LA      |   | 46        |   | 1,245,715                             |   | 2/01           |   | 7/01             |   | 100                               | %      | 767,451                         |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Parkview Apts.              |   | Springfield, MA  |   | 25        |   | 1,350,732                             |   | 2/01           |   | 2/02             |   | 100                               | %      | 1,221,510                       |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Sedgewick Sundance  Apts.   |   | Sedgewick, KS    |   | 24        |   | 369,835                               |   | 09/01          |   | 10/01            |   | 100                               | %      | 1,372,208                       |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Southbrook Humes Apts.      |   | Kily, KY         |   | 24        |   | 532,759                               |   | 04/01          |   | 11/01            |   | 100                               | %      | 1,866,896                       |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Shalom Plaza Apts.          |   | Kansas City, MO  |   | 126       |   | 3,820,440                             |   | 08/01          |   | 11/01            |   | 100                               | %      | 1,273,119                       |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Springfield Crossing        |   | Springfield, VA  |   | 347       |   | 27,059,787                            |   | 6/02           |   | 10/01            |   | 100                               | %      | 574,922                         |      |
|                        |   |             |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Western Gardens Apts.       |   | Dequincey, LA    |   | 48        |   | 1,294,066                             |   | 2/01           |   | 7/01             |   | 100                               | %      | 782,188                         |      |
|                             |        |                  |        |           |        |                                       |        |                |        |                  |        |                                   |        |                                 |           |  |

 

42

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**              |   | **Location**        |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|---------------------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Bienville Apts.                 |   | Ringhold, LA        |   | 32        |   | $                                     | 809,024 |           | 12/01  |             | 11/01  |                              | 100    | %                               | $      | 488,488 |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Breeze Cove Apartments          |   | Port Washington, WI |   | 64        |   | 1,815,519                             |    | 4/03           |   | 10/94            |   | 100                               | %      | 148,559                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Breezewood Villas I             |   | Frederiksted, VI    |   | 12        |   | 997,858                               |    | 10/01          |   | 6/02             |   | 100                               | %      | 494,361                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Brookstone Place II  Apts.      |   | Port Huron, MI      |   | 72        |   | 2,462,239                             |    | 8/01           |   | 8/02             |   | 100                               | %      | 3,092,382                       |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Cascades Crossing               |   | Sterling, VA        |   | 320       |   | 14,079,951                            |    | 4/03           |   | 10/95            |   | 100                               | %      | 734,116                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Cedar Grove Apartments  Phase I |   | Shepherdsville, KY  |   | 36        |   | 1,062,732                             |    | 5/02           |   | 7/01             |   | 100                               | %      | 424,955                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Cranberry Cove  Apartments      |   | Beckley, WV         |   | 28        |   | 997,827                               |    | 5/02           |   | 1/02             |   | 100                               | %      | 514,844                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Dawson Square                   |   | Thornton, CO        |   | 36        |   | 1,854,417                             |    | 7/02           |   | 12/03            |   | 100                               | %      | 432,816                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Forest Glen Village             |   | Vidalia, GA         |   | 46        |   | 1,313,071                             |    | 4/03           |   | 2/95             |   | 100                               | %      | 21,275                          |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Franklin Green                  |   | Franklin Grove, IL  |   | 12        |   | 387,784                               |    | 5/02           |   | 9/01             |   | 100                               | %      | 308,576                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Harbor Point II Apts.           |   | Benton Township, MI |   | 72        |   | 1,672,163                             |    | 8/01           |   | 10/02            |   | 100                               | %      | 2,043,005                       |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Hollywood Palms Apts.           |   | San Diego, CA       |   | 94        |   | 8,231,711                             |    | 3/02           |   | 11/02            |   | 100                               | %      | 1,895,913                       |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Marina Woods Apts.              |   | Halfmoon, NY        |   | 32        |   | 1,348,733                             |    | 7/01           |   | 4/02             |   | 100                               | %      | 1,626,221                       |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Marwood Senior Apts.            |   | Upper Marlboro, MD  |   | 155       |   | 13,117,845                            |    | 7/01           |   | 8/02             |   | 100                               | %      | 1,177,512                       |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Meadowside Apts.                |   | Milo, NY            |   | 40        |   | 1,578,846                             |    | 5/01           |   | 12/01            |   | 100                               | %      | 855,372                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Mill Creek Village              |   | Mt. Carroll, IL     |   | 12        |   | 412,829                               |    | 5/02           |   | 9/01             |   | 100                               | %      | 264,354                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Northline Terrace               |   | Mentoda, IL         |   | 24        |   | 729,623                               |    | 5/02           |   | 6/01             |   | 100                               | %      | 545,979                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Palisades Park                  |   | Fulton, IL          |   | 16        |   | 550,520                               |    | 5/02           |   | 9/01             |   | 100                               | %      | 396,061                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Red Hill Apts. I                |   | Farmerville, LA     |   | 32        |   | 834,992                               |    | 11/01          |   | 6/01             |   | 100                               | %      | 502,692                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sandalwood Apartments           |   | Toppenish, WA       |   | 20        |   | 995,738                               |    | 5/02           |   | 7/01             |   | 100                               | %      | 293,983                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Southpark Apts. II              |   | Newton, KS          |   | 60        |   | 1,567,786                             |    | 9/01           |   | 5/02             |   | 100                               | %      | 2,117,956                       |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Springfield Crossing            |   | Springfield, VA     |   | 347       |   | 27,059,787                            |    | 6/02           |   | 10/01            |   | 100                               | %      | 702,682                         |   |
|                            |   |                |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sunshine Village Apts.          |   | Elizabethtown, KY   |   | 32        |   | 883,682                               |    | 3/02           |   | 8/02             |   | 100                               | %      | 1,277,070                       |   |
|                                 |        |                     |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

43

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**                 |   | **Location**        |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |   | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |      |
|------------------------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|--------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|-----------|
| Bellamy Mills  Apartments          |   | Dover, NH           |   | 30        |   | 1,529,994                             |   | 4/02           |   | 12/02            |   | 100                               | %      | $                               | 2,888,317 |   |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Breezewood Villas II               |   | Frederiksted, VI    |   | 12        |   | 997,839                               |   | 4/02           |   | 3/03             |   | 100                               | %      | 505,416                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Canon Club                         |   | Canon City, CO      |   | 46        |   | 1,277,500                             |   | 7/02           |   | 12/03            |   | 100                               | %      | 370,280                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Centenary Towers Apts.             |   | St. Louis, MO       |   | 100       |   | 2,352,500                             |   | 4/03           |   | 12/97            |   | 100                               | %      | 110,749                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Clifton Family Housing             |   | Clifton, CO         |   | 51        |   | 2,560,000                             |   | 7/02           |   | 12/03            |   | 100                               | %      | 610,613                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Cooper’s Crossing  Apartments |   | Los Colinas, TX     |   | 93        |   | 3,577,276                             |   | 4/03           |   | 12/95            |   | 100                               | %      | 87,199                          |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Dorchester Apartments              |   | Port Huron, MI      |   | 131       |   | 4,458,103                             |   | 4/02           |   | 8/03             |   | 50                                | %*     | 2,578,034                       |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Harbor Pointe  Apartments II       |   | Benton Township, MI |   | 72        |   | 1,672,163                             |   | 4/02           |   | 10/02            |   | 100                               | %      | 1,541,290                       |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Helios Station                     |   | Lafayette, CO       |   | 30        |   | 2,606,000                             |   | 7/02           |   | 12/03            |   | 100                               | %      | 380,035                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Hillridge Apartments               |   | Los Lunas, NM       |   | 38        |   | 215,000                               |   | 4/03           |   | 6/96             |   | 100                               | %      | 112,211                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Hollywood Palm  Apartments         |   | San Diego, CA       |   | 94        |   | 8,231,711                             |   | 8/02           |   | 11/02            |   | 100                               | %      | 1,283,388                       |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Lynnelle Landing Apts.             |   | Charleston, WV      |   | 56        |   | 1,595,141                             |   | 3/02           |   | 9/02             |   | 100                               | %      | 2,009,976                       |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Natchez Place  Apartments          |   | Natchez, MS         |   | 32        |   | 838,079                               |   | 8/02           |   | 11/01            |   | 100                               | %      | 554,881                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Northfield Housing, LP             |   | Jackson, MS         |   | 5         |   | 178,476                               |   | 4/03           |   | 12/96            |   | 100                               | %      | 24,330                          |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Park Meadow Apartments             |   | Gaylord, MI         |   | 80        |   | 1,744,970                             |   | 4/03           |   | 4/97             |   | 100                               | %      | 228,511                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Park Plaza IV                      |   | West Memphis, AR    |   | 24        |   | 791,878                               |   | 6/02           |   | 10/02            |   | 100                               | %      | 1,219,397                       |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Parkhurst Place                    |   | Amherst, NH         |   | 42        |   | 3,549,684                             |   | 1/02           |   | 9/02             |   | 100                               | %      | 478,876                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Strawberry Lane Apts.              |   | Clayton, NY         |   | 71        |   | 2,120,818                             |   | 3/02           |   | 8/02             |   | 100                               | %      | 672,589                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Sunrise Manor Seniors.             |   | Buena Vista, CO     |   | 40        |   | 2,257,344                             |   | 7/02           |   | 12/03            |   | 100                               | %      | 527,524                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Tiffany Square                     |   | Lakewood, CO        |   | 52        |   | 2,033,877                             |   | 7/02           |   | 12/03            |   | 100                               | %      | 338,290                         |      |
|                               |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Wingfield Apartments II            |   | Kinder, LA          |   | 42        |   | 604,307                               |   | 8/02           |   | 11/01            |   | 100                               | %      | 1,209,017                       |      |
|                                    |        |                     |        |           |        |                                       |        |                |        |                  |        |                                   |        |                                 |           |  |

 

----

*Property was in lease-upphase as of March 31,2004.

 

44

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**           |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |   | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |      |
|------------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|--------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|-----------|
| Alexander Mill  Apartments   |   | Lawrenceville, GA |   | 224       |   | 13,800,000                            |   | 12/02          |   | 1/03             |   | 100                               | %      | $                               | 1,489,686 |   |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Aspen Meadows                |   | Aurora, CO        |   | 100       |   | 3,815,000                             |   | 9/02           |   | 12/03            |   | 100                               | %      | 1,035,052                       |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Ashbury Park                 |   | Aurora, CO        |   | 44        |   | 2,500,000                             |   | 9/02           |   | 12/03            |   | 100                               | %      | 523,083                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Bohannon Place Apts.         |   | Bowling Green, KY |   | 12        |   | 450,000                               |   | 5/03           |   | 10/03            |   | 100                               | %      | 800,413                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Carpenter School             |   | Natchez, MS       |   | 38        |   | 1,489,481                             |   | 1/03           |   | 12/03            |   | 100                               | %      | 1,088,472                       |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Charlevoix Apartments        |   | Charlevoix, MI    |   | 40        |   | 1,265,376                             |   | 9/02           |   | 11/02            |   | 100                               | %      | 302,357                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Cloverlane Apartments        |   | Lakeview, MI      |   | 24        |   | 463,817                               |   | 9/02           |   | 10/02            |   | 100                               | %      | 356,228                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Dorchester Apartments        |   | Port Huron, MI    |   | 131       |   | 4,458,103                             |   | 9/02           |   | 8/03             |   | 50                                | %*     | 2,500,823                       |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Geneva Sr. Citizen  Apts.    |   | Geneva, NY        |   | 32        |   | 1,398,594                             |   | 4/03           |   | 12/03            |   | 100                               | %      | 1,646,864                       |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Gilbert Apts.                |   | Corbin, KY        |   | 40        |   | 887,000                               |   | 7/03           |   | U/C              |   | N/A                               |   | 1,668,480                       |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Hollywood Palm Apartments    |   | San Diego, CA     |   | 94        |   | 8,231,711                             |   | 12/02          |   | 11/02            |   | 100                               | %      | 2,654,279                       |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Kearney Plaza                |   | Commerce City, CO |   | 51        |   | 1,588,076                             |   | 9/02           |   | 12/03            |   | 100                               | %      | 419,391                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Lakewood Apartments          |   | Saranac, MI       |   | 24        |   | 843,017                               |   | 9/02           |   | 10/02            |   | 100                               | %      | 475,606                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| The Landing Apts.            |   | Whitley, KY       |   | 24        |   | 451,022                               |   | 4/03           |   | U/C              |   | N/A                               |   | 202,872                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Library Square Apts.         |   | Mandan, ND        |   | 46        |   | 1,955,117                             |   | 9/03           |   | 8/03             |   | 96                                | %*     | 1,984,037                       |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Parkside Apartments          |   | Coleman, MI       |   | 40        |   | 989,718                               |   | 9/02           |   | 12/02            |   | 100                               | %      | 832,371                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Riverview Apartments         |   | Blissfield, MI    |   | 32        |   | 751,597                               |   | 9/02           |   | 02/02            |   | 100                               | %      | 509,938                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Seven Points Apartments      |   | Seven Points, TX  |   | 36        |   | 1,039,732                             |   | 9/02           |   | 3/03             |   | 100                               | %      | 594,337                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Sheridan Gardens             |   | Englewood, CO     |   | 48        |   | 2,063,787                             |   | 9/02           |   | 12/03            |   | 100                               | %      | 470,860                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Stottville Court  Apartments |   | Stockport, NY     |   | 28        |   | 1,117,249                             |   | 9/02           |   | 5/03             |   | 100                               | %      | 919,688                         |      |
|                         |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Strawberry Lake Apts.        |   | Norway, MI        |   | 32        |   | 1,092,887                             |   | 7/03           |   | 12/03            |   | 100                               | %      | 616,273                         |      |
|                              |        |                   |        |           |        |                                       |        |                |        |                  |        |                                   |        |                                 |           |  |

 

----

U/C=Property was underconstruction as of March 31, 2004.

*Property was in lease-upphase as of March 31,2004.

 

45

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**     |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |   | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |      |
|------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|--------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|-----------|
| Alexander Mills Apts.  |   | Lawrenceville, GA |   | 224       |   | 13,800,000                            |   | 2/03           |   | 1/03             |   | 100                               | %      | $                               | 1,820,730 |   |
|                   |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Aurora Village Sr.     |   | Aurora, CO        |   | 100       |   | 4,691,312                             |   | 2/03           |   | 3/03             |   | 100                               | %      | 1,439,680                       |      |
|                   |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Families First II      |   | W. Memphis, AR    |   | 66        |   | 2,757,240                             |   | 5/03           |   | U/C              |   | N/A                               |   | 1,886,623                       |      |
|                   |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Memphis 102            |   | Memphis, TN       |   | 102       |   | -0-                                   |   | 5/03           |   | U/C              |   | N/A                               |   | 3,144,686                       |      |
|                   |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Northrock Apts. III    |   | Topeka, KS        |   | 32        |   | 1,031,206                             |   | 6/03           |   | 11/03            |   | 100                               | %      | 1,442,277                       |      |
|                   |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Orchard Manor Apts.    |   | Ukiah, CA         |   | 64        |   | 7,353,274                             |   | 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        |   | 1,361,769                             |   | 3/03           |   | 5/03             |   | 100                               | %      | 454,862                         |      |
|                   |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| River Gardens Apts.    |   | Fort Bragg, CA    |   | 48        |   |                                  | **     | 10/03          |   | 11/03            |   | 100                               | %      |                            | **        |
|                   |   |              |   |      |   |                                  |   |           |   |             |   |                              |   |                            |      |
| Villages at Aspen Club |   | Bealton, VA       |   | 30        |   | 2,834,678                             |   | 4/03           |   | 10/03            |   | 100                               | %      | 1,208,087                       |      |
|                        |        |                   |        |           |        |                                       |        |                |        |                  |        |                                   |        |                                 |           |  |

 

----

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

 

U/C=Property was underconstruction as of March 31, 2004.

*Property was in lease-upphase as of March 31,2004.

 

46

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**            |   | **Location**        |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |   | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |    |
|-------------------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|--------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|---------|
| Baldwin Villas Apts.          |   | Pontiac, MI         |   | 65        |   | 4,923,000                             |   | 12/03          |   | 6/01             |   | 100                               | %      | $                               | 106,137 |   |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Bartlett Bayou                |   | Pascagoula, MS      |   | 48        |   | N/A                                   |   | 7/03           |   | U/C              |   | N/A                               |   | -0-                             |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Breezewood Villas II          |   | Frederiksted, VI    |   | 12        |   | 997,839                               |   | 12/03          |   | 8/03             |   | 100                               | %      | 53,729                          |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Brookside Park                |   | Atlanta, GA         |   | 200       |   | 2,551,800                             |   | 12/03          |   | U/C              |   | N/A                               |   | 2,200,134                       |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Brookside Square              |   | Boykins, VA         |   | 32        |   | 1,161,687                             |   | 7/03           |   | U/C              |   | N/A                               |   | -0-                             |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Brookstone Place II  Apts.    |   | Port Huron, MI      |   | 72        |   | 2,462,239                             |   | 12/03          |   | 8/02             |   | 100                               | %      | 100,874                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Chevy Place/Hallman  Court    |   | Rochester, NY       |   | 77        |   | 9,000,665                             |   | 12/03          |   | 7/00             |   | 100                               | %      | 81,177                          |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Fairview Manor                |   | Childress, TX       |   | 48        |   | 853,039                               |   | 5/03           |   | 3/04             |   | 0                                 | %*     | 710,529                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Harbet Avenue LP              |   | Cedar Rapids, IA    |   | 28        |   | N/A                                   |   | 12/03          |   | 8/03             |   | 100                               | %      | 1,139,000                       |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Harbot Pt. II Apts.           |   | Benton Township, MI |   | 72        |   | 1,672,163                             |   | 12/03          |   | 10/02            |   | 100                               | %      | 179,234                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Heritage Christian Home  III  |   | Brighton, NY        |   | 12        |   | N/A                                   |   | 12/03          |   | U/C              |   | 0                                 | %*     | 160,000                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Kings Pt. Apts.               |   | Sheridan, CO        |   | 50        |   | 2,525,000                             |   | 8/03           |   | 12/03            |   | 100                               | %      | 565,058                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| La Mirage Apts.               |   | Borger, TX          |   | 12        |   | 994,173                               |   | 8/01           |   | 10/03            |   | 63                                | %*     | 635,897                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Lakeview Station Apts.        |   | Shepardsville, KY   |   | 28        |   | 842,513                               |   | 7/03           |   | 9/03             |   | 100                               | %      | 1,395,240                       |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Lawrence-ville Manor  Apts.   |   | Lawrenceville, VA   |   | 24        |   | N/A                                   |   | 7/03           |   | U/C              |   | N/A                               |   | -0-                             |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Lincoln Apts.                 |   | Shinnston, WV       |   | 32        |   | 950,000                               |   | 10/03          |   | 12/03            |   | 100                               | %      | 611,051                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Lone Terrace Apts.            |   | Lone Grove, OK      |   | 32        |   | 848,871                               |   | 7/03           |   | 1/04             |   | 100                               | %      | 290,564                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Lorie Village                 |   | Bowling Green, KY   |   | 32        |   | 955,007                               |   | 7/03           |   | 11/03            |   | 100                               | %      | 1,093,857                       |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Marina Woods Apts.            |   | Halfmoon, NY        |   | 32        |   | 1,348,733                             |   | 12/03          |   | 4/02             |   | 100                               | %      | 4,435                           |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Mill Race Apts.               |   | Plainwell, MI       |   | 32        |   | 994,577                               |   | 7/03           |   | 12/03            |   | 100                               | %      | 301,443                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Orchard View Apst.            |   | Farmington, MO      |   | 40        |   | 1,000,000                             |   | 7/03           |   | U/C              |   | N/A                               |   | 1,904,046                       |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Ridge Crest Apts.             |   | St. Louis, MO       |   | 83        |   | 4,947,801                             |   | 8/03           |   | U/C              |   | N/A                               |   | 918,732                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| Sulphur Terrace Apts.         |   | Sulphur, OK         |   | 32        |   | 850,134                               |   | 7/03           |   | 1/04             |   | 100                               | %      | 279,546                         |    |
|                          |   |                |   |      |   |                                  |   |           |   |             |   |                              |   |                            |    |
| University Plaza Sr.  Complex |   | Greely, CO          |   | 34        |   | 975,442                               |   | 7/03           |   | 9/03             |   | 100                               | %      | 298,544                         |    |
|                               |        |                     |        |           |        |                                       |        |                |        |                  |        |                                   |        |                                 |         |  |

 

----

U/C=Property was underconstruction as of March 31, 2004.

*Property was in lease-upphase as of March 31,2004.

 

47

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

 

PROPERTY PROFILEAS OF MARCH 31, 2004

 
| **Property  Name**         |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/03** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/04** |   | **Cap Con  paid thru  3/31/04** |   |
|----------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Jacksonville  Square Apts. |   | Jacksonville, TX |   | 44        |   | $                                     | 1,131,723 |           | 11/03  |             | U/C    |                              | N/A    |                            | $      | 495,508 |   |
|                       |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Kensington  Heights Apts.  |   | Kansas City, MO  |   | 126       |   | 4,900,000                             |      | 10/03          |   | U/C              |   | N/A                               |   | 701,736                         |   |
|                       |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Ocean  East Housing        |   | Portland, ME     |   | 32        |   | N/A                                   |      | 2/04           |   | U/C              |   | N/A                               |   | 964,279                         |   |
|                       |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Panola  Apts.              |   | Carthage, TX     |   | 32        |   | 809,004                               |      | 12/03          |   | U/C              |   | N/A                               |   | 288,483                         |   |
|                       |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Rosehill  Apts.            |   | Topeka, KS       |   | 46        |   | 990,138                               |      | 12/03          |   | U/C              |   | N/A                               |   | 1,524,302                       |   |
|                       |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Wagoner  Village           |   | Wagoner, OK      |   | 31        |   | N/A                                   |      | 1/04           |   | 1/04             |   | 90                                | %      | 214,356                         |   |
|                            |        |                  |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

----

U/C=Property was underconstruction as of March 31, 2004.

*Property was in lease-upphase as of March 31,2004.

 

48

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Item 3.             Legal Proceedings

 

None. 

 

Item 4.             Submission of Matters to a Vote ofSecurity Holders

 

None.

 

49

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PART II

 

Item 5.             Market for the Fund’s Limited PartnershipInterests and Related Partnership Matters and Issuer Purchases ofPartnership Interests

 

(a)          Market Information

The Fund isclassified as a limited partnership and thus has no common stock.  There is no established public tradingmarket for the BACs and it is not anticipated that any public market willdevelop.

 

(b)         Approximatenumber of security holders

As ofMarch 31, 2004, the Fund has 43,772 BAC holders for an aggregate of83,651,080 BACs, at a subscription price of $10 per BAC, received and accepted.

 

The BACs wereissued in series.  Series 20 consists of2,351

investors holding3,866,700 BACs, Series 21 consists of 1,181

investors holding1,892,700 BACs, Series 22 consists of 1,651

investors holding2,564,400 BACs, Series 23 consists of 2,112

investors holding3,336,727 BACs, Series 24 consists of 1,301

investors holding2,169,878 BACs, Series 25 consists of 1,790

investors holding3,026,109 BACs, Series 26 consists of 2,330

investors holding3,995,900 BACs, Series 27 consists of 1,355

investors holding2,460,700 BACs, Series 28 consists of 2,071

investors holding4,000,738 BACs, Series 29 consists of 2,264

investors holding3,991,800 BACs, Series 30 consists of 1,377

investors holding2,651,000 BACs, Series 31 consists of 2,193

investors holding4,417,857 BACs, Series 32 consists of 2,354

investors holding4,754,198 BACs, Series 33 consists of 1,309

investors holding2,636,533 BACs, Series 34 consists of 1,793

investors holding3,529,319 BACs, Series 35 consists of 1,737

investors holding3,300,463 BACs, Series 36 consists of 1,042

investors holding2,106,837 BACs, Series 37 consists of 1,171

investors holding2,512,500 BACs, Series 38 consists of 1,256

investors holding2,543,100 BACs, Series 39 consists of 1,020

investors holding2,292,152 BACs, Series 40 consists of 1,131

investors holding2,630,256 BACs, Series 41 consists of 1,425

investors holding2,891,626 BACs, Series 42 consists of 1,269

investors holding2,744,262 BACs, Series 43 consists of 1,701

investors holding3,637,987 BACs, Series 44 consists of 1,307

investors holding2,701,973 BACs, Series 45 consists of 1,842

investors holding4,014,367 BACS and Series 46 consists of 1,439

investors holding2,980,998 BACS at March 31, 2004

 

(c)          Dividendhistory and restriction

The Fund has madeno distributions of Net Cash Flow to its BAC Holders from its inception,October 5, 1993 through March 31, 2004.  

 

The Fund Agreementprovides that Profits, Losses and Credits will be allocated each month to theholder of record of a BAC as of the last day of such month.  Allocation of Profits, Losses and Creditsamong BAC Holders will be made in proportion to the number of BACs held by eachBAC Holder.

 

50

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Any distributionsof Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be madewithin 180 days of the end of the annual period to which they relate.  Distributions will be made to the holders ofrecord of a BAC as of the last day of each month in the ratio which (i) theBACs held by such Person on the last day of the calendar month bears to (ii)the aggregate number of BACs outstanding on the last day of such month.

 

Fund allocationsand distributions are described on pages 99 to 101 of the Prospectus, assupplemented, under the caption “Sharing Arrangements:  Profits, Credits, Losses, Net Cash Flow andResiduals”, which is incorporated herein by reference.

 

During the yearended March 31, 1999, the Fund made a return of equity distribution to theSeries 27 Limited Partners in the amount of $275,000.  During the year ended March 31, 2000 the Fund made a returnof equity distribution to the Series 29 Limited Partners in the amount of$238,040.  The distributions were theresult of certain Operating Partnerships not achieving their projected taxcredits.

 

51

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Item 6.             Selected Financial Data

 

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

 
| **Operations**                           |   | **2004**    |        | **2003**    |   | **2002**    |   | **2001**    |        | **2000**    |   |
|------------------------------------------|--------|-------------|-------------|-------------|--------|-------------|--------|-------------|-------------|-------------|--------|
| Interest & Other  Income             |   | $           | 1,197,911   |        | $      | 1,111,234   |   | $           | 926,439     |        | $      | 2,478,585 |   | $ | 3,089,965 |   |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Share of Loss of  Operating Partnerships |   | (32,079,974 | )           | (26,840,274 | )      | (30,093,432 | )      | (27,258,366 | )           | (22,255,032 | )      |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Operating Expenses                       |   | (16,982,034 | )           | (8,633,964  | )      | (7,077,762  | )      | (6,872,178  | )           | (7,491,481  | )      |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Net Income (Loss)                        |   | $           | (47,864,097 | )           | $      | (34,363,004 | )      | $           | (36,244,755 | )           | $      | (31,651,959 | ) | $ | (26,656,548 | ) |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Net Income (Loss) per  BAC               |   | $           | (.60        | )           | $      | (.49        | )      | $           | (.54        | )           | $      | (.52 | ) | $ | (.47 | ) |

 
| **Balance Sheet**                                                                                                            |   | **2004** |        | **2003** |   | **2002**    |   | **2001** |        | **2000** |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|-------------|--------|----------|-------------|----------|--------|
|                                                                                                                         |   |     |        |     |   |        |   |     |        |     |   |
| Total Assets                                                                                                                 |   | $        | 544,650,665 |     | $      | 515,493,920 |   | $        | 493,374,022 |     | $      | 477,547,823 |   | $ | 478,148,369 |   |
|                                                                                                                         |   |     |        |     |   |        |   |     |        |     |   |
| Total Liabilities                                                                                                            |   | $        | 54,613,124  |     | $      | 51,517,741  |   | $        | 57,058,109  |     | $      | 53,445,738 |   | $ | 62,060,171 |   |
|                                                                                                                         |   |     |        |     |   |        |   |     |        |     |   |
| Partners’ Capital                                                                                                       |   | $        | 490,037,541 |     | $      | 463,976,179 |   | $        | 436,315,913 |     | $      | 424,102,085 |   | $ | 416,088,198 |   |
|                                                                                                                         |   |     |        |     |   |        |   |     |        |     |   |
| Other Data                                                                                                                   |   |     |        |     |   |        |   |     |        |     |   |
| Tax Credits per BAC for  the Investors Tax Year, the Twelve Months Ended December 31, 2003, 2002,  2001, 2000, and 1999 |   | $        | .94         |     | $      | .95         |   | $        | .97         |     | $      | .96 |   | $ | .78 |   |

 

52

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

 

This Management’sDiscussion and Analysis of Financial Condition and Results of Operationscontains forward-looking statements such as our intentions, hopes, beliefs,expectations, strategies and predictions of our future activities, or otherfuture events or conditions. Such statements are “forward looking statements”within the meaning of Section 27A of the Securities Act of 1993, asamended, and Section 21E of the Securities Exchange Act of 1934, asamended, and are intended to be covered by the safe harbors created thereby.Investors are cautioned that all forward-looking statements involve risks anduncertainty, including, without limitation, the factors identified in Part I,Item 1 of this Report. Although we believe that the assumptions underlying theforward-looking statements contained herein are reasonable, any of theassumptions could be inaccurate, and, therefore, there can be no assurance thatthe forward-looking statements included in this Report will prove to be accurate.In light of the significant uncertainties inherent in the forward-lookingstatements included herein, the inclusion of such information should not beregarded as a representation by us or any other person that our objectives andplans will be achieved.

 

## Liquidity

 

The Fund’s primary sourceof funds is the proceeds of its Public Offering.  Other sources of liquidity will include (i) interest earned oncapital contributions held pending investment or on working capital reservesand (ii) cash distributions from operations of the Operating Partnerships inwhich the Fund has and will invest.  Allsources of liquidity are available to meet the obligations of the Fund.  The Fund does not anticipate significantcash distributions 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 whereby the Fundcould borrow up to $40 million for up to 90 days to meet short-term cash needsrequired for the investment in certain Operating Partnerships.  Under the terms of the agreement, the Fundpledges their interest in a particular Operating Partnership in order to drawfunds from the line.  The repayment ofany draws is anticipated to be made once the Fund has received sufficientinvestor proceeds.  Repayments on theline were tied to specific Operating Partnerships, which are then released ascollateral by the bank.  The obligationsunder the line of credit were non-recourse to the Fund, its partners andassets, other than the interest in the particular Operating Partnershipspledged.  As of March 31, 2004 theFund was no longer a party to the line of credit.

 

The Fund invests inshort-term tax-exempt municipal bonds to decrease the amount of taxableinterest income that flows through to it’s investors.  The Fund anticipates that the investments it purchases will beheld to maturity, but periodically the Fund must sell investments to meetcertain obligations.  Many of theinvestments sold during the years ended March 31, 2003 and 2004 wereyielding coupon rates higher than market rates.  A premature sale of these investments may have resulted inrealized losses, but when combined with the higher coupon yields the resultingactual yields were consistent with market rates.  In selecting investments to purchase and sell, the generalpartner and its advisors stringently monitor the ratings of the investments,thereby maximizing safety of principal.

 

53

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## Capital Resources

 

The Fund is offering BACsin a Public Offering originally declared effective by the Securities andExchange Commission 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 Series20 through 46 of the Fund.  OnDecember 19, 2003 the Fund concluded its public offering of BACs in BostonCapital Tax Credit Fund IV L.P.

 

(Series 20).  The Fund commenced offering BACs in Series20 on 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 20 were completed and the lastof the BACs in Series 20 were issued by the Fund on June 24, 1994.

 

During the fiscal yearended March 31, 2004, none of Series 20 net offering proceeds were used topay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2004proceeds from the offer and sale of BACs in Series 20 had been used to investin 24 Operating Partnerships in an aggregate amount of $28,614,472 and the Fundhad completed payment of all installments of its capital contributions to 23 ofthe Operating Partnerships. Series 20 has outstanding contributions payable toone operating partnership in the amount of $388,026 as of March 31, 2004.Of the amount outstanding, $252,771 has been advanced to the OperatingPartnership.  The advance will beconverted to capital and the remaining contributions of $135,255 will bereleased when the Operating Partnership has achieved the conditions set forthin its partnership agreement.

 

(Series 21).  The Fund commenced offering BACs in Series21 on July 5, 1994.  The Fundreceived and accepted subscriptions for $18,927,000 representing 1,892,700 BACsfrom investors admitted as BAC Holders in Series 21.  Offers and sales of BACs in Series 21 were completed and the lastof the BACs in Series 21 were issued by the Fund on September 30, 1994.

 

During the fiscal yearended March 31, 2004, none of Series 21 net offering proceeds were used topay installments of its capital contributions to the OperatingPartnerships.  As of March 31, 2004proceeds from the offer and sale of BACs in Series 21 had been used to investin 14 Operating Partnerships in an aggregate amount of $13,872,728 and the Fundhad completed payment of all installments of its capital contributions to 12 ofthe Operating Partnerships. Series 21 has outstanding contributions payable to2 operating partnerships in the amount of $457,642 as of March 31, 2004,all of which has been loaned to the Operating Partnerships.  The loans will be converted to capital whenthe Operating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 22).  The Fund commenced offering BACs in Series22 on 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 22 were completed and the lastof the BACs in Series 22 were issued by the Fund on December 28, 1994.

 

During the fiscal yearended March 31, 2004, $1,500 of Series 22 net offering proceeds were usedto pay installments of its capital contributions to 1 of the OperatingPartnerships.  As of March 31, 2004proceeds from the offer and sale of BACs in Series 22 had been used to investin 29 Operating Partnerships

 

54

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in an aggregate amount of $18,758,748 and the Fund had completedpayment of all installments of its capital contributions to 26 of the OperatingPartnerships. Series 22 has outstanding contributions payable to 3 operatingpartnerships in the amount of $479,496 as of March 31, 2004, all of whichhas been loaned to the Operating Partnerships. The loans will be converted to capital when the Operating Partnershipshave achieved the conditions set forth in their partnership agreements.

 

(Series 23).  The Fund commencedoffering BACs in Series 23 on January 10, 1995.  The Fund received and accepted subscriptions for $33,366,000representing 3,336,727 BACs from investors admitted as BAC Holders in Series23.  Offers and Sales of BACs in Series23 were completed and the last of the BACs in Series 23 were issued by the Fundon June 23, 1995.

 

During the fiscal year ended March 31, 2004, none of Series 23 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As ofMarch 31, 2004 proceeds from the offer and sale of BACs in Series 23 hadbeen used to invest in 22 Operating Partnerships in an aggregate amount of$24,352,278 and the Fund had completed payment of all installments of itscapital contributions to 19 of the Operating Partnerships. Series 23 hasoutstanding contributions payable of $117,796 as of March 31, 2004 to 3operating partnerships, all of which has been advanced or loaned to theOperating Partnerships.  The advancesand loans will be converted to capital when the Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

(Series 24).  The Fund commencedoffering BACs in Series 24 on June 9, 1995.  The Fund received and accepted subscriptions for $21,697,000 representing2,169,878 BACs from investors admitted as BAC Holders in Series 24.  Offers and Sales of BACs in Series 24 werecompleted and the last of the BACs in Series 24 were issued by the Fund onSeptember 22, 1995.

 

During the fiscal year ended March 31, 2004, none of Series 24 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As ofMarch 31, 2004 proceeds from the offer and sale of BACs in Series 24 hadbeen used to invest in 24 Operating Partnerships in an aggregate amount of$15,980,238 and the Fund had completed payment of all installments of itscapital contributions to 20 of the Operating Partnerships. Series 24 hasoutstanding contributions payable to 4 operating partnerships in the amount of$368,239 as of March 31, 2004.  Ofthe amount outstanding, $358,239 has been advanced or loaned to the OperatingPartnerships.  The advances and loanswill be converted to capital and the remaining contributions of $10,000 will bereleased when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

(Series 25).  The Fund commencedoffering BACs in Series 25 on September 30, 1995.  The Fund received and accepted subscriptionsfor $30,248,000 representing 3,026,109 BACs from investors admitted as BACHolders in Series 25.  Offers and Salesof BACs in Series 25 were completed and the last of the BACs in Series 25 wereissued by the Fund on December 29, 1995.

 

During the fiscal year ended March 31, 2004, none of Series 25 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As ofMarch 31, 2004 proceeds from the offer and sale of BACs in Series 25 hadbeen used to invest in 22 Operating Partnerships in an aggregate amount of$22,324,539 and the Fund had completed payment of all

 

55

----

 

installments of its capital contributions to 17 of the OperatingPartnerships. Series 25 has outstanding contributions payable to 5 OperatingPartnerships in the amount of $943,704 as of March 31, 2004. Of the amountoutstanding, $706,465 has been advanced to some of the Operating Partnerships.The advances will be converted to capital and the remaining contributions of$237,239 will be released when Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

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

 

During the fiscal year ended March 31, 2004, the Fund used $41,895of Series 26 net offering proceeds to pay installments of its capitalcontributions to the Operating Partnerships. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 26 had been used to invest in 45 Operating Partnerships in an aggregateamount of $29,446,327 and the Fund had completed payment of all installments ofits capital contributions to 35 of the Operating Partnerships. Series 26 hasoutstanding contributions payable to 10 Operating Partnerships in the amount of$1,443,838, as of March 31, 2004. Of the amount outstanding, $1,400,060 has been advanced or loaned tosome of the Operating Partnerships. The advances and loans will be converted tocapital and the remaining contributions of $43,778, will be released when theOperating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 27).  The Fund commencedoffering BACs in Series 27 on June 17, 1996. The Fund received andaccepted $24,607,000 representing 2,460,700 BACs from investors admitted as BACHolders in Series 27. Offers and sales of BACs in Series 27 were completed andthe last of the BACS in Series 27 were issued by the Fund on September 27,1996.

 

During the fiscal year ended March 31, 2004, none of Series 27 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As ofMarch 31, 2004 proceeds from the offer and sale of BACs in Series 27 hadbeen used to invest in 16 Operating Partnerships in an aggregate amount of$17,881,574 and the Fund had completed payment of all installments of itscapital contributions to 13 of the Operating Partnerships. Series 27 hasoutstanding contributions payable to 3 operating partnerships in the amount of$39,749 as of March 31, 2004.  Ofthe amount outstanding, $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 partnership agreements.

 

(Series 28).  The Fund commencedoffering BACs in Series 28 on September 30, 1996.  The Fund received and accepted $39,999,000representing 4,000,738 BACs from investors admitted as BAC Holders in Series 28.Offers and sales of BACs in Series 28 were completed and the last of the BACSin Series 28 were issued by the Fund on January 31, 1997.

 

During the fiscal year ended March 31, 2004, the Fund used$107,815 of Series 28 net offering proceeds to pay installments of its capitalcontributions to

 

56

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the Operating Partnerships.  Asof March 31, 2004 proceeds from the offer and sale of BACs in Series 28had been used to invest in 26 Operating Partnerships in an aggregate amount of$29,211,996 and the Fund had completed payment of all installments of itscapital contributions to 23 of the Operating Partnerships. Series 28 hasoutstanding contributions payable to 3 operating partnerships in the amount of$40,968 as of March 31, 2004.  Theremaining contributions will be released when the Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

(Series 29).  The Fund commencedoffering BACs in Series 29 on February 10, 1997.  The Fund received and accepted $39,918,000 representing 3,991,800BACs from investors admitted as BAC Holders in Series 29.  Offer and sales of BACs in Series 29 werecompleted on June 20, 1997.

 

During the fiscal year ended March 31, 2004, the Fund used $218,052of Series 29 net offering proceeds to pay installments of its capitalcontributions to the Operating Partnerships. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 29 had been used to invest in 22 Operating Partnerships in an aggregateamount of $29,137,877 and the Fund had completed payment of all installments ofits capital contributions to 18 of the Operating Partnerships. Series 29 hasoutstanding contributions payable to 4 operating partnerships in the amount of$86,718 as of March 31, 2004. Of the amount outstanding, $20,935 has beenloaned to one of the Operating Partnerships. The loan will be converted to capital and the remaining contributions of$65,783 will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 30).  The Fund commencedoffering BACs in Series 30 on June 23, 1997. The Fund received andaccepted $26,490,750 representing 2,651,000 BACs from investors admitted as BACHolders in Series 30.  Offer and salesof BACs in Series 30 were completed on September 10, 1997.

 

During the fiscal year ended March 31, 2004, none of Series 30 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As ofMarch 31, 2004 proceeds from the offer and sale of BACs in Series 30 hadbeen used to invest in 20 Operating Partnerships in an aggregate amount of$19,497,872, and the Fund had completed payment of all installments of itscapital contributions to 16 of the Operating Partnerships. Series 30 hasoutstanding contributions payable to 4 operating partnerships in the amount of$128,167 as of March 31, 2004.  Theremaining contributions of will be released when Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

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

 

During the fiscal year ended March 31, 2004, the Fund used $10,000of Series 31 net offering proceeds to pay installments of its capitalcontributions to 1 Operating Partnership. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 31 had been used to invest in 27 Operating Partnerships in an aggregateamount of $32,188,856 and the Fund had completed payment of all installments ofits capital contributions to 20 of the Operating Partnerships. Series 31 hasoutstanding contributions payable to 7 Operating Partnerships in the amount of$695,771 as of March 31, 2004.  Ofthe amount outstanding, $615,674 has been advanced or loaned to some of theOperating Partnerships.

 

57

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In addition, $25,000 has been funded into an escrow account on behalfof another Operating Partnerships.  Theadvances and loans will be converted to capital and the remaining contributionsof $55,097, as well as the escrowed funds, will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

(Series 32).  The Fund commencedoffering BACs in Series 32 on January 19, 1998.  The Fund had received and accepted $47,431,000 representing4,754,198 BACs from investors admitted as BAC Holders in Series 32.  Offer and sales of BACs in Series 32 werecompleted on June 23, 1998.

 

During the fiscal year ended March 31, 2004, the Fund used $42,167of Series 32 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 32 had been used to invest in 17 Operating Partnerships in an aggregateamount of $33,955,675 and the Fund had completed payment of all installments ofits capital contributions to 11 of the Operating Partnerships. Series 32 hasoutstanding contributions payable to 6 Operating Partnerships in the amount of$902,467 as of March 31, 2004.  Ofthe amount outstanding, $488,244 has been advanced or loaned to some of theOperating Partnerships.  In addition,$125,000 has been funded into escrow accounts on behalf of another otherOperating Partnership.  The loans willbe converted to capital and the remaining contributions of $289,223, as well asthe escrowed funds, will be released when Operating Partnerships have achievedthe conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 1999, the Fund hadpurchased assignments in Bradley Phase I of Massachusetts LLC, Bradley Phase IIof Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers ofMassachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill ofMassachusetts LLC.  Under the terms ofthe Assignments of Membership Interests dated December 1, 1998 the seriesis entitled to certain profits, losses, tax credits, cash flow, proceeds fromcapital transactions and capital account as defined in the individual OperatingAgreements.  The Fund utilized$1,092,847 of Series 32 net offering proceeds to invest in OperatingPartnerships for this investment.  Theseinvestments are reported in the Investment in Operating Limited Partnershipsline item on the balance sheet.

 

(Series 33).  The Fund commencedoffering BACs in Series 33 on June 22, 1998. The Fund received andaccepted $26,362,000 representing 2,636,533 BACs from investors admitted as BACHolders in Series 33.  Offer and salesof BACs in Series 33 were completed on September 21, 1998.

 

During the fiscal year ended March 31, 2004, none of Series 33 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As ofMarch 31, 2004 proceeds from the offer and sale of BACs in Series 33 hadbeen used to invest in 10 Operating Partnerships in an aggregate amount of$19,594,099 and the Fund had completed payment of all installments of itscapital contributions to 7 of the Operating Partnerships. Series 33 hasoutstanding contributions payable to 3 Operating Partnerships in the amount of$202,285 as of March 31, 2004.  Ofthe amount outstanding, $74,635 has been loaned to one of the OperatingPartnerships.  In addition, $125,000 hasbeen funded into an escrow account on behalf of another OperatingPartnership.  The loans will beconverted to capital and the remaining contributions of $2,650, as well as theescrowed funds, will be released when the Operating Partnerships have achievedthe conditions set forth in their partnership agreements.

 

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

 

During the fiscal year ended March 31, 2004, the Fund used $10,000of Series 34 net offering proceeds to pay installments of its capitalcontributions to 1 Operating Partnership. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 34 had been used to invest in 14 Operating Partnerships in an aggregateamount of $25,738,977 and the Fund had completed payment of all installments ofits capital contributions to 9 of the Operating Partnerships. Series 34 hasoutstanding contributions payable 5 Operating Partnerships in the amount of$85,968 as of March 31, 2004.  Ofthe amount outstanding, $11,473 has been advanced to the OperatingPartnerships.  The advances will beconverted to capital and the remaining contributions of $74,495 will bereleased when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

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

 

During the fiscal year ended March 31, 2004, none of Series 35 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As ofMarch 31, 2004 proceeds from the offer and sale of BACs in Series 35 hadbeen used to invest in 11 Operating Partnerships in an aggregate amount of$24,002,390 and the Fund had completed payment of all installments of itscapital contributions to 8 of the Operating Partnerships. Series 35 hasoutstanding contributions payable to 3 Operating Partnerships in the amount of$603,740 as of March 31, 2004.  Ofthe amount outstanding, $422,173 has been loaned or advanced to some of theOperating Partnerships.  In addition,$10,855 has been funded into an escrow account on behalf of another OperatingPartnership.  The loans and advanceswill be converted to capital and the remaining contributions of $170,172, aswell as the escrowed funds, will be released when the Operating Partnershipshave achieved the conditions set forth in their partnership agreements.

 

(Series 36).  The Fund commencedoffering BACs in Series 36 on June 22, 1999. 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 were completed onSeptember 28, 1999.

 

During the fiscal year ended March 31, 2004, the Fund used $22,431of Series 36 net offering proceeds to pay installments of its capitalcontributions to 1 of the Operating Partnerships.  As of March 31, 2004 proceeds from the offer and sale of BACsin Series 36 had been used to invest in 11 Operating Partnerships in anaggregate amount of $15,277,044, and the Fund had completed payment of allinstallments of its capital contributions to 9 of the Operating Partnerships.Series 36 has outstanding contributions payable to 2 Operating Partnerships inthe amount of $675,998 as of March 31, 2004, all of which has been loanedor advanced to the Operating Partnerships. The loan and advances will beconverted to capital when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 37).  The Fund commencedoffering BACs in Series 37 on October 29, 1999.  The Fund received and accepted $25,125,000 representing 2,512,500BACs

 

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from investors admitted as BAC Holders in Series 37. Offer and sales ofBACs in Series 37 were completed on January 28, 2000.

 

During the fiscal year ended March 31, 2004, the Fund used$201,744 of Series 37 net offering proceeds to pay installments of its capitalcontributions to 3 Operating Partnerships. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 37 had been used to invest in 7 Operating Partnerships in an aggregateamount of $18,735,143 and the Fund had completed payment of all installments ofits capital contributions to 6 of the Operating Partnerships. Series 37 hasoutstanding contributions payable to 1 Operating Partnership in the amount of$155,363 as of March 31, 2004, all of which has been loaned to theOperating Partnership.  The loan will beconverted to capital when the Operating Partnership has achieved the conditionsset forth in its partnership agreement.

 

(Series 38).  The Fund commencedoffering BACs in Series 38 on February 1, 2000.  The Fund received and accepted $25,431,000 representing 2,543,100BACs from investors admitted as BAC Holders in Series 38.  Offer and sales of BACs in Series 38 werecompleted on July 31, 2000.

 

During the fiscal year ended March 31, 2004, the Fund used $7,651of Series 38 net offering proceeds to pay installments of its capitalcontributions to 1 Operating Partnership. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 38 had been used to invest in 10 Operating Partnerships in an aggregateamount of $18,612,287 and the Fund had completed payment of all installments ofits capital contributions to 9 of the Operating Partnerships. Series 38 hasoutstanding contributions payable to 1 Operating Partnership in the amount of$117,735 as of March 31, 2004.  Theremaining contributions will be released when the Operating Partnership hasachieved the conditions set forth in its partnership agreement.

 

During the fiscal year ended March 31, 2002, the Fund used$420,296 of Series 38 net offering proceeds to acquire a limited partnershipequity interest in a limited liability company, which is the general partner ofother operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses andtax credits of the limited liability company. The investment is reported in the Investment in Operating LimitedPartnerships line item on the balance sheet.

 

(Series 39).  The Fund commencedoffering BACs in Series 39 on August 1, 2000. The Fund received andaccepted $22,921,000 representing 2,292,152 BACs from investors admitted as BACHolders in Series 39. Offer and sales of BACs in Series 39 were completed onJanuary 31, 2001.

 

During the fiscal year ended March 31, 2004, the Fund used$161,805 of Series 39 net offering proceeds to pay installments of its capitalcontributions to 3 Operating Partnerships. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 39 had been used to invest in 9 Operating Partnerships in an aggregateamount of $17,115,495 and the Fund had completed payment of all installments ofits capital contributions to all of the Operating Partnerships.

 

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During the fiscal year ended March 31, 2002, the Fund used$192,987 of Series 39 net offering proceeds to acquire a limited partnershipequity interest in a limited liability company, which is the general partner ofother operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses andtax credits of the limited liability company. The investment is reported in the Investment in Operating LimitedPartnerships line item on the balance sheet.

 

(Series 40).  The Fund commencedoffering BACs in Series 40 on February 1, 2001.  The Fund received and accepted $26,269,250 representing 2,630,256BACs from investors admitted as BAC Holders in Series 40.  Offer and sales of BACs in Series 40 werecompleted on July 31, 2001.

 

During the fiscal year ended March 31, 2004, the Fund used$161,442 of Series 40 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 40 had been used to invest in 16 Operating Partnerships in an aggregateamount of $19,030,772, and the Fund had completed payment of all installmentsof its capital contributions to 14 of the Operating Partnerships. Series 40 hasoutstanding contributions payable to 2 Operating Partnerships in the amount of$152,424 as of March 31, 2004.  Ofthe amount outstanding, $143,730 has been advanced to one of the Operating Partnerships.  The advances will be converted to capitaland the remaining contributions of $8,694 will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

During the fiscal year ended March 31, 2002, the Fund used$578,755 of Series 40 net offering proceeds to acquire 5 limited partnershipequity interests in limited liability companies, which are the general partnersof other operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses andtax credits of the limited liability companies.  The investment is reported in the Investment in Operating LimitedPartnerships line item on the balance sheet.

 

(Series 41).  The Fund commencedoffering BACs in Series 41 on August 1, 2001. The Fund received andaccepted $28,916,260 representing 2,891,626 BACs from investors admitted as BACHolders in Series 41. Offer and sales of BACs in Series 41 were completed onJanuary 31, 2002.

 

During the fiscal year ended March 31, 2004, the Fund used$1,054,035 of Series 41 net offering proceeds pay installments of its capitalcontributions to 9 Operating Partnerships. As of March 31, 2004 proceeds from the offer and sale of BACs inSeries 41 had been used to invest in 23 Operating Partnerships in an aggregateamount of $21,278,631 and the Fund had completed payment of all installments ofits capital contributions to 18 Operating Partnerships.  Series 41 has outstanding contributionspayable to 5 Operating Partnerships in the amount of $838,164 as ofMarch 31, 2004.  Of the amountoutstanding, $225,670 has been advanced or loaned to the OperatingPartnerships. The loans and advances will be converted to capital and theremaining contributions of $612,494 will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

During the fiscal year ended March 31, 2002, the Fund used$195,248 of Series 41 net offering proceeds to acquire a limited partnershipequity interest in a

 

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limited liability company, which is the general partner of otheroperating limited partnerships, which own or are constructing, rehabilitatingor operating apartment complexes.  Theseries is entitled to a percentage of the profits, losses and tax credits ofthe limited liability company.  Theinvestment is reported in the Investment in Operating Limited Partnerships lineitem on the balance sheet.

 

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

 

During the fiscal year ended March 31, 2004, the Fund used$3,498,335 of Series 42 net offering proceeds to pay installments of itscapital contributions to 15 Operating Partnerships.  As of March 31, 2004 proceeds from the offer and sale ofBACs in Series 42 had been used to invest in 21 Operating Partnerships in anaggregate amount of $19,923,505, and the Fund had completed payment of allinstallments of its capital contributions to 11 Operating Partnerships.  Series 42 has outstanding contributionspayable to 10 Operating Partnerships in the amount of $2,026,211 as ofMarch 31, 2004. Of the amount outstanding, $163,677 has been advanced orloaned to the Operating Partnerships. The loan and advances will be convertedto capital and the remaining contributions of $1,862,535 will be released whenthe Operating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 43).  The Fund commencedoffering BACs in Series 43 on August 1, 2002. The Fund received andaccepted $36,379,870 representing 3,637,987 BACs from investors admitted as BACHolders in Series 43. Offer and sales of BACs in Series 43 were completed onDecember 31, 2002.

 

During the fiscal year ended March 31, 2004, the Fund used$10,710,968 of Series 43 net offering proceeds to pay initial installments ofits capital contributions to 20 Operating Partnerships.  As of March 31, 2004 proceeds from theoffer and sale of BACs in Series 43 had been used to invest in 21 OperatingPartnerships in an aggregate amount of $25,759,559, and the Fund had completedpayment of all installments of its capital contributions to 6 of the OperatingPartnerships.  Series 43 has outstandingcontributions payable to 15 Operating Partnerships in the amount of $4,608,555as of March 31, 2004. Of the amount outstanding, $552,683 has beenadvanced or loaned to the Operating Partnerships. The loans and advances willbe converted to capital and the remaining contributions of $4,055,872 will bereleased when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

During the fiscal yearended March 31, 2004, the Fund used $268,451 of Series 43 net offeringproceeds to acquire 1 limited partnership equity interests 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 limited partnershipequity interests in limited liability companies, which are the general partnerof other operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses andtax credits of the limited liability companies.  The investments are reported in the Investment in OperatingLimited Partnerships line item on the balance sheet.

 

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(Series 44).  The Fund commencedoffering BACs in Series 44 on January 14, 2004. The Fund received andaccepted $27,019,730 representing 2,701,973 BACs from investors admitted as BACHolders in Series 44. Offer and sales of BACs in Series 44 were completed onApril 30, 2003.

 

During the fiscal year ended March 31, 2004, the Fund used$10,573,914 of Series 44 net offering proceeds to pay initial installments ofits capital contributions to 8 Operating Partnership.  As of March 31, 2004 proceeds from the offer and sale ofBACs in Series 44 had been used to invest in 8 Operating Partnerships in anaggregate amount of $16,018,063, and the Fund had completed payment of allinstallments of its capital contributions to 1 of the Operating Partnerships.  Series 44 has outstanding contributionspayable to 7 Operating Partnerships in the amount of $2,077,152 as ofMarch 31, 2004.  The remainingcontributions of $1,666,810 will be released when the Operating Partnershipshave achieved the conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 2004 the Fund used $164,164of Series 44 net offering proceeds to acquire 1 limited partnership equityinterest in limited liability companies, which are the general partner of otheroperating limited partnerships, which own or are constructing, rehabilitatingor operating apartment complexes.  Theseries is entitled to a percentage of the profits, losses and tax credits ofthe limited liability companies.  Theinvestment is reported in the Investment in Operating Limited Partnerships lineitem on the balance sheet.

 

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

 

During the fiscal year ended March 31, 2004, the Fund used$13,083,222 of Series 45 net offering proceeds to pay initial installments ofits capital contributions to 21 Operating Partnerships.  As of March 31, 2004 proceeds from theoffer and sale of BACs in Series 45 had been used to invest in 24 OperatingPartnerships in an aggregate amount of $22,473,223, and the Fund had completedpayment of all installments of its capital contributions to 5 of the OperatingPartnerships.  Series 45 has outstandingcontributions payable to 19 Operating Partnerships in the amount of $9,227,492as of March 31, 2004. Of the amount outstanding, $830,543 has beenadvanced or loaned to the Operating Partnerships. The loans and advances willbe converted to capital and the remaining contributions of $8,396,949 will bereleased when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

During the fiscal year ended March 31, 2004 the Fund used $302,862of Series 45 net offering proceeds to acquire 1 limited partnership equityinterest in limited liability companies, which are the general partner of otheroperating limited partnerships, which own or are constructing, rehabilitatingor operating apartment complexes.  Theseries is entitled to a percentage of the profits, losses and tax credits ofthe limited liability companies.  Theinvestment is reported in the Investment in Operating Limited Partnerships lineitem on the balance sheet.

 

(Series 46).  The Fund commencedoffering BACs in Series 46 on September 23, 2003.  The Fund received and accepted $29,809,980representing 2,980,998 BACs from investors admitted as BAC Holders in Series46. Offer and sales of BACs in Series 46 were completed on December 19,2003.

 

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During the fiscal year ended March 31, 2004, the Fund used$4,188,664 of Series 46 net offering proceeds to pay initial installments ofits capital contributions to 6 Operating Partnerships.  As of March 31, 2004 proceeds from theoffer and sale of BACs in Series 46 had been used to invest in 6 OperatingPartnerships in an aggregate amount of $10,188,434, and the Fund had notcompleted payment of all installments of its capital contributions to any ofthe Operating Partnerships.  Series 46has outstanding contributions payable to the Operating Partnerships in theamount of $5,999,770 as of March 31, 2004.  The remaining contributions will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

During the fiscal year ended March 31, 2004, the Fund used$228,691 of Series 46 net offering proceeds to acquire 1 limited partnershipequity interests in a limited liability company, which are the general partnerof other operating limited partnerships, which own or are constructing,rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses andtax credits of the limited liability companies.  The investment is reported in the Investment in Operating LimitedPartnerships line item on the balance sheet.

 

## Results of Operations

 

The Fund incurs a fund management fee to the General Partner and/or itsaffiliates in an amount equal to 0.5% of the aggregate cost of the ApartmentComplexes owned by the Operating Partnerships, less the amount of certainpartnership management and reporting fees paid by the Operating Partnerships.The annual fund management fee incurred, net of fees received, for the fiscalyears ended March 31, 2004 and 2003 was $5,942,231 and $5,283,658,respectively. The amount is anticipated to increase in subsequent fiscal yearsas additional Operating Partnerships are acquired.

 

The Fund’s investment objectives do not include receipt of significantcash flow distributions from the Operating Partnerships in which it hasinvested or intends to invest.  TheFund’s investments in Operating Partnerships have been and will be madeprincipally with a view towards realization of Federal Housing Tax Credits forallocation to its partners and BAC holders.

 

As funds are utilized by the individual series for payment of fundmanagement fees, operating expenses and capital contributions to the OperatingPartnerships, it is anticipated that the combination of the “cash and cashequivalents” and “investments available for sale” amounts for each series willdecrease.  As a result of the reduction,it is expected that interest income reported by each series will begin todecrease after the first full year of operations.  Occasionally the Fund will make interest-bearing loans to certainOperating Partnerships against contributions due for release at a later date.

 

(Series 20).  As ofMarch 31, 2004 and 2003, the average Qualified Occupancy for the serieswas 100%.  The series had a total of 24Operating Partnerships at March 31, 2004, all of which were at 100%qualified occupancy.

 

For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $1,818,698 and $2,194,841, respectively in passive income taxlosses that were passed through to the investors and also provided $1.22 and$1.33, respectively, in tax credits per BAC to the investors. The decrease intax credits generated per BAC is a result of the sale of a portion of theremaining credits of 3 Operating Partnerships to finance the debt restructure

 

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of one of the Operating Partnerships. For further details please refer to the Fund’s March 31, 2003report on 10-K disclosure related to Breeze Cove.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 20 was $9,951,958 and $12,675,770, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity 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, 2004 and 2003, the net loss of theseries was $2,481,376 and $2,384,789, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships and the fund management fee. The decrease innet loss is mainly a result of a decrease in share of loss from OperatingPartnerships.  The share of loss fromOperating Partnerships decreased in the current fiscal year due to an increasein losses suspended and not allocated to the Investment Partnership due to theequity method of accounting.  It isanticipated that the net loss for Series 20 will remain relatively consistentin future years since the series has finished acquiring Operating Partnershipsand they are all fully operational.

 

Series 20 has invested in 4 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Coushatta Seniors II Apartments, FloralAcres Apartments II, Harrisonburg Seniors Apartments and Shady LaneApartments.  The affordable housingproperties owned by the Calhoun Partnerships are located in Louisiana andconsist of approximately 112 apartment units in total.  The low income housing tax credit availableannually to Series 20 from the Calhoun Partnerships is approximately $143,240,which is approximately 3% of the total annual tax credit available to investorsin Series 20.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 20 is not aninvestor.  The Investment GeneralPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships. In effect,it appears that the contractor that built the apartment properties (anaffiliate of Mr. Calhoun’s) overbilled the respective OperatingPartnerships, thereby improperly inflating the cost certification and theamount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. It isanticipated that final Closing Agreements will be entered into with the IRS foreach of the partnerships in the next two to three months. At this point, theInvestment Partnerships have incurred substantial legal and accounting costsbased upon Mr. Calhoun’s fraud. It is anticipated that some of these costs willcontinue at least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun also cooperatedfully with the criminal investigation of his father, and the Investment GeneralPartner and its affiliates have confirmed directly with the US Attorney that noevidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates are reviewingtheir business dealings with the Calhoun Partnerships in general to attempt todetermine if any other irregularities have occurred.

 

Breeze Cove Limited Partnership (Breeze Cove Apartments) operatedsignificantly below breakeven through 2003 due to low occupancy and highoperating expenses. During 2003, the Operating Partnership’s management companyencountered site-staffing problems that directly impacted performance.

 

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In July, San Mar Properties of Fresno, California replaced Oak Brook asmanagement agent.  San Mar itself thengave notice, and on December 1, 2003, Pinnacle Management Services, adivision of American Management Services Central took over as management agent.Pinnacle operates 3,640 units in 4 states, including 1,111 in Wisconsin and hasa reputation as a strong management company.

 

During the first quarter 2004, occupancy averaged 72%, down from 78% inthe fourth quarter 2003.  This changewas caused by a general sluggishness in the local marketplace and evictions ofnon-paying tenants.  As a result of thedrop in occupancy, the property experienced negative cash flow of $14,754during the quarter.  The property isphysically in acceptable condition and long term prospects are favorable.  Pinnacle Management Services has developed aplan to increase occupancy which includes implementation of customer servicestandards, rent concessions and increased signage and advertising. Pinnacleexpects the property to operate with positive cash flow by the third quarter of2004.

 

East Douglas Apartments Limited Partnership (East Douglas Apartments)produced a negative cash flow of $2,733 for 2003 due to a combination of thelow rent structure allowed by the state tax credit monitoring agency, the IllinoisHousing Development Authority (IHDA), high debt and the costs associated withrepairing damages sustained during a small kitchen fire that occurred inApril 2003.  The total cost torepair the fire and water damage totaled slightly less than the insurancedeductible of $10,000.  Therefore, aninsurance claim was not filed.  Legalaction has been initiated against the residents that caused the fire.  An arbitration hearing was held onApril 12 which resulted in a judgment in the amount of $9,798.75 includingattorney’s fees of $752.50.  Thedefendant has 30 days within which to appeal the judgment.  If no appeal is filed, the judgment will beexecuted and collection of the judgment amount will be attempted.  The property operated at a breakeven levelduring the first quarter of 2004. Physical and economic occupancy averaged 93% during the firstquarter.  Available operating cash issufficient to pay the accounts payable. The Operating Partnership will be submitting a mortgage application toIHDA during the second quarter of 2004 to replace the high interest firstmortgage loan held by Arbor Commercial Mortgage.  The mandatory “Physical Needs Assessment” has been completed andwill be delivered to IHDA as part of the mortgage application package.  It is hoped that the new mortgage will yieldthe necessary funds to complete the exterior repairs and preventativemaintenance needs including tuck pointing, replacement of the remainingoriginal windows, repair and replacement of deteriorating wooden trim, exteriorpaint, replacement of the clay tile caps and other miscellaneous repairs.  If successful, the reduced interest ratemortgage will have a positive effect on future cash flow.  On January 1, 2004, Mark III ManagementCorporation of Indianapolis, Indiana assumed property managementresponsibilities for the property.  MarkIII is a reputable company with operations based within a two-hour drive of theproperty.  It is hoped that theirfamiliarity with the mid-west market and readily available corporate resourceswill contribute to improved operations and cash flow.  The mortgage, property taxes and insurance are all current.

 

Evergreen HillsAssociates, L.P. (Evergreen Hills Apartments) is a 72 unit property located inMacedon, NY. The property has historically operated below breakeven, andcontinued to do so in 2003. When comparing current operations with expectedcash flow, expenses are running significantly higher than projected,specifically real estate taxes and insurance. Although rents are

 

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currently $80 less thanthe tax credit maximum allowable rents, this property is part of a three phasecomplex, and any rent increase would be detrimental to occupancy.  Management does not feel that the area wherethe property is located can support any increase. Occupancy in 2003 averaged90.39% and through the first quarter of 2004, the average occupancy decreasedto 87.50% in the current year. The Investment General Partner and OperatingGeneral Partner are working together to determine the feasibility ofrefinancing the permanent mortgage in an effort to decrease the debt service atthe property.

 

(Series 21).  As ofMarch 31, 2004 and 2003, the average Qualified Occupancy for the serieswas 100%.  The series had a total of 14properties at March 31, 2004, all of which were at 100% qualifiedoccupancy.

 

For the tax years endedDecember 31, 2003 and 2002, the series, in total, generated $884,412 and$1,000,796, respectively, in passive income tax losses that were passed throughto the investors and also provided $1.21 for both years in tax credits per BACto the investors.

 

As of March 31, 2004and 2003, Investments in Operating Partnerships for Series 21 was $1,527,512and $2,393,876, 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 or accrued.

 

For the years ended March 31, 2004 and 2003, the net loss of theseries was $1,333,928 and $658,405, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships and the fund management fee. The increase innet loss is primarily due to impairment losses recorded against the investmentbalance of some of the Operating Partnerships. It is anticipated that futurenet losses will be more consistent with the amount reported in the prior yearas the impairment losses are not expected to have as significant an effect onfuture years.

 

Atlantic City Housing Urban Renewal Associates L.P. (Atlantic CityApartments) filed for protection under Chapter 11 of the Bankruptcy Code inJune of 2001.  A confirmation hearing was conducted on August 5,2003 and the reorganization plan was confirmed on September 5, 2003. An entity to be formed by Hunter Asset Management and Vision 2000 will acquirethe current Operating General Partner positions. The present Operating GeneralPartners will withdraw upon plan implementation with a payment of $400,000 tothe partnership in satisfaction of all obligations. The reorganization planrequires the Investment General Partner to contribute $500,000 in newfunding.  The contribution will be in the form of a loan with a seven-yearpay back and will have priority over Operating General Partner distributions.The Investment General Partner will exit the Operating Partnership uponcompletion of the tax credit compliance period and full repayment of the$500,000 loan.  The restructure also calls for a surrender of the existingmunicipal bond debt and replacement with a new issue at $0.60 per dollar of theexisting principal balance.  The approximate amount of the new debt willbe $2.31 million.  On March 25,2004, the board of the Atlantic City Housing Authority granted its unanimousapproval of PCM Investors LLC’s proposal that the Authority issue the New Bondsin accordance with the Plan.

 

Atlantic City Apartments posted cash flow of $31,368 for the firstquarter of 2004. Occupancy for the quarter was 65%.  The City of AtlanticCity has provided $75,000 in the form of a loan to address code violationswhich have

 

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prevented some apartments from being rented. New management coupledwith city funding and new investor capital is expected to bring the property tostabilization within several months following plan implementation which shouldoccur at the end of second quarter or beginning of third quarter 2004.

 

Centrum Fairfax LP (Forest Glen at Sully Station) is a 119-unit seniorcomplex located in Fairfax, VA. The property has historically experienced lowoccupancy.  In 2003, average physicaloccupancy was 67%.  Through the firstquarter of 2004, the average occupancy increased to 79%. The management companyis offering monthly rental concession of $100 to $200 on the apartment typesthat are not leasing. To attract prospective residents, the management companyincreased the volume of advertising in community newspapers and local churches,organized monthly events such as birthday celebrations and various holidaycelebrations, and created resident referral programs.  The property is in excellent physical condition. The OperatingGeneral Partners continue to fund operating deficits in accordance with thePartnership Agreement; however, the guarantee expired in the third quarter2003. The mortgage, taxes, insurance and payables are current.

 

Pumphouse Crossing II, LP (Pumphouse Crossing II Apartments) is a48-unit, family property located in Chippewa, Wisconsin.  The property operated with an averageoccupancy of 89% in 2003.  Occupancyincreased to an average of 91% in the first quarter of 2004. Operating expensesare below the Investment General Partner’s state average. Although occupancyincreased and expenses remain reasonable, low rental rates in the areaprevented the property from achieving breakeven operations through the firstquarter of 2004. 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, familyproperty located in Black River Falls, Wisconsin. The property operated with anaverage occupancy of 89% for the year 2003. Occupancy has increased to anaverage of 90% through the first quarter of 2004. Operating expenses are belowthe Investment General Partner’s state average. Although occupancy increasedslightly, low rental rates in the area prevented the property from achievingbreakeven operations through the first quarter of 2004. The management agentcontinues to market the available units by working closely with the housingauthority and continuing various marketing efforts to attract qualifiedresidents. The Operating General Partner continues to financially support thepartnership. The mortgage, taxes, insurance and payables are current.

 

Lookout Ridge LP (Lookout Ridge Apts.) is a 30 unit development locatedin Covington, KY. The property is unable to support its operations due to highoperating expenses and low rental rates. Operating expenses increased by$26,940 or $848 per unit in 2003. The operating expenses running at $5,245 perunit are very high for the area and must be reduced significantly in order forthe property to break even. In an attempt to control operating expenses, thefull time maintenance person was let go and the property manager was replacedwith an affiliate of the Operating General Partner. The property is partlyowned by a construction company which will continue to complete maintenancework at the property as needed. In order to increase occupancy at the property,the management agent is advertising with the local housing authority, and inthe local papers. The vacant units will be painted and

 

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updated. The management agent has begun implementing a $40 per unit,per month rent increase. The management agent feels confident that the propertywill be 100% occupied by the end of the second quarter 2004.  The Investment General Partner conducted asite visit at the property on in July 2003 and found the property to be ingood condition. The Operating General Partner has an obligation to fund anyoperating deficits through April 2004. Additionally, The Operating GeneralPartner is in negotiations with a third party management company/OperatingGeneral Partner that will be able to provide better economies of scale withregards to payroll and other operating expenses. The Operating General Partneris confident that an agreement will be reached by the end of the second quarter2004.

 

Pinedale II, LP (Pinedale Apartments II) is a 60-unit, family propertylocated in Menomonie, Wisconsin. The property operated with an averageoccupancy of 92% in 2003. Occupancy decreased to an average of 91% through thefirst quarter of 2004. The property’s operating expenses are below theInvestment General Partner’s state average. Despite occupancy in the 90’s, low rental rates in the area preventedthe property from achieving breakeven operations through the first quarter of2004. The management agent continues to market the available units by workingclosely with the housing authority and continuing various marketing efforts toattract qualified residents. The Operating General Partner continues tofinancially support the partnership. The mortgage, taxes, insurance andpayables are current.

 

(Series 22).  As ofMarch 31, 2004 and 2003, the average Qualified Occupancy for the serieswas 100%.  The series had total of 29properties at March 31, 2004, all of which were at 100% qualifiedoccupancy.

 

For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $1,351,658 and $864,572, respectively, in passive income taxlosses that were passed through to the investors and also provided $1.26 and$1.25, respectively, in tax credit per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 22 was $7,983,840 and $9,514,695, respectively.  The decrease is primarily a result of theway the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2004 and 2003, the net loss of theseries was $1,825,424 and $1,825,108, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships, impairment losses and the fund managementfee. It is anticipated that the net loss will remain relatively consistent infuture years as the series has finished acquiring Operating Partnerships andall are reporting stable operations.

 

Black River Run, LP (River Run Apartments) is a 48-unit, familyproperty located in Black River Falls, Wisconsin. The property operated with anaverage occupancy of 89% for the year 2003. Occupancy has increased to anaverage of 90% through the first quarter of 2004. Operating expenses are belowthe Investment General Partner’s state average. Although occupancy increasedslightly, low rental rates in the area prevented the property from achievingbreakeven operations through the first quarter of 2004. The management agentcontinues to market the available units by working closely with the housing authorityand continuing various marketing efforts to attract qualified residents. TheOperating General Partner continues to financially support the partnership. Themortgage, taxes, insurance and payables are current.

 

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Roxbury Veterans Housing,Limited Partnership (Highland House) is a 14 unit property located in Roxbury,Massachusetts.  The Operating GeneralPartner has been very inconsistent in reporting occupancy and operationalnumbers to the Investment General Partner and no numbers have been reportedsince 2002 other than tax returns.  Inaddition, the Investment General Partner identified potential discrepancies inthe tax returns submitted for year-end 2003 and is currently working to resolvethese issues.

 

Lake Street Apartments, L.P. (Lake Street Apartments) is a 32 unitproperty located in Girard, PA.  Averageoccupancy through the first quarter of 2004 was 82%, a decrease from theprevious year’s occupancy of 89%. Management has stated that the decrease inoccupancy is not tied to a specific cause and that improved occupancy isanticipated in the second quarter. Management pays the utilities for all of theunits, and prices are very high.  Theutility company is owned by the community in which the project is located.Rents were increased in 2004 by $38 per unit. Although the partnershipcontinues to operate at a deficit in 2004, operating expenses have decreased.Both the mortgage and real estate taxes are current and the Operating GeneralPartner’s operating deficit guaranty is unlimited in time and amount.

 

(Series 23). As of March 31, 2004 and 2003, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 22 properties at March 31, 2004, all of which wereat 100% qualified occupancy.

 

For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $1,639,886 and $1,651,061, respectively, in passive income taxlosses that were passed through to investors and also provided $1.31 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 23 was $14,271,144 and $16,373,993, respectively.   The decrease is a result of the way theFund accounts for such investments, the equity method.  By using the equity method the Fund adjustsits investment cost for its share of each Operating Partnership’s results ofoperations and for any distributions received or accrued.

 

For the years ended March 31, 2004 and 2003, the net loss of theseries was $2,378,745 and $1,611,679, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships, impairment losses and the fund managementfee.  The increase in net loss is mainlyattributed to impairment losses recorded in the current year.  It is anticipated that the net loss will berelatively consistent in future years as the series has finished acquiringOperating Partnerships and they are fully operational.

 

Series 23 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Mathis Apartments. Ltd. and Orange GroveSeniors.  The affordable housingproperties owned by the Calhoun Partnerships are located in Texas and consistof approximately 56 apartment units in total. The low income housing tax credit available annually to Series 23 fromthe Calhoun Partnerships is approximately $73,077, which is approximately 2% ofthe total annual tax credit available to investors in Series 23.

 

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In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that the US Attorneyintended to bring criminal charges against certain members of the RiemerCalhoun group for falsifying the certified cost basis upon which the LouisianaHousing Finance Agency determined the tax credit calculation with respect toapproximately 40 Operating Partnerships in which Series 23 is not aninvestor.  The Investment GeneralPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. It isanticipated that final Closing Agreements will be entered into with the IRS foreach of the partnerships in the next two to three months. At this point, theInvestment Partnerships have incurred substantial legal and accounting costsbased upon Mr. Calhoun’s fraud. It is anticipated that some of these costs willcontinue at least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal

 

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of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

South Hills Apartments L.P. (South Hills Apartments) is a 72-unit,family property located in Bellevue, Nebraska. The property operated with anaverage occupancy of 86% in 2003. The average occupancy improved slightly to87% through March 31, 2004. There were several evictions in 2002 andduring the first half of 2003 due to non-payment of rents and other leaseviolations.  Currently, there is anine-month waiting list for housing authority subsidized rentalassistance.  There are few qualifiedprospective residents that can afford the tax credit rents without rentalassistance.  The management companycontinues to offer rental concessions to increase applicant traffic. TheOperating General Partner continues to fund the operating deficits, as needed.The property’s mortgage, taxes and insurance are all current.

(Series 24). As of March 31, 2004 and 2003, the average QualifiedOccupancy for the series was 99.9%.  Theseries had a total of 24 properties at March 31, 2004. Out of the total,23 were at 100% qualified occupancy.

 

For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $909,981 and $970,718, respectively, in passive income taxlosses that were passed through to investors and also provided $1.18 and $1.28,respectively, in tax credits per BAC to the investors.  The decrease in tax credits generated perBAC is a result of the sale of a portion of the remaining credits of 5Operating Partnerships to finance the debt restructure of one of the OperatingPartnerships.  For further detailsplease refer to the Fund’s March 31, 2003 report on 10-K disclosure for LosLunas.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 24 was $7,862,910 and $9,168,660, respectively.  The decrease is primarily the result of theway 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, 2004 and 2003, the net loss of theSeries was $967,714 and $206,100, respectively. The major components of theseamounts are the Fund’s share of losses from Operating Partnerships and the fundmanagement fee.  The difference in netloss is primarily due to events that effected operations in the prior fiscalyear for two of the Operating Partnerships. In

 

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the prior year there was a rescission of foreclosure for one of theOperating Partnerships which created income to reverse foreclosure expensesreported two fiscal years ago. Income was also reported in the prior year forthe discount of debt and forgiven debt interest on the foreclosurerescission.  The lower net loss fromOperating Partnerships in the prior year is also due to settlement proceedsincome reported by one of the Operating Partnerships, which had filed a suitagainst its former Operating General Partner. In addition, the Operating Partnership used some the settlement proceedsto repay interest bearing loans and interest to the Investment Partnership resultingin increased interest income in the prior fiscal year. It is anticipated thatthe net loss in future years will be more consistent with the current year asthe prior year events are not expected to effect future years.

 

Series 24 has invested in Zwolle Partnership, A LA Partnership in Commendam(the “Calhoun Partnership”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The affordable housing property owned by the Calhoun Partnership islocated in Louisiana and consist of approximately 32 apartment units intotal.  The low income housing taxcredit available annually to Series 24 from the Calhoun Partnership isapproximately $39,393, which is approximately 1% of the total annual tax creditavailable to investors in Series 24.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 24 is not aninvestor.  The Investment General Partnerused these certifications in determining the tax credits investors wouldreceive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s) overbilledthe respective Operating Partnerships, thereby improperly inflating the costcertification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. It isanticipated that final Closing Agreements will be entered into with the IRS foreach of the partnerships in the next two to three months. At this point, theInvestment Partnerships have incurred substantial legal and accounting costsbased upon Mr. Calhoun’s fraud. It is anticipated that some of these costs willcontinue at least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Elm Street Associates Limited Partnership (Elm Street Apartments) islocated in Yonkers, New York.  Theneighborhood has been a difficult one in which to operate due in part to highcrime.  Almost all tenants have somepublic subsidy, making this a very management-intensive property.  Poor tenancy has historically resulted inoperating deficits.  Management issues,including poor rent collections and deferred maintenance, had negatively impactedthe property.  Consequently, themanagement company was replaced by Westhab, Inc. on January 1, 2003.  Westhab is a non-profit housing developerand manager dedicated to providing housing for low income residents ofWestchester County. An affiliate of Westhab also was admitted as a replacementOperating General Partner on January 1, 2003.

 

Westhab’s entry into thepartnership and into the management role has had an immediate impact on theproperty.  Occupancy and rental revenuesincreased in

 

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2003. Although operatingexpenses are running higher than budgeted, some expenses relate to Westhab’sprogram to re-stabilize the property. Operating expenses are expected to normalize once the transition andre-stabilization of the property is complete. The Operating Partnership filed for a tax assessment reduction and wassuccessful.  Beginning with the taxpayment that was due July 1, 2003, there has been a reduction in the realestate taxes of approximately $13,550. An account has been established for a tax and insurance escrow.   Westhab was successful in negotiating areduction in interest on an existing note from the City of Yonkers.  The interest rate was reduced from 7% to1%.  Westhab has also secured anadditional loan from the City of Yonkers in order to cure some deferred maintenanceissues.  The loan is in the amount of$150,000 which has been earmarked for the replacement of hot water tanks,concrete repairs in the rear of the building, updating the electrical systems,and the installation of security cameras. It had been previously noted that the$150,000 was to be in the form of a grant, however the City is requesting azero percent cash flow loan.  Inaddition, in February 2002, the Operating Partnership concluded arestructure of the first mortgage loan, which had been in default for over ayear, with the loan servicer, Community Preservation Corporation (CPC).  The newly restructured loan has a lowerprincipal balance and interest rate, as well as a longer amortization schedule.  Series 24 contributed approximately $35,000to the cost of the loan restructure. The Investment General Partner will continue to monitor this Partnershipuntil property operations have stabilized.

 

North Hampton Place Limited Partnership (North Hampton Place), locatedin Columbia, Missouri, operated below breakeven in 2003 due to low occupancy atthe beginning of 2003. The occupancy averaged 96.3% for the first quarter of2004 and operated above breakeven. Although, the property is showing significant improvement, theInvestment General Partner continues to monitor this property monthly.

 

(Series 25). As of March 31, 2004 and 2003, the average QualifiedOccupancy for the series was 99.9%.  Theseries had a total of 22 properties at March 31, 2004.  Out of the total, 21 were at 100% qualifiedoccupancy.

 

For the tax year ended December 31, 2003 and 2002, the series, intotal, generated $1,441,318 and $1,381,624, respectively in passive income taxlosses that were passed through to investors and also provided $1.24 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 25 was $14,051,041 and $15,315,756, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2004 and 2003, the net loss of theseries was $1,564,406 and $1,063,014, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships, impairment losses and the fund managementfee.  The current year net loss waseffected by impairment losses recorded against the investment value of some ofthe operating partnerships.  Inaddition, the prior year net loss was effected by settlement proceeds incomereceived by one of the Operating Partnerships, which had filed a suit againstits former Operating General Partner. In

 

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addition, the Operating Partnership used some the settlement proceedsto repay interest bearing loans and interest to the Investment Partnershipresulting in increased interest income in the prior fiscal year.  It is anticipated that the net loss infuture years will be more consistent with the current year as these events arenot expected to effect future years.

 

Ohio Investors Limited Partnership (Washington Arms) is a 93 unitproperty located in Dayton, Ohio. The property suffers from high expenses, highturnover, and insufficient rental revenue. Management has requested a rentincrease, but rents are at their maximum per Section 8 housingrequirements. The property continued to operate below breakeven with a DebtCoverage ratio of .77. Operating expenses in 2003 were $572/unit more than thestate average and increased by 7.3% from 2002. The main increases in expenseswere administrative, maintenance, and insurance.  In 2003, cash and receivables were insufficient to cover expensesand payables. As of year end 2003, the property expended $60,869 in cash.

 

Occupancy was strong and rose from 94% to 95% in the first quarter2004. The required deposits are being made to the replacement reserve account,which was properly funded at year end 2003. The Operating General Partner continues to fund operating deficits(during 2003 $84,997 was funded for operating deficit advances) despite thefact that the Operating General Partner guarantee expired in September of2001. The Investment General Partner is working diligently with the ManagementCompany on reducing both turnover and expenses.

 

Sutton Place Apartments, L.P. (Sutton Place Apartments) is a 357 unitapartment complex in Indianapolis, Indiana. Occupancy increased slightlyaveraging 95% for the first quarter of 2004. The management company continuesto advertise the property on the local radio station and through communitycontacts in order to attract potential residents. The property still suffers fromhigh maintenance expenses as a result of tenant abuse and unit turnover, butwas able to control other operating expenses throughout 2003. In order toprepare for the REAC Inspection, $22,000 was withdrawn from the ReplacementReserve Account to fund additional maintenance improvements at the property.Management believes that stability in the office and maintenance staff hashelped occupancy increase. The Operating General Partner is obligated under hisguarantee to fund operating deficits. To date the Operating General Partner hasfunded $68,000 to pay the increased real estate taxes. Rental rates wereincreased at the property and going forward the property taxes will be fundedthrough operations. The mortgage, taxes and insurance are all current.

 

352 Lenox Associates, LP,(Lenox Avenue Apartments) is an 18-unit property located in Manhattan, NY. In2003, the property’s occupancy rate was strong at 99.54%, but the OperatingPartnership continued to operate at a deficit. The property operated below breakeven due to high debt service payments,and high operating expenses, especially for utilities and maintenance.  The Operating Partnership is in the processof refinancing the high interest mortgage to reduce mortgage payments.  Most of the proceeds from the refinancingwill be used to implement much needed capital improvements that were causinghigh maintenance expenses.  Thecommercial spaces are also being submetered to reduce utility expenses.  The Operating General Partner is funding alloperating deficits. The mortgage, taxes, and property insurance are allcurrent.

 

M.R.H., L.P. (The Mary Ryder Home), a 48 unit property located in St.Louis,

 

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MO, received a 60-day letter issued by the IRS proposing to reduce theamount of low income housing tax credits allowable because it asserts thatcertain fees and other expenditures were not includible in the eligible basisof the property. The 60-day letter was the result of an IRS audit of theOperating Partnership’s books and records. As a result of their audit, the IRShas proposed an adjustment that would disallow approximately 18% of past andfuture tax credits. The adjustment would also include interest. The InvestmentGeneral Partner and its counsel along with the Operating General Partner andits counsel filed an appeal on June 30, 2003 and continue negotiationswith the IRS Appeals Office.

 

On March 23,2004, the Operating Partnership received a Notice ofFinal Partnership Administrative Adjustment denying the appeal of June 30,2003. Currently, the Operating Partnership had the opportunity to challenge thedenial and petition the tax court.  OnJune 22, 2004, the Operating General Partner and its counsel filed apetition in tax court for the tax years ending 2000 and 2001. The InvestmentGeneral Partner and its counsel will continue to monitor the court proceedingsand report on them accordingly.

 

The Investment General Partner and its counsel along with the OperatingGeneral Partner and its counsel are considering pursuing this alternative.

 

Rose Square L.P. (Rose Square Apartments) is an 11 unit propertylocated in Connellsville, PA. At year end 2003, the property continued tooperate below breakeven. When the property was built a tax abatement was inplace.  The abatement expired inFebruary 2002, and taxes increased to $9,800.  Spread over 11 units, this was prohibitive to generating cashflow.  The property was recentlyre-assessed by the county, and received a reduction in real estate taxes ofapproximately 40% to $5,600.  Lowoccupancy has had an effect on rental revenue at the property. Revenue in 2003was about 22% lower than revenue in 2002. Occupancy continues to struggle in2004, with an average occupancy of 67% in the first quarter, as compared withan average occupancy of 70% in 2003. The area in which this property is locatedis very depressed and the market has been prohibitive in improving occupancy. Anew site manager has taken over at the property and management is confidentthat the new manager will be able to improve operations.

 

(Series 26). As of March 31, 2004 and 2003, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 45 properties at March 31, 2004, all of which wereat 100% qualified occupancy.

 

For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $2,125,592 and $2,046,344, respectively, in passive income taxlosses that were passed through to investors and also provided $1.18 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 26 was $22,225,204 and $23,716,013, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2004 and 2003, the net loss of theseries was $1,910,450 and $1,428,884, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships, the fund management fee and interestincome.  The prior year net loss waseffected by settlement proceeds income received by one of the OperatingPartnerships, which had filed a suit against its former Operating GeneralPartner.  The Operating Partnership usedsome the settlement proceeds to repay interest

 

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bearing loans and interest to the Investment Partnership resulting inincreased interest income in the current fiscal year.  It is anticipated that the net loss in future years will be moreconsistent with the current year as these events are not expected to effectfuture years.

 

Series 26 has invested in 6 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The operating partnerships are Bearuegard Apartments Partnership,Brookhaven Apartments Partnership, Butler Estates, Cameron ApartmentsPartnership, Southwind Apartments and TR Bobb Apartments A LDHA.  Theaffordable housing properties owned by the Calhoun Partnerships are located inLouisiana and consist of approximately 191 apartment units in total.  The low income housing tax credit availableannually to Series 26 from the Calhoun Partnerships is approximately $617,547,which is approximately 13% of the total annual tax credit available toinvestors in Series 26.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 26 is not aninvestor.  The Investment GeneralPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

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

 

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credits.  The Investment GeneralPartner has reached a resolution with the IRS whereby the adjustments to taxcredits will be made only for the tax years 2004 and thereafter in order toavoid amending tax returns already filed for the years 2001, 2002 and 2003. Itis anticipated that final Closing Agreements will be entered into with the IRSfor each of the partnerships in the next two to three months. At this point,the Investment Partnerships have incurred substantial legal and accountingcosts based upon Mr. Calhoun’s fraud. It is anticipated that some of thesecosts will continue at least through completion of the Closing Agreements. Itis further anticipated that the $1,559,723 will be sufficient to fully protectthe investors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Warrensburg Heights, Limited Partnership, (Warrensburg Heights) locatedin Warrensburg, Missouri, operated below breakeven in 2003 due to lowoccupancy. As of March 31, 2004 occupancy had improved to 93%.  During 2003 the property suffered from lowoccupancy due to increased competition, a lack of qualified residents, andvacant units not being rent ready. Occupancy improved once the management company committed the necessaryresources to making the vacant units rent ready.  Currently, management expects occupancy to remain strong.  The property’s mortgage, real estate taxesand insurance are current.

 

Country Edge LP (Country Edge Apts.) is a 48-unit property located inFargo, North Dakota.   The occupancy asof March 31, 2004 was 92%, a slight increase over the 2003 average of 91%.The occupancy increase is a result of rent concessions and rate reductions;however, the increase in the number of occupied units is just beginning topositively affect cash flow. The Investment General Partner will continue towork with the Operating General Partner to stabilize the occupancy.   The Operating General Partner continues tofund all operating deficits, despite the expiration of their guarantee.  The mortgage, trade payables, propertytaxes, and insurance are current.

 

Grandview Apartments (Grandview Apts.) is a 48-unit property located inFargo,

 

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North Dakota.  The occupancy asof March 31, 2004 was 89%, a slight increase over the 2003 averageoccupancy of 88.64%. The occupancy increase is a result of rent concessions andrate reductions; however, the increase in the number of occupied units is justbeginning to positively affect cash flow. The Investment General Partner willcontinue to work with the Operating General Partner to stabilize the physicaloccupancy.  The Operating GeneralPartner continues to fund all operating deficits, despite the expiration oftheir guarantee.  The mortgage, tradepayables, property taxes, and insurance are current.

 

(Series 27). As ofMarch 31, 2004 and 2003 the average Qualified Occupancy for the series was100%.  The series had a total of 16properties at March 31, 2004, all of which were at 100% qualifiedoccupancy.

 

For the tax years endedDecember 31, 2003 and 2002, the series, in total, generated $1,683,553 and$1,225,573, respectively, in passive income tax losses that were passed throughto investors and also provided $1.14, respectively, in tax credits per BAC tothe investors.

 

As of March 31, 2004 and 2003, Investments in Operating Partnershipsfor Series 27 was $13,905,222 and $14,645,587, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the year ended March 31, 2004 and 2003, the net loss of theseries was $1,076,184 and $1,080,803, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships and the fund management fee. It isanticipated that the net loss will be relatively consistent in future years asthe series has finished acquiring Operating Partnerships and they are fullyoperational.

 

Series 27 has invested in Magnolia Place Apartments Partnership (the“Calhoun Partnership”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The affordable housing property owned by the Calhoun Partnership islocated in Mississippi and consist of approximately 40 apartment units intotal.  The low income housing taxcredit available annually to Series 27 from the Calhoun Partnership isapproximately $129,037, which is approximately 5% of the total annual taxcredit available to investors in Series 27.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 27 is not aninvestor.  The Investment GeneralPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating

 

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Partnerships, thereby improperly inflating the cost certification andthe amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. It isanticipated that final Closing Agreements will be entered into with the IRS foreach of the partnerships in the next two to three months. At this point, theInvestment Partnerships have incurred substantial legal and accounting costsbased upon Mr. Calhoun’s fraud. It is anticipated that some of these costs willcontinue at least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHS hasalso indicated that it will consent to the replacement of general partnersnoted above.

 

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Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Holly Heights Limited Partnership (Holly Heights Apartments) is a 30unit property located in Storm Lake, Iowa. The property continues to incuroperating deficits due to high tenant turnover and low rental rates. Thisproperty operated with an average occupancy of 82% for 2003. Occupancy hasdeclined slightly averaging 76% through the first quarter of 2004.  There are limited job opportunities in thisarea and, as a result, some residents have moved from the area to findwork.  Management will continue to offerrental concessions until occupancy has stabilized.  As a result of the low occupancy in 2003, there was negative cashflow and high payables. An audit by the state regulatory agency identifiedissues of non-compliance.  The OperatingGeneral Partner is diligently working to resolve all issues and the InvestmentGeneral Partner will continue to closely monitor the property. The mortgage,taxes, and insurance are all current.

 

Angelou Court (Angelou Court Apts.) is a 23-unit co-op property locatedin Harlem, New York.  In 2003, theproperty’s occupancy was strong at 100%. However, it expended cash because of high expenses, high receivablesfrom tenants and low rent levels. During the first quarter of 2004, the property generated cash due toimproved collections, and reduction of administrative and utilityexpenses.  To stabilize propertyoperations, management is applying for a rent increase, which is subject to theapproval of the New York State Division of Housing and Community Renewal(DHCR), and the New York City Rent Stabilization Board.  The Investment General Partner will alsowork with management to explore the possibility of sub-metering for gas heatingto further reduce operating expenses. All mortgage, and insurance payments are current. The property pays noproperty taxes as the result of a tax abatement.

 

(Series 28). As of March 31, 2004 and 2003, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 26 properties at March 31, 2004, all of which wereat 100% qualified occupancy.

 

For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $1,835,770 and $1,089,909, respectively, in passive income taxlosses that were passed through to investors and also provided $1.05 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 28 was $23,747,689 and $25,184,476, respectively.  The decrease is a result the way the Fundaccounts for such investments, the equity 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 year ended March 31, 2004 and 2003 the net loss of theseries was $1,734,215 and $1,443,856, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships and the fund management fee.  It is anticipated that operations will berelatively consistent in future years as series had finished acquiringOperating Partnerships and they are all reporting stable operations.

 

Series 28 has invested in 6 Operating Partnerships (the “Calhoun

 

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

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 28 is not aninvestor.  The Investment GeneralPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. It isanticipated that final Closing Agreements will be entered into with the IRS foreach of the partnerships in the next two

 

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to three months. At this point, the Investment Partnerships haveincurred substantial legal and accounting costs based upon Mr. Calhoun’s fraud.It is anticipated that some of these costs will continue at least throughcompletion of the Closing Agreements. It is further anticipated that the$1,559,723 will be sufficient to fully protect the investors and providerestitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which is controlledby Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is the principalof Calhoun Property Management, L.L.C., which has provided property levelmanagement services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

1374 Boston Road L.P.(1374 Boston Road) is a 15-unit property located in New York City.  In 2003, the property operated belowbreakeven primarily due to high debt service and operating expenses.  As of March 31, 2004, occupancy was at80% due to the eviction of three non-paying tenants. Lease-up of these unitswas delayed due to the difficulty of finding qualified tenants with good credithistory.  Meanwhile, expenses remainunchanged over the past year.   TheOperating General Partner has been unresponsive to the Investment GeneralPartner’s requests for information.  Accordingly,a visit to meet the with Operating General Partner and discuss operationsimprovement is being scheduled.  Themortgage, property taxes and insurance are current.

 

(Series 29). As ofMarch 31, 2004 and 2003, the average Qualified Occupancy for the serieswas 100%.  The series had a total of 22properties at March 31, 2004, all of which were at 100% qualifiedoccupancy.

 

For the tax years endedDecember 31, 2003 and 2002 the series, in total, generated $2,043,295 and$2,066,987, respectively in passive income tax losses that were passed throughto investors and also provided $1.08 for both years in tax credits per BAC tothe investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 29 was $19,475,261 and $22,450,900, respectively.  The decrease is a result the way the Fundaccounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost forits share of each Operating Partnership’s results of operations and for any distributionsreceived or accrued.

 

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For the year ended March 31, 2004 and 2003, the net loss of theseries was $3,277,673 and $2,395,108, respectively.  The major components of these amounts are the Fund’s share oflosses from Operating Partnerships, impairment losses and the fund managementfee. The increase is a result impairment losses recorded against the investmentbalances of some of the Operating Partnerships.  It is anticipated that operations will be more consistent withthe prior year since the impairment losses are not expected to have as large aneffect on future operations, and the series had finished acquiring OperatingPartnerships and they are reporting stable operations.

 

Series 29 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Edgewood Apartments Partnership, PlamettoPlace Apartments and Westfield Apartments Partnership.  The affordable housing properties owned bythe Calhoun Partnerships are located in Louisiana and consist of approximately152 apartment units in total.  The lowincome housing tax credit available annually to Series 29 from the CalhounPartnerships is approximately $603,385, which is approximately 14% of the totalannual tax credit available to investors in Series 29.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 29 is not aninvestor.  The Investment GeneralPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

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In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. It isanticipated that final Closing Agreements will be entered into with the IRS foreach of the partnerships in the next two to three months. At this point, theInvestment Partnerships have incurred substantial legal and accounting costsbased upon Mr. Calhoun’s fraud. It is anticipated that some of these costs willcontinue at least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment GeneralPartner and its affiliates have undertaken discussions with the Rural HousingService of the U.S. Department of Agriculture, in its capacity as firstmortgage lender for each of the Calhoun Partnerships, to make sure that all ofthe mortgage loans are and will continue to be in good standing notwithstandingthe overstated credit and the criminal prosecution resulting therefrom.  RHS has also indicated that it will consentto the replacement of general partners noted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Lombard Partners LP (Lombard Heights Apts.) located in Springfield,Missouri, operated below breakeven in 2003. The main reason for its cashexpenditure was its low occupancy, which averaged 85.2% through the thirdquarter.  To address the low occupancyat the property, management is marketing the property through newspapers,churches and civic groups. The Operating General Partner continues to workclosely with the management agent to ensure proper marketing of the property.The Operating General Partner believes that the property is operating belowbreakeven due to the current management company and is currently innegotiations with a new property management company.   The Investment General Partner is also working with theOperating General Partner to improve financial reporting for this property.  In the past the Operating General Partnerhas had difficulty reporting in a timely manner.  The mortgage, taxes and insurance are all current.

 

(Series 30). As of March 31, 2004 and 2003 the average QualifiedOccupancy for the series was 98.3% and 100%, respectively.  The series had a total of 20 properties atMarch 31, 2004.  Out of the total19 were at 100% qualified occupancy.

 

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For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $1,531,889 and $1,710,868, respectively, in passive income taxlosses that were passed through to investors and also provided $1.06 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 30 was $15,343,813 and $16,661,934, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the years ended March 31, 2004 and 2003, the net loss of theseries was $1,541,998 and $1,425,215, respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships,impairment losses and the Fund management fee. It is anticipated thatoperations will be relatively consistent in future years as series had finishedacquiring Operating Partnerships and they are for the most part reportingstable operations.

 

Mesa Grande, LP (Mesa Grande Apartments) is a 72-unit, family propertylocated in Carlsbad, New Mexico.  Themortgage lender issued a default notice on April 2, 2003 for monetary andnon-monetary defaults.  Although themonetary defaults of the letter were resolved, the non-monetary default, notachieving a debt service coverage ratio of 1.15, has not been remedied.  As a result, the Lender notified theOperating General Partner on June 16, 2003 of its right to accelerate thenote.  As a result of the defaults bythe Operating General Partner and management company, which is a related entityof the Operating General Partner, the Investment General Partner requested achange in the management company.  A newmanagement company started effective November 1, 2003.  The property operations are suffering due toevictions of problem tenants, high payables and much needed deferredmaintenance.  The management company istrying to improve the tenant profile at the property in an effort to increase collectionsand improve the reputation of the property within the community. The deferredmaintenance and high payables are a direct result of the negligence of theprior management company.  TheInvestment General Partner has filed a lawsuit against the Operating GeneralPartner to recover all operating deficits incurred as a result of hisnegligence.  The Investment GeneralPartner has planned a visit to the property in the third quarter 2004 toevaluate the condition of the property and determine if a cash infusion isnecessary in order for the management company to operate the propertyeffectively. The management company is also interested in becoming theOperating General Partner.  TheInvestment General Partner will work with the management company to try andfacilitate the transfer of the Operating General Partner interest.

 

Sunrise Homes, LP (Broadway Place Apartments) is a 32-unit, familyproperty located in Hobbs, New Mexico. The mortgage lender issued a default notice on April 2, 2003 formonetary and non-monetary defaults. Although the monetary defaults of the letter were resolved, thenon-monetary default, not achieving a debt service coverage ratio of 1.15, hasnot been remedied.  As a result, theLender notified the Operating General Partner on June 16, 2003 of itsright to accelerate the note.  As aresult of the defaults by the Operating General Partner and management company,which is a related entity of the Operating General Partner, the InvestmentGeneral Partner requested a change

 

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in the management company. A new management company started effectiveNovember 1, 2003.  The propertyoperations are suffering due to evictions of problem tenants, high payables andmuch needed deferred maintenance.  Themanagement company is trying to improve the tenant profile at the property inan effort to increase collections and improve the reputation of the propertywithin the community. The deferred maintenance and high payables are a directresult of the negligence of the prior management company.  The Investment General Partner has filed alawsuit against the Operating General Partner to recover all operating deficitsincurred as a result of his negligence. The Investment General Partner has planned a visit to the property inthe third quarter 2004 to evaluate the condition of the property and determineif a cash infusion is necessary in order for the management company to operatethe property effectively. The management company is also interested in becomingthe Operating General Partner. The Investment General Partner will work withthe management company to try and facilitate the transfer of the OperatingGeneral Partner interest.

 

JMC LLC (Farwell Mills Apts.) is a 27-unit development located inLisbon, ME. Average occupancy for the first quarter 2004 slipped to 79%, due tothe eviction of residents for nonpayment of rent. Historically, this propertystruggled to operate at breakeven due to excessive debt liability. The secondmortgage payable to the Town of Lisbon was treated as hard debt with principaland interest payments being made on a monthly basis. However, Managementdiscovered that this debt should be treated as soft debt payable throughavailable cash flow at year end. This finding has reduced the monthly debtliability effective July 2003. Operating expenses continue to be aboveaverage at $1,625 per unit for the first quarter; primarily due to increasedadvertising and marketing expenses and increased maintenance expenses caused bythe vacant units.  Management expectsthat operations will improve during the next quarter.

 

Linden Partners II (Western Trails Apartments II) is a 30-unit propertylocated in Council Bluffs, IA, which suffered from high payables and hightenant account receivables in 2003. Although the occupancy was stabilized,there was a cash flow deficit as a result of high operating expenses. The taxexpense for 2002 was paid in full along with the 2001 tax deficit.  The property was reassessed in 2002 and thereassessed value decreased the annual tax liability.  As of March 31, 2004, there was no accounts payable balanceand the tenant receivables were only $258; however, the property was operatingbelow break even with a debt service coverage ratio of .90. In the firstquarter of 2004, physical occupancy decreased to 80% and the OperatingPartnership was not able to breakeven.

 

(Series 31). As ofMarch 31, 2004 and 2003, the average Qualified Occupancy for the serieswas 100%.  The series had a total of 27properties at March 31, 2004, all of which were at 100% qualifiedoccupancy.

 

For the tax years endedDecember 31, 2003 and 2002, the series, in total, generated $2,468,428 and$3,159,272, respectively, in passive income tax losses to pass through to theinvestors and also provided $1.03 for both years in tax credits per BAC to theinvestors.

 

As of March 31, 2004and 2003, Investments in Operating Partnerships for Series 31 was $22,596,325and $25,656,110, respectively.  Thedecrease is a result the way the Fund accounts for such investments, the equitymethod.  By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any

 

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distributions received oraccrued.  The amount was also affectedby the acquisition of one additional operating partnership.

 

For the years endedMarch 31, 2004 and 2003, the net loss of the series was $3,457,342 and$2,409,358, respectively.  The majorcomponents of these amounts are the Fund’s share of loss from OperatingPartnerships, impairment losses and the fund management fee. The increase is aresult impairment losses recorded against the investment balances of some ofthe Operating Partnerships.  It isanticipated that operations will be more consistent with the prior year sincethe impairment losses are not expected to have as large an effect on futureoperations, and the series had finished acquiring Operating Partnerships andthey are reporting stable operations.

 

Seagraves Apartments, Limited Partnership (Western Hills Apartments) isa 16-unit family property located in Ferris, TX.  Occupancy averaged 87% in 2003. The property operated above breakeven for the first quarter of 2004 withan average occupancy of 97.9%. Occupancy struggled in 2003 due to a few tenantevictions.  The evictions are nowcomplete and the property has begun to operate well.

 

(Series 32). As ofMarch 31, 2004 and 2003, the average Qualified Occupancy for the serieswas 100%.  The series had a total of 17properties at March 31, 2004, all of which were at 100% qualifiedoccupancy.

 

For the tax years endedDecember 31, 2003 and 2002, the series, in total, generated $2,188,757 and$2,507,281, respectively in passive income tax losses that were passed throughto investors, and also provided $1.01 and $1.04, respectively, in tax creditsper BAC to the investors.

 

As of March 31, 2004and 2003, Investments in Operating Partnerships for Series 32 was $27,979,243and $31,094,955, respectively.  Thedecrease is a result of the way the Fund accounts for such investments, theequity method. By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years endedMarch 31, 2004 and 2003, the net loss of the series was $3,466,460 and$2,292,954, respectively.  The majorcomponents of these amounts are the Fund’s share of loss from OperatingPartnerships, impairment losses and the fund management fee. The increase is aresult impairment losses recorded against the investment balances of some ofthe Operating Partnerships.  It isanticipated that operations will be more consistent with the prior year sincethe impairment losses are not expected to have as large an effect on futureoperations, and the series had finished acquiring Operating Partnerships andthey are reporting stable operations.

 

Series 32 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is Riemer Calhoun, Jr.or an entity which is affiliated with or controlled by Riemer Calhoun (the“Riemer Calhoun Group”).  The OperatingPartnerships are Pearlwood Apartments LP, Pecan Manor Apartments and PineridgeApartments Partnership.  The affordablehousing properties owned by the Calhoun Partnerships are located in Louisianaor Mississippi and consist of approximately 120 apartment units in total.  The low income housing tax credit availableannually to Series 32 from the Calhoun Partnerships is approximately $537,868,which is approximately 11% of the total annual tax credit available toinvestors in Series 32.

 

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In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 32 is not aninvestor.  The Investment LimitedPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships. In effect,it appears that the contractor that built the apartment properties (anaffiliate of Mr. Calhoun’s) overbilled the respective OperatingPartnerships, thereby improperly inflating the cost certification and theamount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoid amendingtax returns already filed for the years 2001, 2002 and 2003. It is anticipatedthat final Closing Agreements will be entered into with the IRS for each of thepartnerships in the next two to three months. At this point, the InvestmentPartnerships have incurred substantial legal and accounting costs based uponMr. Calhoun’s fraud. It is anticipated that some of these costs will continueat least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled

 

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by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Series 32 invested in FFLM Associates an Operating Partnership thatowns 3 limited partner interests, one of which is Carriage Pointe Investors,LP.  Carriage Pointe Investors LP(Carriage Pointe Apartments) historically has suffered from negative cash flow,high accounts payables, and under-funded replacement reserves, in part due tothe fact that the property only has 18 units. Several options were considered in recent months to improve theperformance of the property, including replacement of the Operating GeneralPartner and refinancing the first mortgage. Neither of these options proved to be viable. The Operating GeneralPartner continues to fund all operating deficits and the first mortgage lenderis content to leave the loan in place.

 

Martinsville I, Ltd. (Martinsville Apartments) is a 13-unit propertylocated in Shelbyville, Kentucky. The property was 97% occupied and hadpositive cash flow through the first quarter of 2004.  The Operating General Partner refuses to consider settling withplaintiffs in lawsuits regarding sub-contractor payment disputes. There hasbeen no legal activity regarding these suits in 2003 or 2004. The OperatingGeneral Partner has rebuffed attempts of the Investment General Partner toassist in settling the sub-contractor issues. So long as these matters areoutstanding, the Operating General Partners’ personal guarantees remain inplace.

 

Indiana Development Limited Partnership (Clear Creek Apartments) is a64- unit development, located in North Manchester, Indiana.  The property operated below breakeventhrough the 3rd quarter 2003 as a result of low occupancy which was reported at83% for the third quarter of 2003. This was primarily due to a downturn in thelocal economy; recently, numerous manufacturing plants have closed forcingtenants to relocate to other areas in order to find employment.  There is now a new, locally based,management company in place, Biggs Management. The Investment General Partner is working diligently with the managementcompany on retrieving forth quarter 2003 and first quarter 2004 numbers, aswell as solidifying a good working relationship with this new entity.

 

(Series 33). As of March 31, 2004 and 2003 the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 10 properties at March 31, 2004, all of which wereat 100% qualified occupancy.

 

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For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $1,132,687 and $1,335,367,respectively in passive income taxlosses that were passed through to investors, and also provided $1.02 and$1.05, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 33 was $15,749,412 and $17,734,775, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2004 and 2003, the net loss of theSeries was $2,208,535 and $1,118,654, respectively.  The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, impairment losses and the fund managementfee.  The increase is a result impairmentlosses recorded against the investment balances of some of the Operating Partnerships.  It is anticipated that operations will bemore consistent with the prior year since the impairment losses are notexpected to have as large an effect on future operations, and the series hadfinished acquiring Operating Partnerships and they are reporting stableoperations.

 

Series 33 has invested in Forest Park Apartments (the “CalhounPartnership”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The affordable housing property owned by the Calhoun Partnership islocated in Louisiana and consist of approximately 40 apartment units in total.The low income housing tax credit available annually to Series 33 from theCalhoun Partnership is approximately $208,599, which is approximately 8% of thetotal annual tax credit available to investors in Series 33.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 33 is not aninvestor.  The Investment LimitedPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. It isanticipated that final Closing Agreements will be entered into with the IRS foreach of the partnerships in the next two to three months. At this point, theInvestment Partnerships have incurred substantial legal and accounting costsbased upon Mr. Calhoun’s fraud. It is anticipated that some of these costs willcontinue at least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and the InvestmentGeneral Partner and its affiliates have confirmed directly with the US Attorneythat no evidence was found of any wrongdoing on the part of Murray Calhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general to attemptto determine if any other irregularities have occurred.

 

Series 33 invested in FFLM Associates an Operating Partnership thatowns 3 limited partner interests, one of which is Carriage Pointe Investors,LP.  Carriage Pointe Investors LP(Carriage Pointe Apartments) historically has suffered from negative cash flow,high accounts payables, and under-funded replacement reserves, in part due tothe fact that the property only has 18

 

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units.  Several options wereconsidered in recent months to improve the performance of the property,including replacement of the Operating General Partner and refinancing thefirst mortgage.  Neither of theseoptions proved to be viable. The Operating General Partner continues to fundall operating deficits and the first mortgage lender is content to leave theloan in place.

 

Stearns Assisted Housing Associates, L.P. (Stearns Assisted Housing),is a 20-unit property in Millinocket, ME providing congregate housing toseniors. Historically, this property struggled to operate at breakeven due tolow occupancy, high utility expenses and excessive property taxliabilities.  The property’s rurallocation and stagnant local economy has made it difficult to maintain a strongtenant base. However, through increased marketing efforts and additional rentalsubsidies awarded to the property, occupancy averaged 93% for the first quarterof 2004. Management has changed to a utility provider that offers a moreeconomical per/unit rate. In addition, added focus on expense allocation amongall entities within the Stearns building presents a more precise incomestatement. The admission of Coastal Affordable, a nonprofit Operating GeneralPartner, has allowed the property to benefit from the PILOT program, which willultimately reduce the property’s real estate tax liability.  Also, the property’s soft debt structureoffers opportunity for positive cash flow on a monthly basis. With continuedfocus on occupancy, utility expenses, and a reduction in tax liability, StearnsAssisted should operate at breakeven in 2004.

 

Bradford Group Partnersof Jefferson County, L.P. (Bradford Square North Apartments) is a 50 unitsenior complex located in Jefferson City, TN. Occupancy at this propertyaveraged 86% for 2003 decreasing from the 2002 average of 92%. This was due toa downturn in the local economy. In the first quarter of 2004, average physicaloccupancy improved to 90%. Resident retention has been an issue as severalvacating tenants are relocating into a nearby, subsidized housing project. Themanager is aggressively marketing the property.  The taxes and insurance are being properly escrowed and themortgage is current. Continued improvement in occupancy is expected.

 

(Series 34). As ofMarch 31, 2004 and 2003, the average Qualified Occupancy for the serieswas 100%.  The series had a total of 14properties at March 31, 2004, all of which were at 100% qualifiedoccupancy.

 

For the tax years endedDecember 31, 2003 and 2002, the series, in total, generated $1,911,299 and$2,254,136, respectively in passive income tax losses that were passed throughto investors, and also provided $.98 for both years in tax credits per BAC tothe investors.

 

As of March 31, 2004and 2003 Investments in Operating Partnerships for Series 34 was $20,605,779and $22,240,109, 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 endedMarch 31, 2004 and 2003, the net loss of the Series was $1,986,784 and$1,986,319, respectively.  The majorcomponents of these amounts are the Fund’s share of loss from OperatingPartnerships and the fund management fee. It is anticipated that the net losswill be relatively consistent in future years as the series has finishedacquiring Operating Partnerships and they are fully operational.

 

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RHP 96-I Limited Partnership (Hillside Club Apartments), a 56-unitproperty located in Petosky, Michigan, operated below breakeven as a result oflow occupancy, which averaged 82% for the third quarter of 2003.  Fourth quarter 2003 and First quarter 2004numbers have been requested but not received. The Operating General Partnerindicates that the local economy relies heavily on seasonal employment.  These types of businesses have beennegatively impacted by the overall downturn in the economy, which has resultedin higher than normal move-outs at the property. The Investment General Partnerawaits audited 2003 financial statements and is working diligently with themanagement company on getting up-to-date occupancy figures and pro-activelypursuing ways to improve occupancy.

 

(Series 35). As of March 31, 2004 and 2003 the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 11 properties at March 31, 2004 all of which were at100% qualified occupancy.

 

For the tax year ended December 31, 2003 and 2002 the series, intotal, generated $1,836,284 and $2,075,209, respectively in passive income taxlosses that were passed through to investors and also provided $.97 and $.95,respectively in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 35 was $18,651,926 and $19,767,681, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity 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, 2004 and 2003 the net loss of theseries was $1,486,287 and $1,530,349, respectively.  The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee and amortization ofacquisition costs. It is anticipated that the net loss will be relativelyconsistent in future years as the series has finished acquiring OperatingPartnerships and they are fully operational.

 

(Series 36). As of March 31, 2004 and 2003 the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 11 properties at March 31, 2004, all of which wereat 100% qualified occupancy.

 

For the tax years ended December 31, 2003 and 2002 the series, intotal, generated $1,307,265 and $1,600,625, respectively in passive income taxlosses that were passed through to investors and also provided $.98 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 36 was $11,525,838 and $12,486,013, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the year ended March 31, 2004 and 2003, the net loss of theseries was $1,216,341 and $1,250,570, respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee and amortization of acquisition costs. It is anticipatedthat the net loss

 

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will be relatively consistent in future years as the series hasfinished acquiring Operating Partnerships and they are fully operational.

 

Series 36 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Willowbrook Apartments Partnership andWingfield Apartments LP.  The affordablehousing properties owned by the Calhoun Partnerships are located in Louisianaand consist of approximately 80 apartment units in total.  The low income housing tax credit availableannually to Series 36 from the Calhoun Partnerships is approximately $382,522,which is approximately 18% of the total annual tax credit available toinvestors in Series 36.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 36 is not aninvestor.  The Investment LimitedPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for

 

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the years 2001, 2002 and 2003. It is anticipated that final ClosingAgreements will be entered into with the IRS for each of the partnerships inthe next two to three months. At this point, the Investment Partnerships haveincurred substantial legal and accounting costs based upon Mr. Calhoun’s fraud.It is anticipated that some of these costs will continue at least throughcompletion of the Closing Agreements. It is further anticipated that the$1,559,723 will be sufficient to fully protect the investors and providerestitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

Annadale Housing Partners(Annadale Apartments) has historically reported net losses due to operationalissues associated with the property. In 2003, occupancy decreased from theprevious year’s level, averaging 81.92% through December.  Due to the efforts of management, occupancyhas shown improvement in the first quarter of 2004 with March occupancy at86%.  The majority of the vacancies are inthe elderly designated units where the occupancy rate is 66%. This hashistorically been the case as the senior population does not find the locationa desirable one.  There are no amenitiesin the area, and no transportation. Management has tried a variety of marketing approaches and has recentlyreplaced the site staff in an effort to bring up occupancy.  The new staff that has been in place for sixmonths has just started to see improvements. Management has promoted events such as a food drive to bring thecommunity together.  A new advertisementhas been running in the local paper offering the first months rent free at theSenior property.    Expenses decreasedfrom the prior year levels, however remain higher than the state average.  Maintenance costs continue to be high due tothe provisions of the loan agreements which stipulate that the OperatingPartnership must spend a minimum of $55,000 per year on capital improvements,with the funding coming from operations. Capital improvements undertaken in2003 include exterior painting of the buildings, completion of sprinklerinstallation and repairs, and carpet replacement.  Air conditioning expenses increased utility costs as late summersaw several days of triple digit heat.   Despite the decreased occupancy and the high expenses, the Partnershipoperated above breakeven in 2003, primarily due to the accrual of soft debt.Operating statements through

 

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March 2004demonstrate that the Operating Partnership continues to operate abovebreakeven. The Investment General Partner will continue to monitor thisOperating Partnership until occupancy increases and property operationsstabilize.

 

(Series 37). As of March 31, 2004 and 2003 the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 7 properties at March 31, 2004 all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $830,378 and $2,000,990, respectively in passive income taxlosses that were passed through to investors and also provided $.97 and $.91,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 37 was $15,180,208 and $16,153,757, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity 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, 2004 and 2003, the net loss of theseries was $1,213,997 and $1,634,835, respectively. The major components ofthese amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee and amortization of acquisition costs. It is anticipatedthat the net loss will begin to stabilize in future years as the series hasfinished acquiring Operating Partnerships, construction is completed on theOperating Partnerships, operations are beginning to stabilize.

 

Stearns Assisted Housing Associates, L.P.****(Stearns Assisted Housing),is a 20-unit property in Millinocket, ME providing congregate housing toseniors. Historically, this property struggled to operate at breakeven due tolow occupancy, high utility expenses and excessive property taxliabilities.  The property’s rurallocation and stagnant local economy has made it difficult to maintain a strongtenant base. However, through increased marketing efforts and additional rentalsubsidies awarded to the property, occupancy averaged 93% for the first quarterof 2004. Management has changed to a utility provider that offers a moreeconomical per/unit rate. In addition, added focus on expense allocation amongall entities within the Stearns building presents a more precise incomestatement. The admission of Coastal Affordable, a nonprofit Operating GeneralPartner, has allowed the property to benefit from the PILOT program, which willultimately reduce the property’s real estate tax liability.  Also, the property’s soft debt structureoffers opportunity for positive cash flow on a monthly basis. With continuedfocus on occupancy, utility expenses, and a reduction in tax liability, StearnsAssisted should operate at breakeven in 2004.

 

(Series 38). As of March 31, 2004 and 2003, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 10 properties at March 31, 2004, all of which wereat 100% qualified occupancy.

 

For the tax years ended December 31, 2003 and 2002, the series, intotal, generated $1,506,105 and $1,712,857,respectively, in passive income taxlosses that were passed through to investors and also provided $.94 and $.92,respectively, in tax credits per BAC to the investors.

 

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As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 38 was $15,667,255 and $16,658,700, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

For the years ended March 31, 2004 and 2003, the net loss of theseries was $1,287,891 and $1,170,974, respectively.  The major components of these amounts are the Fund’s share ofloss from Operating Partnerships, the fund management fee and amortization ofacquisition costs. It is anticipated that the net loss will begin to stabilizein future years as the Operating Partnerships become fully leased-up andstabilize operations.

 

Series 38 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is Riemer Calhoun, Jr.or an entity which is affiliated with or controlled by Riemer Calhoun (the“Riemer Calhoun Group”).  The OperatingPartnerships are Hammond Place Apartments Partnership and Willowbrook IIApartments Partnership.  The affordablehousing properties owned by the Calhoun Partnerships are located in Louisianaand consist of approximately 80 apartment units in total.  The low income housing tax credit availableannually to Series 38 from the Calhoun Partnerships is approximately $386,388,which is approximately 16% of the total annual tax credit available toinvestors in Series 38.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation withrespect to approximately 40 Operating Partnerships in which Series 38 is not aninvestor.  The Investment LimitedPartner used these certifications in determining the tax credits investorswould receive through their investment in the Calhoun Partnerships.  In effect, it appears that the contractorthat built the apartment properties (an affiliate of Mr. Calhoun’s)overbilled the respective Operating Partnerships, thereby improperly inflatingthe cost certification and the amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated tax credits.  The Investment General Partner has reached aresolution with the IRS whereby the adjustments to tax credits will be madeonly for the tax years 2004 and thereafter in order to avoid amending taxreturns already filed for the years 2001, 2002 and 2003. It is anticipated thatfinal Closing Agreements will be entered into with the IRS for each of thepartnerships in the next two to three months. At this point, the InvestmentPartnerships have incurred substantial legal and accounting costs based uponMr. Calhoun’s fraud. It is anticipated that some of these costs will continueat least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

(Series 39). As ofMarch 31, 2004 and 2003 the average Qualified Occupancy for the series was100%.  The series had a total of 9properties at March 31, 2004, all of which were at 100% qualifiedoccupancy.

 

For the tax year endedDecember 31, 2003 and 2002 the series, in total, generated $1,507,451 and$1,623,752, respectively, in passive income that were passed through toinvestors. The series also provided $.93 and $.84, respectively, in tax creditsper BAC to the investors.

 

As of March 31, 2004and 2003, Investments in Operating Partnerships for Series 39 was $13,521,338and $14,730,373, respectively. The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity methodthe Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

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For the years endedMarch 31, 2004 and 2003 the net loss of the series was $1,400,093 and$1,340,819, respectively. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee,amortization of acquisition costs and interest income.  It is anticipated that the net loss willbegin to stabilize in future years as the Operating Partnerships become fullyleased-up and stabilize operations.

 

Series 39 has invested in2 Operating Partnerships (the “Calhoun Partnerships”) in which the OperatingGeneral Partner is Riemer Calhoun, Jr. or an entity which is affiliatedwith or controlled by Riemer Calhoun (the “Riemer Calhoun Group”).  The Operating Partnerships are Tally-Ho IIPartnership and Timber Trails I Partnership. The affordable housing properties owned by the Calhoun Partnerships arelocated in Louisiana and consist of approximately 58 apartment units intotal.  The low income housing taxcredit available annually to Series 39 from the Calhoun Partnerships isapproximately $126,268, which is approximately 6% of the total annual taxcredit available to investors in Series 39.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation for eachof the Calhoun Partnerships (as well as with respect to approximately 38 otheroperating partnerships in which Series 39 is not an investor). The InvestmentLimited Partner used these certifications in determining the tax creditsinvestors would receive through their investment in the CalhounPartnerships.  In effect, it appearsthat the contractor that built the apartment properties (an affiliate ofMr. Calhoun’s) overbilled the respective Operating Partnerships, therebyimproperly inflating the cost certification and the amount of tax creditgenerated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

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In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years 2004 and thereafter in order to avoidamending tax returns already filed for the years 2001, 2002 and 2003. It isanticipated that final Closing Agreements will be entered into with the IRS foreach of the partnerships in the next two to three months. At this point, theInvestment Partnerships have incurred substantial legal and accounting costsbased upon Mr. Calhoun’s fraud. It is anticipated that some of these costs willcontinue at least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department of Agriculture,in its capacity as first mortgage lender for each of the Calhoun Partnerships,to make sure that all of the mortgage loans are and will continue to be in goodstanding notwithstanding the overstated credit and the criminal prosecutionresulting therefrom.  RHS has alsoindicated that it will consent to the replacement of general partners notedabove.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

(Series 40). As ofMarch 31, 2004 and 2003 the average Qualified Occupancy for the series was100%.  The series had a total of 16properties at March 31, 2004 all of which were at 100% qualified Occupancy.

 

For the tax years ended December 31, 2003 and 2002 the series, intotal, generated $1,617,590 and $1,093,023, respectively in passive income taxlosses that were passed through to investors and also provided $.96 and $.79,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 40 was $17,263,072 and $18,256,397, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity 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, 2004 and 2003 the net loss of theseries was $1,283,501 and $1,121,025, respectively.  The major components of these

 

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amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee and interest income. It is anticipated that the net loss will begin to stabilize in futureyears as the Operating Partnerships become fully leased-up and stabilizeoperations.

 

Series 40 has invested in 3 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The Operating Partnerships are CenterPlace Apartments II LP and Oakland Partnership.  The affordable housing properties owned by the CalhounPartnerships are located in Louisiana or Texas and consist of approximately 126apartment units in total.  The lowincome housing tax credit available annually to Series 40 from the CalhounPartnerships is approximately $255,292, which is approximately 10% of the totalannual tax credit available to investors in Series 40.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation (as wellas with respect to approximately 37 other operating partnerships in whichSeries 40 is not an investor).   TheInvestment Limited Partner used these certifications in determining the taxcredits investors would receive through their investment in the CalhounPartnerships.  In effect, it appearsthat the contractor that built the apartment properties (an affiliate ofMr. Calhoun’s) overbilled the respective Operating Partnerships, therebyimproperly inflating the cost certification and the amount of tax creditgenerated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

On September 25, 2003, judgment in a criminal case was enteredagainst Reimer Calhoun, Jr. and TF Management, Inc.  On Count 1, alleging wire fraud, Reimer Calhoun, Jr. wassentenced to 60 months in the custody of the United States Bureau of Prisons.  On Count 2, Mr. Calhoun received a concurrent60 month sentence.  Mr. Calhoun’s prisonsentence began on October 13, 2003. Mr. Calhoun was further fined $500,000 and ordered to pay restitution of$4,363,683 to various parties.  Theamount of restitution ordered paid to the Investment General Partner was$1,559,723.  This amount includes themonies previously paid by Mr. Calhoun. The additional $277,521 was received inDecember 2003.

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS

 

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whereby the adjustments to tax credits will be made only for the taxyears 2004 and thereafter in order to avoid amending tax returns already filedfor the years 2001, 2002 and 2003. It is anticipated that final ClosingAgreements will be entered into with the IRS for each of the partnerships inthe next two to three months. At this point, the Investment Partnerships haveincurred substantial legal and accounting costs based upon Mr. Calhoun’s fraud.It is anticipated that some of these costs will continue at least throughcompletion of the Closing Agreements. It is further anticipated that the$1,559,723 will be sufficient to fully protect the investors and providerestitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

(Series 41) As ofMarch 31, 2004 and 2003 the average Qualified Occupancy for the series was100% and 97.8%, respectively.  Theseries had a total of 23 properties at March 31, 2004 all of which were at100% qualified occupancy.

 

For the tax year endedDecember 31, 2003 and 2002 the series, in total, generated $1,593,532 and$2,707,332, respectively in passive income that were passed through toinvestors and also provided $1.04 and $.46, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2004and 2003, Investments in Operating Partnerships for Series 41 was $18,522,070and $19,421,142, respectively.  Thedecrease is a result of the way the Fund accounts for such investments, theequity method. By using the equity method the Fund adjusts its investment costfor its share of each Operating Partnership’s results of operations and for anydistributions received or accrued.  Theamount was also affected by the acquisition of 3 additional interests in OperatingPartnerships.

 

For year ended March 31, 2004 and 2003 the net loss of the serieswas $2,189,363 and $1,848,385, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships, the fund

 

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management fee and amortization of acquisition costs.  It is anticipated that the net loss willfluctuate in future years until the Operating Partnerships become fullyleased-up and stabilize operations.

 

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

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation  (as well as with respect to approximately 38other operating partnerships in which Series 41 is not an investor).   The Investment Limited Partner used thesecertifications in determining the tax credits investors would receive throughtheir investment in the Calhoun Partnerships. In effect, it appears that thecontractor that built the apartment properties (an affiliate ofMr. Calhoun’s) overbilled the respective Operating Partnerships, therebyimproperly inflating the cost certification and the amount of tax creditgenerated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax creditswill be made only for the tax years

 

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2004 and thereafter in order to avoid amending tax returns alreadyfiled for the years 2001, 2002 and 2003. It is anticipated that final ClosingAgreements will be entered into with the IRS for each of the partnerships inthe next two to three months. At this point, the Investment Partnerships haveincurred substantial legal and accounting costs based upon Mr. Calhoun’s fraud.It is anticipated that some of these costs will continue at least throughcompletion of the Closing Agreements. It is further anticipated that the$1,559,723 will be sufficient to fully protect the investors and providerestitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates are reviewingtheir business dealings with the Calhoun Partnerships in general to attempt todetermine if any other irregularities have occurred.

 

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its LimitedPartner, BCP/Fox Hollow LLC (Plaintiff) filed a law suit against the formerOperating General Partner and its affiliates for breaches of variousagreements.  The former OperatingGeneral Partner and its affiliates filed a counter lawsuit. A bench trial wasconducted during the period April 6 through May 12, 2004, before theSuperior Court of California - County of San Diego. A Tentative Decision wasfiled by the court on May 18, 2004. In its Tentative Decision the court foundthe former Operating General Partner to have been in material breach and thatthe removal of the Operating General Partner was proper and effective.  The court was not able to complete itscomputation of damages and requested additional information from one of thePlaintiff’s expert witnesses. The requested information is being prepared toassist the court in the determination of the amount of the damage award. SanDiego/Fox Hollow LP (Hollywood Palms Apts.) and its Limited Partner, BCP/FoxHollow LLC are preparing a separate motion to the court for recovery of legalfees in connection with the dispute.

 

(Series 42). As of March 31, 2004 and 2003 the average QualifiedOccupancy for the series was 97.6% and 91.2%, respectively.  The series had a total of 21 properties atMarch 31, 2004. Out of the total, 20 were at 100% qualified occupancy and1 was in initial lease-up.

 

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For the tax years ended December 31, 2003 and 2002 the series, intotal, generated $1,766,304 and $786,767, respectively in passive income taxlosses that were passed through to investors. The series also provided tax credits to the investors of $.81 for 2003and between $.12 and $.20 for 2002, depending on the investors’ date ofadmission.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 42 was $17,580,082 and $19,580,489, 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. The amount was also affected by the acquisition of 5 additionalinterests in Operating Partnerships and the removal of one interest inOperating Partnerships.

 

For the years ended March 31, 2004 and 2003 the net loss of theseries was $1,802,657 and $521,411, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee, amortization of acquisition costs and interest income.  It is anticipated that the net loss willfluctuate in future years until the series finishes acquiring OperatingPartnerships, construction is completed on the Operating Partnerships and theybecome fully leased-up and stabilize operations.

 

Series 42 has invested in 2 Operating Partnerships (the “CalhounPartnerships”) in which the Operating General Partner is RiemerCalhoun, Jr. or an entity which is affiliated with or controlled by RiemerCalhoun (the “Riemer Calhoun Group”). The Operating Partnerships are Natchez Place II Partnership andWingfield Apartments Partnership II. The affordable housing properties owned by the Calhoun Partnerships arelocated in Louisiana and consist of approximately 74 apartment units intotal.  The low income housing taxcredit available annually to Series 42 from the Calhoun Partnerships isapproximately $286,417, which is approximately 13% of the total annual taxcredit available to investors in Series 42.

 

In the summer of 2002, the US Attorney for the Western District ofLouisiana notified the Investment General Partner that the Riemer Calhoun groupwas under investigation by several federal agencies for the allegedmanipulation of property cost certifications. In early 2003, the Investment General Partner learned that theUS Attorney intended to bring criminal charges against certain members ofthe Riemer Calhoun group for falsifying the certified cost basis upon which theLouisiana Housing Finance Agency determined the tax credit calculation  (as well as with respect to approximately 38other operating partnerships in which Series 42 is not an investor).   The Investment Limited Partner used thesecertifications in determining the tax credits investors would receive throughtheir investment in the Calhoun Partnerships. In effect, it appears that the contractor that built the apartmentproperties (an affiliate of Mr. Calhoun’s) overbilled the respectiveOperating Partnerships, thereby improperly inflating the cost certification andthe amount of tax credit generated.

 

In late March, 2003, Reimer Calhoun, Jr. pleaded guilty to charges ofwire fraud and conspiracy to commit equity skimming.  At that time, the Investment General Partner obtained $1,282,202,currently held in escrow, from Reimer Calhoun for the purpose of offsetting anypotential losses to tax credits caused by Mr. Calhoun’s fraud.

 

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

 

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

 

In 2003, the Internal Revenue Service commenced an audit of the Calhounpartnerships in order to finally determine the amount of overstated taxcredits.  The Investment General Partnerhas reached a resolution with the IRS whereby the adjustments to tax credits willbe made only for the tax years 2004 and thereafter in order to avoid amendingtax returns already filed for the years 2001, 2002 and 2003. It is anticipatedthat final Closing Agreements will be entered into with the IRS for each of thepartnerships in the next two to three months. At this point, the InvestmentPartnerships have incurred substantial legal and accounting costs based uponMr. Calhoun’s fraud. It is anticipated that some of these costs will continueat least through completion of the Closing Agreements. It is furtheranticipated that the $1,559,723 will be sufficient to fully protect theinvestors and provide restitution to the Investment Partnerships affected.

 

With respect to each of the Calhoun Partnerships where Riemer Calhounhas been the Operating General Partner or in control of an entity which hasbeen the Operating General Partner, the Investment General Partner and itsaffiliates are in the process of replacing them with another entity which iscontrolled by Murray Calhoun, the son of Riemer Calhoun. Murray Calhoun is theprincipal of Calhoun Property Management, L.L.C., which has provided propertylevel management services for the apartment properties owned by the CalhounPartnerships.  Murray Calhoun alsocooperated fully with the criminal investigation of his father, and theInvestment General Partner and its affiliates have confirmed directly with theUS Attorney that no evidence was found of any wrongdoing on the part of MurrayCalhoun.

 

The Investment General Partner and its affiliates have undertakendiscussions with the Rural Housing Service of the U.S. Department ofAgriculture, in its capacity as first mortgage lender for each of the CalhounPartnerships, to make sure that all of the mortgage loans are and will continueto be in good standing notwithstanding the overstated credit and the criminalprosecution resulting therefrom.  RHShas also indicated that it will consent to the replacement of general partnersnoted above.

 

Finally, the Investment General Partner and its affiliates arereviewing their business dealings with the Calhoun Partnerships in general toattempt to determine if any other irregularities have occurred.

 

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its LimitedPartner, BCP/Fox Hollow LLC (Plaintiff) filed a law suit against the formerOperating General Partner and its affiliates for breaches of variousagreements.  The

 

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former Operating General Partner and its affiliates filed a counterlawsuit. A bench trial was conducted during the period April 6 through May12, 2004, before the Superior Court of California - County of San Diego. ATentative Decision was filed by the court on May 18, 2004. In its TentativeDecision the court found the former Operating General Partner to have been inmaterial breach and that the removal of the Operating General Partner wasproper and effective.  The court was notable to complete its computation of damages and requested additionalinformation from one of the Plaintiff’s expert witnesses. The requestedinformation is being prepared to assist the court in the determination of theamount of the damage award. San Diego/Fox Hollow LP (Hollywood Palms Apts.) andits Limited Partner, BCP/Fox Hollow LLC are preparing a separate motion to thecourt for recovery of legal fees in connection with the dispute.

 

Dorchester Court LimitedDividend Housing Association Limited Partnership (Dorchester Court Apartments)is a 131 unit, multi-building apartment complex located in Port Huron, MI.  Initial lease-up progressed slowly at threeof the buildings, which contain a total of 32 family units, however as ofApril 30, 2004, 31 of the 32 units were occupied.  The fourth building, which consists of 99elderly units, received temporary certificates of occupancy inSeptember and October 2003, and as of April 30, 2004, 39 of the99 units were occupied. Due to slow lease-up of the family units, the OperatingGeneral Partner, with the approval of the Investment General Partner, hired anew property manager, Lockwood Property Management, (“Lockwood”) onNovember 1, 2003.  Lockwood hasextensive experience in the south central Michigan housing market and has aproven track record of successfully operating affordable properties.  The property manager held a grand opening atthe end of January, which attracted several potential residents.  The market was reviewed and the rents on theone and two bedroom senior units were subsequently lowered to $575 and $625,respectively. Currently, the property is offering one month free rent on thesenior units.  Management will continueto attract prospective tenants and improve occupancy by increasingadvertisements, outreach to senior organizations and working closely with thelocal Housing Authority.  Several eventsare planned for the senior community to attract potential residents.  Lease-up completion is anticipated to occurin September 2004.  Becauseconstruction completion occurred 7 months later than projected and lease upcompletion is currently estimated to occur 10 months later than projected, adownward timing adjuster is expected to reduce the amount of Series 42 andSeries 43 required capital contributions by approximately $225,000 each.  As a result, the property now has apermanent mortgage funding gap in the amount of approximately $200,000.  This amount represents monies owed to thegeneral contractor for construction costs. The Operating General Partner is in the process of negotiating asettlement with the general contractor. In the event that a portion or all of the $200,000 gap is required to bepaid to the general contractor, it is likely that Series 42 and Series 43 willloan the amount to the Operating Partnership from the proceeds available fromthe timing adjuster.  The construction andlease up delays will not change the total amount of projected tax credits to bereturned to the investors in Series 42 and Series 43; only the timing of thetax credits to be recognized in 2003 and 2004. The Operating Partnership’s taxes and insurance are current, andpayables of $54,455 were outstanding as of March 31, 2004.  The mortgage was not current as ofMarch 31, 2004, but the Operating General Partner advanced funds to bringthe mortgage current.

 

(Series 43) As of March 31, 2004 and 2003 the average QualifiedOccupancy for the series was 97.2% and 85.3%, respectively. The series had atotal of 21 properties as of March 31, 2004.  Out of the total, 17 were at 100% qualified

 

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occupancy and 2 were in initial lease-up.  The series also had 2 properties under construction atMarch 31, 2004.

 

For the tax years ended December 31, 2003 and 2002 the series, intotal, generated $2,374,710 and $63,946 in passive income tax losses that werepassed through to investors. The series also provided tax credits to theinvestors of $.63 for 2003 and between $.02 and $.07 for 2002, depending on theinvestors’ date of admission.

 

As of March 31, 2004and 2003, Investments in Operating Partnerships for Series 43 was $24,108,220and $18,349,599, respectively.  Theincrease is a result of the Fund acquiring 7 additional interests in OperatingPartnerships. Investments in Operating Partnerships, was also affected by theway the Fund accounts for such investments, the equity method. By using theequity method the Fund adjusts its investment cost for its share of eachOperating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the year endedMarch 31, 2004 and for the period ended March 31, 2003 the net lossof the series was $2,679,274 and $490,370, respectively. The major componentsof these amounts are the Fund’s share of loss from Operating Partnerships, thefund management fee, interest income and amortization of acquisition costs.  It is anticipated that the net loss willfluctuate in future years until the series finishes acquiring OperatingPartnerships, construction is completed on the Operating Partnerships and theybecome fully leased-up and stabilize operations.

 

San Diego/Fox Hollow LP (Hollywood Palms Apts.) and its LimitedPartner, BCP/Fox Hollow LLC (Plaintiff) filed a law suit against the formerOperating General Partner and its affiliates for breaches of variousagreements.  The former OperatingGeneral Partner and its affiliates filed a counter lawsuit. A bench trial wasconducted during the period April 6 through May 12, 2004, before theSuperior Court of California - County of San Diego. A Tentative Decision wasfiled by the court on May 18, 2004. In its Tentative Decision the court foundthe former Operating General Partner to have been in material breach and thatthe removal of the Operating General Partner was proper and effective.  The court was not able to complete its computationof damages and requested additional information from one of the Plaintiff’sexpert witnesses. The requested information is being prepared to assist thecourt in the determination of the amount of the damage award. San Diego/FoxHollow LP (Hollywood Palms Apts.) and its Limited Partner, BCP/Fox Hollow LLCare preparing a separate motion to the court for recovery of legal fees inconnection with the dispute.

 

Dorchester Court Limited Dividend Housing Association Limited Partnership (Dorchester Court Apartments) is a 131 unit, multi-building apartment complex located in Port Huron, MI.  Initial lease-up progressed slowly at three of the buildings, which contain a total of 32 family units, however as of April 30, 2004, 31 of the 32 units were occupied.  The fourth building, which consists of 99 elderly units, received temporary certificates of occupancy in September and October 2003, and as of April 30, 2004, 39 of the 99 units were occupied. Due to slow lease-up of the family units, the Operating General Partner, with the approval of the Investment General Partner, hired a new property manager, Lockwood Property Management, (“Lockwood”) on November 1, 2003.  Lockwood has extensive experience in the south central Michigan housing market and has a proven track record of successfully operating affordable properties.  The property manager held a grand opening at the end of January, which attracted several potential residents.  The

 

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market was reviewed and the rents on the one and two bedroom seniorunits were subsequently lowered to $575 and $625, respectively. Currently, theproperty is offering one month free rent on the senior units.  Management will continue to attractprospective tenants and improve occupancy by increasing advertisements, outreachto senior organizations and working closely with the local HousingAuthority.  Several events are plannedfor the senior community to attract potential residents.  Lease-up completion is anticipated to occurin September 2004.  Becauseconstruction completion occurred 7 months later than projected and lease upcompletion is currently estimated to occur 10 months later than projected, adownward timing adjuster is expected to reduce the amount of Series 42 andSeries 43 required capital contributions by approximately $225,000 each.  As a result, the property now has apermanent mortgage funding gap in the amount of approximately $200,000.  This amount represents monies owed to thegeneral contractor for construction costs. The Operating General Partner is in the process of negotiating asettlement with the general contractor. In the event that a portion or all of the $200,000 gap is required to bepaid to the general contractor, it is likely that Series 42 and Series 43 willloan the amount to the Operating Partnership from the proceeds available fromthe timing adjuster.  The constructionand lease up delays will not change the total amount of projected tax creditsto be returned to the investors in Series 42 and Series 43; only the timing ofthe tax credits to be recognized in 2003 and 2004.  The Operating Partnership’s taxes and insurance are current, andpayables of $54,455 were outstanding as of March 31, 2004.  The mortgage was not current as ofMarch 31, 2004, but the Operating General Partner advanced funds to bringthe mortgage current.

 

(Series 44). As of March 31, 2004 and 2003 the average QualifiedOccupancy for the series was 100% and 34%, respectively.  The series had a total of 8 properties as ofMarch 31, 2004. Out of the total, 6 were at 100% qualified occupancy and 3were under construction.

 

For the tax year ended December 31, 2003 the series, in total,generated $1,471,827 in passive income tax losses that were passed through toinvestors.  The series also provided taxcredits to the investors.  Below is asummary of tax credits per BAC by month of admission.

 
| January  |   | $ | .28 |   |
|----------|--------|---|-----|--------|
| February |   | $ | .26 |   |
| March    |   | $ | .23 |   |
| April    |   | $ | .21 |   |

 

The series had not admitted any investors as of December 31, 2002,therefore, it does not have comparative information to report.

 

As of March 31, 2004 and 2003, Investments in OperatingPartnerships for Series 44 was $14,763,643 and $4,651,676, respectively.  The increase is a result of the Fundacquiring 4 additional interests in Operating Partnerships. Investments inOperating Partnerships, was also be affected by the way the Fund accounts forsuch investments, the equity method.  Byusing the equity method the Fund adjusts its investment cost for its share ofeach Operating Partnership’s results of operations and for any distributionsreceived or accrued.

 

For the year ended March 31, 2004 and for the period endedMarch 31, 2003 the net loss of the series was $1,342,776 and $115,020,respectively. The major

 

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components of theseamounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee, interest income and amortization of acquisition costs.  It is anticipated that the net loss willfluctuate in future years until the series finishes acquiring OperatingPartnerships, construction is completed on the Operating Partnerships and theybecome fully leased-up and stabilize operations.

 

(Series 45) As of March 31, 2004 the average Qualified Occupancyfor the series was 91.9%. The series had a total of 24 properties as ofMarch 31, 2004.  Out of the total,15 were at 100% qualified occupancy and 2 were in initial lease-up.  The series also had 6 properties underconstruction, and one property with multiple buildings, some of which were underconstruction and some of which had just begun initial lease up atMarch 31, 2004.

 

For the tax year ended December 31, 2003 the series, in total,generated $944,714 in passive income tax losses that were passed through toinvestors.  The series also provided taxcredits to the investors.  Below is asummary of tax credits per BAC by month of admission.

 
| July      |   | $ | .11 |   |
|-----------|--------|---|-----|--------|
| August    |   | $ | .09 |   |
| September |   | $ | .07 |   |

 

As of March 31, 2004, Investments in Operating Partnerships for Series 45 was $22,349,618.  The amount is a result of the Fund acquiring 24 interests in Operating Partnerships.  Investments in Operating Partnerships, was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the period ended March 31, 2004 the net loss of the series was $544,382.  The major components of this amount are the Fund’s share of loss from Operating Partnerships, interest income, general and administrative expenses and organization expenses.

 

Since Series 45 did not commence operations until after March 31, 2003, it does not have any comparative information to report.

 

(Series 46) As ofMarch 31, 2004 the average Qualified Occupancy for the series was 90.0%.The series had a total of 6 properties as of March 31, 2004. Out of thetotal, none were at 100% qualified occupancy and 1 was in initial lease-up.  The series also had 5 properties underconstruction at March 31, 2004.

 

For the tax year endedDecember 31, 2003 the series, in total, generated $30,877 in passiveincome tax losses that were passed through to investors.  The series did not generate any tax creditsper BAC to the investors for the calendar year ended December 31, 2003.

 

As of March 31,2004, Investments in Operating Partnerships for Series 46 was $10,331,681.  The amount is a result of the Fund acquiring6 interests in Operating Partnerships. Investments in Operating Partnerships, was also affected by the way theFund accounts for such investments, the equity method. By using the equitymethod the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.

 

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For the period endedMarch 31, 2004 the net loss of the series was $206,301.  The major components of this amount are theFund’s share of loss from Operating Partnerships and organization expenses.

 

Since Series 46 did not commence operations until after March 31, 2003, it does not have any comparative information to report.

 

# Contractual Obligations

 

As of March 31, 2004, the Fund has the following contractualobligations (payments due by period):

 
| **Obligation**                                |   | **Total**  |       | **<1 year** |   | **1-3  years** |   | **3-5  years** |    | **> 5  years** |   |
|-----------------------------------------------|--------|------------|------------|----------------|--------|----------------|--------|----------------|---------|-------------------|--------|
|                                          |   |       |       |           |   |           |   |           |    |              |   |
| Asset Management Fees Payable to  Affiliates* |   | $          | 20,658,615 |           | $      | 20,658,615     |   | $              | —  |              | $      | — |   | $ | — |   |
| Capital Contributions Payable                 |   | 32,845,438 |       | 32,729,067     |   | 116,371        |   | —         |    | —            |   |
| Total                                         |   | $          | 53,504,503 |           | $      | 53,387,682     |   | $              | 116,371 |              | $      | — |   | $ | — |   |

 

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

 

Off Balance Sheet Arrangements

 

None.

 

Principal Critical Accounting Policies and Estimates

 

The financial statements are prepared in accordance with accountingprinciples generally accepted in the United States of America, which requiresthe Fund to make certain estimates and assumptions.  A summary of significant accounting policies is provided in Note1 to the financial statements.  Thefollowing section is a summary of certain aspects of those accountingpolicies that may require subjective or complex judgments and are most importantto the portrayal of Fund’s financial condition and results of operations.  The Fund believes that there is a lowprobability that the use of different estimates or assumptions in making thesejudgments would result in materially different amounts being reported in thefinancial statements.

 

The Fund is required to assess potential impairments to its long-livedassets, which is primarily investments in limited partnerships.  The Fund accounts for its investment inlimited partnerships in accordance with the equity method of accounting sincethe Partnership does not control the operations of the Operating LimitedPartnership.

 

If the book value of the Fund’s investment in an Operating Partnershipexceeds the estimated value derived by management, which generally consists ofthe remaining future Low-Income Housing Credits allocable to the Partnershipand the estimated residual value to the Partnership, the Partnership reducesits investment in any such Operating Limited Fund and includes such reductionin equity in loss of investment of limited partnerships.

 

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Recent Accounting Pronouncements

 

In January 2003, theFinancial Accounting Standards Board (“FASB”) issued Interpretation No. 46 (FIN46), “Consolidation of Variable Interest Entities,” an interpretation of ARBNo. 51, “Consolidated Financial Statements,” which provides new accountingguidance on when a business enterprise must consolidate a variable interestentity, as defined in FIN 46.  In December 2003,the FASB reissued the interpretation to clarify certain requirements andprovide additional implementation guidance. The general partners, after careful review and analysis of FIN 46, havepreliminarily determined that FIN 46 will have no effect on the Fund’s currentaccounting for its investments in operating limited partnerships.

 

In May 2003, the FASBissued SFAS No. 150, “Accounting for Certain Financial Instruments withCharacteristics of both Liabilities and Equity.”  SFAS No. 150 changes the accounting for certain financial instrumentsthat, under previous guidance, could be classified as equity or “mezzanine”equity, by now requiring those instruments to be classified as liabilities (orassets in some circumstances) in the balance sheets.  Further, SFAS No. 150 requires disclosure regarding the terms ofthose instruments and settlement alternatives. The guidance in SFAS No. 150 generally was effective for all financialinstruments entered into or modified after May 31, 2003, and was otherwiseeffective at the beginning of the first interim period beginning afterJune 15, 2003.  The generalpartners have evaluated SFAS No. 150 and determined that it does not have aneffect on the Fund’s financial reporting and disclosures.

 

Item 7A.                                                 Quantitativeand Qualitative Disclosure About Market Risk

 

Not Applicable

 

Item 8.                                                           FinancialStatements and Supplementary Data

 

The information required by this item iscontained in Part IV, Item 15 of this Annual Report on Form 10-K.

 

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

 

None

 

Item 9A.                                                 Controls& Procedures

 

(a)                                  Evaluation ofDisclosure Controls and Procedures As of the end of the period covered by thisreport, the Fund’s General Partner, under the supervision and with theparticipation of the Principal Executive Officer and Principal FinancialOfficer of C&M Management Inc. carried out an evaluation of theeffectiveness of the Fund’s “disclosure controls and procedures” as defined inthe Securities Exchange Act of 1934 Rules 13a-15 and 15d-15. Based on thatevaluation, the Partnership’s Principal Executive Officer and PrincipalFinancial Officer have concluded that as of the end of the period covered bythis report, the Fund’s disclosure controls and procedures were adequate andeffective in timely alerting them to material information relating to the Fundrequired to be included in the Fund’s periodic SEC filings.

 

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(b)                                 Changes in InternalControls

There were no changes in the Fund’s internal control over financialreporting that occurred during the quarter ended March 31, 2004 thatmaterially affected, or are reasonably likely to materially affect, the Fund’sinternal control over financial reporting.

 

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# PART III

 

 

Item 10.                                                     Directorsand Executive Officers of the Registrant

 

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

 

The Partnership has no directors or executives officers of itsown.  The following biographicalinformation is presented for the partners of the General Partners andaffiliates of those partners (including Boston Capital Partners, Inc. (“BostonCapital”)) with principal responsibility for the Partnership’s affairs.

 

**John P. Manning,**age55, is co-founder, and since 1974 has been the President and Chief ExecutiveOfficer of Boston Capital Corporation, where he is primarily responsible forstrategic planning, business development and implementation of corporate growthstrategies. In addition to his responsibilities at Boston Capital Corporation,Mr. Manning is a proactive leader in the industry. He served in 1990 as amember of the Mitchell-Danforth Task Force, which reviewed and suggestedreforms to the Low Income Housing Tax Credit program. He was the foundingPresident of the Affordable Housing Tax Credit Coalition and is a former memberof the board of the National Leased Housing Association. During the 1980s, heserved as a member of the Massachusetts Housing Policy Committee as anappointee of the Governor of Massachusetts. In addition, Mr. Manning hastestified before the U.S. House Ways and Means Committee and the U.S. SenateFinance Committee on the critical role of the private sector in the success ofthe Low Income Housing Tax Credit Program and in the creation of affordablehousing. In 1996, President Clinton appointed him to the President’s AdvisoryCommittee on the Arts at the John F. Kennedy Center for the Performing Arts. In1998, President Clinton appointed Mr. Manning to the President’s Export Councilwhich is the premiere committee comprised of major corporate CEOs that advisethe President on matters of foreign trade and commerce. In 2003, he wasappointed by Boston Mayor Tom Menino to the Mayors Advisory Panel on Housing.Mr. Manning sits on the Board of Directors of the John F. Kennedy PresidentialLibrary in Boston where he serves as Chairman of the Distinguished VisitorsProgram. He also serves as a member of the Advisory Board of the Woodrow WilsonInstitute for International Scholars in Washington D.C and on the Board ofDirectors of the Beth Israel Deaconess Medical Center in Boston. Mr. Manning isa graduate of Boston College.

 

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

 

**Richard J. DeAgazio,**age59, has been the Executive Vice President of Boston Capital Corporation, andPresident of Boston Capital Securities, Inc., Boston Capital’s NASD registeredbroker/dealer since 1981. Mr. DeAgazio formerly served on the national Board ofGovernors of the National Association of Securities Dealers (NASD). He recentlyserved as a member of the National Adjudicatory Council of the NASD. He was theVice Chairman of the NASD’s District 11 Committee, and served as Chairman ofthe NASD’s Statutory Disqualification Subcommittee of the National BusinessConduct Committee. He

 

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also served onthe NASD State Liaison Committee, the Direct Participation Program Committeeand as Chairman of the Nominating Committee. He is a past President of the RealEstate Securities and Syndication Institute and a founder and past President ofthe National Real Estate Investment Association, past President of the RealEstate Securities and Syndication Institute (Massachusetts Chapter). Prior tojoining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President andDirector of the Brokerage Division of Dresdner Securities (USA), Inc., aninternational investment banking firm owned by four major European banks, andwas a Vice President of Burgess & Leith/Advest. He has been a member of theBoston Stock Exchange since 1967. He is on the Board of Directors ofFurnitureFind.com and Cognistar Corporation. He is a leader in the communityand serves on the Board of Trustees for Bunker Hill Community College, theBusiness Leaders Council of the Boston Symphony, Board of Trustees of JuniorAchievement of Northern New England, the Board of Advisors for the Ron BurtonTraining Village and is on the Board of Corporators of Northeastern University.He graduated from Northeastern University.

 

**Jeffrey H. Goldstein,**age42, is Chief Operating Officer and has been the Director of Real Estate ofBoston Capital Corporation since 1996. He directs Boston Capital Corporation’scomprehensive real estate services, which include all aspects of origination,underwriting, due diligence and acquisition. As COO, Mr. Goldstein is responsiblefor the financial and operational areas of Boston Capital Corporation andassists in the design and implementation of business development and strategicplanning objectives. Mr. Goldstein previously served as the Director of theAsset Management division as well as the head of the dispositions and troubledassets group. Utilizing his 16 years experience in the real estate syndicationand development industry, Mr. Goldstein has been instrumental in thediversification and expansion of Boston Capital Corporation’s businesses.  Prior to joining Boston Capital Corporationin 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., where hewas responsible for placing debt on all new construction projects and debtstructure for existing apartment properties. Prior to that, he served asManager for Homeowner Financial Services, a financial consulting firm forresidential and commercial properties, and worked as an analyst responsible forbudgeting and forecasting for the New York City Council Finance Division. Hegraduated from the University of Colorado and received his MBA fromNortheastern University.

 

**Kevin P. Costello,**age58, is Executive Vice President and has been the Director of InstitutionalInvesting for Boston Capital Corporation since 1992. Mr. Costello directsBoston Capital Corporation’s institutional investment business. He has overseenthis segment of Boston Capital Corporation’s investment business whichencompasses investment activities for corporate institutional funding, privateproprietary funds and state CRA funds, since its inception in 1992. Mr.Costello has over 20 years experience in the real estate syndication andinvestment services industry, including previous roles at Boston CapitalCorporation leading the acquisition team and managing the structuring anddistribution of conventional and tax credit private placements. Prior tojoining Boston Capital Corporation in 1987, he held positions with FirstWinthrop, Reynolds Securities and Bache & Company where he focused on realestate syndication. Mr. Costello has also held senior management positions withtwo major medical firms, Abbott Laboratories and Roche Diagnostics. Mr.Costello graduated from Stonehill College and received his MBA with honors fromRutgers’ Graduate School of Business Administration.

 

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**Marc N. Teal,**age40, was promoted to Chief Financial Officer of Boston Capital Corporation inMay 2003. Mr. Teal previously served as Senior Vice President and Director ofAccounting since January 2002 and prior to that served as Vice Presidentof Partnership Accounting. He has been with Boston Capital Corporation since1990. In his current role as CFO he oversees all of the accounting, financialreporting, SEC reporting, budgeting, audit, tax and compliance for BostonCapital, its affiliated entities and all Boston Capital sponsored programs.Additionally, Mr. Teal is responsible for maintaining all banking and borrowingrelationships of Boston Capital Corporation and management of all workingcapital reserves.  He also overseesBoston Capital’s information and technology areas, including the strategicplanning. Prior to joining Boston Capital in 1990, Mr. Teal was a SeniorAccountant for Cabot, Cabot & Forbes, a multifaceted real estate company,and prior to that was a Senior Accountant for Liberty Real Estate Corp. Hereceived a Bachelor of Science Accountancy from Bentley College and a Mastersin Finance from Suffolk University

(f)                                                                                  Involvementin certain legal proceedings.

 

None.

 

(g)                                                                               Promotersand control persons.

 

None.

 

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

 

The General Partner of the Partnership,Boston Capital Associates LP, has adopted a Code of Ethics which applies to thePrincipal Executive Officer and Principal Financial Officer of C&MManagement, Inc.  The Code of Ethicswill 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.

 

Item 11.                                                     ExecutiveCompensation

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

 

 

The Fund has no officers or directors. 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 2004 fiscal year:

 

1.  An annual fund managementfee based on .5 percent of the aggregate cost of all Apartment Complexesacquired by the Operating Partnerships, less the amount of reporting feesreceived, has been accrued or paid to Boston Capital Asset Management LimitedPartnership. The annual fund management fees charged to operations for the yearended March 31, 2004 was $5,942,231.

 

2.  The Fund has reimbursed oraccrued as a payable to an affiliate of the General Partner a total of $533,402for amounts charged to operations during the year ended March 31,2004.  The reimbursement includes, butmay not be limited to postage, printing, travel, and overhead allocations.

 

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3.  The Fund has reimbursedaffiliates of the General Partner a total of $205,859 for amounts charged tosyndication during the year ended March 31, 2004.  The reimbursement includes, but may not belimited to postage, printing, travel, and overhead allocations.

 

4.  The General Partner has theright to charge acquisition fees and expenses in connection with the purchaseof Operating Partnership interests. During the 2004 fiscal year, the Fund accrued or paid $4,621,663 ofacquisition fees and expenses to the General Partner or its affiliates.

 

5.  Dealer Manager fees of$1,028,985 were accrued or paid to Boston Capital Services, Inc. during the2004 fiscal year in respect to the sale of units.

Item 12.                                                     SecurityOwnership of Certain Beneficial Owners and Management

 

(a)                                  Securityownership of certain beneficial owners.

 

As of March 31, 2004, 83,651,080 BACshad been issued.  The following Seriesare know to have one investor with holdings in excess of 5% of the totaloutstanding BACs in the series.

 
| Series 20 |   | 6.18 | % |
|-----------|--------|------|---|
| Series 22 |   | 6.99 | % |
| Series 23 |   | 6.08 | % |
| Series 24 |   | 5.93 | % |
| Series 26 |   | 6.09 | % |
| Series 27 |   | 5.90 | % |

 

(b)                                 Securityownership of management.

 

The General Partner has a 1% interest in allProfits, Losses, Credits and distributions of the Fund.  The Fund’s response to Item 12(a) isincorporated herein by reference.

 

(c)                                  Changesin control.

 

There exists no arrangement known to the Fundthe operation of which may at a subsequent date result in a change in controlof the Fund.  There is a provision inthe Limited Partnership Agreement which allows, under certain circumstances,the ability to change control.

 

The Fund has no compensation plans underwhich interests in the Fund are authorized for issuance.

 

120

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Item 13.                                                       CertainRelationships and Related Transactions

 

(a)                                  Transactionswith management and others.

 

The Fund has no officers or directors.  However, under the terms of the publicoffering, various kinds of compensation and fees are payable to the GeneralPartner and its Affiliates during the organization and operation of the Fund.Additionally, the General Partner will receive distributions from thepartnership if there is cash available for distribution or residual proceeds asdefined in the Fund Agreement.  The amountsand kinds of compensation and fees are described on page 43 of the Prospectus,as supplemented, under the caption “Compensation and Fees”, which isincorporated herein by reference.  SeeNote B of Notes to Financial Statements in Item 15 of this Annual Report onForm 10-K for amounts accrued or paid to the General Partner and its affiliatesfor the period April 1, 1995 through March 31, 2004.

 

(b)                                 Certainbusiness relationships.

 

The Fund response to Item 13(a) isincorporated herein by reference.

 

(c)                                  Indebtednessof management.

 

None.

 

(d)                                 Transactionswith promoters.

Not applicable.

 

121

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Item 14.                                                       PrincipalAccountant Fees and Services

 

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

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

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

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

 

122

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

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

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

 

 

123

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Fees paid to the Fund’s independent auditors for Fiscal year 2003 were comprised of the following

 
| **Fee Type**       |   | **Ser. 20** |   | **Ser. 21** |   | **Ser. 22** |   | **Ser. 23** |   | **Ser. 24** |   |
|--------------------|--------|-------------|--------|-------------|--------|-------------|--------|-------------|--------|-------------|--------|
| Audit Fees         |   | $           | 15,770 |        | $      | 10,842      |   | $           | 16,185 |        | $      | 15,770 |   | $ | 15,770 |   |
|               |   |        |   |        |   |        |   |        |   |        |   |
| Audit Related Fees |   | 113         |   | 113         |   | 113         |   | 113         |   | 113         |   |
|               |   |        |   |        |   |        |   |        |   |        |   |
| Tax Fees           |   | 5,660       |   | 4,010       |   | 6,485       |   | 5,330       |   | 5,660       |   |
|               |   |        |   |        |   |        |   |        |   |        |   |
| All Other Fees     |   | —      |   | —      |   | —      |   | —      |   | —      |   |
|               |   |        |   |        |   |        |   |        |   |        |   |
| Total              |   | $           | 21,543 |        | $      | 14,965      |   | $           | 22,783 |        | $      | 21,213 |   | $ | 21,543 |   |

 
| **Fee Type**       |   | **Ser. 25** | ** ** | **Ser. 26** | ** ** | **Ser. 27** | ** ** | **Ser. 28** | ** ** | **Ser. 29** | ** ** |
|--------------------|--------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees         |   | $           | 15,770     |        | $          | 23,058      |       | $           | 12,813     |        | $          | 16,756 |   | $ | 15,770 |   |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Audit Related Fees |   | 113         |       | 113         |       | 113         |       | 113         |       | 113         |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Tax Fees           |   | 5,330       |       | 9,125       |       | 4,340       |       | 5,990       |       | 5,330       |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| All Other Fees     |   | —      |       | —      |       | —      |       | —      |       | —      |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Total              |   | $           | 21,213     |        | $          | 32,296      |       | $           | 17,266     |        | $          | 22,859 |   | $ | 21,213 |   |

 
| **Fee Type**       |   | **Ser. 30** | ** ** | **Ser. 31** | ** ** | **Ser. 32** | ** ** | **Ser. 33** | ** ** | **Ser. 34** | ** ** |
|--------------------|--------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees         |   | $           | 13,800     |        | $          | 16,800      |       | $           | 16,800     |        | $          | 7,000 |   | $ | 12,813 |   |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Audit Related Fees |   | 113         |       | 113         |       | 113         |       | 113         |       | 113         |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Tax Fees           |   | 5,000       |       | 6,155       |       | 5,330       |       | 3,350       |       | 4,010       |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| All Other Fees     |   | —      |       | —      |       | —      |       | —      |       | —      |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Total              |   | $           | 18,913     |        | $          | 23,068      |       | $           | 22,243     |        | $          | 10,463 |   | $ | 16,936 |   |

 

124

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| **Fee Type**       |   | **Ser. 35** | ** ** | **Ser. 36** | ** ** | **Ser. 37** | ** ** | **Ser. 38** | ** ** | **Ser. 39** | ** ** |
|--------------------|--------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees         |   | $           | 4,928      |        | $          | 6,900       |       | $           | 7,263      |        | $          | 8,300 |   | $ | 10,375 |   |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Audit Related Fees |   | 113         |       | 113         |       | 113         |       | 113         |       | 113         |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Tax Fees           |   | 3,515       |       | 3,515       |       | 2,855       |       | 3,350       |       | 3,185       |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| All Other Fees     |   | —      |       | —      |       | —      |       | —      |       | —      |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Total              |   | $           | 8,556      |        | $          | 10,528      |       | $           | 10,231     |        | $          | 11,763 |   | $ | 13,673 |   |

 
| **Fee Type**       |   | **Ser. 40** | ** ** | **Ser. 41** | ** ** | **Ser. 42** | ** ** | **Ser. 43** | ** ** | **Ser. 44** | ** ** |
|--------------------|--------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|-------------|------------|
| Audit Fees         |   | $           | 13,000     |        | $          | 13,000      |       | $           | 13,000     |        | $          | 15,000 |   | $ | 7,000 |   |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Audit Related Fees |   | 113         |       | 113         |       | 113         |       | 113         |       | —      |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Tax Fees           |   | 4,010       |       | 5,085       |       | 5,140       |       | 4,925       |       | —      |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| All Other Fees     |   | —      |       | —      |       | —      |       | —      |       | —      |       |
|               |   |        |       |        |       |        |       |        |       |        |       |
| Total              |   | $           | 17,123     |        | $          | 18,198      |       | $           | 18,253     |        | $          | 20,038 |   | $ | 7,000 |   |

 
| **Fee Type**       |   | **Ser. 45** | ** ** | **Ser. 46** | ** ** |   | ** ** |   | ** ** |   | ** ** |
|--------------------|--------|-------------|------------|-------------|------------|--------|------------|--------|------------|--------|------------|
| Audit Fees         |   | N/A         |       | N/A         |       |   |       |   |       |   |       |
|               |   |        |       |        |       |   |       |   |       |   |       |
| Audit Related Fees |   | N/A         |       | N/A         |       |   |       |   |       |   |       |
|               |   |        |       |        |       |   |       |   |       |   |       |
| Tax Fees           |   | N/A         |       | N/A         |       |   |       |   |       |   |       |
|               |   |        |       |        |       |   |       |   |       |   |       |
| All Other Fees     |   | N/A         |       | N/A         |       |   |       |   |       |   |       |
|               |   |        |       |        |       |   |       |   |       |   |       |
| Total              |   | N/A         |       | N/A         |       |   |       |   |       |   |       |

 

Audit Committee

The Fund has no Audit Committee.  All audit services and any permittednon-audit services performed by the Fund’s independent auditors arepre-approved by C&M Management, Inc.

 

125

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# PART IV

 

Item 15.                                                       Exhibits,Financial Statement Schedules, and Reports on Form 8-K

 

(a) 1 & 2                                                   FinancialStatements and Financial Statement Schedules; Filed herein as Exhibit 13

 

Boston Capital Tax Credit IV L.P.; filedherein as exhibit 13

 

Report of Independent Registered PublicAccounting Firm

 

Balance Sheets, March 31, 2004 and 2003

 

Statements of Operations for the years orperiods ended March 31, 2004, 2003 and 2002

 

Statements of Changes in Partners’ Capitalfor the years or periods ended March 31, 2004, 2003 and 2002

 

Statements of Cash Flows for the years orperiods ended March 31, 2004, 2003, and 2002

 

Notes to Financial Statements, March 31,2004, 2003 and 2002

 

Schedule III - Real Estate and Accumulated Depreciation Notes toSchedule III

 

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

 

126

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(b) 1                                               Reportson Form 8-K

 

On December 30, 2003, the registrantfiled a report on 8-K dated October 21, 2002 reporting under Items 5 and 7the registrant’s investment in Rural Housing of Mendota Limited Partnership

 

On January 23, 2004, the registrantfiled a report on 8-K dated June 3, 2003 reporting under Items 5 and 7 theregistrant’s investment in Springfield Metro

 

On January 23, 2004, the registrantfiled a report on 8-K dated June 30, 2003 reporting under Items 5 and 7the registrant’s investment in Meadowside Associates

 

On January 23, 2004, the registrantfiled separate reports on 8-K each dated October 21, 2002 and eachreporting under Items 5 and 7 the registrant’s investment in one of thefollowing:

 

Rural Housing of Mt. Carroll LimitedPartnership

Los Lunas Apartments Limited Partnership

Edna Vanderbilt

Hawthorne Associates LP

Franklin Grove Limited Partnership

Rural Housing of Fulton Limited Partnership

Heritage Two, LP

Parkhurst Place

 

On January 23, 2004, the registrantfiled separate reports on 8-K each dated October 21, 2002 and eachreporting under Items 5 and 7 the registrant’s investment in one of thefollowing:

 

Hattiesburg Housing LP

1374 Boston Road Limited Partnership

200 East Avenue Associates LP

Casa Rosa Apartments

Lake Apartments II Limited Partnership

Northrock Housing Associates

AHAB Project One, LP

Randolph Village Associates LimitedPartnership

Senior Suites Chicago Austin LimitedPartnership

Clubview Partners Limited Partnership

Edgewood Apartments Partnership

Harbor Pointe/MHT LDHA

Lombard Partners LP

Millwood Park LP

Hillside Terrace Associate LP

San Angelo Bent Tree Apartments LP

Montfort Housing Limited Partnership

Summerdale Partners LP II

Seagraves Apartments LP

FFLM Associates LLC

COGIC Village LDHA Limited Partnership

FFLM Associates LLC

 

127

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Pyramid Four Limited Partnership

East Ave Associates LP

Parkside Plaza LP

Granada Rose Limited Partnership

Northrock Housing Associates LimitedPartnership

Southaven Partners I LP

Howard Park Ltd

Washington Courtyards, Limited Partnership

Highway Partner’s 18 Limited Partner

Wedgewood Park Limited Partnership

Washington Courtyards Limited Partnership

Annadale Housing Partners

Ashton Ridge LDHA Limited Partnership

FAH Silver Pond Limited Partnership

Ashton Ridge LDHA Limited Partnership

Aldine Westfield Apartments LP

Arbors @ Eagle Crest LDHA Limited Partnership

KC Shalom Housing Limited Partnership

Breeze Cove Limited Partnership

DS Housing LP

CC Housing LP

TS Housing LP

Carpenter School I Elderly Apartments LP

Lyceum Housing Limited Partnership

New Shinnston I Limited Partnership

 

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

 

Exhibit No. 3 - Organization Documents.

 

a.                                       Certificate ofLimited Partnership of Boston Capital Tax Credit Fund IV L.P.  (Incorporated by reference from Exhibit 3 tothe Fund’s Registration Statement No. 33-70564 on Form S-11 as filed with theSecurities and Exchange Commission on October 19, 1993.

 

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

 

a.                                       Agreement ofLimited Partnership of Boston Capital Tax Credit Fund IV L.P.  (Incorporated by reference from Exhibit 4 tothe Fund’s Registration Statement No. 33-70564 on Form S-11 as filed with theSecurities and Exchange Commission on October 19, 1993.

 

Exhibit No. 10 - Material contracts.

 

a.                                       BeneficialAssignee Certificate.  (Incorporated byreference from Exhibit 10A to the Fund’s Registration Statement No. 33-70564 onForm S-11 as filed with the Securities and Exchange Commission onOctober 19, 1993

 

Exhibit No. 13 - Financial Statements.

 

a.                                       AuditedFinancial Statement of Boston Capital Tax Credit Fund IV L.P.; Filed herein.

 

128

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Exhibit No. 28 - Additional exhibits.

 

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

 

b.                                      Agreement ofLimited Partnership of Cynthiana Properties Limited (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on February 1, 1995).

 

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

 

d.                                      Agreement ofLimited Partnership of Brook Summitt Apartments, LP (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on February 29, 1996).

 

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

 

f.                                         Agreement ofLimited Partnership of Smith House II Limited  Partnership (Incorporated by reference from Registrant’s current reporton Form 8-K as filed with the Securities and Exchange Commission on December 16,1997).

 

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

 

h.                                      Agreement ofLimited Partnership of M.R.H.,L.P. (Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon February 14, 1997).

 

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

 

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

 

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

 

129

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

 

m.                                    Agreement ofLimited Partnership of Mokapoke Limited Partnership (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 25, 1997).

 

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

 

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

 

p.                                      Agreement ofLimited Partnership of Coolidge-Pinal II Associates (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

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

 

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

 

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

 

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

 

u.                                      Agreement ofLimited Partnership of Los Lunas Limited Partnership(Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

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

 

130

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

 

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

 

y.                                      Agreement ofLimited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant’scurrent report on Form 8-K as filed with the Securities and Exchange Commissionon March 26, 1997).

 

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

 

aa.                                 Agreement of LimitedPartnership of Pahrump Valley Investors (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities and ExchangeCommission on March 26, 1997).

 

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

 

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

 

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

 

ae.                                 Agreement of LimitedPartnership of West Point Housing, L.P.(Incorporated by reference from Registrant’s current report on Form8-K as filed with the Securities and Exchange Commission on March 26,1997).

 

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

 

ag.                                Agreement of LimitedPartnership of Laurelwood Park Limited Partnership (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 27, 1997).

 

131

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

 

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

 

aj.                                    Agreement ofLimited Partnership of Elm Street Associates, L.P. (incorporated by referencefrom Registrants current report on form 8-k as filed with the Securities andExchange Commission on April 7, 1997.)

 

ak.                                 Agreement of LimitedPartnership of Brookhaven Apartments Partnership (incorporated by referencefrom Registrants current report on form 8-k as filed with the Securities andExchange Commission on May 21, 1997.)

 

al.                                    Agreement ofLimited Partnership of Maple Limited Partnership  (incorporated by reference from Registrants current report onform 8-k as filed with the Securities and Exchange Commission on July 16,1997.)

 

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

 

an.                                Agreement of LimitedPartnership of Harbor Limited Partnership (incorporated by reference fromregistrants current report on form  8-kas filed with the Securities and Exchange Commission on July 22, 1997.)

 

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

 

ap.                                Agreement of LimitedPartnership of Butler Street/Hanover Towers Limited Partnership (incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on July 22, 1997.)

 

aq.                                Agreement of LimitedPartnership of Bradley Phase I Limited Partnership (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on July 22, 1997.)

 

ar.                                   Agreement of LimitedPartnership of 1374 Boston Road Limited Partnership (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on August 5, 1997.)

 

132

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as.                                 Agreement of LimitedPartnership of Centenary Housing Limited Partnership (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on August 5, 1997.)

 

at.                                   Agreement of LimitedPartnership of Lake Apartments II Limited Partnership (incorporated by reference from registrants current  report on form 8-k as filed with theSecurities and Exchange  Commission onAugust 5, 1997.)

 

au.                                Agreement of LimitedPartnership of AHAB Project One, LP  (incorporatedby reference from registrants current report on form  8-k as filed with the Securities and Exchange Commission onAugust  8, 1997.)

 

av.                                Agreement of LimitedPartnership of Grandview Limited Partnership (incorporated by reference fromregistrants current report on form  8-kas filed with the Securities and Exchange Commission on April  23, 1998.)

 

aw.                              Agreement of LimitedPartnership of Angelou Associates, L.P. (incorporated by reference fromregistrants current report on form  8-kas filed with the Securities and Exchange Commission on April  23, 1998.)

 

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

 

ay.                                Agreement of LimitedPartnership of Sumner House Limited Partnership (incorporated by reference fromregistrants current report on form  8-kas filed with the Securities and Exchange Commission on April  27, 1998.)

 

az.                                  Agreement of LimitedPartnership of Magnolia Place Apartments Partnerships (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 30, 1998.)

 

ba.                                Agreement of LimitedPartnership of Edgewood Apartments Partnership (incorporated by reference fromregistrants current report on form  8-kas filed with the Securities and Exchange Commission on April  30, 1998.)

 

bb.                               Agreement of LimitedPartnership of Harrisonville Heights L.P. (incorporated by reference from registrants current report on form  8-k as filed with the Securities andExchange Commission on April  30, 1998.)

 

bc.                                Agreement of LimitedPartnership of Neighborhood Restorations Limited Partnership VII incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 30, 1998.)

 

133

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bd.                               Agreement of LimitedPartnership of Escher SRO Project, L.P. (incorporated by reference from registrants current report on form  8-k as filed with the Securities andExchange Commission on May  1, 1998.)

 

be.                                Agreement of LimitedPartnership of Silver Creek/MHT Limited Partnership (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on June 30, 1999.)

 

bf.                                  Agreement of LimitedPartnership of Meridian Housing Limited Partnership (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on June 30, 1999.) 

 

bg.                               Agreement of LimitedPartnership of Southaven Partners I, L.P. (incorporated by reference from registrants current report on form 8-kas filed with the Securities and Exchange on July 27, 1999.)

 

bh.                               Agreement of LimitedPartnership of Athens Partners, L.P. (incorporated by reference from registrants current report on form  8-k as filed with the Securities andExchange Commission on July  27, 1999.)

 

bi.                                   Agreement of LimitedPartnership of Pearl Partners, L.P. (incorporated by reference from registrantscurrent report on form  8-k as filedwith the Securities and Exchange Commission on November  30, 1999.)

 

bj.                                   Agreement of LimitedPartnership of Harbor Pointe/MHT Limited Dividend Housing Association LimitedPartnership (incorporated by reference from registrants current report on form8-k as filed with the Securities and Exchange Commission on December 28,1999.)

 

bk.                                Agreement of LimitedPartnership of Level Creek Partners, L.P. (incorporated by reference from registrants current report on form 8-kas filed with the Securities and Exchange Commission on December 29,1999.)

 

bm.                             Agreement of LimitedPartnership of Lake City Limited Partnership (incorporated by reference from registrants current report on form  8-k as filed with the Securities andExchange Commission on February  3, 2000.)

 

bn.                               Agreement of LimitedPartnership of Pine Ridge Apartments  Partnership (incorporated by reference from registrants current reporton form 8-k as filed with the Securities and Exchange on on February 9,2000.)

 

bo.                               Agreement of LimitedPartnership of Pecan Manor Apartments Partnership (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on February 10, 2000.)

 

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bp.                               Agreement of LimitedPartnership of Pyramid Four Limited Partnership (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on February 16, 2000.)

 

bq.                               Agreement of LimitedPartnership of Lombard Partners, L.P. (incorporated by reference from registrants current report on form  8-k as filed with the Securities andExchange Commission on January  26, 2000.)

 

br.                                  Agreement of LimitedPartnership of Belmont Affordable Housing II LP (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on September 29, 2000.)

 

bs.                                Agreement of LimitedPartnership of Jackson Bond LP (incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon September 29, 2000.)

 

bt.                                  Agreement of LimitedPartnership of Fort Bend NHC, L.P. (incorporated by reference from registrants current report on form  8-k as filed with the Securities andExchange Commission on September 29, 2000.)

 

bu.                               Agreement of LimitedPartnership of Breezewood II, L.P. (incorporated by reference from registrants current report on form  8-k as filed with the Securities andExchange Commission on October 30, 2002.)

 

bv.                               Agreement of LimitedPartnership of Wingfield Apartments II L.P. (incorporated by reference fromregistrants current report on form  8-kas filed with the Securities and Exchange Commission on November 12,2002.)

 

bw.                             Agreement of LimitedPartnership of Natchez Place Apartments L.P. (incorporated by reference fromregistrants current report on form  8-kas filed with the Securities and Exchange Commission on November 13,2002.)

 

by.                               Agreement of LimitedPartnership of Rural Housing Partners of Mendota LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on December 30, 2002.)

 

bz.                                 Agreement of LimitedPartnership of Springfield Metro (incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon January 21, 2003.)

 

ca.                                 Agreement of LimitedPartnership of Rural Housing Partners of Mt. Carroll LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on January 21, 2003.)

 

cb.                                Agreement of LimitedPartnership of Meadowside Associates incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon January 21, 2003.)

 

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cc.                                 Agreement of LimitedPartnership of Los Lunas Apts. LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon January 21, 2003.)

 

cd.                                Agreement of LimitedPartnership of Edna Vanderbilt incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon January 21, 2003.)

 

ce.                                 Agreement of LimitedPartnership of Hawthorne Assoc. LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon January 21, 2003.)

 

cf.                                   Agreement of LimitedPartnership of Rural Housing Partners of Franklin Grove LP incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on January 21, 2003.)

 

cg.                                Agreement of LimitedPartnership of Rural Housing Partners of Fulton LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on January 21, 2003.)

 

ch.                                Agreement of LimitedPartnership of Heritage Two LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon January 21, 2003.)

 

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

 

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

 

ck.                                 Agreement of LimitedPartnership of 1374 Boston Road LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

cl.                                    Agreement ofLimited Partnership of 200 East Avenue Associates LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cm.                              Agreement of LimitedPartnership of Casa Rosa Apartments incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

cn.                                Agreement of LimitedPartnership of Lake Apartments II LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

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co.                                Agreement of LimitedPartnership of Northrock Housing Associates LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cp.                                Agreement of LimitedPartnership of AHAB Project One LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

cq.                                Agreement of LimitedPartnership of Randolph Village Associates LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cr.                                   Agreement of LimitedPartnership of Sr. Suites Chicago Austin LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cs.                                 Agreement of LimitedPartnership of Clubview Partners LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

ct.                                   Agreement of LimitedPartnership of Edgewood Apartments Partnership incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cu.                                Agreement of LimitedPartnership of Harbor Pointe/MHT LDHA LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cv.                                Agreement of LimitedPartnership of Lombard Partners LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

cw.                              Agreement of LimitedPartnership of Millwood Park LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

cx.                                  Agreement of LimitedPartnership of Hillside Terrace Associates LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cy.                                Agreement of LimitedPartnership of San Angelo Bent Tree Apts. LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

cz.                                  Agreement of LimitedPartnership of Montfort Housing LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

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da.                                Agreement of LimitedPartnership of Summerdale Partners LP II incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

db.                               Agreement of LimitedPartnership of Seagraves Apartments LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

de.                                Agreement of LimitedPartnership of FFLM Associates LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

df.                                  Agreement of LimitedPartnership of COGIC Village LDHA LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dg.                               Agreement of Limited Partnershipof FFLM Associates LP incorporated by reference from registrants current reporton form 8-k as filed with the Securities and Exchange Commission onMarch 31, 2003.)

 

dh.                               Agreement of LimitedPartnership of FFLM Associates LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

di.                                   Agreement of LimitedPartnership of Pyramid Four Limited Partnership incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dj.                                   Agreement of LimitedPartnership of 200 East Avenue Associates LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities and ExchangeCommission on March 31, 2003.)

 

dk.                                Agreement of LimitedPartnership of Parkside Plaza LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dl.                                   Agreement of LimitedPartnership of Granada Rose LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dm.                             Agreement of LimitedPartnership of Northrock Housing Assoc. LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dn.                               Agreement of LimitedPartnership of Southaven Partners I LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

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do.                               Agreement of LimitedPartnership of Howard Park Ltd incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dp.                               Agreement of LimitedPartnership of Washington Courtyards LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

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

 

dr.                                  Agreement of LimitedPartnership of Wedgewood Park LP incorporated by reference from registrantscurrent report on form 8-k as filed filed with the Securities and ExchangeCommission on March 31, 2003.)

 

ds.                                Agreement of LimitedPartnership of Washington Courtyards LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dt.                                  Agreement of LimitedPartnership of Annadale Housing Partners incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

du.                               Agreement of LimitedPartnership of Ashton Ridge LDHA LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dv.                               Agreement of LimitedPartnership of FAH Silver Pond LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dw.                             Agreement of LimitedPartnership of Ashton Ridge LDHA LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

dx.                                 Agreement of LimitedPartnership of Aldine Westfield Apts., LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dy.                               Agreement of LimitedPartnership of Arbors at Eagle Crest LDHA LP incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

dz.                                 Agreement of LimitedPartnership of KC Shalom Housing LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

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ea.                                 Agreement of LimitedPartnership of Breeze Cove Limited Partnership incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

eb.                                Agreement of LimitedPartnership of DS Housing LP incorporated by reference from registrants currentreport on form 8-k as filed with the Securities and Exchange Commission onMarch 31, 2003.)

 

ec.                                 Agreement of LimitedPartnership of CC Housing LP incorporated by reference from registrants currentreport on form 8-k as filed with the Securities and Exchange Commission onMarch 31, 2003.)

 

ed.                                Agreement of Limited Partnershipof TS Housing LP incorporated by reference from registrants current report onform 8-k as filed with the Securities and Exchange Commission on March 31,2003.)

 

ef.                                   Agreement of LimitedPartnership of Carpenter School I Elderly Apts. LP incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on March 31, 2003.)

 

eg.                                Agreement of LimitedPartnership of Lyceum Housing LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

eh.                                Agreement of LimitedPartnership of New Shinnston I LP incorporated by reference from registrantscurrent report on form 8-k as filed with the Securities and Exchange Commissionon March 31, 2003.)

 

 

Exhibit No. 31 Certification 302

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

 

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

 

Exhibit No. 32 Certification 906

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

 

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

 

Exhibit No. 99.1 - Independent Auditor’sReports for Operating Partnerships, filed herein

 

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# SIGNATURES

 

Pursuant to the requirements of Section 13 of the SecuritiesExchange Act of 1934, the Fund has duly caused this Report to be signed on itsbehalf 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, 2004 | By:                                     | /s/ John P. Manning |   |   |
|                                 |                                    | John P. Manning |   |
|                                      |                                         |  |  |  |

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934,this report has been signed below by the following persons on behalf of theFund and in the capacities and on the dates indicated:

 
| **DATE:**          |   | **SIGNATURE:**      |   | **TITLE:**           |
|--------------------|--------|---------------------|--------|----------------------|
|               |   |                |   |                 |
| July 14, 2004 |   | /s/ John P. Manning |   |                 | Director, President |
|               |   | John P. Manning     |   | (Principal Executive |
|               |   |                |   | Officer), C&M    |
|               |   |                |   | Management, Inc.;    |
|               |   |                |   | Director, President  |
|               |   |                |   | (Principal Executive |
|               |   |                |   | Officer) BCTC IV     |
|               |   |                |   | Assignor Corp.       |
|               |   |                |   |                 |
| July 14, 2004 |   | /s/ Marc N. Teal    |   |                 | Sr. Vice President,  Chief Fiancial 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        |   |
|               |   |                |   |
|               |   |                |   |
|               |   |                |   |
|               |   |                |   |
|                    |        |                     |        |                      |  |  |

 

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