**SECURITIESAND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**FORM 10-K**

 

**ý****        ANNUALREPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934**

** **

**For the fiscal year ended March 31, 2002 or**

 

**o****        TRANSITIONREPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934**

 

**For thetransition period from           to          **

** **

**Commissionfile number          0-26200**

 

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

(Exact name of registrantas 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                                                 |

 

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

 

**BeneficialAssignee Certificates**

 

(Title of Class)

 

Indicate by check mark whether the Fund (1) has filed all reportsrequired to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding twelve months (or for such shorter period that theFund was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days.                              YES         ý            NO          o

 

 

Indicate by check mark if disclosure of delinquent filers pursuant toItem 405 or Regulation S-K ( 229.405 of this chapter) is not contained  herein, and will not be contained, to thebest of registrant’s knowledge, in definitive proxy or information statementsincorporated by reference in Part III of this Form 10-K or any amendment tothis Form 10-K.            ý

 

 

 

----

 

DOCUMENTS INCORPORATED BYREFERENCE

 

The following documents of the Fund are incorporated by reference:

 

| **Form 10-K Parts** |   | **Document**                       |   |
|---------------------|--------|------------------------------------|--------|
|                |   |                               |   |
| Parts I, III        |   | January 3, 1994 Prospectus,        |   |
| as supplemented     |   |                               |   |
|                |   |                               |   |
| 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 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 |   |

 

----

 

BOSTON CAPITAL TAX CREDITFUND IV L.P.

Form 10-K ANNUAL REPORTFOR THE YEAR ENDED MARCH 31, 2002

 

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 |
| Item 6.   | Selected Financial Data |
| Item  7.  | Management’s  Discussion and Analysis of Financial Condition and Results of Operations |
| Item  8.  | Financial  Statements and Supplementary Data |
| Item  9.  | Changes  in and Disagreements with Accountants on Accounting and Financial Disclosure |
|      |   |
| 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 |
|      |   |
| PART IV   |
|      |   |
| Item  14. | Exhibits,  Financial Statement Schedules, and Reports on Form 8-K |
|      |   |
|      | Signatures |

 

----

 

PART I

 

Item 1.                Business

 

Organization

 

Boston Capital Tax Credit Fund IV L.P. (the “Fund”) is a limitedpartnership formed under the Delaware Revised Uniform Limited Partnership Actas of October 5, 1993.  Effective as ofJune 1, 2001 there was a restructuring, and as a result, the Fund’s generalpartner was reorganized as follows.  TheGeneral Partner of the Fund continues to be Boston Capital Associates IV L.P.,a Delaware limited partnership.  Thegeneral partner of the General Partner is now BCA Associates LimitedPartnership, a Massachusetts limited partnership, whose sole general partner isC&M Management, Inc., a Massachusetts corporation.  John P. Manning is the principal of BostonCapital Partners, Inc.  The limitedpartner of the General Partner is Capital Investment Holdings, a generalpartnership whose partners are certain officers and employees of Boston CapitalPartners, Inc., and its affiliates.  TheAssignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporationwhich is now wholly-owned by John P. Manning.

 

The Assignor Limited Partner was formed for the purpose of serving inthat capacity for the Fund and will not engage in any other business. Units ofbeneficial interest in the Limited Partnership Interest of the Assignor LimitedPartner will be assigned by the Assignor Limited Partner by means of beneficialassignee certificates (“BACs”) to investors and investors will be entitled toall the rights and economic benefits of a Limited Partner of the Fund includingrights to a percentage of the income, gains, losses, deductions, credits anddistributions of the Fund.

 

A Registration Statement on Form S-11 and the related prospectus, assupplemented (the “Prospectus”) were filed with the Securities and ExchangeCommission and became effective December 16, 1993 in connection with a publicoffering (“Offering”) in one or more series of a minimum of 250,000 BACs and amaximum of 30,000,000 BACs at $10 per BAC. On April 18, 1996 an amendment to Form S-11, which registered anadditional 10,000,000 BACs for sale to the public in one or more series, becameeffective. On April 2, 1998 an amendment to Form S-11, which registered anadditional 25,000,000 BACs for sale to the public in one or more series, becameeffective. On August 31, 1999 an amendment to Form S-11, which registered anadditional 8,000,000 BACs for sale to the public became effective.  On July 26, 2000 an amendment to Form S-11,which registered an additional 7,500,000 BACs for sale to the public becameeffective. On July 23, 2001 an amendment to Form S-11, which registered anadditional 7,000,000 BACs for sale to the public became effective.  As of March 31, 2002, subscriptions had beenreceived and accepted by the General Partner in Series 20, Series 21, Series22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series36, Series 37, Series 38, Series 39, Series 40, Series 41 and Series 42 for68,029,269 BAC’s representing capital contributions of $679,959,770.

 

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

 

1

----

 

Description of Business

 

The Fund’s principal business is to invest as a limited partner inother limited partnerships (the “Operating Partnerships”) each of which willown or lease and will operate an Apartment Complex exclusively or partially forlow- and moderate-income tenants.  EachOperating Partnership in which the Fund will invest will own ApartmentComplexes which are completed, newly-constructed, under construction orrehabilitation, or to-be constructed or rehabilitated, and which are expectedto receive Government Assistance.  EachApartment Complex is expected to qualify for the low-income housing tax creditunder Section 42 of the Code (the “Federal Housing Tax Credit”), therebyproviding tax benefits over a period of ten to twelve years in the form of taxcredits which investors may use to offset income, subject to certain strictlimitations, from other sources. Certain Apartment Complexes may also qualify for the historicrehabilitation tax credit under Section 48 of the Code (the “Rehabilitation TaxCredit”).  The Federal Housing TaxCredit and the Government Assistance programs are described on pages 64 to 88of the Prospectus, as supplemented, under the captions “Tax Credit Programs”and “Government Assistance Programs,” which is incorporated herein byreference.  Section 236 (f) (ii) of theNational Housing Act, as amended, in Section 101 of the Housing and UrbanDevelopment Act of 1965, as amended, each provide for the making by HUD of rentsupplement payments to low income tenants in properties which receive otherforms of federal assistance such as Tax Credits.  The payments for each tenant, which are made directly to theowner of their property, generally are in such amounts as to enable the tenantto 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, 2002 the Fund had invested in 24 Operating Partnershipson behalf of Series 20, 14 Operating Partnership on behalf of Series 21, 29Operating Partnerships on behalf of Series 22, 22 Operating Partnerships onbehalf of Series 23, 23 Operating Partnerships on behalf of Series 24, 22Operating Partnerships on behalf of Series 25, 45 Operating Partnerships onbehalf of Series 26, 16 Operating Partnerships on behalf of Series 27, 26Operating Partnerships on behalf of Series 28, 22 Operating Partnerships onbehalf of Series 29, 20 Operating Partnerships on behalf of Series 30, 27Operating Partnerships on behalf of Series 31, 17 Operating Partnerships onbehalf of Series 32, 10 Operating Partnerships on behalf of Series 33, 14Operating Partnerships on behalf of Series 34, 11 Operating Partnerships onbehalf of Series 35, 11 Operating Partnerships on behalf of Series 36, 7Operating Partnerships on behalf of Series 37, 10 Operating Partnerships onbehalf of Series 38, 9 Operating Partnerships on behalf of Series 39 and 15Operating Partnerships on behalf of Series 40, 11 Operating Partnerships onbehalf of Series 41 and 2 Operating Partnerships on behalf of Series 42.  A description of these OperatingPartnerships 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 objectives and investment policies of the Fund aredescribed more fully on pages 49 to 61 of the Prospectus, as supplemented,under the caption “Investment Objectives and Acquisition Policies,” which isincorporated herein by reference.

 

Employees

 

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

 

Item 2.    Properties

 

The Fund has acquired a Limited Partnership interest in 407 OperatingPartnerships in 23 series, identified in the table set forth below.  The Apartment Complex owned by the OperatingPartnership is eligible for the Federal Housing Tax Credit.  Initial occupancy of a unit in eachApartment Complex which initially complied with the Minimum Set-Aside Test(i.e., initial occupancy by tenants with incomes equal to no more than acertain percentage of area median income) and the Rent Restriction Test (i.e.,gross rent charged tenants does not exceed 30% of the applicable incomestandards) is referred to hereinafter as “Qualified Occupancy.”  The Operating Partnership and the respectiveApartment Complex is described more fully in the Prospectus.  The General Partner believes that there isadequate casualty insurance on the properties.

 

Please refer to Item 7. “Management’s Discussion and Analysis ofFinancial Condition and Results of Operations” for a more detailed discussionof operational difficulties experienced by certain of the OperatingPartnerships.

 

3

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Boston Capital Tax CreditFund IV L.P. - Series 20

 

PROPERTY PROFILE AS OFMARCH 31, 2002

 
| **Property  Name**              |   | **Location**        |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|---------------------------------|--------|---------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Ashbury Apartments              |   | Sioux Falls, SD     |   | 48        |   | $                                     | 1,174,146 |           | 4/94   |            | 6/94   |                              | 100    | %                               | $      | 806,117 |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Bennetts Pointe Apts.           |   | Bennetsville, SC    |   | 32        |   | 1,333,699                             |      | 3/94           |   | 8/94            |   | 100                               | %      | 281,100                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Bradley Manor                   |   | Bradley, AR         |   | 25        |   | 793,121                               |      | 8/94           |   | 3/95            |   | 100                               | %      | 182,044                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Breeze Cove Apts.               |   | Port Washington, WI |   | 64        |   | 2,674,251                             |      | 5/94           |   | 10/94           |   | 100                               | %      | 2,601,494                       |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Cascades Commons Apts.          |   | Sterling, VA        |   | 320       |   | 14,387,928                            |      | 6/94           |   | 10/95           |   | 100                               | %      | 7,132,820                       |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Clarksville Estates             |   | Clarksville, MO     |   | 32        |   | 689,275                               |      | 6/94           |   | 9/94            |   | 100                               | %      | 142,639                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Club Goldenrod II, Apartments   |   | Orlando, FL         |   | 220       |   | 7,251,910                             |      | 4/94           |   | 6/95            |   | 100                               | %      | 3,681,417                       |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| College Greene Senior Apts      |   | N. Chili, NY        |   | 110       |   | 3,727,860                             |      | 3/95           |   | 8/95            |   | 100                               | %      | 1,918,496                       |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Concordia Manor I               |   | St. Croix, VI       |   | 22        |   | 1,456,072                             |      | 8/94           |   | 7/95            |   | 100                               | %      | 490,034                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Coushatta Seniors II Apartments |   | Coushatta, LA       |   | 24        |   | 707,877                               |      | 5/94           |   | 3/94            |   | 100                               | %      | 175,182                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| East Douglas Apartment          |   | Bloomington, IL     |   | 51        |   | 2,119,080                             |      | 7/94           |   | 12/95           |   | 100                               | %      | 1,281,690                       |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Edison Lane Apartments          |   | Edison, GA          |   | 24        |   | 715,134                               |      | 9/94           |   | 10/95           |   | 100                               | %      | 204,561                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Evergreen Hills Apts.           |   | Macedon, NY         |   | 72        |   | 2,754,409                             |      | 8/94           |   | 1/95            |   | 100                               | %      | 693,966                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Fairoaks Lane Apts.             |   | Rincon, GA          |   | 44        |   | 1,405,721                             |      | 7/94           |   | 5/95            |   | 100                               | %      | 339,284                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Floral Acres II                 |   | Waggaman, LA        |   | 32        |   | 1,026,311                             |      | 5/94           |   | 8/94            |   | 100                               | %      | 228,457                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Forest Glen Village             |   | Vidalia, GA         |   | 46        |   | 1,321,933                             |      | 7/94           |   | 2/95            |   | 100                               | %      | 378,777                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Gardenview Apartments           |   | Pasedena, TX        |   | 309       |   | 5,035,305                             |      | 6/94           |   | 9/95            |   | 100                               | %      | 2,261,021                       |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Harrisonburg, Seniors pts.      |   | Harrisonburg, LA    |   | 24        |   | 683,054                               |      | 5/94           |   | 1/94            |   | 100                               | %      | 176,621                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Hillside Apartments             |   | Cynthiana, KY       |   | 48        |   | 796,049                               |      | 10/94          |   | 4/95            |   | 100                               | %      | 643,850                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Kristine Apartments             |   | Bakersfield, CA     |   | 60        |   | 1,286,850                             |      | 10/94          |   | 10/94           |   | 100                               | %      | 311,675                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Northfield Apts.                |   | Jackson, MS         |   | 120       |   | 2,863,971                             |      | 6/94           |   | 8/95            |   | 100                               | %      | 3,273,126                       |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Parkside Apartments             |   | Avondale, AZ        |   | 54        |   | 662,454                               |      | 12/94          |   | 1/94            |   | 100                               | %      | 282,547                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Riverview Apartments            |   | Franklinton, LA     |   | 47        |   | 1,685,752                             |      | 4/94           |   | 10/94           |   | 100                               | %      | 370,000                         |   |
|                            |   |                |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Shady Lane Senior Apts.         |   | Winnfield, LA       |   | 32        |   | 936,466                               |      | 5/94           |   | 10/93           |   | 100                               | %      | 197,200                         |   |
|                                 |        |                     |        |           |        |                                       |           |                |        |                 |        |                                   |        |                                 |        |  |  |

 

4

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Boston Capital Tax CreditFund IV L.P. - Series 21

 

PROPERTY PROFILE AS OFMARCH 31, 2002

 
| **Property  Name**                |   | **Location**          |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|-----------------------------------|--------|-----------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| 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        |   | 1,207,451                             |      | 10/94          |   | 12/94           |   | 100                               | %      | 350,531                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Cattaraugus Manor                 |   | Cattaraugus, NY       |   | 24        |   | 1,087,704                             |      | 8/94           |   | 4/95            |   | 100                               | %      | 263,711                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Creekside at Tasker’s Chance |   | Frederick, MD         |   | 120       |   | 4,804,510                             |      | 10/94          |   | 9/95            |   | 100                               | %      | 2,471,093                       |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Forest Glen at Sully Station      |   | Centreville, VA       |   | 118       |   | 5,800,847                             |      | 11/94          |   | 9/95            |   | 100                               | %      | 2,649,450                       |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Fort Halifax                      |   | Winslow, ME           |   | 24        |   | 1,125,719                             |      | 9/94           |   | 1/95            |   | 100                               | %      | 389,085                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Havelock Manor Apts.              |   | Havelock, NC          |   | 60        |   | 1,834,533                             |      | 12/94          |   | 10/95           |   | 100                               | %      | 347,557                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Holly Village                     |   | Buchanan, GA          |   | 24        |   | 710,114                               |      | 8/94           |   | 6/95            |   | 100                               | %      | 205,400                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Liveoak Village                   |   | Union Springs, AL     |   | 24        |   | 758,830                               |      | 10/94          |   | 7/95            |   | 100                               | %      | 176,953                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Lookout Ridge Apts.               |   | Covington, KY         |   | 30        |   | 633,681                               |      | 12/94          |   | 12/94           |   | 100                               | %      | 763,038                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Pinedale Apartments II            |   | Menomonie, WI         |   | 60        |   | 1,355,307                             |      | 10/94          |   | 12/94           |   | 100                               | %      | 869,798                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Pumphouse Crossing II Apartments  |   | Chippewa, WI          |   | 48        |   | 1,239,152                             |      | 10/94          |   | 12/94           |   | 100                               | %      | 692,840                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| The Woods Apartments              |   | Campton, NH           |   | 20        |   | 1,019,644                             |      | 8/94           |   | 10/94           |   | 100                               | %      | 269,500                         |   |
|                              |   |                  |   |      |   |                                  |      |           |   |            |   |                              |   |                            |   |
| Tower View Apartments             |   | Tower City, PA        |   | 25        |   | 1,120,036                             |      | 11/94          |   | 5/95            |   | 100                               | %      | 268,863                         |   |
|                                   |        |                       |        |           |        |                                       |           |                |        |                 |        |                                   |        |                                 |        |  |  |

 

5

----

 

Boston Capital Tax CreditFund IV L.P. - Series 22

 

PROPERTY PROFILE AS OFMARCH 31, 2002

 
| **Property  Name**     |   | **Location**                 |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|------------------------|--------|------------------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Albemarle Village      |   | Hertford, NC                 |   | 36        |   | $                                     | 1,431,305 |           | 1/95   |             | 9/94   |                              | 100    | %                               | $      | 321,628 |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Apple Village          |   | Edmond, OK                   |   | 160       |   | 3,814,430                             |      | 11/94          |   | 3/96             |   | 100                               | %      | 1,572,166                       |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bayou Crossing         |   | Riverview, FL                |   | 290       |   | 8,651,693                             |      | 11/94          |   | 1/96             |   | 100                               | %      | 2,854,036                       |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bellwood Gardens       |   | Ford City, PA                |   | 28        |   | 1,240,063                             |      | 6/95           |   | 9/95             |   | 100                               | %      | 308,152                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Black River Run Apts.  |   | Black River Falls, WI        |   | 48        |   | 1,207,451                             |      | 3/95           |   | 12/94            |   | 100                               | %      | 395,279                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Clarendon Court        |   | Summerton, SC                |   | 40        |   | 1,440,499                             |      | 10/94          |   | 4/95             |   | 100                               | %      | 340,737                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Club II Goldenrod      |   | Orlando, FL                  |   | 220       |   | 7,251,910                             |      | 3/95           |   | 6/95             |   | 100                               | %      | 2,106,975                       |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cobblestone Apartments |   | Fuquay, NC                   |   | 33        |   | 1,406,530                             |      | 1/95           |   | 5/94             |   | 100                               | %      | 326,054                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor II     |   | St. Croix, VI                |   | 20        |   | 1,485,076                             |      | 1/95           |   | 11/95            |   | 100                               | %      | 259,444                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor III    |   | St. Croix, VI                |   | 20        |   | 1,475,423                             |      | 2/95           |   | 12/95            |   | 100                               | %      | 264,007                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Drakes Branch Elderly  |   | Drakes Branch, VA            |   | 32        |   | 1,258,430                             |      | 1/95           |   | 6/95             |   | 100                               | %      | 232,722                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Elks Towers Apartments |   | Litchfield, IL               |   | 27        |   | 823,176                               |      | 10/95          |   | 12/96            |   | 100                               | %      | 749,156                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Fonda Terrace          |   | Fonda, NY                    |   | 24        |   | 1,019,160                             |      | 12/94          |   | 10/94            |   | 100                               | %      | 259,387                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Highland House         |   | Boston, MA                   |   | 14        |   | 715,700                               |      | 12/96          |   | 5/97             |   | 100                               | %      | 571,829                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Kimbark 1200 Apts.     |   | Longmont, CO                 |   | 48        |   | 1,970,618                             |      | 9/95           |   | 12/95            |   | 100                               | %      | 321,843                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Kingsway Apartments    |   | Swedsboro, NJ                |   | 36        |   | 1,806,248                             |      | 7/95           |   | 6/95             |   | 100                               | %      | 46,290                          |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake City Apartments   |   | Lake City, PA                |   | 44        |   | 1,164,125                             |      | 8/98           |   | 6/98             |   | 100                               | %      | 240,900                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake Street Apartments |   | Girard, PA                   |   | 32        |   | 1,351,794                             |      | 4/95           |   | 9/95             |   | 100                               | %      | 342,369                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lost Tree Apartments   |   | Branson, MO                  |   | 88        |   | 1,569,567                             |      | 4/95           |   | 6/95             |   | 100                               | %      | 474,948                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maplewood Apartments   |   | Sacramento, KY               |   | 12        |   | 432,147                               |      | 8/95           |   | 9/95             |   | 100                               | %      | 110,881                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Marksville Square      |   | Marksville, LA               |   | 32        |   | 954,843                               |      | 1/95           |   | 1/96             |   | 100                               | %      | 268,848                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Neshoba County         |   | Philadelphia, MS             |   | 25        |   | 844,462                               |      | 7/95           |   | 8/95             |   | 100                               | %      | 251,411                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Philadelphia Square    |   | Philadelphia, MS             |   | 16        |   | 540,455                               |      | 7/95           |   | 8/95             |   | 100                               | %      | 149,950                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Quankey Hills          |   | Halifax, NC                  |   | 24        |   | 1,004,898                             |      | 1/95           |   | 3/95             |   | 100                               | %      | 200,496                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Richmond Square        |   | Richmond, MO                 |   | 32        |   | 862,633                               |      | 12/94          |   | 2/95             |   | 100                               | %      | 818,770                         |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Salem Wood Apartments  |   | Salemburg, NC                |   | 24        |   | 947,884                               |      | 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        |   | 1,889,332                             |      | 12/94          |   | 6/95             |   | 100                               | %      | 1,810,416                       |   |
|                   |   |                         |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Twin City Villa        |   | Festus, MO                   |   | 40        |   | 1,404,571                             |      | 1/95           |   | 11/95            |   | 100                               | %      | 679,176                         |   |
|                        |        |                              |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

6

----

 

Boston Capital Tax CreditFund IV L.P. - Series 23

 

PROPERTY PROFILE AS OFMARCH 31, 2002

 
| **Property  Name**       |   | **Location**         |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|--------------------------|--------|----------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Apple Village            |   | Edmond, OK           |   | 160       |   | $                                     | 3,814,430 |           | 11/94  |             | 3/96   |                              | 100    | %                               | $      | 1,572,166 |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bayou Crossing           |   | Riverview, FL        |   | 290       |   | 8,651,693                             |      | 4/95           |   | 1/96             |   | 100                               | %      | 4,281,054                       |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor II       |   | St. Croix, VI        |   | 20        |   | 1,485,076                             |      | 1/95           |   | 11/95            |   | 100                               | %      | 259,445                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Concordia Manor III      |   | St. Croix, VI        |   | 20        |   | 1,475,423                             |      | 2/95           |   | 12/95            |   | 100                               | %      | 264,007                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Commons         |   | Hempstead, NY        |   | 37        |   | 1,055,635                             |      | 5/95           |   | 5/95             |   | 100                               | %      | 1,501,605                       |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country Hill Apts. Ph II |   | Cedar Rapids, IA     |   | 92        |   | 2,028,912                             |      | 8/95           |   | 6/96             |   | 100                               | %      | 1,981,495                       |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Great Pines Apts.        |   | Hurleyville, NY      |   | 26        |   | 1,161,216                             |      | 7/95           |   | 12/95            |   | 100                               | %      | 340,835                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heatheridge Estates **   |   | Barling, AR          |   | 17        |   | 783,479                               |      | 7/95           |   | 11/95            |   | 100                               | %      | 748,240                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Ithaca Apts. I           |   | Ithaca, MI           |   | 28        |   | 649,142                               |      | 11/95          |   | 7/95             |   | 100                               | %      | 164,008                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Kimbark 1200 Apts.       |   | Longmont, CO         |   | 48        |   | 1,970,618                             |      | 9/95           |   | 12/95            |   | 100                               | %      | 965,530                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| La Pensione K Apts.      |   | Sacramento, CA       |   | 129       |   | 2,465,502                             |      | 9/95           |   | 12/96            |   | 100                               | %      | 2,650,580                       |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mathis Apartments        |   | Mathis, TX           |   | 32        |   | 904,747                               |      | 1/95           |   | 1/95             |   | 100                               | %      | 219,045                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mid City Apartments      |   | Jersey City, NJ      |   | 58        |   | 2,849,466                             |      | 9/95           |   | 6/94             |   | 100                               | %      | 113,679                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Orange Grove Seniors     |   | Orange Grove, TX     |   | 24        |   | 662,903                               |      | 5/95           |   | 2/95             |   | 100                               | %      | 104,728                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Philmont Terrace         |   | Philmont, LA         |   | 32        |   | 1,485,799                             |      | 5/95           |   | 5/95             |   | 100                               | %      | 370,750                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Riverview Apartments     |   | St. Louis, MO        |   | 42        |   | 1,136,933                             |      | 8/95           |   | 12/95            |   | 100                               | %      | 1,160,308                       |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| South Hills Apartments   |   | Bellevue, NE         |   | 72        |   | 1,842,676                             |      | 6/95           |   | 2/96             |   | 100                               | %      | 1,686,354                       |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| St. Peters Villa         |   | St. Peters, MO       |   | 54        |   | 1,791,981                             |      | 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        |   | 1,404,571                             |      | 2/95           |   | 11/95            |   | 100                               | %      | 679,176                         |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Village Woods Est.       |   | Kansas City, KS      |   | 45        |   | 1,562,068                             |      | 5/95           |   | 12/95            |   | 100                               | %      | 1,704,928                       |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Vinsett Estates**        |   | Van Buren, AR        |   | 10        |   | **                                    |      | 7/95           |   | 11/95            |   | 100                               | %      |                            |   |
|                     |   |                 |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Woodland Hills           |   | Roland, OK           |   | 10        |   | 299,874                               |      | 7/95           |   | 6/95             |   | 100                               | %      | 274,540                         |   |
|                          |        |                      |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

----

**   Two properties which makeup one Operating Partnership named Barlee Properties L.P. with 27 units.  Entire mortgage balance and contributionsare listed with Heatheridge Estates.

 

7

----

 

Boston Capital Tax CreditFund IV L.P. - Series 24

 

PROPERTY PROFILE AS OFMARCH 31, 2002

 
| **Property  Name**       |   | **Location**    |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|--------------------------|--------|-----------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Autumn Ridge Apartments  |   | Shenandoah, VA  |   | 34        |   | $                                     | 1,529,720 |           | 7/96   |             | 1/97   |                              | 100    | %                               | $      | 319,466 |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brooks Summit            |   | Blue Ridge, GA  |   | 36        |   | 1,109,809                             |      | 12/95          |   | 11/96            |   | 100                               | %      | 223,280                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brownsville Apartments   |   | Brownsville, TN |   | 36        |   | 1,194,686                             |      | 9/95           |   | 9/95             |   | 100                               | %      | 267,091                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East Apts. IV    |   | Bismark, ND     |   | 24        |   | 618,084                               |      | 8/95           |   | 8/95             |   | 100                               | %      | 399,962                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East Apts. V     |   | Bismark, ND     |   | 24        |   | 618,084                               |      | 11/95          |   | 9/95             |   | 100                               | %      | 399,962                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Centenary Towers Apts.   |   | St. Louis, MO   |   | 100       |   | 2,515,000                             |      | 5/97           |   | 12/97            |   | 100                               | %      | 679,577                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cooper’s Crossing   |   | Irving, TX      |   | 93        |   | 3,526,678                             |      | 6/96           |   | 12/95            |   | 100                               | %      | 848,708                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edenfield Apartments     |   | Millen, GA      |   | 48        |   | 1,264,964                             |      | 1/96           |   | 12/96            |   | 100                               | %      | 314,827                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Elm Street Apartments    |   | Yonkers, NY     |   | 35        |   | 1,838,993                             |      | 1/96           |   | 1/96             |   | 100                               | %      | 407,601                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heritage Glen Apts.      |   | Coolidge, AZ    |   | 28        |   | 1,125,644                             |      | 4/96           |   | 4/96             |   | 100                               | %      | 373,388                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake Apts I              |   | Fargo, ND       |   | 24        |   | 599,133                               |      | 8/95           |   | 7/95             |   | 100                               | %      | 399,962                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lakeway Apts             |   | Zwolle, LA      |   | 32        |   | 862,637                               |      | 11/95          |   | 4/96             |   | 100                               | %      | 110,902                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Laurelwood Park Apts.    |   | High Point, NC  |   | 100       |   | 2,333,853                             |      | 2/96           |   | 10/96            |   | 100                               | %      | 2,120,403                       |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Park IV          |   | Boston, MA      |   | 143       |   | 7,553,209                             |      | 5/96           |   | 3/97             |   | 97                                | %      | 1,155,884                       |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| New Hilltop Apartments   |   | Laurens, SC     |   | 72        |   | 1,683,361                             |      | 11/95          |   | 11/95            |   | 100                               | %      | 450,039                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| North Hampton Pl.        |   | Columbia, MO    |   | 36        |   | 775,710                               |      | 11/95          |   | 3/96             |   | 100                               | %      | 1,002,996                       |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Northfield Housing, L.P. |   | Jackson, MS     |   | 5         |   | 187,616                               |      | 12/96          |   | 9/96             |   | 100                               | %      | 217,266                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pahrump Valley Apts.     |   | Pahrump, NV     |   | 32        |   | 1,387,689                             |      | 7/96           |   | 7/96             |   | 100                               | %      | 335,225                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Meadow Apartments   |   | Gaylord, MI     |   | 80        |   | 1,816,594                             |      | 9/95           |   | 4/97             |   | 100                               | %      | 1,753,158                       |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Shadowcreek Apartments   |   | Overton, NV     |   | 24        |   | 1,220,160                             |      | 6/96           |   | 9/96             |   | 100                               | %      | 361,320                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Stanton Village Apts.    |   | Stanton, TN     |   | 40        |   | 1,204,938                             |      | 9/95           |   | 9/95             |   | 100                               | %      | 279,730                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Woodlands Apartments     |   | Elko, NV        |   | 24        |   | 1,129,322                             |      | 11/95          |   | 9/95             |   | 100                               | %      | 269,867                         |   |
|                     |   |            |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Wyandotte Apartments     |   | Los Angeles, CA |   | 73        |   | 3,287,085                             |      | 4/96           |   | 2/97             |   | 100                               | %      | 952,329                         |   |
|                          |        |                 |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

8

----

 

Boston Capital Tax CreditFund IV L.P. - Series 25

 

PROPERTY PROFILE AS OFMARCH 31, 2002

 
| **Property  Name**    |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|-----------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Dogwood Park Apts.    |   | Athens, GA        |   | 127       |   | $                                     | 2,559,756 |           | 12/95  |             | 10/96  |                              | 100    | %                               | $      | 3,538,760 |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Dunlap Acres          |   | West Point, MS    |   | 50        |   | 1,114,578                             |      | 9/96           |   | 4/96             |   | 100                               | %      | 522,160                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Century East II Apts. |   | Bismark, ND       |   | 24        |   | 531,582                               |      | 8/96           |   | 6/96             |   | 100                               | %      | 371,183                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Clarke Manor Apts.    |   | Pokamoke City, MD |   | 30        |   | 1,215,580                             |      | 2/96           |   | 4/96             |   | 100                               | %      | 440,107                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hannah Heights Apts.  |   | Ethel, MS         |   | 28        |   | 809,118                               |      | 6/96           |   | 12/96            |   | 100                               | %      | 321,584                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Heartland Green Cave  |   | Horse Cave, KY    |   | 24        |   | 842,189                               |      | 5/96           |   | 11/96            |   | 100                               | %      | 270,132                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hurricane Hills       |   | Hurricane, UT     |   | 49        |   | 1,248,559                             |      | 9/96           |   | 4/97             |   | 100                               | %      | 2,242,394                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Laurelwood Park Apts. |   | High Point, NC    |   | 100       |   | 2,333,853                             |      | 2/96           |   | 10/96            |   | 100                               | %      | 946,539                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lenox Ave. Apts.      |   | Manhattan, NY     |   | 18        |   | 525,522                               |      | 10/96          |   | 9/97             |   | 100                               | %      | 903,792                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Park IV       |   | Boston, MA        |   | 143       |   | 7,553,209                             |      | 5/96           |   | 3/97             |   | 97                                | %      | 2,054,904                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Main Everett Apts.    |   | New Rochelle, NY  |   | 11        |   | 610,814                               |      | 6/96           |   | 1/97             |   | 100                               | %      | 782,852                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maple Hill            |   | New Haven, CT     |   | 32        |   | 1,021,377                             |      | 2/97           |   | 2/98             |   | 100                               | %      | 199,951                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mary Ryder Home       |   | St. Louis, MO     |   | 48        |   | 137,392                               |      | 1/97           |   | 6/96             |   | 100                               | %      | 1,591,573                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Osborne Apts.         |   | White Plains, NY  |   | 7         |   | 421,844                               |      | 6/96           |   | 12/96            |   | 100                               | %      | 522,325                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Rose Square           |   | Connellsville, PA |   | 11        |   | 387,827                               |      | 10/96          |   | 2/97             |   | 100                               | %      | 278,209                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Rosewood Estates, II  |   | Bladenboro, NC    |   | 16        |   | 677,221                               |      | 9/96           |   | 12/96            |   | 100                               | %      | 124,304                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Sandstone Village     |   | Great Falls, MT   |   | 48        |   | 1,201,105                             |      | 11/95          |   | 8/96             |   | 100                               | %      | 1,295,623                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Shannon Rentals       |   | Shannon, MS       |   | 48        |   | 1,257,356                             |      | 4/96           |   | 1/97             |   | 100                               | %      | 324,990                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Smith House           |   | Roxbury, MA       |   | 132       |   | 1,949,522                             |      | 4/96           |   | 3/97             |   | 100                               | %      | 1,008,690                       |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Sutton Place          |   | Indianopolis, IN  |   | 360       |   | 6,025,000                             |      | 11/96          |   | 10/97            |   | 100                               | %      | 647,751                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Washington Arms       |   | Dayton, OH        |   | 93        |   | 1,759,207                             |      | 2/96           |   | 2/95             |   | 100                               | %      | 203,859                         |   |
|                  |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Wyandotte Apts.       |   | Los Angeles, CA   |   | 73        |   | 3,287,085                             |      | 4/96           |   | 2/97             |   | 100                               | %      | 1,315,122                       |   |
|                       |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

9

----

 

Boston Capital Tax CreditFund IV L.P. - Series 26

 

PROPERTY PROFILE AS OFMARCH 31, 2002

 
| **Property  Name**           |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|------------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Academy Apts.                |   | West Point, VA    |   | 32        |   | $                                     | 1,159,273 |           | 4/97   |             | 3/98   |                              | 100    | %                               | $      | 263,722 |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bradley Estates Phase I      |   | Meriden, CT       |   | 74        |   | 2,014,280                             |      | 2/97           |   | 12/97            |   | 100                               | %      | 671,336                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bradley Estates Phase II     |   | Meriden, CT       |   | 42        |   | 1,181,713                             |      | 2/97           |   | 12/97            |   | 100                               | %      | 486,861                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brookhaven Apts.             |   | Shrevport, LA     |   | 35        |   | 1,031,726                             |      | 2/97           |   | 1/97             |   | 100                               | %      | 573,912                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Butler Estates               |   | Leesville, LA     |   | 10        |   | 168,616                               |      | 8/96           |   | 10/96            |   | 100                               | %      | 77,627                          |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory Apts. I              |   | Bismark, ND       |   | 24        |   | 619,570                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory Apts. II             |   | Bismark,  ND |   | 24        |   | 621,343                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Calgory Apts. III            |   | Bismark, ND       |   | 24        |   | 617,620                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cameron Apts.                |   | Cameron, LA       |   | 40        |   | 751,338                               |      | 8/96           |   | 10/96            |   | 100                               | %      | 475,965                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country Edge Apts.           |   | Fargo, ND         |   | 48        |   | 1,056,876                             |      | 7/97           |   | 12/97            |   | 100                               | %      | 1,128,587                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Devonshire II Apts.          |   | London, OH        |   | 28        |   | 767,474                               |      | 1/97           |   | 12/96            |   | 100                               | %      | 182,070                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Devonshire West Apts.        |   | W. Jefferson, OH  |   | 19        |   | 532,970                               |      | 1/97           |   | 1/97             |   | 100                               | %      | 126,983                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| East Park II Apts.           |   | Dilworth, MN      |   | 24        |   | 559,673                               |      | 8/96           |   | 8/96             |   | 100                               | %      | 525,631                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edgewood Park Apts.          |   | Milledgeville, GA |   | 61        |   | 1,500,000                             |      | 5/96           |   | 1/97             |   | 100                               | %      | 1,477,023                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edgewood Estates Apts.       |   | Edgewood, TX      |   | 22        |   | 610,537                               |      | 6/97           |   | 11/96            |   | 100                               | %      | 173,436                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Esche Street SRO             |   | Trenton, NJ       |   | 104       |   | 2,355,473                             |      | 4/97           |   | 5/98             |   | 100                               | %      | 3,734,928                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Grandview Apartments         |   | Fargo, ND         |   | 36        |   | 1,145,542                             |      | 8/96           |   | 8/96             |   | 100                               | %      | 1,069,522                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Grayson Manor                |   | Independence, VA  |   | 32        |   | 1,054,607                             |      | 3/98           |   | 11/98            |   | 100                               | %      | 656,156                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hallman Court Apts.          |   | Rochester, NY     |   | 77        |   | 9,154,670                             |      | 1/99           |   | 7/00             |   | 100                               | %      | 283,873                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hanover Apts.                |   | Ashland, VA       |   | 40        |   | 1,274,389                             |      | 11/97          |   | 4/98             |   | 100                               | %      | 295,538                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hanover Towers Apts.         |   | Meriden, CT       |   | 100       |   | 4,717,692                             |      | 2/97           |   | 11/97            |   | 100                               | %      | 1,065,649                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hazeltine Apts.              |   | Los Angeles, CA   |   | 35        |   | 1,397,272                             |      | 6/96           |   | 1/97             |   | 100                               | %      | 951,693                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Holly Heights Apts.          |   | Bowling Green, KY |   | 30        |   | 1,278,631                             |      | 5/97           |   | 8/97             |   | 100                               | %      | 362,738                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake Apts. IV                |   | Fargo, ND         |   | 24        |   | 630,416                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lake Apts. V                 |   | Fargo, ND         |   | 24        |   | 604,179                               |      | 2/96           |   | 12/95            |   | 100                               | %      | 414,507                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lauderdale County Properties |   | Meriden, MS       |   | 48        |   | 1,125,138                             |      | 12/98          |   | 5/99             |   | 100                               | %      | 444,136                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Liberty Village Apts.        |   | Liberty, NY       |   | 32        |   | 1,734,657                             |      | 1/97           |   | 5/97             |   | 100                               | %      | 437,448                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Little Valley Est.           |   | Little Valley, NY |   | 24        |   | 1,144,789                             |      | 1/97           |   | 4/97             |   | 100                               | %      | 284,257                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Maxton Green Apts.           |   | Maxton, NC        |   | 32        |   | 962,981                               |      | 9/96           |   | 12/96            |   | 100                               | %      | 263,281                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Apartments           |   | Miami Beach, FL   |   | 17        |   | 1,100,694                             |      | 3/96           |   | 6/97             |   | 100                               | %      | 881,664                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mason Manor Apts.            |   | Mason, TN         |   | 24        |   | 925,652                               |      | 2/96           |   | 1/96             |   | 100                               | %      | 229,775                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mosby Forest Apts.           |   | Littleton, NC     |   | 24        |   | 699,068                               |      | 10/96          |   | 10/96            |   | 100                               | %      | 496,753                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| New Hope Bailey Apts.        |   | De Ridder, LA     |   | 40        |   | 820,545                               |      | 8/96           |   | 9/96             |   | 100                               | %      | 455,212                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Nordhoff Apts.               |   | North Hills, CA   |   | 38        |   | 1,973,350                             |      | 9/96           |   | 7/97             |   | 100                               | %      | 1,756,175                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Ridge Apartments        |   | Jackson, TN       |   | 136       |   | 5,000,000                             |      | 11/98          |   | 12/99            |   | 100                               | %      | 835,861                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Powell Valley Village        |   | Jonesville, VA    |   | 34        |   | 747,632                               |      | 3/98           |   | 12/98            |   | 100                               | %      | 1,423,248                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Southwind Apts. A LDHA       |   | Jennings, LA      |   | 36        |   | 838,317                               |      | 8/96           |   | 12/96            |   | 100                               | %      | 428,742                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| T.R. Bobb Apts.              |   | New Iberia, LA    |   | 30        |   | 679,001                               |      | 8/96           |   | 12/96            |   | 100                               | %      | 428,742                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Timmons - Ville Green Apts.  |   | Timmonsville, SC  |   | 32        |   | 1,065,842                             |      | 10/96          |   | 2/97             |   | 100                               | %      | 292,587                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Tremont Station Apartments   |   | Tremont, PA       |   | 24        |   | 1,042,666                             |      | 5/96           |   | 11/96            |   | 100                               | %      | 349,889                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Village Estates Apts.        |   | Victoria, VA      |   | 32        |   | 1,152,235                             |      | 4/97           |   | 10/98            |   | 100                               | %      | 270,204                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Village Green Apts.          |   | Gloucester, VA    |   | 32        |   | 1,145,831                             |      | 4/97           |   | 11/97            |   | 100                               | %      | 229,902                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Warrensburg Heights          |   | Warrensburg, MO   |   | 28        |   | 1,109,663                             |      | 12/96          |   | 11/96            |   | 100                               | %      | 308,825                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Westside Apts.               |   | Salem, AR         |   | 29        |   | 1,036,514                             |      | 8/96           |   | 10/96            |   | 100                               | %      | 265,020                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| The Willows Apts.            |   | Smithville, TX    |   | 32        |   | 804,102                               |      | 5/96           |   | 5/96             |   | 100                               | %      | 209,768                         |   |
|                              |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

10

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**                           |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|----------------------------------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| AHAB Rental Units Phase II                   |   | Springfield, MO    |   | 17        |   | $                                     | 480,285 |           | 6/97   |             | 11/97  |                              | 100    | %                               | $      | 578,458 |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Angelou Court Apts.                          |   | New York, NY       |   | 23        |   | 998,130                               |    | 10/97          |   | 8/99             |   | 100                               | %      | 1,599,299                       |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Canisteo Manor                               |   | Canisteo,  NY |   | 24        |   | 890,406                               |    | 4/98           |   | 4/98             |   | 100                               | %      | 621,857                         |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| The Casa Rosa                                |   | San Juan, PR       |   | 97        |   | 901,117                               |    | 9/97           |   | 4/98             |   | 100                               | %      | 1,232,936                       |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Forest Glen At Sulluy Station Phase II Atps. |   | Centreville, VA    |   | 119       |   | 6,547,880                             |    | 8/96           |   | 6/97             |   | 100                               | %      | 1,339,550                       |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Harrison   Heights Apts.                |   | Harrisonville, MO  |   | 48        |   | 1,283,142                             |    | 1/98           |   | 12/96            |   | 100                               | %      | 245,516                         |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Harbor Towers Apts.                          |   | Meriden, CT        |   | 202       |   | 11,717,638                            |    | 2/97           |   | 11/97            |   | 100                               | %      | 2,895,280                       |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Holly Heights Apts.                          |   | Storm Lake, IA     |   | 32        |   | 494,185                               |    | 4/97           |   | 8/98             |   | 100                               | %      | 614,058                         |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Lake Apts. II                                |   | Fargo, ND          |   | 24        |   | 599,307                               |    | 1/97           |   | 12/95            |   | 100                               | %      | 396,024                         |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Magnolia Place Apts.                         |   | Gautier, MS        |   | 40        |   | 873,890                               |    | 11/97          |   | 1/98             |   | 100                               | %      | 800,027                         |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Northrock Apts.                              |   | Topeka, KS         |   | 76        |   | 2,580,636                             |    | 5/00           |   | 5/00             |   | 100                               | %      | 610,365                         |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Park Crest   Apts.                      |   | Sherwood, AR       |   | 216       |   | 9,200,000                             |    | 11/99          |   | 6/99             |   | 100                               | %      | 115,311                         |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Pear Village Apts.                           |   | Leitchfile, KY     |   | 16        |   | 501,495                               |    | 8/96           |   | 2/97             |   | 100                               | %      | 488,822                         |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Randolph   Village                      |   | Silver Spring, MD  |   | 130       |   | 5,458,835                             |    | 9/96           |   | 8/97             |   | 100                               | %      | 2,240,075                       |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Summer Hill Sr. Apts.                        |   | Wayne, NJ          |   | 164       |   | 9,203,547                             |    | 11/96          |   | 4/98             |   | 100                               | %      | 2,337,000                       |   |
|                                         |   |               |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sunday Sun Apts.                             |   | Bowling Green, KY  |   | 30        |   | 886,169                               |    | 10/96          |   | 12/96            |   | 100                               | %      | 714,938                         |   |
|                                              |        |                    |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

11

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**            |   | **Location**          |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |    | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|-------------------------------|--------|-----------------------|--------|-----------|--------|---------------------------------------|---------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| 1374 Boston Road L.P.         |   | New York, NY          |   | 15        |   | $                                     | 525,676 |           | 2/97   |             | 6/97   |                              | 100    | %                               | $      | 522,065 |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Ashberry Manor Apts.          |   | Bardstown, KY         |   | 24        |   | 638,803                               |    | 2/97           |   | 3/97             |   | 100                               | %      | 561,330                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Bienville III Apts.           |   | Ringold, LA           |   | 32        |   | 958,233                               |    | 2/97           |   | 2/97             |   | 100                               | %      | 349,186                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Blanchard Apts.               |   | Blanchard, LA         |   | 32        |   | 908,983                               |    | 7/97           |   | 7/97             |   | 100                               | %      | 307,218                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Chandler Village Apts         |   | Chandler, OK          |   | 32        |   | 904,955                               |    | 4/97           |   | 7/97             |   | 100                               | %      | 255,639                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Cottonwood Apts.              |   | Cottonwood, LA        |   | 24        |   | 733,535                               |    | 7/97           |   | 7/97             |   | 100                               | %      | 248,058                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Cottonwood Apts.              |   | Holly Grove, AR       |   | 24        |   | 929,842                               |    | 2/97           |   | 4/97             |   | 100                               | %      | 254,856                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Evangeline Apts.              |   | Lake Arthur, LA       |   | 32        |   | 968,897                               |    | 11/97          |   | 1/98             |   | 100                               | %      | 366,284                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Fairway Apts. II              |   | Marlette, MI          |   | 48        |   | 1,043,952                             |    | 12/96          |   | 3/97             |   | 100                               | %      | 255,353                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Falcon Pointe Apts.           |   | Rosenburg, TX         |   | 102       |   | 3,089,842                             |    | 4/98           |   | 10/99            |   | 100                               | %      | 3,191,142                       |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Jackson Place Apts.           |   | Jackson, LA           |   | 40        |   | 1,003,488                             |    | 7/97           |   | 10/97            |   | 100                               | %      | 983,615                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Mapelwood Apts.               |   | Winnfield, LA         |   | 40        |   | 908,123                               |    | 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        |   | 2,235,691                             |    | 2/98           |   | 2/98             |   | 100                               | %      | 3,809,335                       |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Park Plaza I & II         |   | West Memphis, AR      |   | 128       |   | 2,979,850                             |    | 12/97          |   | 11/96            |   | 100                               | %      | 553,954                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Park Village Apts.            |   | Athens, TN            |   | 80        |   | 1,199,088                             |    | 10/98          |   | 6/99             |   | 100                               | %      | 1,992,486                       |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Pin Oak Village               |   | Bowie, MD             |   | 110       |   | 9,025,780                             |    | 11/97          |   | 1/96             |   | 100                               | %      | 3,804,585                       |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Southern Villa Apts.          |   | Russellville, KY      |   | 32        |   | 1,337,287                             |    | 11/97          |   | 4/98             |   | 100                               | %      | 323,500                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Randolph Village              |   | Silver Spring, MD     |   | 130       |   | 5,799,295                             |    | 12/97          |   | 8/97             |   | 100                               | %      | 909,471                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sand Lane Manor   Apts.  |   | Henderson, KY         |   | 24        |   | 672,076                               |    | 8/97           |   | 4/98             |   | 100                               | %      | 556,478                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Senior Suites of Chicago      |   | Chicago, IL           |   | 84        |   | 4,087,580                             |    | 12/97          |   | 12/98            |   | 100                               | %      | 3,176,031                       |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Sumner House                  |   | Hartford, CT          |   | 79        |   | 1,122,346                             |    | 1/98           |   | 7/98             |   | 100                               | %      | 2,010,966                       |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Terraceview Townhomes Apts.   |   | Litchfield   MN  |   | 22        |   | 718,485                               |    | 7/97           |   | 10/97            |   | 100                               | %      | 726,402                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Tilghman Square               |   | Dunn, NC              |   | 20        |   | 782,981                               |    | 11/97          |   | 10/97            |   | 100                               | %      | 307,605                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Wellston Village Apts.        |   | Wellston,  OK    |   | 14        |   | 373,886                               |    | 4/97           |   | 8/97             |   | 100                               | %      | 107,258                         |   |
|                          |   |                  |   |      |   |                                  |    |           |   |             |   |                              |   |                            |   |
| Yale Village Apts.            |   | Yale, OK              |   | 8         |   | 197,545                               |    | 2/98           |   | 7/98             |   | 100                               | %      | 69,341                          |   |
|                               |        |                       |        |           |        |                                       |         |                |        |                  |        |                                   |        |                                 |        |  |  |

 

12

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**           |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|------------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| The Arbor Park Apts.         |   | Jackson, MS       |   | 160       |   | $                                     | 5,640,000 |           | 12/96  |             | 6/98   |                              | 100    | %                               | $      | 2,809,826 |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| The Arbors                   |   | Richmond, VA      |   | 85        |   | 2,897,605                             |      | 7/97           |   | 11/98            |   | 100                               | %      | 2,480,576                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Barrington Cove Apts.        |   | Barrington, RI    |   | 60        |   | 2,056,615                             |      | 4/97           |   | 5/97             |   | 100                               | %      | 4,264,830                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Bent  Tree  Apts.       |   | Jacksboro, TX     |   | 24        |   | 600,002                               |      | 12/97          |   | 1/98             |   | 100                               | %      | 161,552                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Colonial Apts.               |   | Poplarville, MS   |   | 16        |   | 393,267                               |      | 10/97          |   | 7/97             |   | 100                               | %      | 86,039                          |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Dogwood Apts.                |   | Appomattox, VA    |   | 48        |   | 1,367,104                             |      | 10/98          |   | 5/99             |   | 100                               | %      | 637,151                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Emerald Trace Apts.          |   | Ruston, LA        |   | 48        |   | 1,319,333                             |      | 8/98           |   | 4/99             |   | 100                               | %      | 981,089                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Edgewood Apts.               |   | Baker, LA         |   | 72        |   | 1,978,174                             |      | 3/97           |   | 9/98             |   | 100                               | %      | 1,856,539                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Glenbrook Apts.              |   | Saint Jo, TX      |   | 24        |   | 507,604                               |      | 12/97          |   | 3/97             |   | 100                               | %      | 145,871                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Harbor Pointe Apts.          |   | Benton Harbor, MI |   | 84        |   | 1,552,320                             |      | 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        |   | 975,293                               |      | 10/98          |   | 7/98             |   | 100                               | %      | 302,808                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lutkin Bayou Apts.           |   | Drew, MS          |   | 36        |   | 822,161                               |      | 11/97          |   | 6/97             |   | 100                               | %      | 192,283                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Nacogdoches Plaza Apts.      |   | Nacodgoches, TX   |   | 70        |   | 1,516,830                             |      | 4/97           |   | 3/98             |   | 100                               | %      | 2,793,695                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Newcastle Apts.              |   | Collins, MS       |   | 36        |   | 680,779                               |      | 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        |   | 1,100,303                             |      | 10/98          |   | 4/99             |   | 100                               | %      | 1,153,878                       |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pecan Hill Apts.             |   | Bryson, TX        |   | 16        |   | 382,347                               |      | 8/97           |   | 1/98             |   | 100                               | %      | 110,600                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Regency Apts.                |   | Poplarville, MS   |   | 16        |   | 456,431                               |      | 10/97          |   | 7/97             |   | 100                               | %      | 102,419                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Rhome Apts.                  |   | Rhome, TX         |   | 24        |   | 511,697                               |      | 12/97          |   | 2/97             |   | 100                               | %      | 160,551                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Westfield Apts.              |   | Welsh, LA         |   | 40        |   | 794,275                               |      | 11/97          |   | 8/98             |   | 100                               | %      | 918,605                         |   |
|                         |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Willow Point Apts. III       |   | Jackson, MS       |   | 120       |   | 4,250,000                             |      | 12/96          |   | 2/98             |   | 100                               | %      | 2,035,596                       |   |
|                              |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

13

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**       |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|--------------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Byam Village             |   | Waterbury, CT      |   | 46        |   | $                                     | 1,169,920 |           | 2/97   |             | 2/98   |                              | 100    | %                               | $      | 426,008 |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country Estates Apts.    |   | Farmville, VA      |   | 24        |   | 890,644                               |      | 3/98           |   | 7/99             |   | 100                               | %      | 223,562                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Emerald Trace II Apts    |   | Ruston, LA         |   | 24        |   | 411,468                               |      | 7/98           |   | 12/98            |   | 100                               | %      | 717,594                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Farewell Mills Apts.     |   | Lisbon, ME         |   | 27        |   | 782,129                               |      | 8/97           |   | 3/98             |   | 100                               | %      | 662,864                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hillside Terrace Apts.   |   | Poughkeepsie, NY   |   | 64        |   | 1,803,744                             |      | 4/99           |   | 7/00             |   | 100                               | %      | 488,093                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lakewood Apts.           |   | Clarksville, VA    |   | 52        |   | 1,544,445                             |      | 3/98           |   | 10/99            |   | 100                               | %      | 394,349                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lone Oak Apts.           |   | Graham, TX         |   | 64        |   | 1,518,562                             |      | 8/97           |   | 9/98             |   | 100                               | %      | 408,634                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mesa Grande Apts.        |   | Carlsbad, NM       |   | 72        |   | 1,974,130                             |      | 2/98           |   | 12/98            |   | 100                               | %      | 2,160,782                       |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Millwood Park Apts.      |   | Douglasville, GA   |   | 172       |   | 8,291,842                             |      | 12/98          |   | 11/99            |   | 100                               | %      | 631,257                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| New River   Gardens |   | Radford, VA        |   | 48        |   | 1,466,244                             |      | 10/98          |   | 5/99             |   | 100                               | %      | 637,321                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Nocona Terrace Apts.     |   | Nocona, TX         |   | 36        |   | 828,909                               |      | 8/97           |   | 12/98            |   | 100                               | %      | 249,394                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Northgate Apts.          |   | Bryant, AR         |   | 20        |   | 654,628                               |      | 4/99           |   | 11/99            |   | 100                               | %      | 826,491                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Trace Apts.         |   | Jackson, TN        |   | 84        |   | 1,629,674                             |      | 11/97          |   | 3/99             |   | 100                               | %      | 3,353,303                       |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pine Forest Apts.        |   | Dahlgren, VA       |   | 40        |   | 1,870,544                             |      | 3/98           |   | 2/99             |   | 100                               | %      | 503,181                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Riverbend Apts.          |   | Swanzey, NH        |   | 24        |   | 617,771                               |      | 7/97           |   | 2/98             |   | 100                               | %      | 1,321,798                       |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Royal Crest Apts.        |   | Bowie, TX          |   | 48        |   | 1,116,907                             |      | 8/97           |   | 10/98            |   | 100                               | %      | 337,545                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Broadway Place Apts.     |   | Hobbs, NM          |   | 32        |   | 775,825                               |      | 2/98           |   | 12/98            |   | 100                               | %      | 1,837,527                       |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Trinity Life Gardens     |   | Pueblo, CO         |   | 44        |   | 1,302,418                             |      | 4/99           |   | 12/99            |   | 100                               | %      | 1,924,806                       |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Western Trails Apts.     |   | Council Bluffs, IA |   | 30        |   | 926,617                               |      | 7/98           |   | 6/99             |   | 100                               | %      | 912,827                         |   |
|                     |   |               |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Whistle Stop Apts.       |   | Gentry, AR         |   | 27        |   | 703,040                               |      | 9/97           |   | 5/98             |   | 100                               | %      | 726,507                         |   |
|                          |        |                    |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

14

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**                 |   | **Location**             |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|------------------------------------|--------|--------------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Bent Tree Apts.                    |   | San Angelou, TX          |   | 112       |   | $                                     | 2,671,787 |           | 12/97  |             | 7/99   |                              | 100    | %                               | $      | 3,521,950 |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Brittney Square   Apts.       |   | Bowling Green,   KY |   | 20        |   | 626,354                               |      | 7/98           |   | 7/98             |   | 100                               | %      | 629,917                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Canton Manor Apts.                 |   | Canton, MS               |   | 32        |   | 812,778                               |      | 11/97          |   | 7/98             |   | 100                               | %      | 271,306                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Canton Village Apts.               |   | Canton, MS               |   | 42        |   | 1,132,530                             |      | 11/97          |   | 7/98             |   | 100                               | %      | 363,557                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Double Springs Manor II Apts.      |   | Bowling Green,   KY |   | 25        |   | 393,627                               |      | 9/98           |   | 3/99             |   | 100                               | %      | 985,432                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Eagles Ridge Terrace               |   | Decatur, TX              |   | 89        |   | 1,824,969                             |      | 12/97          |   | 5/98             |   | 100                               | %      | 467,063                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Elmwood Apts.                      |   | Ellisville, MS           |   | 32        |   | 661,754                               |      | 12/97          |   | 6/98             |   | 100                               | %      | 243,483                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Giles Apts.                        |   | Amelia, VA               |   | 16        |   | 718,661                               |      | 3/98           |   | 2/99             |   | 100                               | %      | 178,711                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Henderson Terrace Apts.            |   | Bridgeport, TX           |   | 24        |   | 522,834                               |      | 11/97          |   | 9/98             |   | 100                               | %      | 120,846                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hurricane Hills                    |   | Hurricane, UT            |   | 28        |   | 781,674                               |      | 9/97           |   | 8/98             |   | 100                               | %      | 2,000,271                       |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Madison Height Apts.               |   | Canton, MS               |   | 80        |   | 2,239,812                             |      | 11/97          |   | 7/98             |   | 100                               | %      | 786,614                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Lakeview Court                     |   | City of Little Elm, TX   |   | 24        |   | 446,156                               |      | 11/97          |   | 1/99             |   | 100                               | %      | 83,390                          |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Mesquite Trails                    |   | Jacksboro, TX            |   | 35        |   | 684,905                               |      | 11/97          |   | 11/98            |   | 100                               | %      | 193,766                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Munjoy South Townhouse  Apts. |   | Portland, ME             |   | 140       |   | 3,720,918                             |      | 9/97           |   | 10/98            |   | 100                               | %      | 706,503                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Nottoway Manor                     |   | Blackstone, VA           |   | 28        |   | 861,611                               |      | 3/98           |   | 4/99             |   | 100                               | %      | 214,977                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Parktowne Apts.                    |   | Cleveland, TN            |   | 84        |   | 1,578,799                             |      | 11/97          |   | 6/98             |   | 100                               | %      | 3,363,097                       |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park Ridge Apts.                   |   | McKee, KY                |   | 22        |   | 888,060                               |      | 10/97          |   | 5/98             |   | 100                               | %      | 338,464                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pilot Point Apts.                  |   | Pilot Point, VA          |   | 40        |   | 769,175                               |      | 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        |   | 784,261                               |      | 10/97          |   | 7/98             |   | 100                               | %      | 1,578,561                       |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Roth Village                       |   | Mechanicsburg, PA        |   | 61        |   | 2,158,615                             |      | 10/97          |   | 9/98             |   | 100                               | %      | 2,664,992                       |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Royal Estates Apts.                |   | Canton, MS               |   | 32        |   | 838,932                               |      | 11/97          |   | 7/98             |   | 100                               | %      | 282,525                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Silver Creek Apts.                 |   | Flat Rock, MI            |   | 112       |   | 3,358,756                             |      | 3/98           |   | 8/99             |   | 100                               | %      | 4,235,275                       |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Springs Manor Apts.                |   | Rawls Spring, MS         |   | 32        |   | 827,365                               |      | 12/97          |   | 6/98             |   | 100                               | %      | 328,693                         |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Summerdale Commons Phase II        |   | Atlanta, GA              |   | 108       |   | 3,752,139                             |      | 12/98          |   | 4/99             |   | 100                               | %      | 2,496,904                       |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Windsor Hills Apts.                |   | Ferris, TX               |   | 16        |   | 454,287                               |      | 5/00           |   | 9/00             |   | 100                               | %      | 68,564                          |   |
|                               |   |                     |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Windsor Park Apts.                 |   | Jackson, MS              |   | 279       |   | 7,500,000                             |      | 11/97          |   | 3/99             |   | 100                               | %      | 2,346,847                       |   |
|                                    |        |                          |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

15

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**         |   | **Location**      |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|----------------------------|--------|-------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Carriage Pointe Apts.      |   | Old Bridge, NJ    |   | 18        |   | $                                     | 7,594,997 |           | 1/98   |             | 1/97   |                              | 100    | %                               | $      | 3,051,011 |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Chardonnay Apts.           |   | Oklahoma City, OK |   | 14        |   | 77,888                                |      | 1/98           |   | 1/97             |   | 100                               | %      | 393,700                         |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cogic   Village Apts. |   | Benton Harbor, MI |   | 136       |   | 2,406,922                             |      | 4/98           |   | 7/99             |   | 100                               | %      | 6,669,762                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Courtside Apts.            |   | Cottonwood, AZ    |   | 44        |   | 903,154                               |      | 6/98           |   | 7/98             |   | 100                               | %      | 1,667,188                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Clear  Creek  Apts.   |   | N. Manchester, IN |   | 64        |   | 1,611,547                             |      | 7/98           |   | 9/99             |   | 100                               | %      | 1,884,358                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Luxar             |   | Dallas, TX        |   | 125       |   | 3,575,101                             |      | 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        |   | 9,154,670                             |      | 1/99           |   | 7/00             |   | 100                               | %      | 232,259                         |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Martinsville Apts.         |   | Shelbyville, KY   |   | 125       |   | 278,029                               |      | 8/99           |   | 2/00             |   | 100                               | %      | 345,791                         |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Parkside Plaza Apts        |   | New York, NY      |   | 39        |   | 1,324,092                             |      | 7/99           |   | 5/01             |   | 100                               | %      | 2,457,425                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park  Ridge  Apts.    |   | Jackson, TN       |   | 136       |   | 5,000,000                             |      | 11/98          |   | 12/99            |   | 100                               | %      | 1,637,102                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Park  Village  Apts.  |   | Athens, TN        |   | 80        |   | 1,199,088                             |      | 10/98          |   | 6/99             |   | 100                               | %      | 1,503,103                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pearlwood Apts.            |   | Pearl, MS         |   | 40        |   | 954,603                               |      | 2/98           |   | 5/98             |   | 100                               | %      | 745,648                         |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Rose Villa Apts.           |   | Ganado, TX        |   | 8         |   | 219,873                               |      | 5/01           |   | 11/01            |   | 100                               | %      | 39,451                          |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pecan Manor Apts.          |   | Natchitoches, LA  |   | 40        |   | 780,577                               |      | 7/98           |   | 10/98            |   | 100                               | %      | 1,501,914                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Pineridge Apts.            |   | Franklinton, LA   |   | 40        |   | 799,881                               |      | 7/98           |   | 1/99             |   | 100                               | %      | 1,497,889                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Sterling Creek Apts.       |   | Independence, MO  |   | 48        |   | 921,989                               |      | 5/98           |   | 5/00             |   | 100                               | %      | 1,973,594                       |   |
|                       |   |              |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Woodhaven Apts.            |   | S. Brunswick, NJ  |   | 80        |   | **                                    |      | 1/98           |   | 1995             |   | 100                               | %      | **                              |   |
|                            |        |                   |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

----

 

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

 

16

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**           |   | **Location**       |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|------------------------------|--------|--------------------|--------|-----------|--------|---------------------------------------|-----------|---------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Bradford Park Apts.          |   | Southhaven,, MS    |   | 208       |   | $                                     | 9,790,000 |          | 10/98  |             | 12/99  |                              | 100    | %                               | $      | 302,884 |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Bradford Square North Apts.  |   | Jefferson City, TN |   | 50        |   | 1,055,961                             |      | 10/98         |   | 9/99             |   | 100                               | %      | 1,456,415                       |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Carriage Pointe Apts.        |   | Old Bridge, NJ     |   | 18        |   | 7,594,997                             |      | 3/98          |   | 1/97             |   | 100                               | %      | 3,051,011                       |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Columbia Luxar               |   | Dallas, TX         |   | 125       |   | 3,575,101                             |      | 8/98          |   | 12/99            |   | 100                               | %      | 3,947,106                       |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Foxridge Apts.               |   | Durham, NC         |   | 92        |   | 3,087,360                             |      | 3/98          |   | 7/99             |   | 100                               | %      | 3,103,038                       |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Gilette Manor                |   | Sayreville, NJ     |   | 100       |   | **                                    |      | 1/98          |   | 1992             |   | 100                               | %      | **                              |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Harbor Pointe                |   | Benton Harbor, MI  |   | 84        |   | 1,554,989                             |      | 1/99          |   | 10/99            |   | 100                               | %      | 1,157,091                       |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Merchant Court               |   | Dallas, GA         |   | 192       |   | 6,038,352                             |      | 10/98         |   | 12/99            |   | 100                               | %      | 2,422,226                       |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Northrock Apts.              |   | Topeka, KS         |   | 76        |   | 2,580,636                             |      | 5/99          |   | 5/00             |   | 100                               | %      | 1,133,534                       |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Stearns- Assisted            |   | Millinocket, ME    |   | 20        |   | 435,500                               |      | 12/99         |   | 3/01             |   | 100                               | %      | 674,885                         |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Stonewall Retirement Village |   | Stonewall, LA      |   | 40        |   | 883,152                               |      | 7/98          |   | 1/99             |   | 100                               | %      | 1,495,966                       |   |
|                         |   |               |   |      |   |                                  |      |          |   |             |   |                              |   |                            |   |
| Woodhaven Apts.              |   | S. Brunswick, NJ   |   | 80        |   | **                                    |      | 1/98          |   | 1995             |   | 100                               | %      | **                              |   |
|                              |        |                    |        |           |        |                                       |           |               |        |                  |        |                                   |        |                                 |        |  |  |

 

----

**           3 properties which makeup one Operating Partnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capitalcontributions paid reported with Carriage Pointe Apartments LP.

 

17

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**                   |   | **Location**            |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |    | **Acq  Date** |   | **Const  Comp** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|--------------------------------------|--------|-------------------------|--------|-----------|--------|---------------------------------------|---------|---------------|--------|-----------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Abby Ridge Apts.                     |   | Elizabethtown, KY       |   | 24        |   | $                                     | 484,663 |          | 2/00   |            | 1/00   |                              | 100    | %                               | $      | 1,577,723 |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Allsion Apts.                        |   | Mt. Washington, KY      |   | 24        |   | 899,586                               |    | 11/98         |   | 1/99            |   | 100                               | %      | 850,013                         |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Belmont Affordable Housing Two Apts. |   | Philadelphia, PA        |   | 20        |   | 518,496                               |    | 1/99          |   | 12/99           |   | 100                               | %      | 1,820,797                       |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Boerne Creekside Apts.               |   | Boerne, TX              |   | 71        |   | 2,041,181                             |    | 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 |   | 55        |   | 1,683,730                             |    | 10/98         |   | 12/99           |   | 100                               | %      | 2,087,333                       |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Howard Park Apts                     |   | Florida City, FL        |   | 16        |   | 379,144                               |    | 4/99          |   | 12/99           |   | 100                               | %      | 588,986                         |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Kerrville Meadows Apts.              |   | Kerrville, TX           |   | 72        |   | 1,594,379                             |    | 11/98         |   | 4/00            |   | 100                               | %      | 2,329,758                       |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Merchant Court Apts.                 |   | Dallas, GA              |   | 192       |   | 6,038,352                             |    | 10/98         |   | 12/99           |   | 100                               | %      | 4,718,773                       |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Millwood Park Apts.                  |   | Douglasville, GA        |   | 172       |   | 8,291,842                             |    | 12/98         |   | 11/99           |   | 100                               | %      | 1,215,874                       |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Northwood Homes                      |   | Leitchfield, KY         |   | 24        |   | 798,554                               |    | 4/99          |   | 6/99            |   | 100                               | %      | 1,185,712                       |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Romeo Village Apts.                  |   | Montour Falls, NY       |   | 24        |   | 1,021,520                             |    | 10/98         |   | 4/99            |   | 100                               | %      | 753,362                         |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Summer Park Apts.                    |   | Jackson, MS             |   | 216       |   | 10,550,000                            |    | 10/99         |   | 6/00            |   | 100                               | %      | 1,106,814                       |   |
|                                 |   |                    |   |      |   |                                  |    |          |   |            |   |                              |   |                            |   |
| Washington Courtyards                |   | Houston, TX             |   | 74        |   | 2,839,880                             |    | 8/99          |   | 8/00            |   | 100                               | %      | 1,434,087                       |   |
|                                      |        |                         |        |           |        |                                       |         |               |        |                 |        |                                   |        |                                 |        |  |  |

 

18

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**              |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |      | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|---------------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|-----------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Ashton Cove Apts.               |   | Kingsland, GA    |   | 72        |   | $                                     | 1,980,014 |           | 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        |   | 1,995,833                             |      | 7/99           |   | 7/00             |   | 100                               | %      | 2,550,000                       |   |
|                            |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Columbia Woods Townhomes        |   | Newman, GA       |   | 120       |   | 4,392,252                             |      | 10/00          |   | U/C              |   | 24                                | %*     | 1,310,103                       |   |
|                            |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Country Walk Apts.              |   | Mulvane, KS      |   | 68        |   | 2,018,643                             |      | 12/98          |   | 11/99            |   | 100                               | %      | 1,923,697                       |   |
|                            |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Cypress Pointe Retirement Apts. |   | Casa Grande, AZ  |   | 104       |   | 2,756,788                             |      | 4/99           |   | 3/00             |   | 100                               | %      | 2,474,048                       |   |
|                            |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Garden Gates Apts. II           |   | New Caney, TX    |   | 32        |   | 862,641                               |      | 3/99           |   | 3/00             |   | 100                               | %      | 1,060,537                       |   |
|                            |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Hillside Terrace Apts.          |   | Poughkeepsie, NY |   | 64        |   | 1,803,744                             |      | 4/99           |   | 7/00             |   | 100                               | %      | 3,579,349                       |   |
|                            |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Riverwalk Apt. Homes Phase II   |   | Sheboygan, WI    |   | 20        |   | 418,744                               |      | 12/98          |   | 7/99             |   | 100                               | %      | 1,354,092                       |   |
|                            |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Washington Courtyards           |   | Houston, TX      |   | 74        |   | 2,839,880                             |      | 8/99           |   | 8/00             |   | 100                               | %      | 600,079                         |   |
|                            |   |             |   |      |   |                                  |      |           |   |             |   |                              |   |                            |   |
| Wedgewood Park Apts.            |   | Evans, GA        |   | 180       |   | 5,467,628                             |      | 12/99          |   | 8/00             |   | 100                               | %      | 3,229,037                       |   |
|                                 |        |                  |        |           |        |                                       |           |                |        |                  |        |                                   |        |                                 |        |  |  |

 

----

*  Property was in lease-up phase as of March31, 2002.

U/C=Property wasunder construction as of March 31, 2002.

 

19

----

 

Boston Capital Tax CreditFund IV L.P. - Series 36

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property  Name**                          |   | **Location**     |   | **Units** |   | **Mortgage  Balance as  of 12/31/01** |       | **Acq.  Date** |   | **Const  Comp.** |   | **Qualified  Occupancy  3/31/02** |   | **Cap Con  paid thru  3/31/02** |   |
|---------------------------------------------|--------|------------------|--------|-----------|--------|---------------------------------------|------------|----------------|--------|------------------|--------|-----------------------------------|--------|---------------------------------|--------|
| Annadale Apts.                              |   | Fresno, CA       |   | 222       |   | $                                     | 10,970,799 |           | 1/00   |             | 6/90   |                              | 100    | %                               | $      | 548,563 |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Ashton Ridge                                |   | Jackson, MI      |   | 144       |   | 2,666,108                             |       | 2/00           |   | 12/00            |   | 100                               | %      | 1,429,301                       |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Farmington Meadows                          |   | Aloha, OR        |   | 69        |   | 3,465,276                             |       | 8/99           |   | 11/99            |   | 100                               | %      | 530,154                         |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Nowata Village                              |   | Nowata, OK       |   | 28        |   | 1,260,453                             |       | 8/99           |   | 2/00             |   | 100                               | %      | 330,497                         |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Paris Place                                 |   | Paris, KY        |   | 32        |   | 1,271,424                             |       | 6/00           |   | 9/00             |   | 100                               | %      | 930,412                         |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Riverview Bend Apts.                        |   | Cystal City, MO  |   | 94        |   | 3,353,333                             |       | 11/99          |   | 3/00             |   | 100                               | %      | 1,207,600                       |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Senior Suites Of Chicago Washington Heights |   | Chicago, IL      |   | 85        |   | 3,393,781                             |       | 12/99          |   | 11/00            |   | 100                               | %      | 2,220,659                       |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Valleyview Estates Apts.                    |   | Branson West, MO |   | 32        |   | 478,400                               |       | 11/99          |   | 5/00             |   | 100                               | %      | 1,306,789                       |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Wedgewood Park Apts.                        |   | Evans, GA        |   | 180       |   | 5,467,628                             |       | 12/99          |   | 8/00             |   | 100                               | %      | 3,229,037                       |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Willowbrook Apts.                           |   | Lafayette, LA    |   | 40        |   | 1,071,920                             |       | 6/99           |   | 9/99             |   | 100                               | %      | 1,200,789                       |   |
|                                        |   |             |   |      |   |                                  |       |           |   |             |   |                              |   |                            |   |
| Wingfield Apts.                             |   | Kinder, LA       |   | 40        |   | 686,728                               |       | 6/99           |   | 7/99             |   | 100                               | %      | 1,645,817                       |   |
|                                             |        |                  |        |           |        |                                       |            |                |        |                  |        |                                   |        |                                 |        |  |  |

 

20

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property Name**                   |   | **Location**    |   | **Units** |   | **Mortgage  Balance as of 12/31/01** |      | **Acq. Date** |   | **Const  Comp.** |   | **Qualified  Occupancy 3/31/02** |   | **Cap Con  paid thru 3/31/02** |   |
|-------------------------------------|--------|-----------------|--------|-----------|--------|--------------------------------------|-----------|---------------|--------|------------------|--------|----------------------------------|--------|--------------------------------|--------|
| Ashton Ridge Apts.                  |   | Jackson, MS     |   | 144       |   | $                                    | 2,666,108 |          | 02/00  |             | 12/00  |                             | 100    | %                              | $      | 5,999,913 |   |
|                                |   |            |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Baldwin Villas                      |   | Pontiac, MI     |   | 65        |   | 7,974,106                            |      | 10/99         |   | 7/01             |   | 100                              | %      | -0-                            |   |
|                                |   |            |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Columbia Woods Townhomes            |   | Newnan, GA      |   | 120       |   | 4,392,252                            |      | 10/00         |   | U/C              |   | 24                               | %*     | 3,285,137                      |   |
|                                |   |            |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Senior Suites of Washington Heights |   | Chicago, IL     |   | 85        |   | 3,393,781                            |      | 12/99         |   | 11/00            |   | 100                              | %      | 2,220,659                      |   |
|                                |   |            |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Silver Pond Apts.                   |   | Wallingford, CT |   | 160       |   | 4,445,897                            |      | 6/00          |   | 12/01            |   | 97                               | %*     | 1,263,543                      |   |
|                                |   |            |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Stearns Assisted Apts.              |   | Millinocket, ME |   | 20        |   | 435,500                              |      | 12/99         |   | 3/01             |   | 100                              | %      | 1,404,884                      |   |
|                                |   |            |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Summer Park                         |   | Jackson, MS     |   | 216       |   | 10,550,000                           |      | 10/99         |   | 6/00             |   | 100                              | %      | 2,379,767                      |   |
|                                     |        |                 |        |           |        |                                      |           |               |        |                  |        |                                  |        |                                |        |  |  |

 

----

*  Property was in lease-up phase as of March31, 2002.

U/C=Property wasunder construction as of March 31, 2002.

 

21

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property Name**           |   | **Location**       |   | **Units** |   | **Mortgage  Balance as of 12/31/01** |      | **Acq. Date** |   | **Const  Comp.** |   | **Qualified  Occupancy 3/31/02** |   | **Cap Con  paid thru 3/31/02** |   |
|-----------------------------|--------|--------------------|--------|-----------|--------|--------------------------------------|-----------|---------------|--------|------------------|--------|----------------------------------|--------|--------------------------------|--------|
| Andover Crossing Apts.      |   | Andover, KS        |   | 80        |   | $                                    | 2,675,861 |          | 5/00   |             | 12/00  |                             | 100    | %                              | $      | 1,772,874 |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Arbors at Eagle Crest Apts. |   | Mount Pleasant, MI |   | 120       |   | 1,788,563                            |      | 12/00         |   | 10/01            |   | 81                               | %*     | 3,229,621                      |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Bristow Place Apts.         |   | Bristow, OK        |   | 28        |   | 1,242,143                            |      | 6/01          |   | 12/00            |   | 100                              | %      | 480,963                        |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Columbia Creek Apts.        |   | Woodstock, GA      |   | 172       |   | 5,278,781                            |      | 8/01          |   | 11/01            |   | 46                               | %*     | 2,795,601                      |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Cushing Place Apts.         |   | Cushing, OK        |   | 24        |   | 1,107,945                            |      | 3/00          |   | 10/00            |   | 100                              | %      | 423,200                        |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Hammond Place Apts.         |   | Hammond, LA        |   | 40        |   | 495,490                              |      | 3/00          |   | 4/00             |   | 100                              | %      | 1,706,341                      |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Shoreham Apts.              |   | Houston, TX        |   | 120       |   | 2,990,000                            |      | 4/00          |   | 7/01             |   | 100                              | %      | 5,220,350                      |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Vanderbilt Apts.            |   | Edna, TX           |   | 12        |   | 332,192                              |      | 5/01          |   | 10/01            |   | 100                              | %      | 87,244                         |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Whitley Park Apts.          |   | Whitley City, KY   |   | 21        |   | 914,026                              |      | 6/00          |   | 6/00             |   | 100                              | %      | 302,339                        |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                           |   |
| Willowbrook II Apts.        |   | Lafayette, LA      |   | 40        |   | 991,424                              |      | 3/00          |   | 5/00             |   | 100                              | %      | 1,247,680                      |   |
|                             |        |                    |        |           |        |                                      |           |               |        |                  |        |                                  |        |                                |        |  |  |

 

----

*=Property was in lease-up phase as of March 31, 2002.

 

22

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property Name**           |   | **Location**       |   | **Units** |   | **Mortgage  Balance as of 12/31/01** |      | **Acq. Date** |   | **Const  Comp.** |   | **Qualified  Occupancy 3/31/02** |   | **Capital  Contributions Paid Through 3/31/02** |   |
|-----------------------------|--------|--------------------|--------|-----------|--------|--------------------------------------|-----------|---------------|--------|------------------|--------|----------------------------------|--------|-------------------------------------------------|--------|
| Arbors at Eagle Crest Apts. |   | Mount Pleasant, MI |   | 120       |   | $                                    | 1,788,563 |          | 12/00  |             | 10/01  |                             | 81     | %*                                              | $      | 3,229,621 |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                                            |   |
| Arbors at Ironwood Apts.    |   | Mishawaka, IN      |   | 88        |   | 1,819,785                            |      | 7/00          |   | 9/01             |   | 100                              | %      | 2,668,084                                       |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                                            |   |
| Austin Acres Atps.          |   | Hopkinsville, KY   |   | 32        |   | 871,910                              |      | 11/00         |   | 9/01             |   | 100                              | %      | 1,094,641                                       |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                                            |   |
| Columbia Creek Apts.        |   | Woodstock, GA      |   | 172       |   | 5,278,781                            |      | 8/01          |   | 11/01            |   | 46                               | %*     | 2,909,708                                       |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                                            |   |
| Daystar Village Apts.       |   | Bowling Green, KY  |   | 32        |   | 817,028                              |      | 2/01          |   | 1/01             |   | 100                              | %      | 1,105,387                                       |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                                            |   |
| Hillview   Apts.       |   | Leitchfield, KY    |   | 34        |   | 923,167                              |      | 5/01          |   | 12/01            |   | 100                              | %      | 234,280                                         |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                                            |   |
| Pine Grove Community        |   | Gouverneur, NY     |   | 48        |   | 1,752,528                            |      | 12/00         |   | 10/01            |   | 48                               | %*     | 2,538,730                                       |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                                            |   |
| Tally-Ho Apts.              |   | Campti, CA         |   | 26        |   | 584,072                              |      | 6/01          |   | 12/01            |   | 100                              | %      | 485,057                                         |   |
|                        |   |               |   |      |   |                                 |      |          |   |             |   |                             |   |                                            |   |
| Timber Trails Apts.         |   | Pineville, LA      |   | 32        |   | 824,651                              |      | 6/01          |   | 7/01             |   | 100                              | %      | 499,829                                         |   |
|                             |        |                    |        |           |        |                                      |           |               |        |                  |        |                                  |        |                                                 |        |  |  |

 

----

*Property was in lease-up phase as of March 31, 2002.

 

23

----

 

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property Name**          |   | **Location**     |   | **Units** |   | **Mortgage  Balance as of 12/31/01** |   | **Acq. Date** |   | **Const  Comp.** |   | **Qualified  Occupancy 3/31/02** |   | **Cap Con  paid thru 3/31/02** |   |
|----------------------------|--------|------------------|--------|-----------|--------|--------------------------------------|--------|---------------|--------|------------------|--------|----------------------------------|--------|--------------------------------|--------|
| Arbors @ Ironwood Apts. II |   | Mishawaka, IN    |   | 40        |   | 903,000                              |   | 2/01          |   | 11/01            |   | 100                              | %      | 1,705,970                      |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Baldwin Villas Apts.       |   | Pontiac, MI      |   | 65        |   | 7,974,106                            |   | 8,01          |   | 7/01             |   | 100                              | %      | -0-                            |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Carlyle Apts.              |   | Aberdeen, SD     |   | 44        |   | 939,802                              |   | 2/01          |   | 6/01             |   | 82                               | %*     | 1,155,282                      |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Center Place Apts.         |   | Center, TX       |   | 32        |   | 789,018                              |   | 08/01         |   | 10/01            |   | 100                              | %      | 328,070                        |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Eagle Place Apts.          |   | Azle, TX         |   | 60        |   | 829,749                              |   | 10/01         |   | U/C              |   | 37                               | %*     | 499,634                        |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Londontown Homes Apts.     |   | London, KY       |   | 24        |   | 612,000                              |   | 2/01          |   | 6/01             |   | 100                              | %      | 1,826,790                      |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Mason’s Point Apts.   |   | Hopkinsville, KY |   | 41        |   | -0-                                  |   | 06/01         |   | U/C              |   | N/A                              |   | 1,276,864                      |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Meadowside Apts.           |   | Milo, NY         |   | 40        |   | 963,226                              |   | 05/01         |   | 12/01            |   | 100                              | %      | 841,707                        |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Northrock Apts. II         |   | Topeka, KS       |   | 60        |   | 1,242,583                            |   | 07/01         |   | U/C              |   | N/A                              |   | 1,103,199                      |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Oakland Apts.              |   | Oakdale, LA      |   | 46        |   | 1,252,977                            |   | 2/01          |   | 7/01             |   | 100                              | %      | 652,333                        |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Parkview Apts.             |   | Springfield, MA  |   | 25        |   | 1,403,581                            |   | 2/01          |   | 2/02             |   | 100                              | %      | 977,208                        |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Sedgewick Sundance Apts.   |   | Sedgewick, KS    |   | 24        |   | 540,000                              |   | 09/01         |   | 10/01            |   | 58                               | %*     | 1,114,271                      |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Southbrook Humes Apts.     |   | Kily, KY         |   | 24        |   | 558,000                              |   | 04/01         |   | 11/01            |   | 100                              | %      | 1,498,969                      |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Shalom Plaza Apts.         |   | Kansas City, MO  |   | 126       |   | 3,893,135                            |   | 08/01         |   | 11/01            |   | 100                              | %      | 1,177,635                      |   |
|                       |   |             |   |      |   |                                 |   |          |   |             |   |                             |   |                           |   |
| Western Gardens Apts.      |   | Dequincey, LA    |   | 48        |   | 1,300,631                            |   | 2/01          |   | 7/01             |   | 100                              | %      | 668,442                        |   |

 

----

U/C=Property was under construction as of March 31, 2002.

*Property was in lease-up phase as of March 31, 2002.

 

24

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property Name**         |   | **Location**        |   | **Units** |   | **Mortgage  Balance as of 12/31/01** |    | **Acq. Date** |   | **Const  Comp.** |   | **Qualified  Occupancy 3/31/02** |   | **Cap Con  paid thru 3/31/02** |   |
|---------------------------|--------|---------------------|--------|-----------|--------|--------------------------------------|---------|---------------|--------|------------------|--------|----------------------------------|--------|--------------------------------|--------|
| Bienville Apts.           |   | Ringhold, LA        |   | 32        |   | $                                    | 818,871 |          | 12/01  |             | 11/01  |                             | 100    | %                              | $      | 366,366 |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Breezewood Villas I       |   | Frederiksted, VI    |   | 12        |   | 543,950                              |    | 10/01         |   | U/C              |   | N/A                              |   | 345,475                        |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Brookstone Place II Apts. |   | Port Huron, MI      |   | 72        |   | 2,500,000                            |    | 8/01          |   | U/C              |   | N/A                              |   | 1,902,782                      |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Harbor Point II Apts.     |   | Benton Township, MI |   | 72        |   | 1,292,466                            |    | 8/01          |   | U/C              |   | N/A                              |   | 805,382                        |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Hollywood Palms Apts.     |   | San Diego, CA       |   | 94        |   | -0-                                  |    | 3/02          |   | U/C              |   | N/A                              |   | -0-                            |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Marina Woods Apts.        |   | Halfmoon, NY        |   | 32        |   | 693,760                              |    | 7/01          |   | U/C              |   | N/A                              |   | 696,934                        |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Marwood Senior Apts.      |   | Upper Marlboro, MD  |   | 155       |   | 4,098,984                            |    | 7/01          |   | U/C              |   | N/A                              |   | 345,351                        |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Meadowside Apts.          |   | Milo, NY            |   | 40        |   | 963,226                              |    | 5/01          |   | 12/01            |   | 100                              | %      | 841,707                        |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Red Hill Apts. I          |   | Farmerville, LA     |   | 32        |   | 841,779                              |    | 11/01         |   | 6/01             |   | 100                              | %      | 386,921                        |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Southpark Apts. II        |   | Newton, KS          |   | 60        |   | 1,737,846                            |    | 9/01          |   | U/C              |   | N/A                              |   | 1,270,774                      |   |
|                      |   |                |   |      |   |                                 |    |          |   |             |   |                             |   |                           |   |
| Sunshine Village Apts.    |   | Elizabethtown, KY   |   | 32        |   | -0-                                  |    | 3/02          |   | U/C              |   | N/A                              |   | -0-                            |   |
|                           |        |                     |        |           |        |                                      |         |               |        |                  |        |                                  |        |                                |        |  |  |

 

----

U/C=Property was under construction as of March 31, 2002.

 

25

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

 

PROPERTY PROFILEAS OF MARCH 31, 2002

 
| **Property Name**     |   | **Location**   |   | **Units** |   | **Mortgage  Balance as of 12/31/01** |   | **Acq. Date** |   | **Const  Comp.** |   | **Qualified  Occupancy 3/31/02** |   | **Cap Con  paid thru 3/31/02** |    |
|-----------------------|--------|----------------|--------|-----------|--------|--------------------------------------|--------|---------------|--------|------------------|--------|----------------------------------|--------|--------------------------------|---------|
| Lynelle Landing Apts. |   | Charleston, WV |   | 56        |   | -0-                                  |   | 3/02          |   | U/C              |   | N/A                              |   | $                              | 589,525 |   |
|                  |   |           |   |      |   |                                 |   |          |   |             |   |                             |   |                           |    |
| Strawberry Lane Apts. |   | Clayton, NY    |   | 71        |   | -0-                                  |   | 3/02          |   | U/C              |   | N/A                              |   | -0-                            |    |
|                       |        |                |        |           |        |                                      |        |               |        |                  |        |                                  |        |                                |         |  |

 

----

U/C=Property was under construction as of March 31, 2002.

 

26

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

 

27

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PART II

 

Item 5.    Marketfor the Fund’s Interests and Related Fund Matters

 

                                                (a)                                  MarketInformation

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 of March 31,2002, the Fund has 36,780 BAC holders for an aggregate of 68,029,269 BACs, at asubscription price of $10 per BAC, received and accepted.

 

The BACs wereissued in series.  Series 20 consists of2,382 investors holding 3,866,700 BACs, Series 21 consists of 1,193 investorsholding 1,892,700 BACs, Series 22 consists of 1,658 investors holding 2,564,400BACs, Series 23 consists of 2,137 investors holding 3,336,727 BACs, Series 24consists of 1,309 investors holding 2,169,878 BACs, Series 25 consists of 1,859investors holding 3,026,109 BACs, Series 26 consists of 2,375 investors holding3,995,900 BACs, Series 27 consists of 1,408 investors holding 2,460,700 BACs,Series 28 consists of 2,147 investors holding 4,000,738 BACs, Series 29consists of 2,341 investors holding 3,991,800 BACs, Series 30 consists of 1,404investors holding 2,651,000 BACs, Series 31 consists of 2,170 investors holding4,417,857 BACs, Series 32 consists of 2,408 investors holding 4,754,198 BACs,Series 33 consists of 1,294 investors holding 2,636,533 BACs, Series 34consists of 1,780 investors holding 3,529,319 BACs, Series 35 consists of 1,704investors holding 3,300,463 BACs, Series 36 consists of 1,034 investors holding2,106,837 BACs, Series 37 consists of 1,150 investors holding 2,512,500 BACs,Series 38 consists of 1,245 investors holding 2,543,100 BACs, Series 39consists of 1,015 investors holding 2,292,152 BACs, Series 40 consists of 1,121investors holding 2,630,256 BACs, Series 41 consists of 1,418 investors holding2,891,626 and Series 42 consists of 228 investors holding 457,776 BACs at March31, 2002

 

                                                (c)                                  Dividendhistory and restriction

The Fund has made nodistributions of Net Cash Flow to its BAC Holders from its inception, October5, 1993 through March 31, 2002.  

 

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.

 

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.

 

28

----

 

Fund allocations and distributions are described onpages 99 to 101 of the Prospectus, as supplemented, under the caption “SharingArrangements:  Profits, Credits, Losses,Net Cash Flow and Residuals”, which is incorporated herein by reference.

 

During the year ended March 31, 1999, the Fund made areturn of equity distribution to the Series 27 Limited Partners in the amountof $275,000.  During the year endedMarch 31, 2000 the Fund made a return of equity distribution to the Series 29Limited Partners in the amount of $238,040. The distributions were the result of certain Operating Partnerships notachieving their projected tax credits.

 

29

----

 

Item 6.    SelectedFinancial Data

 

The information set forth below presents selected financial data of theFund. This financial information represents a weighted average over the entireFund and does not represent the actual results for any particular series.Additional detailed financial information is set forth in the audited financialstatements listed in Item 14 hereof. Selected financial data for year and periods ended March 31,

 
| **Operations**                           |   | **2002**    |        | **2001**    |   | **2000**    |   | **1999**    |        | **1998**    |   |
|------------------------------------------|--------|-------------|-------------|-------------|--------|-------------|--------|-------------|-------------|-------------|--------|
| Interest &  Other Income             |   | $           | 926,439     |        | $      | 2,478,585   |   | $           | 3,089,965   |        | $      | 4,604,150 |   | $ | 4,007,240 |   |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Share of Loss of  Operating Partnerships |   | (30,093,432 | )           | (27,258,366 | )      | (22,255,032 | )      | (16,178,884 | )           | (12,821,176 | )      |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Operating  Expenses                      |   | (7,077,762  | )           | (6,872,178  | )      | (7,491,481  | )      | (5,902,620  | )           | (4,654,485  | )      |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Net Income  (Loss)                       |   | $           | (36,244,755 | )           | $      | (31,651,959 | )      | $           | (26,656,548 | )           | $      | (17,477,354 | ) | $ | (13,468,421 | ) |
|                                     |   |        |        |        |   |        |   |        |        |        |   |
| Net Income  (Loss) per BAC               |   | $           | (.54        | )           | $      | (.52        | )      | $           | (.47        | )           | $      | (.36 | ) | $ | (.36 | ) |

 
| **Balance Sheet**                                                                                                       |   | **2002** |        | **2001** |   | **2000**    |   | **1999** |        | **1998** |   |
|-------------------------------------------------------------------------------------------------------------------------|--------|----------|-------------|----------|--------|-------------|--------|----------|-------------|----------|--------|
|                                                                                                                    |   |     |        |     |   |        |   |     |        |     |   |
| Total Assets                                                                                                            |   | $        | 493,374,022 |     | $      | 477,547,823 |   | $        | 478,148,369 |     | $      | 456,501,585 |   | $ | 386,072,953 |   |
|                                                                                                                    |   |     |        |     |   |        |   |     |        |     |   |
| Total  Liabilities                                                                                                      |   | $        | 57,057,109  |     | $      | 53,445,738  |   | $        | 62,060,171  |     | $      | 79,434,074 |   | $ | 79,763,815 |   |
|                                                                                                                    |   |     |        |     |   |        |   |     |        |     |   |
| Partners’  Capital                                                                                                 |   | $        | 436,315,913 |     | $      | 424,102,085 |   | $        | 416,088,198 |     | $      | 377,067,511 |   | $ | 306,309,138 |   |
|                                                                                                                    |   |     |        |     |   |        |   |     |        |     |   |   |   |   |   |   |
| **Other Data**                                                                                                          |   |     |        |     |   |        |   |     |        |     |   |
| Tax Credits per  BAC for the Investors Tax Year, the Twelve Months Ended December 31, 2001,  2000, 1999, 1998, and 1997 |   | $        | .97         |     | $      | .96         |   | $        | .78         |     | $      | .71 |   | $ | .61 |   |

 

30

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

 

Liquidity

 

The Fund’s primary source of funds is the proceeds of its PublicOffering.  Other sources of liquiditywill include (i) interest earned on capital contributions held pendinginvestment or on working capital reserves (ii) cash distributions fromoperations of the Operating Partnerships in which the Fund has and will investand (iii) a line of credit.  All sourcesof 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 has entered into a line of credit financing agreement withFleet National Bank whereby the Fund can borrow up to $40 million for up to 90days to meet short-term cash needs required for the investment in certainOperating Partnerships.  Under the termsof the agreement, the Fund pledges their interest in a particular OperatingPartnership in order to draw funds from the line.  The repayment of any draws is anticipated to be made once theFund has received sufficient investor proceeds.  Repayments on the line are tied to specific OperatingPartnerships, which are then released as collateral by the bank.

 

The Fund invests in short-term tax-exempt municipal bonds to decreasethe amount of taxable interest income that flows through to it’sinvestors.  The Fund anticipates thatthe investments it purchases will be held to maturity, but periodically the Fundmust sell investments to meet certain obligations.  Many of the investments sold during the years ended March 31,2001 and 2002 were yielding coupon rates higher than market rates.  A premature sale of these investments mayhave resulted in realized losses, but when combined with the higher couponyields the resulting actual yields were consistent with market rates.  In selecting investments to purchase andsell, the general partner and it’s advisors stringently monitor the ratings ofthe investments, thereby maximizing safety of principal.

 

Capital Resources

 

The Fund is offering BACs in a Public Offering originally declaredeffective by the Securities and Exchange Commission on December 16, 1993.  The Fund received and accepted subscriptionsfor $679,959,770 representing 68,029,269 BACs from investors admitted as BACHolders in Series 20 through 42 of the Fund. As of March 31, 2002 the Fund is continuing to offer BACs in Series 42.

 

(Series 20).  The Fund commencedoffering BACs in Series 20 on January 21, 1994.  The Fund received and accepted subscriptions for $38,667,000representing 3,866,700 BACs from investors admitted as BAC Holders in Series20.  Offers and sales of BACs in Series20 were completed and the last of the BACs in Series 20 were issued by the Fundon June 24, 1994.

 

During the fiscal year ended March 31, 2002, none of Series 20 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2002 proceeds from the offer and sale of BACs in Series 20 had been used toinvest in 24 Operating Partnerships in an aggregate amount of $28,614,472 andthe Fund had completed payment of all installments of its capital contributionsto 23 of the Operating Partnerships. Series 20 has outstanding contributionspayable to one operating partnership

 

31

----

 

in the amount of $388,026 as of March 31, 2002. Of the amountoutstanding, $252,771 has been advanced to the Operating Partnership.  The advance will be converted to capital andthe remaining contributions of $135,255 will be released when the OperatingPartnership has achieved the conditions set forth in its partnership agreement.

 

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

 

During the fiscal year ended March 31, 2002, none of Series 21 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2002 proceeds from the offer and sale of BACs in Series 21 had been used toinvest in 14 Operating Partnerships in an aggregate amount of $13,872,728 andthe Fund had completed payment of all installments of its capital contributionsto 11 of the Operating Partnerships. Series 21 has outstanding contributionspayable to 3 operating partnerships in the amount of $641,543 as of March 31,2002, 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 commencedoffering BACs in Series 22 on October 12, 1994.  The Fund received and accepted subscriptions for $25,644,000representing 2,564,400 BACs from investors admitted as BAC Holders in Series22.  Offers and sales of BACs in Series22 were completed and the last of the BACs in Series 22 were issued by the Fundon December 28, 1994.

 

During the fiscal year ended March 31, 2002, $51,114 of Series 22 netoffering were used to pay installments of its capital contributions to theOperating Partnerships.  As of March 31,2002 proceeds from the offer and sale of BACs in Series 22 had been used toinvest in 29 Operating Partnerships in an aggregate amount of $18,758,748 and theFund had completed payment of all installments of its capital contributions to25 of the Operating Partnerships. Series 22 has outstanding contributionspayable to 4 operating partnerships in the amount of $487,655 as of March 31,2002. Of the amount outstanding, $450,981 has been loaned to the OperatingPartnerships.  The loans will beconverted to capital and the remaining contributions of $36,674 will bereleased when the Operating Partnerships have achieved the conditions set forthin 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, 2002, none of Series 23 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2002 proceeds from the offer and sale of BACs in Series 23 had been used toinvest in 22 Operating Partnerships in an aggregate amount of $24,352,278 andthe Fund had completed payment of all installments of its capital contributionsto 19 of the Operating Partnerships. Series 23 has outstanding contributionspayable of $117,796 as of March 31,

 

32

----

 

2002 to 3 operating partnerships, all of which has been advanced orloaned to the Operating Partnerships. The advances and loans will be converted to capital when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

(Series 24).  The Fund commencedoffering BACs in Series 24 on June 9, 1995. The Fund received and accepted subscriptions for $21,697,000representing 2,169,878 BACs from investors admitted as BAC Holders in Series24.  Offers and Sales of BACs in Series24 were completed and the last of the BACs in Series 24 were issued by the Fundon September 22, 1995.

 

During the fiscal year ended March 31, 2002, none of Series 24 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2002 proceeds from the offer and sale of BACs in Series 24 had been used toinvest in 23 Operating Partnerships in an aggregate amount of $14,662,750 andthe Fund had completed payment of all installments of its capital contributionsto 17 of the Operating Partnerships. Series 24 has outstanding contributionspayable to 6 operating partnerships in the amount of  $1,214,204 as of March 31, 2002. Of the amount outstanding, $1,093,337 has been advanced or loaned to theOperating Partnerships.  The advancesand loans will be converted to capital and the remaining contributions of$120,867 will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

(Series 25).  The Fund commencedoffering BACs in Series 25 on September 30, 1995.  The Fund received and accepted subscriptions for $30,248,000representing 3,026,109 BACs from investors admitted as BAC Holders in Series25.  Offers and Sales of BACs in Series25 were completed and the last of the BACs in Series 25 were issued by the Fundon December 29, 1995.

 

During the fiscal year ended March 31, 2002, the Fund used $21,500 ofSeries 25 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series25 had been used to invest in 22 Operating Partnerships in an aggregate amountof $22,461,222 and the Fund had completed payment of all installments of itscapital contributions to 14 of the Operating Partnerships. Series 25 hasoutstanding contributions payable to 8 Operating Partnerships in the amount of$2,073,892 as of March 31, 2002. Of the amount outstanding, $1,671,965 has beenadvanced or loaned to some of the Operating Partnerships. The advances and loanswill be converted to capital and the remaining contributions of $401,927 willbe released when Operating Partnerships have achieved the conditions set forthin 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, 2002, none of Series 26 netoffering proceeds were used to pay installments of its capital contributions tothe Operating Partnerships.  As of March31, 2002 proceeds from the offer and sale of BACs in Series 26 had been used toinvest in 45 Operating Partnerships in an aggregate amount of $29,390,860 andthe Fund had completed payment of all installments of its capital contributionsto 32 of the Operating Partnerships.

 

33

----

 

Series 26 has outstanding contributions payable to 13 OperatingPartnerships in the amount of $2,197,433, as of March 31, 2002.  Of the amount outstanding, $2,072,239 hasbeen advanced or loaned to some of the Operating Partnerships. In addition,$30,031 has been funded into escrow accounts on behalf of other OperatingPartnerships.  The advances and loanswill be converted to capital and the remaining contributions of $95,163, aswell as the escrowed funds, will be released when the Operating Partnershipshave achieved the conditions set forth in their partnership agreements.

 

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

 

During the fiscal year ended March 31, 2002, the Fund used $147,217 of Series27 net offering proceeds to pay installments of its capital contributions to 3Operating Partnerships.  As of March 31,2002 proceeds from the offer and sale of BACs in Series 27 had been used toinvest in 16 Operating Partnerships in an aggregate amount of $17,881,544 andthe Fund had completed payment of all installments of its capital contributionsto 11 of the Operating Partnerships. Series 27 has outstanding contributionspayable to 5 operating partnerships in the amount of $156,389 as of March 31,2002.  Of the amount outstanding, $6,500has been advanced to one of the Operating Partnerships.  The advance will be converted to capital andthe remaining contributions of $149,889 will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

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

 

During the fiscal year ended March 31, 2002, the Fund used $596,003 ofSeries 28 net offering proceeds to pay installments of its capitalcontributions to 2 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series28 had been used to invest in 26 Operating Partnerships in an aggregate amountof $29,211,996 and the Fund had completed payment of all installments of itscapital contributions to 22 of the Operating Partnerships. Series 28 hasoutstanding contributions payable to 4 operating partnerships in the amount of$148,783 as of March 31, 2002.  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, 2002, the Fund used $283,919 ofSeries 29 net offering proceeds to pay installments of its capitalcontributions to 5 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series29 had been used to invest in 22 Operating Partnerships in an aggregate amountof $29,137,877 and the Fund had completed payment of all 

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installments of its capital contributions to 17 of the OperatingPartnerships. Series 29 has outstanding contributions payable to 5 operatingpartnerships in the amount of  $304,770as of March 31, 2002. Of the amount outstanding, $20,935 has been loaned to oneof the Operating Partnerships.  The loanwill be converted to capital and the remaining contributions of $283,835 willbe released when the Operating Partnerships have achieved the conditions setforth in their partnership agreements.

 

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

 

During the fiscal year ended March 31, 2002, the Fund used $451,620 ofSeries 30 net offering proceeds to pay installments of its capitalcontributions to 5 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series30 had been used to invest in 20 Operating Partnerships in an aggregate amountof $19,462,437, and the Fund had completed payment of all installments of itscapital contributions to 13 of the Operating Partnerships. Series 30 hasoutstanding contributions payable to 7 operating partnerships in the amountof  $528,451 as of March 31, 2002.  Of the amount outstanding, $341,749 has beenadvanced or loaned to one of the Operating Partnerships.  The advances and loans will be converted tocapital and the remaining contributions of $186,702 will be released whenOperating Partnerships have achieved the conditions set forth in theirpartnership agreements.

 

(Series 31).  The Fund commencedoffering BACs in Series 31 on September 11, 1997.  The Fund had received and accepted $44,057,750 representing4,417,857 BACs from investors admitted as BAC Holders in Series 31.  Offer and sales of BACs in Series 31 werecompleted on January 18, 1998.

 

During the fiscal year ended March 31, 2002, the Fund used $327,137 ofSeries 31 net offering proceeds to pay installments of its capitalcontributions to 1 Operating Partnership. As of March 31, 2002 proceeds from the offer and sale of BACs in Series31 had been used to invest in 27 Operating Partnerships in an aggregate amountof $32,188,856 and the Fund had completed payment of all installments of itscapital contributions to 18 of the Operating Partnerships. Series 31 hasoutstanding contributions payable to 9 Operating Partnerships in the amount of$1,030,019 as of March 31, 2002.  Of theamount outstanding, $615,674 has been advanced or loaned to some of theOperating Partnerships.  In addition,$25,000 has been funded into an escrow account on behalf of one of theOperating Partnerships.  The advancesand loans will be converted to capital and the remaining contributions of$389,345, 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, 2002, the Fund used $237,421 ofSeries 32 net offering proceeds to pay installments of its capitalcontributions to 3 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series32 had been used to invest in 17 Operating Partnerships in an aggregate amountof $33,947,052 and the Fund had completed payment of all installments of itscapital contributions to 8 of the Operating Partnerships.

 

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Series 32 has outstanding contributions payable to 9 OperatingPartnerships in the amount of $1,074,248 as of March 31, 2002. Of the amount outstanding, $534,571 has been advanced or loaned to someof the Operating Partnerships.  Inaddition, $125,000 has been funded into escrow accounts on behalf of anotherother Operating Partnership.  The loanswill be converted to capital and the remaining contributions of $414,677, aswell as the escrowed funds, will be released when Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 1999, the Fund had purchasedassignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II ofMassachusetts 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 series isentitled to certain profits, losses, tax credits, cash flow, proceeds fromcapital transactions and capital account as defined in the individual OperatingAgreements.  The Fund utilized $1,092,847of Series 32 net offering proceeds to invest in Operating Partnerships for thisinvestment.  These investments arereported in the Investment in Operating Limited Partnerships line item on thebalance sheet.

 

(Series 33).  The Fund commencedoffering BACs in Series 33 on June 22, 1998. The Fund received and accepted$26,362,000 representing 2,636,533 BACs from investors admitted as BAC Holdersin Series 33.  Offer and sales of BACsin Series 33 were completed on September 21, 1998.

 

During the fiscal year ended March 31, 2002, the Fund used $852,865 ofSeries 33 net offering proceeds to pay installments of its capitalcontributions to 5 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series33 had been used to invest in 10 Operating Partnerships in an aggregate amountof $19,593,000 and the Fund had completed payment of all installments of itscapital contributions to 6 of the Operating Partnerships. Series 33 hasoutstanding contributions payable to 4 Operating Partnerships in the amount of$751,366 as of March 31, 2002.  Of theamount outstanding, $74,635 has been loaned or advanced to one of the OperatingPartnerships.  In addition, $125,000 hasbeen funded into an escrow account on behalf of another OperatingPartnership.  The loans and advances willbe converted to capital and the remaining contributions of $551,731, as well asthe escrowed funds, will be released when the Operating Partnerships haveachieved the conditions set forth in their partnership agreements.

 

(Series 34).  The Fund commencedoffering BACs in Series 34 on September 22, 1998.  The Fund had received and accepted $35,273,000 representing3,529,319 BACs from investors admitted as BAC Holders in Series 34.  Offer and sales of BACs in Series 34 werecompleted on February 11, 1999.

 

During the fiscal year ended March 31, 2002, the Fund used $240,787 ofSeries 34 net offering proceeds to pay installments of its capitalcontributions to 4 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series34 had been used to invest in 14 Operating Partnerships in an aggregate amountof $25,738,977 and the Fund had completed payment of all installments of itscapital contributions to 7 of the Operating Partnerships. Series 34 hasoutstanding contributions payable 7 Operating Partnerships in the amount of$807,004 as of March 31, 2002. Of the amount outstanding, $654,702 has beenloaned or advanced to one of the Operating Partnerships. The loans and advanceswill be converted to capital and the remaining contributions of $152,302, willbe released when the Operating Partnerships have achieved the conditions setforth in their partnership agreements.

 

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(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, 2002, the Fund used $84,860 ofSeries 35 net offering proceeds to pay installments of its capitalcontributions to 1 Operating Partnership. As of March 31, 2002 proceeds from the offer and sale of BACs in Series35 had been used to invest in 11 Operating Partnerships in an aggregate amountof $23,971,853 and the Fund had completed payment of all installments of itscapital contributions 3 of the Operating Partnerships.  Series 35 has outstanding contributionspayable to 8 Operating Partnerships in the amount of $1,716,237 as of March 31,2002.  Of the amount outstanding,$817,708 has been loaned or advanced to some of the OperatingPartnerships.  In addition, $10,855 hasbeen funded into an escrow account on behalf of another OperatingPartnership.  The loans and advanceswill be converted to capital and the remaining contributions of $887,674, 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 and accepted$21,068,375 representing 2,106,837 BACs from investors admitted as BAC Holdersin Series 36. Offer and sales of BACs in Series 36 were completed on September28, 1999.

 

During the fiscal year ended March 31, 2002, the Fund used $314,424 ofSeries 36 net offering proceeds to pay installments of its capitalcontributions to 4 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series36 had been used to invest in 11 Operating Partnerships in an aggregate amountof $15,273,148, and the Fund had completed payment of all installments of itscapital contributions to 8 of the Operating Partnerships. Series 36 hasoutstanding contributions payable to 3 Operating Partnerships in the amount of$680,429 as of March 31, 2002.  Of theamount outstanding, $657,998 has been loaned or advanced to some of theOperating Partnerships. The loans and advances will be converted to capital andthe remaining contributions of $22,431, will be released when the OperatingPartnerships have achieved the conditions set forth in their partnershipagreements.

 

(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 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, 2002, the Fund used $2,129,525of Series 37 net offering proceeds to pay installments of its capitalcontributions to 4 Operating Partnerships. As of March 31, 2002 proceeds from the offer and sale of BACs in Series37 had been used to invest in 7 Operating Partnerships in an aggregate amountof $18,719,332 and the Fund had completed payment of all installments of itscapital contributions to 3 of the Operating Partnerships.  Series 37 has outstanding contributionspayable to 4 Operating Partnerships in the amount of $2,165,429 as of March 31,2002. Of the amount outstanding, $1,798,152 has been loaned or advanced to someof the Operating Partnerships.  The loanand advances will be converted to capital and the remaining contributions of$367,277 will be released when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

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(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, 2002, the Fund used $3,062,065of Series 38 net offering proceeds to pay initial and additional installmentsof its capital contributions to 6 Operating Partnerships.  As of March 31, 2002 proceeds from the offerand sale of BACs in Series 38 had been used to invest in 10 OperatingPartnerships in an aggregate amount of $18,609,449 and the Fund had completedpayment of all installments of its capital contributions to 5 of the OperatingPartnerships.  Series 38 has outstandingcontributions payable to 5 Operating Partnerships in the amount of $1,232,066as of March 31, 2002.  The remainingcontributions of will be released when the Operating Partnerships have achievedthe conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 2002, the Fund used $420,296 ofSeries 38 net offering proceeds to acquire a limited partnership equityinterest in a limited liability company, which is the general partner of otheroperating limited partnerships, which own or are constructing, rehabilitatingor opearting 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 39).  The Fund commencedoffering BACs in Series 39 on August 1, 2000. The Fund received and accepted$22,921,000 representing 2,292,152 BACs from investors admitted as BAC Holdersin Series 39. Offer and sales of BACs in Series 39 were completed on January31, 2001.

 

During the fiscal year ended March 31, 2002, the Fund used $5,441,684of Series 39 net offering proceeds to pay initial and additional installmentsof its capital contributions to 9 Operating Partnerships.  As of March 31, 2002 proceeds from the offerand sale of BACs in Series 39 had been used to invest in 9 OperatingPartnerships in an aggregate amount of $17,115,495 and the Fund had completedpayment of all installments of its capital contributions to 3 of the OperatingPartnerships.  Series 39 has outstandingcontributions payable to 6 Operating Partnerships in the amount of $2,065,285as of March 31, 2002. Of the amount outstanding, $882,215 has been funded intoan escrow account on behalf of one of the Operating Partnerships.  The remaining contributions of $1,183,070,as well as the escrowed funds, will be released when the Operating Partnershipshave achieved the conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 2002, the Fund used $192,987 ofSeries 39 net offering proceeds to acquire a limited partnership equityinterest in a 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.

 

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(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, 2002.

 

During the fiscal year ended March 31, 2002, the Fund used $12,506,389of Series 40 net offering proceeds to pay initial and additional installmentsof its capital contributions to 14 Operating Partnerships.  As of March 31, 2002 proceeds from the offerand sale of BACs in Series 40 had been used to invest in 15 OperatingPartnerships in an aggregate amount of $18,309,476, and the Fund had notcompleted payment of all installments of its capital contributions to any ofthe Operating Partnerships.  Series 40has outstanding contributions payable to the Operating Partnerships in theamount of $3,449,417 as of March 31, 2002. Of the amount outstanding, $407,802 has been loaned to some of theOperating Partnerships.  The loans willbe converted to capital and the remaining contributions of $3,041,615 will bereleased when the Operating Partnerships have achieved the conditions set forthin their partnership agreements.

 

During the fiscal year ended March 31, 2002, the Fund used $578,755 ofSeries 40 net offering proceeds to acquire 5 limited partnership equityinterest in limited liability companies, which are the general partners 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 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 and accepted$28,916,260 representing 2,891,626 BACs from investors admitted as BAC Holdersin Series 41. Offer and sales of BACs in Series 41 were completed on January31, 2002.

 

During the fiscal year ended March 31, 2002, the Fund used $7,156,939of Series 41 net offering proceeds pay initial and additional installments ofits capital contributions to 9 Operating Partnerships.  As of March 31, 2002 proceeds from the offerand sale of BACs in Series 39 had been used to invest in 11 OperatingPartnerships in an aggregate amount of $19,880,902 and the Fund had notcompleted payment of all installments of its capital contributions to any ofthe Operating Partnerships.  Series 41has outstanding contributions payable to 11 Operating Partnerships in theamount of $12,919,212 as of March 31, 2002. Of the amount outstanding, $5,540,466 has been advanced or loaned to theOperating Partnerships.  Of the totalloans outstanding $3,010,000 has been funded from the line of creditfacility.  In addition $470,389 has beenfunded into an escrow account on behalf of another operating partnership.  The loan and advances will be converted tocapital and the remaining contributions of $6,908,357 will be released, and theline of credit repaid, when the Operating Partnerships have achieved theconditions set forth in their partnership agreements.

 

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During the fiscal year ended March 31, 2002, the Fund used $195,248 ofSeries 41 net offering proceeds to acquire a limited partnership equityinterest in a 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 $4,577,760 representing 457,776BACs from investors admitted as BAC Holders in Series 42 as of March 31, 2002.The Fund is currently continuing to offer BACs in Series 42.

 

During the fiscal year ended March 31, 2002, the Fund used $589,525 ofSeries 42 net offering proceeds and the line of credit facility to pay initialinstallments of its capital contributions to 1 Operating Partnership.  As of March 31, 2002 proceeds from the offerand sale of BACs in Series 42 had been used to invest in 2 OperatingPartnerships in an aggregate amount of $2,664,585, and the Fund had notcompleted payment of all installments of its capital contributions to either ofthe Operating Partnerships.  Series 42has outstanding contributions payable to the Operating Partnerships in theamount of $2,075,060 as of March 31, 2002. Series 42 utilized net offering proceeds and the line of credit facilityto fund $1,399,074 into an escrow account on behalf of one of the OperatingPartnerships in which it has invested. Series 42 also utilized the line of credit facility to fund a loan inthe amount of $1,290,000 to an operating partnership in which it intends toinvest.  The line of credit advanceswill be repaid from additional net offering proceed collections.

 

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 for the fiscal years ended March 31,2002 and 2001 was $4,762,222 and $4,759,655, respectively. The amount isanticipated to increase in subsequent fiscal years as additional OperatingPartnerships 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.

 

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(Series 20).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 24 OperatingPartnerships at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $1,918,054 and $1,957,529, respectively in passive income taxlosses that were passed through to the investors and also provided $1.33 forboth years in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 20 was $14,695,373 and $16,738,536, 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, 2002 and 2001, the net loss of the serieswas $2,387,830 and $2,366,381, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee. It is anticipated thatthe net loss for Series 20 will remain relatively consistent in future yearssince the series has finished acquiring Operating Partnerships and they are allfully operational.

 

Breeze Cove Limited Partnership (Breeze Cove Apartments) operatessignificantly below breakeven due to high operating expenses, low occupancy,poor tenant rental collections and high debt. As of January 1, 2002, the property management company was replaced withOakbrook Corporation, which improved tenant collections.  The management company’s marketing planincludes newspaper advertising and improving relationships with localofficials, churches, employers, and agencies that could provide tenant referrals.  The new management company has improved thescreening of new tenants and has processed evictions for those who were notpaying and/or complying with the rules and regulations.  Operating expenses are expected to increasein the first half of 2002, due to deferred maintenance related to the relativelylarge number of turnovers that have resulted from cleaning up tenancy.  By the end of the year however, theproperty’s expenses should begin to decrease to a normal level.  Once the property is stabilized, there isexpected to be a cost savings from the cost efficiencies associated withsharing personnel with other properties managed by Oakbrook Corporation in thePort Washington area. Operating expenses for 2001 declined by 10% versus 2000,however this was mostly due to deferral of bad debt expense to 2002.  The Investment Limited Partner and theOperating General Partner, an affiliate of the Investment Limited Partner,continue to explore alternatives to refinance the first mortgage on theproperty.  The Operating General Partnerand Investment Limited Partner have both contributed toward funding operatingdeficits as needed.  The property is notexpected to break even until the debt is restructured.  Advances will be repaid with out interest ifproceeds from refinancing, cash flow or proceeds from the sale of the propertybecome available.  The mortgage,property taxes, insurance, and accounts payable are current as of March 31,2002.

 

Effective November 28, 2000, East Douglas Apartments LimitedPartnership (East Douglas Apartments) retained Van Rooy Properties for propertymanagement.  Several occupancy andfinancial issues have been addressed since the management agent change.  The average occupancy through May 2002 was96%.  In the fourth quarter of 2001 theOperating Partnership petitioned HUD and IHDA to increase rents which hadfallen below market level due to failures on the part of the previous propertymanagement company to secure annual rent

 

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increases.  IHDA denied therequest to increase rents and the Partnership is currently working on anappeal.  The Operating General Partneris currently negotiating a transfer of General Partner interest to the currentmanagement company.  The managementcompany will not accept the General Partner interest until there is aresolution to the rent increase appeal and the property can sustain breakevenoperations.  The mortgage, propertytaxes, insurance, and accounts payable are current as of May 31, 2002.

 

(Series 21).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100% and99.9%, respectively.  The series had atotal of 14 properties at March 31, 2002, all of which were at 100% qualifiedoccupancy.

 

For the tax years ended December 31, 2000 and 1999, the series, in total,generated $1,626,653 and $1,763,608, respectively, in passive income tax lossesthat were passed through to the investors and also provided $1.21 for bothyears in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 21 was $2,929,817 and $5,713,575, 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, 2002 and 2001, the net loss of the serieswas $2,967,656 and $1,087,400, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships, and the fund management fee. The increase in netloss is primarily due to an impairment loss reported by Atlantic City HousingUrban Renewal Associates L.P. Additional detail on this operating partnership is provided below. . Itis anticipated that future net losses will be more consistent with the amountreported in the fiscal year 2001.

 

Atlantic City Housing Urban Renewal Associates L.P. (Atlantic CityApartments) continued to operate below breakeven for the first quarter of2002.  The Operating Partnership willcontinue to show deficits with respect to operational issues for theforeseeable future.  As a result theOperating Partnership filed for protection under Chapter 11 of the Bankruptcy Codein June of 2001.  The Operating GeneralPartner is currently working to develop a restructuring plan that is acceptableto the court and major creditors.  It isexpected that the plan will be completed in the third quarter of 2002.  The bankruptcy court has authorized a cashcollateral account to ensure the payment of the property operatingexpenses.  Occupancy for the firstquarter of 2002 decreased to 86%. The City of Atlantic City has not approvednor will approve any further rental of the vacant units until safety codeviolations are addressed. The Operating General Partner is diligently workingtoward resolving these but has limited capital with which to complete therequired repairs.  It is expected that alocal non-profit organization will assume the roll of General Partner and willoversee a million dollar renovation of the four building complex. The Fundwould remain as the Investment Limited Partner. The non-profit has developmentexperience and the ability to obtain low interest loans for capitalimprovements. The size and complexity of the transaction has slowed the abilityto finalize the deal structure, however the Operating General Partner continuesto work toward a resolution.

 

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Centrum Fairfax LP (Forest Glen at Sully Station) experienced lowoccupancy in 2001, which resulted in negative cash flow.  The average occupancy was 78% for 2001,however, by the end of the first quarter of 2002 physical occupancy increasedto 83%.  The property must operate atleast 90% physical occupancy in order to sustain breakeven operations  Manangment anticipates 90% physicaloccupancy by October of 2002.  Reasonsfor low occupancy were attributable to personnel issues and lack of sales andoccupancy focus.  The property hasaddressed these issues by making several personnel changes and increasing theleasing and occupancy focus through additional promotion, lead follow-up,advertising, monthly appreciation events, family and resident referral program,and improved signage and banners.  Theproperty is in excellent physical condition. The Operating General Partners have been funding operating deficits inaccordance with the Partnership Agreement. The mortgage, taxes, insurance and payables are current.

 

(Series 22).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had total of 29 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $1,869,136 and $1,591,968, respectively, in passive income taxlosses that were passed through to the investors and also provided $1.26 forboth years, in tax credit per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 22 was $11,087,299 and $12,526,478, 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, 2002 and 2001, the net loss of the serieswas $1,693,382 and $1,484,651, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee. It is anticipated thatthe net loss will remain relatively consistent in future years as the serieshas finished acquiring Operating Partnerships and all are reporting stableoperations.

 

(Series 23). As of March 31, 2002 and 2001, the average QualifiedOccupancy for the series was 100%.  Theseries had a total of 22 properties at March 31, 2002, all of which were at100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $2,076,947 and $1,805,859, 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, 2002 and 2001, Investments in Operating Partnershipsfor Series 23 was $17,726,828 and $19,119,494, 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.

 

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For the years ended March 31, 2002 and 2001, the net loss of the serieswas $1,634,244 and $1,380,939, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee.  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 24).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100% and99.9%, respectively.  The series had atotal of 23 properties at March 31, 2002. Out of the total, 22 were at 100%qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $1,357,571 and $1,769,510, respectively, in passive income taxlosses that were passed through to investors and also provided $1.28 and $1.27,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 24 was $9,240,905 and $10,964,312, respectively.  The decrease is primarily the result of theway the Fund accounts for such investments, the equity method. By using theequity method the Fund adjusts its investment cost for its share of each OperatingPartnership’s results of operations and for any distributions received oraccrued.  The decrease is also due inpart to the removal of one of the Operating Partnerships, Los Lunas ApartmentsLimited. Further detail on Los Lunas Apartments is provided below.

 

For the years ended March 31, 2002 and 2001 the net loss of the Serieswas $2,001,698 and $1,777,302, respectively. The increase is primarily the result of the operations of Los LunasApartments.  Further detail on theOperating Partnership is provided below. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee.  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.

 

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 resulted in ongoingoperating deficits.  Management issues,including poor rent collections and deferred maintenance, continue to plaguethe property.  Evergreen Management tookover management of the property in October 1999, but they were not successfulin sustaining improved operations. Evergreen was replaced by Apartment and Investment Management Company(AIMCO) on January 1, 2001.

 

Physical occupancy at the property dropped as low as 80% during thefirst five months of the year, but is on the upswing as management hasidentified tenants for all previously vacant units.  The drop in occupancy is related to an effort to aggressivelypursue delinquent rents and to evict non-paying tenants.  AIMCO is belatedly addressing these issues,which have been longstanding problems, but now appears to be on a path thatwill lead to a more stable and more reliable tenancy.

 

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Revenues during 2002 have been badly eroded by bad debt expenserelating to rents reported during 2001, so that average economic occupancythrough May was only 62%.  Reportedrental revenues, exclusive of bad debt, have averaged more than $23,500 permonth for the year.  Collections areexpected to increase as occupancy firms. Physical occupancy has averaged 84%through April.

 

The Partnership Agreement requires the current Operating GeneralPartner to fund up to $400,000 in operating deficits under its guaranty.  According to the audited 2001 financialstatement, the General Partner has funded approximately $315,000 under thatguarantee.

 

Negotiations are ongoing with Westhab, Inc. on the possibility ofassuming the Operating General Partner and property management roles at Elm Street,and with the first mortgage lender (CPC), on restructuring the first mortgageloan.  The negotiations areinterrelated, as CPC will only restructure the loan in the context of a changein the General Partner.

 

The Investment General Partner continues to work diligently on amutually acceptable loan restructure that will both reduce the outstanding loanbalance and result in a lower monthly loan payment that the property cansustain.

 

Los Lunas Apartments Limited (Hillridge Apartments) continues to sufferfrom low rents in the market, and excessive mortgage debt. As a result, theproperty has been operating below break-even. Due to negative cash flow, debt service payments fell behind and the NewMexico Mortgage Finance Authority (NMFA) issued a notice of default to theOperating General Partner. The Investment General Partner removed the OperatingGeneral Partner, as he was unable to effectively deal with the mortgagedefault. The mortgage lender placed the property in receivership in 2000 atwhich time Monarch Properties was appointed as the new managing agent withoutInvestment Partnership consent.  InDecember 1, 2000 the New Mexico Mortgage Finance Authority accelerated themortgage for reason of non-payment. As a result of the mortgage accelerationthe New Mexico Mortgage Finance Authority filed form 8823 with the InternalRevenue Service indicating certain instances of non-compliance with the IRSSection 42 code and regulations. Various debt restructure proposals made by the Investment General Partnerduring 2001 were rejected by NMFA/HUD. On November 2, 2001, the Investment General Partner made a proposal torestructure the debt through a negotiated plan of reorganization under chapter11 of the United States Bankruptcy Code. The Investment General Partner requested NMFA’s forbearance onforeclosure action in consideration of its proposal.

 

The proposal was subsequently rejected by the NMFA and on December 7,2001, the court entered a Summary Judgement and Order of Foreclosure.  A foreclosure sale was scheduled for January11, 2002.  Although, the InvestmentGeneral Partner continued to negotiate with the NMFA and explore all possibleoptions to avert foreclosure, the foreclosure sale was ultimately held and NMFAsucceeded in taking back the property on January 11, 2002.  The foreclosure would result in a recaptureby the Internal Revenue Service of a portion of the credits previously taken,estimated to be in the amount of $.173 per BAC.

 

The Investment General Partner is in the midst of completing arescission of the property in order to avoid recapture associated with theforeclosure, which occurred in January. The rescission (unforeclosure) would be accomplished whereby a newGeneral Partner will step in and assume control of

 

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the property.  As a result ofthe above actions, the property would be transferred to a new investmententity, and future tax benefits after 2001, estimated to be $.081, will flow tothe new entity, but recapture would be avoided.

 

North Hampton Place Limited Partnership (North Hampton Place), locatedin Columbia, Missouri, operated below breakeven during the first quarter of2002. The main reason for its continuing cash expenditure is low occupancy,which averaged 69% for the quarter, and large debt service payments. Theproperty has suffered from its location in rural Missouri, lying on theoutskirts of Columbia and off of any public transportation routes. In addition,the property lies outside of the Columbia school district, further deterringpossible tenants from moving to the property. Current management is marketingthe property to possible tenants through newspapers, churches and civicgroups.  In addition, the management companyis currently lobbying the Columbia County school board to include the propertyin its district.  Management believesthe occupancy issue will continue to be a problem unless the city eventuallyincorporates the property into its city limits. The property’s mortgage, taxesand insurance were all current as of March 31, 2002.

 

(Series 25).  As of March 31,2002 and 2000, the average Qualified Occupancy for the series was 99.9%.  The series had a total of 22 properties atMarch 31, 2002.  Out of the total, 21were at 100% qualified occupancy.

 

For the tax year ended December 31, 2001 and 2000, the series, intotal, generated $1,707,535 and $1,857,885, respectively in passive income taxlosses that were passed through to investors and also provided $1.24 and $1.25,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 25 was $16,265,562 and $17,559,746, 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, 2002 and 2001, the net loss of the serieswas $1,557,890 and $1,540,858, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee.  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.

 

Sutton Place Apartments, L.P. (Sutton Place Apartments) owns andoperates a 360 unit complex in Indianapolis, Indiana. The property has operatedwith an average occupancy rate of 97% for the first four months of the year,compared to an average of 93% for the year ended December 31, 2001.  Management believes that stability in theoffice staff and maintenance staff will result in continued high occupancy andcontinuing economic gains as well. Economic occupancy through April has been 95%.

 

The property suffers from high maintenance expenses as a result oftenant abuse and high unit turnover. The area continues to experience heavycrime, which has contributed to the unit turnover.  On October 5, 2001, a triple

 

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murder occurred within a unit. The General Partner has assessed theimpact from the incident and has determined it will be minimal.  The management company will be meeting withthe local police and the city commissioner to determine if there is anythingadditional the property can do to improve security. At this time the propertyhires uniformed and off duty police officers as security.  The cost of the improved security will bepartly funded from grants received for crime prevention and other on-siteprograms. The Operating General Partner continues to fund operating deficits,and the Investment Limited Partner continues to monitor this property.

 

(Series 26).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 45 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total,generated $2,711,648 and $2,351,130, respectively, in passive income tax lossesthat were passed through to investors and also provided $1.18 for both years intax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 26 was $24,785,250 and $26,630,528, 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, 2002 and 2001, the net loss of the serieswas $2,264,403 and $2,419,997, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships, the fund management fee and interest income. It isanticipated that the net loss will be relatively consistent in future years asthe series has finished acquiring Operating Partnerships and they are fullyoperational.

 

On October 18, 2000, A.V.A. Limited Partnership (Hanover Apartments), aproperty consisting of five buildings and forty units, sustained major firedamage.  One building containing eightunits was deemed uninhabitable due to the fire.  All units have been repaired and are occupied with tax creditqualified residents. The property has been reimbursed for the loss of rentalincome and the repair work.

 

(Series 27).  As of March 31,2002 and 2001 the average Qualified Occupancy for the series was 100%.  The series had a total of 16 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $1,221,646 and $1,336,189 respectively, in passive income taxlosses that were passed through to investors and also provided $1.14 and $1.13,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 27 was $15,447,161 and $15,763,571, respectively.  The balance was affected by 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.

 

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For the year ended March 31, 2002 and 2001, the net loss of the serieswas $598,368 and $864,778, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships and the fund management fee.  The improved operations were mainly theresult of cancellation of debt income reported by one of the OperatingPartnerships.  It is anticipated thatthe net loss will begin to stabilize in future years as the OperatingPartnerships stabilize operations.

 

Centrum-Fairfax II Limited Partnership’s (Forest Glen at Sulley StationPhase II) operations remained stable in the first quarter of 2002. The averageannual physical occupancy was 93% in 2001. In the first quarter of 2002,physical occupancy increased to 95%. The property’s occupancy has stabilized and the property can sustainoperations. Centrum Management LLC, an affiliate of the Operating GeneralPartner, and the management agent, continues to use various marketing and salesinitiatives to maintain the high physical occupancy levels.  The mortgage, insurance and real estate taxpayments are current.

 

Holly Heights Limited Partnership (Holly Heights Apartments) continuesto incur operating deficits due to high tenant turnover. Occupancy decreased to75% for the first quarter of 2002 from 90% for the fourth quarter 2001.  The town economy is poor and the residentsare very transient.  Management willcontinue to use rental concessions until occupancy has stabilized. Inresearching the occupancy issue it was brought to the Investment LimitedPartners attention that an audit by the state agency discovered issues ofnon-compliance.  The Investment LimitedPartner is diligently working to resolve all issues and will continue toclosely monitor the property. The mortgage, taxes, insurance and payables arecurrent.

 

(Series 28).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 26 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $2,512,925 and $2,612,438, respectively, in passive income taxlosses that were passed through to investors and also provided $1.05 and $1.04,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 28 was $26,355,147 and $27,883,913, 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, 2002 and 2001 the net loss of the serieswas $1,802,088 and $1,950,767, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships, the fund management fee and interest income.  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 29).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 22 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000 the series, intotal, generated $2,674,479 and $2,979,549, respectively in passive income taxlosses that were passed through to investors and also provided $1.08 for bothyears in tax credits per BAC to the investors.

 

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As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 29 was $24,490,660 and $26,617,342, 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, 2002 and 2001, the net loss of the serieswas $2,421,150 and $2,369,982, respectively. The major components of these amounts are the Fund’s share of lossesfrom Operating Partnerships 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 all reporting stable operations.

 

(Series 30).  As of March 31,2002 and 2001 the average Qualified Occupancy for the series was 100%.  The series had a total of 20 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $1,747,744 and $1,853,885, respectively, in passive income taxlosses that were passed through to investors and also provided $1.06 and $1.03,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 30 was $17,826,875 and $18,947,341, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the serieswas $1,298,251 and $1,283,833, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships and the Fundmanagement fee. It is anticipated that operations will be relatively consistentin future years as series had finished acquiring Operating Partnerships andthey are all reporting stable operations.

 

(Series 31).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 27 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $3,159,272 and $3,869,500, respectively, in passive income taxlosses to pass through to the investors and also provided $1.03 for both yearsin tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 31 was $27,720,981 and $29,919,423, 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.  Theamount was also affected by the acquisition of one additional operating partnership.

 

For the years ended March 31, 2002 and 2001, the net loss of the serieswas $2,489,687 and $2,979,270, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships and the fund

 

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management fee.  The improvedoperations were mainly the result of a decrease in interest expense anddepreciation reported by one of the Operating Partnerships in the currentfiscal year.  It is anticipated thatoperations will stabilize in future years as the series has finished acquiringoperating partnerships, and construction and lease-up is complete for all ofthe partnerships.

 

(Series 32).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 17 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $3,065,920 and $2,874,195, respectively, in passive income taxlosses that were passed through to investors, and also provided $1.02 and $.89,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 32 was $32,959,161 and $35,003,481, 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.  The balance was also affectedby the acquisition of one additional operating partnership.

 

For the years ended March 31, 2002 and 2001, the net loss of the serieswas $2,429,115 and $2,821,938, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships and the fund management fee.  It is anticipated that the net loss will stabilize in futureyears as the series has finished acquiring Operating Partnerships and constructionand lease-up are complete for all of the partnerships.

 

FFLM Associates is an Operating Partnership which purchased theInvestment Limited Partner interest in Carriage Pointe Investors, LP,Sayerville Housing Investors LP, and Woodhaven at South Brunswick LP in1998.  Carriage Pointe Investors, LPhistorically has suffered from negative cash flow, high payables, andunder-funded replacement reserves. Several options were considered in recent months to improve theperformance of the Partnership, including the replacement of the GeneralPartner and refinancing the first mortgage. Neither of these options was viable. The Operating General Partner continues to fund all operating deficitsand the first mortgage lender is content to leave the loan in place.  The property’s first quarter operationssignificantly improved over the prior year. The property occupancy was 100% and there was positive cash flow;however, payables remain high.  The Investment General Partner willcontinue to address open issues for Carriage Pointe with the Operating GeneralPartners.

 

Martinsville I, Ltd. (Martinsville Apartments) is a 13-unit propertylocated in Shelbyville, Kentucky. The property had positive cash flow for thefirst quarter of 2002 with an average occupancy of 90%.  The Operating General Partner has refused tosettle outstanding issues related to construction cost overruns. In addition, alawsuit has been filed against the Operating General Partner, the constructioncompany and the Operating Partnership by unpaid construction vendors. Both theOperating General Partner and the Investment Limited Partner have engaged legalcounsel to resolve these issues.  Legalcounsel for the Investment Limited Partner sent out Notices of PartnershipAgreement Defaults to the Operating General Partner and Guarantors.  However,

 

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the Operating General Partner’s position has not changed, and he isunwilling to meet the financial resolution outlined in the Default Letter.  IRS Form 8609s are expected soon.  Upon receipt the Investment Limited Partnerwill engage in settlement discussions with the General Partner to bringoutstanding matters to closure.

 

(Series 33).  As of March 31,2002 and 2001 the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $1,600,955 and $1,675,644 in passive income tax losses thatwere passed through to investors, and also provided $1.03 and $.94,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 33 was $18,625,977 and $19,646,067, 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, 2002 and 2001, the net loss of the Serieswas $1,259,944 and $1,384,134, respectively. The major components of these amounts are the Fund’s share of loss fromOperating Partnerships and the fund management fee.  It is anticipated that operations will be relatively consistentin future years as series had finished acquiring Operating Partnerships andthey are all reporting stable operations.

 

FFLM Associates is an Operating Partnership which purchased theInvestment Limited Partner interest in Carriage Pointe Investors, LP,Sayerville Housing Investors LP, and Woodhaven at South Brunswick LP in1998.  Carriage Pointe Investors, LPhistorically has suffered from negative cash flow, high payables, andunder-funded replacement reserves. Several options were considered in recent months to improve theperformance of the Partnership, including the replacement of the GeneralPartner and refinancing the first mortgage. Neither of these options was viable. The Operating General Partner continues to fund all operating deficitsand the first mortgage lender is content to leave the loan in place.  The property’s first quarter operationssignificantly improved over the prior year. The property occupancy was 100% and there was positive cash flow;however, payables remain high.  The Investment General Partner willcontinue to address open issues for Carriage Pointe with the Operating GeneralPartners.

 

(Series 34).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 14 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $2,343,979 and $2,935,093, respectively in passive income taxlosses that were passed through to investors, and also provided $.98 and $.79,respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 34 was $23,851,276 and $25,611,061, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method.

 

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By using the equity method the Fund adjusts its investment cost for itsshare of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the Serieswas $2,113,249 and $2,424,494.  Themajor components of these amounts are the Fund’s share of loss from OperatingPartnerships and the fund management fee. It is anticipated that operationswill stabilize in future years as the series has finished acquiring OperatingPartnerships and construction and lease-up are complete for all of thepartnerships.

 

(Series 35).  As of March 31,2002 and 2001 the average Qualified Occupancy for the series was 93.1% and94.7%, respectively.  The series had atotal of 11 properties at March 31, 2002. Out of the total, 10 properties wereat 100% qualified occupancy and 1 property with multiple buildings had somebuildings in initial lease-up and some still under construction.

 

For the tax year ended December 31, 2001 and 2000 the series, in total,generated $1,614,496 and $2,465,610, respectively in passive income tax lossesthat were passed through to investors and also provided $.88 and $.40,respectively in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 35 was $20,932,858 and $22,009,700, respectively.  Investments in Operating Partnerships waseffected by the acquisition of one additional Operating Partnership and by 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, 2002 and 2001 the net loss of the serieswas $1,211,672 and $2,106,038.  Themajor components of these amounts are the Fund’s share of loss from OperatingPartnerships, the fund management fee, amortization of acquisition costs and interest income. It is anticipatedthat the net loss will fluctuate in future years until construction iscompleted on the Operating Partnerships, they become fully leased-up, andstabilize operations.

 

(Series 36).  As of March 31,2002 and 2001 the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties atMarch 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000 the series, intotal, generated $503,717 and $1,791,872, respectively in passive income taxlosses that were passed through to investors and also provided $.99 and $.64,respectively in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 36 was $13,473,738 and $14,753,049, 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, 2002 and 2001, the net loss of the serieswas $1,529,736 and $693,060, respectively. The major components of theseamounts are the Fund’s share of loss from Operating Partnerships, the fundmanagement fee and amortization of acquisition costs. The increase in net lossis primarily the result of a significant increase in interest expense reportedby

 

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one of the Operating Partnerships to correct for understated interestin prior years.  It is anticipated thatoperations will stabilize in future years as the series has finished acquiringOperating Partnerships and construction and lease-up are complete for all ofthe partnerships.

 

Annadale Housing Partners (Annadale Apartments) has historically reportednet losses due to operational issues associated with theproperty.  As a result of efforts by the management companyoperations have improved significantly. Rental increases combined with better rent collections, increased rentalrevenues by $99,860 (11.3%) in 2001. This combined with stabilized operating expenses allowed the property tooperate above breakeven.  Occupancyremains stable at 89% through the first quarter of 2002.  In accordance with the loan agreements, theproperty continues to fund capital improvements from operations.  A welfare tax exemption was approved in2001, and the Partnership received a refund of $29,982 in January 2002.  If operations continue to demonstrateimprovement, we will no longer continue to report on this Partnerhsip.

 

(Series 37).  As of March 31,2002 and 2001 the average Qualified Occupancy for the series was 88.7% and67.7%, respectively.  The series had atotal of 7 properties at March 31, 2002. Out of the total, 5 were at 100% qualified occupancy and 1 was ininitial lease-up.  The series also had 1property with multiple buildings, some of which were under construction andsome of which were in lease-up at March 31, 2002.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $932,687 and $226,711, respectively in passive income taxlosses that were passed through to investors. The series also provided $.71 and $.14, respectively, in tax credits perBAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 37 was $17,469,596 and $18,470,074, 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, 2002 and 2001, the net loss of the serieswas $1,051,460 and $315,863, 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 isanticipated that the net loss will increase in future years until the seriesfinishes acquiring Operating Partnerships, construction is completed on theOperating Partnerships, they become fully leased-up, and stabilize operations.

 

(Series 38).  As of March 31,2002 and 2001, the average Qualified Occupancy for the series was 92.7% and100%, respectively.  The series had a totalof 10 properties at March 31, 2002.  Outof the total, 8 were at 100% qualified occupancy and 2 were in initiallease-up.

 

For the tax years ended December 31, 2001 and 2000, the series, intotal, generated $1,712,857 and $145,959 in passive income tax losses that werepassed through to investors.  The seriesalso provided tax credits to the investors of $.42 for 2001 and between $.08and $.13 for 2000, depending on the investors’ date of admission.

 

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As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 38 was $17,632,089 and $18,847,690, respectively.  The decrease is a result of the way the Fundaccounts for such investments, the equity method. By using the equity method theFund adjusts its investment cost for its share of each Operating Partnership’sresults of operations and for any distributions received or accrued.  The balance was also affected by theacquisition of one additional Operating Partnership in the current fiscal year.

 

For the year ended March 31, 2002 and for the period ended March 31,2001, the net loss of the series was $1,405,509 and $145,973,respectively.  The major components ofthese 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 fluctuate in future years untilthe Operating Partnerships become fully leased-up and stabilize operations.

 

(Series 39).  As of March 31,2002 the average Qualified Occupancy for the series was 86.1% and 31.2%,respectively.  The series had a total of9 properties at March 31, 2002.  Out ofthe total, 6 were at 100% qualified occupancy, and 3 were in initial lease up.

 

For the tax year ended December 31, 2001 and 2000 the series, in total,generated $1,257,903 and $74,893 in passive income that was passed through toinvestors. The series also provided $.22 in tax credits per bac to theinvestors for the tax year 2001.  Theseries did not generate any tax credits per BAC for the calendar year 2000,therefore, there is no comparative information to report.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 39 was $16,095,151 and $16,411,959, respectively. The decrease is aresult of the way the Fund accounts for such 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.  The balance wasalso affected by the acquisition of two additional Operating Partnerships inthe current fiscal year.

 

For the year ended March 31, 2002 and for the period ended March 31,2002 the net loss of the series was $1,126,847 and $142,837, respectively. Themajor components of these amounts are the Fund’s share of loss from OperatingPartnerships, the fund management fee and interest income.  It is anticipated that the net loss willfluctuate in future years until the Operating Partnerships become fullyleased-up and stabilize operations.

 

(Series 40).  As of March 31,2002 the average Qualified Occupancy for the series was 92.5%.  The series had a total of 15 properties atMarch 31, 2002. Out of the total, 10 were at 100% qualified occupancy, and 2were in initial lease up. The series also had 2 properties that were stillunder construction, and one property with multiple buildings some of which wereunder construction and some of which were in lease-up at March 31, 2002.  Since all of the properties were underconstruction as of March 31, 2001, there is no comparative information toreport.

 

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For the tax year ended December 31, 2001 the series, in total,generated $642,925 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.

 

| March |   | $ | .18 |   |
|-------|--------|---|-----|--------|
| April |   | $ | .16 |   |
| May   |   | $ | .14 |   |
| June  |   | $ | .13 |   |
| July  |   | $ | .11 |   |

 

The series had not admitted any investors as of December 31, 2000,therefore, it does not have any comparative information to report.

 

As of March 31, 2002 and 2001, Investments in Operating Partnershipsfor Series 40 was $18,540,930 and $7,777,666, respectively.  The increase is a result of the Fundacquiring 9 additional interests in Operating Partnerships. Investments inOperating Partnerships was also affected by the way the Fund accounts for suchinvestments, 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, 2002 and for the period ended March 31,2002 the net loss of the series was $597,386 and $111,464, respectively.  The major component of this amount isorganization expenses. The major components of these amounts are the Fund’sshare of loss from Operating Partnerships, the fund management fee and interestincome. It is anticipated that the net loss will increase in future years untilthe series finishes acquiring Operating Partnerships, construction is completedon the Operating Partnerships and they become fully leased-up and stabilizeoperations.

 

(Series 41)  As of March 31,2002 the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties atMarch 31, 2002.  Out of the total 3 wereat 100% qualified occupancy and 8 were still under construction.  Since all of the properties acquiredsubsequent to March 31, 2001 there is no comparative information to report.

 

For the tax year ended December 31, 2001 the series, in total,generated $642,925 in passive income that was passed through to investors, andgenerated less than $.004 in tax credits per BAC the investors.  The series had not admitted any investors asof December 31, 2000, therefore, it does not have comparative information toreport.

 

As of March 31, 2002, Investments in Operating Partnerships for Series41 was $20,029,680.  The amount is aresult of the Fund acquiring 11 interests in Operating Partnerships.  Investments in Operating Partnerships, wasalso affected by the way the Fund accounts for such investments, the equitymethod. By using the equity method the Fund adjusts its investment cost for itsshare of each Operating Partnership’s results of operations and for anydistributions received or accrued.

 

For the period ended March 31, 2002 the net loss of the series was$283,923.  The major components of thisamount are the Fund’s share of loss from

 

55

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Operating Partnerships, the fund management fee and organizationexpenses.  It is anticipated that thenet loss will increase in future years until the series finishes acquiringOperating Partnerships, construction is completed on the Operating Partnershipsand they become fully leased-up and stabilize operations.

 

Since Series 41 did not commence operations until after March 31, 2001,it does not have any comparative information to report.

 

(Series 42).  As of March 31,2002 the series had a total of 2 properties both of which were still underconstruction.

 

The series had not admitted any investors as of December 31, 2001,  therefore, it had no passive income taxlosses or tax credits to pass through to the investors for the tax years endedDecember 31, 2001 or 2000.

 

As of March 31, 2002, Investments in Operating Partnerships for Series40 was $2,675,537.  The amount is aresult of the Fund acquiring 2 interests in Operating Partnerships.  In the future, Investments in OperatingPartnerships, will also be affected by the way the Fund accounts for suchinvestments, 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 period ended March 31, 2002 the net loss of the series was$110,267.  The major component of thisamount is organization expenses.  It isanticipated that the net loss will increase in future years until the seriesfinishes acquiring Operating Partnerships, construction is completed on theOperating Partnerships and they become fully leased-up and stabilizeoperations.

 

Since Series 42 did not commence operations until after March 31, 2001,it does not have any comparative information to report.

 

56

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Recent Accounting Statements Not Yet Adopted

 

In August 2001, the Financial Accounting Standards Board issued SFASNo. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”.  SFAS No. 144 provides accounting guidancefor financial accounting and reporting of impairment or disposal of long-livedassets.  SFAS No.144 supercedes SFAS No.121, “Accounting for the Impairment of Long-Lived Assts and for Long-LivedAssets to be Disposed Of”.  SFAS No. 144is effective for fiscal years beginning after December 15, 2001.  The Managing General Partner does notanticipate that its adoption will have a material effect on the financialposition or results of the operation of the partnership.

 

Item 7A.               Quantitative and Qualitative DisclosureAbout Market Risk

 

                                                      NotApplicable

 

Item 8.                         FinancialStatements and Supplementary Data

 

The information required by this item is contained in Part IV, Item 14of this Annual Report on Form 10-K.

 

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

 

                                                      None.

 

 

57

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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****,*age 54, is Co-Founder, President and Chief Executive Officer of Boston CapitalCorporation where he is primarily responsible for strategic planning and busi­nessdevelopment. In addition to his respon­sibilities at Boston Capital, Mr.Manning is a proactive leader in the industry. He served in 1990 as a member ofthe Mitchell-Danforth Task Force to review and reform the Low Income Housing TaxCredit. He was the founding President of the Affordable Housing Tax CreditCoalition, is a former member of the Board of the National Leased HousingAssociation and sits on the Advisory Board of the publication *Housing andDevelopment Reporter*. During the 1980s he served as a member of theMassachusetts Housing Policy Committee, as an appointee of the Governor ofMassachusetts.  In addition, Mr. Manninghas testified before the U.S. House Ways and Means Committee and the U.S.Senate Finance Committee on the critical role of the private sector in thesuccess of the Low Income Housing Tax Credit Pro­gram.  In 1996, President Clinton appointed him tothe President’s Advisory Committee on the Arts at the John F. Kennedy Centerfor the Performing Arts. In 1998, President Clinton also appointed Mr. Manningto the President’s Export Council, which is the premier com­mittee comprised ofmajor corporate CEOs to advise the President in matters of foreign trade.  Mr. Manning is also a member of the Board ofDirectors of the John F. Kennedy Presi­dential Library in Boston, and is amember of the Advi­sory Board of the Woodrow Wilson Insti­tute forInternational Scholars in Washington, D.C. Mr. Manning is a graduate of Boston College.

 

***Richard J. DeAgazio****,*age 57, is Executive Vice President of Boston Capital Corporation, Inc. and isPresident of Boston Capital Services, Inc., Boston Capital’s NASD registeredbroker/dealer.  Mr. DeAgazio formerlyserved on the national Board of Governors of the National Association of SecuritiesDealers (NASD).  He recently served as amember of the National Adjudicatory Council of the NASD.  He was the Vice Chairman of the NASD’sDistrict 11 Committee, and served as Chair­man of the NASD’s StatutoryDisqualification Subcommittee of the National Business Conduct Committee.  He also served on the NASD State LiaisonCommittee and the Direct Participation Program Committee.  He is a founder and past President of theNational Real Estate Investment Association, past President of the Real EstateSecurities and Syndication Institute (Massachusetts Chapter) and the RealEstate Investment Association.  Prior tojoining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and

 

58

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Director of theBrokerage Division of Dresdner Securities (USA), Inc, an international invest­mentbanking firm owned by four major European banks, and was a Vice President ofBurgess & Leith/Advest.  He has beena member of the Boston Stock Exchange since 1967.  He is on the Board of Directors of Cognistar Corporation.  He is a leader in the community and serveson the Board of Trustees of Bunker Hill Community College, the Business LeadersCouncil of the Boston Symphony, the Board of Trustees of Junior Achievement ofNorthern New England, the Board of Advisors of the Ron Burton Training Villageand is on the Board of Corporators of Northeastern University.  He graduated from Northeastern University.

 

***Kevin P. Costello****,*age 56, is Executive Vice President in charge of corporate invest­ments forBoston Capital Partners, Inc. and serves on the firm’s OperatingCommittee.  He is responsible for allcorporate investment activity and has spent over twenty years in the realestate syndication and investment business.  Mr. Costello’s prior responsibilities at Boston Capital haveinvolved the management of the Acquisitions Department and the structuring anddistribution of conventional and tax credit private placements.  Prior to joining Boston Capital in 1987, heheld senior manage­ment executive positions in companies associated with realestate syndication as well as in the medical electronics industry.  Mr. Costello graduated from StonehillCollege and received his MBA with honors from Rutgers’ Graduate School of BusinessAdministration.

 

***Jeffrey H. Goldstein****,*age 41, is Chief Operating Officer for Boston Capital Partners, Inc.  Mr. Goldstein is a former member of theBoard of Directors of the Council for Affordable and Rural Housing and formerlyserved as Chairman of the Finance Committee. Prior to joining Boston Capital in1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., a realestate development firm, served as Manager for Home­owner Financial Services, afinancial consulting firm, and was an analyst responsible for budgeting andforecasting for the New York City Counsel-Finance Division.  He graduated from the University of Coloradoand received his MBA from Northeastern University.

 

59

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(f)                                                Involvementin certain legal proceedings.

 

                                                      None.

 

(g)                                           Promotersand control persons.

 

                                                      None.

 

Item 11.                   Executive Compensation

 

                                                      (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 2002 fiscal year:

 

1.  An annual fund managementfee based on .5 percent of the aggregate cost of all Apartment Complexesacquired by the Operating Partnerships has been accrued or paid to BostonCapital Asset Management Limited Partnership. The annual fund management feescharged to operations for the year ended March 31, 2002 was $4,762,222.

 

2.  The Fund has reimbursed anaffiliate of the General Partner a total of $568,259 for amounts charged tooperations during the year ended March 31, 2002.  The reimbursement includes, but may not be limited to postage,printing, travel, and overhead allocations.

 

3.  The Fund has reimbursedaffiliates of the General Partner a total of $344,785 for amounts charged tosyndication during the year ended March 31, 2002.  The reimbursement includes, but may not be limited 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 2002 fiscal year, the Fund accrued or paid $4,868,090 ofacquisition fees and expenses to the General Partner or its affiliates.

 

5.  Dealer Manager fees of$1,123,247 were accrued or paid to Boston Capital Services, Inc. during the2002 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 31,2002, 68,029,269 BACs had been issued. No person is known to own beneficially in excess of 5% of theoutstanding BACs in any of the series.

 

60

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(b)                                 Securityownership of management.

 

The GeneralPartner has a 1% interest in all Profits, Losses,Credits and distributions ofthe Fund.  The Fund’s response to Item12(a) is incorporated herein by reference. 

 

(c)                                  Changesin control.

 

There exists noarrangement known to the Fund the operation of which may at a subsequent dateresult in a change in control of the Fund. There is a provision in the Limited Partnership Agreement which allows,under certain circumstances, the ability to change control.  

 

Item 13.                                                       CertainRelationships and Related Transactions

 

(a)                                  Transactionswith management and others.

 

The Fund has noofficers or directors.  However, underthe terms of the public offering, various kinds of compensation and fees arepayable to the General Partner and its Affiliates during the organization andoperation of the Fund. Additionally, the General Partner will receivedistributions from the partnership if there is cash available for distributionor residual proceeds as defined in the Fund Agreement.  The amounts and kinds of compensation andfees are described on page 43 of the Prospectus, as supplemented, under thecaption “Compensation and Fees”, which is incorporated herein byreference.  See Note B of Notes toFinancial Statements in Item 14 of this Annual Report on Form 10-K for amountsaccrued or paid to the General Partner and its affiliates for the period April1, 1995 through March 31, 2002.

 

(b)                                 Certainbusiness relationships.  

 

The Fund responseto Item 13(a) is incorporated herein by reference.

 

(c)                                  Indebtednessof management.  

 

None.

 

(d)                                 Transactionswith promoters.  

 

Not applicable.

 

61

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PART IV

 

Item14.                                                       Exhibits,Financial Statement Schedules, and Reports on Form 8-K

(a) 1 & 2                                                   FinancialStatements and Financial Statement Schedules

 

                                                                                                IndependentAuditors’ Report

 

                                                                                                BalanceSheets, March 31, 2002 and 2001

 

                                                                                                Statementsof Operations for the years or periods ended March 31, 2002, 2001 and 2000

 

                                                                                                Statementsof Changes in Partners’ Capital for the years or periods ended March 31, 2002,2001 and 2000

 

                                                                                                Statementsof Cash Flows for the years or periods ended MARCH 31, 2002, 2001, and 2000

 

                                                                                                Notesto Financial Statements, March 31, 2002, 2001 and 2000

 

                                                                                                ScheduleIII — Real Estate and Accumulated Depreciation Notes to Schedule III

                                                                                                

                                                                                                Schedulesnot listed are omitted because of the absence of the conditions under whichthey are required or because the information is included in the financialstatements or the notes thereto.

                                                                                                

(a) 3.                                                                      Exhibits(listed according to the number assigned in the table in Item 601 of RegulationS-K)

 

Exhibit No. 3 -Organization Documents.

 

a.                                       Certificateof Limited 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 ofsecurity holders, including indentures.

 

a.                                       Agreementof Limited 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.

 

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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 on October 19,1993

 

Exhibit No. 13 -Financial Statements.

 

Exhibit No. 28 -Additional exhibits.

 

a.                                       Agreementof Limited Partnership of Better Homes for Havelock Limited Partnership (Incorporatedby reference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on February 1, 1995).

 

b.                                      Agreementof Limited Partnership of Cynthiana Properties Limited (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on February 1, 1995).

 

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

 

d.                                      Agreementof Limited Partnership of Brook Summitt Apartments, LP (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on February 29, 1996).

 

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

 

f.                                         Agreementof Limited Partnership of Smith House II Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on December 16, 1997).

 

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

 

h.                                      Agreementof Limited Partnership of M.R.H.,L.P. (Incorporated by reference fromRegistrant’s current report on Form 8-K as filed with the Securities andExchange Commission on February 14, 1997).

 

i.                                          Agreementof Limited 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).

 

63

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j.                                          Agreementof Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference fromRegistrant’s current  report on Form8-K  as filed with the Securities andExchange Commission on December 16, 1997).

 

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

 

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

 

m.                                    Agreementof Limited Partnership of Mokapoke Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 25, 1997).

 

n.                                      Agreementof Limited Partnership of Autumn Ridge Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with theSecurities and Exchange Commission on March 26, 1997).

 

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

 

p.                                      Agreementof Limited 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.                                      Agreementof Limited 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.                                         Agreementof Limited Partnership of East Park Apartments II LimitedPartnership(Incorporated by reference from Registrant’s current report on Form8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

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

 

t.                                         Agreementof Limited Partnership of Ethel 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).

 

64

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

 

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

 

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

 

x.                                        Agreementof Limited 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.                                      Agreementof Limited Partnership 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).

 

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

 

aa.                                 Agreementof Limited Partnership of Pahrump Valley Investors (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

ab.                                Agreementof Limited Partnership 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.                                 Agreementof Limited Partnership 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.                                Agreementof Limited Partnership of Sutton Place Apartments (Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

ae.                                 Agreementof Limited Partnership of West Point Housing, L.P.(Incorporated by referencefrom Registrant’s current report on Form 8-K as filed with the Securities andExchange Commission on March 26, 1997).

 

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

 

ag.                                Agreementof Limited Partnership of Laurelwood Park Limited Partnership (Incorporated byreference from Registrant’s current report on Form 8-K as filed with the Securitiesand Exchange Commission on March 27, 1997).

 

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

 

ai.                                    Agreementof Limited 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.                                    Agreementof Limited Partnership of Elm Street Associates, L.P. (incorporated byreference from Registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 7, 1997.) 

 

ak.                                 Agreementof Limited Partnership of Brookhaven Apartments Partnership (incorporated byreference from Registrants current report on form 8-k as filed with theSecurities and Exchange Commission on May 21, 1997.)

 

al.                                    Agreementof Limited Partnership of Maple Limited Partnership (incorporated by referencefrom Registrants current report on form 8-k as filed with the Securities andExchange Commission on July 16, 1997.)

 

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

 

an.                                Agreementof Limited Partnership of Harbor Limited Partnership (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22,1997.)

 

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

 

ap.                                Agreementof Limited Partnership of Butler Street/Hanover Towers Limited Partnership(incorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on July 22, 1997.)

 

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aq.                                Agreementof Limited Partnership of Bradley Phase I Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on July 22, 1997.)

 

ar.                                   Agreementof Limited Partnership of 1374 Boston Road Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on August 5, 1997.)

 

as.                                 Agreementof Limited Partnership of Centenary Housing Limited Partnership (incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on August 5, 1997.)

 

at.                                   Agreementof Limited Partnership of Lake Apartments II Limited Partnership (incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on August 5, 1997.)

 

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

 

av.                                Agreementof Limited Partnership of Grandview Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 23, 1998.)

 

aw.                              Agreementof Limited Partnership of Angelou Associates, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on April 23, 1998.)

 

ax.                                  Agreementof Limited Partnership of Country Edge Apartments I LimitedPartnership(incorporated by reference from registrants current report on form8-k as filed with the Securities and Exchange Commission on April 24, 1998.)

 

ay.                                Agreementof Limited Partnership of Sumner House Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 27, 1998.)

 

az.                                  Agreementof Limited Partnership of Magnolia Place Apartments Partnerships (incorporatedby reference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 30, 1998.)

 

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ba.                                Agreementof Limited Partnership of Edgewood Apartments Partnership incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on April 30, 1998.)

 

bb.                               Agreementof Limited Partnership of Harrisonville Heights L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on April 30, 1998.)

 

bc.                                Agreementof Limited Partnership of Neighborhood Restorations Limited Partnership VIIincorporated by reference from registrants current report on form 8-k as filedwith the Securities and Exchange Commission on April 30, 1998.)

 

bd.                               Agreementof Limited Partnership of Escher SRO Project, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on May 1, 1998.)

 

be.                                Agreementof Limited Partnership of Silver Creek/MHT Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on June 30, 1999.)

 

bf.                                  Agreementof Limited Partnership of Meridian Housing Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on June 30, 1999.)

 

bg.                               Agreementof Limited Partnership of Southaven Partners I, L.P. (incorporated by referencefrom registrants current report on form 8-j as filed with the Securities andExchange on July 27, 1999.)

 

bh.                               Agreementof Limited Partnership of Athens Partners, L.P. (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on July 27, 1999.)

 

bi.                                   Agreementof Limited Partnership of Pearl Partners, L.P. (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on November 30, 1999.)

 

bj.                                   Agreementof Limited Partnership of Harbor Pointe/MHT Limited Dividend HousingAssociation Limited Partnership (incorporated by  reference from registrants current report on form 8-k as filed withthe Securities and Exchange Commission on December 28,1999.)

 

bk.                                Agreementof Limited Partnership of Level Creek Partners, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on December 29, 1999.)

 

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bm.                             Agreementof Limited Partnership of Lake City Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on February 3, 2000.)

 

bn.                               Agreementof Limited Partnership of Pine Ridge Apartments Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange on on February 9, 2000.)

 

bo.                               Agreementof Limited Partnership of Pecan Manor Apartments Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on February 10, 2000.)

 

bp.                               Agreementof Limited Partnership of Pyramid Four Limited Partnership (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on February 16, 2000.)

 

bq.                               Agreementof Limited Partnership of Lombard Partners, L.P. (incorporated by referencefrom registrants current report on form 8-k as filed with the Securities andExchange Commission on January 26, 2000.)

 

br.                                  Agreementof Limited Partnership of Belmont Affordable Housing II LP (incorporated byreference from registrants current report on form 8-k as filed with theSecurities and Exchange Commission on September 29, 2000.)

 

bs.                                Agreementof Limited Partnership of Jackson Bond LP (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on September 29, 2000.)

 

bt.                                  Agreementof Limited Partnership of Fort Bend NHC, L.P. (incorporated by reference fromregistrants current report on form 8-k as filed with the Securities andExchange Commission on September 29, 2000.)

 

Exhibit No. 99 -Independent Auditors’ Reports of Operating Partnerships

 

Exhibit No. 99 -Schedule III and Notes to Schedule III

 

(b)   Reports on Form 8-K

 

Report on Form 8-K datedFebruary 1, 1995, concerning the Partnership’s investment in Better Homes forHavelock Limited Partnership filed with the commission on February 1, 1995.

 

Report on Form 8-K datedFebruary 1, 1995, concerning the Partnership’s investment in CynthianaProperties Limited filed with the commission on February 1, 1995.

 

Report on Form 8-K datedOctober 13, 1995, concerning the Partnership’s investment in North HamptonPlace Limited Partnership filed with the commission on October 13, 1995.

 

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Report on Form 8-K dated February 29, 1996, concerning thePartnership’s investment in Brook Summit Apartments, LP filed with thecommission on February 29, 1996.

 

Report on Form 8-K dated December 16, 1996, concerning thePartnership’s investment in New Madison Park IV Limited Partnership  filed with the commission on December 16,1996.

 

Report on Form 8-K dated December 16, 1996, concerning thePartnership’s investment in Smith House II Limited Partnership filed with thecommission on December 16, 1996.

 

Report on Form 8-K dated February 11, 1997, concerning thePartnership’s investment in Pear Village Limited Partnership filed with thecommission on February 11, 1997.

 

Report on Form 8-K dated February 14, 1997, concerning thePartnership’s investment in M.R.H., L.P. filed with the commission on February 14, 1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’sinvestment in 352 Lennox Associates, L.P. filed with the commission on March25, 1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’sinvestment in Decro Nordhoff, L.P. filed with the commission on March 25, 1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’sinvestment in Hurricane Hills, L.C. filed with the commission on March 25,1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’sinvestment in Main Everett Housing, L.P. filed with the commission on March 25,1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’sinvestment in Mokapoke Limited Partnership filed with the commission on March25, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Autumn Ridge Limited Partnership filed with the commission onMarch 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Century East Apartments II Limited Partnership filed with thecommission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Coolidge-Pinal II Associates filed with the commission on March26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Dublin Housing Associates, Phase II filed with the commission onMarch 26, 1997.

 

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Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in East Park Apartments II Limited Partnership filed with thecommission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Edenfield Place Apartments, L.P. filed with the commission onMarch 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Ethel Housing, L.P. filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Los Lunas Limited Partnership filed with the commission on March26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in New Devonshire West, Limited Partnership filed with thecommission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Northfield Housing L.P. filed with the commission on March 26,1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Ohio Investors Limited Partnership filed with the commission onMarch 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Osborne Housing, L.P. filed with the commission on March 26,1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Overton Associates Limited Partnership filed with the commissionon March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Pahrump Valley Investors filed with the commission on March 26,1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Shannon Housing, L.P. filed with the commission on March 26,1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in Sutton Place Apartments, L.P. filed with the commission on March26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’sinvestment in West Point Housing, L.P. filed with the commission on March 26,1997.

 

Report on Form 8-K dated March 27, 1997, concerning the Partnership’sinvestment in Jeremy Associates Limited Partnership filed with the commissionon March 27, 1997.

 

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Report on Form 8-K dated March 27, 1997, concerning the Partnership’sinvestment in Laurelwood Park Limited Partnership filed with the commission onMarch 27, 1997.

 

Report on Form 8-K dated March 27, 1997, concerning the Partnership’sinvestment in Roxbury Housing Veterans Limited Partnership filed with thecommission on March 27, 1997.

 

Report on Form 8-K dated April 7, 1997, concerning the Partnership’sinvestment in Elm Street Associates, L.P. filed with the commission on April 7,1997.

 

Report on Form 8-K dated May 21, 1997, concerning the Partnership’sinvestment in Brookhaven Apartments Partnership filed with the commission onJuly 22, 1997.

 

Report on Form 8-K dated July 16, 1997, concerning the Partnership’sinvestment in Maple Limited Partnership filed with the commission on July 16,1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’sinvestment in Bradley Phase I Limited Partnership filed with the commission onJuly 22, 1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’sinvestment in Bradley Phase II Limited Partnership filed with the commission onJuly 22, 1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’sinvestment in Butler Street/Hanover Towers Limited Partnership filed with thecommission on July 22, 1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’sinvestment in Byam Limited Partnership filed with the commission on July 22,1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’sinvestment in Harbor Limited Partnership filed with the commission on July 22,1997.

 

Report on Form 8-K dated August 5, 1997, concerning the Partnership’sinvestment in 1374 Boston Road Limited Partnership filed with the commission onAugust 5, 1997.

 

Report on Form 8-K dated August 5, 1997, concerning the Partnership’sinvestment in Centenary Housing Limited Partnership filed with the commissionon August 5, 1997.

 

Report on Form 8-K dated August 5, 1997, concerning the Partnership’sinvestment in Lake Apartments II Limited Partnership filed with the commissionon August 5, 1997.

 

Report on Form 8-K dated August 8, 1997, concerning the Partnership’sinvestment in AHAB Project One, LP filed with the commission on August 8, 1997.

 

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Report on Form 8-K dated April 23, 1998, concerning the Partnership’sinvestment in Grandview Limited Partnership filed with the commission on April23, 1998.

 

Report on Form 8-K dated April 23, 1998, concerning the Partnership’sinvestment in Angelou Associates, L.P. filed with the commission on April 23,1998.

 

Report on Form 8-K dated April 24, 1998, concerning the Partnership’sinvestment in Country Edge Apartments I Limited Partnership filed with thecommission on April 24, 1998.

 

Report on Form 8-K dated April 27, 1998, concerning the Partnership’sinvestment in Sumner House Limited Partnership filed with the commission onApril 27, 1998.

 

Report on Form 8-K dated April 30, 1998, concerning the Partnership’sinvestment in Magnolia Place Apartments Partnership filed with the commissionon April 30, 1998.

 

Report on Form 8-K dated April 30, 1998, concerning the Partnership’sinvestment in Edgewood Apartments Partnership filed with the commission on April30, 1998.

 

Report on Form 8-K dated April 30, 1998, concerning the Partnership’sinvestment in Harrisonville Heights L.P. filed with the commission on April 30,1998.

 

Report on Form 8-K dated April 30, 1998, concerning the Partnership’sinvestment in Neighborhood Restorations Limited Partnership VII filed with thecommission on April 30, 1998.

 

Report on Form 8-K dated May 1, 1998, concerning the Partnership’sinvestment in Escher SRO Project LP filed with the commission on May 1, 1998.

 

Report on Form 8-K dated June 30, 1999 concerning the Partnership’sinvestment in Silver Creek/MHT Limited Partnership filed with the commission onJune 30, 1999.

 

Report on Form 8-K dated June 30, 1999 concerning the Partnership’sinvestment in Meridian Housing Limited Partnership filed with the commission onJune 30, 1999.

 

Report on Form 8-K dated July 27, 1999 concerning the Partnership’sinvestment in Southaven Partners I, L.P. filed with the commission on July 27,1999.

 

Report on Form 8-K dated July 27, 1999 concerning the Partnership’sinvestment in Athens Partners, L.P. filed with the commission on July 27, 1999.

 

Report on Form 8-K dated November 30, 1999 concerning the Partnership’sinvestment in Pearl Partners, L.P. filed with the commission on November 30, 1999.

 

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Report on Form 8-K dated December 28, 1999 concerning the Partnership’sinvestment in Harbor Pointe MHT Limited Dividend Housing Association LimitedPartnership filed with the commission on December 28, 1999.

 

Report on Form 8-K dated December 29, 1999 concerning the Partnership’sinvestment in Level Creek Partners, L.P. filed with the commission on December29, 1999.

 

Report on Form 8-K dated January 26, 2000 concerning the Partnership’sinvestment in Lombard Partners, L.P. filed with the commission on January 26,2000.

 

Report on Form 8-K dated February 3, 2000 concerning the Partnership’sinvestment in Lake City Limited Partnership filed with the commission onFebruary 3, 2000.

 

Report on Form 8-K dated February 9, 2000 concerning the Partnership’sinvestment in Pineridge Apartments Partnership filed with the commission onFebruary 9, 2000.

 

Report on Form 8-K dated February 10, 2000 concerning the Partnership’sinvestment in Pecan Manor Apartments Partnership filed with the commission onFebruary 10, 2000.

 

Report on Form 8-K dated February 16, 2000 concerning the Partnership’sinvestment in Pyramid Four Limited Partnership filed with the commission onFebruary 16, 2000.

 

Report on Form 8-K dated September 29, 2000 concerning thePartnership’s investment in Pineridge Apartments Partnership filed with thecommission on September 29, 2000.

 

Report on Form 8-K dated September 29, 2000 concerning thePartnership’s investment in Pecan Manor Apartments Partnership filed with thecommission on September 29, 2000.

 

Report on Form 8-K dated September 29, 2000 concerning thePartnership’s investment in Pyramid Four Limited Partnership filed with thecommission on September 29, 2000.

 

(c)                                  Exhibits

 

Thelist of exhibits required by Item 601 of Regulation S-K is included in Item(a)(3).

 

(d)                                 FinancialStatement Schedules

 

SeeItem (a) 1 and 2 above.  

 

(e)                                  IndependentAuditors’ Reports for Operating Partnerships.

SeeItem (a) 3 above.  

 

 

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# SIGNATURES

 

Pursuant to the requirements of Section 13 of the Securities ExchangeAct of 1934, the Fund has duly caused this Report to be signed on its behalf bythe 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  15, 2002 |                                    | 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 15, 2002 |            | /s/ John P. Manning |   | Director, President (Principal Executive Officer),  C&M Management, Inc.; Director, President (Principal Executive Officer)  BCTC IV Assignor Corp. |
|          | John P. Manning |                |
|          |            |                |

 

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