##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year endedMarch 31, 2006 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 0-26200
 BOSTON CAPITAL TAX CREDIT FUND IV L.P.
  Delaware
    
    04-3208648(State or other jurisdiction
    
    (I.R.S. Employerof incorporation or organization)
    
    Identification No.)One Boston Place, Suite 2100, Boston, Massachusetts
    
    02108(Address of principal executive offices)
    
    (Zip Code)
 (617)624-8900
 Securities registered pursuant to Section 12(b) of the Act:   None
 Securities registered pursuant to Section 12(g) of the Act:
 None
  Yes o
    
    No þ
  Yes o
    
    No þ
  Yes o
    
    No þ
  o o þ
  Yes o
    
    No þ
 DOCUMENTS INCORPORATED BY REFERENCE




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##### Table of Contents



Form 10-KParts
    
    DocumentParts I, III 
as supplemented
    
    ProspectusParts II, IV
    
    Form 8-K dated February 1, 1995Form 8-K dated March 9, 1995Form 8-K dated October 13, 1995Form 8-K dated February 29, 1996Form 8-K dated December 16, 1996Form 8-K dated December 16, 1996Form 8-K dated February 11, 1997Form 8-K dated February 14, 1997Form 8-K dated March 25, 1997Form 8-K dated March 25, 1997Form 8-K dated March 25, 1997Form 8-K dated March 25, 1997Form 8-K dated March 25, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 26, 1997Form 8-K dated March 27, 1997Form 8-K dated March 27, 1997Form 8-K dated March 27, 1997Form 8-K dated April 7, 1997Form 8-K dated May 21, 1998Form 8-K dated July 16, 1997Form 8-K dated July 22, 1997Form 8-K dated July 22, 1997Form 8-K dated July 22, 1997Form 8-K dated July 22, 1997Form 8-K dated July 22, 1997Form 8-K dated August 5, 1997Form 8-K dated August 5, 1997Form 8-K dated August 5, 1997Form 8-K dated August 8, 1997




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##### Table of Contents



DOCUMENTS INCORPORATED BY REFERENCE  Cont.
 Form 10-KParts
    
    DocumentParts II, IV
    
    Form 8-K dated April 23, 1998Form 8-K dated April 23, 1998Form 8-K dated April 24, 1998Form 8-K dated April 27, 1998Form 8-K dated April 29, 1998Form 8-K dated April 30, 1998Form 8-K dated April 30, 1998Form 8-K dated April 30, 1998Form 8-K dated May 1, 1998Form 8-K dated June 30, 1999Form 8-K dated June 30, 1999Form 8-K dated July 27, 1999Form 8-K dated July 27, 1999Form 8-K dated November 30, 1999Form 8-K dated December 28, 1999Form 8-K dated December 29, 1999Form 8-K dated January 26, 2000Form 8-K dated February 3, 2000Form 8-K dated February 9, 2000Form 8-K dated February 10, 2000Form 8-K dated February 16, 2000Form 8-K dated September 29, 2000Form 8-K dated September 29, 2000Form 8-K dated September 29, 2000Form 8-K dated September 29, 2000Form 8-K dated September, 2002Form 8-K dated September, 2002Form 8-K dated September, 2002Form 8-K dated October 21, 2002Form 8-K dated June 3, 2003Form 8-K dated October 21, 2002Form 8-K dated June 3, 2003Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated May 29, 2003Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002




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##### Table of Contents



DOCUMENTS INCORPORATED BY REFERENCE  Cont.
 Form 10-KParts
    
    DocumentParts II, IV
    
    Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated October 21, 2002Form 8-K dated February 1, 2002Form 8-K dated October 1, 2003Form 8-K dated May 1, 2002Form 8-K dated June 1, 2002Form 8-K dated July 1, 2002Form 8-K dated July 1, 2002Form 8-K dated November 1, 2002Form 8-K dated July 1, 2003Form 8-K dated February 1, 1997Form 8-K dated November 30, 1999




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##### Table of Contents



DOCUMENTS INCORPORATED BY REFERENCE  Cont.
 Form 10-KParts
    
    DocumentParts II, IV
    
    Form 8-K dated April 1, 1999Form 8-K dated October 1, 1998Form 8-K dated April 27, 2000Form 8-K dated June 1, 2004Form 8-K dated June 11, 2004Form 8-K dated June 23, 2004Form 8-K dated July 1, 2004Form 8-K dated December 1, 2003Form 8-k dated February 1, 2004Form 8-K dated June 1, 2004




---



##### 



PART
IItem 1.
    
    BusinessItem 1A.
    
    Risk FactorsItem 1B.
    
    Unresolved Staff CommentsItem 2.
    
    PropertiesItem 3.
    
    Legal ProceedingsItem 4.
    
    Submission of Matters to a Vote of Security HoldersPART IIItem 5.
    
    Market for the Funds Limited Partnership Interests and Related
Partnership Matters and Issuer Purchases of Partnership InterestsItem 6.
    
    Selected Financial DataItem 7.
    
    Managements Discussion and Analysis of Financial
Condition and Results of OperationsItem 7A.
    
    Quantitative and Qualitative Disclosures About Market RiskItem 8.
    
    Financial Statements and Supplementary DataItem 9.
    
    Changes in and Disagreements with Accountants on
Accounting and Financial DisclosureItem 9A.
    
    Controls and ProceduresItem 9B.
    
    Other InformationPART
IIIItem 10.
    
    Directors and Executive Officers of the FundItem 11.
    
    Executive CompensationItem 12.
    
    Security Ownership of Certain Beneficial Owners
and ManagementItem 13.
    
    Certain Relationships and Related TransactionsItem 14.
    
    Principal Accounting Fees and ServicesPART
IVItem 15.
    
    Exhibits, Financial Statement SchedulesEX-13 Financial StatementsEX-23 ConsentsEX-31.(A) Section 302 CertificationEX-31.(B) Section 302 CertificationEX-32.(A) Section 906 CertificationEX-32.(B) Section 906 Certification




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##### Table of Contents



PART I
 
  Organization
     1




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##### Table of Contents



Description of Business
   2




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##### Table of Contents



(1)
    
    Provide current tax benefits to Investors in the
form of Federal Housing Tax Credits and, in
limited instances, a small amount of
Rehabilitation Tax Credits, which an Investor
may apply, subject to certain strict
limitations, against the Investors federal
income tax liability from active, portfolio and
passive income;(2)
    
    Preserve and protect the Funds capital and
provide capital appreciation and cash
distributions through increases in value of the
Funds investments and, to the extent
applicable, equity buildup through periodic
payments on the mortgage indebtedness with
respect to the Apartment Complexes;(3)
    
    Provide tax benefits in the form of passive
losses which an Investor may apply to offset his
passive income (if any); and(4)
    
    Provide cash distributions (except with respect
to the Funds investment in some Non-Profit
Operating Partnerships) from Capital Transaction
proceeds. The Operating Partnerships intend to
hold the Apartment Complexes for appreciation in
value. The Operating Partnerships may sell the
Apartment Complexes after a period of time if
financial conditions in the future make such
sales desirable and if such sales are permitted
by government restrictions.
  Employees
  
  As used in this Item 1A, references to we, us and our mean the Fund.
 An investment in our Units and our investments in Local Limited Partnerships and their Operating
Partnerships are subject to risks. These risks may impact the tax benefits of an investment in our
Units, and the amount of proceeds available for distribution to our Limited Partners, if any, on
liquidation of our investments.
 In addition to the other information set forth in this report, you should carefully consider the
following factors which could materially affect our business, financial condition or results of
operations. The risks described below are not the only risks we face. Additional factors not
presently known to us or that we currently deem to be immaterial also may materially adversely
affect our business operations.
 The ability of Limited Partners to claim tax losses from their investment in us is limited.
  3




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##### Table of Contents



The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these
rules may have adverse consequences for Unit holders.
  Poor performance of one Housing Complex, or the real estate market generally, could impair our
ability to satisfy our investment objectives.
  -
    
    difficulties in obtaining rent increases; limitations on cash distributions;
limitations on sales or refinancing of Operating Partnerships;-
    
    limitations on transfers of interests in Local Limited Partnerships;-
    
    limitations on removal of Local General Partners;-
    
    limitations on subsidy programs; and-
    
    possible changes in applicable regulations.
  No trading market for the Units exists or is expected to develop.
  Investors may realize taxable gain on sale or disposition of certificates.
  Investors may have tax liability in excess of cash.
  4




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##### Table of Contents



Investors may not receive cash if apartment complexes are sold
   -
    
    The necessity of obtaining the consent of the operating general partners;-
    
    The necessity of obtaining the approval of any governmental agency(ies)
providing government assistance to the apartment complex; and-
    
    The uncertainty of the market.
  We have insufficient sources of cash to pay its existing liabilities.
  
   
   5




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##### Table of Contents



6




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp
    
    3/31/06
    
    3/31/06Ashbury Apartments
    
    Sioux Falls, SD
    
    
    48
    
    
    $
    1,206,150
    
    
    
    4/94
    
    
    
    6/94
    
    
    
    100
    %
    
    $
    806,117Bennetts Pointe Apts.
    
    Bennetsville, SC
    
    
    32
    
    
    
    1,312,114
    
    
    
    3/94
    
    
    
    8/94
    
    
    
    100
    %
    
    
    281,100Bradley Manor
    
    Bradley, AR
    
    
    25
    
    
    
    780,916
    
    
    
    8/94
    
    
    
    3/95
    
    
    
    100
    %
    
    
    182,044Cascades Commons Apts.
    
    Sterling, VA
    
    
    320
    
    
    
    22,829,614
    
    
    
    6/94
    
    
    
    10/95
    
    
    
    100
    %
    
    
    7,132,820Clarksville Estates
    
    Clarksville, MO
    
    
    32
    
    
    
    671,017
    
    
    
    6/94
    
    
    
    9/94
    
    
    
    100
    %
    
    
    142,639Club Goldenrod II, Apartments
    
    Orlando, FL
    
    
    220
    
    
    
    7,076,057
    
    
    
    4/94
    
    
    
    6/95
    
    
    
    100
    %
    
    
    3,681,417College Greene Senior Apts
    
    N. Chili, NY
    
    
    110
    
    
    
    3,800,000
    
    
    
    3/95
    
    
    
    8/95
    
    
    
    100
    %
    
    
    1,918,496Concordia Manor I
    
    St. Croix, VI
    
    
    22
    
    
    
    1,434,631
    
    
    
    8/94
    
    
    
    7/95
    
    
    
    100
    %
    
    
    490,034Coushatta Seniors II
Apartments
    
    Coushatta, LA
    
    
    24
    
    
    
    695,120
    
    
    
    5/94
    
    
    
    3/94
    
    
    
    100
    %
    
    
    175,182East Douglas Apartment
    
    Bloomington, IL
    
    
    51
    
    
    
    1,969,202
    
    
    
    7/94
    
    
    
    12/95
    
    
    
    100
    %
    
    
    1,534,461Edison Lane Apartments
    
    Edison, GA
    
    
    24
    
    
    
    705,296
    
    
    
    9/94
    
    
    
    10/95
    
    
    
    100
    %
    
    
    204,561Evergreen Hills Apts.
    
    Macedon, NY
    
    
    72
    
    
    
    2,660,383
    
    
    
    8/94
    
    
    
    1/95
    
    
    
    100
    %
    
    
    693,966
 7




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp
    
    3/31/06
    
    3/31/06Fairoaks Lane Apts.
    
    Rincon, GA
    
    
    44
    
    
    $
    1,387,349
    
    
    
    7/94
    
    
    
    5/95
    
    
    
    100
    %
    
    $
    339,284Floral Acres II
    
    Waggaman, LA
    
    
    32
    
    
    
    1,010,115
    
    
    
    5/94
    
    
    
    8/94
    
    
    
    100
    %
    
    
    228,457Forest Glen Village
    
    Vidalia, GA
    
    
    46
    
    
    
    1,302,778
    
    
    
    7/94
    
    
    
    2/95
    
    
    
    100
    %
    
    
    378,777Gardenview Apartments
    
    Pasedena, TX
    
    
    309
    
    
    
    4,769,301
    
    
    
    6/94
    
    
    
    9/95
    
    
    
    100
    %
    
    
    2,261,021Harrisonburg, Seniors Apts.
    
    Harrisonburg, LA
    
    
    24
    
    
    
    668,999
    
    
    
    5/94
    
    
    
    1/94
    
    
    
    100
    %
    
    
    176,621Hillside Apartments
    
    Cynthiana, KY
    
    
    48
    
    
    
    663,061
    
    
    
    10/94
    
    
    
    4/95
    
    
    
    100
    %
    
    
    643,850Kristine Apartments
    
    Bakersfield, CA
    
    
    60
    
    
    
    1,179,072
    
    
    
    10/94
    
    
    
    10/94
    
    
    
    100
    %
    
    
    311,675Northfield Apts.
    
    Jackson, MS
    
    
    120
    
    
    
    2,701,342
    
    
    
    6/94
    
    
    
    8/95
    
    
    
    100
    %
    
    
    3,273,126Riverview Apartments
    
    Franklinton, LA
    
    
    47
    
    
    
    1,652,628
    
    
    
    4/94
    
    
    
    10/94
    
    
    
    100
    %
    
    
    370,000Shady Lane Senior Apts.
    
    Winnfield, LA
    
    
    32
    
    
    
    916,972
    
    
    
    5/94
    
    
    
    10/93
    
    
    
    100
    %
    
    
    197,200
 8




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp
    
    3/31/06
    
    3/31/06Atlantic City Apts.
    
    Atlantic City, NJ
    
    
    153
    
    
    $
    5,175,000
    
    
    
    9/94
    
    
    
    10/95
    
    
    
    100
    %
    
    $
    2,721,163Black River Run
    
    Black River Falls, WI
    
    
    48
    
    
    
    1,099,794
    
    
    
    10/94
    
    
    
    12/94
    
    
    
    100
    %
    
    
    350,531Cattaraugus Manor
    
    Cattaraugus, NY
    
    
    24
    
    
    
    1,068,007
    
    
    
    8/94
    
    
    
    4/95
    
    
    
    100
    %
    
    
    263,711Creekside at Taskers Chance
    
    Frederick, MD
    
    
    120
    
    
    
    4,555,972
    
    
    
    10/94
    
    
    
    9/95
    
    
    
    100
    %
    
    
    2,686,170Forest Glen at Sully Station
    
    Centreville, VA
    
    
    119
    
    
    
    6,070,363
    
    
    
    11/94
    
    
    
    9/95
    
    
    
    100
    %
    
    
    2,649,450Fort Halifax
    
    Winslow, ME
    
    
    24
    
    
    
    1,058,248
    
    
    
    9/94
    
    
    
    1/95
    
    
    
    100
    %
    
    
    389,085Havelock Manor Apts.
    
    Havelock, NC
    
    
    60
    
    
    
    1,798,698
    
    
    
    12/94
    
    
    
    10/95
    
    
    
    100
    %
    
    
    347,557Holly Village
    
    Buchanan, GA
    
    
    24
    
    
    
    698,974
    
    
    
    8/94
    
    
    
    6/95
    
    
    
    100
    %
    
    
    205,400Liveoak Village
    
    Union Springs, AL
    
    
    24
    
    
    
    744,785
    
    
    
    10/94
    
    
    
    7/95
    
    
    
    100
    %
    
    
    176,953Lookout Ridge Apts.
    
    Covington, KY
    
    
    30
    
    
    
    562,787
    
    
    
    12/94
    
    
    
    12/94
    
    
    
    100
    %
    
    
    763,038Pinedale Apartments II
    
    Menomonie, WI
    
    
    60
    
    
    
    1,247,734
    
    
    
    10/94
    
    
    
    12/94
    
    
    
    100
    %
    
    
    869,798Pumphouse Crossing II Apartments
    
    Chippewa, WI
    
    
    48
    
    
    
    1,130,480
    
    
    
    10/94
    
    
    
    12/94
    
    
    
    100
    %
    
    
    692,840
 9




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp
    
    3/31/06
    
    3/31/06The Woods Apartments
    
    Campton, NH
    
    
    20
    
    
    $
    992,101
    
    
    
    8/94
    
    
    
    10/94
    
    
    
    100
    %
    
    $
    269,500Tower View Apartments
    
    Tower City, PA
    
    
    25
    
    
    
    1,099,558
    
    
    
    11/94
    
    
    
    5/95
    
    
    
    100
    %
    
    
    268,863
 10




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Albemarle Village
    
    Hertford, NC
    
    
    36
    
    
    $
    1,403,949
    
    
    
    1/95
    
    
    
    9/94
    
    
    
    100
    %
    
    $
    321,628Apple Village
    
    Edmond, OK
    
    
    160
    
    
    
    3,604,262
    
    
    
    11/94
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,572,166Bayou Crossing
    
    Riverview, FL
    
    
    290
    
    
    
    8,474,303
    
    
    
    11/94
    
    
    
    1/96
    
    
    
    100
    %
    
    
    2,854,036Bellwood Gardens
    
    Ford City, PA
    
    
    28
    
    
    
    1,221,125
    
    
    
    6/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    308,152Black River Run Apts.
    
    Black River Falls, WI
    
    
    48
    
    
    
    1,099,794
    
    
    
    3/95
    
    
    
    12/94
    
    
    
    100
    %
    
    
    395,279Clarendon Court
    
    Summerton, SC
    
    
    40
    
    
    
    1,419,640
    
    
    
    10/94
    
    
    
    4/95
    
    
    
    100
    %
    
    
    340,737Club II Goldenrod
    
    Orlando, FL
    
    
    220
    
    
    
    7,076,057
    
    
    
    3/95
    
    
    
    6/95
    
    
    
    100
    %
    
    
    2,106,975Cobblestone Apartments
    
    Fuquay, NC
    
    
    33
    
    
    
    1,384,923
    
    
    
    1/95
    
    
    
    5/94
    
    
    
    100
    %
    
    
    326,054Concordia Manor II
    
    St. Croix, VI
    
    
    20
    
    
    
    1,465,037
    
    
    
    1/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    259,444Concordia Manor III
    
    St. Croix, VI
    
    
    20
    
    
    
    1,450,700
    
    
    
    2/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    264,007Drakes Branch Elderly
    
    Drakes Branch, VA
    
    
    32
    
    
    
    1,239,427
    
    
    
    1/95
    
    
    
    6/95
    
    
    
    100
    %
    
    
    232,722Elks Towers Apartments
    
    Litchfield, IL
    
    
    27
    
    
    
    780,642
    
    
    
    10/95
    
    
    
    12/96
    
    
    
    100
    %
    
    
    755,156Fonda Terrace
    
    Fonda, NY
    
    
    24
    
    
    
    993,346
    
    
    
    12/94
    
    
    
    10/94
    
    
    
    100
    %
    
    
    259,387Highland House
    
    Boston, MA
    
    
    14
    
    
    
    1,189,075
    
    
    
    12/96
    
    
    
    5/97
    
    
    
    100
    %
    
    
    571,829
 11




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Kimbark 1200 Apts.
    
    Longmont, CO
    
    
    48
    
    
    $
    1,926,581
    
    
    
    9/95
    
    
    
    12/95
    
    
    
    100
    %
    
    $
    321,843Kingsway Apartments
    
    Swedsboro, NJ
    
    
    36
    
    
    
    1,441,056
    
    
    
    7/95
    
    
    
    11/01
    
    
    
    100
    %
    
    
    384,585Lake City Apartments
    
    Lake City, PA
    
    
    44
    
    
    
    1,262,911
    
    
    
    8/98
    
    
    
    6/98
    
    
    
    100
    %
    
    
    240,900Lake Street Apartments
    
    Girard, PA
    
    
    32
    
    
    
    1,333,641
    
    
    
    4/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    342,369Lost Tree Apartments
    
    Branson, MO
    
    
    88
    
    
    
    1,478,057
    
    
    
    4/95
    
    
    
    6/95
    
    
    
    100
    %
    
    
    474,948Maplewood Apartments
    
    Sacramento, KY
    
    
    12
    
    
    
    425,186
    
    
    
    8/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    110,881Marksville Square
    
    Marksville, LA
    
    
    32
    
    
    
    937,630
    
    
    
    1/95
    
    
    
    1/96
    
    
    
    100
    %
    
    
    268,848Neshoba County
    
    Philadelphia, MS
    
    
    25
    
    
    
    833,828
    
    
    
    7/95
    
    
    
    8/95
    
    
    
    100
    %
    
    
    251,411Philadelphia Square
    
    Philadelphia, MS
    
    
    16
    
    
    
    533,650
    
    
    
    7/95
    
    
    
    8/95
    
    
    
    100
    %
    
    
    149,950Quankey Hills
    
    Halifax, NC
    
    
    24
    
    
    
    985,603
    
    
    
    1/95
    
    
    
    3/95
    
    
    
    100
    %
    
    
    200,496Richmond Square
    
    Richmond, MO
    
    
    32
    
    
    
    773,554
    
    
    
    12/94
    
    
    
    2/95
    
    
    
    100
    %
    
    
    931,456Salem Wood Apartments
    
    Salemburg, NC
    
    
    24
    
    
    
    913,000
    
    
    
    1/95
    
    
    
    12/94
    
    
    
    100
    %
    
    
    181,355The Birches
    
    Old Orchard Beach, ME
    
    
    88
    
    
    
    2,800,000
    
    
    
    1/95
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,514,512Troy Villa Apartments
    
    Troy, MO
    
    
    64
    
    
    
    1,697,805
    
    
    
    12/94
    
    
    
    6/95
    
    
    
    100
    %
    
    
    1,810,416
 12




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Twin City Villa
    
    Festus, MO
    
    
    40
    
    
    $
    1,263,823
    
    
    
    1/95
    
    
    
    11/95
    
    
    
    100
    %
    
    $
    679,176
 13




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Apple Village
    
    Edmond, OK
    
    
    160
    
    
    $
    3,604,262
    
    
    
    11/94
    
    
    
    3/96
    
    
    
    100
    %
    
    $
    1,572,166Bayou Crossing
    
    Riverview, FL
    
    
    290
    
    
    
    8,474,303
    
    
    
    4/95
    
    
    
    1/96
    
    
    
    100
    %
    
    
    4,281,054Concordia Manor II
    
    St. Croix, VI
    
    
    20
    
    
    
    1,459,019
    
    
    
    1/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    259,445Concordia Manor III
    
    St. Croix, VI
    
    
    20
    
    
    
    1,443,407
    
    
    
    2/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    264,007Colonna House
    
    Hempstead, NY
    
    
    37
    
    
    
    998,919
    
    
    
    5/95
    
    
    
    5/95
    
    
    
    100
    %
    
    
    1,551,605Country Hill Apts. Ph II
    
    Cedar Rapids, IA
    
    
    92
    
    
    
    1,899,577
    
    
    
    8/95
    
    
    
    6/96
    
    
    
    100
    %
    
    
    1,981,495Great Pines Apts.
    
    Hurleyville, NY
    
    
    26
    
    
    
    1,133,419
    
    
    
    7/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    340,835Heatheridge Estates **
    
    Barling, AR
    
    
    17
    
    
    
    774,474
    
    
    
    7/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    748,240Ithaca Apts. I
    
    Ithaca, MI
    
    
    28
    
    
    
    592,443
    
    
    
    11/95
    
    
    
    7/95
    
    
    
    100
    %
    
    
    164,008Kimbark 1200 Apts.
    
    Longmont, CO
    
    
    48
    
    
    
    1,926,581
    
    
    
    9/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    965,530La Pensione K Apts.
    
    Sacramento, CA
    
    
    129
    
    
    
    2,400,601
    
    
    
    9/95
    
    
    
    12/96
    
    
    
    100
    %
    
    
    2,650,580Mathis Apartments
    
    Mathis, TX
    
    
    32
    
    
    
    887,274
    
    
    
    1/95
    
    
    
    1/95
    
    
    
    100
    %
    
    
    228,172Mid City Apartments
    
    Jersey City, NJ
    
    
    58
    
    
    
    2,618,243
    
    
    
    9/95
    
    
    
    6/94
    
    
    
    100
    %
    
    
    113,679Orange Grove Seniors
    
    Orange Grove, TX
    
    
    24
    
    
    
    649,530
    
    
    
    5/95
    
    
    
    2/95
    
    
    
    100
    %
    
    
    163,637
 14




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Philmont Terrace
    
    Philmont,   LA
    
    
    32
    
    
    $
    1,467,958
    
    
    
    5/95
    
    
    
    5/95
    
    
    
    100
    %
    
    $
    370,750Riverview Apartments
    
    St. Louis, MO
    
    
    42
    
    
    
    1,131,227
    
    
    
    8/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    1,160,308South Hills Apartments
    
    Bellevue,  NE
    
    
    72
    
    
    
    1,770,263
    
    
    
    6/95
    
    
    
    2/96
    
    
    
    100
    %
    
    
    1,686,354St. Peters Villa
    
    St. Peters, MO
    
    
    54
    
    
    
    1,613,440
    
    
    
    7/95
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,495,685The Birches
    
    Old Orchard Beach, ME
    
    
    88
    
    
    
    2,800,000
    
    
    
    1/95
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,399,532Twin City Villa
    
    Festus,    MO
    
    
    40
    
    
    
    1,263,823
    
    
    
    2/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    679,176Village Woods Est.
    
    Kansas City, KS
    
    
    45
    
    
    
    1,449,656
    
    
    
    5/95
    
    
    
    12/95
    
    
    
    100
    %
    
    
    1,704,928Vinsett Estates **
    
    Van Buren, AR
    
    
    10
    
    
    
    **
    
    
    
    7/95
    
    
    
    11/95
    
    
    
    100
    %
    
    
    **Woodland Hills
    
    Roland,    OK
    
    
    10
    
    
    
    353,223
    
    
    
    7/95
    
    
    
    6/95
    
    
    
    100
    %
    
    
    274,540
 
 **
    
    Two properties which make up one Operating Partnership named Barlee
Properties L.P. with 27 units. Entire mortgage balance and contributions are
listed with Heatheridge Estates. 15




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    Qualified

    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy

    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Autumn Ridge Apartments
    
    Shenandoah, VA
    
    
    34
    
    
    $
    1,509,993
    
    
    
    7/96
    
    
    
    1/97
    
    
    
    100
    %
    
    $
    319,466Brooks Summit
    
    Blue Ridge, GA
    
    
    36
    
    
    
    1,094,654
    
    
    
    12/95
    
    
    
    11/96
    
    
    
    100
    %
    
    
    332,470Brownsville Apartments
    
    Brownsville, TN
    
    
    36
    
    
    
    1,177,927
    
    
    
    9/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    267,091Century East Apts. IV
    
    Bismark, ND
    
    
    24
    
    
    
    588,164
    
    
    
    8/95
    
    
    
    8/95
    
    
    
    100
    %
    
    
    399,962Century East Apts. V
    
    Bismark,  ND
    
    
    24
    
    
    
    588,164
    
    
    
    11/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    399,962Centenary Towers Apts.
    
    St. Louis,  MO
    
    
    100
    
    
    
    2,195,000
    
    
    
    5/97
    
    
    
    12/97
    
    
    
    100
    %
    
    
    828,815Coopers Crossing
    
    Irving,  TX
    
    
    93
    
    
    
    3,339,540
    
    
    
    6/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    848,708Edenfield Apartments
    
    Millen,  GA
    
    
    48
    
    
    
    1,204,793
    
    
    
    1/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    314,827Elm Street Apartments
    
    Yonkers,  NY
    
    
    35
    
    
    
    1,642,155
    
    
    
    1/96
    
    
    
    1/96
    
    
    
    100
    %
    
    
    407,601Heritage Glen Apts.
    
    Coolidge,  AZ
    
    
    28
    
    
    
    1,107,004
    
    
    
    4/96
    
    
    
    4/96
    
    
    
    100
    %
    
    
    373,388Hillridge Apts
    
    Los Lunas, NM
    
    
    38
    
    
    
    215,000
    
    
    
    8/96
    
    
    
    6/96
    
    
    
    100
    %
    
    
    1,466,007Lake Apts I
    
    Fargo,  ND
    
    
    24
    
    
    
    574,147
    
    
    
    8/95
    
    
    
    7/95
    
    
    
    100
    %
    
    
    399,962Lakeway Apts
    
    Zwolle,  LA
    
    
    32
    
    
    
    838,177
    
    
    
    11/95
    
    
    
    4/96
    
    
    
    100
    %
    
    
    210,714Laurelwood Park Apts.
    
    High Point, NC
    
    
    100
    
    
    
    2,214,898
    
    
    
    2/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    2,120,403Madison Park IV
    
    Boston, MA
    
    
    143
    
    
    
    6,901,267
    
    
    
    5/96
    
    
    
    3/97
    
    
    
    97
    %
    
    
    1,220,537
 16




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06New Hilltop Apartments
    
    Laurens, SC
    
    
    72
    
    
    $
    1,622,350
    
    
    
    11/95
    
    
    
    11/95
    
    
    
    100
    %
    
    $
    450,039North Hampton Pl.
    
    Columbia, MO
    
    
    36
    
    
    
    696,806
    
    
    
    11/95
    
    
    
    3/96
    
    
    
    100
    %
    
    
    1,002,996Northfield Housing, L.P.
    
    Jackson, MS
    
    
    5
    
    
    
    167,624
    
    
    
    12/96
    
    
    
    9/96
    
    
    
    100
    %
    
    
    217,266Pahrump Valley Apts.
    
    Pahrump, NV
    
    
    32
    
    
    
    1,368,499
    
    
    
    7/96
    
    
    
    7/96
    
    
    
    100
    %
    
    
    335,225Park Meadow Apartments
    
    Gaylord, MI
    
    
    80
    
    
    
    1,668,947
    
    
    
    9/95
    
    
    
    4/97
    
    
    
    100
    %
    
    
    1,753,158Shadowcreek Apartments
    
    Overton, NV
    
    
    24
    
    
    
    1,203,392
    
    
    
    6/96
    
    
    
    9/96
    
    
    
    100
    %
    
    
    361,320Stanton Village Apts.
    
    Stanton, TN
    
    
    40
    
    
    
    1,188,603
    
    
    
    9/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    279,730Woodlands Apartments
    
    Elko, NV
    
    
    24
    
    
    
    1,113,986
    
    
    
    11/95
    
    
    
    9/95
    
    
    
    100
    %
    
    
    269,867Wyandotte Apartments
    
    Los Angeles, CA
    
    
    73
    
    
    
    3,102,047
    
    
    
    4/96
    
    
    
    2/97
    
    
    
    100
    %
    
    
    1,663,747
 17




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Dogwood Park Apts.
    
    Athens,  GA
    
    
    127
    
    
    $
    2,434,290
    
    
    
    12/95
    
    
    
    10/96
    
    
    
    100
    %
    
    $
    4,147,387Dunlap Acres
    
    West Point, MS
    
    
    50
    
    
    
    939,804
    
    
    
    9/96
    
    
    
    4/96
    
    
    
    100
    %
    
    
    522,160Century East II Apts.
    
    Bismark,  ND
    
    
    24
    
    
    
    490,040
    
    
    
    8/96
    
    
    
    6/96
    
    
    
    100
    %
    
    
    371,183Clarke Manor Apts.
    
    Pokamoke City,  MD
    
    
    30
    
    
    
    1,199,177
    
    
    
    2/96
    
    
    
    4/96
    
    
    
    100
    %
    
    
    440,107Hannah Heights Apts.
    
    Ethel,  MS
    
    
    28
    
    
    
    797,904
    
    
    
    6/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    321,584Heartland Green Cave
    
    Horse Cave, KY
    
    
    24
    
    
    
    828,551
    
    
    
    5/96
    
    
    
    11/96
    
    
    
    100
    %
    
    
    270,132Hurricane Hills
    
    Hurricane, UT
    
    
    49
    
    
    
    1,184,779
    
    
    
    9/96
    
    
    
    4/97
    
    
    
    100
    %
    
    
    2,242,394Laurelwood Park Apts.
    
    High Point, NC
    
    
    100
    
    
    
    2,214,898
    
    
    
    2/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    1,044,377Lenox Ave. Apts.
    
    Manhattan, NY
    
    
    18
    
    
    
    632,781
    
    
    
    10/96
    
    
    
    9/97
    
    
    
    100
    %
    
    
    903,792Madison Park IV
    
    Boston,  MA
    
    
    143
    
    
    
    6,901,267
    
    
    
    5/96
    
    
    
    3/97
    
    
    
    97
    %
    
    
    2,169,843Main Everett Apts.
    
    New Rochelle, NY
    
    
    11
    
    
    
    575,902
    
    
    
    6/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    782,852Maple Hill
    
    New Haven, CT
    
    
    32
    
    
    
    905,837
    
    
    
    2/97
    
    
    
    2/98
    
    
    
    100
    %
    
    
    199,951Osborne Apts.
    
    White Plains,  NY
    
    
    7
    
    
    
    397,733
    
    
    
    6/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    522,325
 18




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Rose Square
    
    Connellsville, PA
    
    
    11
    
    
    $
    381,866
    
    
    
    10/96
    
    
    
    2/97
    
    
    
    100
    %
    
    $
    288,209Rosewood Estates, II
    
    Bladenboro, NC
    
    
    16
    
    
    
    666,818
    
    
    
    9/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    124,304Sandstone Village
    
    Great Falls, MT
    
    
    48
    
    
    
    1,295,828
    
    
    
    11/95
    
    
    
    8/96
    
    
    
    100
    %
    
    
    1,295,623Shannon Rentals
    
    Shannon, MS
    
    
    48
    
    
    
    1,237,808
    
    
    
    4/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    324,990Smith House
    
    Roxbury, MA
    
    
    132
    
    
    
    1,459,457
    
    
    
    4/96
    
    
    
    3/97
    
    
    
    100
    %
    
    
    1,031,269Sutton Place
    
    Indianopolis, IN
    
    
    360
    
    
    
    5,685,000
    
    
    
    11/96
    
    
    
    10/97
    
    
    
    100
    %
    
    
    823,257The Mary Ryder Home
    
    St. Louis MO
    
    
    48
    
    
    
    
    
    
    
    6/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    1,591,573Washington Arms
    
    Dayton, OH
    
    
    93
    
    
    
    1,407,993
    
    
    
    2/96
    
    
    
    2/95
    
    
    
    100
    %
    
    
    203,859Wyandotte Apts.
    
    Los Angeles, CA
    
    
    73
    
    
    
    3,102,047
    
    
    
    4/96
    
    
    
    2/97
    
    
    
    100
    %
    
    
    2,280,623
 19




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as of
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Academy Apts.
    
    West Point, VA
    
    
    32
    
    
    $
    1,143,541
    
    
    
    4/97
    
    
    
    3/98
    
    
    
    100
    %
    
    $
    263,722Bradley Estates Phase I
    
    Meriden, CT
    
    
    74
    
    
    
    1,443,350
    
    
    
    2/97
    
    
    
    12/97
    
    
    
    100
    %
    
    
    671,336Bradley Estates Phase II
    
    Meriden, CT
    
    
    42
    
    
    
    827,000
    
    
    
    2/97
    
    
    
    12/97
    
    
    
    100
    %
    
    
    486,861Brookhaven Apts.
    
    Shrevport, LA
    
    
    35
    
    
    
    1,013,570
    
    
    
    2/97
    
    
    
    1/97
    
    
    
    100
    %
    
    
    726,113Butler Estates
    
    Leesville, LA
    
    
    10
    
    
    
    159,755
    
    
    
    8/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    129,311Calgory Apts. I
    
    Bismark, ND
    
    
    24
    
    
    
    583,377
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Calgory Apts. II
    
    Bismark, ND
    
    
    24
    
    
    
    588,315
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Calgory Apts. III
    
    Bismark, ND
    
    
    24
    
    
    
    577,942
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Cameron Apts.
    
    Cameron, LA
    
    
    40
    
    
    
    738,954
    
    
    
    8/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    793,209Country Edge Apts.
    
    Fargo, ND
    
    
    48
    
    
    
    982,381
    
    
    
    7/97
    
    
    
    12/97
    
    
    
    100
    %
    
    
    1,128,587Devonshire II Apts.
    
    London, OH
    
    
    28
    
    
    
    738,226
    
    
    
    1/97
    
    
    
    12/96
    
    
    
    100
    %
    
    
    182,070Devonshire West Apts.
    
    W. Jefferson, OH
    
    
    19
    
    
    
    514,616
    
    
    
    1/97
    
    
    
    1/97
    
    
    
    100
    %
    
    
    126,983East Park II Apts.
    
    Dilworth, MN
    
    
    24
    
    
    
    524,692
    
    
    
    8/96
    
    
    
    8/96
    
    
    
    100
    %
    
    
    525,631Edgewood Park Apts.
    
    Milledgeville,  GA
    
    
    61
    
    
    
    1,500,000
    
    
    
    5/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    1,477,023
 20




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Edgewood Estates Apts.
    
    Edgewood, TX
    
    
    22
    
    
    $
    591,621
    
    
    
    6/97
    
    
    
    11/96
    
    
    
    100
    %
    
    $
    173,436Escher Street SRO
    
    Trenton, NJ
    
    
    104
    
    
    
    2,090,461
    
    
    
    4/97
    
    
    
    5/98
    
    
    
    100
    %
    
    
    3,734,928Grandview Apartments
    
    Fargo, ND
    
    
    36
    
    
    
    1,089,224
    
    
    
    8/96
    
    
    
    8/96
    
    
    
    100
    %
    
    
    1,069,522Grayson Manor
    
    Independence, VA
    
    
    32
    
    
    
    1,019,505
    
    
    
    3/98
    
    
    
    11/98
    
    
    
    100
    %
    
    
    656,156Hallman Court Apts.
    
    Rochester, NY
    
    
    77
    
    
    
    8,812,592
    
    
    
    1/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    325,768Hanover Apts.
    
    Ashland, VA
    
    
    40
    
    
    
    1,255,578
    
    
    
    11/97
    
    
    
    4/98
    
    
    
    100
    %
    
    
    295,538Hanover Towers Apts.
    
    Meriden, CT
    
    
    100
    
    
    
    4,109,514
    
    
    
    2/97
    
    
    
    11/97
    
    
    
    100
    %
    
    
    1,065,649Hazeltine Apts.
    
    Los Angeles, CA
    
    
    35
    
    
    
    1,320,077
    
    
    
    6/96
    
    
    
    1/97
    
    
    
    100
    %
    
    
    1,606,155Holly Heights Apts.
    
    Bowling Green, KY
    
    
    30
    
    
    
    1,167,522
    
    
    
    5/97
    
    
    
    8/97
    
    
    
    100
    %
    
    
    362,738Lake Apts. IV
    
    Fargo, ND
    
    
    24
    
    
    
    603,793
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Lake Apts. V
    
    Fargo, ND
    
    
    24
    
    
    
    578,624
    
    
    
    2/96
    
    
    
    12/95
    
    
    
    100
    %
    
    
    414,507Lauderdale County Properties
    
    Meriden, MS
    
    
    48
    
    
    
    1,061,514
    
    
    
    12/98
    
    
    
    5/99
    
    
    
    100
    %
    
    
    444,136Liberty Village Apts.
    
    Liberty, NY
    
    
    32
    
    
    
    1,720,981
    
    
    
    1/97
    
    
    
    5/97
    
    
    
    100
    %
    
    
    437,448
 21




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Little Valley Est.
    
    Little Valley, NY
    
    
    24
    
    
    $
    1,130,093
    
    
    
    1/97
    
    
    
    4/97
    
    
    
    100
    %
    
    $
    284,257Maxton Green Apts.
    
    Maxton,  NC
    
    
    32
    
    
    
    943,453
    
    
    
    9/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    263,281Madison Apartments
    
    Miami Beach, FL
    
    
    17
    
    
    
    1,025,592
    
    
    
    3/96
    
    
    
    6/97
    
    
    
    100
    %
    
    
    896,695Mason Manor Apts.
    
    Mason,  TN
    
    
    24
    
    
    
    912,830
    
    
    
    2/96
    
    
    
    1/96
    
    
    
    100
    %
    
    
    229,775Mosby Forest Apts.
    
    Littleton,  NC
    
    
    24
    
    
    
    592,396
    
    
    
    10/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    496,753New Hope Bailey Apts.
    
    De Ridder,  LA
    
    
    40
    
    
    
    804,604
    
    
    
    8/96
    
    
    
    9/96
    
    
    
    100
    %
    
    
    758,620Nordhoff Apts.
    
    North Hills, CA
    
    
    38
    
    
    
    1,936,068
    
    
    
    9/96
    
    
    
    7/97
    
    
    
    100
    %
    
    
    1,787,961Park Ridge Apartments
    
    Jackson,  TN
    
    
    136
    
    
    
    5,000,000
    
    
    
    11/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    854,147Powell Valley Village
    
    Jonesville, VA
    
    
    34
    
    
    
    695,095
    
    
    
    3/98
    
    
    
    12/98
    
    
    
    100
    %
    
    
    1,423,248Southwind Apts. A LDHA
    
    Jennings, LA
    
    
    36
    
    
    
    821,540
    
    
    
    8/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    700,216T.R. Bobb Apts.
    
    New Iberia, LA
    
    
    30
    
    
    
    668,289
    
    
    
    8/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    714,504Timmons- Ville Green Apts.
    
    Timmonsville, SC
    
    
    32
    
    
    
    1,051,177
    
    
    
    10/96
    
    
    
    2/97
    
    
    
    100
    %
    
    
    292,587Tremont Station Apartments
    
    Tremont, PA
    
    
    24
    
    
    
    1,132,856
    
    
    
    5/96
    
    
    
    11/96
    
    
    
    100
    %
    
    
    349,889
 22




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Village Estates Apts.
    
    Victoria, VA
    
    
    32
    
    
    $
    1,135,706
    
    
    
    4/97
    
    
    
    10/98
    
    
    
    100
    %
    
    $
    270,204Village Green Apts.
    
    Gloucester, VA
    
    
    32
    
    
    
    1,130,795
    
    
    
    4/97
    
    
    
    11/97
    
    
    
    100
    %
    
    
    296,893Warrensburg Heights
    
    Warrensburg, MO
    
    
    28
    
    
    
    1,090,326
    
    
    
    12/96
    
    
    
    11/96
    
    
    
    100
    %
    
    
    308,825Westside Apts.
    
    Salem, AR
    
    
    29
    
    
    
    1,019,368
    
    
    
    8/96
    
    
    
    10/96
    
    
    
    100
    %
    
    
    265,020The Willows Apts.
    
    Smithville,  TX
    
    
    32
    
    
    
    778,645
    
    
    
    5/96
    
    
    
    5/96
    
    
    
    100
    %
    
    
    209,768
 23




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06AHAB Rental Units Phase II
    
    Springfield, MO
    
    
    17
    
    
    $
    408,089
    
    
    
    6/97
    
    
    
    11/97
    
    
    
    100
    %
    
    $
    578,458Angelou Court Apts.
    
    New York, NY
    
    
    23
    
    
    
    945,301
    
    
    
    10/97
    
    
    
    8/99
    
    
    
    100
    %
    
    
    1,791,275Canisteo Manor
    
    Canisteo,  NY
    
    
    24
    
    
    
    886,328
    
    
    
    4/98
    
    
    
    4/98
    
    
    
    100
    %
    
    
    621,857The Casa Rosa
    
    San Juan, PR
    
    
    97
    
    
    
    679,706
    
    
    
    9/97
    
    
    
    4/98
    
    
    
    100
    %
    
    
    1,232,936Forest Glen At Sulluy
Station Phase II Atps.
    
    Centreville, VA
    
    
    119
    
    
    
    6,164,047
    
    
    
    8/96
    
    
    
    6/97
    
    
    
    100
    %
    
    
    1,362,808Harrison Heights Apts.
    
    Harrisonville, MO
    
    
    48
    
    
    
    1,159,225
    
    
    
    1/98
    
    
    
    12/96
    
    
    
    100
    %
    
    
    245,516Harbor Towers Apts.
    
    Meriden, CT
    
    
    202
    
    
    
    10,289,767
    
    
    
    2/97
    
    
    
    11/97
    
    
    
    100
    %
    
    
    2,895,280Holly Heights Apts.
    
    Storm Lake, IA
    
    
    32
    
    
    
    480,346
    
    
    
    4/97
    
    
    
    8/98
    
    
    
    100
    %
    
    
    614,058Lake Apts. II
    
    Fargo, ND
    
    
    24
    
    
    
    573,982
    
    
    
    1/97
    
    
    
    12/95
    
    
    
    100
    %
    
    
    396,024Magnolia Place Apts.
    
    Gautier, MS
    
    
    40
    
    
    
    500,000
    
    
    
    11/97
    
    
    
    1/98
    
    
    
    100
    %
    
    
    800,027Northrock Apts.
    
    Topeka, KS
    
    
    76
    
    
    
    2,373,493
    
    
    
    5/00
    
    
    
    5/00
    
    
    
    100
    %
    
    
    610,365Park Crest Apts.
    
    Sherwood, AR
    
    
    216
    
    
    
    9,100,000
    
    
    
    11/99
    
    
    
    6/99
    
    
    
    100
    %
    
    
    115,311
 24




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Pear Village Apts.
    
    Leitchfile, KY
    
    
    16
    
    
    $
    477,488
    
    
    
    8/96
    
    
    
    2/97
    
    
    
    100
    %
    
    $
    488,822Randolph Village
    
    Silver Spring, MD
    
    
    130
    
    
    
    5,182,382
    
    
    
    9/96
    
    
    
    8/97
    
    
    
    100
    %
    
    
    2,240,075Summer Hill Sr. Apts.
    
    Wayne, NJ
    
    
    164
    
    
    
    8,630,657
    
    
    
    11/96
    
    
    
    4/98
    
    
    
    100
    %
    
    
    2,337,000Sunday Sun Apts.
    
    Bowling Green, KY
    
    
    30
    
    
    
    804,124
    
    
    
    10/96
    
    
    
    12/96
    
    
    
    100
    %
    
    
    714,938
 25




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/061374 Boston Road L.P.
    
    New York, NY
    
    
    15
    
    
    $
    380,324
    
    
    
    2/97
    
    
    
    6/97
    
    
    
    100
    %
    
    $
    522,065Ashberry Manor Apts.
    
    Bardstown, KY
    
    
    24
    
    
    
    628,730
    
    
    
    2/97
    
    
    
    3/97
    
    
    
    100
    %
    
    
    561,330Bienville III Apts.
    
    Ringold, LA
    
    
    32
    
    
    
    946,144
    
    
    
    2/97
    
    
    
    2/97
    
    
    
    100
    %
    
    
    349,186Blanchard Apts.
    
    Blanchard, LA
    
    
    32
    
    
    
    895,363
    
    
    
    7/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    307,218Chandler Village Apts
    
    Chandler, OK
    
    
    32
    
    
    
    891,681
    
    
    
    4/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    255,639Cottonwood Apts.
    
    Cottonwood, LA
    
    
    24
    
    
    
    722,543
    
    
    
    7/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    248,058Cottonwood Apts.
    
    Holly Grove,  AR
    
    
    24
    
    
    
    914,886
    
    
    
    2/97
    
    
    
    4/97
    
    
    
    100
    %
    
    
    254,856Evangeline Apts.
    
    Lake Arthur, LA
    
    
    32
    
    
    
    956,468
    
    
    
    11/97
    
    
    
    1/98
    
    
    
    100
    %
    
    
    366,284Fairway Apts. II
    
    Marlette,  MI
    
    
    48
    
    
    
    985,133
    
    
    
    12/96
    
    
    
    3/97
    
    
    
    100
    %
    
    
    255,353Falcon Pointe Apts.
    
    Rosenburg, TX
    
    
    102
    
    
    
    2,990,091
    
    
    
    4/98
    
    
    
    10/99
    
    
    
    100
    %
    
    
    3,782,145Jackson Place Apts.
    
    Jackson, LA
    
    
    40
    
    
    
    980,611
    
    
    
    7/97
    
    
    
    10/97
    
    
    
    100
    %
    
    
    983,615Mapelwood Apts.
    
    Winnfield, LA
    
    
    40
    
    
    
    889,023
    
    
    
    3/98
    
    
    
    8/98
    
    
    
    100
    %
    
    
    922,119Milton Village Apts.
    
    Milton,  NY
    
    
    32
    
    
    
    1,167,648
    
    
    
    2/97
    
    
    
    6/97
    
    
    
    100
    %
    
    
    1,192,184Neighborhood
Restorations VII
    
    West Philadelphia, PA
    
    
    72
    
    
    
    1,681,167
    
    
    
    2/98
    
    
    
    2/98
    
    
    
    100
    %
    
    
    3,809,335
 26




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Park Plaza I & II
    
    West Memphis,  AR
    
    
    128
    
    
    $
    2,823,838
    
    
    
    12/97
    
    
    
    11/96
    
    
    
    100
    %
    
    $
    553,954Park Village Apts.
    
    Athens,  TN
    
    
    80
    
    
    
    1,153,880
    
    
    
    10/98
    
    
    
    6/99
    
    
    
    100
    %
    
    
    1,992,486Pin Oak Village
    
    Bowie, MD
    
    
    110
    
    
    
    10,070,249
    
    
    
    11/97
    
    
    
    1/96
    
    
    
    100
    %
    
    
    3,880,319Southern Villa Apts.
    
    Russellville, KY
    
    
    32
    
    
    
    1,319,851
    
    
    
    11/97
    
    
    
    4/98
    
    
    
    100
    %
    
    
    323,500Randolph Village
    
    Silver Spring, MD
    
    
    130
    
    
    
    5,138,315
    
    
    
    12/97
    
    
    
    8/97
    
    
    
    100
    %
    
    
    909,471Sand Lane Manor Apts.
    
    Henderson, KY
    
    
    24
    
    
    
    645,384
    
    
    
    8/97
    
    
    
    4/98
    
    
    
    100
    %
    
    
    556,478Senior Suites of Chicago
    
    Chicago, IL
    
    
    84
    
    
    
    4,025,618
    
    
    
    12/97
    
    
    
    12/98
    
    
    
    100
    %
    
    
    3,208,112Sumner House
    
    Hartford, CT
    
    
    79
    
    
    
    1,068,303
    
    
    
    1/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    2,010,966Terraceview Townhomes Apts.
    
    Litchfield  MN
    
    
    22
    
    
    
    572,517
    
    
    
    7/97
    
    
    
    10/97
    
    
    
    100
    %
    
    
    726,402Tilghman Square
    
    Dunn, NC
    
    
    20
    
    
    
    729,016
    
    
    
    11/97
    
    
    
    10/97
    
    
    
    100
    %
    
    
    307,605Wellston Village Apts.
    
    Wellston,  OK
    
    
    14
    
    
    
    369,067
    
    
    
    4/97
    
    
    
    8/97
    
    
    
    100
    %
    
    
    107,258Yale Village Apts.
    
    Yale,  OK
    
    
    8
    
    
    
    194,914
    
    
    
    2/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    74,341
 27




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06The Arbor Park Apts.
    
    Jackson, MS
    
    
    160
    
    
    $
    5,560,000
    
    
    
    12/96
    
    
    
    6/98
    
    
    
    100
    %
    
    $
    2,809,826The Arbors
    
    Richmond, VA
    
    
    85
    
    
    
    2,791,582
    
    
    
    7/97
    
    
    
    11/98
    
    
    
    100
    %
    
    
    2,480,576Barrington Cove Apts.
    
    Barrington, RI
    
    
    60
    
    
    
    1,982,053
    
    
    
    4/97
    
    
    
    5/97
    
    
    
    100
    %
    
    
    4,264,830Bent Tree Apts.
    
    Jacksboro, TX
    
    
    24
    
    
    
    573,852
    
    
    
    12/97
    
    
    
    1/98
    
    
    
    100
    %
    
    
    161,552Colonial Apts.
    
    Poplarville, MS
    
    
    16
    
    
    
    387,643
    
    
    
    10/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    86,039Dogwood Apts.
    
    Appomattox, VA
    
    
    48
    
    
    
    1,345,947
    
    
    
    10/98
    
    
    
    5/99
    
    
    
    100
    %
    
    
    637,151Emerald Trace Apts.
    
    Ruston, LA
    
    
    48
    
    
    
    1,297,783
    
    
    
    8/98
    
    
    
    4/99
    
    
    
    100
    %
    
    
    1,199,141Edgewood Apts.
    
    Baker, LA
    
    
    72
    
    
    
    1,920,732
    
    
    
    3/97
    
    
    
    9/98
    
    
    
    100
    %
    
    
    1,856,539Glenbrook Apts.
    
    Saint Jo, TX
    
    
    24
    
    
    
    482,646
    
    
    
    12/97
    
    
    
    3/97
    
    
    
    100
    %
    
    
    145,871Harbor Pointe Apts.
    
    Benton Harbor, MI
    
    
    84
    
    
    
    1,485,214
    
    
    
    1/99
    
    
    
    10/99
    
    
    
    100
    %
    
    
    3,209,292The Lincoln Hotel
    
    San Diego, CA
    
    
    41
    
    
    
    779,277
    
    
    
    2/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    697,511Lombard Heights Apts.
    
    Springfield, MO
    
    
    24
    
    
    
    955,294
    
    
    
    10/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    322,808
 28




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Lutkin Bayou Apts.
    
    Drew, MS
    
    
    36
    
    
    $
    807,997
    
    
    
    11/97
    
    
    
    6/97
    
    
    
    100
    %
    
    $
    192,283Nacodgoches Plaza Apts.
    
    Nacodgoches, TX
    
    
    70
    
    
    
    1,489,743
    
    
    
    4/97
    
    
    
    3/98
    
    
    
    100
    %
    
    
    2,793,695Newcastle Apts.
    
    Collins, MS
    
    
    36
    
    
    
    660,485
    
    
    
    9/97
    
    
    
    6/98
    
    
    
    100
    %
    
    
    194,259Park Crest Apts.
    
    Sherwood, AZ
    
    
    216
    
    
    
    9,100,000
    
    
    
    2/98
    
    
    
    6/99
    
    
    
    100
    %
    
    
    3,199,520Palmetto Place Apts.
    
    Benton, LA
    
    
    40
    
    
    
    1,073,940
    
    
    
    10/98
    
    
    
    4/99
    
    
    
    100
    %
    
    
    1,153,878Pecan Hill Apts.
    
    Bryson, TX
    
    
    16
    
    
    
    365,682
    
    
    
    8/97
    
    
    
    1/98
    
    
    
    100
    %
    
    
    110,600Regency Apts.
    
    Poplarville, MS
    
    
    16
    
    
    
    449,123
    
    
    
    10/97
    
    
    
    7/97
    
    
    
    100
    %
    
    
    102,419Rhome Apts.
    
    Rhome, TX
    
    
    24
    
    
    
    486,537
    
    
    
    12/97
    
    
    
    2/97
    
    
    
    100
    %
    
    
    160,551Westfield Apts.
    
    Welsh, LA
    
    
    40
    
    
    
    777,571
    
    
    
    11/97
    
    
    
    8/98
    
    
    
    100
    %
    
    
    918,605Willow Point Apts. III
    
    Jackson, MS
    
    
    120
    
    
    
    4,515,000
    
    
    
    12/96
    
    
    
    2/98
    
    
    
    100
    %
    
    
    2,035,596
 29




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Broadway Place Apts.
    
    Hobbs, NM
    
    
    32
    
    
    $
    992,240
    
    
    
    2/98
    
    
    
    12/98
    
    
    
    100
    %
    
    $
    1,837,527Byam Village
    
    Waterbury, CT
    
    
    46
    
    
    
    775,779
    
    
    
    2/97
    
    
    
    2/98
    
    
    
    100
    %
    
    
    426,008Country Estates Apts.
    
    Farmville, VA
    
    
    24
    
    
    
    879,748
    
    
    
    3/98
    
    
    
    7/99
    
    
    
    100
    %
    
    
    224,333Emerald Trace II Apts
    
    Ruston, LA
    
    
    24
    
    
    
    343,889
    
    
    
    7/98
    
    
    
    12/98
    
    
    
    100
    %
    
    
    717,594Farewell Mills Apts.
    
    Lisbon, ME
    
    
    27
    
    
    
    766,546
    
    
    
    8/97
    
    
    
    3/98
    
    
    
    100
    %
    
    
    662,864Hillside Terrace Apts.
    
    Poughkeepsie, NY
    
    
    64
    
    
    
    1,775,038
    
    
    
    4/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    542,326Lakewood Apts.
    
    Clarksville, VA
    
    
    52
    
    
    
    1,528,035
    
    
    
    3/98
    
    
    
    10/99
    
    
    
    100
    %
    
    
    394,349Lone Oak Apts.
    
    Graham, TX
    
    
    64
    
    
    
    1,456,296
    
    
    
    8/97
    
    
    
    9/98
    
    
    
    100
    %
    
    
    408,634Mesa Grande Apts.
    
    Carlsbad, NM
    
    
    72
    
    
    
    1,945,840
    
    
    
    2/98
    
    
    
    12/98
    
    
    
    100
    %
    
    
    2,160,782Millwood Park Apts.
    
    Douglasville, GA
    
    
    172
    
    
    
    7,849,814
    
    
    
    12/98
    
    
    
    11/99
    
    
    
    100
    %
    
    
    971,164New River Gardens
    
    Radford, VA
    
    
    48
    
    
    
    1,442,811
    
    
    
    10/98
    
    
    
    5/99
    
    
    
    100
    %
    
    
    637,321Nocona Terrace Apts.
    
    Nocona, TX
    
    
    36
    
    
    
    777,381
    
    
    
    8/97
    
    
    
    12/98
    
    
    
    100
    %
    
    
    249,394Northgate Apts.
    
    Bryant, AR
    
    
    20
    
    
    
    633,819
    
    
    
    4/99
    
    
    
    11/99
    
    
    
    100
    %
    
    
    834,557
 30




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Park Trace Apts.
    
    Jackson, TN
    
    
    84
    
    
    $
    1,567,353
    
    
    
    11/97
    
    
    
    3/99
    
    
    
    100
    %
    
    $
    3,353,303Pine Forest Apts.
    
    Dahlgren, VA
    
    
    40
    
    
    
    1,845,661
    
    
    
    3/98
    
    
    
    2/99
    
    
    
    100
    %
    
    
    503,181Riverbend Apts.
    
    Swanzey, NH
    
    
    24
    
    
    
    584,594
    
    
    
    7/97
    
    
    
    2/98
    
    
    
    100
    %
    
    
    1,321,798Royal Crest Apts.
    
    Bowie, TX
    
    
    48
    
    
    
    1,047,475
    
    
    
    8/97
    
    
    
    10/98
    
    
    
    100
    %
    
    
    337,545Trinity Life Gardens
    
    Pueblo, CO
    
    
    44
    
    
    
    1,176,542
    
    
    
    4/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    1,952,175Western Trails Apts.
    
    Council Bluffs, IA
    
    
    30
    
    
    
    925,897
    
    
    
    7/98
    
    
    
    6/99
    
    
    
    100
    %
    
    
    912,827Whistle Stop Apts.
    
    Gentry, AR
    
    
    27
    
    
    
    711,789
    
    
    
    9/97
    
    
    
    5/98
    
    
    
    100
    %
    
    
    726,507
 31




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Bent Tree Apts.
    
    San Angelou, TX
    
    
    112
    
    
    $
    2,553,484
    
    
    
    12/97
    
    
    
    7/99
    
    
    
    100
    %
    
    $
    3,521,950Brittney Square Apts.
    
    Bowling Green, KY
    
    
    20
    
    
    
    580,962
    
    
    
    7/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    629,917Canton Manor Apts.
    
    Canton, MS
    
    
    32
    
    
    
    797,194
    
    
    
    11/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    271,306Canton Village Apts.
    
    Canton, MS
    
    
    42
    
    
    
    1,114,400
    
    
    
    11/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    363,557Double Springs Manor II Apts.
    
    Bowling Green, KY
    
    
    25
    
    
    
    355,974
    
    
    
    9/98
    
    
    
    3/99
    
    
    
    100
    %
    
    
    985,432Eagles Ridge Terrace
    
    Decatur, TX
    
    
    89
    
    
    
    1,748,970
    
    
    
    12/97
    
    
    
    5/98
    
    
    
    100
    %
    
    
    467,063Elmwood Apts.
    
    Ellisville, MS
    
    
    32
    
    
    
    635,753
    
    
    
    12/97
    
    
    
    6/98
    
    
    
    100
    %
    
    
    243,483Giles Apts.
    
    Amelia, VA
    
    
    16
    
    
    
    709,047
    
    
    
    3/98
    
    
    
    2/99
    
    
    
    100
    %
    
    
    183,711Henderson Terrace Apts.
    
    Bridgeport, TX
    
    
    24
    
    
    
    501,684
    
    
    
    11/97
    
    
    
    9/98
    
    
    
    100
    %
    
    
    120,846Hurricane Hills
    
    Hurricane, UT
    
    
    28
    
    
    
    730,259
    
    
    
    9/97
    
    
    
    8/98
    
    
    
    100
    %
    
    
    2,020,271Madison Height Apts.
    
    Canton, MS
    
    
    80
    
    
    
    2,199,535
    
    
    
    11/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    786,614
 32




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Lakeview Court
    
    City of Little Elm, TX
    
    
    24
    
    
    $
    428,108
    
    
    
    11/97
    
    
    
    1/99
    
    
    
    100
    %
    
    $
    83,390Mesquite Trails
    
    Jacksboro, TX
    
    
    35
    
    
    
    657,199
    
    
    
    11/97
    
    
    
    11/98
    
    
    
    100
    %
    
    
    193,766Munjoy South Townhouse Apts.
    
    Portland, ME
    
    
    140
    
    
    
    3,467,004
    
    
    
    9/97
    
    
    
    10/98
    
    
    
    100
    %
    
    
    777,411Nottoway Manor
    
    Blackstone, VA
    
    
    28
    
    
    
    849,118
    
    
    
    3/98
    
    
    
    4/99
    
    
    
    100
    %
    
    
    214,977Parktowne Apts.
    
    Cleveland, TN
    
    
    84
    
    
    
    1,519,275
    
    
    
    11/97
    
    
    
    6/98
    
    
    
    100
    %
    
    
    3,363,097Park Ridge Apts.
    
    McKee, KY
    
    
    22
    
    
    
    875,057
    
    
    
    10/97
    
    
    
    5/98
    
    
    
    100
    %
    
    
    338,464Pilot Point Apts.
    
    Pilot Point, VA
    
    
    40
    
    
    
    738,060
    
    
    
    11/97
    
    
    
    2/99
    
    
    
    100
    %
    
    
    142,680Plantation Ridge
    
    Sugar Hill, GA
    
    
    218
    
    
    
    12,790,000
    
    
    
    5/98
    
    
    
    5/99
    
    
    
    100
    %
    
    
    1,974,354Riverbend Apts.
    
    Bedford, ME
    
    
    28
    
    
    
    760,656
    
    
    
    10/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    1,578,561Roth Village
    
    Mechanicsburg, PA
    
    
    61
    
    
    
    2,019,681
    
    
    
    10/97
    
    
    
    9/98
    
    
    
    100
    %
    
    
    2,664,992Royal Estates Apts.
    
    Canton, MS
    
    
    32
    
    
    
    828,724
    
    
    
    11/97
    
    
    
    7/98
    
    
    
    100
    %
    
    
    282,525Silver Creek Apts.
    
    Flat Rock, MI
    
    
    112
    
    
    
    3,213,858
    
    
    
    3/98
    
    
    
    8/99
    
    
    
    100
    %
    
    
    4,535,381Springs Manor Apts.
    
    Rawls Spring, MS
    
    
    32
    
    
    
    814,043
    
    
    
    12/97
    
    
    
    6/98
    
    
    
    100
    %
    
    
    328,693
 33




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Summerdale Commons Phase II
    
    Atlanta, GA
    
    
    108
    
    
    $
    3,666,095
    
    
    
    12/98
    
    
    
    4/99
    
    
    
    100
    %
    
    $
    2,496,904Western Hills Apts.
    
    Ferris, TX
    
    
    16
    
    
    
    436,397
    
    
    
    5/00
    
    
    
    9/00
    
    
    
    100
    %
    
    
    91,419Windsor Park Apts.
    
    Jackson, MS
    
    
    279
    
    
    
    7,586,998
    
    
    
    11/97
    
    
    
    3/99
    
    
    
    100
    %
    
    
    2,346,847
 34




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Carriage Pointe Apts.
    
    Old Bridge, NJ
    
    
    18
    
    
    $
    6,920,060
    
    
    
    1/98
    
    
    
    1/97
    
    
    
    100
    %
    
    $
    3,051,011Chardonnay Apts.
    
    Oklahoma City, OK
    
    
    14
    
    
    
    59,209
    
    
    
    1/98
    
    
    
    1/97
    
    
    
    100
    %
    
    
    393,700Cogic Village Apts.
    
    Benton Harbor, MI
    
    
    136
    
    
    
    2,286,068
    
    
    
    4/98
    
    
    
    7/99
    
    
    
    100
    %
    
    
    6,669,762Courtside Apts.
    
    Cottonwood, AZ
    
    
    44
    
    
    
    859,613
    
    
    
    6/98
    
    
    
    7/98
    
    
    
    100
    %
    
    
    1,667,188Clear Creek Apts.
    
    N. Manchester, IN
    
    
    64
    
    
    
    1,460,598
    
    
    
    7/98
    
    
    
    9/99
    
    
    
    100
    %
    
    
    2,112,665Columbia Luxar
    
    Dallas, TX
    
    
    125
    
    
    
    3,475,263
    
    
    
    8/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    3,947,106Colony Park Apts.
    
    Pearl, MS
    
    
    192
    
    
    
    8,000,000
    
    
    
    6/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    2,911,900Gilette Manor
    
    Sayreville, NJ
    
    
    100
    
    
    
    *
    *
    
    
    1/98
    
    
    
    1992
    
    
    
    100
    %
    
    
    *
    *Hallman Court Apts.
    
    Rochester, NY
    
    
    77
    
    
    
    8,812,592
    
    
    
    1/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    266,536Martinsville Apts.
    
    Shelbyville, KY
    
    
    125
    
    
    
    406,733
    
    
    
    8/99
    
    
    
    2/00
    
    
    
    100
    %
    
    
    345,791Parkside Plaza Apts
    
    New York, NY
    
    
    39
    
    
    
    1,336,021
    
    
    
    7/99
    
    
    
    5/01
    
    
    
    100
    %
    
    
    2,764,603Park Ridge Apts.
    
    Jackson, TN
    
    
    136
    
    
    
    5,000,000
    
    
    
    11/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    1,672,917Park Village Apts.
    
    Athens, TN
    
    
    80
    
    
    
    1,153,880
    
    
    
    10/98
    
    
    
    6/99
    
    
    
    100
    %
    
    
    1,503,103Pearlwood Apts.
    
    Pearl, MS
    
    
    40
    
    
    
    906,286
    
    
    
    2/98
    
    
    
    5/98
    
    
    
    100
    %
    
    
    745,648Rose Villa Apts.
    
    Ganado, TX
    
    
    8
    
    
    
    204,089
    
    
    
    5/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    51,582
 35




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Pecan Manor Apts.
    
    Natchitoches, LA
    
    
    40
    
    
    $
    766,198
    
    
    
    7/98
    
    
    
    10/98
    
    
    
    100
    %
    
    $
    1,501,914Pineridge Apts.
    
    Franklinton, LA
    
    
    40
    
    
    
    785,068
    
    
    
    7/98
    
    
    
    1/99
    
    
    
    100
    %
    
    
    1,497,889Sterling Creek Apts.
    
    Independence, MO
    
    
    48
    
    
    
    882,320
    
    
    
    5/98
    
    
    
    5/00
    
    
    
    100
    %
    
    
    1,973,594Woodhaven Apts.
    
    S. Brunswick, NJ
    
    
    80
    
    
    
    **
    
    
    
    1/98
    
    
    
    1995
    
    
    
    100
    %
    
    
    **
 
 **
    
    3 properties which make up one Operating Partnership named FFLM Associates
LP with 194 units. Entire mortgage balance and capital contributions paid
reported with Carriage Pointe Apartments LP. 36




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Bradford Park Apts.
    
    Southhaven, MS
    
    
    208
    
    
    $
    9,790,000
    
    
    
    10/98
    
    
    
    12/99
    
    
    
    100
    %
    
    $
    302,884Bradford Square North Apts.
    
    Jefferson City, TN
    
    
    50
    
    
    
    1,027,149
    
    
    
    10/98
    
    
    
    9/99
    
    
    
    100
    %
    
    
    1,456,415Carriage Pointe Apts.
    
    Old Bridge, NJ
    
    
    18
    
    
    
    6,920,060
    
    
    
    3/98
    
    
    
    1/97
    
    
    
    100
    %
    
    
    3,051,011Columbia Luxar
    
    Dallas, TX
    
    
    125
    
    
    
    3,475,261
    
    
    
    8/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    3,947,106Foxridge Apts.
    
    Durham, NC
    
    
    92
    
    
    
    2,965,812
    
    
    
    3/98
    
    
    
    7/99
    
    
    
    100
    %
    
    
    3,652,119Gilette Manor
    
    Sayreville, NJ
    
    
    100
    
    
    
    **
    
    
    
    1/98
    
    
    
    1992
    
    
    
    100
    %
    
    
    **Harbor Pointe
    
    Benton Harbor, MI
    
    
    84
    
    
    
    1,485,214
    
    
    
    1/99
    
    
    
    10/99
    
    
    
    100
    %
    
    
    1,157,091Merchant Court
    
    Dallas, GA
    
    
    192
    
    
    
    5,778,671
    
    
    
    10/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    2,422,226Northrock Apts.
    
    Topeka, KS
    
    
    76
    
    
    
    2,373,493
    
    
    
    5/99
    
    
    
    5/00
    
    
    
    100
    %
    
    
    1,133,534Stearns-Assisted
    
    Millinocket, ME
    
    
    20
    
    
    
    435,500
    
    
    
    12/99
    
    
    
    3/01
    
    
    
    100
    %
    
    
    675,984Stonewall Retirement Village
    
    Stonewall, LA
    
    
    40
    
    
    
    865,359
    
    
    
    7/98
    
    
    
    1/99
    
    
    
    100
    %
    
    
    1,495,966Woodhaven Apts.
    
    S. Brunswick, NJ
    
    
    80
    
    
    
    **
    
    
    
    1/98
    
    
    
    1995
    
    
    
    100
    %
    
    
    **
 
 **
    
    3 properties which make up one Operating Partnership named FFLM Associates
LP with 194 units. Entire mortgage balance and capital contributions paid
reported with Carriage Pointe Apartments LP. 37




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Abby Ridge Apts.
    
    Elizabethtown, KY
    
    
    24
    
    
    $
    434,759
    
    
    
    2/00
    
    
    
    1/00
    
    
    
    100
    %
    
    $
    1,577,723Allison Apts.
    
    Mt. Washington, KY
    
    
    24
    
    
    
    775,901
    
    
    
    11/98
    
    
    
    1/99
    
    
    
    100
    %
    
    
    850,013Belmont Affordable
Housing Two Apts.
    
    Philadelphia, PA
    
    
    20
    
    
    
    457,318
    
    
    
    1/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    1,820,797Boerne Creekside Apts.
    
    Boerne, TX
    
    
    71
    
    
    
    1,947,998
    
    
    
    11/98
    
    
    
    6/00
    
    
    
    100
    %
    
    
    2,324,652Bradford Park Apts.
    
    Southaven, MS
    
    
    208
    
    
    
    9,790,000
    
    
    
    3/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    2,868,684Hillside Club Apts.
    
    Bear Creek Township, MI
    
    
    56
    
    
    
    1,620,035
    
    
    
    10/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    2,097,333Howard Park Apts
    
    Florida City, FL
    
    
    16
    
    
    
    379,144
    
    
    
    4/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    681,334Kerrville Meadows Apts.
    
    Kerrville, TX
    
    
    72
    
    
    
    1,516,350
    
    
    
    11/98
    
    
    
    4/00
    
    
    
    100
    %
    
    
    2,335,827Merchant Court Apts.
    
    Dallas, GA
    
    
    192
    
    
    
    5,778,671
    
    
    
    10/98
    
    
    
    12/99
    
    
    
    100
    %
    
    
    4,718,773Millwood Park Apts.
    
    Douglasville, GA
    
    
    172
    
    
    
    7,849,814
    
    
    
    12/98
    
    
    
    11/99
    
    
    
    100
    %
    
    
    1,870,576Northwood Homes
    
    Leitchfield, KY
    
    
    24
    
    
    
    734,026
    
    
    
    4/99
    
    
    
    6/99
    
    
    
    100
    %
    
    
    1,185,712Romeo Village Apts.
    
    Montour Falls, NY
    
    
    24
    
    
    
    1,016,872
    
    
    
    10/98
    
    
    
    4/99
    
    
    
    100
    %
    
    
    753,362
 38




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Summer Park Apts.
    
    Jackson, MS
    
    
    216
    
    
    $
    10,450,000
    
    
    
    10/99
    
    
    
    6/00
    
    
    
    100
    %
    
    $
    1,106,814Washington Courtyards
    
    Houston, TX
    
    
    74
    
    
    
    2,736,519
    
    
    
    8/99
    
    
    
    8/00
    
    
    
    100
    %
    
    
    1,448,573
 39




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Ashton Cove Apts.
    
    Kingsland, GA
    
    
    72
    
    
    $
    1,873,870
    
    
    
    1/00
    
    
    
    4/00
    
    
    
    100
    %
    
    $
    2,664,000Autumn Park
    
    Dickson, TN
    
    
    104
    
    
    
    5,000,000
    
    
    
    4/99
    
    
    
    12/99
    
    
    
    100
    %
    
    
    1,474,017Brazoswood Apts.
    
    Clute, TX
    
    
    72
    
    
    
    1,955,833
    
    
    
    7/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    3,074,829Columbia Woods Townhomes
    
    Newman, GA
    
    
    120
    
    
    
    4,303,395
    
    
    
    10/00
    
    
    
    6/02
    
    
    
    100
    %
    
    
    1,310,103Country Walk Apts.
    
    Mulvane, KS
    
    
    68
    
    
    
    1,828,063
    
    
    
    12/98
    
    
    
    11/99
    
    
    
    100
    %
    
    
    1,923,697Cypress Pointe Retirement Apts.
    
    Casa Grande, AZ
    
    
    104
    
    
    
    1,846,286
    
    
    
    4/99
    
    
    
    3/00
    
    
    
    100
    %
    
    
    2,680,499Garden Gates Apts. II
    
    New Caney, TX
    
    
    32
    
    
    
    809,757
    
    
    
    3/99
    
    
    
    3/00
    
    
    
    100
    %
    
    
    1,067,950Hillside Terrace Apts.
    
    Poughkeepsie, NY
    
    
    64
    
    
    
    1,775,038
    
    
    
    4/99
    
    
    
    7/00
    
    
    
    100
    %
    
    
    3,977,051Riverwalk Apt. Homes Phase II
    
    Sheboygan, WI
    
    
    20
    
    
    
    395,001
    
    
    
    12/98
    
    
    
    7/99
    
    
    
    100
    %
    
    
    1,354,092Washington Courtyards
    
    Houston, TX
    
    
    74
    
    
    
    2,736,519
    
    
    
    8/99
    
    
    
    8/00
    
    
    
    100
    %
    
    
    606,140Wedgewood Park Apts.
    
    Evans, GA
    
    
    180
    
    
    
    5,257,851
    
    
    
    12/99
    
    
    
    8/00
    
    
    
    100
    %
    
    
    3,551,820
 40




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Annadale Apts.
    
    Fresno, CA
    
    
    222
    
    
    $
    12,106,016
    
    
    
    1/00
    
    
    
    6/90
    
    
    
    100
    %
    
    $
    548,563Ashton Ridge
    
    Jackson, MI
    
    
    144
    
    
    
    2,576,873
    
    
    
    2/00
    
    
    
    12/00
    
    
    
    100
    %
    
    
    1,430,296Farmington Meadows
    
    Aloha, OR
    
    
    69
    
    
    
    3,191,500
    
    
    
    8/99
    
    
    
    11/99
    
    
    
    100
    %
    
    
    865,369Nowata Village
    
    Nowata, OK
    
    
    28
    
    
    
    1,244,046
    
    
    
    8/99
    
    
    
    2/00
    
    
    
    100
    %
    
    
    330,497Paris Place
    
    Paris, KY
    
    
    32
    
    
    
    1,207,126
    
    
    
    6/00
    
    
    
    9/00
    
    
    
    100
    %
    
    
    930,412Riverview Bend Apts.
    
    Cystal City, MO
    
    
    94
    
    
    
    3,175,000
    
    
    
    11/99
    
    
    
    3/00
    
    
    
    100
    %
    
    
    1,210,500Senior Suites Of
Chicago Washington
Heights
    
    Chicago, IL
    
    
    85
    
    
    
    3,374,986
    
    
    
    12/99
    
    
    
    11/00
    
    
    
    100
    %
    
    
    2,243,090Valleyview Estates Apts.
    
    Branson West, MO
    
    
    32
    
    
    
    419,190
    
    
    
    11/99
    
    
    
    5/00
    
    
    
    100
    %
    
    
    1,306,789Wedgewood Park Apts.
    
    Evans, GA
    
    
    180
    
    
    
    5,257,851
    
    
    
    12/99
    
    
    
    8/00
    
    
    
    100
    %
    
    
    3,551,820Willowbrook Apts.
    
    Lafayette, LA
    
    
    40
    
    
    
    988,826
    
    
    
    6/99
    
    
    
    9/99
    
    
    
    100
    %
    
    
    1,200,789Wingfield Apts.
    
    Kinder, LA
    
    
    40
    
    
    
    676,635
    
    
    
    6/99
    
    
    
    7/99
    
    
    
    100
    %
    
    
    1,645,817
 41




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Ashton Ridge Apts.
    
    Jackson, MS
    
    
    144
    
    
    $
    2,576,873
    
    
    
    02/00
    
    
    
    12/00
    
    
    
    100
    %
    
    $
    6,003,938Baldwin Villas
    
    Pontiac, MI
    
    
    65
    
    
    
    4,738,000
    
    
    
    10/99
    
    
    
    7/01
    
    
    
    100
    %
    
    
    1,678,972Columbia Woods Townhomes
    
    Newnan, GA
    
    
    120
    
    
    
    4,303,395
    
    
    
    10/00
    
    
    
    6/02
    
    
    
    100
    %
    
    
    3,285,137Senior Suites of Washington Heights
    
    Chicago, IL
    
    
    85
    
    
    
    3,374,986
    
    
    
    12/99
    
    
    
    11/00
    
    
    
    100
    %
    
    
    2,243,090Silver Pond Apts.
    
    Wallingford, CT
    
    
    160
    
    
    
    4,333,941
    
    
    
    6/00
    
    
    
    12/01
    
    
    
    100
    %
    
    
    1,563,634Stearns Assisted Apts.
    
    Millinocket, ME
    
    
    20
    
    
    
    435,500
    
    
    
    12/99
    
    
    
    3/01
    
    
    
    100
    %
    
    
    1,407,173Summer Park
    
    Jackson, MS
    
    
    216
    
    
    
    10,450,000
    
    
    
    10/99
    
    
    
    6/00
    
    
    
    100
    %
    
    
    2,379,767
 42




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Andover Crossing Apts.
    
    Andover, KS
    
    
    80
    
    
    $
    2,476,274
    
    
    
    5/00
    
    
    
    12/00
    
    
    
    100
    %
    
    $
    1,772,874Arbors at Eagle Crest Apts.
    
    Mount Pleasant, MI
    
    
    120
    
    
    
    1,739,793
    
    
    
    12/00
    
    
    
    10/01
    
    
    
    100
    %
    
    
    3,512,499Bristow Place Apts.
    
    Bristow, OK
    
    
    28
    
    
    
    1,227,260
    
    
    
    6/01
    
    
    
    12/00
    
    
    
    100
    %
    
    
    487,648Columbia Creek Apts.
    
    Woodstock, GA
    
    
    172
    
    
    
    5,467,092
    
    
    
    8/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    2,795,601Cushing Place Apts.
    
    Cushing, OK
    
    
    24
    
    
    
    1,094,478
    
    
    
    3/00
    
    
    
    10/00
    
    
    
    100
    %
    
    
    428,559Hammond Place Apts.
    
    Hammond, LA
    
    
    40
    
    
    
    490,047
    
    
    
    3/00
    
    
    
    4/00
    
    
    
    100
    %
    
    
    1,706,341Shoreham Apts.
    
    Houston, TX
    
    
    120
    
    
    
    3,489,742
    
    
    
    4/00
    
    
    
    7/01
    
    
    
    100
    %
    
    
    6,138,485Vanderbilt Apts.
    
    Edna, TX
    
    
    12
    
    
    
    312,492
    
    
    
    5/01
    
    
    
    10/01
    
    
    
    100
    %
    
    
    104,181Whitley Park Apts.
    
    Whitley City, KY
    
    
    21
    
    
    
    899,701
    
    
    
    6/00
    
    
    
    6/00
    
    
    
    100
    %
    
    
    302,339Willowbrook II Apts.
    
    Lafayette, LA
    
    
    40
    
    
    
    905,156
    
    
    
    3/00
    
    
    
    5/00
    
    
    
    100
    %
    
    
    1,247,680
 43




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Arbors at Eagle Crest Apts.
    
    Mount Pleasant, MI
    
    
    120
    
    
    $
    1,739,793
    
    
    
    12/00
    
    
    
    10/01
    
    
    
    100
    %
    
    $
    3,512,499Arbors at Ironwood Apts.
    
    Mishawaka, IN
    
    
    88
    
    
    
    1,769,680
    
    
    
    7/00
    
    
    
    9/01
    
    
    
    100
    %
    
    
    3,772,295Austin Acres Atps.
    
    Hopkinsville, KY
    
    
    32
    
    
    
    851,457
    
    
    
    11/00
    
    
    
    9/01
    
    
    
    100
    %
    
    
    1,275,155Columbia Creek Apts.
    
    Woodstock, GA
    
    
    172
    
    
    
    5,467,092
    
    
    
    8/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    2,909,708Daystar Village Apts.
    
    Bowling Green, KY
    
    
    32
    
    
    
    774,756
    
    
    
    2/01
    
    
    
    1/01
    
    
    
    100
    %
    
    
    1,113,443Hillview Apts.
    
    Leitchfield, KY
    
    
    34
    
    
    
    895,997
    
    
    
    5/01
    
    
    
    12/01
    
    
    
    100
    %
    
    
    327,226Pine Grove Community
    
    Gouverneur, NY
    
    
    48
    
    
    
    1,171,025
    
    
    
    12/00
    
    
    
    10/01
    
    
    
    100
    %
    
    
    3,077,767Tally-Ho Apts.
    
    Campti, CA
    
    
    26
    
    
    
    569,485
    
    
    
    6/01
    
    
    
    12/01
    
    
    
    100
    %
    
    
    485,057Timber Trails Apts.
    
    Pineville, LA
    
    
    32
    
    
    
    809,252
    
    
    
    6/01
    
    
    
    7/01
    
    
    
    100
    %
    
    
    499,829
 44




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Arbors @ Ironwood Apts. II
    
    Mishawaka, IN
    
    
    40
    
    
    $
    881,548
    
    
    
    2/01
    
    
    
    11/01
    
    
    
    100
    %
    
    $
    1,771,758Baldwin Villas Apts.
    
    Pontiac, MI
    
    
    65
    
    
    
    4,738,000
    
    
    
    8/01
    
    
    
    7/01
    
    
    
    100
    %
    
    
    344,405Carlyle Apts.
    
    Aberdeen, SD
    
    
    44
    
    
    
    801,909
    
    
    
    2/01
    
    
    
    6/01
    
    
    
    100
    %
    
    
    1,359,155Center Place Apts.
    
    Center, TX
    
    
    32
    
    
    
    778,883
    
    
    
    08/01
    
    
    
    10/01
    
    
    
    100
    %
    
    
    428,835Eagle Lake Gardens Apts.
    
    Azle, TX
    
    
    60
    
    
    
    1,188,043
    
    
    
    10/01
    
    
    
    5/02
    
    
    
    100
    %
    
    
    666,179Londontown Homes Apts.
    
    London, KY
    
    
    24
    
    
    
    558,272
    
    
    
    2/01
    
    
    
    6/01
    
    
    
    100
    %
    
    
    1,836,027Masons Point Apts.
    
    Hopkinsville, KY
    
    
    41
    
    
    
    1,212,557
    
    
    
    06/01
    
    
    
    7/02
    
    
    
    100
    %
    
    
    1,824,270Meadowside Apts.
    
    Milo, NY
    
    
    40
    
    
    
    1,575,042
    
    
    
    05/01
    
    
    
    12/01
    
    
    
    100
    %
    
    
    855,372Northrock Apts. II
    
    Topeka, KS
    
    
    60
    
    
    
    2,295,916
    
    
    
    07/01
    
    
    
    5/02
    
    
    
    100
    %
    
    
    1,838,666Oakland Apts.
    
    Oakdale, LA
    
    
    46
    
    
    
    1,236,518
    
    
    
    2/01
    
    
    
    7/01
    
    
    
    100
    %
    
    
    767,451Parkview Apts.
    
    Springfield, MA
    
    
    25
    
    
    
    1,338,029
    
    
    
    2/01
    
    
    
    2/02
    
    
    
    100
    %
    
    
    1,221,510Sedgewick Sundance Apts.
    
    Sedgewick, KS
    
    
    24
    
    
    
    362,875
    
    
    
    09/01
    
    
    
    10/01
    
    
    
    100
    %
    
    
    1,372,208Southbrook Humes Apts.
    
    Kily, KY
    
    
    24
    
    
    
    503,128
    
    
    
    04/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    1,866,896Shalom Plaza Apts.
    
    Kansas City, MO
    
    
    126
    
    
    
    3,738,582
    
    
    
    08/01
    
    
    
    11/01
    
    
    
    100
    %
    
    
    1,273,119Springfield Crossing
    
    Springfield, VA
    
    
    347
    
    
    
    26,714,162
    
    
    
    6/02
    
    
    
    10/01
    
    
    
    100
    %
    
    
    718,652Western Gardens Apts.
    
    Dequincey, LA
    
    
    48
    
    
    
    1,285,026
    
    
    
    2/01
    
    
    
    7/01
    
    
    
    100
    %
    
    
    782,188
 45




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Bienville Apts.
    
    Ringhold, LA
    
    
    32
    
    
    $
    798,931
    
    
    
    12/01
    
    
    
    11/01
    
    
    
    100
    %
    
    $
    488,488Breezewood Villas I
    
    Frederiksted, VI
    
    
    12
    
    
    
    992,111
    
    
    
    10/01
    
    
    
    6/02
    
    
    
    100
    %
    
    
    494,361Brookstone Place II Apts.
    
    Port Huron, MI
    
    
    72
    
    
    
    2,422,616
    
    
    
    8/01
    
    
    
    8/02
    
    
    
    100
    %
    
    
    3,092,382Cascades Crossing
    
    Sterling, VA
    
    
    320
    
    
    
    22,829,614
    
    
    
    4/03
    
    
    
    10/95
    
    
    
    100
    %
    
    
    734,116Cedar Grove Apartments Phase I
    
    Shepherdsville, KY
    
    
    36
    
    
    
    1,054,032
    
    
    
    5/02
    
    
    
    7/01
    
    
    
    100
    %
    
    
    424,955Cranberry Cove Apartments
    
    Beckley, WV
    
    
    28
    
    
    
    990,752
    
    
    
    5/02
    
    
    
    1/02
    
    
    
    100
    %
    
    
    514,844Dawson Square
    
    Thornton, CO
    
    
    36
    
    
    
    1,808,725
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    525,562Forest Glen Village
    
    Vidalia, GA
    
    
    46
    
    
    
    1,302,778
    
    
    
    4/03
    
    
    
    2/95
    
    
    
    100
    %
    
    
    21,275Franklin Green
    
    Franklin Grove, IL
    
    
    12
    
    
    
    375,159
    
    
    
    5/02
    
    
    
    9/01
    
    
    
    100
    %
    
    
    308,576Harbor Point II Apts.
    
    Benton Township, MI
    
    
    72
    
    
    
    1,646,962
    
    
    
    8/01
    
    
    
    10/02
    
    
    
    100
    %
    
    
    2,295,523Hollywood Palms Apts.
    
    San Diego, CA
    
    
    94
    
    
    
    8,035,630
    
    
    
    3/02
    
    
    
    11/02
    
    
    
    100
    %
    
    
    1,895,913Marina Woods Apts.
    
    Halfmoon, NY
    
    
    32
    
    
    
    1,387,733
    
    
    
    7/01
    
    
    
    4/02
    
    
    
    100
    %
    
    
    1,626,221Marwood Senior Apts.
    
    Upper Marlboro, MD
    
    
    155
    
    
    
    12,954,404
    
    
    
    7/01
    
    
    
    8/02
    
    
    
    100
    %
    
    
    1,385,308Meadowside Apts.
    
    Milo, NY
    
    
    40
    
    
    
    1,575,042
    
    
    
    5/01
    
    
    
    12/01
    
    
    
    100
    %
    
    
    855,372
 46




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Mill Creek Village
    
    Mt. Carroll, IL
    
    
    12
    
    
    $
    403,442
    
    
    
    5/02
    
    
    
    9/01
    
    
    
    100
    %
    
    $
    264,354Northline Terrace
    
    Mentoda, IL
    
    
    24
    
    
    
    710,339
    
    
    
    5/02
    
    
    
    6/01
    
    
    
    100
    %
    
    
    545,979Palisades Park
    
    Fulton, IL
    
    
    16
    
    
    
    534,925
    
    
    
    5/02
    
    
    
    9/01
    
    
    
    100
    %
    
    
    396,061Red Hill Apts. I
    
    Farmerville, LA
    
    
    32
    
    
    
    828,554
    
    
    
    11/01
    
    
    
    6/01
    
    
    
    100
    %
    
    
    502,692Sandalwood Apartments
    
    Toppenish, WA
    
    
    20
    
    
    
    991,930
    
    
    
    5/02
    
    
    
    7/01
    
    
    
    100
    %
    
    
    293,983Southpark Apts. II
    
    Newton, KS
    
    
    60
    
    
    
    1,526,117
    
    
    
    9/01
    
    
    
    5/02
    
    
    
    100
    %
    
    
    2,117,956Springfield Crossing
    
    Springfield, VA
    
    
    347
    
    
    
    26,714,162
    
    
    
    6/02
    
    
    
    10/01
    
    
    
    100
    %
    
    
    878,352Sunshine Village Apts.
    
    Elizabethtown, KY
    
    
    32
    
    
    
    858,599
    
    
    
    3/02
    
    
    
    8/02
    
    
    
    100
    %
    
    
    1,277,070
 47




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Bellamy Mills Apartments
    
    Dover, NH
    
    
    30
    
    
    $
    1,477,560
    
    
    
    4/02
    
    
    
    12/02
    
    
    
    100
    %
    
    $
    2,888,317Breezewood Villas II
    
    Frederiksted, VI
    
    
    12
    
    
    
    990,813
    
    
    
    4/02
    
    
    
    3/03
    
    
    
    100
    %
    
    
    505,416Canon Club
    
    Canon City, CO
    
    
    46
    
    
    
    1,166,237
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    449,626Centenary Towers Apts.
    
    St. Louis, MO
    
    
    100
    
    
    
    2,195,000
    
    
    
    4/03
    
    
    
    12/97
    
    
    
    100
    %
    
    
    110,749Clifton Family Housing
    
    Clifton, CO
    
    
    51
    
    
    
    2,469,498
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    798,494Coopers Crossing Apartments
    
    Los Colinas, TX
    
    
    93
    
    
    
    3,339,540
    
    
    
    4/03
    
    
    
    12/95
    
    
    
    100
    %
    
    
    87,199Dorchester Apartments
    
    Port Huron, MI
    
    
    131
    
    
    
    4,382,044
    
    
    
    4/02
    
    
    
    8/03
    
    
    
    100
    %
    
    
    2,578,034Harbor Pointe Apartments II
    
    Benton Township, MI
    
    
    72
    
    
    
    1,646,962
    
    
    
    4/02
    
    
    
    10/02
    
    
    
    100
    %
    
    
    1,731,786Helios Station
    
    Lafayette, CO
    
    
    30
    
    
    
    2,572,547
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    583,895Hillridge Apartments
    
    Los Lunas, NM
    
    
    38
    
    
    
    215,000
    
    
    
    4/03
    
    
    
    6/96
    
    
    
    100
    %
    
    
    112,211Hollywood Palm Apartments
    
    San Diego, CA
    
    
    94
    
    
    
    8,035,630
    
    
    
    8/02
    
    
    
    11/02
    
    
    
    100
    %
    
    
    1,283,388Lynnelle Landing Apts.
    
    Charleston, WV
    
    
    56
    
    
    
    1,407,564
    
    
    
    3/02
    
    
    
    9/02
    
    
    
    100
    %
    
    
    2,009,976Marwood Senior Apartments
    
    Upper Marlboro, MD
    
    
    67
    
    
    
    12,954,404
    
    
    
    09/04
    
    
    
    08/02
    
    
    
    100
    %
    
    
    160,174Natchez Place Apartments
    
    Natchez, MS
    
    
    32
    
    
    
    830,417
    
    
    
    8/02
    
    
    
    11/01
    
    
    
    100
    %
    
    
    554,881Northfield Housing, LP
    
    Jackson, MS
    
    
    5
    
    
    
    167,624
    
    
    
    4/03
    
    
    
    12/96
    
    
    
    100
    %
    
    
    24,330
 48




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Park Meadow Apartments
    
    Gaylord, MI
    
    
    80
    
    
    $
    1,668,947
    
    
    
    4/03
    
    
    
    4/97
    
    
    
    100
    %
    
    $
    228,511Park Plaza IV
    
    West Memphis, AR
    
    
    24
    
    
    
    727,734
    
    
    
    6/02
    
    
    
    10/02
    
    
    
    100
    %
    
    
    1,219,397Parkhurst Place
    
    Amherst, NH
    
    
    42
    
    
    
    3,517,495
    
    
    
    1/02
    
    
    
    9/02
    
    
    
    100
    %
    
    
    478,876Strawberry Lane Apts.
    
    Clayton, NY
    
    
    71
    
    
    
    2,052,876
    
    
    
    3/02
    
    
    
    8/02
    
    
    
    100
    %
    
    
    672,589Sunrise Manor Seniors.
    
    Buena Vista, CO
    
    
    40
    
    
    
    1,562,254
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    642,431Tiffany Square
    
    Lakewood, CO
    
    
    52
    
    
    
    1,981,450
    
    
    
    7/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    479,244Wingfield Apartments II
    
    Kinder, LA
    
    
    42
    
    
    
    355,395
    
    
    
    8/02
    
    
    
    11/01
    
    
    
    100
    %
    
    
    1,422,373
 49




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Alexander Mill Apartments
    
    Lawrenceville, GA
    
    
    224
    
    
    $
    12,458,626
    
    
    
    12/02
    
    
    
    1/03
    
    
    
    100
    %
    
    $
    1,854,189Aspen Meadows
    
    Aurora, CO
    
    
    100
    
    
    
    3,474,633
    
    
    
    9/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    1,256,823Ashbury Park
    
    Aurora, CO
    
    
    44
    
    
    
    2,431,391
    
    
    
    9/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    728,732Bohannon Place Apts.
    
    Bowling Green, KY
    
    
    12
    
    
    
    287,693
    
    
    
    5/03
    
    
    
    10/03
    
    
    
    100
    %
    
    
    909,561Carpenter School
    
    Natchez, MS
    
    
    38
    
    
    
    1,381,647
    
    
    
    1/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    1,278,002Charlevoix Apartments
    
    Charlevoix, MI
    
    
    40
    
    
    
    1,258,025
    
    
    
    9/02
    
    
    
    11/02
    
    
    
    100
    %
    
    
    302,357Cloverlane Apartments
    
    Lakeview, MI
    
    
    24
    
    
    
    441,607
    
    
    
    9/02
    
    
    
    10/02
    
    
    
    100
    %
    
    
    356,228Dorchester Apartments
    
    Port Huron, MI
    
    
    131
    
    
    
    4,382,044
    
    
    
    9/02
    
    
    
    8/03
    
    
    
    100
    %
    
    
    2,578,034Geneva Sr. Citizen Apts.
    
    Geneva, NY
    
    
    32
    
    
    
    1,398,594
    
    
    
    4/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    2,035,378Gilbert Apts.
    
    Corbin, KY
    
    
    40
    
    
    
    862,410
    
    
    
    7/03
    
    
    
    5/04
    
    
    
    100
    %
    
    
    2,780,800Hollywood Palm Apartments
    
    San Diego, CA
    
    
    94
    
    
    
    8,035,630
    
    
    
    12/02
    
    
    
    11/02
    
    
    
    100
    %
    
    
    2,654,279Kearney Plaza
    
    Commerce City, CO
    
    
    51
    
    
    
    1,546,137
    
    
    
    9/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    575,398Lakewood Apartments
    
    Saranac, MI
    
    
    24
    
    
    
    835,193
    
    
    
    9/02
    
    
    
    10/02
    
    
    
    100
    %
    
    
    475,606The Landing Apts.
    
    Whitley, KY
    
    
    24
    
    
    
    1,224,507
    
    
    
    4/03
    
    
    
    6/04
    
    
    
    100
    %
    
    
    302,763Library Square Apts.
    
    Mandan, ND
    
    
    46
    
    
    
    2,220,100
    
    
    
    9/03
    
    
    
    8/03
    
    
    
    100
    %
    
    
    2,752,868
 50




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Parkside Plaza Apartments
    
    New York, NY
    
    
    34
    
    
    $
    1,336,021
    
    
    
    1/04
    
    
    
    5/01
    
    
    
    100
    %
    
    
    Parkside Apartments
    
    Coleman, MI
    
    
    40
    
    
    
    962,257
    
    
    
    9/02
    
    
    
    12/02
    
    
    
    100
    %
    
    
    832,371Riverview Apartments
    
    Blissfield, MI
    
    
    32
    
    
    
    741,454
    
    
    
    9/02
    
    
    
    2/02
    
    
    
    100
    %
    
    
    509,938Seven Points Apartments
    
    Seven Points, TX
    
    
    36
    
    
    
    1,017,310
    
    
    
    9/02
    
    
    
    3/03
    
    
    
    100
    %
    
    
    687,978Sheridan Gardens
    
    Englewood, CO
    
    
    48
    
    
    
    2,038,687
    
    
    
    9/02
    
    
    
    12/03
    
    
    
    100
    %
    
    
    571,759Stottville Court Apartments
    
    Stockport, NY
    
    
    28
    
    
    
    1,114,055
    
    
    
    9/02
    
    
    
    5/03
    
    
    
    100
    %
    
    
    1,073,805Strawberry Lake Apts.
    
    Norway, MI
    
    
    32
    
    
    
    1,053,841
    
    
    
    7/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    763,285
 51




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Alexander Mills Apts.
    
    Lawrenceville, GA
    
    
    224
    
    
    $
    12,458,626
    
    
    
    2/03
    
    
    
    1/03
    
    
    
    100
    %
    
    $
    2,266,233Aurora Village Sr.
    
    Aurora, CO
    
    
    100
    
    
    
    4,579,525
    
    
    
    2/03
    
    
    
    3/03
    
    
    
    100
    %
    
    
    1,526,951Brookside Park Apts.
    
    Atlanta, GA
    
    
    200
    
    
    
    12,396,839
    
    
    
    12/03
    
    
    
    3/05
    
    
    
    100
    %
    
    
    137,046Families First II
    
    W. Memphis, AR
    
    
    66
    
    
    
    1,890,994
    
    
    
    5/03
    
    
    
    6/04
    
    
    
    100
    %
    
    
    1,947,742Memphis 102
    
    Memphis, TN
    
    
    102
    
    
    
    2,420,600
    
    
    
    5/03
    
    
    
    8/04
    
    
    
    100
    %
    
    
    3,460,657Northrock Apts. III
    
    Topeka, KS
    
    
    32
    
    
    
    1,012,603
    
    
    
    6/03
    
    
    
    11/03
    
    
    
    100
    %
    
    
    1,565,194Orchard Manor Apts.
    
    Ukiah, CA
    
    
    64
    
    
    
    7,223,192
    
    
    
    10/03
    
    
    
    9/03
    
    
    
    100
    %
    
    
    2,231,125Orchard River Apts.
    
    Ukiah, CA
    
    
    48
    
    
    
    **
    
    
    
    10/03
    
    
    
    7/03
    
    
    
    100
    %
    
    
    **Oxford Manor Apts.
    
    New Oxford, PA
    
    
    32
    
    
    
    1,348,394
    
    
    
    3/03
    
    
    
    5/03
    
    
    
    100
    %
    
    
    454,862Post Oak East Apts.
    
    Fort Worth, TX
    
    
    246
    
    
    
    13,600,000
    
    
    
    7/04
    
    
    
    U/C
    
    
    
    33
    %*
    
    
    3,342,258River Gardens Apts.
    
    Fort Bragg, CA
    
    
    48
    
    
    
    **
    
    
    
    10/03
    
    
    
    11/03
    
    
    
    100
    %
    
    
    **Villages at Aspen Club
    
    Bealton, VA
    
    
    30
    
    
    
    1,957,012
    
    
    
    4/03
    
    
    
    10/03
    
    
    
    100
    %
    
    
    1,568,815
 
 **
    
    3 properties which make up one Operating Partnership named Orchard River
Associates LP with 160 units. Entire mortgage balance and capital
contributions paid reported with Orchard Manor Apts.*
    
    Property was in lease-up phase as of March 31, 2006. 52




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Baldwin Villas Apts.
    
    Pontiac, MI
    
    
    65
    
    
    $
    4,738,000
    
    
    
    12/03
    
    
    
    6/01
    
    
    
    100
    %
    
    $
    106,137Bartlett Bayou
    
    Pascagoula, MS
    
    
    48
    
    
    
    1,091,334
    
    
    
    7/03
    
    
    
    9/05
    
    
    
    100
    %
    
    
    1,945,634Breezewood Villas II
    
    Frederiksted, VI
    
    
    12
    
    
    
    990,813
    
    
    
    12/03
    
    
    
    3/03
    
    
    
    100
    %
    
    
    53,729Brookside Park
    
    Atlanta, GA
    
    
    200
    
    
    
    12,396,839
    
    
    
    12/03
    
    
    
    3/05
    
    
    
    100
    %
    
    
    3,666,890Brookside Square
    
    Boykins, VA
    
    
    32
    
    
    
    1,331,960
    
    
    
    7/03
    
    
    
    8/04
    
    
    
    100
    %
    
    
    743,039Brookstone Place II
    
    Port Huron, MI
    
    
    72
    
    
    
    2,422,616
    
    
    
    12/03
    
    
    
    8/02
    
    
    
    100
    %
    
    
    100,874Chevy Place Hallman Court
    
    Rochester, NY
    
    
    77
    
    
    
    8,812,592
    
    
    
    12/03
    
    
    
    7/00
    
    
    
    100
    %
    
    
    81,177Dawn Springs Villa
    
    London, KY
    
    
    24
    
    
    
    607,100
    
    
    
    5/05
    
    
    
    10/05
    
    
    
    96
    %*
    
    
    934,222Eastview Family
    
    Watonga, OK
    
    
    16
    
    
    
    718,758
    
    
    
    9/04
    
    
    
    6/04
    
    
    
    100
    %
    
    
    112,457Fairview Manor
    
    Childress, TX
    
    
    48
    
    
    
    850,600
    
    
    
    5/03
    
    
    
    3/04
    
    
    
    100
    %
    
    
    776,301Harbot Pt. II Apts.
    
    Benton Township, MI
    
    
    72
    
    
    
    1,646,962
    
    
    
    12/03
    
    
    
    10/02
    
    
    
    100
    %
    
    
    201,369Heritage Christian Home III
    
    Brighton, NY
    
    
    12
    
    
    
    547,790
    
    
    
    1/04
    
    
    
    10/03
    
    
    
    100
    %
    
    
    721,545Jefferson House
    
    Lynchburg, VA
    
    
    101
    
    
    
    3,124,130
    
    
    
    12/04
    
    
    
    7/05
    
    
    
    100
    %
    
    
    925,273Kings Pt. Apts.
    
    Sheridan, CO
    
    
    50
    
    
    
    2,458,219
    
    
    
    8/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    788,729La Mirage Apts.
    
    Borger, TX
    
    
    12
    
    
    
    963,713
    
    
    
    8/03
    
    
    
    10/03
    
    
    
    100
    %
    
    
    766,945Lakeview Station
    
    Shepardsville, KY
    
    
    28
    
    
    
    803,183
    
    
    
    7/03
    
    
    
    9/03
    
    
    
    100
    %
    
    
    1,402,270
 53




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Lawrence-ville Manor
    
    Lawrenceville, VA
    
    
    24
    
    
    $
    718,929
    
    
    
    7/03
    
    
    
    8/04
    
    
    
    100
    %
    
    
    771,671Lincoln Apts.
    
    Shinnston, WV
    
    
    32
    
    
    
    1,042,159
    
    
    
    10/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    786,619London Village
    
    London, KY
    
    
    32
    
    
    
    678,300
    
    
    
    4/05
    
    
    
    9/05
    
    
    
    100
    %
    
    
    1,804,319Lone Terrace
    
    Lone Grove, OK
    
    
    32
    
    
    
    1,273,746
    
    
    
    5/03
    
    
    
    1/04
    
    
    
    100
    %
    
    
    435,193Lorie Village
    
    Bowling Green, KY
    
    
    32
    
    
    
    953,982
    
    
    
    7/03
    
    
    
    11/03
    
    
    
    100
    %
    
    
    1,288,510Marina Woods Apts.
    
    Halfmoon, NY
    
    
    32
    
    
    
    1,387,733
    
    
    
    12/03
    
    
    
    4/02
    
    
    
    100
    %
    
    
    4,435Mill Race Apts.
    
    Plainwell, MI
    
    
    32
    
    
    
    1,049,011
    
    
    
    6/03
    
    
    
    12/03
    
    
    
    100
    %
    
    
    347,253Orchard View Apst.
    
    Farmington, MO
    
    
    40
    
    
    
    964,045
    
    
    
    7/03
    
    
    
    6/04
    
    
    
    100
    %
    
    
    2,226,954Reese Village
    
    Emporia, VA
    
    
    40
    
    
    
    1,703,379
    
    
    
    3/05
    
    
    
    11/04
    
    
    
    100
    %
    
    
    1,198,088Ridge Crest Apts.
    
    St. Louis, MO
    
    
    83
    
    
    
    3,984,921
    
    
    
    8/03
    
    
    
    9/04
    
    
    
    100
    %
    
    
    2,020,327Sulphur Terrace
    
    Sulphur, OK
    
    
    32
    
    
    
    1,246,146
    
    
    
    5/03
    
    
    
    1/04
    
    
    
    100
    %
    
    
    433,759University Plaza
Sr. Complex
    
    Greely, CO
    
    
    34
    
    
    
    1,154,853
    
    
    
    5/03
    
    
    
    9/03
    
    
    
    100
    %
    
    
    332,128Valleyview Apts.
    
    Canneyville, KY
    
    
    24
    
    
    
    443,056
    
    
    
    12/05
    
    
    
    12/04
    
    
    
    100
    %
    
    
    486,079William B. Quarton
    
    Cedar Rapids, IA
    
    
    28
    
    
    
    983,658
    
    
    
    1/04
    
    
    
    7/03
    
    
    
    100
    %
    
    
    1,197,000Willow Oak and
Oroville Apartments
    
    Willows, CA
    
    
    122
    
    
    
    4,587,415
    
    
    
    07/04
    
    
    
    10/03
    
    
    
    100
    %
    
    
    1,619,212
 
 
  54




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Qualified
    
    Cap ConProperty
    
    
    
    
    
    
    
    Balance as
    
    Acq
    
    Const
    
    Occupancy
    
    paid thruName
    
    Location
    
    Units
    
    of 12/31/05
    
    Date
    
    Comp.
    
    3/31/06
    
    3/31/06Clayton Station
Apartments
    
    Munfordville, KY
    
    
    29
    
    
    $
    815,579
    
    
    
    4/04
    
    
    
    9/04
    
    
    
    100
    %
    
    $
    1,268,091Deer Meadow
Apartments
    
    Tishomingo, OK
    
    
    24
    
    
    
    1,236,605
    
    
    
    2/04
    
    
    
    3/04
    
    
    
    100
    %
    
    
    295,701Elma Gardens
    
    Elma, WA
    
    
    36
    
    
    
    1,291,674
    
    
    
    3/05
    
    
    
    1/04
    
    
    
    100
    %
    
    
    588,701Jacksonville Square
Apts.
    
    Jacksonville, TX
    
    
    44
    
    
    
    1,122,662
    
    
    
    11/03
    
    
    
    7/04
    
    
    
    100
    %
    
    
    614,912Kensington Heights
Apts.
    
    Kansas City, MO
    
    
    126
    
    
    
    4,859,914
    
    
    
    10/03
    
    
    
    10/04
    
    
    
    100
    %
    
    
    2,375,770Kimberly Place
Apartments
    
    Danbury, CT
    
    
    117
    
    
    
    7,658,525
    
    
    
    6/04
    
    
    
    4/05
    
    
    
    100
    %
    
    
    2,257,844Lindens Apartments
    
    Shawnee, OK
    
    
    54
    
    
    
    1,198,250
    
    
    
    12/04
    
    
    
    2/06
    
    
    
    33
    %*
    
    
    1,783,229Ocean East Housing
    
    Portland, ME
    
    
    32
    
    
    
    1,518,750
    
    
    
    2/04
    
    
    
    6/05
    
    
    
    N/A
    
    
    
    3,709,337Panola Apts.
    
    Carthage, TX
    
    
    32
    
    
    
    800,064
    
    
    
    12/03
    
    
    
    4/04
    
    
    
    100
    %
    
    
    456,957Rosehill Apts.
    
    Topeka, KS
    
    
    48
    
    
    
    2,428,205
    
    
    
    12/03
    
    
    
    9/04
    
    
    
    100
    %
    
    
    2,540,503Sandy Hill
Apartments
    
    Greenville, KY
    
    
    29
    
    
    
    610,417
    
    
    
    4/04
    
    
    
    10/04
    
    
    
    100
    %
    
    
    1,839,918Saint Martin
Apartments
    
    McCombs, MS
    
    
    40
    
    
    
    748,957
    
    
    
    8/05
    
    
    
    N/A
    
    
    
    U/C
    
    
    
    923,672Tanglewood Village
Apartments
    
    Panama, OK
    
    
    24
    
    
    
    1,194,183
    
    
    
    9/04
    
    
    
    5/04
    
    
    
    100
    %
    
    
    402,649Wagoner Village
    
    Wagoner, OK
    
    
    31
    
    
    
    988,907
    
    
    
    1/04
    
    
    
    1/04
    
    
    
    100
    %
    
    
    341,377
 
 
  55




---



##### Table of Contents



Item 3.
    
    Legal Proceedings
  
 Item 4.
    
    Submission of Matters to a Vote of Security Holders
  56




---



##### Table of Contents



PART II
 
 Item 5.
    
    Market for the Funds Limited Partnership Interests and Related
Partnership Matters and Issuer Purchases of Partnership Interests
 (a)
    
    Market Information
The Fund is classified as a limited partnership and does not have
common stock. There is no established public trading market for
the BACs and it is not anticipated that any public market will
develop.(b)
    
    Approximate number of security holders
As of March 31, 2006, the Fund has 43,308 BAC holders for an
aggregate of 83,651,080 BACs, at a subscription price of $10 per
BAC, received and accepted.The BACs were issued in series. Series 20 consists of 2,340
investors holding 3,866,700 BACs, Series 21 consists of 1,180
investors holding 1,892,700 BACs, Series 22 consists of 1,631
investors holding 2,564,400 BACs, Series 23 consists of 2,100
investors holding 3,336,727 BACs, Series 24 consists of 1,298
investors holding 2,169,878 BACs, Series 25 consists of 1,784
investors holding 3,026,109 BACs, Series 26 consists of 2,308
investors holding 3,995,900 BACs, Series 27 consists of 1,335
investors holding 2,460,700 BACs, Series 28 consists of 2,044
investors holding 4,000,738 BACs, Series 29 consists of 2,234
investors holding 3,991,800 BACs, Series 30 consists of 1,361
investors holding 2,651,000 BACs, Series 31 consists of 2,110
investors holding 4,417,857 BACs, Series 32 consists of 2,326
investors holding 4,754,198 BACs, Series 33 consists of 1,277
investors holding 2,636,533 BACs, Series 34 consists of 1,724
investors holding 3,529,319 BACs, Series 35 consists of 1,695
investors holding 3,300,463 BACs, Series 36 consists of 1,018
investors holding 2,106,837 BACs, Series 37 consists of 1,147
investors holding 2,512,500 BACs, Series 38 consists of 1,216
investors holding 2,543,100 BACs, Series 39 consists of 1,003
investors holding 2,292,152 BACs, Series 40 consists of 1,118
investors holding 2,630,256 BACs, Series 41 consists of 1,450
investors holding 2,891,626 BACs, Series 42 consists of 1,283
investors holding 2,744,262 BACs, Series 43 consists of 1,711
investors holding 3,637,987 BACs, Series 44 consists of 1,319
investors holding 2,701,973 BACs, Series 45 consists of 1,852
investors holding 4,014,367 BACS and Series 46 consists of 1,444
investors holding 2,980,998 BACS at March 31, 2006(c)
    
    Dividend history and restriction
The Fund has made no distributions of Net Cash Flow to its BAC
Holders from its inception, October 5, 1993, through March 31,
2004.The Fund Agreement provides that Profits, Losses and Credits will
be allocated each month to the holder of record of a BAC as of the
last day of such month. Allocation of Profits, Losses and Credits
among BAC Holders are made in proportion to the number of BACs
held by each BAC Holder.
 57




---



##### Table of Contents



Any distributions of Net Cash Flow or Liquidation, Sale or
Refinancing Proceeds will be made within 180 days of the end of
the annual period to which they relate. Distributions will be
made to the holders of record of a BAC as of the last day of each
month in the ratio which (i) the BACs held by a erson on the
last day of the calendar month bears to (ii) the aggregate number
of BACs outstanding on the last day of such month.Fund allocations and distributions are described on pages 99 to
101 of the Prospectus, as supplemented, under the caption Sharing
Arrangements: Profits, Credits, Losses, Net Cash Flow and
Residuals, which is incorporated herein by reference.During the year ended March 31, 1999, the Fund made a return of
equity distribution to the Series 27 Limited Partners in the amount
of $275,000.During the year ended March 31, 2000 the Fund made a
return of equity distribution to the Series 29 Limited Partners in
the amount of $238,040. The distributions were the result of
certain Operating Partnerships not achieving their projected tax
credits.During the year ended March 31, 2006 the Fund made a
return of equity distribution to Series 20 Limited Partners in
the amount of $371,349. The distribution was the result of proceeds available from the sale of one
Operating Partnership.During the year ended March 31, 2006, the Fund made a return of
equity distribution to the Series 20 and Series 41 Limited Partners in the amount of $1,860,003 and
$138,998, respectively. The distributions were the result of proceeds available from the refinancing of
one Operating Partnership.
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Item 6.
    
    Selected Financial Data
  Operations
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002Interest &
Other Income
    
    $
    964,346
    
    
    $
    1,155,535
    
    
    $
    1,197,911
    
    
    $
    1,111,234
    
    
    $
    926,439Share of Loss
of Operating
Partnerships
    
    
    (34,115,547
    )
    
    
    (35,192,607
    )
    
    
    (32,079,974
    )
    
    
    (26,840,274
    )
    
    
    (30,093,432
    )Operating
Expenses *
    
    
    (54,474,995
    )
    
    
    (45,778,069
    )
    
    
    (16,982,034
    )
    
    
    (8,633,964
    )
    
    
    (7,077,762
    )Net Income
(Loss)
    
    $
    (87,626,196
    )
    
    $
    (79,815,141
    )
    
    $
    (47,864,097
    )
    
    $
    (34,363,004
    )
    
    $
    (36,244,755
    )Net Income
(Loss)
per BAC
    
    $
    (1.04
    )
    
    $
    (.94
    )
    
    $
    (.60
    )
    
    $
    (.49
    )
    
    $
    (.54
    )
 Balance Sheet
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003
    
    
    2002Total Assets
    
    $
    360,501,908
    
    
    $
    455,953,085
    
    
    $
    544,650,665
    
    
    $
    515,493,920
    
    
    $
    493,374,022Total
Liabilities
    
    $
    38,238,414
    
    
    $
    45,893,866
    
    
    $
    54,613,124
    
    
    $
    51,517,741
    
    
    $
    57,058,109Partners
Capital
    
    $
    322,263,494
    
    
    $
    410,059,219
    
    
    $
    490,037,541
    
    
    $
    463,976,179
    
    
    $
    436,315,913
 
 *
    
    Operating Expense includes Impairment Losses recorded in the
amounts of $44,533,629 for 2006, $36,127,368 for 2005, $7,631,525 for 2004, and $770,199 for 2003. 59




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Item 7.
    
    Managements Discussion and Analysis of Financial
Condition and Results of Operations
  Liquidity
    60




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Contractual Obligations
  1-3
    
    
    3-5Obligation
    
    Total
    
    
    <1 year
    
    
    years
    
    
    years
    
    
    > 5 yearsAsset Management
Fees Payable to
Affiliates*
    
    $
    28,954,726
    
    
    $
    28,954,726
    
    
    $
    
    
    
    $
    
    
    
    $
    Capital
Contributions
Payable
    
    
    7,887,559
    
    
    
    7,887,559
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    36,842,285
    
    
    $
    36,842,285
    
    
    $
    
    
    
    $
    
    
    
    $
    
 
 *
    
    Although accrued Asset Management Fees are currently due, payments are made only to the extent
that proceeds become available from the sale or refinance of the Operating Partnerships. Off Balance Sheet Arrangements
  Principal Critical Accounting Policies and Estimates
    143




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(a)
    
    Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, the
Funds General Partner, under the supervision and with
the participation of the Principal Executive Officer and
Principal Financial Officer of C&M Management Inc.,
carried out an evaluation of the effectiveness of the
Funds disclosure controls and procedures as defined
in the Securities Exchange Act of 1934 Rules 13a-15 and
15d-15. Based on that evaluation, the Fundss Principal
Executive Officer and Principal Financial Officer have
concluded that, as of the end of the period covered by
this report, the Funds disclosure controls and
procedures were adequate and effective in timely
alerting them to material information relating to the
Fund required to be included in the Funds periodic SEC
filings.(b)
    
    Changes in Internal Controls
There were no changes in the Funds internal control over financial
reporting that occurred during the quarter ended March 31, 2006 that
materially affected, or are reasonably likely to materially affect,
the Funds internal control over financial reporting.
 145




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John P. Manning
  Richard J. DeAgazio,
 146




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Jeffrey H. Goldstein,
 Kevin P. Costello,
 Marc N. Teal,
 147




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(f)
    
    Involvement in certain legal proceedings.None.(g)
    
    Promoters and control persons.None.(h) and (i)
    
    The Fund has no directors or executive officers and
accordingly has no audit committee and no audit committee
financial expert. The Fund is not a listed issuer as defined
in Regulation 10A-3 promulgated under the Securities Exchange
Act of 1934.The General Partner of the Partnership, Boston Capital
Associates LP, has adopted a Code of Ethics which applies to
the Principal Executive Officer and Principal Financial
Officer of C&M Management, Inc. The Code of Ethics will be
provided without charge to any person who requests it. Such
request should be directed to, Marc N. Teal Boston Capital
Corp. One Boston Place Boston, MA 02108.
 
      148




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(a)
    
    Security ownership of certain beneficial owners.
As of March 31, 2006, 83,651,080 BACs had been issued. The
following Series are know to have one investor with holdings in
excess of 5% of the total outstanding BACs in the series.
 Series 20
    
    
    7.04
    %Series 21
    
    
    5.44
    %Series 22
    
    
    7.94
    %Series 23
    
    
    6.57
    %Series 24
    
    
    6.68
    %Series 25
    
    
    5.87
    %Series 26
    
    
    7.46
    %Series 27
    
    
    8.31
    %Series 28
    
    
    6.98
    %Series 29
    
    
    5.87
    %Series 30
    
    
    6.20
    %Series 32
    
    
    5.54
    %
 (b)
    
    Security ownership of management.The General Partner has a 1% interest in all Profits, Losses,
Credits and distributions of the Fund. The Funds response to
Item 12(a) is incorporated herein by reference.(c)
    
    Changes in control.There exists no arrangement known to the Fund the operation of
which may at a subsequent date result in a change in control of the
Fund. There is a provision in the Limited Partnership Agreement
which allows, under certain circumstances, the ability to change
control.The Fund has no compensation plans under which interests in the
Fund are authorized for issuance.
 149




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(a)
    
    Transactions with management and others.The Fund has no officers or directors. However, under the terms
of the Prospectus, various kinds of compensation and fees are
payable to the General Partner and its Affiliates during the
organization and operation of the Fund. Additionally, the General
Partner will receive distributions from the Fund if there
is cash available for distribution or residual proceeds as defined
in the Fund Agreement. The amounts and kinds of compensation and
fees are described on page 43 of the Prospectus, as supplemented,
under the caption Compensation and Fees, which is incorporated
herein by reference. See Note B of Notes to Financial Statements
in Item 15 of this Annual Report on Form 10-K for amounts accrued
or paid to the General Partner and its affiliates for the period
April 1, 1995 through March 31, 2006.(b)
    
    Certain business relationships.The Fund response to Item 13(a) is incorporated herein by
reference.(c)
    
    Indebtedness of management.None.(d)
    
    Transactions with promoters.Not applicable.
 150




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Fees paid to the Funds independent auditors for Fiscal year 2006 were comprised
of the following
 Fee Type
    
    Ser. 20
    
    
    Ser. 21
    
    
    Ser. 22
    
    
    Ser. 23
    
    
    Ser. 24Audit Fees
    
    $
    16,740
    
    
    $
    11,520
    
    
    $
    17,160
    
    
    $
    16,740
    
    
    $
    16,700Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    6,200
    
    
    
    4,450
    
    
    
    7,075
    
    
    
    5,850
    
    
    
    6,200All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    22,940
    
    
    $
    15,970
    
    
    $
    24,235
    
    
    $
    22,590
    
    
    $
    22,940
 Fee Type
    
    Ser. 25
    
    
    Ser. 26
    
    
    Ser. 27
    
    
    Ser. 28
    
    
    Ser. 29Audit Fees
    
    $
    16,740
    
    
    $
    24,340
    
    
    $
    13,620
    
    
    $
    17,780
    
    
    $
    16,740Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    5,850
    
    
    
    9,875
    
    
    
    4,975
    
    
    
    6,550
    
    
    
    6,200All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    22,590
    
    
    $
    34,215
    
    
    $
    18,595
    
    
    $
    24,330
    
    
    $
    22,940
 Fee Type
    
    Ser. 30
    
    
    Ser. 31
    
    
    Ser. 32
    
    
    Ser. 33
    
    
    Ser. 34Audit Fees
    
    $
    14,720
    
    
    $
    17,780
    
    
    $
    17,890
    
    
    $
    7,460
    
    
    $
    13,620Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    5,500
    
    
    
    6,725
    
    
    
    6,375
    
    
    
    4,100
    
    
    
    4,450All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    20,220
    
    
    $
    24,505
    
    
    $
    24,265
    
    
    $
    11,560
    
    
    $
    18,070
 151




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Fee Type
    
    Ser. 35
    
    
    Ser. 36
    
    
    Ser. 37
    
    
    Ser. 38
    
    
    Ser. 39Audit Fees
    
    $
    5,230
    
    
    $
    7,360
    
    
    $
    7,750
    
    
    $
    8,840
    
    
    $
    11,020Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    3,925
    
    
    
    3,925
    
    
    
    3,225
    
    
    
    3,925
    
    
    
    3,750All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    9,155
    
    
    $
    11,285
    
    
    $
    10,975
    
    
    $
    12,765
    
    
    $
    14,770
 Fee Type
    
    Ser. 40
    
    
    Ser. 41
    
    
    Ser. 42
    
    
    Ser. 43
    
    
    Ser. 44Audit Fees
    
    $
    13,830
    
    
    $
    13,830
    
    
    $
    13,830
    
    
    $
    15,810
    
    
    $
    11,360Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Tax Fees
    
    
    5,675
    
    
    
    6,200
    
    
    
    5,850
    
    
    
    6,710
    
    
    
    3,750All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    19,505
    
    
    $
    20,030
    
    
    $
    19,680
    
    
    $
    22,520
    
    
    $
    15,110
 Fee Type
    
    Ser. 45
    
    
    Ser. 46Audit Fees
    
    $
    17,920
    
    
    $
    10,320Audit Related Fees
    
    
    
    
    
    
    Tax Fees
    
    
    7,425
    
    
    
    4,550All Other Fees
    
    
    
    
    
    
    Total
    
    $
    25,345
    
    
    $
    14,870
 152




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Fee Type
    
    Ser. 20
    
    
    Ser. 21
    
    
    Ser. 22
    
    
    Ser. 23
    
    
    Ser. 24Audit Fees
    
    $
    16,740
    
    
    $
    11,520
    
    
    $
    17,160
    
    
    $
    16,740
    
    
    $
    16,740Audit Related Fees
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278Tax Fees
    
    
    5,660
    
    
    
    4,010
    
    
    
    6,485
    
    
    
    5,330
    
    
    
    5,660All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    22,678
    
    
    $
    15,808
    
    
    $
    23,923
    
    
    $
    22,348
    
    
    $
    22,678
 Fee Type
    
    Ser. 25
    
    
    Ser. 26
    
    
    Ser. 27
    
    
    Ser. 28
    
    
    Ser. 29Audit Fees
    
    $
    16,740
    
    
    $
    24,340
    
    
    $
    13,620
    
    
    $
    17,780
    
    
    $
    16,740Audit Related Fees
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278Tax Fees
    
    
    5,330
    
    
    
    9,125
    
    
    
    4,505
    
    
    
    5,990
    
    
    
    5,660All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    22,348
    
    
    $
    33,743
    
    
    $
    18,403
    
    
    $
    24,048
    
    
    $
    22,678
 Fee Type
    
    Ser. 30
    
    
    Ser. 31
    
    
    Ser. 32
    
    
    Ser. 33
    
    
    Ser. 34Audit Fees
    
    $
    14,720
    
    
    $
    17,780
    
    
    $
    17,890
    
    
    $
    7,460
    
    
    $
    13,620Audit Related Fees
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278Tax Fees
    
    
    5,000
    
    
    
    6,155
    
    
    
    5,825
    
    
    
    3,680
    
    
    
    4,010All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    19,998
    
    
    $
    24,213
    
    
    $
    23,993
    
    
    $
    11,418
    
    
    $
    17,908
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Fee Type
    
    Ser. 35
    
    
    Ser. 36
    
    
    Ser. 37
    
    
    Ser. 38
    
    
    Ser. 39Audit Fees
    
    $
    5,230
    
    
    $
    7,360
    
    
    $
    7,750
    
    
    $
    8,840
    
    
    $
    11,020Audit Related Fees
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278Tax Fees
    
    
    3,515
    
    
    
    3,515
    
    
    
    2,855
    
    
    
    3,515
    
    
    
    3,350All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    9,023
    
    
    $
    11,153
    
    
    $
    10,883
    
    
    $
    12,633
    
    
    $
    14,648
 Fee Type
    
    Ser. 40
    
    
    Ser. 41
    
    
    Ser. 42
    
    
    Ser. 43
    
    
    Ser. 44Audit Fees
    
    $
    13,830
    
    
    $
    13,830
    
    
    $
    13,830
    
    
    $
    15,810
    
    
    $
    9,360Audit Related Fees
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278
    
    
    
    278Tax Fees
    
    
    5,165
    
    
    
    5,710
    
    
    
    5,165
    
    
    
    6,700
    
    
    
    3,020All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    19,273
    
    
    $
    19,818
    
    
    $
    19,273
    
    
    $
    22,788
    
    
    $
    12,658
 Fee Type
    
    Ser. 45
    
    
    Ser. 46Audit Fees
    
    $
    10,920
    
    
    $
    8,320Audit Related Fees
    
    
    278
    
    
    
    278Tax Fees
    
    
    5,825
    
    
    
    4,080All Other Fees
    
    
    
    
    
    
    Total
    
    $
    17,023
    
    
    $
    12,678
   154




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PART IV
 
  (a) 1 & 2
    
    Financial Statements and Financial Statement Schedules; Filed herein
as Exhibit 13
Boston Capital Tax Credit IV L.P.; filed herein as exhibit 13 
        155




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(c)
    
    1 Exhibits (listed according to the number assigned in the table in
Item 601 of Regulation S-K)
 Exhibit No. 3  Organization Documents.
 a.
    
    Certificate of Limited Partnership of Boston Capital Tax Credit
Fund IV L.P. (Incorporated by reference from Exhibit 3 to the
Funds Registration Statement No. 33-70564 on Form S-11 as
filed with the Securities and Exchange Commission on October 19,
1993.
 Exhibit No. 4  Instruments defining the rights of security holders,
including indentures.
 a.
    
    Agreement of Limited Partnership of Boston Capital Tax Credit Fund
IV L.P. (Incorporated by reference from Exhibit 4 to the Funds
Registration Statement No. 33-70564 on Form S-11 as filed with the
Securities and Exchange Commission on October 19, 1993.
 Exhibit No. 10  Material contracts.
 a.
    
    Beneficial Assignee Certificate. (Incorporated by reference from
Exhibit 10A to the Funds Registration Statement No. 33-70564 on
Form S-11 as filed with the Securities and Exchange Commission on
October 19, 1993
 Exhibit No. 13  Financial Statements.
 a.
    
    Financial Statement of Boston Capital Tax Credit Fund IV
L.P.; Filed herein.
 Exhibit No. 23  Consents of experts and counsel.
 a.
    
    Independent Auditors Reports for Operating Partnerships, filed herein.
 Exhibit No. 28  Additional exhibits.
 a.
    
    Agreement of Limited Partnership of Better Homes for Havelock
Limited Partnership (Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and
Exchange Commission on February 1, 1995).
 b.
    
    Agreement of Limited Partnership of Cynthiana Properties Limited
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
February 1, 1995).
 c.
    
    Agreement of Limited Partnership of North Hampton Place Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on October 13, 1995).d.
    
    Agreement of Limited Partnership of Brook Summitt Apartments, LP
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
February 29, 1996).
 158




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##### Table of Contents



e.
    
    Agreement of Limited Partnership of New Madison Park IV Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).f.
    
    Agreement of Limited Partnership of Smith House II Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).g.
    
    Agreement of Limited Partnership of New Madison Park IV Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on February 11, 1997).h.
    
    Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by
reference from Registrants current report on Form 8-K as filed
with the Securities and Exchange Commission on February 14, 1997).i.
    
    Agreement of Limited Partnership of 352 Lenox Associates,
L.P.(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on December 16, 1997).j.
    
    Agreement of Limited Partnership of Decro Nordoff, L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
December 16, 1997).k.
    
    Agreement of Limited Partnership of Hurricane Hills, L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 25, 1997).l.
    
    Agreement of Limited Partnership of Main Everett Housing, L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 25, 1997).m.
    
    Agreement of Limited Partnership of Mokapoke Limited Partnership
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 25, 1997).n.
    
    Agreement of Limited Partnership of Autumn Ridge L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 26, 1997).o.
    
    Agreement of Limited Partnership of Century East Apartments II
Limited Partnership (Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and
Exchange Commission on March 26, 1997).p.
    
    Agreement of Limited Partnership of Coolidge-Pinal II Associates
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 26, 1997).
 159




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##### Table of Contents



q.
    
    Agreement of Limited Partnership of Dublin Housing Associates
Phase II (Incorporated by reference from Registrants
current report on Form K as filed with the Securities and
Exchange Commission on March 26, 1997).r.
    
    Agreement of Limited Partnership of East Park Apartments II
Limited Partnership(Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and
Exchange Commission on March 26, 1997).s.
    
    Agreement of Limited Partnership of Edenfield Place Apartments,
L.P. (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).t.
    
    Agreement of Limited Partnership of Ethel Housing, L.P.
(Incorporated by reference from Registrants current report on
Form 8-K as filed with the Securities and Exchange Commission on
March 26, 1997).u.
    
    Agreement of Limited Partnership of Los Lunas Limited
Partnership(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).v.
    
    Agreement of Limited Partnership of New Devonshire West,
Limited Partnership (Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).w.
    
    Agreement of Limited Partnership of Northfield Housing,
L.P.(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).x.
    
    Agreement of Limited Partnership of Ohio Investors Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).y.
    
    Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).z.
    
    Agreement of Limited Partnership of Overton Associates Limited
Partnership(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).aa.
    
    Agreement of Limited Partnership of Pahrump Valley Investors
(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).ab.
    
    Agreement of Limited Partnership of Osborne Housing,
L.P.(Incorporated by reference from Registrants
current report on Form 8-K as filed with the Securities and
Exchange Commission on March 26, 1997).
 160




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##### Table of Contents



ac.
    
    Agreement of Limited Partnership of Shannon Housing, L.P.
(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).ad.
    
    Agreement of Limited Partnership of Sutton Place Apartments
(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).ae.
    
    Agreement of Limited Partnership of West Point Housing,
L.P.(Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 26, 1997).af.
    
    Agreement of Limited Partnership of Jeremy Associates Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).ag.
    
    Agreement of Limited Partnership of Laurelwood Park Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).ah.
    
    Agreement of Limited Partnership of Jeremy Associates Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).ai.
    
    Agreement of Limited Partnership of Roxbury Housing Veterans Limited
Partnership (Incorporated by reference from Registrants current
report on Form 8-K as filed with the Securities and Exchange
Commission on March 27, 1997).aj.
    
    Agreement of Limited Partnership of Elm Street Associates, L.P.
(incorporated by reference from Registrants current report on form
8-k as filed with the Securities and Exchange Commission on April 7,
1997.)ak.
    
    Agreement of Limited Partnership of Brookhaven Apartments
Partnership (incorporated by reference from Registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on May 21, 1997.)al.
    
    Agreement of Limited Partnership of Maple Limited Partnership
(incorporated by reference from Registrants current report on form
8-k as filed with the Securities and Exchange Commission on July 16,
1997.)am.
    
    Agreement of Limited Partnership of Byam Limited Partnership
(incorporated by reference from Registrants current report on form
8-k as filed with the Securities and Exchange Commission on July 22,
1997.)an.
    
    Agreement of Limited Partnership of Harbor Limited Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on July 22,
1997.)
 161




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##### Table of Contents



ao.
    
    Agreement of Limited Partnership of Bradley Phase II Limited
Partnership (incorporated by Reference from registrants current
report on form 8-K as filed with the Securities and Exchange
Commission on July 22, 1997.)ap.
    
    Agreement of Limited Partnership of Butler Street/Hanover Towers
Limited Partnership (incorporated by reference from registrants
current report on form 8-k as filed with the Securities and Exchange
Commission on July 22, 1997.)aq.
    
    Agreement of Limited Partnership of Bradley Phase I Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on July 22, 1997.)ar.
    
    Agreement of Limited Partnership of 1374 Boston Road Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on August 5, 1997.)as.
    
    Agreement of Limited Partnership of Centenary Housing Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on August 5, 1997.)at.
    
    Agreement of Limited Partnership of Lake Apartments II Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on August 5, 1997.)au.
    
    Agreement of Limited Partnership of AHAB Project One, LP
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on August
8, 1997.)av.
    
    Agreement of Limited Partnership of Grandview Limited Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
23, 1998.)aw.
    
    Agreement of Limited Partnership of Angelou Associates, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
23, 1998.)ax.
    
    Agreement of Limited Partnership of Country Edge Apartments I
Limited Partnership(incorporated by reference from registrants
current report on form 8-k as filed with the Securities and
Exchange Commission on April 24, 1998.)ay.
    
    Agreement of Limited Partnership of Sumner House Limited Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
27, 1998.)az.
    
    Agreement of Limited Partnership of Magnolia Place Apartments
Partnerships (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on April 30, 1998.)
 162




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##### Table of Contents



ba.
    
    Agreement of Limited Partnership of Edgewood Apartments Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
30, 1998.)bb.
    
    Agreement of Limited Partnership of Harrisonville Heights L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on April
30, 1998.)bc.
    
    Agreement of Limited Partnership of Neighborhood Restorations
Limited Partnership VII incorporated by reference from registrants
current report on form 8-k as filed with the Securities and Exchange
Commission on April 30, 1998.)bd.
    
    Agreement of Limited Partnership of Escher SRO Project, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on May
1, 1998.)be.
    
    Agreement of Limited Partnership of Silver Creek/MHT Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on June 30, 1999.)bf.
    
    Agreement of Limited Partnership of Meridian Housing Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on June 30, 1999.)bg.
    
    Agreement of Limited Partnership of Southaven Partners I, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange on July 27, 1999.)bh.
    
    Agreement of Limited Partnership of Athens Partners, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on July
27, 1999.)bi.
    
    Agreement of Limited Partnership of Pearl Partners, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on November
30, 1999.)bj.
    
    Agreement of Limited Partnership of Harbor Pointe/MHT Limited
Dividend Housing Association Limited Partnership (incorporated by
reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on December 28,
1999.)bk.
    
    Agreement of Limited Partnership of Level Creek Partners, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on December
29, 1999.)bm.
    
    Agreement of Limited Partnership of Lake City Limited Partnership
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on February
3, 2000.)
 163




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##### Table of Contents



bn.
    
    Agreement of Limited Partnership of Pine Ridge Apartments
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
on on February 9, 2000.)bo.
    
    Agreement of Limited Partnership of Pecan Manor Apartments
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on February 10, 2000.)bp.
    
    Agreement of Limited Partnership of Pyramid Four Limited
Partnership (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on February 16, 2000.)bq.
    
    Agreement of Limited Partnership of Lombard Partners, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on January
26, 2000.)br.
    
    Agreement of Limited Partnership of Belmont Affordable Housing
II LP (incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on September 29, 2000.)bs.
    
    Agreement of Limited Partnership of Jackson Bond LP (incorporated
by reference from registrants current report on form 8-k as
filed with the Securities and Exchange Commission on September 29,
2000.)bt.
    
    Agreement of Limited Partnership of Fort Bend NHC, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on September
29, 2000.)bu.
    
    Agreement of Limited Partnership of Breezewood II, L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on October
30, 2002.)bv.
    
    Agreement of Limited Partnership of Wingfield Apartments II L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on November
12, 2002.)bw.
    
    Agreement of Limited Partnership of Natchez Place Apartments L.P.
(incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on November
13, 2002.)by.
    
    Agreement of Limited Partnership of Rural Housing Partners of
Mendota LP incorporated by reference from registrants current report
on form 8-k as filed with the Securities and Exchange Commission
on December 30, 2002.)bz.
    
    Agreement of Limited Partnership of Springfield Metro (incorporated
by reference from registrants current report on form 8-k as
filed with the Securities and Exchange Commission on January
21, 2003.)
 164




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##### Table of Contents



ca.
    
    Agreement of Limited Partnership of Rural Housing Partners of
Mt. Carroll LP incorporated by reference from registrants current report on form 8-k as filed
with the Securities and Exchange
Commission on January 21, 2003.)cb.
    
    Agreement of Limited Partnership of Meadowside Associates
incorporated by reference from registrants current            report on form
8-k as filed with the Securities and Exchange Commission on January
21, 2003.)cc.
    
    Agreement of Limited Partnership of Los Lunas Apts. LP
incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on January
21, 2003.)cd.
    
    Agreement of Limited Partnership of Edna Vanderbilt incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on January 21, 2003.)ce.
    
    Agreement of Limited Partnership of Hawthorne Assoc. LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on January 21, 2003.)cf.
    
    Agreement of Limited Partnership of Rural Housing Partners of
Franklin Grove LP incorporated by reference from registrants current report on form 8-k as
filed with the Securities and Exchange
Commission on January 21, 2003.)cg.
    
    Agreement of Limited Partnership of Rural Housing Partners of
Fulton LP incorporated by reference from registrants current
report on form 8-k as filed with the Securities and Exchange
Commission on January 21, 2003.)ch.
    
    Agreement of Limited Partnership of Heritage Two LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on January 21, 2003.)ci.
    
    Agreement of Limited Partnership of Parkhurst Place incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on January 21, 2003.)cj.
    
    Agreement of Limited Partnership of Hattiesburg Housing LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)ck.
    
    Agreement of Limited Partnership of 1374 Boston Road LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)cl.
    
    Agreement of Limited Partnership of 200 East Avenue Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cm.
    
    Agreement of Limited Partnership of Casa Rosa Apartments
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)
 165




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##### Table of Contents



cn.
    
    Agreement of Limited Partnership of Lake Apartments II LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)co.
    
    Agreement of Limited Partnership of Northrock Housing Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cp.
    
    Agreement of Limited Partnership of AHAB Project One LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)cq.
    
    Agreement of Limited Partnership of Randolph Village Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cr.
    
    Agreement of Limited Partnership of Sr. Suites Chicago Austin LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cs.
    
    Agreement of Limited Partnership of Clubview Partners LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)ct.
    
    Agreement of Limited Partnership of Edgewood Apartments Partnership
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cu.
    
    Agreement of Limited Partnership of Harbor Pointe/MHT LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31, 2003.)cv.
    
    Agreement of Limited Partnership of Lombard Partners LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)cw.
    
    Agreement of Limited Partnership of Millwood Park LP incorporated by
reference from registrants current report on form 8-k as filed with
the Securities and Exchange Commission on March 31, 2003.)cx.
    
    Agreement of Limited Partnership of Hillside Terrace Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)cy.
    
    Agreement of Limited Partnership of San Angelo Bent Tree Apts. LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)
 166




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##### Table of Contents



cz.
    
    Agreement of Limited Partnership of Montfort Housing LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)da.
    
    Agreement of Limited Partnership of Summerdale Partners LP II
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)db.
    
    Agreement of Limited Partnership of Seagraves Apartments LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dc.
    
    Agreement of Limited Partnership of FFLM Associates LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)dd.
    
    Agreement of Limited Partnership of COGIC Village LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)de.
    
    Agreement of Limited Partnership of FFLM Associates LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)df.
    
    Agreement of Limited Partnership of FFLM Associates LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)dg.
    
    Agreement of Limited Partnership of Pyramid Four Limited Partnership
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dh.
    
    Agreement of Limited Partnership of 200 East Avenue Associates LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)di.
    
    Agreement of Limited Partnership of Parkside Plaza LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)dj.
    
    Agreement of Limited Partnership of Granada Rose LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)dk.
    
    Agreement of Limited Partnership of Northrock Housing Assoc. LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dl.
    
    Agreement of Limited Partnership of Southaven Partners I LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)
 167




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##### Table of Contents



dm.
    
    Agreement of Limited Partnership of Howard Park Ltd incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)dn.
    
    Agreement of Limited Partnership of Washington Courtyards LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)do.
    
    Agreement of Limited Partnership of Highway Partners 18 LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dq.
    
    Agreement of Limited Partnership of Wedgewood Park LP incorporated
by reference from registrants current report on form 8-k as filed
filed with the Securities and Exchange Commission on March 31, 2003.)dr.
    
    Agreement of Limited Partnership of Washington Courtyards LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)ds.
    
    Agreement of Limited Partnership of Annadale Housing Partners
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dt.
    
    Agreement of Limited Partnership of Ashton Ridge LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)du.
    
    Agreement of Limited Partnership of FAH Silver Pond LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)dv.
    
    Agreement of Limited Partnership of Ashton Ridge LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dw.
    
    Agreement of Limited Partnership of Aldine Westfield Apts., LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dx.
    
    Agreement of Limited Partnership of Arbors at Eagle Crest LDHA LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)dy.
    
    Agreement of Limited Partnership of KC Shalom Housing LP
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)
 168




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##### Table of Contents



dz.
    
    Agreement of Limited Partnership of Breeze Cove Limited Partnership
incorporated by reference from registrants current report on form 8-k
as filed with the Securities and Exchange Commission on March 31,
2003.)ea.
    
    Agreement of Limited Partnership of DS Housing LP incorporated by
reference from registrants current report on form 8-k as filed with
the Securities and Exchange Commission on March 31, 2003.)eb.
    
    Agreement of Limited Partnership of CC Housing LP incorporated by
reference from registrants current report on form 8-k as filed with
the Securities and Exchange Commission on March 31, 2003.)ec.
    
    Agreement of Limited Partnership of TS Housing LP incorporated by
reference from registrants current report on form 8-k as filed with
the Securities and Exchange Commission on March 31, 2003.)ed.
    
    Agreement of Limited Partnership of Carpenter School I Elderly Apts.
LP incorporated by reference from registrants current report on form
8-k as filed with the Securities and Exchange Commission on March 31,
2003.)ee.
    
    Agreement of Limited Partnership of Lyceum Housing LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)ef.
    
    Agreement of Limited Partnership of New Shinnston I LP incorporated
by reference from registrants current report on form 8-k as filed
with the Securities and Exchange Commission on March 31, 2003.)eg.
    
    Agreement of Limited Partnership of Lyceum Housing Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on March 31, 2004.)eh.
    
    Agreement of Limited Partnership of New Shinniston I Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on March 31, 2004.)ei.
    
    Agreement of Limited Partnership of Gilbert Apartments Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 26, 2004.)ej.
    
    Agreement of Limited Partnership of HS Housing Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 26, 2004.ek.
    
    Agreement of Limited Partnership of SM Housing Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 26, 2004.)el.
    
    Agreement of Limited Partnership of CT Housing Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 26, 2004.)
 169




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##### Table of Contents



em.
    
    Agreement of Limited Partnership of North Fort Aspen Plus Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on April 26,2004.)en.
    
    Agreement of Limited Partnership of Strawberry Lake Apartments Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on April 26, 2004.)eo.
    
    Agreement of Limited Partnership of Byam Village Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 28, 2004.)ep.
    
    Agreement of Limited Partnership of Kiehl Partners Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 28, 2004.)eq.
    
    Agreement of Limited Partnership of Trinity Life Gardens Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on April 29,2004.)er.
    
    Agreement of Limited Partnership of Athens Partners, LP Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on May 3, 2004.)es.
    
    Agreement of Limited Partnership of San Diego/Fox Hollow Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on June 1, 2004.)et.
    
    Agreement of Limited Partnership of Elma Gardens of Grays Harbor Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on August 2, 2004.)eu.
    
    Agreement of Limited Partnership of Kimberly Danbury Limited Partnership incorporated by
reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on August 2, 2004.)ev.
    
    Agreement of Limited Partnership of Countrybrook Champaign Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on August 2, 2004.)ew.
    
    Agreement of Limited Partnership of Marion Apartments-Osceola Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on August 2, 2004.)ex.
    
    Agreement of Limited Partnership of Rosehill Place of Topeka, LLC Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on August 3, 2004.)
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ey.
    
    Agreement of Limited Partnership of Carrollton II Housing, LTD Limited Partnership
incorporated by reference from registrants current report on form 8-k as filed with the
Securities and Exchange Commission on August 4, 2004.)ez.
    
    Agreement of Limited Partnership of Tanglewood Village Limited Partnership incorporated
by reference from registrants current report on form 8-k as filed with the Securities and
Exchange Commission on August 4, 2004.)
 Exhibit No. 31 Certification 302
 a.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002, filed hereinb.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002, filed herein
 Exhibit No. 32 Certification 906
 a.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, filed hereinb.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, filed herein
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SIGNATURES
  Boston Capital Tax Credit Fund IV L.P.By:
    
    Boston Capital Associates IV L.P.General PartnerBy:
    
    BCA Associates Limited PartnershipGeneral PartnerBy:
    
    C&M Management, Inc.General PartnerDate: October 20, 2006
    
    
    
    By:
    
    /s/ John P. Manning

John P. Manning
  DATE:
    
    SIGNATURE:
    
    TITLE:October 20, 2006
    
    /s/ John P. Manning

John P. Manning
    
    Director, President (Principal
Executive Officer), C&M
Management, Inc.; Director,
President (Principal Executive
Officer) BCTC IV Assignor Corp.October 20, 2006
    
    /s/ Marc N. Teal

Marc N. Teal
    
    Sr. Vice President, Chief
Financial Officer (Principal
Accounting and Financial Officer)
C&M Management Inc.; Sr. Vice
President, Chief Financial Officer
(Principal Accounting and
Financial Officer) BCTC IV
Assignor Corp.
 172