| Delaware                          |         | 04-3208648          |
|-----------------------------------|--------------|---------------------|
| (State or other jurisdiction      |         | (I.R.S. Employer    |
| of incorporation or organization) |    | Identification No.) |

| Yes  ̈ | No x |
|------------|------|

| Yes  ̈ | No x |
|------------|------|

| Yes x | No  ̈ |
|-------|-----------|

| Yes  ̈ | No  ̈ |
|------------|-----------|

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

| Yes  ̈ | No x |
|------------|------|

----

TABLE OF CONTENTS

| PART I   |
|----------|
|     |   |
| Item 1.  |   | Business | 1 |
| Item 1A. |   | Risk Factors | 3 |
| Item 1B. |   | Unresolved Staff Comments | 5 |
| Item 2.  |   | Properties | 5 |
| Item 3.  |   | Legal Proceedings | 50 |
| Item 4.  |   | (Removed and Reserved.) | 50 |
|     |   |
| PART II  |
|     |   |   |   |
| Item 5.  |   | Market for the Fund's Limited Partnership Interests and Related Partnership Matters and Issuer Purchases of Partnership Interests | 51 |
| Item 6.  |   | Selected Financial Data | 52 |
| Item 7.  |   | Management's Discussion and Analysis of Financial Condition and Results of Operations | 53 |
| Item 7A. |   | Quantitative and Qualitative Disclosures About Market Risk | 153 |
| Item 8.  |   | Financial Statements and Supplementary Data | 153 |
| Item 9.  |   | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 153 |
| Item 9A. |   | Controls and Procedures | 153 |
| Item 9B. |   | Other Information | 154 |
|     |   |
| PART III |
|     |   |
| Item 10. |   | Directors, Executive Officers and Corporate Governance of the Fund | 155 |
| Item 11. |   | Executive Compensation | 157 |
| Item 12. |   | Security Ownership of Certain Beneficial Owners and Management | 157 |
| Item 13. |   | Certain Relationships and Related Transactions, and Director Independence | 158 |
| Item 14. |   | Principal Accounting Fees and Services | 159 |
|     |   |
| PART IV  |
|     |   |   |   |
| Item 15. |   | Exhibits and Financial Statement Schedules | 163 |

----

PART I

| Item 1. | Business |
|---------|----------|

----

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----

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| (1) | Provide current tax benefits to investors in the form of Federal Housing Tax Credits and, in limited instances, a small amount of Rehabilitation Tax Credits, which an investor may apply, subject to strict limitations, against the investor's federal income tax liability from active, portfolio and passive income; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Preserve and protect the Fund's capital and provide capital appreciation and cash distributions through increases in value of the Fund's investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the apartment complexes; |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | Provide tax benefits in the form of passive losses which an investor may apply to offset his passive income (if any); and |
|-----|---------------------------------------------------------------------------------------------------------------------------|

| (4) | Provide cash distributions (except with respect to the Fund's investment in some non-profit Operating Partnerships) from capital transaction proceeds.  The Operating Partnerships intend to hold the apartment complexes for appreciation in value.  The Operating Partnerships may sell the apartment complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Item 1A. | Risk Factors |
|----------|--------------|

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----

Table of Contents 

|   | - | 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. |
|--------|---|--------------------------------|

| Item 1B. | Unresolved Staff Comments |
|----------|---------------------------|

| Item 2. | Properties |
|---------|------------|

----

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----

Table of Contents 

| PropertyName                               |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|--------------------------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Ashbury Apartments                         |   | Sioux Falls, SD  |   |   | 48     |   |                                    | $      | 1,065,003 |    |   |   | 4/94      |   |   |                      | 6/94   |   |                              |   | 100 | % |   | $ | 806,117 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Bennetts Pointe Apts.                      |   | Bennetsville, SC |   |   | 32     |   |                                    |   | 1,274,688 |    |   |   | 3/94      |   |   |                      | 8/94   |   |                              |   | 100 | % |   |   | 281,100 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Bradley Manor                              |   | Bradley, AR      |   |   | 25     |   |                                    |   | 759,756   |    |   |   | 8/94      |   |   |                      | 3/95   |   |                              |   | 100 | % |   |   | 182,044 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Club  Goldenrod II, Apartments   |   | Orlando, FL      |   |   | 220    |   |                                    |   | 6,712,966 |    |   |   | 4/94      |   |   |                      | 6/95   |   |                              |   | 100 | % |   |   | 3,681,417 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Concordia Manor I                          |   | St. Croix, VI    |   |   | 22     |   |                                    |   | 1,397,454 |    |   |   | 8/94      |   |   |                      | 7/95   |   |                              |   | 100 | % |   |   | 490,034 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Coushatta  Seniors II Apartments |   | Coushatta, LA    |   |   | 24     |   |                                    |   | 675,292   |    |   |   | 5/94      |   |   |                      | 3/94   |   |                              |   | 100 | % |   |   | 175,182 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Edison Lane Apartments                     |   | Edison, GA       |   |   | 24     |   |                                    |   | 688,042   |    |   |   | 9/94      |   |   |                      | 10/95  |   |                              |   | 100 | % |   |   | 204,561 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Fairoaks Lane Apts.                        |   | Rincon, GA       |   |   | 44     |   |                                    |   | 1,354,395 |    |   |   | 7/94      |   |   |                      | 5/95   |   |                              |   | 100 | % |   |   | 339,284 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Floral Acres II                            |   | Waggaman, LA     |   |   | 32     |   |                                    |   | 982,033   |    |   |   | 5/94      |   |   |                      | 8/94   |   |                              |   | 100 | % |   |   | 228,457 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Forest Glen Village                        |   | Vidalia, GA      |   |   | 46     |   |                                    |   | 1,269,188 |    |   |   | 7/94      |   |   |                      | 2/95   |   |                              |   | 100 | % |   |   | 378,777 |   |
|                                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Gardenview Apartments                      |   | Pasedena, TX     |   |   | 309    |   |                                    |   | 4,279,370 |    |   |   | 6/94      |   |   |                      | 9/95   |   |                              |   | 100 | % |   |   | 2,261,021 |   |

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Table of Contents 

| PropertyName                |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Harrisonburg, Seniors Apts. |   | Harrison-burg, LA |   |   | 24     |   |                                    | $      | 645,442   |    |   |   | 5/94      |   |   |                      | 1/94   |   |                              |   | 100 | % |   | $ | 176,621 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Hillside Apartments         |   | Cynthiana, KY     |   |   | 48     |   |                                    |   | 431,437   |    |   |   | 10/94     |   |   |                      | 4/95   |   |                              |   | 100 | % |   |   | 643,850 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Kristine Apartments         |   | Bakersfield, CA   |   |   | 60     |   |                                    |   | 942,697   |    |   |   | 10/94     |   |   |                      | 10/94  |   |                              |   | 100 | % |   |   | 311,675 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Northfield Apts.            |   | Jackson, MS       |   |   | 120    |   |                                    |   | 2,432,089 |    |   |   | 6/94      |   |   |                      | 8/95   |   |                              |   | 100 | % |   |   | 3,273,126 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Riverview Apartments        |   | Franklinton, LA   |   |   | 47     |   |                                    |   | 1,597,111 |    |   |   | 4/94      |   |   |                      | 10/94  |   |                              |   | 100 | % |   |   | 370,000 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Shady Lane Senior Apts.     |   | Winnfield, LA     |   |   | 32     |   |                                    |   | 884,300   |    |   |   | 5/94      |   |   |                      | 10/93  |   |                              |   | 100 | % |   |   | 197,200 |   |

----

Table of Contents 

| PropertyName                     |   | Location              |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------------------|--------|-----------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Black River Run                  |   | Black River Falls, WI |   |   | 48     |   |                                    | $      | 913,457   |    |   |   | 10/94     |   |   |                      | 12/94  |   |                              |   | 100 | % |   | $ | 350,531 |   |
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Forest Glen at Sully Station     |   | Centreville, VA       |   |   | 119    |   |                                    |   | 5,581,437 |    |   |   | 11/94     |   |   |                      | 9/95   |   |                              |   | 100 | % |   |   | 2,649,450 |   |
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Fort Halifax                     |   | Winslow, ME           |   |   | 24     |   |                                    |   | 928,725   |    |   |   | 9/94      |   |   |                      | 1/95   |   |                              |   | 100 | % |   |   | 389,085 |   |
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Havelock Manor Apts.             |   | Havelock, NC          |   |   | 60     |   |                                    |   | 1,735,012 |    |   |   | 12/94     |   |   |                      | 10/95  |   |                              |   | 100 | % |   |   | 347,557 |   |
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Holly Village                    |   | Buchanan, GA          |   |   | 24     |   |                                    |   | 679,437   |    |   |   | 8/94      |   |   |                      | 6/95   |   |                              |   | 100 | % |   |   | 205,400 |   |
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Liveoak Village                  |   | Union Springs, AL     |   |   | 24     |   |                                    |   | 721,227   |    |   |   | 10/94     |   |   |                      | 7/95   |   |                              |   | 100 | % |   |   | 176,953 |   |
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Pinedale Apartments II           |   | Menomonie, WI         |   |   | 60     |   |                                    |   | 1,053,678 |    |   |   | 10/94     |   |   |                      | 12/94  |   |                              |   | 100 | % |   |   | 869,798 |   |
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Pumphouse Crossing II Apartments |   | Chippewa, WI          |   |   | 48     |   |                                    |   | 1,065,634 |    |   |   | 10/94     |   |   |                      | 12/94  |   |                              |   | 100 | % |   |   | 692,840 |   |
|                             |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Tower View Apartments            |   | Tower City, PA        |   |   | 25     |   |                                    |   | 1,064,561 |    |   |   | 11/94     |   |   |                      | 5/95   |   |                              |   | 100 | % |   |   | 268,863 |   |

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Table of Contents 

| PropertyName           |   | Location              |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------|--------|-----------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Albemarle Village      |   | Hertford, NC          |   |   | 36     |   |                                    | $      | 1,342,867 |    |   |   | 1/95      |   |   |                      | 9/94   |   |                              |   | 100 | % |   | $ | 321,628 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Bayou Crossing         |   | Riverview, FL         |   |   | 290    |   |                                    |   | 8,111,406 |    |   |   | 11/94     |   |   |                      | 1/96   |   |                              |   | 100 | % |   |   | 2,854,036 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Black River Run Apts.  |   | Black River Falls, WI |   |   | 48     |   |                                    |   | 913,457   |    |   |   | 3/95      |   |   |                      | 12/94  |   |                              |   | 100 | % |   |   | 395,279 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Club II Goldenrod      |   | Orlando, FL           |   |   | 220    |   |                                    |   | 6,712,966 |    |   |   | 3/95      |   |   |                      | 6/95   |   |                              |   | 100 | % |   |   | 2,106,975 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Cobblestone Apartments |   | Fuquay, NC            |   |   | 33     |   |                                    |   | 1,347,032 |    |   |   | 1/95      |   |   |                      | 5/94   |   |                              |   | 100 | % |   |   | 326,054 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Concordia Manor II     |   | St. Croix, VI         |   |   | 20     |   |                                    |   | 1,429,897 |    |   |   | 1/95      |   |   |                      | 11/95  |   |                              |   | 100 | % |   |   | 259,444 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Concordia Manor III    |   | St. Croix, VI         |   |   | 20     |   |                                    |   | 1,408,792 |    |   |   | 2/95      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 264,007 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Drakes Branch Elderly  |   | Drakes Branch, VA     |   |   | 32     |   |                                    |   | 1,206,478 |    |   |   | 1/95      |   |   |                      | 6/95   |   |                              |   | 100 | % |   |   | 232,722 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Elks Towers Apartments |   | Litchfield, IL        |   |   | 27     |   |                                    |   | 694,677   |    |   |   | 10/95     |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 756,656 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Highland House         |   | Boston, MA            |   |   | 14     |   |                                    |   | 1,978,276 |    |   |   | 12/96     |   |   |                      | 5/97   |   |                              |   | 100 | % |   |   | 586,492 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Kimbark 1200 Apts.     |   | Longmont, CO          |   |   | 48     |   |                                    |   | 1,845,225 |    |   |   | 9/95      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 321,843 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Kingsway Apartments    |   | Swedsboro, NJ         |   |   | 36     |   |                                    |   | 1,395,135 |    |   |   | 7/95      |   |   |                      | 11/01  |   |                              |   | 100 | % |   |   | 384,585 |   |
|                   |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lake City Apartments   |   | Lake City, PA         |   |   | 44     |   |                                    |   | 1,234,959 |    |   |   | 8/98      |   |   |                      | 6/98   |   |                              |   | 100 | % |   |   | 240,900 |   |

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Table of Contents 

| PropertyName          |   | Location              |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------|--------|-----------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Marksville Square     |   | Marksville, LA        |   |   | 32     |   |                                    | $      | 908,780   |    |   |   | 1/95      |   |   |                      | 1/96   |   |                              |   | 100 | % |   | $ | 268,848 |   |
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Neshoba County        |   | Philadelphia, MS      |   |   | 25     |   |                                    |   | 814,755   |    |   |   | 7/95      |   |   |                      | 8/95   |   |                              |   | 100 | % |   |   | 251,411 |   |
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Philadelphia Square   |   | Philadelphia, MS      |   |   | 16     |   |                                    |   | 521,442   |    |   |   | 7/95      |   |   |                      | 8/95   |   |                              |   | 100 | % |   |   | 149,950 |   |
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Quankey Hills         |   | Halifax, NC           |   |   | 24     |   |                                    |   | 953,263   |    |   |   | 1/95      |   |   |                      | 3/95   |   |                              |   | 100 | % |   |   | 200,496 |   |
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Richmond Square       |   | Richmond, MO          |   |   | 32     |   |                                    |   | 657,079   |    |   |   | 12/94     |   |   |                      | 2/95   |   |                              |   | 100 | % |   |   | 931,456 |   |
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Salem Wood Apartments |   | Salemburg, NC         |   |   | 24     |   |                                    |   | 852,516   |    |   |   | 1/95      |   |   |                      | 12/94  |   |                              |   | 100 | % |   |   | 181,355 |   |
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| The Birches           |   | Old Orchard Beach, ME |   |   | 88     |   |                                    |   | 2,800,000 |    |   |   | 1/95      |   |   |                      | 3/96   |   |                              |   | 100 | % |   |   | 1,514,512 |   |
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Troy Villa Apartments |   | Troy, MO              |   |   | 64     |   |                                    |   | 1,493,837 |    |   |   | 12/94     |   |   |                      | 6/95   |   |                              |   | 100 | % |   |   | 1,810,416 |   |
|                  |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Twin City Villa       |   | Festus, MO            |   |   | 40     |   |                                    |   | 1,090,786 |    |   |   | 1/95      |   |   |                      | 11/95  |   |                              |   | 100 | % |   |   | 679,176 |   |

----

Table of Contents 

| PropertyName         |   | Location             |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------|--------|----------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Bayou Crossing       |   | Riverview, FL        |   |   | 290    |   |                                    | $      | 8,111,406 |    |   |   | 4/95      |   |   |                      | 1/96   |   |                              |   | 100 | % |   | $ | 4,281,054 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Concordia Manor II   |   | St. Croix, VI        |   |   | 20     |   |                                    |   | 1,429,897 |    |   |   | 1/95      |   |   |                      | 11/95  |   |                              |   | 100 | % |   |   | 259,445 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Concordia Manor III  |   | St. Croix, VI        |   |   | 20     |   |                                    |   | 1,408,792 |    |   |   | 2/95      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 264,007 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Colonna House        |   | Hempstead, NY        |   |   | 37     |   |                                    |   | 713,844   |    |   |   | 5/95      |   |   |                      | 5/95   |   |                              |   | 100 | % |   |   | 1,551,605 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Great Pines Apts.    |   | Hurleyville, NY      |   |   | 26     |   |                                    |   | 1,086,301 |    |   |   | 7/95      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 340,835 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Ithaca Apts. I       |   | Ithaca, MI           |   |   | 28     |   |                                    |   | 533,560   |    |   |   | 11/95     |   |   |                      | 7/95   |   |                              |   | 100 | % |   |   | 164,008 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Kimbark 1200 Apts.   |   | Longmont, CO         |   |   | 48     |   |                                    |   | 1,845,225 |    |   |   | 9/95      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 965,530 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| La Pensione K Apts.  |   | Sacramento, CA       |   |   | 129    |   |                                    |   | 2,205,303 |    |   |   | 9/95      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 2,650,580 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Mathis Apartments    |   | Mathis, TX           |   |   | 32     |   |                                    |   | 857,987   |    |   |   | 1/95      |   |   |                      | 1/95   |   |                              |   | 100 | % |   |   | 228,172 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Mid City Apartments  |   | Jersey City, NJ      |   |   | 58     |   |                                    |   | 2,219,350 |    |   |   | 9/95      |   |   |                      | 6/94   |   |                              |   | 100 | % |   |   | 113,679 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Orange Grove Seniors |   | Orange Grove, TX     |   |   | 24     |   |                                    |   | 627,118   |    |   |   | 5/95      |   |   |                      | 2/95   |   |                              |   | 100 | % |   |   | 163,637 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Riverview Apartments |   | St. Louis, MO        |   |   | 42     |   |                                    |   | 1,173,875 |    |   |   | 8/95      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 1,160,308 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| St. Peters Villa     |   | St. Peters, MO       |   |   | 54     |   |                                    |   | 1,379,987 |    |   |   | 7/95      |   |   |                      | 3/96   |   |                              |   | 100 | % |   |   | 1,495,685 |   |
|                 |   |                 |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| The Birches          |   | Old Orchard Beach,ME |   |   | 88     |   |                                    |   | 2,800,000 |    |   |   | 1/95      |   |   |                      | 3/96   |   |                              |   | 100 | % |   |   | 1,399,532 |   |

----

Table of Contents 

| PropertyName       |   |   Location |   |  Units |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|--------------------|--------|----------------------|--------|-------------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|               |   |                 |   |        |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Twin City Villa    |   | Festus, MO           |   |        | 40     |   |                                    | $      | 1,090,786 |    |   |   | 2/95      |   |   |                      | 11/95  |   |                              |   | 100 | % |   | $ | 679,176 |   |
|               |   |                 |   |        |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Village Woods Est. |   | Kansas City, KS      |   |        | 45     |   |                                    |   | 1,235,078 |    |   |   | 5/95      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 1,704,928 |   |

----

Table of Contents 

| PropertyName             |   | Location       |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |       | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|--------------------------|--------|----------------|--------|--------|--------|--------|-----------------------------------------|--------|------------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |
| Autumn Ridge Apartments  |   | Shenandoah, VA |   |   | 34     |   |                                    | $      | 1,475,399  |    |   |   | 7/96      |   |   |                      | 1/97   |   |                              |   | 100 | % |   | $ | 319,466 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Brooks Summit            |   | Blue Ridge, GA |   |   | 36     |   |                                    |   | 1,073,930  |    |   |   | 12/95     |   |   |                      | 11/96  |   |                              |   | 100 | % |   |   | 332,470 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Century East Apts. IV    |   | Bismark, ND    |   |   | 24     |   |                                    |   | 535,622    |    |   |   | 8/95      |   |   |                      | 8/95   |   |                              |   | 100 | % |   |   | 399,962 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Century East Apts. V     |   | Bismark, ND    |   |   | 24     |   |                                    |   | 534,703    |    |   |   | 11/95     |   |   |                      | 9/95   |   |                              |   | 100 | % |   |   | 399,962 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Cooper's Crossing        |   | Irving, TX     |   |   | 93     |   |                                    |   | 2,991,936  |    |   |   | 6/96      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 848,708 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Edenfield Apartments     |   | Millen, GA     |   |   | 48     |   |                                    |   | 1,099,454  |    |   |   | 1/96      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 314,827 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Elm Street Apartments    |   | Yonkers, NY    |   |   | 35     |   |                                    |   | 983,637    |    |   |   | 1/96      |   |   |                      | 1/96   |   |                              |   | 100 | % |   |   | 407,601 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Heritage Glen Apts.      |   | Coolidge, AZ   |   |   | 28     |   |                                    |   | 1,075,407  |    |   |   | 4/96      |   |   |                      | 4/96   |   |                              |   | 100 | % |   |   | 373,388 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Hillridge Apts           |   | Los Lunas, NM  |   |   | 38     |   |                                    |   | 215,000    |    |   |   | 8/96      |   |   |                      | 6/96   |   |                              |   | 100 | % |   |   | 1,466,007 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lake Apts I              |   | Fargo, ND      |   |   | 24     |   |                                    |   | 527,585    |    |   |   | 8/95      |   |   |                      | 7/95   |   |                              |   | 100 | % |   |   | 399,962 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lakeway Apts             |   | Zwolle, LA     |   |   | 32     |   |                                    |   | 792,400    |    |   |   | 11/95     |   |   |                      | 4/96   |   |                              |   | 100 | % |   |   | 210,714 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Madison Park IV          |   | Boston, MA     |   |   | 143    |   |                                    |   | 13,147,712 |    |   |   | 5/96      |   |   |                      | 3/97   |   |                              |   | 100 | % |   |   | 1,220,537 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| New Hilltop Apartments   |   | Laurens, SC    |   |   | 72     |   |                                    |   | 1,512,028  |    |   |   | 11/95     |   |   |                      | 11/95  |   |                              |   | 100 | % |   |   | 450,039 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| North Hampton Pl.        |   | Columbia, MO   |   |   | 36     |   |                                    |   | 638,432    |    |   |   | 11/95     |   |   |                      | 3/96   |   |                              |   | 100 | % |   |   | 1,002,996 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Northfield Housing, L.P. |   | Jackson, MS    |   |   | 5      |   |                                    |   | 131,264    |    |   |   | 12/96     |   |   |                      | 9/96   |   |                              |   | 100 | % |   |   | 217,266 |   |
|                     |   |           |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Pahrump Valley Apts.     |   | Pahrump, NV    |   |   | 32     |   |                                    |   | 1,335,225  |    |   |   | 7/96      |   |   |                      | 7/96   |   |                              |   | 100 | % |   |   | 335,225 |   |

----

Table of Contents 

| PropertyName           |   | Location        |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------|--------|-----------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Park Meadow Apartments |   | Gaylord, MI     |   |   | 80     |   |                                    | $      | 1,484,111 |    |   |   | 9/95      |   |   |                      | 4/97   |   |                              |   | 100 | % |   | $ | 1,753,158 |   |
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Shadowcreek Apartments |   | Overton, NV     |   |   | 24     |   |                                    |   | 1,174,319 |    |   |   | 6/96      |   |   |                      | 9/96   |   |                              |   | 100 | % |   |   | 361,320 |   |
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Woodlands Apartments   |   | Elko, NV        |   |   | 24     |   |                                    |   | 1,170,324 |    |   |   | 11/95     |   |   |                      | 9/95   |   |                              |   | 100 | % |   |   | 269,867 |   |
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Wyandotte Apartments   |   | Los Angeles, CA |   |   | 73     |   |                                    |   | 2,781,211 |    |   |   | 4/96      |   |   |                      | 2/97   |   |                              |   | 100 | % |   |   | 1,663,747 |   |

----

Table of Contents 

| Property Name    |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |       | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|--------|------------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |
| Dunlap Acres          |   | West Point, MS    |   |   | 50     |   |                                    | $      | 784,843    |    |   |   | 9/96      |   |   |                      | 4/96   |   |                              |   | 100 | % |   | $ | 522,160 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Century East II Apts. |   | Bismark, ND       |   |   | 24     |   |                                    |   | 417,063    |    |   |   | 8/96      |   |   |                      | 6/96   |   |                              |   | 100 | % |   |   | 371,183 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Clarke Manor Apts.    |   | Pokamoke City, MD |   |   | 30     |   |                                    |   | 1,169,837  |    |   |   | 2/96      |   |   |                      | 4/96   |   |                              |   | 100 | % |   |   | 440,107 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Hannah Heights Apts.  |   | Ethel, MS         |   |   | 28     |   |                                    |   | 778,459    |    |   |   | 6/96      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 321,584 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Heartland Green Cave  |   | Horse Cave, KY    |   |   | 24     |   |                                    |   | 804,905    |    |   |   | 5/96      |   |   |                      | 11/96  |   |                              |   | 100 | % |   |   | 270,132 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Hurricane Hills       |   | Hurricane, UT     |   |   | 49     |   |                                    |   | 951,769    |    |   |   | 9/96      |   |   |                      | 4/97   |   |                              |   | 100 | % |   |   | 2,242,394 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lenox Ave. Apts.      |   | Manhattan, NY     |   |   | 18     |   |                                    |   | 558,603    |    |   |   | 10/96     |   |   |                      | 9/97   |   |                              |   | 100 | % |   |   | 955,524 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Madison Park IV       |   | Boston, MA        |   |   | 143    |   |                                    |   | 13,147,712 |    |   |   | 5/96      |   |   |                      | 3/97   |   |                              |   | 100 | % |   |   | 2,169,843 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Rose Square           |   | Connellsville, PA |   |   | 11     |   |                                    |   | 376,309    |    |   |   | 10/96     |   |   |                      | 2/97   |   |                              |   | 100 | % |   |   | 288,209 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Rosewood Estates, II  |   | Bladenboro, NC    |   |   | 16     |   |                                    |   | 652,403    |    |   |   | 9/96      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 124,304 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Shannon Rentals       |   | Shannon, MS       |   |   | 48     |   |                                    |   | 1,204,483  |    |   |   | 4/96      |   |   |                      | 1/97   |   |                              |   | 100 | % |   |   | 324,990 |   |
|                  |   |              |   |   |   |   |                                    |   |       |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Smith House           |   | Roxbury, MA       |   |   | 132    |   |                                    |   | 659,315    |    |   |   | 4/96      |   |   |                      | 3/97   |   |                              |   | 100 | % |   |   | 1,031,269 |   |

----

Table of Contents 

| PropertyName        |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|---------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Sutton Place        |   | Indianapolis, IN |   |   | 360    |   |                                    | $      | 5,085,000 |    |   |   | 11/96     |   |   |                      | 10/97  |   |                              |   | 100 | % |   | $ | 823,257 |   |
|                |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| The Mary Ryder Home |   | St. Louis, MO    |   |   | 48     |   |                                    |   | 753,925   |    |   |   | 6/96      |   |   |                      | 1/97   |   |                              |   | 100 | % |   |   | 1,591,573 |   |
|                |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Washington Arms     |   | Dayton, OH       |   |   | 93     |   |                                    |   | 2,175,014 |    |   |   | 2/96      |   |   |                      | 2/95   |   |                              |   | 100 | % |   |   | 203,859 |   |
|                |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Wyandotte Apts.     |   | Los Angeles, CA  |   |   | 73     |   |                                    |   | 2,781,211 |    |   |   | 4/96      |   |   |                      | 2/97   |   |                              |   | 100 | % |   |   | 2,280,623 |   |

----

Table of Contents 

| PropertyName           |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Academy Apts.          |   | West Point, VA   |   |   | 32     |   |                                    | $      | 1,116,262 |    |   |   | 4/97      |   |   |                      | 3/98   |   |                              |   | 100 | % |   | $ | 263,722 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Brookhaven Apts.       |   | Shrevport, LA    |   |   | 35     |   |                                    |   | 979,907   |    |   |   | 2/97      |   |   |                      | 1/97   |   |                              |   | 100 | % |   |   | 726,113 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Butler Estates         |   | Leesville, LA    |   |   | 10     |   |                                    |   | 128,811   |    |   |   | 8/96      |   |   |                      | 10/96  |   |                              |   | 100 | % |   |   | 129,311 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Calgory Apts. I        |   | Bismark, ND      |   |   | 24     |   |                                    |   | 518,862   |    |   |   | 2/96      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 414,507 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Calgory Apts. II       |   | Bismark, ND      |   |   | 24     |   |                                    |   | 529,374   |    |   |   | 2/96      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 414,507 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Calgory Apts. III      |   | Bismark, ND      |   |   | 24     |   |                                    |   | 507,281   |    |   |   | 2/96      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 414,507 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Country Edge Apts.     |   | Fargo, ND        |   |   | 48     |   |                                    |   | 737,637   |    |   |   | 7/97      |   |   |                      | 12/97  |   |                              |   | 100 | % |   |   | 1,128,587 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Devonshire II Apts.    |   | London, OH       |   |   | 28     |   |                                    |   | 685,520   |    |   |   | 1/97      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 182,070 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Devonshire West Apts.  |   | W. Jefferson, OH |   |   | 19     |   |                                    |   | 481,717   |    |   |   | 1/97      |   |   |                      | 1/97   |   |                              |   | 100 | % |   |   | 126,983 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| East Park II Apts.     |   | Dilworth, MN     |   |   | 24     |   |                                    |   | 443,328   |    |   |   | 8/96      |   |   |                      | 8/96   |   |                              |   | 100 | % |   |   | 525,631 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Edgewood Estates Apts. |   | Edgewood, TX     |   |   | 22     |   |                                    |   | 559,077   |    |   |   | 6/97      |   |   |                      | 11/96  |   |                              |   | 100 | % |   |   | 173,436 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Escher Street SRO      |   | Trenton, NJ      |   |   | 104    |   |                                    |   | 1,060,867 |    |   |   | 4/97      |   |   |                      | 5/98   |   |                              |   | 100 | % |   |   | 3,734,928 |   |

----

Table of Contents 

| PropertyName                 |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Grandview Apartments         |   | Fargo, ND         |   |   | 36     |   |                                    | $      | 971,217   |    |   |   | 8/96      |   |   |                      | 8/96   |   |                              |   | 100 | % |   | $ | 1,069,522 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Grayson Manor                |   | Independence, VA  |   |   | 32     |   |                                    |   | 952,505   |    |   |   | 3/98      |   |   |                      | 11/98  |   |                              |   | 100 | % |   |   | 656,156 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Hallman Court Apts.          |   | Rochester, NY     |   |   | 77     |   |                                    |   | 8,276,853 |    |   |   | 1/99      |   |   |                      | 7/00   |   |                              |   | 100 | % |   |   | 325,768 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Hanover Apts.                |   | Ashland, VA       |   |   | 40     |   |                                    |   | 1,215,797 |    |   |   | 11/97     |   |   |                      | 4/98   |   |                              |   | 100 | % |   |   | 295,538 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Hazeltine Apts.              |   | Los Angeles, CA   |   |   | 35     |   |                                    |   | 1,186,592 |    |   |   | 6/96      |   |   |                      | 1/97   |   |                              |   | 100 | % |   |   | 1,606,155 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Holly Heights Apts.          |   | Bowling Green, KY |   |   | 30     |   |                                    |   | 1,018,930 |    |   |   | 5/97      |   |   |                      | 8/97   |   |                              |   | 100 | % |   |   | 362,738 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lake Apts. IV                |   | Fargo, ND         |   |   | 24     |   |                                    |   | 534,707   |    |   |   | 2/96      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 414,507 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lake Apts. V                 |   | Fargo, ND         |   |   | 24     |   |                                    |   | 526,206   |    |   |   | 2/96      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 414,507 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lauderdale County Properties |   | Meriden, MS       |   |   | 48     |   |                                    |   | 932,233   |    |   |   | 12/98     |   |   |                      | 5/99   |   |                              |   | 100 | % |   |   | 444,136 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Liberty Village Apts.        |   | Liberty, NY       |   |   | 32     |   |                                    |   | 1,697,266 |    |   |   | 1/97      |   |   |                      | 5/97   |   |                              |   | 100 | % |   |   | 437,448 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Little Valley Est.           |   | Little Valley, NY |   |   | 24     |   |                                    |   | 1,104,142 |    |   |   | 1/97      |   |   |                      | 4/97   |   |                              |   | 100 | % |   |   | 284,257 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Maxton Green Apts.           |   | Maxton, NC        |   |   | 32     |   |                                    |   | 904,617   |    |   |   | 9/96      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 263,281 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Madison Apartments           |   | Miami Beach, FL   |   |   | 17     |   |                                    |   | 785,986   |    |   |   | 3/96      |   |   |                      | 6/97   |   |                              |   | 100 | % |   |   | 911,695 |   |
|                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Mason Manor Apts.            |   | Mason, TN         |   |   | 24     |   |                                    |   | 890,384   |    |   |   | 2/96      |   |   |                      | 1/96   |   |                              |   | 100 | % |   |   | 229,775 |   |

----

Table of Contents 

| PropertyName               |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Mosby Forest Apts.         |   | Littleton, NC    |   |   | 24     |   |                                    | $      | 506,081   |    |   |   | 10/96     |   |   |                      | 10/96  |   |                              |   | 100 | % |   | $ | 496,753 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| New Hope Bailey Apts.      |   | De Ridder, LA    |   |   | 40     |   |                                    |   | 775,047   |    |   |   | 8/96      |   |   |                      | 9/96   |   |                              |   | 100 | % |   |   | 758,620 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Nordhoff Apts.             |   | North Hills, CA  |   |   | 38     |   |                                    |   | 1,902,755 |    |   |   | 9/96      |   |   |                      | 7/97   |   |                              |   | 100 | % |   |   | 1,787,961 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Park Ridge Apartments      |   | Jackson, TN      |   |   | 136    |   |                                    |   | 3,500,000 |    |   |   | 11/98     |   |   |                      | 12/99  |   |                              |   | 100 | % |   |   | 854,147 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Powell Valley Village      |   | Jonesville, VA   |   |   | 34     |   |                                    |   | 612,624   |    |   |   | 3/98      |   |   |                      | 12/98  |   |                              |   | 100 | % |   |   | 1,423,248 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Southwind Apts. A LDHA     |   | Jennings, LA     |   |   | 36     |   |                                    |   | 790,435   |    |   |   | 8/96      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 700,216 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| T.R. Bobb Apts.            |   | New Iberia, LA   |   |   | 30     |   |                                    |   | 648,428   |    |   |   | 8/96      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 714,504 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Timmons- Ville Green Apts. |   | Timmonsville, SC |   |   | 32     |   |                                    |   | 1,019,465 |    |   |   | 10/96     |   |   |                      | 2/97   |   |                              |   | 100 | % |   |   | 292,587 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Tremont Station Apartments |   | Tremont, PA      |   |   | 24     |   |                                    |   | 1,104,057 |    |   |   | 5/96      |   |   |                      | 11/96  |   |                              |   | 100 | % |   |   | 349,889 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Village Estates Apts.      |   | Victoria, VA     |   |   | 32     |   |                                    |   | 1,107,541 |    |   |   | 4/97      |   |   |                      | 10/98  |   |                              |   | 100 | % |   |   | 270,204 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Village Green Apts.        |   | Gloucester, VA   |   |   | 32     |   |                                    |   | 1,104,723 |    |   |   | 4/97      |   |   |                      | 11/97  |   |                              |   | 100 | % |   |   | 296,893 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Warrensburg Heights        |   | Warrensburg, MO  |   |   | 28     |   |                                    |   | 1,056,799 |    |   |   | 12/96     |   |   |                      | 11/96  |   |                              |   | 100 | % |   |   | 308,825 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Westside Apts.             |   | Salem, AR        |   |   | 29     |   |                                    |   | 990,234   |    |   |   | 8/96      |   |   |                      | 10/96  |   |                              |   | 100 | % |   |   | 265,020 |   |
|                       |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| The Willows Apts.          |   | Smithville, TX   |   |   | 32     |   |                                    |   | 734,563   |    |   |   | 5/96      |   |   |                      | 5/96   |   |                              |   | 100 | % |   |   | 209,768 |   |

----

Table of Contents 

| PropertyName                                 |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------------------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| AHAB Rental Units Phase II                   |   | Springfield, MO   |   |   | 17     |   |                                    | $      | 375,301   |    |   |   | 6/97      |   |   |                      | 11/97  |   |                              |   | 100 | % |   | $ | 578,458 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Angelou Court Apts.                          |   | New York, NY      |   |   | 23     |   |                                    |   | 849,829   |    |   |   | 10/97     |   |   |                      | 8/99   |   |                              |   | 100 | % |   |   | 1,791,275 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Canisteo Manor                               |   | Canisteo, NY      |   |   | 24     |   |                                    |   | 879,569   |    |   |   | 4/98      |   |   |                      | 4/98   |   |                              |   | 100 | % |   |   | 621,857 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| The Casa Rosa                                |   | San Juan, PR      |   |   | 97     |   |                                    |   | 302,387   |    |   |   | 9/97      |   |   |                      | 4/98   |   |                              |   | 100 | % |   |   | 1,232,936 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Forest Glen At Sulluy Station Phase II Atps. |   | Centreville, VA   |   |   | 119    |   |                                    |   | 5,585,895 |    |   |   | 8/96      |   |   |                      | 6/97   |   |                              |   | 100 | % |   |   | 1,362,808 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Harrison Heights Apts.                       |   | Harrisonville, MO |   |   | 48     |   |                                    |   | 997,197   |    |   |   | 1/98      |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 245,516 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Holly Heights Apts.                          |   | Storm Lake, IA    |   |   | 32     |   |                                    |   | 454,081   |    |   |   | 4/97      |   |   |                      | 8/98   |   |                              |   | 100 | % |   |   | 614,058 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lake Apts. II                                |   | Fargo, ND         |   |   | 24     |   |                                    |   | 521,962   |    |   |   | 1/97      |   |   |                      | 12/95  |   |                              |   | 100 | % |   |   | 396,024 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Magnolia Place Apts.                         |   | Gautier, MS       |   |   | 40     |   |                                    |   | 500,000   |    |   |   | 11/97     |   |   |                      | 1/98   |   |                              |   | 100 | % |   |   | 800,027 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Northrock Apts.                              |   | Topeka, KS        |   |   | 76     |   |                                    |   | 2,013,041 |    |   |   | 5/00      |   |   |                      | 5/00   |   |                              |   | 100 | % |   |   | 610,365 |   |
|                                         |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Park Crest Apts.                             |   | Sherwood, AR      |   |   | 216    |   |                                    |   | 8,395,000 |    |   |   | 11/99     |   |   |                      | 6/99   |   |                              |   | 100 | % |   |   | 115,311 |   |

----

Table of Contents 

| PropertyName          |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                  |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Pear Village Apts.    |   | Leitchfile, KY    |   |   | 16     |   |                                    | $      | 143,934   |    |   |   | 8/96      |   |   |                      | 2/97   |   |                              |   | 100 | % |   | $ | 488,822 |   |
|                  |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Randolph Village      |   | Silver Spring, MD |   |   | 130    |   |                                    |   | 4,582,700 |    |   |   | 9/96      |   |   |                      | 8/97   |   |                              |   | 100 | % |   |   | 2,240,075 |   |
|                  |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Summer Hill Sr. Apts. |   | Wayne, NJ         |   |   | 164    |   |                                    |   | 7,656,856 |    |   |   | 11/96     |   |   |                      | 4/98   |   |                              |   | 100 | % |   |   | 2,337,000 |   |
|                  |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Sunday Sun Apts.      |   | Bowling Green, KY |   |   | 30     |   |                                    |   | 686,492   |    |   |   | 10/96     |   |   |                      | 12/96  |   |                              |   | 100 | % |   |   | 714,938 |   |

----

Table of Contents 

| PropertyName                  |   | Location              |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-------------------------------|--------|-----------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| 1374 Boston Road L.P.         |   | New York, NY          |   |   | 15     |   |                                    | $      | 54,639    |    |   |   | 2/97      |   |   |                      | 6/97   |   |                              |   | 100 | % |   | $ | 522,065 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Ashberry Manor Apts.          |   | Bardstown, KY         |   |   | 24     |   |                                    |   | 613,456   |    |   |   | 2/97      |   |   |                      | 3/97   |   |                              |   | 100 | % |   |   | 561,330 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Bienville III Apts.           |   | Ringold, LA           |   |   | 32     |   |                                    |   | 920,289   |    |   |   | 2/97      |   |   |                      | 2/97   |   |                              |   | 100 | % |   |   | 349,186 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Blanchard Apts.               |   | Blanchard, LA         |   |   | 32     |   |                                    |   | 867,844   |    |   |   | 7/97      |   |   |                      | 7/97   |   |                              |   | 100 | % |   |   | 307,218 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Chandler Village Apts         |   | Chandler, OK          |   |   | 32     |   |                                    |   | 868,663   |    |   |   | 4/97      |   |   |                      | 7/97   |   |                              |   | 100 | % |   |   | 255,639 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Cottonwood Apts.              |   | Cottonwood, LA        |   |   | 24     |   |                                    |   | 701,454   |    |   |   | 7/97      |   |   |                      | 7/97   |   |                              |   | 100 | % |   |   | 248,058 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Cottonwood Apts.              |   | Holly Grove, AR       |   |   | 24     |   |                                    |   | 889,894   |    |   |   | 2/97      |   |   |                      | 4/97   |   |                              |   | 100 | % |   |   | 254,856 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Evangeline Apts.              |   | Lake Arthur, LA       |   |   | 32     |   |                                    |   | 934,918   |    |   |   | 11/97     |   |   |                      | 1/98   |   |                              |   | 100 | % |   |   | 366,284 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Fairway Apts. II              |   | Marlette, MI          |   |   | 48     |   |                                    |   | 881,303   |    |   |   | 12/96     |   |   |                      | 3/97   |   |                              |   | 100 | % |   |   | 255,353 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Falcon Pointe Apts.           |   | Rosenburg, TX         |   |   | 102    |   |                                    |   | 2,805,857 |    |   |   | 4/98      |   |   |                      | 10/99  |   |                              |   | 100 | % |   |   | 3,782,145 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Jackson Place Apts.           |   | Jackson, LA           |   |   | 40     |   |                                    |   | 938,194   |    |   |   | 7/97      |   |   |                      | 10/97  |   |                              |   | 100 | % |   |   | 983,615 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Mapelwood Apts.               |   | Winnfield, LA         |   |   | 40     |   |                                    |   | 1,046,262 |    |   |   | 3/98      |   |   |                      | 8/98   |   |                              |   | 100 | % |   |   | 922,119 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Milton Village Apts.          |   | Milton, NY            |   |   | 32     |   |                                    |   | 1,167,648 |    |   |   | 2/97      |   |   |                      | 6/97   |   |                              |   | 100 | % |   |   | 1,192,184 |   |
|                          |   |                  |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Neighborhood Restorations VII |   | West Philadelphia, PA |   |   | 72     |   |                                    |   | 654,420   |    |   |   | 2/98      |   |   |                      | 2/98   |   |                              |   | 100 | % |   |   | 3,809,335 |   |

----

Table of Contents 

| PropertyName                |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Park Plaza I & II       |   | West Memphis, AR  |   |   | 128    |   |                                    | $      | 2,539,286 |    |   |   | 12/97     |   |   |                      | 11/96  |   |                              |   | 100 | % |   | $ | 553,954 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Park Village Apts.          |   | Athens, TN        |   |   | 80     |   |                                    |   | 1,074,590 |    |   |   | 10/98     |   |   |                      | 6/99   |   |                              |   | 100 | % |   |   | 1,992,486 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Pin Oak Village             |   | Bowie, MD         |   |   | 110    |   |                                    |   | 8,963,899 |    |   |   | 11/97     |   |   |                      | 1/96   |   |                              |   | 100 | % |   |   | 3,880,319 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Southern Villa Apts.        |   | Russellville, KY  |   |   | 32     |   |                                    |   | 1,289,795 |    |   |   | 11/97     |   |   |                      | 4/98   |   |                              |   | 100 | % |   |   | 323,500 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Randolph Village            |   | Silver Spring, MD |   |   | 130    |   |                                    |   | 4,582,700 |    |   |   | 12/97     |   |   |                      | 8/97   |   |                              |   | 100 | % |   |   | 909,471 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Sand Lane Manor Apts.       |   | Henderson, KY     |   |   | 24     |   |                                    |   | 609,239   |    |   |   | 8/97      |   |   |                      | 4/98   |   |                              |   | 100 | % |   |   | 556,478 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Senior Suites of Chicago    |   | Chicago, IL       |   |   | 84     |   |                                    |   | 3,957,153 |    |   |   | 12/97     |   |   |                      | 12/98  |   |                              |   | 100 | % |   |   | 3,208,112 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Sumner House                |   | Hartford, CT      |   |   | 79     |   |                                    |   | 970,623   |    |   |   | 1/98      |   |   |                      | 7/98   |   |                              |   | 100 | % |   |   | 2,010,966 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Terraceview Townhomes Apts. |   | Litchfield MN     |   |   | 22     |   |                                    |   | 497,862   |    |   |   | 7/97      |   |   |                      | 10/97  |   |                              |   | 100 | % |   |   | 726,402 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Tilghman Square             |   | Dunn, NC          |   |   | 20     |   |                                    |   | 658,496   |    |   |   | 11/97     |   |   |                      | 10/97  |   |                              |   | 100 | % |   |   | 307,605 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Wellston Village Apts.      |   | Wellston, OK      |   |   | 14     |   |                                    |   | 360,717   |    |   |   | 4/97      |   |   |                      | 8/97   |   |                              |   | 100 | % |   |   | 107,258 |   |
|                        |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Yale Village Apts.          |   | Yale, OK          |   |   | 8      |   |                                    |   | 190,411   |    |   |   | 2/98      |   |   |                      | 7/98   |   |                              |   | 100 | % |   |   | 74,341 |   |

----

Table of Contents 

| PropertyName            |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-------------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| The Arbor Park Apts.    |   | Jackson, MS       |   |   | 160    |   |                                    | $      | 5,160,000 |    |   |   | 12/96     |   |   |                      | 6/98   |   |                              |   | 100 | % |   | $ | 2,809,826 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| The Arbors              |   | Richmond, VA      |   |   | 85     |   |                                    |   | 4,344,118 |    |   |   | 7/97      |   |   |                      | 11/98  |   |                              |   | 83 | % |   |   | 2,480,576 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Barrington Cove Apts.   |   | Barrington, RI    |   |   | 60     |   |                                    |   | 1,845,888 |    |   |   | 4/97      |   |   |                      | 5/97   |   |                              |   | 100 | % |   |   | 4,264,830 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Bent Tree Apts.         |   | Jacksboro, TX     |   |   | 24     |   |                                    |   | 528,509   |    |   |   | 12/97     |   |   |                      | 1/98   |   |                              |   | 100 | % |   |   | 161,552 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Colonial Apts.          |   | Poplarville, MS   |   |   | 16     |   |                                    |   | 377,987   |    |   |   | 10/97     |   |   |                      | 7/97   |   |                              |   | 100 | % |   |   | 86,039 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Dogwood Apts.           |   | Appomattox, VA    |   |   | 48     |   |                                    |   | 1,310,762 |    |   |   | 10/98     |   |   |                      | 5/99   |   |                              |   | 100 | % |   |   | 637,151 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Emerald Trace Apts.     |   | Ruston, LA        |   |   | 48     |   |                                    |   | 1,260,419 |    |   |   | 8/98      |   |   |                      | 4/99   |   |                              |   | 100 | % |   |   | 1,199,141 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Edgewood Apts.          |   | Baker, LA         |   |   | 72     |   |                                    |   | 1,415,778 |    |   |   | 3/97      |   |   |                      | 9/98   |   |                              |   | 100 | % |   |   | 1,856,539 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Glenbrook Apts.         |   | Saint Jo, TX      |   |   | 24     |   |                                    |   | 440,340   |    |   |   | 12/97     |   |   |                      | 3/97   |   |                              |   | 100 | % |   |   | 145,871 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Harbor Pointe Apts.     |   | Benton Harbor, MI |   |   | 84     |   |                                    |   | 1,366,503 |    |   |   | 1/99      |   |   |                      | 10/99  |   |                              |   | 100 | % |   |   | 3,209,292 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| The Lincoln Hotel       |   | San Diego, CA     |   |   | 41     |   |                                    |   | 692,847   |    |   |   | 2/97      |   |   |                      | 7/97   |   |                              |   | 100 | % |   |   | 697,511 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lutkin Bayou Apts.      |   | Drew, MS          |   |   | 36     |   |                                    |   | 783,439   |    |   |   | 11/97     |   |   |                      | 6/97   |   |                              |   | 100 | % |   |   | 192,283 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Nacodgoches Plaza Apts. |   | Nacodgoches, TX   |   |   | 70     |   |                                    |   | 1,328,635 |    |   |   | 4/97      |   |   |                      | 3/98   |   |                              |   | 100 | % |   |   | 2,793,695 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Newcastle Apts.         |   | Collins, MS       |   |   | 36     |   |                                    |   | 625,512   |    |   |   | 9/97      |   |   |                      | 6/98   |   |                              |   | 100 | % |   |   | 194,259 |   |
|                    |   |              |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Park Crest Apts.        |   | Sherwood, AZ      |   |   | 216    |   |                                    |   | 8,395,000 |    |   |   | 2/98      |   |   |                      | 6/99   |   |                              |   | 100 | % |   |   | 3,199,520 |   |

----

Table of Contents 

| PropertyName           |   | Location        |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------|--------|-----------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Palmetto Place Apts.   |   | Benton, LA      |   |   | 40     |   |                                    | $      | 1,201,381 |    |   |   | 10/98     |   |   |                      | 4/99   |   |                              |   | 100 | % |   | $ | 1,153,878 |   |
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Pecan Hill Apts.       |   | Bryson, TX      |   |   | 16     |   |                                    |   | 336,787   |    |   |   | 8/97      |   |   |                      | 1/98   |   |                              |   | 100 | % |   |   | 110,600 |   |
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Regency Apts.          |   | Poplarville, MS |   |   | 16     |   |                                    |   | 436,956   |    |   |   | 10/97     |   |   |                      | 7/97   |   |                              |   | 100 | % |   |   | 102,419 |   |
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Rhome Apts.            |   | Rhome, TX       |   |   | 24     |   |                                    |   | 443,889   |    |   |   | 12/97     |   |   |                      | 2/97   |   |                              |   | 100 | % |   |   | 160,551 |   |
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Westfield Apts.        |   | Welsh, LA       |   |   | 40     |   |                                    |   | 746,601   |    |   |   | 11/97     |   |   |                      | 8/98   |   |                              |   | 100 | % |   |   | 918,605 |   |
|                   |   |            |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Willow Point Apts. III |   | Jackson, MS     |   |   | 120    |   |                                    |   | 4,365,000 |    |   |   | 12/96     |   |   |                      | 2/98   |   |                              |   | 100 | % |   |   | 2,035,596 |   |

----

Table of Contents 

| PropertyName           |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |   |      | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|--------|-----------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |
| Country Estates Apts.  |   | Farmville, VA    |   |   | 24     |   |                                    | $      | 860,897   |    |   |   | 3/98      |   |   |                      | 7/99   |   |                              |   | 100 | % |   | $ | 223,562 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Emerald Trace II Apts  |   | Ruston, LA       |   |   | 24     |   |                                    |   | 239,602   |    |   |   | 7/98      |   |   |                      | 12/98  |   |                              |   | 100 | % |   |   | 717,594 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Farewell Mills Apts.   |   | Lisbon, ME       |   |   | 27     |   |                                    |   | 755,583   |    |   |   | 8/97      |   |   |                      | 3/98   |   |                              |   | 100 | % |   |   | 662,864 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Hillside Terrace Apts. |   | Poughkeepsie, NY |   |   | 64     |   |                                    |   | 1,646,237 |    |   |   | 4/99      |   |   |                      | 7/00   |   |                              |   | 100 | % |   |   | 542,326 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lakewood Apts.         |   | Clarksville, VA  |   |   | 52     |   |                                    |   | 1,495,730 |    |   |   | 3/98      |   |   |                      | 10/99  |   |                              |   | 100 | % |   |   | 394,349 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Lone Oak Apts.         |   | Graham, TX       |   |   | 64     |   |                                    |   | 1,348,335 |    |   |   | 8/97      |   |   |                      | 9/98   |   |                              |   | 100 | % |   |   | 408,634 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Millwood Park Apts.    |   | Douglasville, GA |   |   | 172    |   |                                    |   | 7,109,037 |    |   |   | 12/98     |   |   |                      | 11/99  |   |                              |   | 100 | % |   |   | 971,164 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| New River Gardens      |   | Radford, VA      |   |   | 48     |   |                                    |   | 1,405,793 |    |   |   | 10/98     |   |   |                      | 5/99   |   |                              |   | 100 | % |   |   | 637,321 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Nocona Terrace Apts.   |   | Nocona, TX       |   |   | 36     |   |                                    |   | 688,037   |    |   |   | 8/97      |   |   |                      | 12/98  |   |                              |   | 100 | % |   |   | 249,394 |   |
|                   |   |             |   |   |   |   |                                    |   |      |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |   |
| Northgate Apts.        |   | Bryant, AR       |   |   | 20     |   |                                    |   | 557,214   |    |   |   | 4/99      |   |   |                      | 11/99  |   |                              |   | 100 | % |   |   | 834,557 |   |

----

Table of Contents 

| PropertyName         |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------|--------|-------------------|--------|--------|--------|--------|-------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-------------------------|--------|
|                 |   |              |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |
| Park Trace Apts.     |   | Jackson,TN        |   | 84     |   |   | $                             | 1,459,652 |   |    |   | 11/97  |      |   |   | 3/99                      |   |   |                    | 100    | % |   | $ | 3,353,303 |   |
|                 |   |              |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| Pine Forest Apts.    |   | Dahlgren,VA       |   | 40     |   |   |                          | 1,803,057 |   |    |   | 3/98   |      |   |   | 2/99                      |   |   |                    | 100    | % |   |   | 503,181 |   |
|                 |   |              |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| Riverbend Apts.      |   | Swanzey,NH        |   | 24     |   |   |                          | 535,944   |   |    |   | 7/97   |      |   |   | 2/98                      |   |   |                    | 100    | % |   |   | 1,321,798 |   |
|                 |   |              |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| RoyalCrest Apts.     |   | Bowie,TX          |   | 48     |   |   |                          | 927,089   |   |    |   | 8/97   |      |   |   | 10/98                     |   |   |                    | 100    | % |   |   | 337,545 |   |
|                 |   |              |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| Trinity Life Gardens |   | Pueblo,CO         |   | 44     |   |   |                          | 1,013,501 |   |    |   | 4/99   |      |   |   | 12/99                     |   |   |                    | 100    | % |   |   | 1,952,175 |   |
|                 |   |              |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| Western Trails Apts. |   | Council Bluffs,IA |   | 30     |   |   |                          | 842,503   |   |    |   | 7/98   |      |   |   | 6/99                      |   |   |                    | 100    | % |   |   | 912,827 |   |
|                 |   |              |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| WhistleStop Apts.    |   | Gentry,AR         |   | 27     |   |   |                          | 706,029   |   |    |   | 9/97   |      |   |   | 5/98                      |   |   |                    | 100    | % |   |   | 726,507 |   |

----

Table of Contents 

| PropertyName                |   | Location             |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------------|--------|----------------------|--------|--------|--------|--------|-------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-------------------------|--------|
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |
| BentTree Apts.              |   | San Angelou,TX       |   | 112    |   |   | $                             | 2,346,376 |   |    |   | 12/97  |      |   |   | 7/99                      |   |   |                    | 100    | % |   | $ | 3,521,950 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| BrittneySquare Apts.        |   | BowlingGreen,KY      |   | 20     |   |   |                          | 507,115   |   |    |   | 7/98   |      |   |   | 7/98                      |   |   |                    | 100    | % |   |   | 629,917 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| CantonManor Apts.           |   | Canton,MS            |   | 32     |   |   |                          | 764,983   |   |    |   | 11/97  |      |   |   | 7/98                      |   |   |                    | 100    | % |   |   | 271,306 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| CantonVillage Apts.         |   | Canton,MS            |   | 42     |   |   |                          | 1,076,720 |   |    |   | 11/97  |      |   |   | 7/98                      |   |   |                    | 100    | % |   |   | 363,557 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| DoubleSpringsManor II Apts. |   | BowlingGreen,KY      |   | 25     |   |   |                          | 299,911   |   |    |   | 9/98   |      |   |   | 3/99                      |   |   |                    | 100    | % |   |   | 985,432 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| EaglesRidge Terrace         |   | Decatur,TX           |   | 89     |   |   |                          | 1,619,314 |   |    |   | 12/97  |      |   |   | 5/98                      |   |   |                    | 100    | % |   |   | 467,063 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| Elmwood Apts.               |   | Ellisville,MS        |   | 32     |   |   |                          | 590,670   |   |    |   | 12/97  |      |   |   | 6/98                      |   |   |                    | 100    | % |   |   | 243,483 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| GilesApts.                  |   | Amelia,VA            |   | 16     |   |   |                          | 693,825   |   |    |   | 3/98   |      |   |   | 2/99                      |   |   |                    | 100    | % |   |   | 183,711 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| HendersonTerrace Apts.      |   | Bridgeport, TX       |   | 24     |   |   |                          | 465,012   |   |    |   | 11/97  |      |   |   | 9/98                      |   |   |                    | 100    | % |   |   | 120,846 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| Hurricane Hills             |   | Hurricane, UT        |   | 28     |   |   |                          | 635,835   |   |    |   | 9/97   |      |   |   | 8/98                      |   |   |                    | 100    | % |   |   | 2,020,271 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| MadisonHeight Apts.         |   | Canton,MS            |   | 80     |   |   |                          | 2,122,202 |   |    |   | 11/97  |      |   |   | 7/98                      |   |   |                    | 100    | % |   |   | 786,614 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| LakeviewCourt               |   | City ofLittle Elm,TX |   | 24     |   |   |                          | 396,813   |   |    |   | 11/97  |      |   |   | 1/99                      |   |   |                    | 100    | % |   |   | 83,390 |   |
|                        |   |                 |   |   |   |   |                          |      |   |    |   |   |      |   |   |                      |   |   |                    |   |   |   |   |   |   |
| MesquiteTrails              |   | Jacksboro,TX         |   | 35     |   |   |                          | 609,160   |   |    |   | 11/97  |      |   |   | 11/98                     |   |   |                    | 100    | % |   |   | 193,766 |   |

----

Table of Contents 

| PropertyName               |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |       |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|------------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Munjoy SouthTownhouseApts. |   | Portland,ME      |   | 140    |   |   | $                                       | 3,146,964  |   |    |   | 9/97   |      |   |   | 10/98                     |   |   |                              | 100    | % |   | $ | 777,411 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| NottowayManor              |   | Blackstone,VA    |   | 28     |   |   |                                    | 827,628    |   |    |   | 3/98   |      |   |   | 4/99                      |   |   |                              | 100    | % |   |   | 214,977 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ParktowneApts.             |   | Cleveland,TN     |   | 84     |   |   |                                    | 1,414,877  |   |    |   | 11/97  |      |   |   | 6/98                      |   |   |                              | 100    | % |   |   | 3,363,097 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ParkRidge Apts.            |   | McKee,KY         |   | 22     |   |   |                                    | 853,014    |   |    |   | 10/97  |      |   |   | 5/98                      |   |   |                              | 100    | % |   |   | 338,464 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Pilot PointApts.           |   | Pilot Point,VA   |   | 40     |   |   |                                    | 684,109    |   |    |   | 11/97  |      |   |   | 2/99                      |   |   |                              | 100    | % |   |   | 142,680 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Plantation Ridge           |   | Sugar Hill,GA    |   | 218    |   |   |                                    | 11,290,000 |   |    |   | 5/98   |      |   |   | 5/99                      |   |   |                              | 100    | % |   |   | 1,974,354 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| RiverbendApts.             |   | Bedford,ME       |   | 28     |   |   |                                    | 720,802    |   |    |   | 10/97  |      |   |   | 7/98                      |   |   |                              | 100    | % |   |   | 1,578,561 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| RothVillage                |   | Mechanicsburg,PA |   | 61     |   |   |                                    | 1,827,335  |   |    |   | 10/97  |      |   |   | 9/98                      |   |   |                              | 100    | % |   |   | 2,664,992 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Royal Estates Apts.        |   | Canton,MS        |   | 32     |   |   |                                    | 806,530    |   |    |   | 11/97  |      |   |   | 7/98                      |   |   |                              | 100    | % |   |   | 282,525 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SilverCreek Apts.          |   | Flat Rock,MI     |   | 112    |   |   |                                    | 2,954,414  |   |    |   | 3/98   |      |   |   | 8/99                      |   |   |                              | 100    | % |   |   | 4,535,381 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SpringsManor Apts.         |   | Rawls Spring,MS  |   | 32     |   |   |                                    | 786,972    |   |    |   | 12/97  |      |   |   | 6/98                      |   |   |                              | 100    | % |   |   | 328,693 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Western Hills Apts.        |   | Ferris,TX        |   | 16     |   |   |                                    | 406,388    |   |    |   | 5/00   |      |   |   | 9/00                      |   |   |                              | 100    | % |   | $ | 91,419 |   |
|                       |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| WindsorPark Apts.          |   | Jackson,MS       |   | 279    |   |   |                                    | 7,100,000  |   |    |   | 11/97  |      |   |   | 3/99                      |   |   |                              | 100    | % |   |   | 2,891,603 |   |

----

Table of Contents 

| PropertyName         |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Chardonnay Apts.     |   | Oklahoma City,OK |   | 14     |   |   | $                                       | 23,297    |   |    |   | 1/98   |      |   |   | 1/97                      |   |   |                              | 100    | % |   | $ | 393,700 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| CogicVillage Apts.   |   | Benton Harbor,MI |   | 136    |   |   |                                    | 2,193,048 |   |    |   | 4/98   |      |   |   | 7/99                      |   |   |                              | 100    | % |   |   | 6,669,762 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Courtside Apts.      |   | Cottonwood,AZ    |   | 44     |   |   |                                    | 786,056   |   |    |   | 6/98   |      |   |   | 7/98                      |   |   |                              | 100    | % |   |   | 1,667,188 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ClearCreek Apts.     |   | N. Manchester,IN |   | 64     |   |   |                                    | 1,315,437 |   |    |   | 7/98   |      |   |   | 9/99                      |   |   |                              | 100    | % |   |   | 2,112,665 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ColumbiaLuxar        |   | Dallas,TX        |   | 125    |   |   |                                    | 3,218,980 |   |    |   | 8/98   |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 3,947,106 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Colony Park Apts.    |   | Pearl,MS         |   | 192    |   |   |                                    | 8,000,000 |   |    |   | 6/98   |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 2,911,900 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Hallman Court Apts.  |   | Rochester,NY     |   | 77     |   |   |                                    | 8,276,853 |   |    |   | 1/99   |      |   |   | 7/00                      |   |   |                              | 100    | % |   |   | 266,536 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Parkside Plaza Apts  |   | New York,NY      |   | 39     |   |   |                                    | 1,319,661 |   |    |   | 7/99   |      |   |   | 5/01                      |   |   |                              | 100    | % |   |   | 2,764,603 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ParkRidge Apts.      |   | Jackson,TN       |   | 136    |   |   |                                    | 3,500,000 |   |    |   | 11/98  |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 1,672,917 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ParkVillage Apts.    |   | Athens,TN        |   | 80     |   |   |                                    | 1,074,590 |   |    |   | 10/98  |      |   |   | 6/99                      |   |   |                              | 100    | % |   |   | 1,503,103 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Pearlwood Apts.      |   | Pearl,MS         |   | 40     |   |   |                                    | 810,373   |   |    |   | 2/98   |      |   |   | 5/98                      |   |   |                              | 100    | % |   |   | 745,648 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Rose VillaApts.      |   | Ganado,TX        |   | 8      |   |   |                                    | 176,020   |   |    |   | 5/01   |      |   |   | 11/01                     |   |   |                              | 100    | % |   |   | 51,582 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Pecan Manor Apts.    |   | Natchitoches,LA  |   | 40     |   |   |                                    | 739,536   |   |    |   | 7/98   |      |   |   | 10/98                     |   |   |                              | 100    | % |   |   | 1,501,914 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Pineridge Apts.      |   | Franklinton,LA   |   | 40     |   |   |                                    | 757,733   |   |    |   | 7/98   |      |   |   | 1/99                      |   |   |                              | 100    | % |   |   | 1,497,889 |   |
|                 |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Sterling Creek Apts. |   | Independence,MO  |   | 48     |   |   |                                    | 737,629   |   |    |   | 5/98   |      |   |   | 5/00                      |   |   |                              | 100    | % |   |   | 1,973,594 |   |

----

Table of Contents 

| PropertyName                |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| BradfordPark Apts.          |   | Southhaven,MS     |   | 208    |   |   | $                                       | 9,670,000 |   |    |   | 10/98  |      |   |   | 12/99                     |   |   |                              | 100    | % |   | $ | 302,884 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Bradford Square North Apts. |   | Jefferson City,TN |   | 50     |   |   |                                    | 978,729   |   |    |   | 10/98  |      |   |   | 9/99                      |   |   |                              | 100    | % |   |   | 1,456,415 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Columbia Luxar              |   | Dallas,TX         |   | 125    |   |   |                                    | 3,218,980 |   |    |   | 8/98   |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 3,947,106 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Foxridge Apts.              |   | Durham,NC         |   | 92     |   |   |                                    | 2,747,583 |   |    |   | 3/98   |      |   |   | 7/99                      |   |   |                              | 100    | % |   |   | 3,652,119 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Harbor Pointe               |   | Benton Harbor,MI  |   | 84     |   |   |                                    | 1,366,503 |   |    |   | 1/99   |      |   |   | 10/99                     |   |   |                              | 100    | % |   |   | 1,157,091 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Merchant Court              |   | Dallas,GA         |   | 192    |   |   |                                    | 5,316,015 |   |    |   | 10/98  |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 2,422,226 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Northrock Apts.             |   | Topeka,KS         |   | 76     |   |   |                                    | 2,013,041 |   |    |   | 5/99   |      |   |   | 5/00                      |   |   |                              | 100    | % |   |   | 1,133,534 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Stearns-Assisted            |   | Millinocket,ME    |   | 20     |   |   |                                    | 435,500   |   |    |   | 12/99  |      |   |   | 3/01                      |   |   |                              | 100    | % |   |   | 675,984 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| StonewallRetirement Village |   | Stonewall,LA      |   | 40     |   |   |                                    | 1,112,863 |   |    |   | 7/98   |      |   |   | 1/99                      |   |   |                              | 100    | % |   |   | 1,495,966 |   |

----

Table of Contents 

| PropertyName                        |   | Location               |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-------------------------------------|--------|------------------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Abby Ridge Apts.                    |   | Elizabethtown,KY       |   | 24     |   |   | $                                       | 364,946   |   |    |   | 2/00   |      |   |   | 1/00                      |   |   |                              | 100    | % |   | $ | 1,577,723 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Allison Apts.                       |   | Mt. Washington,KY      |   | 24     |   |   |                                    | 566,200   |   |    |   | 11/98  |      |   |   | 1/99                      |   |   |                              | 100    | % |   |   | 850,013 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| BelmontAffordable Housing Two Apts. |   | Philadelphia,PA        |   | 20     |   |   |                                    | 345,715   |   |    |   | 1/99   |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 1,829,040 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| BoerneCreekside Apts.               |   | Boerne,TX              |   | 71     |   |   |                                    | 1,785,187 |   |    |   | 11/98  |      |   |   | 6/00                      |   |   |                              | 100    | % |   |   | 2,324,652 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Bradford Park Apts.                 |   | Southaven,MS           |   | 208    |   |   |                                    | 9,670,000 |   |    |   | 3/99   |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 2,868,684 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| HillsideClub Apts.                  |   | Bear Creek Township,MI |   | 56     |   |   |                                    | 1,505,954 |   |    |   | 10/98  |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 2,097,333 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Howard Park Apts                    |   | Florida City,FL        |   | 16     |   |   |                                    | 329,144   |   |    |   | 4/99   |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 681,334 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| KerrvilleMeadows Apts.              |   | Kerrville,TX           |   | 72     |   |   |                                    | 1,382,741 |   |    |   | 11/98  |      |   |   | 4/00                      |   |   |                              | 100    | % |   |   | 2,335,827 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| MerchantCourt Apts.                 |   | Dallas,GA              |   | 192    |   |   |                                    | 5,316,015 |   |    |   | 10/98  |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 4,718,773 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| MillwoodPark Apts.                  |   | Douglasville,GA        |   | 172    |   |   |                                    | 7,109,037 |   |    |   | 12/98  |      |   |   | 11/99                     |   |   |                              | 100    | % |   |   | 1,870,576 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Northwood Homes                     |   | Leitchfield,KY         |   | 24     |   |   |                                    | 633,619   |   |    |   | 4/99   |      |   |   | 6/99                      |   |   |                              | 100    | % |   |   | 1,185,712 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| RomeoVillage Apts.                  |   | MontourFalls,NY        |   | 24     |   |   |                                    | 1,009,170 |   |    |   | 10/98  |      |   |   | 4/99                      |   |   |                              | 100    | % |   |   | 753,362 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Summer Park Apts.                   |   | Jackson,MS             |   | 216    |   |   |                                    | 9,870,000 |   |    |   | 10/99  |      |   |   | 6/00                      |   |   |                              | 100    | % |   |   | 1,106,814 |   |
|                                |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Washington Courtyards               |   | Houston,TX             |   | 74     |   |   |                                    | 2,504,297 |   |    |   | 8/99   |      |   |   | 8/00                      |   |   |                              | 100    | % |   |   | 1,448,573 |   |

----

Table of Contents 

| PropertyName                  |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-------------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| AshtonCove Apts.              |   | Kingsland,GA     |   | 72     |   |   | $                                       | 1,693,843 |   |    |   | 1/00   |      |   |   | 4/00                      |   |   |                              | 100    | % |   | $ | 2,664,000 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Autumn Park                   |   | Dickson,TN       |   | 104    |   |   |                                    | 3,125,000 |   |    |   | 4/99   |      |   |   | 12/99                     |   |   |                              | 100    | % |   |   | 1,637,797 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Brazoswood Apts.              |   | Clute,TX         |   | 72     |   |   |                                    | 1,875,833 |   |    |   | 7/99   |      |   |   | 7/00                      |   |   |                              | 100    | % |   |   | 3,074,829 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Columbia Woods Townhomes      |   | Newman,GA        |   | 120    |   |   |                                    | 4,046,210 |   |    |   | 10/00  |      |   |   | 6/02                      |   |   |                              | 100    | % |   |   | 1,310,103 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| CountryWalk Apts.             |   | Mulvane,KS       |   | 68     |   |   |                                    | 1,539,710 |   |    |   | 12/98  |      |   |   | 11/99                     |   |   |                              | 100    | % |   |   | 1,923,697 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| CypressPointeRetirement Apts. |   | Casa Grande,AZ   |   | 104    |   |   |                                    | 1,715,751 |   |    |   | 4/99   |      |   |   | 3/00                      |   |   |                              | 100    | % |   |   | 2,680,499 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| GardenGates Apts. II          |   | New Caney,TX     |   | 32     |   |   |                                    | 710,862   |   |    |   | 3/99   |      |   |   | 3/00                      |   |   |                              | 100    | % |   |   | 1,067,950 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| HillsideTerrace Apts.         |   | Poughkeepsie, NY |   | 64     |   |   |                                    | 1,646,237 |   |    |   | 4/99   |      |   |   | 7/00                      |   |   |                              | 100    | % |   |   | 3,977,051 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| RiverwalkApt. Homes Phase II  |   | Sheboygan,WI     |   | 20     |   |   |                                    | 349,920   |   |    |   | 12/98  |      |   |   | 7/99                      |   |   |                              | 100    | % |   |   | 1,354,092 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Washington Courtyards         |   | Houston,TX       |   | 74     |   |   |                                    | 2,504,297 |   |    |   | 8/99   |      |   |   | 8/00                      |   |   |                              | 100    | % |   |   | 606,140 |   |
|                          |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Wedgewood Park Apts.          |   | Evans,GA         |   | 180    |   |   |                                    | 4,881,557 |   |    |   | 12/99  |      |   |   | 8/00                      |   |   |                              | 100    | % |   |   | 3,551,820 |   |

----

Table of Contents 

| PropertyName                             |   | Location               |   | Units  |   |   | MortgageBalance asof 12/31/10 |                    |   | AcqDate |   |                | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------------------------|--------|------------------------|--------|--------|--------|--------|-----------------------------------------|-------------------------|--------|---------|--------|---------------------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |
| AnnadaleApts.                            |   | Fresno,CA              |   | 222    |   |   | $                                       | 15,026,391              |   |    |   | 1/00                |      |   |   | 6/90                      |   |   |                              | 100    | % |   | $ | 548,563 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| AshtonRidge                              |   | Jackson,MI             |   | 144    |   |   |                                    | 2,502,586               |   |    |   | 2/00                |      |   |   | 12/00                     |   |   |                              | 100    | % |   |   | 1,430,296 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| FarmingtonMeadows                        |   | Aloha,OR               |   | 69     |   |   |                                    | 2,377,108               |   |    |   | 8/99                |      |   |   | 11/99                     |   |   |                              | 100    | % |   |   | 865,369 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| NowataVillage                            |   | Nowata,OK              |   | 28     |   |   |                                    | 1,216,230               |   |    |   | 8/99                |      |   |   | 2/00                      |   |   |                              | 100    | % |   |   | 330,497 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ParisPlace                               |   | Paris,KY               |   | 32     |   |   |                                    | 1,114,201               |   |    |   | 6/00                |      |   |   | 9/00                      |   |   |                              | 100    | % |   |   | 930,412 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| RiverviewBend Apts.                      |   | Cystal City,MO         |   | 94     |   |   |                                    | 2,855,000               |   |    |   | 11/99               |      |   |   | 3/00                      |   |   |                              | 100    | % |   |   | 1,210,500 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Senior SuitesOf ChicagoWashingtonHeights |   |   Chicago,IL |   | 85     |   |   |                                    |     3,439,004 |   |    |   |     12/99 |      |   |   |     11/00       |   |   |                              | 100    | % |   |   |     2,243,090 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ValleyviewEstatesApts.                   |   | BransonWest,MO         |   | 32     |   |   |                                    |   341,130          |   |    |   |   11/99        |      |   |   |   5/00               |   |   |                              | 100    | % |   |   |   1,306,789 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| WedgewoodPark Apts.                      |   | Evans,GA               |   | 180    |   |   |                                    | 4,881,557               |   |    |   | 12/99               |      |   |   | 8/00                      |   |   |                              | 100    | % |   |   | 3,551,820 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| WillowbrookApts.                         |   | Lafayette,LA           |   | 40     |   |   |                                    | 874,490                 |   |    |   | 6/99                |      |   |   | 9/99                      |   |   |                              | 100    | % |   |   | 1,200,789 |   |
|                                     |   |                   |   |   |   |   |                                    |                    |   |    |   |                |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| WingfieldApts.                           |   | Kinder,LA              |   | 40     |   |   |                                    | 658,115                 |   |    |   | 6/99                |      |   |   | 7/99                      |   |   |                              | 100    | % |   |   | 1,645,817 |   |

----

Table of Contents 

| Property Name               |   | Location               |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------------------|--------|------------------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                             |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Ashton Ridge Apts.               |   | Jackson,MS             |   | 144    |   |   | $                                       | 2,502,586 |   |    |   | 02/00  |      |   |   | 12/00                     |   |   |                              | 100    | % |   | $ | 6,003,938 |   |
|                             |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| BaldwinVillas                    |   | Pontiac,MI             |   | 65     |   |   |                                    | 4,816,474 |   |    |   | 10/99  |      |   |   | 7/01                      |   |   |                              | 100    | % |   |   | 1,678,972 |   |
|                             |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ColumbiaWoodsTownhomes           |   |  Newnan,GA        |   | 120    |   |   |                                    | 4,046,210 |   |    |   | 10/00  |      |   |   | 6/02                      |   |   |                              | 100    | % |   |   | 3,285,137 |   |
|                             |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SeniorSuites ofWashingtonHeights |   |   Chicago,IL |   | 85     |   |   |                                    | 3,439,004 |   |    |   | 12/99  |      |   |   | 11/00                     |   |   |                              | 100    | % |   |   | 2,243,090 |   |
|                             |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SilverPond Apts.                 |   | Wallingford,CT         |   | 160    |   |   |                                    | 3,719,300 |   |    |   | 6/00   |      |   |   | 12/01                     |   |   |                              | 100    | % |   |   | 1,563,634 |   |
|                             |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| StearnsAssistedApts.             |   |  Millinocket,ME   |   | 20     |   |   |                                    | 435,500   |   |    |   | 12/99  |      |   |   | 3/01                      |   |   |                              | 100    | % |   |   | 1,407,173 |   |
|                             |   |                   |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SummerPark                       |   | Jackson,MS             |   | 216    |   |   |                                    | 9,870,000 |   |    |   | 10/99  |      |   |   | 6/00                      |   |   |                              | 100    | % |   |   | 2,379,767 |   |

----

Table of Contents 

| PropertyName                |   | Location           |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------------|--------|--------------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Andover CrossingApts.       |   |  Andover, KS  |   | 80     |   |   | $                                       | 2,129,837 |   |    |   | 5/00   |      |   |   | 12/00                     |   |   |                              | 100    | % |   | $ | 1,772,874 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Arbors at Eagle Crest Apts. |   | Mount Pleasant, MI |   | 120    |   |   |                                    | 2,277,733 |   |    |   | 12/00  |      |   |   | 10/01                     |   |   |                              | 100    | % |   |   | 3,512,499 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Bristow Place Apts.         |   | Bristow, OK        |   | 28     |   |   |                                    | 1,202,030 |   |    |   | 6/01   |      |   |   | 12/00                     |   |   |                              | 100    | % |   |   | 487,648 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Columbia Creek Apts.        |   | Woodstock, GA      |   | 172    |   |   |                                    | 5,133,925 |   |    |   | 8/01   |      |   |   | 11/01                     |   |   |                              | 100    | % |   |   | 2,795,601 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| CushingPlaceApts.           |   | Cushing, OK        |   | 24     |   |   |                                    | 1,071,653 |   |    |   | 3/00   |      |   |   | 10/00                     |   |   |                              | 100    | % |   |   | 428,559 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| HammondPlaceApts.           |   | Hammond, LA        |   | 40     |   |   |                                    | 406,483   |   |    |   | 3/00   |      |   |   | 4/00                      |   |   |                              | 100    | % |   |   | 1,706,341 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Shoreham Apts.              |   | Houston, TX        |   | 120    |   |   |                                    | 3,219,161 |   |    |   | 4/00   |      |   |   | 7/01                      |   |   |                              | 100    | % |   |   | 6,138,485 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| VanderbiltApts.             |   | Edna,TX            |   | 12     |   |   |                                    | 277,213   |   |    |   | 5/01   |      |   |   | 10/01                     |   |   |                              | 100    | % |   |   | 104,181 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Whitley Park Apts.          |   | Whitley City, KY   |   | 21     |   |   |                                    | 875,281   |   |    |   | 6/00   |      |   |   | 6/00                      |   |   |                              | 100    | % |   |   | 302,339 |   |
|                        |   |               |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| WillowbrookII Apts.         |   | Lafayette,LA       |   | 40     |   |   |                                    | 758,314   |   |    |   | 3/00   |      |   |   | 5/00                      |   |   |                              | 100    | % |   |   | 1,247,680 |   |

----

Table of Contents 

| PropertyName                |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Arbors at Eagle Crest Apts. |   | Mount Pleasant,MI |   | 120    |   |   | $                                       | 2,277,733 |   |    |   | 12/00  |      |   |   | 10/01                     |   |   |                              | 100    | % |   | $ | 3,512,499 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Arbors at Ironwood Apts.    |   | Mishawaka,IN      |   | 88     |   |   |                                    | 1,661,952 |   |    |   | 7/00   |      |   |   | 9/01                      |   |   |                              | 100    | % |   |   | 3,772,295 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Austin Acres Atps.          |   | Hopkinsville, KY  |   | 32     |   |   |                                    | 808,100   |   |    |   | 11/00  |      |   |   | 9/01                      |   |   |                              | 100    | % |   |   | 1,275,155 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Columbia Creek Apts.        |   | Woodstock,GA      |   | 172    |   |   |                                    | 5,133,925 |   |    |   | 8/01   |      |   |   | 11/01                     |   |   |                              | 100    | % |   |   | 2,909,708 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Daystar Village Apts.       |   | Bowling Green,KY  |   | 32     |   |   |                                    | 711,322   |   |    |   | 2/01   |      |   |   | 1/01                      |   |   |                              | 100    | % |   |   | 1,113,443 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| HillviewApts.               |   | Leitchfield,KY    |   | 34     |   |   |                                    | 845,109   |   |    |   | 5/01   |      |   |   | 12/01                     |   |   |                              | 100    | % |   |   | 327,226 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Pine Grove Community        |   | Gouverneur, NY    |   | 48     |   |   |                                    | 1,096,013 |   |    |   | 12/00  |      |   |   | 10/01                     |   |   |                              | 100    | % |   |   | 3,077,767 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Tally-HoApts.               |   | Campti,CA         |   | 26     |   |   |                                    | 539,703   |   |    |   | 6/01   |      |   |   | 12/01                     |   |   |                              | 100    | % |   |   | 485,057 |   |
|                        |   |              |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Timber Trails Apts.         |   | Pineville,LA      |   | 32     |   |   |                                    | 774,647   |   |    |   | 6/01   |      |   |   | 7/01                      |   |   |                              | 100    | % |   |   | 499,829 |   |

----

Table of Contents 

| PropertyName               |   | Location        |   | Units  |   |   | MortgageBalance asof 12/31/10 |       |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------------|--------|-----------------|--------|--------|--------|--------|-----------------------------------------|------------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Arbors @ Ironwood Apts. II |   | Mishawaka,IN    |   | 40     |   |   | $                                       | 827,762    |   |    |   | 2/01   |      |   |   | 11/01                     |   |   |                              | 100    | % |   | $ | 1,771,758 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Baldwin Villas Apts.       |   | Pontiac,MI      |   | 65     |   |   |                                    | 4,816,474  |   |    |   | 8,01   |      |   |   | 7/01                      |   |   |                              | 100    | % |   |   | 344,405 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Carlyle Apts.              |   | Aberdeen,SD     |   | 44     |   |   |                                    | 608,079    |   |    |   | 2/01   |      |   |   | 6/01                      |   |   |                              | 100    | % |   |   | 1,359,155 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Center Place Apts.         |   | Center,TX       |   | 32     |   |   |                                    | 752,251    |   |    |   | 08/01  |      |   |   | 10/01                     |   |   |                              | 100    | % |   |   | 428,835 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Eagle Lake GardensApts.    |   | Azle,TX         |   | 60     |   |   |                                    | 1,083,810  |   |    |   | 10/01  |      |   |   | 5/02                      |   |   |                              | 100    | % |   |   | 666,179 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Londontown Homes Apts.     |   | London,KY       |   | 24     |   |   |                                    | 483,105    |   |    |   | 2/01   |      |   |   | 6/01                      |   |   |                              | 100    | % |   |   | 1,836,027 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Mason's Point Apts.        |   | Hopkinsville,KY |   | 41     |   |   |                                    | 1,217,189  |   |    |   | 06/01  |      |   |   | 7/02                      |   |   |                              | 100    | % |   |   | 1,824,270 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| MeadowsideApts.            |   | Milo,NY         |   | 40     |   |   |                                    | 1,563,223  |   |    |   | 05/01  |      |   |   | 12/01                     |   |   |                              | 100    | % |   |   | 855,372 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| NorthrockApts. II          |   | Topeka,KS       |   | 60     |   |   |                                    | 2,101,149  |   |    |   | 07/01  |      |   |   | 5/02                      |   |   |                              | 100    | % |   |   | 1,838,666 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| OaklandApts.               |   | Oakdale,LA      |   | 46     |   |   |                                    | 1,201,321  |   |    |   | 2/01   |      |   |   | 7/01                      |   |   |                              | 100    | % |   |   | 767,451 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Parkview Apts.             |   | Springfield, MA |   | 25     |   |   |                                    | 1,295,909  |   |    |   | 2/01   |      |   |   | 2/02                      |   |   |                              | 100    | % |   |   | 1,221,510 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SedgewickSundance Apts.    |   | Sedgewick,KS    |   | 24     |   |   |                                    | 339,950    |   |    |   | 09/01  |      |   |   | 10/01                     |   |   |                              | 100    | % |   |   | 1,372,208 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SouthbrookHumes Apts.      |   | Kily,KY         |   | 24     |   |   |                                    | 426,779    |   |    |   | 04/01  |      |   |   | 11/01                     |   |   |                              | 100    | % |   |   | 1,866,896 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Shalom Plaza Apts.         |   | Kansas City,MO  |   | 126    |   |   |                                    | 3,485,910  |   |    |   | 08/01  |      |   |   | 11/01                     |   |   |                              | 100    | % |   |   | 1,273,119 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SpringfieldCrossing        |   | Springfield,VA  |   | 347    |   |   |                                    | 25,575,719 |   |    |   | 6/02   |      |   |   | 10/01                     |   |   |                              | 100    | % |   |   | 718,652 |   |
|                       |   |            |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Western GardensApts.       |   | Dequincey,LA    |   | 48     |   |   |                                    | 1,253,760  |   |    |   | 2/01   |      |   |   | 7/01                      |   |   |                              | 100    | % |   |   | 782,188 |   |

----

Table of Contents 

| PropertyName                   |   | Location                |   | Units  |   |   | MortgageBalance asof 12/31/10 |       |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|--------------------------------|--------|-------------------------|--------|--------|--------|--------|-----------------------------------------|------------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |
| BienvilleApts.                 |   | Ringhold,LA             |   | 32     |   |   | $                                       | 760,835    |   |    |   | 12/01  |      |   |   | 11/01                     |   |   |                              | 100    | % |   | $ | 488,488 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| BreezewoodVillas I             |   | Frederiksted,VI         |   | 12     |   |   |                                    | 973,857    |   |    |   | 10/01  |      |   |   | 6/02                      |   |   |                              | 100    | % |   |   | 494,361 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Cedar Grove Apartments Phase I |   |  Shepherdsville,KY |   | 36     |   |   |                                    | 1,022,224  |   |    |   | 5/02   |      |   |   | 7/01                      |   |   |                              | 100    | % |   |   | 424,955 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Cranberry Cove Apartments      |   |  Beckley,WV        |   | 28     |   |   |                                    | 968,029    |   |    |   | 5/02   |      |   |   | 1/02                      |   |   |                              | 100    | % |   |   | 514,844 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Dawson Square                  |   | Thornton,CO             |   | 36     |   |   |                                    | 1,661,648  |   |    |   | 7/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 605,962 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Forest Glen Village            |   | Vidalia,GA              |   | 46     |   |   |                                    | 1,269,188  |   |    |   | 4/03   |      |   |   | 2/95                      |   |   |                              | 100    | % |   |   | 21,275 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Franklin Green                 |   | Franklin Grove,IL       |   | 12     |   |   |                                    | 340,688    |   |    |   | 5/02   |      |   |   | 9/01                      |   |   |                              | 100    | % |   |   | 308,576 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Harbor Point IIApts.           |   | Benton Township,MI      |   | 72     |   |   |                                    | 1,548,647  |   |    |   | 8/01   |      |   |   | 10/02                     |   |   |                              | 100    | % |   |   | 2,295,523 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Hollywood Palms Apts.          |   | San Diego,CA            |   | 94     |   |   |                                    | 7,420,332  |   |    |   | 3/02   |      |   |   | 11/02                     |   |   |                              | 100    | % |   |   | 1,895,913 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Marina Woods Apts.             |   | Halfmoon,NY             |   | 32     |   |   |                                    | 1,387,733  |   |    |   | 7/01   |      |   |   | 4/02                      |   |   |                              | 100    | % |   |   | 1,626,221 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Marwood Senior Apts.           |   |  Upper Marlboro,MD |   | 155    |   |   |                                    | 12,418,041 |   |    |   | 7/01   |      |   |   | 8/02                      |   |   |                              | 100    | % |   |   | 1,385,308 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| MeadowsideApts.                |   | Milo,NY                 |   | 40     |   |   |                                    | 1,563,223  |   |    |   | 5/01   |      |   |   | 12/01                     |   |   |                              | 100    | % |   |   | 855,372 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Mill CreekVillage              |   | Mt. Carroll,IL          |   | 12     |   |   |                                    | 376,604    |   |    |   | 5/02   |      |   |   | 9/01                      |   |   |                              | 100    | % |   |   | 264,354 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Northline Terrace              |   | Mentoda,IL              |   | 24     |   |   |                                    | 658,683    |   |    |   | 5/02   |      |   |   | 6/01                      |   |   |                              | 100    | % |   |   | 545,986 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Palisades Park                 |   | Fulton,IL               |   | 16     |   |   |                                    | 491,651    |   |    |   | 5/02   |      |   |   | 9/01                      |   |   |                              | 100    | % |   |   | 396,066 |   |
|                           |   |                    |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Red Hill Apts. I               |   | Farmerville,LA          |   | 32     |   |   |                                    | 802,636    |   |    |   | 11/01  |      |   |   | 6/01                      |   |   |                              | 100    | % |   |   | 502,692 |   |

----

Table of Contents 

| PropertyName           |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |       |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|------------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                   |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Sandalwood Apartments  |   | Toppenish,WA     |   | 20     |   |   | $                                       | 972,993    |   |    |   | 5/02   |      |   |   | 7/01                      |   |   |                              | 100    | % |   | $ | 293,983 |   |
|                   |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SouthparkApts. II      |   | Newton,KS        |   | 60     |   |   |                                    | 1,394,932  |   |    |   | 9/01   |      |   |   | 5/02                      |   |   |                              | 100    | % |   |   | 2,117,956 |   |
|                   |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Springfield Crossing   |   | Springfield,VA   |   | 347    |   |   |                                    | 25,575,719 |   |    |   | 6/02   |      |   |   | 10/01                     |   |   |                              | 100    | % |   |   | 878,352 |   |
|                   |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Sunshine Village Apts. |   | Elizabethtown,KY |   | 32     |   |   |                                    | 789,407    |   |    |   | 3/02   |      |   |   | 8/02                      |   |   |                              | 100    | % |   |   | 1,277,070 |   |

----

Table of Contents 

| PropertyName                       |   | Location           |   | Units  |   |   | MortgageBalance asof 12/31/10 |       |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------------------|--------|--------------------|--------|--------|--------|--------|-----------------------------------------|------------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Bellamy Mills Apartments           |   | Dover,NH           |   | 30     |   |   | $                                       | 1,395,394  |   |    |   | 4/02   |      |   |   | 12/02                     |   |   |                              | 100    | % |   | $ | 2,888,317 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Breezewood Villas II               |   | Frederiksted,VI    |   | 12     |   |   |                                    | 969,089    |   |    |   | 4/02   |      |   |   | 3/03                      |   |   |                              | 100    | % |   |   | 505,416 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| CanonClub                          |   | Canon City,CO      |   | 46     |   |   |                                    | 731,788    |   |    |   | 7/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 511,573 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Chester Townhouses Phase II        |   | Chester,SC         |   | 52     |   |   |                                    | 1,966,681  |   |    |   | 4/06   |      |   |   | 12/06                     |   |   |                              | 100    | % |   |   | 421,158 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Clifton Family Housing             |   | Clifton,CO         |   | 51     |   |   |                                    | 1,972,067  |   |    |   | 7/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 924,532 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Cooper’s Crossing Apartments |   | Los Colinas,TX     |   | 93     |   |   |                                    | 2,991,936  |   |    |   | 4/03   |      |   |   | 12/95                     |   |   |                              | 100    | % |   |   | 87,199 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Dorchester Apartments              |   | Port Huron,MI      |   | 131    |   |   |                                    | 4,399,582  |   |    |   | 4/02   |      |   |   | 8/03                      |   |   |                              | 100    | % |   |   | 2,578,034 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Harbor Pointe Apartments II        |   | Benton Township,MI |   | 72     |   |   |                                    | 1,548,647  |   |    |   | 4/02   |      |   |   | 10/02                     |   |   |                              | 100    | % |   |   | 1,731,786 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Helios Station                     |   | Lafayette,CO       |   | 30     |   |   |                                    | 2,339,927  |   |    |   | 7/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 583,895 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Hillridge Apartments               |   | Los Lunas,NM       |   | 38     |   |   |                                    | 215,000    |   |    |   | 4/03   |      |   |   | 6/96                      |   |   |                              | 100    | % |   |   | 112,211 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Hollywood Palm Apartments          |   | San Diego,CA       |   | 94     |   |   |                                    | 7,420,332  |   |    |   | 8/02   |      |   |   | 11/02                     |   |   |                              | 100    | % |   |   | 1,283,388 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Lynnelle Landing Apts.             |   | Charleston,WV      |   | 56     |   |   |                                    | 1,297,576  |   |    |   | 3/02   |      |   |   | 9/02                      |   |   |                              | 100    | % |   |   | 2,009,976 |   |
|                               |   |               |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Marwood Senior Apartments          |   | Upper Marlboro,MD  |   | 67     |   |   |                                    | 12,418,041 |   |    |   | 09/04  |      |   |   | 8/02                      |   |   |                              | 100    | % |   |   | 160,174 |   |

----

Table of Contents 

| PropertyName             |   | Location        |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|--------------------------|--------|-----------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Natchez Place Apartments |   | Natchez,MS      |   | 32     |   |   | $                                       | 799,578   |   |    |   | 8/02   |      |   |   | 11/01                     |   |   |                              | 100    | % |   | $ | 554,881 |   |
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Northfield Housing, LP   |   | Jackson,MS      |   | 5      |   |   |                                    | 131,264   |   |    |   | 4/03   |      |   |   | 12/96                     |   |   |                              | 100    | % |   |   | 24,330 |   |
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Park Meadow Apartments   |   | Gaylord,MI      |   | 80     |   |   |                                    | 1,484,111 |   |    |   | 4/03   |      |   |   | 4/97                      |   |   |                              | 100    | % |   |   | 228,511 |   |
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Park Plaza IV            |   | West Memphis,AR |   | 24     |   |   |                                    | 605,968   |   |    |   | 6/02   |      |   |   | 10/02                     |   |   |                              | 100    | % |   |   | 1,219,397 |   |
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Parkhurst Place          |   | Amherst,NH      |   | 42     |   |   |                                    | 3,414,319 |   |    |   | 1/02   |      |   |   | 9/02                      |   |   |                              | 100    | % |   |   | 518,876 |   |
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Strawberry Lane Apts.    |   | Clayton,NY      |   | 71     |   |   |                                    | 1,815,163 |   |    |   | 3/02   |      |   |   | 8/02                      |   |   |                              | 100    | % |   |   | 672,589 |   |
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Sunrise Manor Seniors.   |   | Buena Vista,CO  |   | 40     |   |   |                                    | 1,105,729 |   |    |   | 7/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 738,573 |   |
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Tiffany Square           |   | Lakewood,CO     |   | 52     |   |   |                                    | 1,902,200 |   |    |   | 7/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 636,566 |   |
|                     |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| WingfieldApartments II   |   | Kinder,LA       |   | 42     |   |   |                                    | 300,160   |   |    |   | 8/02   |      |   |   | 11/01                     |   |   |                              | 100    | % |   |   | 1,422,373 |   |

----

Table of Contents 

| PropertyName                |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |       |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|------------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |
| AlexanderMill Apartments    |   | Lawrenceville,GA |   | 224    |   |   | $                                       | 11,777,096 |   |    |   | 12/02  |      |   |   | 1/03                      |   |   |                              | 100    | % |   | $ | 1,854,189 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Aspen Meadows               |   | Aurora,CO        |   | 100    |   |   |                                    | 2,835,098  |   |    |   | 9/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 1,342,431 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Ashbury Park                |   | Aurora,CO        |   | 44     |   |   |                                    | 2,235,512  |   |    |   | 9/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 728,732 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Bohannon Place Apts.        |   | Bowling Green,KY |   | 12     |   |   |                                    | 248,101    |   |    |   | 5/03   |      |   |   | 10/03                     |   |   |                              | 100    | % |   |   | 909,561 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| CarpenterSchool             |   | Natchez,MS       |   | 38     |   |   |                                    | 1,494,020  |   |    |   | 1/03   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 1,278,002 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Charlevoix Apartments       |   | Charlevoix,MI    |   | 40     |   |   |                                    | 1,214,500  |   |    |   | 9/02   |      |   |   | 11/02                     |   |   |                              | 100    | % |   |   | 302,357 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Chester Townhouses Phase II |   | Chester,SC       |   | 52     |   |   |                                    | 1,966,681  |   |    |   | 4/06   |      |   |   | 12/06                     |   |   |                              | 100    | % |   |   | 226,777 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Cloverlane Apartments       |   | Lakeview,MI      |   | 24     |   |   |                                    | 296,626    |   |    |   | 9/02   |      |   |   | 10/02                     |   |   |                              | 100    | % |   |   | 356,228 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Dorchester Apartments       |   | Port Huron,MI    |   | 131    |   |   |                                    | 4,399,582  |   |    |   | 9/02   |      |   |   | 8/03                      |   |   |                              | 100    | % |   |   | 2,578,034 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| GenevaSr. CitizenApts.      |   | Geneva,NY        |   | 32     |   |   |                                    | 1,398,594  |   |    |   | 4/03   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 2,035,378 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Gilbert Apts.               |   | Corbin,KY        |   | 40     |   |   |                                    | 747,705    |   |    |   | 7/03   |      |   |   | 5/04                      |   |   |                              | 100    | % |   |   | 2,780,800 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Hollywood Palm Apartments   |   | San Diego,CA     |   | 94     |   |   |                                    | 7,420,332  |   |    |   | 12/02  |      |   |   | 11/02                     |   |   |                              | 100    | % |   |   | 2,654,279 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Kearney Plaza               |   | Commerce City,CO |   | 51     |   |   |                                    | 1,418,534  |   |    |   | 9/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 575,398 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Lakewood Apartments         |   | Saranac,MI       |   | 24     |   |   |                                    | 809,977    |   |    |   | 9/02   |      |   |   | 10/02                     |   |   |                              | 100    | % |   |   | 475,606 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| The LandingApts.            |   | Whitley,KY       |   | 24     |   |   |                                    | 1,227,068  |   |    |   | 4/03   |      |   |   | 6/04                      |   |   |                              | 100    | % |   |   | 302,763 |   |
|                        |   |             |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| LibrarySquare Apts.         |   | Mandan,ND        |   | 46     |   |   |                                    | 2,066,923  |   |    |   | 9/03   |      |   |   | 8/03                      |   |   |                              | 100    | % |   |   | 2,752,868 |   |

----

Table of Contents 

| PropertyName               |   | Location        |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|----------------------------|--------|-----------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                       |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Parkside Plaza Apartments  |   | New York,NY     |   | 34     |   |   | $                                       | 1,319,661 |   |    |   | 1/04   |      |   |   | 5/01                      |   |   |                              | 100    | % |   | $ | - |   |
|                       |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Parkside Apartments        |   | Coleman,MI      |   | 40     |   |   |                                    | 853,976   |   |    |   | 9/02   |      |   |   | 12/02                     |   |   |                              | 100    | % |   |   | 832,371 |   |
|                       |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| RiverviewApartments        |   | Blissfield,MI   |   | 32     |   |   |                                    | 708,138   |   |    |   | 9/02   |      |   |   | 2/02                      |   |   |                              | 100    | % |   |   | 509,938 |   |
|                       |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Seven Points Apartments    |   | Seven Points,TX |   | 36     |   |   |                                    | 950,631   |   |    |   | 9/02   |      |   |   | 3/03                      |   |   |                              | 100    | % |   |   | 687,978 |   |
|                       |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| SheridanGardens            |   | Englewood,CO    |   | 48     |   |   |                                    | 1,927,431 |   |    |   | 9/02   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 672,657 |   |
|                       |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| StottvilleCourt Apartments |   | Stockport,NY    |   | 28     |   |   |                                    | 1,104,398 |   |    |   | 9/02   |      |   |   | 5/03                      |   |   |                              | 100    | % |   |   | 1,073,805 |   |
|                       |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| StrawberryLake Apts.       |   | Norway,MI       |   | 32     |   |   |                                    | 934,307   |   |    |   | 7/03   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 763,285 |   |

----

Table of Contents 

| PropertyName                 |   | Location          |   | Units  |   |   | MortgageBalance asof 12/31/10 |       |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------------|--------|-------------------|--------|--------|--------|--------|-----------------------------------------|------------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |
| AlexanderMills Apts.         |   | Lawrenceville, GA |   | 224    |   |   | $                                       | 11,777,096 |   |    |   | 2/03   |      |   |   | 1/03                      |   |   |                              | 100    | % |   | $ | 2,266,233 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Aurora Village Sr.           |   | Aurora,CO         |   | 100    |   |   |                                    | 4,228,853  |   |    |   | 2/03   |      |   |   | 3/03                      |   |   |                              | 100    | % |   |   | 1,526,951 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Brookside Park Apts.         |   | Atlanta,GA        |   | 200    |   |   |                                    | 11,962,924 |   |    |   | 12/03  |      |   |   | 3/05                      |   |   |                              | 100    | % |   |   | 137,046 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Families First II            |   | W. Memphis,AR     |   | 66     |   |   |                                    | 2,309,155  |   |    |   | 5/03   |      |   |   | 6/04                      |   |   |                              | 100    | % |   |   | 2,005,916 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Memphis102                   |   | Memphis,TN        |   | 102    |   |   |                                    | 1,803,202  |   |    |   | 5/03   |      |   |   | 8/04                      |   |   |                              | 100    | % |   |   | 3,497,653 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| NorthrockApts. III           |   | Topeka,KS         |   | 32     |   |   |                                    | 939,598    |   |    |   | 6/03   |      |   |   | 11/03                     |   |   |                              | 100    | % |   |   | 1,565,194 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| OrchardManor Apts.**         |   | Ukiah,CA          |   | 64     |   |   |                                    | 6,867,480  |   |    |   | 10/03  |      |   |   | 9/03                      |   |   |                              | 100    | % |   |   | 2,231,125 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Orchard River Apts.**        |   | Ukiah,CA          |   | 48     |   |   |                                    | **         |   |    |   | 10/03  |      |   |   | 7/03                      |   |   |                              | 100    | % |   |   | ** |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| OxfordManor  Apts. |   | New Oxford,PA     |   | 32     |   |   |                                    | 1,302,427  |   |    |   | 3/03   |      |   |   | 5/03                      |   |   |                              | 100    | % |   |   | 454,862 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Post Oak East Apts.          |   | Fort Worth,TX     |   | 246    |   |   |                                    | 13,589,299 |   |    |   | 7/04   |      |   |   | 5/06                      |   |   |                              | 100    | % |   |   | 3,874,783 |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| River Gardens Apts.**        |   | Fort Bragg,CA     |   | 48     |   |   |                                    | **         |   |    |   | 10/03  |      |   |   | 11/03                     |   |   |                              | 100    | % |   |   | ** |   |
|                         |   |              |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Villages atAspen Club        |   | Bealton,VA        |   | 30     |   |   |                                    | 1,840,186  |   |    |   | 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. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents 

| PropertyName                |   | Location            |   | Units  |   |   | MortgageBalance asof 12/31/10 |       |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-----------------------------|--------|---------------------|--------|--------|--------|--------|-----------------------------------------|------------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Baldwin Villas Apts.        |   | Pontiac,MI          |   | 65     |   |   | $                                       | 4,816,474  |   |    |   | 12/03  |      |   |   | 6/01                      |   |   |                              | 100    | % |   | $ | 106,137 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Bartlett Bayou              |   | Pascagoula,MS       |   | 48     |   |   |                                    | 869,728    |   |    |   | 7/03   |      |   |   | 9/05                      |   |   |                              | 100    | % |   |   | 2,675,101 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Breezewood Villas II        |   | Frederiksted, VI    |   | 12     |   |   |                                    | 969,089    |   |    |   | 12/03  |      |   |   | 3/03                      |   |   |                              | 100    | % |   |   | 53,729 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Brookside Park              |   | Atlanta,GA          |   | 200    |   |   |                                    | 11,962,924 |   |    |   | 12/03  |      |   |   | 3/05                      |   |   |                              | 100    | % |   |   | 3,666,890 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Brookside Square            |   | Boykins,VA          |   | 32     |   |   |                                    | 1,262,426  |   |    |   | 7/03   |      |   |   | 8/04                      |   |   |                              | 100    | % |   |   | 743,039 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Chevy PlaceHallman Court    |   | Rochester,NY        |   | 77     |   |   |                                    | 8,307,981  |   |    |   | 12/03  |      |   |   | 7/00                      |   |   |                              | 100    | % |   |   | 81,177 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Dawn Springs Villa          |   | London,KY           |   | 24     |   |   |                                    | 535,167    |   |    |   | 5/05   |      |   |   | 10/05                     |   |   |                              | 100    | % |   |   | 1,099,086 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Eastview Family             |   | Watonga,OK          |   | 16     |   |   |                                    | 629,545    |   |    |   | 9/04   |      |   |   | 6/04                      |   |   |                              | 100    | % |   |   | 187,429 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Fairview Manor              |   | Childress,TX        |   | 48     |   |   |                                    | 784,329    |   |    |   | 5/03   |      |   |   | 3/04                      |   |   |                              | 100    | % |   |   | 859,892 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Harbor Pt. II Apts.         |   | Benton Township, MI |   | 72     |   |   |                                    | 1,548,647  |   |    |   | 12/03  |      |   |   | 10/02                     |   |   |                              | 100    | % |   |   | 201,369 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Heritage Christian Home III |   | Brighton,NY         |   | 12     |   |   |                                    | 401,472    |   |    |   | 1/04   |      |   |   | 10/03                     |   |   |                              | 100    | % |   |   | 721,545 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Jefferson House             |   | Lynchburg,VA        |   | 101    |   |   |                                    | 2,523,931  |   |    |   | 12/04  |      |   |   | 7/05                      |   |   |                              | 100    | % |   |   | 925,273 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Kings Pt.Apts.              |   | Sheridan,CO         |   | 50     |   |   |                                    | 2,248,233  |   |    |   | 8/03   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 788,729 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| La Mirage Apts.             |   | Borger,TX           |   | 12     |   |   |                                    | 858,708    |   |    |   | 8/03   |      |   |   | 10/03                     |   |   |                              | 100    | % |   |   | 766,945 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| LakeviewStation             |   | Shepardsville,KY    |   | 28     |   |   |                                    | 699,533    |   |    |   | 7/03   |      |   |   | 9/03                      |   |   |                              | 100    | % |   |   | 1,402,270 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Lawrence-ville Manor        |   | Lawrenceville,VA    |   | 24     |   |   |                                    | 905,076    |   |    |   | 7/03   |      |   |   | 8/04                      |   |   |                              | 100    | % |   |   | 771,671 |   |
|                        |   |                |   |   |   |   |                                    |       |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Lincoln Apts.               |   | Shinnston,WV        |   | 32     |   |   |                                    | 839,891    |   |    |   | 10/03  |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 786,619 |   |

----

Table of Contents 

| PropertyName                       |   | Location         |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|------------------------------------|--------|------------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| London Village                     |   | London,KY        |   | 32     |   |   | $                                       | 594,262   |   |    |   | 4/05   |      |   |   | 9/05                      |   |   |                              | 100    | % |   | $ | 2,021,436 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Lone Terrace                       |   | Lone Grove,OK    |   | 32     |   |   |                                    | 1,242,004 |   |    |   | 5/03   |      |   |   | 1/04                      |   |   |                              | 100    | % |   |   | 435,193 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Lorie Village                      |   | Bowling Green,KY |   | 32     |   |   |                                    | 876,540   |   |    |   | 7/03   |      |   |   | 11/03                     |   |   |                              | 100    | % |   |   | 1,288,510 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Marina Woods Apts.                 |   | Halfmoon,NY      |   | 32     |   |   |                                    | 1,387,733 |   |    |   | 12/03  |      |   |   | 4/02                      |   |   |                              | 100    | % |   |   | 4,435 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Mill RaceApts.                     |   | Plainwell,MI     |   | 32     |   |   |                                    | 984,145   |   |    |   | 6/03   |      |   |   | 12/03                     |   |   |                              | 100    | % |   |   | 347,253 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Orchard View Apst.                 |   | Farmington,MO    |   | 40     |   |   |                                    | 815,646   |   |    |   | 7/03   |      |   |   | 6/04                      |   |   |                              | 100    | % |   |   | 2,226,954 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Reese Village                      |   | Emporia,VA       |   | 40     |   |   |                                    | 1,392,951 |   |    |   | 3/05   |      |   |   | 11/04                     |   |   |                              | 100    | % |   |   | 1,198,088 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Ridge CrestApts.                   |   | St. Louis,MO     |   | 83     |   |   |                                    | 3,515,773 |   |    |   | 8/03   |      |   |   | 9/04                      |   |   |                              | 100    | % |   |   | 2,020,327 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Sulphur Terrace                    |   | Sulphur,OK       |   | 32     |   |   |                                    | 1,215,018 |   |    |   | 5/03   |      |   |   | 1/04                      |   |   |                              | 100    | % |   |   | 433,759 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| UniversityPlaza Sr. Complex        |   | Greely,CO        |   | 34     |   |   |                                    | 1,070,757 |   |    |   | 5/03   |      |   |   | 9/03                      |   |   |                              | 100    | % |   |   | 332,128 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| ValleyviewApts.                    |   | Canneyville,KY   |   | 24     |   |   |                                    | 701,585   |   |    |   | 12/05  |      |   |   | 12/04                     |   |   |                              | 100    | % |   |   | 488,540 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| William B.Quarton                  |   | Cedar Rapids, IA |   | 28     |   |   |                                    | 1,210,696 |   |    |   | 1/04   |      |   |   | 7/03                      |   |   |                              | 100    | % |   |   | 1,197,000 |   |
|                               |   |             |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Willow Oak and Oroville Apartments |   | Willows,CA       |   | 122    |   |   |                                    | 4,359,599 |   |    |   | 07/04  |      |   |   | 10/03                     |   |   |                              | 100    | % |   |   | 1,619,212 |   |

----

Table of Contents 

| PropertyName                  |   | Location        |   | Units  |   |   | MortgageBalance asof 12/31/10 |      |   | AcqDate |   |   | ConstComp |   |   | QualifiedOccupancy3/31/11 |   |   | Cap Conpaid thru3/31/11 |   |
|-------------------------------|--------|-----------------|--------|--------|--------|--------|-----------------------------------------|-----------|--------|---------|--------|--------|-----------|--------|--------|---------------------------|--------|--------|-----------------------------------|--------|
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |
| Bartlett Bayou Apartments     |   | Pascagoula,MS   |   | 48     |   |   | $                                       | 869,728   |   |    |   | 7/03   |      |   |   | 9/05                      |   |   |                              | 100    | % |   | $ | 786,153 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Clayton Station Apartments    |   | Munfordville,KY |   | 29     |   |   |                                    | 756,953   |   |    |   | 4/04   |      |   |   | 9/04                      |   |   |                              | 100    | % |   |   | 1,274,486 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Deer Meadow Apartments        |   | Tishomingo, OK  |   | 24     |   |   |                                    | 1,132,059 |   |    |   | 2/04   |      |   |   | 3/04                      |   |   |                              | 100    | % |   |   | 369,626 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Elma Gardens                  |   | Elma, WA        |   | 36     |   |   |                                    | 1,219,593 |   |    |   | 3/05   |      |   |   | 1/04                      |   |   |                              | 100    | % |   |   | 588,701 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Jacksonville Square Apts.     |   | Jacksonville,TX |   | 44     |   |   |                                    | 1,083,145 |   |    |   | 11/03  |      |   |   | 7/04                      |   |   |                              | 100    | % |   |   | 621,519 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| KensingtonHeightsApts.        |   | Kansas City,MO  |   | 126    |   |   |                                    | 4,617,324 |   |    |   | 10/03  |      |   |   | 10/04                     |   |   |                              | 100    | % |   |   | 2,375,770 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Kimberly Place Apartments     |   | Danbury,CT      |   | 117    |   |   |                                    | 6,993,517 |   |    |   | 6/04   |      |   |   | 4/05                      |   |   |                              | 100    | % |   |   | 2,450,732 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Linden'sApartments            |   | Shawnee,OK      |   | 54     |   |   |                                    | 1,140,766 |   |    |   | 12/04  |      |   |   | 2/06                      |   |   |                              | 100    | % |   |   | 2,963,132 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Ocean East Housing            |   | Portland,ME     |   | 32     |   |   |                                    | 1,472,108 |   |    |   | 2/04   |      |   |   | 6/05                      |   |   |                              | 100    | % |   |   | 3,787,273 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| PanolaApts.                   |   | Carthage,TX     |   | 32     |   |   |                                    | 763,956   |   |    |   | 12/03  |      |   |   | 4/04                      |   |   |                              | 100    | % |   |   | 461,573 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| RosehillApts.                 |   | Topeka,KS       |   | 48     |   |   |                                    | 2,450,000 |   |    |   | 12/03  |      |   |   | 9/04                      |   |   |                              | 100    | % |   |   | 2,540,503 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Sandy Hill Apartments         |   | Greenville, KY  |   | 29     |   |   |                                    | 528,726   |   |    |   | 4/04   |      |   |   | 10/04                     |   |   |                              | 100    | % |   |   | 1,849,164 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Saint MartinApartments        |   | McCombs,MS      |   | 40     |   |   |                                    | 878,009   |   |    |   | 8/05   |      |   |   | 4/06                      |   |   |                              | 100    | % |   |   | 1,539,454 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| Tanglewood Village Apartments |   | Panama,OK       |   | 24     |   |   |                                    | 1,166,062 |   |    |   | 9/04   |      |   |   | 5/04                      |   |   |                              | 100    | % |   |   | 402,649 |   |
|                          |   |            |   |   |   |   |                                    |      |   |    |   |   |      |   |   |                      |   |   |                              |   |   |   |   |   |   |
| WagonerVillage                |   | Wagoner,OK      |   | 31     |   |   |                                    | 967,780   |   |    |   | 1/04   |      |   |   | 1/04                      |   |   |                              | 100    | % |   |   | 341,377 |   |

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| Item 3. | Legal Proceedings |
|---------|-------------------|

|   | None. |
|--------|-------|

| Item 4. | (Removed and Reserved.) |
|---------|-------------------------|

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PART II

| Item 5.  | Market for the Fund's Limited Partnership Interests, Related Partnership Matters and Issuer Purchases of Partnership Interests |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (a)  | Market Information |
|--------|-----------|--------------------|

|   | (b)  | Approximate number of security holders |
|--------|-----------|----------------------------------------|

|   | (c)  | Dividend history and restriction |
|--------|-----------|----------------------------------|

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| Item 6.  | Selected Financial Data |
|--------------------|-------------------------|

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

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| Item 7A. | Quantitative and Qualitative Disclosure About Market Risk |
|----------|-----------------------------------------------------------|

| Item 8. | Financial Statements and Supplementary Data |
|---------|---------------------------------------------|

| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
|---------|--------------------------------------------------------------------------------------|

| Item 9A. | Controls & Procedures |
|----------|---------------------------|

|   | (a) | Evaluation of Disclosure Controls and Procedures |
|--------|-----|--------------------------------------------------|

|   | (b) | Management's Annual Report on Internal Control over Financial Reporting |
|--------|-----|-------------------------------------------------------------------------|

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|   | (c) | Changes in Internal Controls |
|--------|-----|------------------------------|

| Item 9B. | Other Information |
|----------|-------------------|

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PART III

| Item 10. | Directors, Executive Officers and Corporate Governance |
|----------|--------------------------------------------------------|

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| (f) | Involvement in certain legal proceedings. |
|-----|-------------------------------------------|

| (g) | Promoters and control persons. |
|-----|--------------------------------|

| (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. |
|-------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| Item 11. | Executive Compensation |
|----------|------------------------|

| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Partner Matters |
|----------|--------------------------------------------------------------------------------------------|

|   | (a) | Security ownership of certain beneficial owners. |
|--------|-----|--------------------------------------------------|

| Series 20 |   |   | 7.10 | % |
|-----------|--------|--------|------|---|
| Series 21 |   |   | 6.09 | % |
| Series 22 |   |   | 8.64 | % |
| Series 23 |   |   | 6.72 | % |
| Series 24 |   |   | 6.68 | % |
| Series 25 |   |   | 6.88 | % |
| Series 26 |   |   | 8.56 | % |
| Series 27 |   |   | 9.23 | % |
| Series 28 |   |   | 8.17 | % |
| Series 29 |   |   | 7.20 | % |
| Series 30 |   |   | 7.26 | % |
| Series 31 |   |   | 6.84 | % |
| Series 32 |   |   | 9.24 | % |
| Series 33 |   |   | 8.23 | % |
| Series 34 |   |   | 9.18 | % |
| Series 35 |   |   | 7.90 | % |
| Series 36 |   |   | 6.96 | % |
| Series 37 |   |   | 8.55 | % |
| Series 38 |   |   | 8.98 | % |
| Series 39 |   |   | 8.31 | % |
| Series 40 |   |   | 6.04 | % |
| Series 41 |   |   | 8.37 | % |
| Series 42 |   |   | 6.33 | % |
| Series 43 |   |   | 6.80 | % |
| Series 44 |   |   | 6.14 | % |
| Series 46 |   |   | 6.03 | % |

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|   | (b) | Security ownership of management. |
|--------|-----|-----------------------------------|

|   | (c) | Changes in control. |
|--------|-----|---------------------|

| Item 13. | Certain Relationships and Related Transactions, and Director Independence |
|----------|---------------------------------------------------------------------------|

|   | (a) | Transactions with related persons |
|--------|-----|-----------------------------------|

|   | (b) | Review, Approval or Ratification of transactions with related persons. |
|--------|-----|------------------------------------------------------------------------|

|   | (c) | Promoters and certain control persons. |
|--------|-----|----------------------------------------|

|   | (d) | Independence. |
|--------|-----|---------------|

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| Item 14. | Principal Accounting Fees and Services |
|----------|----------------------------------------|

| Fee Type           |   | Ser. 20 |   |   | Ser. 21 |   |   | Ser. 22 |   |   | Ser. 23 |   |   | Ser. 24 |   |
|--------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
| Audit Fees         |   | $       | 16,225 |   |    | $      | 12,750 |    |   | $      | 18,928  |   |   | $       | 16,228 |   |   | $ | 17,003 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | -      |   |    |   | 255    |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 6,730  |   |    |   | 4,975  |    |   |   | 8,095   |   |   |    | 6,730  |   |   |   | 7,120 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | 520    |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 22,955 |   |    | $      | 18,500 |    |   | $      | 27,023  |   |   | $       | 22,958 |   |   | $ | 24,123 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Fee Type           |   | Ser. 25 |   |   | Ser. 26 |   |   | Ser. 27 |   |   | Ser. 28 |   |   | Ser. 29 |   |
| Audit Fees         |   | $       | 16,228 |   |    | $      | 25,078 |    |   | $      | 13,903  |   |   | $       | 17,753 |   |   | $ | 15,828 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 765    |   |    |   | 1,530  |    |   |   | 1,020   |   |   |    | 1,020  |   |   |   | 1,275 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 6,730  |   |    |   | 11,410 |    |   |   | 5,755   |   |   |    | 7,510  |   |   |   | 6,730 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 23,723 |   |    | $      | 38,018 |    |   | $      | 20,678  |   |   | $       | 26,283 |   |   | $ | 23,833 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Fee Type           |   | Ser. 30 |   |   | Ser. 31 |   |   | Ser. 32 |   |   | Ser. 33 |   |   | Ser. 34 |   |
| Audit Fees         |   | $       | 14,678 |   |    | $      | 17,753 |    |   | $      | 13,903  |   |   | $       | 11,603 |   |   | $ | 13,153 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 2,295  |   |    |   | 2,295  |    |   |   | 2,805   |   |   |    | 1,275  |   |   |   | 2,040 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 5,950  |   |    |   | 7,510  |    |   |   | 7,120   |   |   |    | 4,780  |   |   |   | 5,170 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 22,923 |   |    | $      | 27,558 |    |   | $      | 23,828  |   |   | $       | 17,658 |   |   | $ | 20,363 |   |

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| Item 14. | Principal Accounting Fees and Services - continued |
|----------|----------------------------------------------------|

| Fee Type           |   | Ser. 35 |   |   | Ser. 36 |   |   | Ser. 37 |   |   | Ser. 38 |   |   | Ser. 39 |   |
|--------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
| Audit Fees         |   | $       | 11,978 |   |    | $      | 11,978 |    |   | $      | 10,453  |   |   | $       | 11,603 |   |   | $ | 11,228 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 1,785  |   |    |   | 2,295  |    |   |   | 1,275   |   |   |    | 2,295  |   |   |   | 2,295 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 4,585  |   |    |   | 4,585  |    |   |   | 3,805   |   |   |    | 4,585  |   |   |   | 4,390 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 18,348 |   |    | $      | 18,858 |    |   | $      | 15,533  |   |   | $       | 18,483 |   |   | $ | 17,913 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Fee Type           |   | Ser. 40 |   |   | Ser. 41 |   |   | Ser. 42 |   |   | Ser. 43 |   |   | Ser. 44 |   |
| Audit Fees         |   | $       | 13,903 |   |    | $      | 15,828 |    |   | $      | 16,603  |   |   | $       | 16,603 |   |   | $ | 11,603 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 3,825  |   |    |   | 3,825  |    |   |   | 3,825   |   |   |    | 5,100  |   |   |   | 2,040 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 6,535  |   |    |   | 6,730  |    |   |   | 6,925   |   |   |    | 8,290  |   |   |   | 4,390 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 24,263 |   |    | $      | 26,383 |    |   | $      | 27,353  |   |   | $       | 29,993 |   |   | $ | 18,033 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Fee Type           |   | Ser. 45 |   |   | Ser. 46 |   |   |    |   |   |    |   |   |    |   |   |   |   |
| Audit Fees         |   | $       | 19,303 |   |    | $      | 13,528 |    |   |   |    |   |   |    |   |   |   |   |   |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 7,395  |   |    |   | 3,825  |    |   |   |    |   |   |    |   |   |   |   |   |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 8,290  |   |    |   | 5,365  |    |   |   |    |   |   |    |   |   |   |   |   |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   |    |   |   |    |   |   |   |   |   |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 34,988 |   |    | $      | 22,718 |    |   |   |    |   |   |    |   |   |   |   |   |   |

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| Item 14. | Principal Accounting Fees and Services- continued |
|----------|---------------------------------------------------|

| Fee Type           |   | Ser. 20 |   |   | Ser. 21 |   |   | Ser. 22 |   |   | Ser. 23 |   |   | Ser. 24 |   |
|--------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
| Audit Fees         |   | $       | 15,787 |   |    | $      | 12,412 |    |   | $      | 18,412  |   |   | $       | 15,787 |   |   | $ | 16,537 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 750    |   |    |   | 500    |    |   |   | 750     |   |   |    | 750    |   |   |   | 750 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 6,565  |   |    |   | 4,855  |    |   |   | 7,895   |   |   |    | 6,565  |   |   |   | 6,945 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 23,102 |   |    | $      | 17,767 |    |   | $      | 27,057  |   |   | $       | 23,102 |   |   | $ | 24,232 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Fee Type           |   | Ser. 25 |   |   | Ser. 26 |   |   | Ser. 27 |   |   | Ser. 28 |   |   | Ser. 29 |   |
| Audit Fees         |   | $       | 15,787 |   |    | $      | 24,412 |    |   | $      | 13,537  |   |   | $       | 17,287 |   |   | $ | 15,787 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 3,500  |   |    |   | 4,250  |    |   |   | 2,250   |   |   |    | 4,000  |   |   |   | 4,000 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 6,565  |   |    |   | 10,935 |    |   |   | 5,425   |   |   |    | 7,325  |   |   |   | 6,565 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 25,852 |   |    | $      | 39,597 |    |   | $      | 21,212  |   |   | $       | 28,612 |   |   | $ | 26,352 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Fee Type           |   | Ser. 30 |   |   | Ser. 31 |   |   | Ser. 32 |   |   | Ser. 33 |   |   | Ser. 34 |   |
| Audit Fees         |   | $       | 14,287 |   |    | $      | 17,287 |    |   | $      | 13,912  |   |   | $       | 11,287 |   |   | $ | 12,787 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 4,500  |   |    |   | 5,500  |    |   |   | 3,750   |   |   |    | 2,250  |   |   |   | 3,250 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 5,805  |   |    |   | 7,515  |    |   |   | 5,615   |   |   |    | 4,285  |   |   |   | 5,045 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 24,592 |   |    | $      | 30,302 |    |   | $      | 23,277  |   |   | $       | 17,822 |   |   | $ | 21,082 |   |

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Table of Contents 

| Item 14. | Principal Accounting Fees and Services- continued |
|----------|---------------------------------------------------|

| Fee Type           |   | Ser. 35 |   |   | Ser. 36 |   |   | Ser. 37 |   |   | Ser. 38 |   |   | Ser. 39 |   |
|--------------------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|--------|---------|--------|
| Audit Fees         |   | $       | 11,662 |   |    | $      | 11,662 |    |   | $      | 10,162  |   |   | $       | 11,287 |   |   | $ | 10,912 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 2,500  |   |    |   | 2,500  |    |   |   | 1,750   |   |   |    | 2,500  |   |   |   | 2,250 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 4,475  |   |    |   | 4,475  |    |   |   | 3,715   |   |   |    | 4,285  |   |   |   | 4,095 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 18,637 |   |    | $      | 18,637 |    |   | $      | 15,627  |   |   | $       | 18,072 |   |   | $ | 17,257 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Fee Type           |   | Ser. 40 |   |   | Ser. 41 |   |   | Ser. 42 |   |   | Ser. 43 |   |   | Ser. 44 |   |
| Audit Fees         |   | $       | 13,537 |   |    | $      | 15,412 |    |   | $      | 16,162  |   |   | $       | 16,162 |   |   | $ | 11,287 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 4,000  |   |    |   | 4,500  |    |   |   | 4,750   |   |   |    | 5,500  |   |   |   | 2,250 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 5,425  |   |    |   | 6,375  |    |   |   | 6,755   |   |   |    | 6,755  |   |   |   | 4,285 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   | -       |   |   |    | -      |   |   |   | - |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 22,962 |   |    | $      | 26,287 |    |   | $      | 27,667  |   |   | $       | 28,417 |   |   | $ | 17,822 |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Fee Type           |   | Ser. 45 |   |   | Ser. 46 |   |   |    |   |   |    |   |   |    |   |   |   |   |
| Audit Fees         |   | $       | 18,787 |   |    | $      | 13,178 |    |   |   |    |   |   |    |   |   |   |   |   |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Audit Related Fees |   |    | 7,250  |   |    |   | 3,750  |    |   |   |    |   |   |    |   |   |   |   |   |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Tax Fees           |   |    | 8,085  |   |    |   | 5,235  |    |   |   |    |   |   |    |   |   |   |   |   |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| All Other Fees     |   |    | -      |   |    |   | -      |    |   |   |    |   |   |    |   |   |   |   |   |   |
|               |   |    |   |   |    |   |   |    |   |   |    |   |   |    |   |   |   |   |   |   |
| Total              |   | $       | 34,122 |   |    | $      | 22,163 |    |   |   |    |   |   |    |   |   |   |   |   |   |

----

Table of Contents 

PART IV

| Item 15. | Exhibits and Financial Statement Schedules |
|----------|--------------------------------------------|

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

| (b) 1 | Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K) |
|-------|-----------------------------------------------------------------------------------------------|

|   | 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). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 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). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | a. | Financial Statement of Boston Capital Tax Credit Fund IV L.P.; Filed herein |
|--------|----|-----------------------------------------------------------------------------|

----

Table of Contents 

|   | a. | Independent Auditor's Reports for Operating Partnerships; Filed herein. |
|--------|----|-------------------------------------------------------------------------|

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

|   | b. | Agreement of Limited Partnership of Cynthiana Properties Limited (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | c. | Agreement of Limited Partnership of North Hampton Place Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on October 13, 1995). |
|--------|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | d. | Agreement of Limited Partnership of Brook Summitt Apartments, LP (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 29, 1996). |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | e. | Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | g. | Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 11, 1997). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | h. | Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | i. | Agreement of Limited Partnership of 352 Lenox Associates, L.P.(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997). |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | j. | Agreement of Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference from Registrant's current  report on Form 8-K  as filed with the Securities and Exchange Commission on December 16, 1997). |
|--------|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

Table of Contents 

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

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

|   | m. | Agreement of Limited Partnership of Mokapoke Limited Partnership (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997). |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | p. | Agreement of Limited Partnership of Coolidge-Pinal II Associates (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | q. | Agreement of Limited Partnership of Dublin Housing Associates Phase II (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | r. | Agreement of Limited Partnership of East Park Apartments II Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). |
|--------|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | u. | Agreement of Limited Partnership of Los Lunas Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). |
|--------|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

Table of Contents 

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

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

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

|   | z. | Agreement of Limited Partnership of Overton Associates Limited Partnership(Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | aa. | Agreement of Limited Partnership of Pahrump Valley Investors (Incorporated by reference from Registrant's current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

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

----

Table of Contents 

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

|   | aj. | Agreement of Limited Partnership of Elm Street Associates, L.P. (incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 7, 1997.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

|   | am. | Agreement of Limited Partnership of Byam Limited Partnership (incorporated by reference from Registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | an. | Agreement of Limited Partnership of Harbor Limited Partnership (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

|   | as. | Agreement of Limited Partnership of Centenary Housing Limited Partnership (incorporated by reference from registrants current report on form 8-K as filed with the Securities and 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.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents 

|   | au. | Agreement of Limited Partnership of AHAB Project One, LP (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 8, 1997.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | av. | Agreement of Limited Partnership of Grandview Limited Partnership (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 23, 1998.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | aw. | Agreement of Limited Partnership of Angelou Associates, L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 23, 1998.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | ay. | Agreement of Limited Partnership of Sumner House Limited Partnership (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 27, 1998.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | ba. | Agreement of Limited Partnership of Edgewood Apartments Partnership (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | bb. | Agreement of Limited Partnership of Harrisonville Heights L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | bc. | Agreement of Limited Partnership of Neighborhood Restorations Limited Partnership VII incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 30, 1998.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | bd. | Agreement of Limited Partnership of Escher SRO Project, L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on May 1, 1998.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

Table of Contents 

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

|   | bh. | Agreement of Limited Partnership of Athens Partners, L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 27, 1999.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | bi. | Agreement of Limited Partnership of Pearl Partners, L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 30, 1999.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | bj. | Agreement of Limited Partnership of Harbor Pointe/MHT Limited Dividend Housing Association Limited Partnership (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on December 28, 1999.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | bl. | Agreement of Limited Partnership of Lake City Limited Partnership (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on February 3, 2000.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

|   | bp. | Agreement of Limited Partnership of Lombard Partners, L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 26, 2000.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | br. | Agreement of Limited Partnership of Jackson Bond LP (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on September 29, 2000.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents 

|   | bs. | Agreement of Limited Partnership of Fort Bend NHC, L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on September 29, 2000.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | bt. | Agreement of Limited Partnership of Breezewood II, L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on October 30, 2002.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | bu. | Agreement of Limited Partnership of Wingfield Apartments II L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 12, 2002.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | bv. | Agreement of Limited Partnership of Natchez Place Apartments L.P. (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on November 13, 2002.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | bx. | Agreement of Limited Partnership of Springfield Metro (incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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

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

----

Table of Contents 

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

|   | cf. | Agreement of Limited Partnership of Heritage Two LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cg. | Agreement of Limited Partnership of Parkhurst Place incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 21, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ch. | Agreement of Limited Partnership of Hattiesburg Housing LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ci. | Agreement of Limited Partnership of 1374 Boston Road LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cj. | Agreement of Limited Partnership of 200 East Avenue Associates LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ck. | Agreement of Limited Partnership of Casa Rosa Apartments incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cl. | Agreement of Limited Partnership of Lake Apartments II LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cm. | Agreement of Limited Partnership of Northrock Housing Associates LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cn. | Agreement of Limited Partnership of AHAB Project One LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | co. | Agreement of Limited Partnership of Randolph Village Associates LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cp. | Agreement of Limited Partnership of Sr. Suites Chicago Austin LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cq. | Agreement of Limited Partnership of Clubview Partners LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents 

|   | cr. | Agreement of Limited Partnership of Edgewood Apartments Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cs. | Agreement of Limited Partnership of Harbor Pointe/MHT LDHA LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ct. | Agreement of Limited Partnership of Lombard Partners LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cu. | Agreement of Limited Partnership of Millwood Park LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cv. | Agreement of Limited Partnership of Hillside Terrace Associates LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cw. | Agreement of Limited Partnership of San Angelo Bent Tree Apts. LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cx. | Agreement of Limited Partnership of Montfort Housing LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cy. | Agreement of Limited Partnership of Summerdale Partners LP II incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | cz. | Agreement of Limited Partnership of Seagraves Apartments LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | da. | Agreement of Limited Partnership of FFLM Associates LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | db. | Agreement of Limited Partnership of COGIC Village LDHA LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dc. | Agreement of Limited Partnership of FFLM Associates LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dd. | Agreement of Limited Partnership of FFLM Associates LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents 

|   | de. | Agreement of Limited Partnership of Pyramid Four Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | df. | Agreement of Limited Partnership of 200 East Avenue Associates LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dg. | Agreement of Limited Partnership of Parkside Plaza LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dh. | Agreement of Limited Partnership of Granada Rose LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | di. | Agreement of Limited Partnership of Northrock Housing Assoc. LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dj. | Agreement of Limited Partnership of Southaven Partners I LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dk. | Agreement of Limited Partnership of Howard Park Ltd incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dl. | Agreement of Limited Partnership of Washington Courtyards LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dm. | Agreement of Limited Partnership of Highway Partners 18 LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dn. | Agreement of Limited Partnership of Wedgewood Park LP incorporated by reference from registrants current report on form 8-K as filed filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | do. | Agreement of Limited Partnership of Washington Courtyards LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dp. | Agreement of Limited Partnership of Annadale Housing Partners incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dq. | Agreement of Limited Partnership of Ashton Ridge LDHA LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents 

|   | dr. | Agreement of Limited Partnership of FAH Silver Pond LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ds. | Agreement of Limited Partnership of Ashton Ridge LDHA LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dt. | Agreement of Limited Partnership of Aldine Westfield Apts., LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | du. | Agreement of Limited Partnership of Arbors at Eagle Crest LDHA LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dv. | Agreement of Limited Partnership of KC Shalom Housing LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dw. | Agreement of Limited Partnership of Breeze Cove Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dx. | Agreement of Limited Partnership of DS Housing LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dy. | Agreement of Limited Partnership of CC Housing LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | dz. | Agreement of Limited Partnership of TS Housing LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ea. | Agreement of Limited Partnership of Carpenter School I Elderly Apts. LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | eb. | Agreement of Limited Partnership of Lyceum Housing LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ec. | Agreement of Limited Partnership of New Shinnston I LP incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2003.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ed. | Agreement of Limited Partnership of Lyceum Housing Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2004.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents 

|   | ee. | Agreement of Limited Partnership of New Shinniston I Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on March 31, 2004.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ef. | Agreement of Limited Partnership of Gilbert Apartments Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | eg. | Agreement of Limited Partnership of HS Housing Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | eh. | Agreement of Limited Partnership of SM Housing Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ei. | Agreement of Limited Partnership of CT Housing Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ej. | Agreement of Limited Partnership of North Fort Aspen Plus Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26,2004.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ek. | Agreement of Limited Partnership of Strawberry Lake Apartments Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 26, 2004.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | el. | Agreement of Limited Partnership of Byam Village Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 28, 2004.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | em. | Agreement of Limited Partnership of Kiehl Partners Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 28, 2004.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | en. | Agreement of Limited Partnership of Trinity Life Gardens Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on April 29,2004.) |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | eo. | Agreement of Limited Partnership of Athens Partners, LP Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on May 3, 2004.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ep. | Agreement of Limited Partnership of San Diego/Fox Hollow Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on June 1, 2004.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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Table of Contents 

|   | eq. | Agreement of Limited Partnership of Elma Gardens of Grays Harbor Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 2, 2004.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | er. | Agreement of Limited Partnership of Kimberly Danbury Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 2, 2004.) |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | es. | Agreement of Limited Partnership of Tanglewood Village Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on August 4, 2004.) |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | et. | Agreement of Limited Partnership of Portland Ocean East I Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | eu. | Agreement of Limited Partnership of Clayton Station Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.) |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | ev. | Agreement of Limited Partnership of Deer Meadows Limited Partnership incorporated by reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on January 24, 2005.) |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

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

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

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Table of Contents 

|                | Boston Capital Tax Credit Fund IV L.P. |
|---------------------|----------------------------------------|
|                |                                   |   |
|                | By:                                    | Boston Capital Associates IV L.P. |
|                |                                   | General Partner |
|                |                                   |   |
|                | By:                                    | BCA Associates Limited PartnershipGeneral Partner |
|                |                                   |   |
|                | By:                                    | C&M Management, Inc.General Partner |
|                |                                   |   |
| Date: July 13, 2011 |                                   | By: | /s/ John P. Manning |
|                |                                   |   | John P. Manning |

| DATE:         |         | SIGNATURE:          |         | TITLE:                   |
|---------------|--------------|---------------------|--------------|--------------------------|
|          |         |                |         |                     |
| July 13, 2011 |         | /s/ John P. Manning |         | Director, President      |
|          |         | John P. Manning     |         | (Principal Executive     |
|          |         |                |         | Officer), C&M        |
|          |         |                |         | Management, Inc.;        |
|          |         |                |         | Director, President      |
|          |         |                |         | (Principal Executive     |
|          |         |                |         | Officer) BCTC IV         |
|          |         |                |         | Assignor Corp.           |
|          |         |                |         |                     |
| July 13, 2011 |         | /s/ Marc N. Teal    |         | Sr. Vice President,      |
|          |         | Marc N. Teal        |         | 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.                    |

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