SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                                   FORM 10-KSB


 [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE  SECURITIES  EXCHANGE ACT OF
     1934

                    For the fiscal year ended December 31, 2003

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
    OF 1934

                  For the transition period _________to _________

                         Commission file number 0-13112

                        REAL ESTATE ASSOCIATES LIMITED VI
                 (Name of small business issuer in its charter)

                        A California Limited Partnership

        California                                             95-3778627
(State or other jurisdiction of                            (I.R.S. Employer
 incorporation or organization)                           Identification No.)

                          55 Beattie Place, PO Box 1089
                        Greenville, South Carolina 29602
                    (Address of principal executive offices)

                                 (864) 239-1000
                            Issuer's telephone number

           Securities registered under Section 12(b) of the Exchange Act:

                                      None

           Securities registered under Section 12(g) of the Exchange Act:

                          Limited Partnership Interests
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the registrant was required to file such reports),  and (2) has been
subject to such filing requirements for the past 90 days. Yes X No___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation  S-B  contained  in this  form,  and to the best of the  registrant's
knowledge,  in  definitive  proxy  or  information  statements  incorporated  by
reference in Part III of this Form 10-KSB or any  amendment to this Form 10-KSB.
[X]

State issuer's revenues for its most recent fiscal year.   $13,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2003. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.


                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None


<PAGE>



The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks; including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

                                     PART I

ITEM 1.     DESCRIPTION OF BUSINESS

Real Estate Associates  Limited VI ("REAL VI" or the "Partnership") is a limited
partnership  which  was  formed  under the laws of the  State of  California  on
October 12, 1982. On April 22, 1983,  REAL VI offered 4,200 units  consisting of
8,400 limited partnership  interests and warrants to purchase a maximum of 8,400
additional  limited  partnership  interests through a public offering managed by
E.F. Hutton Inc. The Partnership  shall be dissolved only upon the expiration of
50 complete calendar years (December 31, 2032) from the date of the formation of
the  Partnership  or  the  occurrence  of  other  events  as  specified  in  the
Partnership  Agreement.  The principal business of the Partnership is to invest,
directly or  indirectly,  in other limited  partnerships  which own or lease and
operate federal, state and local government-assisted housing projects.

The  general  partners of REAL VI are  National  Partnership  Investments  Corp.
("NAPICO" or the "Corporate General  Partner"),  a California  Corporation,  and
National  Partnership  Investments  Associates  ("NAPIA"  or the  "Non-corporate
General  Partner"),  a limited  partnership  formed under the California Limited
Partnership Act and consisting of Mr.  Nicholas G. Ciriello as general  partner,
and Mr. Charles H. Boxenbaum and an unrelated  individual,  as limited partners.
The business of REAL VI is conducted primarily by NAPICO.

On December 3, 2001, Casden Properties Inc., entered into a merger agreement and
certain other  transaction  documents with  Apartment  Investment and Management
Company("AIMCO"), a publicly traded real estate investment trust, and certain of
its  subsidiaries,  pursuant to which, on March 11, 2002,  AIMCO acquired Casden
Properties  Inc. and its  subsidiaries,  including  100% of the stock of NAPICO.
Prior to March 11, 2002, Casden Properties Inc. owned a 95.25% economic interest
in NAPICO, with the balance owned by Casden Investment Corporation ("CIC"). CIC,
which is wholly owned by Alan I. Casden, owned 95% of the voting common stock of
NAPICO, prior to March 11, 2002.

REAL VI holds limited  partnership  interests in 18 local  limited  partnerships
(the "Local Limited Partnerships").  In addition the Partnership holds a general
partner interest in Real Estate Associates III ("REA III") which, in turn, holds
limited partnership interests in three additional Local Limited Partnerships. In
total, therefore, the Partnership holds interests, either directly or indirectly
through REA III, in 21 Local  Limited  Partnerships.  Each of the Local  Limited
Partnerships  owns a low income housing project which is subsidized and/or has a
mortgage  note  payable  to or  insured  by  agencies  of the  federal  or local
government.  The Partnership sold its interests in 10 Local Limited Partnerships
in  December  1998.  In 2003,  the  Partnership  sold its  interest in one Local
Limited  Partnership  and the interest in another Local Limited  Partnership was
foreclosed on by a noteholder.

The  partnerships  in which  REAL VI has  invested  were,  at  least  initially,
organized by private developers who acquired the sites, or options thereon,  and
applied for  applicable  mortgage  insurance and  subsidies.  REAL VI became the
principal  limited  partner in these  Local  Limited  Partnerships  pursuant  to
arm's-length  negotiations with these developers,  or others, who act as general
partners. As a limited partner, REAL VI's liability for obligations of the Local
Limited Partnerships is limited to its investment.  The local general partner of
the  Local  Limited   Partnerships   retains   responsibility   for  developing,
constructing,  maintaining,  operating  and managing the project.  Under certain
circumstances  of default,  REAL VI has the right to replace the general partner
of the Local Limited Partnership, but otherwise does not have control of sale or
refinancing, etc.

Although  each of the Local Limited  Partnerships  in which REAL VI has invested
generally  owns a project  which must  compete in the market  place for tenants,
interest  subsidies  and rent  supplements  from  governmental  agencies make it
possible to offer these  dwelling  units to eligible  "low income"  tenants at a
cost significantly below the market rate for comparable  conventionally financed
dwelling units in the area.

In order to stimulate  private  investment  in low income  housing,  the federal
government  and  certain  state and local  agencies  have  provided  significant
ownership  incentives,   including  among  others,   interest  subsidies,   rent
supplements,  and mortgage insurance, with the intent of reducing certain market
risks and  providing  investors  with  certain tax  benefits,  plus limited cash
distributions  and the  possibility of long-term  capital  gains.  There remain,
however,  significant  risks.  The long-term nature of investments in government
assisted housing limits the ability of REAL VI to vary its portfolio in response
to changing economic,  financial and investment conditions; such investments are
also subject to changes in local economic circumstances and housing patterns, as
well as rising operating costs, vacancies, rent collection difficulties,  energy
shortages and other factors  which have an impact on real estate  values.  These
projects also require greater management expertise and may have higher operating
expenses than conventional housing projects.

Under recently adopted law and policy,  the United States  Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment  ("HAP")  Contracts  on a long  term  basis on the  existing  terms.  In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental  assistance  payments under renewed HAP Contracts will be based
on market rentals instead of above market  rentals,  which may be the case under
existing HAP Contracts.  The payments under the renewed HAP Contracts may not be
in an amount  that  would  provide  sufficient  cash  flow to  permit  owners of
properties  subject to HAP  Contracts to meet the debt service  requirements  of
existing  loans  insured by the Federal  Housing  Administration  of HUD ("FHA")
unless such mortgage loans are  restructured.  In order to address the reduction
in payments under HAP Contracts as a result of this new policy, the Multi-family
Assisted Housing Reform and  Affordability  Act of 1997 ("MAHRAA")  provides for
the  restructuring  of  mortgage  loans  insured  by the  FHA  with  respect  to
properties  subject  to the  Section 8 program.  Under  MAHRAA,  an  FHA-insured
mortgage  loan can be  restructured  into a first  mortgage  loan  which will be
amortized on a current basis and a low interest  second mortgage loan payable to
FHA which will only be payable on  maturity  of the first  mortgage  loan.  This
restructuring results in a reduction in annual debt service payable by the owner
of the  FHA-insured  mortgage  loan and is  expected  to result in an  insurance
payment from FHA to the holder of the  FHA-insured  loan due to the reduction in
the principal amount. MAHRAA also phases out project-based subsidies on selected
properties  serving  families not located in rental markets with limited supply,
converting such subsidies to a tenant-based subsidy.

When the HAP  Contracts are subject to renewal,  there can be no assurance  that
the Local Limited  Partnerships  in which the Partnership has an investment will
be permitted to restructure its mortgage indebtedness under MAHRAA. In addition,
the  economic  impact  on the  Partnership  of the  combination  of the  reduced
payments  under  the  HAP  Contracts  and  the  restructuring  of  the  existing
FHA-insured mortgage loans under MAHRAA is uncertain.

The Partnership  has no employees.  Management and  administrative  services are
performed  for the  Partnership  by the  Corporate  General  Partner  and agents
retained by the Corporate General Partner.

During the year ended  December 31,  2003,  all of the projects in which REAL VI
had  invested  were  substantially  rented.  The  following is a schedule of the
status  as of  December  31,  2003,  of the  projects  owned  by  Local  Limited
Partnerships in which REAL VI, either directly or indirectly through REA III, is
a limited partner.

                       SCHEDULE OF PROJECTS OWNED BY
                        LOCAL LIMITED PARTNERSHIPS
                     IN WHICH REAL VI HAS AN INVESTMENT
                             December 31, 2003
<TABLE>
<CAPTION>

                                 Financed,           Units
                                  Insured          Authorized   Percentage of  Percentage of
                                    And            For Rental    Total Units   Total Units
                                Subsidized      Assistance Under  Occupied      Occupied
Name and Location    Units         Under          Section 8 (E)     2003          2002

Boynton Terrace
<S>                   <C>                               <C>          <C>         <C>
  Boynton Beach, FL   89            --                  89           82%         93%

Cady Brook Apts
  Charlton, MA        40            (D)                 --           95%         93%

Cassady Village
  Columbus, OH        98            (A)                 50           98%        100%

Crockett Manor
  Trenton, TN         38            (C)                 38           98%         92%

Eastridge Apts
  Bristol, VA         96            (C)                 65           90%         85%

Filmore I
  Phoenix, AZ         32            (C)                 32           96%         88%

Grant-Ko
Enterprises
  Platteville, WI     40            (D)                 16           94%         98%

Hummelstown Manor
  Hummelstown, PA     51            (D)                 50          100%         98%

Kentucky Manor
  Oak Grove, KY       48            --                  --           83%         91%

Lonsdale Housing
  Providence, RI     131            --                 131           98%         98%

Marshall Plaza I
  Lorain, OH          40            (B)                 39           98%        100%

</TABLE>

<PAGE>

                       SCHEDULE OF PROJECTS OWNED BY
                        LOCAL LIMITED PARTNERSHIPS
                IN WHICH REAL VI HAS AN INVESTMENT (continued)
                             December 31, 2003
<TABLE>
<CAPTION>

                                 Financed,           Units
                                  Insured          Authorized   Percentage of  Percentage of
                                    And            For Rental    Total Units   Total Units
                                Subsidized      Assistance Under  Occupied      Occupied
Name and Location    Units         Under          Section 8 (E)     2003          2002

Marshall Plaza II
<S>                  <C>                                   <C>         <C>         <C>
  Lorain, OH         50             (B)                    48          98%         94%

New Bel-Mo (F)
 New Glarus,
Bellemount
  Monticello, WI     24             (D)                    24          72%         83%

Oakridge Park II
  Biloxi, MS         48             (D)                    --          95%         98%

Oakwood Manor
  Milan, TN          34             --                     34          99%        100%

Park Place
  Ewing, NJ         126             --                    125          97%         79%

Parksedge Elderly
Apts.
  Parkesedge, PA     45             (D)                    45         100%        100%

Sauk-Ko
Enterprises
  Baraboo, WI        30             (D)                    20          86%         83%

Sol 413
  Old San Juan, PR   12             (B)                    12         100%        100%

Valley Oaks Senior
  Gault, CA          50        State Program               43          99%        100%

Villas de Orocovix
  Orocovix, PR       41             (D)                    41          93%         95%

  Totals          1,163                                   902
</TABLE>

(A)   The mortgage is insured by the Federal  Housing  Administration  under the
      provisions of Section 236 of the National Housing Act.

(B)   The mortgage is insured by the Federal  Housing  Administration  under the
      provisions of Section 221(d)(3) of the National Housing Act.

(C)   The mortgage is insured by the Federal  Housing  Administration  under the
      provisions of Section 221(d)(4) of the National Housing Act.

(D)   The mortgage is insured by the Federal  Housing  Administration  under the
      provisions of Section 5115(b) and 521 of the National Housing Act.

(E)   Section 8 of Title II of the  Housing  and  Community  Development  Act of
      1974.

(F)   At  December  31,  2002,  New-Bel-Mo  consisted  of  three  properties  in
      Wisconsin:  New Glarus,  Belleville,  and  Monticello.  On April 19, 2002,
      New-Bel-Mo sold the New Glarus property which consisted of 10 units.  This
      sale left a total of 24 units at the two remaining properties.

The following table details the Partnership's ownership percentages of the Local
Limited  Partnerships  and  the  cost of  acquisition  of  such  ownership.  All
interests are limited  partner  interests.  Also included is the total  mortgage
encumbrance  on each property for each of the Local Limited  Partnerships  as of
December 31, 2003.  On January 22, 2003,  the note holder  foreclosed on Century
Plaza.

<TABLE>
<CAPTION>

                        REAL VI     Original Cost                     Notes Payable
                      Percentage    of Ownership        Mortgage           And
     Partnership       Interest       Interest           Notes       Accrued Interest
                                   (in thousands)    (in thousands)   (in thousands)

<S>                     <C>             <C>             <C>               <C>
Boynton Terrace         98.50%          $ 840           $ 4,030           $ 161
Boynton Beach, FL

Cady Brook Apts         95.00%             200              893               94
  Charlton, MA

Cassady Village         98.99%             54               803               --
  Columbus, OH

Crockett Manor          99.00%             215              980               24
  Trenton, TN

Eastridge Apts          99.00%             220              364                1
  Bristol, VA

Filmore I               99.00%             260            1,131               --
  Phoenix, AZ

Grant-Ko Enterprises    95.00%             213            1,212                2
  Platteville, WI

Hummelstown Manor       95.00%             330            1,716               14
  Hummelstown, PA

Kentucky Manor          95.00%             250            1,371                3
  Oak Grove, KY

Lonsdale Housing        98.99%           1,000            1,139               11
  Providence, RI

                        REAL VI     Original Cost                     Notes Payable
                      Percentage    of Ownership        Mortgage           And
     Partnership       Interest       Interest           Notes       Accrued Interest
                                   (in thousands)    (in thousands)   (in thousands)

Marshall Plaza I        98.99%          $ 140            $ 122             $ --
  Lorain, OH

Marshall Plaza II       98.99%             180              178               --
  Lorain, OH

New-Bel-Mo              95.00%             167              613               --
  New Glarus, Bellemont
  Monticello, WI

Oakridge Park II        95.00%             221            1,182               --
  Biloxi, MS

Oakwood Manor           99.00%             148              531                5
  Milan, TN

Park Place              90.00%           1,182            4,615               --
  Ewing, NJ

Parksedge Elderly        95.00             280            1,414               68
  Apartments
  Parkesedge, PA

Sauk-Ko Enterprises     95.00%             182              696               --
  Baraboo, WI

Sol 413                 98.90%             100              343               93
  Old San Juan, PR

Valley Oaks Senior      99.00%             315            1,771               --
  Gault, CA

Villas de Orocovix      99.00%             270            1,377               10
  Orocovix, PR

TOTALS                                 $ 6,767          $26,481           $ 486
</TABLE>

Although each Local Limited  Partnership in which the  Partnership  has invested
owns an apartment complex which must compete with other apartment  complexes for
tenants,  government  mortgage  interest and rent  subsidies make it possible to
rent units to eligible tenants at below market rates. In general, this insulates
the properties from market competition.

ITEM 2.     DESCRIPTION OF PROPERTIES

See  "Item  1.  Description  of  Business"  for the  real  estate  owned  by the
Partnership  through the  ownership  of limited  partnership  interests in Local
Limited Partnerships.

ITEM 3.     LEGAL PROCEEDINGS

Class Action

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership  interest  in Real  Estate  Associates  Limited  III (an  affiliated
partnership in which National  Partnership  Investments Corp.  ("NAPICO") is the
corporate  general partner) and two investors holding an aggregate of five units
of limited  partnership  interests in REAL VI  commenced  an action  against the
Partnership,  NAPICO and certain other defendants. The claims included, but were
not limited to, claims for breaches of fiduciary duty to the limited partners of
certain NAPICO-managed  partnerships and violations of securities laws by making
materially  false  and  misleading   statements  in  the  consent   solicitation
statements  sent to the  limited  partners  of  such  partnerships  relating  to
approval  of the  transfer of  partnership  interests  in limited  partnerships,
owning  certain of the  properties,  to affiliates of Casden  Properties,  Inc.,
organized by an affiliate of NAPICO. On August 4, 1999, one investor holding one
unit of limited  partnership  interest  in  Housing  Programs  Limited  (another
affiliated  partnership  in  which  NAPICO  is the  corporate  general  partner)
commenced a virtually  identical  action  against  the  Partnership,  NAPICO and
certain other entities.  The second action was subsumed in the first action, and
was certified as a class action.

On April 29, 2003, the court entered  judgment  against NAPICO and certain other
defendants  in the amount of  approximately  $25.2  million  for  violations  of
securities laws and against NAPICO for approximately  $67.3 million for breaches
of fiduciary  duty, both amounts plus interest of  approximately  $25.6 million,
and for punitive damages against NAPICO in the amount of $2.6 million.

On August 11, 2003,  Apartment  Investment and Management  Company ("AIMCO") and
NAPICO  entered  into  a  Stipulation  of  Settlement   (the   "Stipulation   of
Settlement")  with the  plaintiff  class (the  "Plaintiffs")  and their  counsel
relating  to the  settlement  of the  litigation.  The  principal  terms  of the
Stipulation of Settlement include,  among other things (1) payments in both cash
($29 million) and stock ($19  million) by Alan I. Casden,  on behalf of himself,
NAPICO and other defendants,  to the Plaintiffs,  (2) guaranteed  payments in an
aggregate  amount  of $35  million  ($7  million  per  year for 5  years),  plus
interest,  by NAPICO to the  Plaintiffs,  (3) a release of claims of all parties
associated with the litigation and (4) joint agreement by the parties to request
that a new judgment be entered in the litigation to, among other things, expunge
the judgment originally entered against NAPICO and the other defendants.

In connection with the Stipulation of Settlement, on August 12, 2003, NAPICO and
AIMCO executed a Settlement  Agreement  (the  "Settlement  Agreement")  with the
prior  shareholders  of  Casden  Properties,  Inc.  The  principal  terms of the
Settlement  Agreement  include,   among  other  things,  that  (1)  NAPICO  will
voluntarily  discontinue  the action it  commenced  on May 13, 2003  against the
former  shareholders  of Casden  Properties,  Inc. and other  indemnitors in the
Casden  Merger,  (2) Alan I. Casden and certain  related  entities  will resolve
certain  pending  claims for  indemnification  made by  NAPICO,  AIMCO and their
affiliates,  (3) AIMCO or an  affiliate  will  provide  $25  million  of the $29
million in cash that Alan I. Casden is obligated to provide under the Stipulaton
of Settlement in exchange for 531,915 shares of AIMCO Class A Common Stock owned
by The Casden Company,  and (4) The Casden Company will promise to pay to NAPICO
an  aggregate  amount of $35 million  ($7  million  per year for 5 years),  plus
interest,  on a secured,  nonrecourse  basis.  The Casden Company can prepay its
obligation  set forth in item (4) above in shares of AIMCO Class A Common  Stock
having a value based on the greater of $47 per share or the market value of such
shares at the time of payment.

On December 30, 2003,  the  Stipulation of Settlement  with the plaintiff  class
(the  "Plaintiffs")  and their counsel  relating to the settlement of litigation
against the Registrant,  National Partnership  Investments Corp.  ("NAPICO") and
certain  other  defendants  became  effective in accordance  with its terms.  In
addition,  on  December  30,  2003,  the  Settlement  Agreement  with the  prior
shareholders of Casden  Properties,  Inc.,  NAPICO and Apartment  Investment and
Management Company ("AIMCO") also closed in accordance with its terms.

In addition to the litigation  discussed above, the Corporate General Partner is
involved in various other  lawsuits  arising from  transactions  in the ordinary
course of  business.  In the opinion of  management  and the  Corporate  General
Partner,   the  claims  will  not  result  in  any  material  liability  to  the
Partnership.

ITEM 4.     SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No  matters  were  submitted  to a vote  of the  limited  partners  through  the
solicitation of proxies or otherwise during the quarter ended December 31, 2003.

                                     PART II

ITEM 5.  MARKET  FOR  THE   REGISTRANT'S   PARTNERSHIP   INTERESTS  AND  RELATED
         PARTNERSHIP MATTERS

The Limited  Partnership  Interests are not traded on a public exchange but were
sold through a public offering managed by E.F. Hutton Inc. It is not anticipated
that any active  public  market will  develop for the  purchase  and sale of any
partnership  interest,  therefore an investor may be unable to sell or otherwise
dispose of his or her interest in the partnership. Limited Partnership Interests
may be transferred only if certain requirements in the Partnership Agreement are
satisfied. At December 31, 2003, there were 3,007 registered holders of units in
REAL VI. The Partnership has invested in certain  government  assisted  projects
under programs,  which in many instances  restrict the cash return  available to
project owners.  The Partnership was not designed to provide cash  distributions
to investors in  circumstances  other than  refinancing  or  disposition  of its
investments in Local Limited Partnerships. No distributions were made during the
years ended December 31, 2003 and 2002.

In addition to its indirect ownership of the general partnership interest in the
Partnership, AIMCO and its affiliates owned 878.5 limited partnership units (the
"Units")  (or  1,757  limited   partnership   interests)   in  the   Partnership
representing  10.49% of the  outstanding  Units at  December  31,  2003.  A Unit
consists  of two  limited  partnership  interests.  A number of these Units were
acquired  pursuant  to  tender  offers  made by AIMCO or its  affiliates.  It is
possible that AIMCO or its affiliates will acquire  additional Units in exchange
for cash or a  combination  of cash and  units in AIMCO  Properties,  L.P.,  the
operating  partnership  of AIMCO,  either  through  private  purchases or tender
offers. Under the Partnership  Agreement,  unitholders holding a majority of the
Units are  entitled  to take action  with  respect to a variety of matters  that
include, but are not limited to, voting on certain amendments to the Partnership
Agreement  and voting to remove the  Corporate  General  Partner.  Although  the
Corporate  General Partner owes fiduciary  duties to the limited partners of the
Partnership,  the Corporate  General Partner also owes fiduciary duties to AIMCO
as its sole  stockholder.  As a  result,  the  duties of the  Corporate  General
Partner,  as  corporate  general  partner,  to the  Partnership  and its limited
partners may come into conflict with the duties of the Corporate General Partner
to AIMCO, as its sole stockholder.

ITEM 6. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS

This item should be read in conjunction with the financial  statements and other
items contained elsewhere in this report.

The Corporate  General  Partner  monitors  developments in the area of legal and
regulatory   compliance  and  is  studying  new  federal  laws,   including  the
Sarbanes-Oxley  Act of 2002. The Sarbanes-Oxley Act of 2002 mandates or suggests
additional compliance measures with regard to governance,  disclosure, audit and
other areas.  In light of these changes,  the  Partnership  expects that it will
incur higher expenses related to compliance, including increased legal and audit
fees.

Capital Resources and Liquidity

The properties in which the Partnership has invested, through its investments in
the Local Limited Partnerships, receive one or more forms of assistance from the
Federal  Government.  As a result,  the Local Limited  Partnerships'  ability to
transfer funds either to the Partnership or among themselves in the form of cash
distributions,  loans or advances is generally  restricted  by these  government
assistance programs. These restrictions, however, are not expected to impact the
Partnership's ability to meet its cash obligations.

The  Partnership's  primary sources of funds include interest income earned from
investing  available cash and distributions  from Local Limited  Partnerships in
which the  Partnership  has  invested.  It is not expected that any of the Local
Limited  Partnerships  in which the  Partnership has invested will generate cash
flow  sufficient  to provide  for  distributions  to the  Partnership's  limited
partners in any material  amount.  No  distributions  were made during the years
ended December 31, 2003 and 2002.

Distributions  received  from Local  Limited  Partnerships  are  recognized as a
reduction  of the  investment  balance  until the  investment  balance  has been
reduced to zero or to a negative  amount equal to future  capital  contributions
required. Subsequent distributions received are recognized as income.

As of December 31, 2003 and 2002, the Partnership had cash and cash  equivalents
of approximately  $632,000 and $1,509,000,  respectively.  Substantially  all of
this  cash  is  on  deposit   primarily  with  high  credit  quality   financial
institutions,  earning  interest.  This  resulted  in  the  Partnership  earning
approximately  $13,000  and  $35,000  in  interest  income  for the years  ended
December 31, 2003 and 2002,  respectively.  The amount of interest income varies
with market rates  available on deposits and with the amount of funds  available
for investment. Cash equivalents can be converted to cash to meet obligations of
the  Partnership as they arise.  The Partnership  intends to continue  investing
available funds in this manner.

Results of Operations

The  Partnership  was formed to provide  various  benefits  to its  partners  as
discussed in "Item 1.  Description  of Business." It is not expected that any of
the Local  Limited  Partnerships  in which the  Partnership  has  invested  will
generate cash flow sufficient to provide for  distributions  to limited partners
in any material amount.

A recurring partnership expense is the annual management fee. The fee is payable
to the Corporate  General  Partner of the  Partnership  and is calculated at 0.4
percent of the Partnership's  original remaining invested assets. The management
fee is paid to the Corporate  General  Partner for its continuing  management of
the Partnership  affairs.  The fee is payable beginning with the month following
the Partnership's initial investment in a Local Limited Partnership.  Management
fees were  approximately  $176,000 and $173,000 for the years ended December 31,
2003 and 2002, respectively.

Operating expenses,  other than management fees, consist of legal and accounting
fees for services  rendered to the  Partnership  and general and  administrative
expenses.  Legal and accounting fees were approximately $286,000 and $98,000 for
the years ended December 31, 2003 and 2002, respectively.  The increase in legal
and  accounting  fees is  attributable  to increased  legal costs related to the
consent  solicitation and other issues and increased costs for the Partnership's
annual audit.

General and administrative  expenses were approximately  $48,000 and $91,000 for
the years  ended  December  31,  2003 and 2002,  respectively.  The  decrease in
general and  administrative  expenses is attributable to a decrease in the costs
associated with the preparation  and filing of the  Partnership's  quarterly and
annual financial statements and communications with the Partnership's investors.
Included in general and administrative expenses are reimbursements to NAPICO for
certain  expenses,  which  totaled  approximately  $23,000 for each of the years
ended December 31, 2003 and 2002.

At December  31, 2003,  the  Partnership  has  investments,  either  directly or
indirectly through REA III, in 21 Local Limited  Partnerships,  all of which own
housing projects that were  substantially  all rented.  The limited  partnership
interests  decreased  by two  Local  Limited  Partnerships  from the year  ended
December 31, 2002 due to the assignment of the interest in Century Plaza Limited
Partnership  to the  noteholder  (see "Item 7.  Financial  Statements - Note 2 -
Investments in and Advances to Local Limited  Partnerships") and the sale of the
Partnership's interest in Penneco I during the year ended December 31, 2003. The
Partnership, as a limited partner, does not exercise control over the activities
and operations, including refinancing or selling decisions, of the Local Limited
Partnerships.  Accordingly,  the Partnership  accounts for its investment in the
Local  Limited  Partnerships  using  the  equity  method.  Thus  the  individual
investments  are  carried  at cost  plus the  Partnership's  share of the  Local
Limited  Partnership's profits less the Partnership's share of the Local Limited
Partnership's losses,  distributions and any impairment charges.  However, since
the  Partnership is not legally liable for the  obligations of the Local Limited
Partnerships,  or is not otherwise  committed to provide  additional  support to
them,  it does not  recognize  losses once its  investment  in each of the Local
Limited  Partnerships  reaches  zero.   Distributions  from  the  Local  Limited
Partnerships  are accounted for as a reduction of the  investment  balance until
the investment balance is reduced to zero. Subsequent distributions received are
recognized as income in the  accompanying  statements of  operations.  For those
investments  where the Partnership has determined that the carrying value of its
investments  approximates  the estimated  fair value of those  investments,  the
Partnership's  policy is to  recognize  equity  in  income of the Local  Limited
Partnerships  only to the extent of  distributions  received and amortization of
acquisition costs from those Local Limited  Partnerships.  At December 31, 2003,
the  Partnership  has  a  positive  investment  balance  in  two  Local  Limited
Partnerships, Cassady Village and Park Place Limited Partnerships.

The holder of a purchase money  promissory  note issued by Century Plaza Limited
Partnership,  one of the  Partnership's  investments,  in the amount of $960,000
plus accrued  interest  payable of $1,675,554  as of December 31, 2002,  filed a
suit seeking a monetary judgment against the Partnership and the other partners.
During the year ended December 31, 2003, the Partnership's interest in the Local
Limited  Partnership  was  foreclosed  on by the  note  holder  and the suit was
terminated. The Partnership did not incur a loss as a result of this foreclosure
as it had no remaining investment balance in this Local Limited Partnership.

During the year ended  December 31, 2003, the  Partnership  sold its interest in
Penneco I at a price  equal to the  outstanding  mortgage  recorded at the Local
Limited  Partnership.  Prior to the sale,  the  Partnership  had a liability for
additional  capital  contributions  of  $195,000  related  to  this  investment.
Subsequent  to  the  sale,  no  remaining   obligations  were  required  by  the
Partnership  related to Penneco I;  accordingly,  the Partnership  wrote off the
liability and recognized a gain on the sale of its limited partnership interests
during the year ended December 31, 2003.

The total loss from the Local  Limited  Partnerships  that was  allocated to the
Partnership was approximately $527,000 and $250,000 for the years ended December
31, 2003 and 2002,  respectively.  However,  because  losses  incurred after the
investment  account  is  reduced  to a  zero  balance  are  not  recognized  and
subsequent  income  is not  recognized  until  the  investment  account  becomes
positive  again,  the  Partnership  recognized  equity in loss of Local  Limited
Partnerships of approximately $354,000 and $365,000 for the years ended December
31, 2003 and 2002, respectively.

Distributions  from the Local Limited  Partnerships in which the Partnership did
not have a positive  investment balance were  approximately  $16,000 and $51,000
for the years ended December 31, 2003 and 2002, respectively. These amounts were
recognized as income on the accompanying statements of operations, in accordance
with the equity method of accounting.

Total revenues for the Local Limited Partnerships were approximately  $8,586,000
and $9,077,000 for the years ended December 31, 2003 and 2002, respectively.

Total expenses for the Local Limited Partnerships were approximately  $9,121,000
and $8,924,000 for the years ended December 31, 2003 and 2002, respectively.

Total net loss for the Local Limited Partnerships for 2003 totaled approximately
$593,000  and total  income for 2002  totaled  approximately  $11,000.  The loss
allocated to the  Partnership was  approximately  $527,000 and $250,000 for 2003
and 2002, respectively.

Under recently adopted law and policy,  the United States  Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment  ("HAP")  Contracts  on a long  term  basis on the  existing  terms.  In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental  assistance  payments under renewed HAP Contracts will be based
on market rentals instead of above market  rentals,  which may be the case under
existing HAP Contracts.  The payments under the renewed HAP Contracts may not be
in an amount  that  would  provide  sufficient  cash  flow to  permit  owners of
properties  subject to HAP  Contracts to meet the debt service  requirements  of
existing  loans  insured by the Federal  Housing  Administration  of HUD ("FHA")
unless such mortgage loans are  restructured.  In order to address the reduction
in payments under HAP Contracts as a result of this new policy, the Multi-family
Assisted Housing Reform and  Affordability  Act of 1997 ("MAHRAA")  provides for
the  restructuring  of  mortgage  loans  insured  by the  FHA  with  respect  to
properties  subject  to the  Section 8 program.  Under  MAHRAA,  an  FHA-insured
mortgage  loan can be  restructured  into a first  mortgage  loan  which will be
amortized on a current basis and a low interest  second mortgage loan payable to
FHA which will only be payable on  maturity  of the first  mortgage  loan.  This
restructuring results in a reduction in annual debt service payable by the owner
of the  FHA-insured  mortgage  loan and is  expected  to result in an  insurance
payment from FHA to the holder of the  FHA-insured  loan due to the reduction in
the principal amount. MAHRAA also phases out project-based subsidies on selected
properties  serving  families not located in rental markets with limited supply,
converting such subsidies to a tenant-based subsidy.

When the HAP  Contracts are subject to renewal,  there can be no assurance  that
the Local Limited  Partnerships  in which the Partnership has an investment will
be permitted to restructure its mortgage indebtedness under MAHRAA. In addition,
the  economic  impact  on the  Partnership  of the  combination  of the  reduced
payments  under  the  HAP  Contracts  and  the  restructuring  of  the  existing
FHA-insured mortgage loans under MAHRAA is uncertain.

The Partnership is obligated on non-recourse  notes payable of $1,440,000  which
bear  interest at 9.5 percent per annum and have  principal  maturities  ranging
from December 1999 to December 2012. The notes and related  interest are payable
from cash flow  generated from  operations of the related  rental  properties as
defined in the notes.  These obligations are collateralized by the Partnership's
investments  in  the  Local  Limited  Partnerships.  Unpaid  interest  is due at
maturity of the notes.  Interest expense was approximately  $137,000 for both of
the years ended December 31, 2003 and 2002. One note payable and related accrued
interest aggregating  approximately  $1,467,000 became payable prior to December
31, 2003.  Management  is in the process of attempting to negotiate an extension
of the maturity date on this note  payable.  In the event the  negotiations  are
unsuccessful,  the  Partnership  could lose its  investment in the Local Limited
Partnership to foreclosure.

The Partnership, as a limited partner in the Local Limited Partnerships in which
it has  invested,  is  subject  to the  risks  incident  to the  management  and
ownership of improved real estate. The Partnership  investments are also subject
to adverse general  economic  conditions,  and,  accordingly,  the status of the
national  legislation  which  could  increase  vacancy  levels,  rental  payment
defaults, and operating expenses, which in turn could substantially increase the
risk of operating losses for the projects.

In addition to its indirect ownership of the general partnership interest in the
Partnership, AIMCO and its affiliates owned 878.5 limited partnership units (the
"Units")  (or  1,757  limited   partnership   interests)   in  the   Partnership
representing  10.49% of the  outstanding  Units at  December  31,  2003.  A Unit
consists  of two  limited  partnership  interests.  A number of these Units were
acquired  pursuant  to  tender  offers  made by AIMCO or its  affiliates.  It is
possible that AIMCO or its affiliates will acquire  additional Units in exchange
for cash or a  combination  of cash and  units in AIMCO  Properties,  L.P.,  the
operating  partnership  of AIMCO,  either  through  private  purchases or tender
offers. Under the Partnership  Agreement,  unitholders holding a majority of the
Units are  entitled  to take action  with  respect to a variety of matters  that
include, but are not limited to, voting on certain amendments to the Partnership
Agreement  and voting to remove the  Corporate  General  Partner.  Although  the
Corporate  General Partner owes fiduciary  duties to the limited partners of the
Partnership,  the Corporate  General Partner also owes fiduciary duties to AIMCO
as its sole  stockholder.  As a  result,  the  duties of the  Corporate  General
Partner,  as  corporate  general  partner,  to the  Partnership  and its limited
partners may come into conflict with the duties of the Corporate General Partner
to AIMCO, as its sole stockholder.

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003,  and with respect to public  entities with  variable  interest
entities held before February 1, 2003, FIN 46 will apply to financial statements
for periods ending after December 15, 2004.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments  in  unconsolidated  Local Limited  Partnerships  that may be deemed
variable  interest  entities under the provisions of FIN 46. The Partnership has
not yet determined the anticipated impact of adopting FIN 46 for its investments
in Local Limited  Partnerships that existed as of January 31, 2003. However, FIN
46 may require the  consolidation  of the assets,  liabilities and operations of
certain  of  the  Partnership's  unconsolidated  investments  in  Local  Limited
Partnerships. Although the Partnership does not believe the full adoption of FIN
46 will  have an  impact  on its cash  flow,  the  Partnership  cannot  make any
definitive  conclusion on the impact, if any, on net earnings until it completes
its evaluation, including an evaluation of the Partnership's maximum exposure to
loss.

In May 2003,  the FASB issued SFAS 150, which  establishes  standards for how an
issuer   classifies   and   measures   certain   financial    instruments   with
characteristics  of both  liabilities and equity.  The  requirements of SFAS 150
apply  to  the   classification   and  measurement  of  freestanding   financial
instruments.  SFAS 150 is effective  for financial  instruments  entered into or
modified  after May 31, 2003, and otherwise is effective at the beginning of the
first interim period  beginning after June 15, 2003. The Partnership has adopted
SFAS 150 as of July 1, 2003.  Additionally,  in September  2003,  the FASB staff
indicated  that  SFAS 150  also  applies  to the  non-controlling  interests  in
consolidated  finite life partnerships.  However,  on October 29, 2003, the FASB
indefinitely deferred the provisions of SFAS 150 for finite life partnerships.

Critical Accounting Policies and Estimates

A summary of the Partnership's  significant  accounting  policies is included in
"Note 1 - Organization and Summary of Significant  Accounting Policies" which is
included  in  the  consolidated  financial  statements  in  "Item  7.  Financial
Statements".   The  Corporate  General  Partner  believes  that  the  consistent
application of these policies  enables the Partnership to provide readers of the
financial   statements   with  useful  and   reliable   information   about  the
Partnership's  operating  results and financial  condition.  The  preparation of
consolidated  financial  statements in  conformity  with  accounting  principles
generally  accepted  in the  United  States  requires  the  Partnership  to make
estimates and assumptions.  These estimates and assumptions  affect the reported
amounts of assets and  liabilities  at the date of the  financial  statements as
well as reported  amounts of revenues and expenses during the reporting  period.
Actual results could differ from these  estimates.  Judgments and assessments of
uncertainties are required in applying the Partnership's  accounting policies in
many  areas.  The  following  may  involve  a  higher  degree  of  judgment  and
complexity.

Method of Accounting for Investments in Limited Partnerships

The  Partnership,  as a limited  partner,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based  upon its  respective  ownership  percentages  between  90% and  99%.  The
Partnership  is also entitled to 99.9% of the profits and losses of REA III. REA
III is entitled to a 99% interest in each of the Local Limited  Partnerships  in
which it has invested.  Distributions  of surplus cash from operations from most
of  the  Local  Limited   Partnerships  are  restricted  by  the  Local  Limited
Partnerships' Regulatory Agreements with the United States Department of Housing
and Urban Development  ("HUD").  These  restrictions limit the distribution to a
portion,  generally less than 10%, of the initial invested  capital.  The excess
surplus  cash is  deposited  into a  residual  receipts  reserve,  of which  the
ultimate  realization by the Partnership is uncertain as HUD frequently  retains
it upon sale or dissolution of the Local Limited Partnership. The Partnership is
allocated  profits and losses and receives  distributions  from refinancings and
sales in accordance with the Local Limited Partnerships' partnership agreements.
These  agreements  usually limit the  Partnership's  distributions  to an amount
substantially   less  than  its  ownership   percentage  in  the  Local  Limited
Partnership.

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. The
Partnership  is not  legally  liable for the  obligations  of the Local  Limited
Partnerships  and is not otherwise  committed to provide  additional  support to
them. Therefore, it does not recognize losses once its investment in each of the
Local Limited  Partnerships  reaches zero.  Distributions from the Local Limited
Partnerships  are accounted for as a reduction of the  investment  balance until
the investment  balance is reduced to zero. When the investment balance has been
reduced to zero, subsequent  distributions  received are recognized as income in
the accompanying statements of operations.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately realize.



<PAGE>



ITEM 7.     FINANCIAL STATEMENTS

Real Estate Associates Limited VI

LIST OF FINANCIAL STATEMENTS

      Report of Ernst & Young, LLP, Independent Auditors

      Consolidated Balance Sheet - December 31, 2003

      Consolidated Statements of Operations - Years ended December 31, 2003
      and 2002

      Consolidated Statements of Changes in Partners' Deficit - Years ended
      December 31, 2003 and 2002

      Consolidated Statements of Cash Flows - Years ended December 31, 2003
      and 2002

      Notes to Consolidated Financial Statements



<PAGE>



                 Report of Ernst & Young LLP, Independent Auditors




The Partners
Real Estate Associates Limited VI


We have  audited  the  accompanying  consolidated  balance  sheet of Real Estate
Associates  Limited VI as of December  31,  2003,  and the related  consolidated
statements of operations,  partners' deficit, and cash flows for each of the two
years in the period ended December 31, 2003. These financial  statements are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial  statements based on our audits.  We did not audit
the financial  statements of certain  limited  partnerships,  the investments in
which are reflected in the accompanying  consolidated financial statements using
the equity method of accounting.  The investments in these limited  partnerships
represent 42 percent of the total assets of the  Partnership  as of December 31,
2003 and the equity in the loss of these  limited  partnerships  represent  zero
percent  and 6 percent  of the total net loss of the  Partnership  for the years
ended December 31, 2003 and 2002,  respectively.  The investee  information  for
these  limited  partnerships  is  included  in  Notes  2 and  6.  The  financial
statements of these limited  partnerships  were audited by other  auditors whose
reports have been furnished to us and our opinion,  insofar as it relates to the
amounts included for these limited partnerships,  is based solely on the reports
of the other auditors.

We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  Partnership  management,  as well as evaluating  the overall  financial
statement presentation.  We believe that our audits and the reports of the other
auditors provide a reasonable basis for our opinion.

In our opinion,  based on our audits and the reports of the other auditors,  the
financial statements referred to above present fairly, in all material respects,
the  consolidated  financial  position of Real Estate  Associates  Limited VI at
December 31, 2003, and the  consolidated  results of its operations and its cash
flows  for each of the two years in the  period  ended  December  31,  2003,  in
conformity with accounting principles generally accepted in the United States.


                                                            /s/Ernst & Young LLP

Greenville, South Carolina
April 21, 2004



<PAGE>





                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

                           CONSOLIDATED BALANCE SHEET

                                December 31, 2003
                                 (in thousands)

<TABLE>
<CAPTION>

                              Assets

<S>                                                             <C>               <C>
Investments in and advances to local limited partnerships (Note 2)                $ 455
Cash and cash equivalents                                                            632

       Total Assets                                                              $ 1,087

                Liabilities and Partners' Deficit

Liabilities:
  Notes payable and amounts due for partnership interests,
    including $520 in default  (Note 3)                                          $ 1,570
  Accrued interest payable, including $947 in default (Note 3)                     2,441

Partners' Deficit
  General partners                                                   $ (381)
  Limited partners                                                    (2,543)     (2,924)

       Total liabilities and partners' deficit                                   $ 1,087

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                                               Years Ended December 31,
                                                                  2003           2002
Revenues:
<S>                                                               <C>            <C>
  Interest and other income                                       $ 13           $ 35

Operating Expenses:
  Management fees - partners (Note 4)                                176            173
  General and administrative                                          48             91
  Legal and accounting                                               286             98
  Interest (Note 3)                                                  137            137
      Total operating expenses                                       647            499

Loss from partnership operations                                    (634)          (464)

Distributions from local limited partnerships recognized
  as income (Note 2)                                                  16             51
Gain on sale of local limited partnership interests                  195             --
Equity in loss of local limited partnerships and
  amortization of acquisition costs (Note 2)                        (354)          (365)

Net loss (Note 5)                                                $ (777)        $ (778)

Net loss to general partners (1%)                                 $ (8)          $ (8)
Net loss to limited partners (99%)                                  (769)          (770)

                                                                 $ (777)        $ (778)

Net loss per limited partnership interest (Note 1)               $(45.90)       $(45.96)

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

                    CONSOLIDATED STATEMENTS OF PARTNERS' DEFICIT
                    (in thousands, except partnership interests)

<TABLE>
<CAPTION>

                                          General         Limited
                                          Partners        Partners          Total

Number of limited partnership
<S>                                                        <C>
  interests                                                16,752

Partners' Deficit at
  December 31, 2001                        $ (365)        $(1,004)         $(1,369)

Net loss for the year ended
  December 31, 2002                            (8)           (770)            (778)

Partners' Deficit at
  December 31, 2002                          (373)         (1,774)          (2,147)

Net loss for the year ended
  December 31, 2003                            (8)           (769)            (777)

Partners' Deficit at
  December 31, 2003                        $ (381)        $(2,543)         $(2,924)

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)

<TABLE>
<CAPTION>
                                                                 Years Ended December 31,
                                                                    2003            2002
Cash flows from operating activities:
<S>                                                                <C>             <C>
  Net loss                                                         $ (777)         $ (778)
  Adjustments to reconcile net loss to net cash used
    in operating activities:
      Equity in loss of local limited partnerships and
        amortization of acquisition costs                             354             365
      Gain on sale of local limited partnership interest             (195)             --
      Change in accounts
        Due to affiliates                                             (53)             48
        Accounts payable and accrued expenses                          (7)            (65)
        Accrued interest payable                                      137             120
         Net cash used in operating activities                       (541)           (310)

Cash flows from investing activities:
  Repayment of advances to local limited partnerships                  49              --
  Distributions from local limited partnerships recognized
    as a reduction of the investment balance                           --               2
  Advances to Local Limited Partnerships                             (385)           (330)
         Net cash used in investing activities                       (336)           (328)

Net decrease in cash and cash equivalents                            (877)           (638)

Cash and cash equivalents, beginning of year                        1,509           2,147

Cash and cash equivalents, end of year                             $ 632          $ 1,509

Supplemental disclosure of cash flow information:
Cash paid during the year for interest                              $ --            $ 17

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>

                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

                                DECEMBER 31, 2003


NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Real Estate Associates Limited VI ("REAL VI" or the "Partnership"), formed under
the California  Limited  Partnership Act, was organized on October 12, 1982. The
Partnership was formed to invest  primarily in other local limited  partnerships
(the "Local  Limited  Partnerships")  which own and operate  primarily  federal,
state or local government-assisted housing projects. The general partners of the
Partnership  are  National  Partnership   Investments  Corp.  ("NAPICO"  or  the
"Corporate  General Partner") and National  Partnership  Investments  Associates
("NAPIA"), a limited partnership. The business of REAL VI is conducted primarily
by NAPICO.

On December 3, 2001, Casden Properties Inc., entered into a merger agreement and
certain other  transaction  documents with  Apartment  Investment and Management
Company  ("AIMCO"),  a publicly traded real estate investment trust, and certain
of its subsidiaries, pursuant to which, on March 11, 2002, AIMCO acquired Casden
Properties  Inc. and its  subsidiaries,  including  100% of the stock of NAPICO.
Prior to  March  11,  2002,  Casden  Properties,  Inc.  owned a 95.25%  economic
interest in NAPICO,  with the  balance  owned by Casden  Investment  Corporation
("CIC").  CIC, which is wholly owned by Alan I. Casden,  owned 95% of the voting
common stock of NAPICO, prior to March 11, 2002.

The general  partners  have a one percent  interest in profits and losses of the
Partnership.  The limited  partners have the remaining 99 percent interest which
is allocated in proportion to their respective investments.

The  Partnership  shall be  dissolved  only upon the  expiration  of 50 complete
calendar  years  (December  31,  2032)  from  the date of the  formation  of the
Partnership  or the  occurrence of other events as specified in the  Partnership
Agreement.

Upon total or partial  liquidation  of the  Partnership  or the  disposition  or
partial  disposition of a project or project  interest and  distribution  of the
proceeds,  the  general  partners  will  be  entitled  to a  liquidation  fee as
stipulated  in the  Partnership  Agreement.  The  limited  partners  will have a
priority return equal to their invested  capital  attributable to the project(s)
or project interest(s) sold and shall receive from the sale of the project(s) or
project  interest(s) an amount sufficient to pay state and federal income taxes,
if any,  calculated  at the maximum rate then in effect.  The general  partners'
liquidation fee may accrue but shall not be paid until the limited partners have
received distributions equal to 100 percent of their capital contributions.

Basis of Presentation

The  accompanying  financial  statements  have been prepared in conformity  with
accounting principles generally accepted in the United States of America.

Principles of Consolidation

The consolidated  financial  statements  include the accounts of REAL VI and its
majority owned general  partnership Real Estate  Associates III ("REA III"). All
significant  intercompany  accounts and  transactions  have been  eliminated  in
consolidation.  Losses in excess of the  minority  interest in equity that would
otherwise  be  attributed  to the minority  interest are being  allocated to the
Partnership.

Use of Estimates

The preparation of financial statements in conformity with accounting principles
generally  accepted in the United States  requires  management to make estimates
and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results could differ from those estimates.

Method of Accounting for Investments in Local Limited Partnerships

The  investments in Local Limited  Partnerships  are accounted for on the equity
method.  Acquisition,  selection fees and other costs related to the acquisition
of  the  Local  Limited  Partnerships  have  been  capitalized  as  part  of the
investment  account and are being amortized by the straight line method over the
estimated lives of the underlying assets, which is generally 30 years.

Net Loss Per Limited Partnership Interest

Net loss per limited  partner  interest  was  computed  by dividing  the limited
partners'  share of net loss by the  number  of  limited  partnership  interests
outstanding  at the  beginning  of the year.  The number of limited  partnership
interests was 16,752 for both of the years ended December 31, 2003 and 2002.

Cash and Cash Equivalents

Cash and cash equivalents include cash and money market mutual funds. At certain
times,  the amount of cash  deposited  at a bank may exceed the limit on insured
deposits.  Cash  balances of  approximately  $632,000  at December  31, 2003 are
maintained by an affiliated  management company on behalf of affiliated entities
in a cash concentration account.

Impairment of Long-Lived Assets

The  Partnership  reviews its  investments in long-lived  assets to determine if
there  has  been  any  permanent   impairment  whenever  events  or  changes  in
circumstances  indicate  that  the  carrying  amount  of the  asset  may  not be
recoverable.  If the sum of the  expected  future  cash  flows is less  than the
carrying amount of the assets, the Partnership recognizes an impairment loss. No
impairment  losses were recognized  during the years ended December 31, 2003 and
2002.

Segment Reporting

Statement of Financial  Accounting Standards ("SFAS") No. 131, "Disclosure about
Segments of an Enterprise and Related Information" established standards for the
way that public business enterprises report information about operating segments
in annual  financial  statements  and  requires  that those  enterprises  report
selected  information about operating segments in interim financial reports.  It
also established  standards for related disclosures about products and services,
geographic  areas,  and  major  customers.  As  defined  in SFAS  No.  131,  the
Partnership has only one reportable segment.

Fair Value of Financial Instruments

SFAS No. 107, "Disclosure about Fair Value of Financial  Instruments,"  requires
disclosure of fair value  information  about financial  instruments,  when it is
practicable  to  estimate  that  value.  The notes  payable  and amounts due for
partnership  interests are  collateralized by the  Partnership's  investments in
Local Limited  Partnerships and are payable only out of cash  distributions from
Local  Limited  Partnerships.  The  operations  generated  by the Local  Limited
Partnerships,  which account for the  Partnership's  primary source of revenues,
are subject to various government rules, regulations and restrictions which make
it  impracticable  to estimate  the fair value of the notes and related  accrued
interest payable.  The carrying amount of other assets and liabilities  reported
on the balance sheet that require such disclosure approximates fair value due to
their short-term maturity.

Recent Accounting Pronouncements

In January 2003,  the  Financial  Accounting  Standards  Board  ("FASB")  issued
Interpretation  No. 46 ("FIN 46"),  Consolidation of Variable Interest Entities.
FIN 46 requires the  consolidation of entities in which an enterprise  absorbs a
majority of the entity's  expected  losses,  receives a majority of the entity's
expected  residual  returns,  or both, as a result of ownership,  contractual or
other  financial  interests  in the  entity.  Prior to the  issuance  of FIN 46,
entities were generally  consolidated by an enterprise when it had a controlling
financial  interest  through  ownership  of a majority  voting  interest  in the
entity.  FIN 46 applied  immediately to variable interest entities created after
January 31, 2003,  and with respect to public  entities with  variable  interest
entities held before February 1, 2003, FIN 46 will apply to financial statements
for periods ending after December 15, 2004.

The Partnership has not entered into any partnership  investments  subsequent to
January  31,  2003.  The  Partnership  is  in  the  process  of  evaluating  its
investments  in  unconsolidated  Local Limited  Partnerships  that may be deemed
variable  interest  entities under the provisions of FIN 46. The Partnership has
not yet determined the anticipated impact of adopting FIN 46 for its investments
in Local Limited  Partnerships that existed as of January 31, 2003. However, FIN
46 may require the  consolidation  of the assets,  liabilities and operations of
certain  of  the  Partnership's  unconsolidated  investments  in  Local  Limited
Partnerships. Although the Partnership does not believe the full adoption of FIN
46 will  have an  impact  on its cash  flow,  the  Partnership  cannot  make any
definitive  conclusion on the impact, if any, on net earnings until it completes
its evaluation, including an evaluation of the Partnership's maximum exposure to
loss.

In May 2003,  the FASB issued SFAS 150, which  establishes  standards for how an
issuer   classifies   and   measures   certain   financial    instruments   with
characteristics  of both  liabilities and equity.  The  requirements of SFAS 150
apply  to  the   classification   and  measurement  of  freestanding   financial
instruments.  SFAS 150 is effective  for financial  instruments  entered into or
modified  after May 31, 2003, and otherwise is effective at the beginning of the
first interim period  beginning after June 15, 2003. The Partnership has adopted
SFAS 150 as of July 1, 2003.  Additionally,  in September  2003,  the FASB staff
indicated  that  SFAS 150  also  applies  to the  non-controlling  interests  in
consolidated  finite life partnerships.  However,  on October 29, 2003, the FASB
indefinitely deferred the provisions of SFAS 150 for finite life partnerships.

NOTE 2 - INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

As of December 31, 2003, the Partnership holds limited partnership  interests in
18 Local Limited  Partnerships.  The limited partnership  interests decreased by
two Local Limited  Partnerships from the year ended December 31, 2002 due to the
assignment  of  the  interest  in  Century  Plaza  Limited  Partnership  to  the
noteholder and the sale of Penneco I during the year ended December 31, 2003. In
addition, the Partnership holds a majority-owned general partner interest in REA
III which,  in turn,  holds limited  partnership  interests in three  additional
Local  Limited  Partnerships.   In  total,  therefore,   the  Partnership  holds
interests,  either directly or indirectly  through REA III, in twenty-one  Local
Limited  Partnerships  which owned,  as of December 31,  2003,  residential  low
income rental projects  consisting of 1,163 apartment  units. On April 19, 2002,
New-Bel-Mo  sold its New Glarus site for $360,000 which consisted of 10 units or
29% of the total units. Certain of the Local Limited Partnerships are encumbered
by  mortgage  notes  payable to or insured by  agencies  of the federal or local
government.

The  Partnership,  as a limited  partner,  does not  exercise  control  over the
activities and operations,  including  refinancing or selling decisions,  of the
Local  Limited  Partnerships.  Accordingly,  the  Partnership  accounts  for its
investments  in the Local  Limited  Partnerships  using the equity  method.  The
Partnership  is allocated  profits and losses of the Local Limited  Partnerships
based  upon its  respective  ownership  percentages  between  90% and  99%.  The
Partnership  is also entitled to 99.9% of the profits and losses of REA III. REA
III is entitled to a 99% interest in each of the Local Limited  Partnerships  in
which it has invested.  Distributions  of surplus cash from operations from most
of  the  Local  Limited   Partnerships  are  restricted  by  the  Local  Limited
Partnerships' Regulatory Agreements with the United States Department of Housing
and Urban Development  ("HUD").  These  restrictions limit the distribution to a
portion,  generally less than 10%, of the initial invested  capital.  The excess
surplus  cash is  deposited  into a  residual  receipts  reserve,  of which  the
ultimate  realization by the Partnership is uncertain as HUD frequently  retains
it upon sale or dissolution of the Local Limited Partnership. The Partnership is
allocated  profits and losses and receives  distributions  from refinancings and
sales in accordance with the Local Limited Partnerships' partnership agreements.
These  agreements  usually limit the  Partnership's  distributions  to an amount
substantially   less  than  its  ownership   percentage  in  the  Local  Limited
Partnership.

The individual  investments are carried at cost plus the Partnership's  share of
the Local  Limited  Partnership's  profits less the  Partnership's  share of the
Local Limited  Partnership's  losses,  distributions and impairment charges. See
"Note 1 -  Organization  and Summary of Significant  Accounting  Policies" for a
description of the impairment  policy. The Partnership is not legally liable for
the obligations of the Local Limited Partnerships and is not otherwise committed
to provide additional support to them.  Therefore,  it does not recognize losses
once its  investment  in each of the Local  Limited  Partnerships  reaches zero.
Distributions  from  the  Local  Limited  Partnerships  are  accounted  for as a
reduction of the investment  balance until the investment  balance is reduced to
zero.  When  the  investment  balance  has  been  reduced  to  zero,  subsequent
distributions received are recognized as income in the accompanying consolidated
statements of operations.

For those  investments  where the  Partnership  has determined that the carrying
value  of its  investments  approximates  the  estimated  fair  value  of  those
investments,  the  Partnership's  policy is to recognize equity in income of the
Local  Limited  Partnerships  only to the extent of  distributions  received and
amortization  of  acquisition  costs  from  those  Local  Limited  Partnerships.
Therefore,  the  Partnership  limits its  recognition of equity  earnings to the
amount it expects to ultimately realize.

As of December 31, 2003,  the  investment  balance in 19 of the 21 Local Limited
Partnerships  had been reduced to zero. The Partnership  still has an investment
balance in Cassady Village and Park Place Limited Partnerships.

The holder of a purchase money  promissory  note issued by Century Plaza Limited
Partnership,  one of the  Partnership's  investments,  in the amount of $960,000
plus accrued  interest  payable of $1,675,554  as of December 31, 2002,  filed a
suit seeking a monetary judgment against the Partnership and the other partners.
During the year ended December 31, 2003, the Partnership's interest in the Local
Limited  Partnership  was  foreclosed  on by the  note  holder  and the suit was
terminated. The Partnership did not incur a loss as a result of this foreclosure
as it had no remaining investment balance in this Local Limited Partnership.

During the year ended  December 31, 2003, the  Partnership  sold its interest in
Penneco I at a price  equal to the  outstanding  mortgage  recorded at the Local
Limited  Partnership.  Prior to the sale,  the  Partnership  had a liability for
additional  capital  contributions  of  $195,000  related  to  this  investment.
Subsequent  to  the  sale,  no  remaining   obligations  were  required  by  the
Partnership  related to Penneco I;  accordingly,  the Partnership  wrote off the
liability and recognized a gain on the sale of its limited partnership interests
during the year ended December 31, 2003.

New-Bel-Mo consisted of three properties in Wisconsin:  New Glarus,  Belleville,
and  Monticello.  On April 19, 2002,  New-Bel-Mo  sold the New Glarus  property,
which  consisted  of 10  units.  This  sale  left a total of 24 units at the two
remaining  properties.  On May 5,  2003,  the loan  encumbering  the  Monticello
property,  which consisted of 8 units, was declared in technical default by USDA
for property tax defaults,  underfunded reserves and deferred maintenance.  USDA
has not  accelerated the loan or commenced  foreclosure.  The Partnership has no
remaining investment balance in this Local Limited Partnership.

The following is a summary of the investments in Local Limited  Partnerships for
the year ended December 31, 2003 (in thousands):

            Balance, beginning of period                           $  473
            Amortization of acquisition costs                          (7)
            Equity in loss of Local Limited Partnerships             (347)
            Advances to Local Limited Partnerships                    385
            Repayment of advances to Local Limited
              Partnerships                                            (49)
            Balance, end of period                                 $  455

The difference between the investment in the accompanying  consolidated  balance
sheet  at  December  31,  2003,   and  the  deficiency  per  the  Local  Limited
Partnerships'  combined  financial  statements  is due  primarily to  cumulative
unrecognized  equity in losses of  certain  Local  Limited  Partnerships,  costs
capitalized to the investment account,  cumulative  distributions  recognized as
income and recognition of impairment losses.

Selected  financial  information from combining the financial  statements of the
Local Limited Partnerships at December 31, 2003 and for each of the two years in
the period ended December 31, 2003 is as follows:

                        CONDENSED COMBINED BALANCE SHEET
                        OF THE LOCAL LIMITED PARTNERSHIPS
                                 (in thousands)

                                                        December 31, 2003
Assets:
  Land                                                       $ 2,520
  Buildings and improvements, net of accumulated
    depreciation of approximately $29,709                     14,230
  Other assets                                                 8,639

Total Assets                                                 $25,389

Liabilities and Partners' Deficit
Liabilities:
  Mortgages notes payable                                    $26,481
  Other liabilities                                            2,817
  Partners' Deficit                                           (3,909)

Total Liabilities and Partners' Deficit                      $25,389

                    CONDENSED COMBINED RESULTS OF OPERATIONS
                        OF THE LOCAL LIMITED PARTNERSHIPS
                                 (in thousands)
                                                       Years Ended December 31,
                                                          2003          2002
                                                                      (Restated)
Rental income                                           $ 8,248       $ 8,382
Interest and other income                                   338           695
      Total Revenues                                      8,586         9,077

Expenses:
  Operating expenses                                      5,537         5,312
  Financial expenses                                      2,069         2,140
  Depreciation                                            1,515         1,472
      Total Expenses                                      9,121         8,924

Net (loss) income before discontinued operations           (535)          153
Loss from discontinued operations                           (58)         (142)
Net (loss) income                                        $ (593)        $ 11

Effective January 1, 2002, the Partnership adopted SFAS No. 144, "Accounting for
the Impairment or Disposal of Long-Lived  Assets",  which established  standards
for the way that public business enterprises report information about long-lived
assets that are either being held for sale or have  already been  disposed of by
sale or other means.  The standard  requires  that results of  operations  for a
long-lived  asset that is being held for sale or has already been disposed of be
reported as a  discontinued  operation  on the  statement  of  operations.  As a
result,  the condensed  combined  results of operations have been restated as of
January 1, 2002 to reflect the operations of Penneco I as loss from discontinued
operations.  In addition,  the results of operations for Century Plaza have been
excluded from both periods due to the foreclosure of the Partnership's  interest
in the Local Limited Partnership.

Under recently adopted law and policy,  the United States  Department of Housing
and Urban Development ("HUD") has determined not to renew the Housing Assistance
Payment  ("HAP")  Contracts  on a long  term  basis on the  existing  terms.  In
connection with renewals of the HAP Contracts under such new law and policy, the
amount of rental  assistance  payments under renewed HAP Contracts will be based
on market  rentals  instead of above market  rentals,  which may not be the case
under existing HAP  Contracts.  The payments under the renewed HAP Contracts may
not be in an amount that would provide  sufficient cash flow to permit owners of
properties  subject to HAP  Contracts to meet the debt service  requirements  of
existing  loans  insured by the Federal  Housing  Administration  of HUD ("FHA")
unless such mortgage loans are  restructured.  In order to address the reduction
in payments under HAP Contracts as a result of this new policy, the Multi-family
Assisted Housing Reform and  Affordability  Act of 1997 ("MAHRAA")  provides for
the  restructuring  of  mortgage  loans  insured  by the  FHA  with  respect  to
properties  subject  to the  Section 8 program.  Under  MAHRAA,  an  FHA-insured
mortgage  loan can be  restructured  into a first  mortgage  loan  which will be
amortized on a current basis and a low interest  second mortgage loan payable to
FHA which will only be payable on  maturity  of the first  mortgage  loan.  This
restructuring results in a reduction in annual debt service payable by the owner
of the  FHA-insured  mortgage  loan and is  expected  to result in an  insurance
payment from FHA to the holder of the  FHA-insured  loan due to the reduction in
the principal amount. MAHRAA also phases out project-based subsidies on selected
properties  serving  families not located in rental markets with limited supply,
converting such subsidies to a tenant-based subsidy.

When the HAP  Contracts are subject to renewal,  there can be no assurance  that
the Local Limited  Partnerships  in which the Partnership has an investment will
be permitted  to  restructure  their  mortgage  indebtedness  under  MAHRAA.  In
addition,  the economic  impact on the  Partnership  of the  combination  of the
reduced  payments under the HAP Contracts and the  restructuring of the existing
FHA-insured mortgage loans under MAHRAA is uncertain.

NOTE 3 - NOTES PAYABLE AND AMOUNTS DUE FOR PARTNERSHIP INTERESTS

Three  of  the  Partnership's  investments  involved  purchases  of  partnership
interests  from partners who  subsequently  withdrew from the  partnership.  The
purchase  of  these   interests   provides  for  additional   cash  payments  of
approximately  $130,000  based upon specific  events as outlined in the purchase
agreements. Such amounts have been recorded as liabilities and included in notes
payable. In addition, the Partnership is obligated on non-recourse notes payable
of $1,440,000  which bear  interest at 9.5 percent per annum and have  principal
maturities  ranging from  December 1999 to December  2012.  One note payable and
related accrued interest  aggregating  approximately  $1,467,000  became payable
prior to  December  31,  2003.  Management  is in the process of  attempting  to
negotiate the extension of the maturity date on this note payable.  In the event
the negotiations are unsuccessful,  the Partnership could lose its investment in
the Local Limited  Partnership to foreclosure.  The Partnership has no remaining
investment balance in the Local Limited Partnership.

The notes and  related  interest  are  payable  from  cash flow  generated  from
operations  of the  related  rental  properties  as defined in the notes.  These
obligations are  collateralized  by the  Partnership's  investments in the Local
Limited Partnerships. Unpaid interest is due at maturity of the notes.

Payment of the notes payable and related accrued interest are due as follows:

                      Years Ended December 31,
                           (in thousands)                Notes       Interest
                                2004                     $ 520         $ 947
                                2005                        750         1,170
                                2006                         --            --
                                2007                         --            --
                                2008                         --            --
                             Thereafter                     170           324
                               Total                    $ 1,440       $ 2,441

NOTE 4 - TRANSACTIONS WITH AFFILIATED PARTIES

Under the terms of the Restated  Certificate and Agreement of Limited  Partners,
the Partnership is obligated to NAPICO for an annual management fee equal to 0.4
percent  of the  original  invested  assets of the Local  Limited  Partnerships.
Invested  assets  are  defined  as the  costs of  acquiring  project  interests,
including  the  proportionate  amount  of  the  mortgage  loans  related  to the
Partnership's  interests in the capital accounts of the respective Local Limited
Partnerships.  The fee was  approximately  $176,000  and  $173,000 for the years
ended December 31, 2003 and 2002, respectively.

The Partnership  reimburses NAPICO for certain expenses.  The reimbursement paid
to NAPICO was  approximately  $23,000 for each of the years ended  December  31,
2003 and 2002 and is included in general and administrative expenses.

In addition to being the Corporate General Partner of the Partnership, NAPICO or
one of its affiliates,  is the general partner and property management agent for
five of the Local  Limited  Partnerships.  The Local  Limited  Partnerships  pay
NAPICO or its affiliate property  management fees of five percent of their gross
revenues and data processing fees. The amounts paid were  approximately  $62,000
and $111,000 during the years ended December 31, 2003 and 2002, respectively.

In addition to its indirect ownership of the general partnership interest in the
Partnership, AIMCO and its affiliates owned 878.5 limited partnership units (the
"Units")  (or  1,757  limited   partnership   interests)   in  the   Partnership
representing  10.49% of the  outstanding  Units at  December  31,  2003.  A Unit
consists  of two  limited  partnership  interests.  A number of these Units were
acquired  pursuant  to  tender  offers  made by AIMCO or its  affiliates.  It is
possible that AIMCO or its affiliates will acquire  additional Units in exchange
for cash or a  combination  of cash and  units in AIMCO  Properties,  L.P.,  the
operating  partnership  of AIMCO,  either  through  private  purchases or tender
offers. Under the Partnership  Agreement,  unitholders holding a majority of the
Units are  entitled  to take action  with  respect to a variety of matters  that
include, but are not limited to, voting on certain amendments to the Partnership
Agreement  and voting to remove the  Corporate  General  Partner.  Although  the
Corporate  General Partner owes fiduciary  duties to the limited partners of the
Partnership,  the Corporate  General Partner also owes fiduciary duties to AIMCO
as its sole  stockholder.  As a  result,  the  duties of the  Corporate  General
Partner,  as  corporate  general  partner,  to the  Partnership  and its limited
partners may come into conflict with the duties of the Corporate General Partner
to AIMCO, as its sole stockholder.

NOTE 5 - INCOME TAXES

The  Partnership  is not taxed on its income.  The  partners  are taxed in their
individual  capacities based upon their  distributive share of the Partnership's
taxable  income  or  loss  and are  allowed  the  benefits  to be  derived  from
off-setting  their  distributive  share of the tax losses against taxable income
from other sources  subject to passive loss  limitations.  The taxable income or
loss differs from  amounts  included in the  statements  of  operations  because
different  methods  are used in  determining  the  losses of the  Local  Limited
Partnerships. The tax loss is allocated to the partner groups in accordance with
Section  704(b) of the Internal  Revenue Code and  therefore is not  necessarily
proportionate to the interest percentage owned.

A reconciliation follows:

                                                  Years Ended December 31,
                                                     2003            2002
                                                       (in thousands)

Net loss per financial statements                   $ (777)         $ (778)
  Other                                                 93             217
  Partnership's share of Local Limited
    Partnership                                      5,644           1,117
Income per tax return                              $ 4,960          $ 556

Per limited partnership interest                   $293.12         $ 32.86


The following is a reconciliation between the Partnership's reported amounts and
the federal tax basis of net liabilities:


                                                        December 31, 2003
                                                         (in thousands)

Net liabilities as reported                                 $ (2,924)
Add (deduct):
  Deferred offering costs                                      4,976
  Investment in Local Limited Partnerships                   (17,938)
  Other                                                        4,230
Net deficit - federal tax basis                             $(11,656)

NOTE 6 - REAL ESTATE AND ACCUMULATED  DEPRECIATION OF LOCAL LIMITED PARTNERSHIPS
         IN WHICH REAL VI HAS INVESTED

                          Gross Amount at Which Carried
                              At December 31, 2003
                                 (in thousands)
<TABLE>
<CAPTION>

                                               Buildings
                                              and Related
                                               Personal                Accumulated    Date of
     Description       Encumbrances   Land     Property      Total     Depreciation Construction

<S>                      <C>         <C>        <C>         <C>          <C>         <C>  <C>
Boynton Terrace          $ 4,030     $ 208      $ 4,222     $ 4,430      $ (2,796)   1983-1984
Cady Brook Apts              893         89       1,996       2,085          (895)      (A)
Cassady Village              803        157       2,056       2,213        (1,339)      (A)
Crockett Manor               980         10       1,365       1,375          (896)      (A)
Eastridge Apts               364        102       1,681       1,783        (1,545)      (A)
Filmore I                  1,131        115       1,411       1,526          (930)      (A)
Grant-Ko Enterprises       1,212        100       1,467       1,567          (962)      (A)
Hummelstown Manor          1,716         97       1,813       1,910          (958)     1983
Kentucky Manor             1,371        101       1,494       1,595        (1,260)      (A)
Lonsdale Housing           1,139        428       6,270       6,698        (5,692)      (A)
Marshall Plaza I             122         68         709         777          (459)      (A)
Marshall Plaza II            178         79         922       1,001          (598)      (A)
New-Bel-Mo                   613         61         815         876          (541)      (A)
Oakridge Park II           1,182         55       1,554       1,609        (1,460)      (A)
Oakwood Manor                531         62         898         960          (428)      (A)
Park Place                 4,615        337       7,607       7,944        (3,920)   1983-1984
Parksedge Elderly Apts     1,414        160       2,124       2,284        (1,144)      (A)
Sauk-Ko Enterprises          696         60       1,203       1,263          (791)      (A)
Sol 413                      343         50         428         478          (281)      (A)
Valley Oaks Senior         1,771        122       1,960       2,082        (1,491)      (A)
Villas de Orocovix         1,377         59       1,944       2,003        (1,323)

  Totals                 $26,481     $2,520     $43,939     $46,459      $(29,709)

(A) This project was completed when REAL VI entered the Partnership.
</TABLE>

Reconciliation of real estate (in thousands)

                                                 Years Ended December 31,
                                                   2003           2002

Balance at beginning of period                    $52,533       $52,223
Improvements during the period                        355           738
Sale of property                                   (8,949)         (428)
Balance at end of period                          $43,939       $52,533

Reconciliation of accumulated depreciation (in thousands)

                                                   2003           2002

Balance at beginning of period                    $33,142       $31,740
Depreciation expense for the period                 1,515         1,688
Sale of property                                   (4,948)         (286)
Balance at end of period                          $29,709       $33,142

NOTE 7 - ABANDONMENT OF UNITS

During the year  ended  December  31,  2002,  the number of Limited  Partnership
Interests  decreased by 58 interests due to limited  partners  abandoning  their
interests. In abandoning his or her Limited Partnership  Interest(s),  a limited
partner relinquishes all right, title, and interest in the partnership as of the
date of abandonment.  However, the limited partner is allocated his or her share
of net income or loss for that year. The income or loss per Limited  Partnership
Interest in the accompanying consolidated statements of operations is calculated
based on the number of interests outstanding at the beginning of the year. There
were no such abandonments in 2003.

NOTE 8 - CONTINGENCIES

Class Action

On August 27, 1998, two investors holding an aggregate of eight units of limited
partnership  interest  in Real  Estate  Associates  Limited  III (an  affiliated
partnership in which National  Partnership  Investments Corp.  ("NAPICO") is the
corporate  general partner) and two investors holding an aggregate of five units
of limited  partnership  interests in REAL VI  commenced  an action  against the
Partnership,  NAPICO and certain other defendants. The claims included, but were
not limited to, claims for breaches of fiduciary duty to the limited partners of
certain NAPICO-managed  partnerships and violations of securities laws by making
materially  false  and  misleading   statements  in  the  consent   solicitation
statements  sent to the  limited  partners  of  such  partnerships  relating  to
approval  of the  transfer of  partnership  interests  in limited  partnerships,
owning  certain of the  properties,  to affiliates of Casden  Properties,  Inc.,
organized by an affiliate of NAPICO. On August 4, 1999, one investor holding one
unit of limited  partnership  interest  in  Housing  Programs  Limited  (another
affiliated  partnership  in  which  NAPICO  is the  corporate  general  partner)
commenced a virtually  identical  action  against  the  Partnership,  NAPICO and
certain other entities.  The second action was subsumed in the first action, and
was certified as a class action.

On April 29, 2003, the court entered  judgment  against NAPICO and certain other
defendants  in the amount of  approximately  $25.2  million  for  violations  of
securities laws and against NAPICO for approximately  $67.3 million for breaches
of fiduciary  duty, both amounts plus interest of  approximately  $25.6 million,
and for punitive damages against NAPICO in the amount of $2.6 million.

On August 11, 2003,  Apartment  Investment and Management  Company ("AIMCO") and
NAPICO  entered  into  a  Stipulation  of  Settlement   (the   "Stipulation   of
Settlement")  with the  plaintiff  class (the  "Plaintiffs")  and their  counsel
relating  to the  settlement  of the  litigation.  The  principal  terms  of the
Stipulation of Settlement include,  among other things (1) payments in both cash
($29 million) and stock ($19  million) by Alan I. Casden,  on behalf of himself,
NAPICO and other defendants,  to the Plaintiffs,  (2) guaranteed  payments in an
aggregate  amount  of $35  million  ($7  million  per  year for 5  years),  plus
interest,  by NAPICO to the  Plaintiffs,  (3) a release of claims of all parties
associated with the litigation and (4) joint agreement by the parties to request
that a new judgment be entered in the litigation to, among other things, expunge
the judgment originally entered against NAPICO and the other defendants.

In connection with the Stipulation of Settlement, on August 12, 2003, NAPICO and
AIMCO executed a Settlement  Agreement  (the  "Settlement  Agreement")  with the
prior  shareholders  of  Casden  Properties,  Inc.  The  principal  terms of the
Settlement  Agreement  include,   among  other  things,  that  (1)  NAPICO  will
voluntarily  discontinue  the action it  commenced  on May 13, 2003  against the
former  shareholders  of Casden  Properties,  Inc. and other  indemnitors in the
Casden  Merger,  (2) Alan I. Casden and certain  related  entities  will resolve
certain  pending  claims for  indemnification  made by  NAPICO,  AIMCO and their
affiliates,  (3) AIMCO or an  affiliate  will  provide  $25  million  of the $29
million in cash that Alan I. Casden is obligated to provide under the Stipulaton
of Settlement in exchange for 531,915 shares of AIMCO Class A Common Stock owned
by The Casden Company,  and (4) The Casden Company will promise to pay to NAPICO
an  aggregate  amount of $35 million  ($7  million  per year for 5 years),  plus
interest,  on a secured,  nonrecourse  basis.  The Casden Company can prepay its
obligation  set forth in item (4) above in shares of AIMCO Class A Common  Stock
having a value based on the greater of $47 per share or the market value of such
shares at the time of payment.

On December 30, 2003,  the  Stipulation of Settlement  with the plaintiff  class
(the  "Plaintiffs")  and their counsel  relating to the settlement of litigation
against the Registrant,  National Partnership  Investments Corp.  ("NAPICO") and
certain  other  defendants  became  effective in accordance  with its terms.  In
addition,  on  December  30,  2003,  the  Settlement  Agreement  with the  prior
shareholders of Casden  Properties,  Inc.,  NAPICO and Apartment  Investment and
Management Company ("AIMCO") also closed in accordance with its terms.

In addition to the litigation  discussed above, the Corporate General Partner is
involved in various other  lawsuits  arising from  transactions  in the ordinary
course of  business.  In the opinion of  management  and the  Corporate  General
Partner,   the  claims  will  not  result  in  any  material  liability  to  the
Partnership.

ITEM 8.  CHANGES  IN  AND  DISAGREEMENTS  WITH  ACCOUNTANTS  ON  ACCOUNTING  AND
         FINANCIAL DISCLOSURES

None.

ITEM 8A.    CONTROLS AND PROCEDURES

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Corporate  General Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer and  principal  financial  officer of the  Corporate  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fourth quarter of 2003 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.

                                    PART III

ITEM 9.     DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT

Real Estate Associates Limited VI (the "Partnership" or the "Registrant") has no
directors  or officers.  The general  partner  responsible  for  conducting  the
business  of  the  Partnership  is  National  Partnership   Investments  Corp  a
California Corporation ("NAPICO" or the "Corporate General Partner").

The names and ages of, as well as the positions and offices held by, the present
directors  and officers of NAPICO are set forth  below:  The  Corporate  General
Partner manages and controls  substantially all of the Partnership's affairs and
has general  responsibility  and ultimate authority in all matters affecting its
business.  There are no family  relationships  between or among any directors or
officers.

Peter K. Kompaniez             58     Director
David R. Robertson             37     President, Chief Executive Officer
                                        and Director
Charles McKinney               52     Senior Vice President and Director
                                        of Asset Management
Jeffrey H. Sussman             38     Senior Vice President, General
                                        Counsel and Secretary
Brian H. Shuman                41     Senior Vice President and Chief
                                        Financial Officer

Peter K.  Kompaniez  has been Director of the  Corporate  General  Partner since
April 1, 2002. Mr. Kompaniez has been Vice Chairman of the Board of Directors of
AIMCO since July 1994 and was appointed  President in July 1997.  Mr.  Kompaniez
has also  served as Chief  Operating  Officer of NHP  Incorporated  after it was
acquired by AIMCO in  December  1997.  Effective  April 1, 2004,  Mr.  Kompaniez
resigned as  President  of AIMCO.  Mr.  Kompaniez  will  continue in his role as
Director of the Corporate General Partner and Vice Chairman of AIMCO's Board and
will serve AIMCO on a variety of special and  ongoing  projects in an  operating
role.

David R. Robertson has been President, Chief Executive Officer and a Director of
the Corporate  General  Partner since  October 2002.  Mr.  Robertson has been an
Executive  Vice  President  of AIMCO  since  February  2002,  and was  appointed
President and Chief  Executive  Officer of AIMCO  Capital in October  2002.  Mr.
Robertson  is  responsible  for  property   operations,   asset  management  and
transaction   activities   within  AIMCO   Capital's   portfolio  of  affordable
properties,  and for  redevelopment  and  construction  activities  for both the
conventional  and  affordable  property  portfolios.  Since  February  1996, Mr.
Robertson has been Chairman and Chief Executive Officer of Robeks Corporation, a
privately held chain of specialty food stores.

Charles McKinney has been Senior Vice President and Director of Asset Management
of the  Corporate  General  Partner and AIMCO Capital since January 2003 and has
overall responsibility for monitoring the construction, lease-up, operations and
compliance  issues for all  assets  constituting  a part of  AIMCO's  affordable
portfolio.  Mr.  McKinney  joined AIMCO as Vice President of Transactions in the
Affordable  Group  in  June  2002  and  had   responsibility   for  value  added
dispositions  of  affordable  properties  in the  Western  portion of the United
States.  From  September  2000  through  May 2002,  Mr.  McKinney  was  Managing
Underwriter for Real Estate Recovery, Inc. where he was responsible for the real
estate loan underwriting and loan review for the company's  clients.  From March
1998 through August 2000, Mr.  McKinney was the Executive  Managing  Director of
American Capital Advisors, Inc. an investment banking company.

Jeffrey H. Sussman has been Senior Vice President, General Counsel and Secretary
of the Corporate  General  Partner since joining  NAPICO in 1998. Mr. Sussman is
responsible for the legal affairs of NAPICO and its affiliates. Prior to joining
NAPICO in 1998, Mr. Sussman was an associate with the law firm of Rus, Miliband,
Williams & Smith in Irvine,  California.  His  practice  emphasized  real estate
finance  and  insolvency  law and  included  the  representation  of  borrowers,
lenders, and court-appointed  trustees in matters involving apartment complexes,
retail centers and hotels.

Brian H. Shuman has been Senior Vice  President and Chief  Financial  Officer of
the  Corporate  General  Partner  since  joining  NAPICO in 2000.  Mr. Shuman is
responsible  for  the  financial  affairs  of  NAPICO  as  well  as the  limited
partnership  sponsored by it. From 1996 until joining NAPICO in August 2000, Mr.
Shuman was Vice President - Finance for Preferred  Health  Management  Inc., the
largest  provider  of  worker   compensation   diagnostic  imaging  services  in
California formed in 1996, and was responsible for establishing and managing the
accounting, billing, collection, treasury and financial reporting departments.

The board of directors of the Corporate General Partner does not have a separate
audit  committee.  As such,  the board of  directors  of the  Corporate  General
Partner fulfills the functions of an audit committee. The board of directors has
determined  that Brian H. Shuman meets the  requirement  of an "audit  committee
financial expert".

The directors and officers of the Corporate  General Partner with authority over
the Partnership are all employees of subsidiaries of AIMCO.  AIMCO has adopted a
code of ethics that applies to such  directors  and  officers  that is posted on
AIMCO's  website  (www.AIMCO.com).   AIMCO's  website  is  not  incorporated  by
reference to this filing.

ITEM 10.    EXECUTIVE COMPENSATION

None of the directors and officers of the Corporate General Partner received any
remuneration from the Partnership during the year ended December 31, 2003.

ITEM 11.    SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

(a)   The  General  Partners  own  all of the  outstanding  general  partnership
      interests of REAL VI. No person or entity was known by the  Partnership to
      own of record or  beneficially  more  than 5% of the  Limited  Partnership
      Interests of the Partnership as of December 31, 2003.

(b)   None of the  directors or officers of the  Corporate  General  Partner own
      directly or beneficially any limited partnership interests in REAL VI.

ITEM 12.    CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

Under the terms of the Restated  Certificate and Agreement of Limited  Partners,
the Partnership is obligated to NAPICO for an annual management fee equal to 0.4
percent  of the  original  invested  assets of the Local  Limited  Partnerships.
Invested  assets  are  defined  as the  costs of  acquiring  project  interests,
including  the  proportionate  amount  of  the  mortgage  loans  related  to the
Partnership's  interests in the capital accounts of the respective Local Limited
Partnerships.  The fee was  approximately  $176,000  and  $173,000 for the years
ended December 31, 2003 and 2002, respectively.

The Partnership  reimburses NAPICO for certain expenses.  The reimbursement paid
to NAPICO was  approximately  $23,000 for each of the years ended  December  31,
2003 and 2002 and is included in general and administrative expenses.

In addition to being the Corporate General Partner of the Partnership, NAPICO or
one of its affiliates,  is the general partner and property management agent for
five of the Local  Limited  Partnerships.  The Local  Limited  Partnerships  pay
NAPICO or its affiliate property  management fees of five percent of their gross
revenues and data processing fees. The amounts paid were  approximately  $62,000
and $111,000 during the years ended December 31, 2003 and 2002, respectively.

In addition to its indirect ownership of the general partnership interest in the
Partnership, AIMCO and its affiliates owned 878.5 limited partnership units (the
"Units")  (or  1,757  limited   partnership   interests)   in  the   Partnership
representing  10.49% of the  outstanding  Units at  December  31,  2003.  A Unit
consists  of two  limited  partnership  interests.  A number of these Units were
acquired  pursuant  to  tender  offers  made by AIMCO or its  affiliates.  It is
possible that AIMCO or its affiliates will acquire  additional Units in exchange
for cash or a  combination  of cash and  units in AIMCO  Properties,  L.P.,  the
operating  partnership  of AIMCO,  either  through  private  purchases or tender
offers. Under the Partnership  Agreement,  unitholders holding a majority of the
Units are  entitled  to take action  with  respect to a variety of matters  that
include, but are not limited to, voting on certain amendments to the Partnership
Agreement  and voting to remove the  Corporate  General  Partner.  Although  the
Corporate  General Partner owes fiduciary  duties to the limited partners of the
Partnership,  the Corporate  General Partner also owes fiduciary duties to AIMCO
as its sole  stockholder.  As a  result,  the  duties of the  Corporate  General
Partner,  as  corporate  general  partner,  to the  Partnership  and its limited
partners may come into conflict with the duties of the Corporate General Partner
to AIMCO, as its sole stockholder.

ITEM 13.    EXHIBITS AND REPORTS ON FORM 10-K

      (a)   Exhibits:

            Exhibit 3, Articles of incorporation  and bylaws:  The Registrant is
            not incorporated. The Partnership Agreement was filed with Form S-11
            #2-82090 which is hereby incorporated by reference.

            Exhibit 31.1, Certification of equivalent of Chief Executive Officer
            pursuant to Securities  Exchange Act Rules  13a-14(a)/15d-14(a),  as
            Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

            Exhibit 31.2, Certification of equivalent of Chief Financial Officer
            pursuant to Securities  Exchange Act Rules  13a-14(a)/15d-14(a),  as
            Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

            Exhibit 32.1,  Certification  Pursuant to 18 U.S.C. Section 1350, as
            Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

            Exhibit 99.1,  Independent  Auditors Report for Boynton  Associates,
            Ltd.

            Exhibit 99.2, Independent Auditors Report  for  Charlton   Housing
            Associates (Cady Brook Apts.)

            Exhibit 99.3, Independent Auditors   Report  for  Cassady   Village
            Apartments, Ltd.

            Exhibit 99.4, Independent Auditors Report for Crockett Manor
            Apartments

            Exhibit 99.5, Independent Auditors Report for Eastridge Associates,
            Ltd.

            Exhibit 99.6, Independent Auditors Report for  Grant-Ko  Enterprises
            Limited Partnership

            Exhibit 99.7, Independent   Auditors   Report  for  Kentucky   Manor
            Apartments, Ltd.

            Exhibit 99.8, Independent Auditors Report for Civic Housing
            Associates I

            Exhibit 99.9, Independent Auditors Report for Civic Housing
            Associates II

            Exhibit 99.10, Independent Auditors Report for Oakridge Park Phase
            II

            Exhibit 99.11, Independent   Auditors   Report  for  Oakwood   Manor
            Associates, Ltd.

            Exhibit 99.12, Independent Auditors Report for Park Place Associates

            Exhibit 99.13, Independent Auditors Report for Parksedge Associates

            Exhibit 99.14, Independent Auditors Report for Sauk-Ko Apartments

            Exhibit 99.15, Independent Auditors Report for Sol 413 Limited
            Dividend Partnership

            Exhibit 99.16, Independent Auditors Report for Valley  Oaks  Senior
            Housing Associates

            Exhibit 99.17, Independent Auditors  Report  for  Orocovix  Limited
            Dividend Partnership

      (b)   Reports on Form 8-K filed during the fourth quarter of 2003:

            Current  Report on Form 8-K  dated  November  24,  2003 and filed on
            November 26, 2003  disclosing  the  Stipulation  Settlement  between
            NAPICO and the plaintiffs.

            Current Report on Form 8-K dated December 30, 2003 and filed January
            2, 2004 disclosing the Stipulation Settlement between NAPICO and the
            plaintiffs.

ITEM 14.    PRINCIPAL ACCOUNTING FEES AND SERVICES

The Corporate  General Partner has reappointed  Ernst & Young LLP as independent
auditors to audit the financial statements of the Partnership for 2004.

Audit  Fees.  The  Partnership   paid  to  Ernst  &  Young  LLP  audit  fees  of
approximately $44,000 and $31,000 for 2003 and 2002, respectively.

Tax Fees.  The  Partnership  paid to Ernst & Young LLP fees for tax services for
both 2003 and 2002 of approximately $24,000.



<PAGE>


                                   SIGNATURES


In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


                                    REAL ESTATE ASSOCIATES LIMITED VI


                                    By:   NATIONAL PARTNERSHIP INVESTMENTS CORP.
                                          General Partner


                                    By:   /s/David R. Robertson
                                          David R. Robertson
                                          President and Chief Executive Officer


                                    By:   /s/Brian H. Shuman
                                          Brian H. Shuman
                                          Senior Vice President and
                                          Chief Financial Officer


                                Date: May 3, 2004


In accordance with the  requirements of the Exchange Act, the Registrant  caused
this  report to be  signed on its  behalf  by the  undersigned,  thereunto  duly
authorized.


/s/Peter K. Kompaniez         Director                      Date: May 3, 2004
Peter K. Kompaniez


/s/David R. Robertson         President, Chief Executive    Date: May 3, 2004
David R. Robertson            Officer and Director


/s/Brian H. Shuman            Senior Vice President and     Date: May 3, 2004
Brian H. Shuman               Chief Financial Officer






<PAGE>


                        REAL ESTATE ASSOCIATES LIMITED VI
                                  EXHIBIT INDEX


Exhibit     Description of Exhibit

   3        Articles of incorporation and  bylaws:   The   registrant   is  not
            incorporated. The Partnership Agreement was filed with  Form  S-11
            #2-82090 which is hereby incorporated by reference.

  31.1      Certification  of equivalent of Chief Executive  Officer pursuant to
            Securities  Exchange  Act  Rules  13a-14(a)/15d-14(a),   as  Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  31.2      Certification  of equivalent of Chief Financial  Officer pursuant to
            Securities  Exchange  Act  Rules  13a-14(a)/15d-14(a),   as  Adopted
            Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

  32.1      Certification  Pursuant  to  18  U.S.C.  Section  1350,  as  Adopted
            Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

  99.1      Independent Auditors Report for Boynton Associates, Ltd.

  99.2      Independent  Auditors Report for Charlton Housing Associates (Cady
            Brook Apts.)

  99.3      Independent Auditors Report for Cassady Village Apartments, Ltd.

  99.4      Independent Auditors Report for Crockett Manor Apartments

  99.5      Independent Auditors Report for Eastridge Associates, Ltd.

  99.6      Independent Auditors Report  for  Grant-Ko   Enterprises   Limited
            Partnership

  99.7      Independent Auditors Report for Kentucky Manor Apartments, Ltd.

  99.8      Independent Auditors Report for Civic Housing Associates I

  99.9      Independent Auditors Report for Civic Housing Associates II

  99.10     Independent Auditors Report for Oakridge Park Phase II

  99.11     Independent Auditors Report for Oakwood Manor Associates, Ltd.

  99.12     Independent Auditors Report for Park Place Associates

  99.13     Independent Auditors Report for Parksedge Associates

  99.14     Independent Auditors Report for Sauk-Ko Apartments

  99.15     Independent Auditors Report for Sol 413 Limited Dividend Partnership

  99.16     Independent Auditors Report for Valley Oaks Senior Housing
            Associates

  99.17     Independent Auditors Report for Orocovix Limited Dividend
            Partnership



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, David R. Robertson, certify that:


1.    I have  reviewed  this  annual  report  on  Form  10-KSB  of  Real  Estate
      Associates Limited VI;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.

Date:  May 3, 2004

                                    /s/David R. Robertson
                                    David R. Robertson
                                    President  and Chief  Executive  Officer  of
                                    National       Partnership       Investments
                                    Corporation,   equivalent   of   the   chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Brian H. Shuman, certify that:


1.    I have  reviewed  this  annual  report  on  Form  10-KSB  of  Real  Estate
      Associates Limited VI;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the registrant as of, and for, the periods presented in this report;

4.    The  registrant's  other  certifying  officer(s) and I are responsible for
      establishing  and  maintaining  disclosure  controls  and  procedures  (as
      defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for the registrant
      and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            registrant,  including its consolidated subsidiaries,  is made known
            to us by others  within  those  entities,  particularly  during  the
            period in which this report is being prepared;

      (b)   Evaluated the effectiveness of the registrant's  disclosure controls
            and  procedures and presented in this report our  conclusions  about
            the effectiveness of the disclosure  controls and procedures,  as of
            the  end  of the  period  covered  by  this  report  based  on  such
            evaluation; and

      (c)   Disclosed  in this  report any change in the  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant's  board of directors  (or persons  performing  the  equivalent
      functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely affect the  registrant's  ability to
            record, process, summarize and report financial information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees  who have a  significant  role in the  registrant's
            internal control over financial reporting.


Date:  May 3, 2004

                                  /s/Brian H. Shuman
                                  Brian H. Shuman
                                  Senior Vice President and Chief Financial
                                  Officer of National Partnership Investments
                                  Corporation, equivalent of the chief financial
                                  officer of the Partnership


<PAGE>


Exhibit 32.1


                          Certification of CEO and CFO
                       Pursuant to 18 U.S.C. Section 1350,
                             As Adopted Pursuant to
                  Section 906 of the Sarbanes-Oxley Act of 2002



In connection  with the Annual  Report on Form 10-KSB of Real Estate  Associates
Limited VI (the  "Partnership"),  for the year ended  December 31, 2003 as filed
with the Securities and Exchange  Commission on the date hereof (the  "Report"),
David R.  Robertson,  as the  equivalent of the Chief  Executive  Officer of the
Partnership,  and Brian H.  Shuman,  as the  equivalent  of the Chief  Financial
Officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/David R. Robertson
                                    Name:  David R. Robertson
                                    Date:  May 3, 2004


                                           /s/Brian H. Shuman
                                    Name:  Brian H. Shuman
                                    Date:  May 3, 2004


This  certification is furnished with this Report pursuant to Section 906 of the
Sarbanes-Oxley  Act of 2002 and shall not be deemed filed by the Partnership for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended.



<PAGE>


Exhibit 99.1

Independent Auditors' Report


To the Partners
Boynton Associates, Ltd.

We have audited the accompanying balance sheets of Boynton Associates, Ltd., FHA
Project No. FL29-0053-049 (the "Partnership"),  as of December 31, 2003 and 2002
and the related  statements of operations,  changes in partners'  deficiency and
cash  flows  for the  years  then  ended.  These  financial  statements  are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards  and  the  standards  applicable  to  financial  audits  contained  in
Government  Auditing  Standards issued by the Comptroller  General of the United
States.  Those  standards  require  that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Boynton Associates,  Ltd. as of
December 31, 2003 and 2002 and the results of its  operations and its cash flows
for the years then ended in conformity with U.S. generally  accepted  accounting
principles.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated March 11, 2004 on our consideration of the Partnership's  internal control
and on our tests of its compliance with certain provisions of laws, regulations,
contracts and grants.  Those reports are an integral part of an audit  performed
in  accordance  with  Government  Auditing  Standards  and  should  be  read  in
conjunction with this report in considering the results of our audit.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial  statements taken as a whole. The  accompanying  additional  financial
data (shown on pages 13 through 15) are  presented for the purpose of additional
analysis and are not a required  part of the basic  financial  statements of the
Partnership.  Such  information  has been  subjected to the auditing  procedures
applied in the audit of the basic financial  statements and, in our opinion,  is
fairly  stated in all  material  respects  in  relation  to the basic  financial
statements taken as a whole.


/s/Altschuler, Melvoin and Glasser LLP

Los Angeles, California
March 11, 2004



<PAGE>


Exhibit 99.2

                          Independent Auditors' Report



To the Partners of
Charlton Housing Associates Limited Partnership


     We have  audited  the  accompanying  balance  sheets  of  Charlton  Housing
Associates  Limited  Partnership,  RHS  Project  No.:  25-019-042822998,  as  of
December 31, 2003 and 2002, and the related statements of operations,  partners'
equity(deficit)  and cash  flows  for the  years  then  ended.  These  financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

     We conducted our audits in accordance  with  auditing  standards  generally
accepted  in the  United  States of  America  and the  standards  applicable  to
financial  audits  contained in  Government  Auditing  Standards,  issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

     In accordance with Government Auditing  Standards,  we have also issued our
report for the year ended  December 31,  2003,  dated  January 31, 2004,  on our
consideration  of Charlton Housing  Associates  Limited  Partnership's  internal
control over financial reporting and on our tests of its compliance with certain
provisions  of laws,  regulations,  contracts  and  grants.  That  report  is an
integral  part of an audit  performed in  accordance  with  Government  Auditing
Standards and should be read in conjunction  with this report in considering the
results of our audit.

     In our opinion,  the financial statements referred to above present fairly,
in all material respects,  the financial position of Charlton Housing Associates
Limited Partnership, RHS Project No.: 25-019-042822998,  as of December 31, 2003
and 2002,  and the results of its  operations,  the changes in partners'  equity
(deficit) and cash flows for the years then ended, in conformity with accounting
principles generally accepted in the United States of America.

     Our  audits  were made for the  purpose  of forming an opinion on the basic
financial statements taken as a whole. The supplemental  information on pages 16
and 17 is presented  for purposes of  additional  analysis and is not a required
part of the basic financial  statements.  Such information has been subjected to
the auditing procedures applied in the audit of the basic financial  statements,
and, in our opinion,  is fairly  stated in all material  respects in relation to
the basic financial statements taken as a whole.

                                   /s/Reznick Fedder & Silverman

Baltimore, Maryland
January 31, 2004


<PAGE>


Exhibit 99.3

Independent Auditors' Report



To the Partners
Cassady Village Apartments, Ltd.

We have audited the accompanying  balance sheets of Cassady Village  Apartments,
Ltd., FHA Project No. 043-44028-LDP (the "Partnership"), as of December 31, 2003
and 2002 and the related  statements of operations,  changes in partners' equity
and cash flows for the years then  ended.  These  financial  statements  are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards  and  the  standards  applicable  to  financial  audits  contained  in
Government  Auditing  Standards issued by the Comptroller  General of the United
States.  Those  standards  require  that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Cassady Village  Apartments,
Ltd. as of December 31, 2003 and 2002 and the results of its  operations and its
cash flows for the years then ended in conformity with U.S.  generally  accepted
accounting principles.

As discussed in Note 3, the  Partnership's  partners could change in 2004, which
might result in a change in Partnership operations. The ultimate effect, if any,
on the  Partnership's  operations  of a change in ownership  cannot be presently
determined.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated  February  12, 2004 on our  consideration  of the  Partnership's  internal
control and on our tests of its  compliance  with  certain  provisions  of laws,
regulations,  contracts  and grants.  Those  reports are an integral  part of an
audit performed in accordance with Government  Auditing  Standards and should be
read in conjunction with this report in considering the results of our audit.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial  statements taken as a whole. The  accompanying  additional  financial
data (shown on pages 12 through 14) are  presented for the purpose of additional
analysis and are not a required  part of the basic  financial  statements of the
Partnership.  Such  information  has been  subjected to the auditing  procedures
applied in the audit of the basic financial  statements and, in our opinion,  is
fairly  stated in all  material  respects  in  relation  to the basic  financial
statements taken as a whole.


/s/Altschuler, Melvoin and Glasser LLP

Los Angeles, California
February 12, 2004



<PAGE>


Exhibit 99.4

Independent Auditors' Report

To the Partners
Crockett Manor Apartments

We have audited the accompanying  balance sheets of Crockett Manor Apartments (a
limited partnership), FHA Project No. 086_35171_PM-L8 (the "Partnership"), as of
December 31, 2003 and 2002 and the related statements of operations,  changes in
partners'  deficiency and cash flows for the years then ended.  These  financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards  and  the  standards  applicable  to  financial  audits  contained  in
Government  Auditing  Standards issued by the Comptroller  General of the United
States.  Those  standards  require  that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Crockett Manor Apartments as of
December 31, 2003 and 2002 and the results of its  operations and its cash flows
for the years then ended in conformity with U.S. generally  accepted  accounting
principles.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated  February  13, 2004 on our  consideration  of the  Partnership's  internal
control and on our tests of its  compliance  with  certain  provisions  of laws,
regulations,  contracts  and grants.  Those  reports are an integral  part of an
audit performed in accordance with Government  Auditing  Standards and should be
read in conjunction with this report in considering the results of our audit.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial  statements taken as a whole. The  accompanying  additional  financial
data (shown on pages 13 through 15) are  presented for the purpose of additional
analysis and are not a required  part of the basic  financial  statements of the
Partnership.  Such  information  has been  subjected to the auditing  procedures
applied in the audit of the basic financial  statements and, in our opinion,  is
fairly  stated in all  material  respects  in  relation  to the basic  financial
statements taken as a whole.

/s/Altschuler, Melvoin and Glasser LLP

Los Angeles, California
February 13, 2004



<PAGE>


Exhibit 99.5

                          Independent Auditors' Report


January 29, 2004
Eastridge Associates
Bristol, Virginia

We have audited the  accompanying  balance  sheet of Eastridge  Associates,  HUD
Project No. 051-55021-LDC (a limited partnership),  as of December 31, 2003, and
the related statements of income, changes in partners' equity, and cash flow for
the year then ended.  These financial  statements are the  responsibility of the
Partnership's  management.  Our responsibility is to express an opinion on these
financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the  financial  position of Eastridge  Associates as of
December 31, 2003,  and the results of its operations and cash flow for the year
then ended in conformity with accounting  principles  generally  accepted in the
United States of America.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated January 29, 2004, on our consideration of Eastridge  Associates'  internal
control and on our tests of its  compliance  with  certain  provisions  of laws,
regulations,  and  contracts.  Those  reports are an  integral  part of an audit
performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial statements taken as a whole. The accompanying supplemental information
shown on pages 16 to 20 is presented for purposes of additional  analysis and is
not a required part of the basic financial  statements of the Partnership.  Such
information has been subjected to the auditing  procedures  applied in the audit
of the basic financial statements, and, in our opinion, is fairly stated, in all
material  respects,  in relation to the basic  financial  statements  taken as a
whole.



                                               /s/ Appalachian, CPAs, PC
                                                   Appalachian, CPAs, PC
                                                   Johnson City, Tennessee
                                                   EIN 62-1337124



Engagement Partner/Officer
Joanne L. Downer, CPA
401 Elm Street
Johnson City, Tennessee 37601
(423) 926-4784


<PAGE>


Exhibit 99.6

                          Independent Auditor's Report



To the Partners
Grant-Ko Enterprises, Limited Partnership
Platteville, Wisconsin

We have audited the accompanying balance sheet of Grant-Ko Enterprises,  Limited
Partnership,  RHS Case No.  58-022-391456910,  as of December 31, 2003 and 2002,
and the related  statements of operations  and partners'  deficit and cash flows
for the year then ended.  These financial  statements are the  responsibility of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these  financial  statements  based on our audit.  The  financial  statements of
Grant-Ko Enterprises,  Limited Partnership as of December 31, 2001, were audited
by other auditors whose report dated February 15, 2002, expressed an unqualified
opinion on those statements.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and the standards applicable to financial audits
contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to
obtain reasonable  assurance about whether the financial  statements are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management  as well  as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Grant-Ko Enterprises,  Limited
Partnership, as of December 31, 2003 and 2002, and the results of its operations
and its  cash  flows  for the year  then  ended in  conformity  with  accounting
principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report
dated February 6, 2004 on our  consideration  of Grant-Ko  Enterprises,  Limited
Partnership's  internal control over financial reporting and on our tests of its
compliance  with certain  provisions of laws,  regulations  and contracts.  That
report is an integral part of an audit  performed in accordance  with Government
Auditing  Standards  and  should  be read in  conjunction  with  this  report in
considering the results of our audits.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial  statements taken as a whole. The  supplementary  information on pages
10-14 is  presented  for purposes of  additional  analysis and is not a required
part of the basic financial statements of the Partnership.  Such information has
been  subjected  to the  auditing  procedures  applied in the audit of the basic
financial  statements  and, in our  opinion,  is fairly  stated in all  material
respects in relation to the basic financial statements taken as a whole.



                                              /s/ Bodilly CPAs & Consultants LLP
                                                  Bodilly CPAs & Consultants LLP

February 6, 2004


<PAGE>


Exhibit 99.7

To the Partners
Kentucky Manor Apartments, LTD.
Oak Grove, Kentucky


We have audited the  accompanying  balance sheets of Kentucky Manor  Apartments,
LTD.  (a limited  partnership),  RD/USDA  Project  No.  20-024-611005769,  as of
December 31, 2003 and 2002, and the related statements of operations, changes in
partners'  equity  (deficit)  and cash  flows for the years  then  ended.  These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller   General  of  the  United  States,  and  the  U.S.   Department  of
Agriculture,  Farmers Home Administration Audit Program. Those standards require
that we plan and perform the audit to obtain reasonable  assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used and significant  estimates made by the  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Kentucky Manor Apartments, LTD.
(a limited partnership) as of December 31, 2003 and 2002, and the results of its
operations, the changes in partners' equity (deficit) and its cash flows for the
years then ended in conformity with accounting  principles generally accepted in
the United States of America.

In accordance with Government Auditing  Standards,  we have also issued a report
dated January 28, 2004 on our consideration of Kentucky Manor Apartments, LTS.'s
internal  control  structure and on its  compliance  with certain  provisions of
laws,  regulation , contracts and grants.  That report is an integral part of an
audit performed in accordance with Governmental Auditing Standards and should be
read in conjunction with this report in considering the results of our audit.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial   statements  taken  as  a  whole.   The  accompanying   supplementary
information  shown on pages 9 and 10 is  presented  for  purposes of  additional
analysis and is not a required  part of the basic  financial  statements  of the
Partnership.  Such  information  has been  subjected to the auditing  procedures
applied in the audit of the basic financial  statements and, in our opinion,  is
fairly  stated,  in all material  respects,  in relation to the basic  financial
statements taken as a whole.

/s/Thurman, Campbell & Co.
Clarksville, TN
January 28, 2004


<PAGE>


Exhibit 99.8


Independent Auditors' Report

To the Venturers
Civic Housing Associates I
a/k/a Marshall Plaza Apartments - Phase I

We have audited the accompanying  balance sheets of Civic Housing  Associates I,
a/k/a Marshall Plaza  Apartments - Phase I, FHA Project No.  042-55046-LDP  (the
"Venture"),  as of  December  31, 2003 and 2002 and the  related  statements  of
income,  changes in  venturers'  equity and cash flows for the years then ended.
These financial  statements are the responsibility of the Venture's  management.
Our responsibility is to express an opinion on these financial  statements based
on our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards  and  the  standards  applicable  to  financial  audits  contained  in
Government  Auditing  Standards issued by the Comptroller  General of the United
States.  Those  standards  require  that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of Civic Housing Associates I as
of December  31, 2003 and 2002 and the  results of its  operations  and its cash
flows for the years  then  ended in  conformity  with  U.S.  generally  accepted
accounting principles.

As  discussed in Note 3, the  Venture's  venturers  could change in 2004,  which
might result in a change in Venture operations.  The ultimate effect, if any, on
the  Venture's   operations  of  a  change  in  ownership  cannot  be  presently
determined.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated February 12, 2004 on our  consideration of the Venture's  internal control
and on our tests of its compliance with certain provisions of laws, regulations,
contracts and grants.  Those reports are an integral part of an audit  performed
in  accordance  with  Government  Auditing  Standards  and  should  be  read  in
conjunction with this report in considering the results of our audits.

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial  statements taken as a whole. The  accompanying  additional  financial
data (shown on pages 12 through 14) are  presented for the purpose of additional
analysis and are not a required  part of the basic  financial  statements of the
Venture.  Such information has been subjected to the auditing procedures applied
in the audit of the basic financial  statements  and, in our opinion,  is fairly
stated in all material  respects in relation to the basic  financial  statements
taken as a whole.

/s/Altschuler, Melvoin and Glasser LLP

Los Angeles, California
February 12, 2004



<PAGE>


Exhibit 99.9

Independent Auditors' Report



To the Partners
Civic Housing Associates II
a/k/a Marshall Plaza Apartments - Phase II

We have audited the accompanying  balance sheet of Civic Housing  Associates II,
a/k/a Marshall Plaza Apartments - Phase II, FHA Project No.  042-55054-LDP  (the
"Partnership"),  as of December 31, 2003 and 2002 and the related  statements of
operations, changes in partners' equity and cash flows for the years then ended.
These  financial   statements  are  the   responsibility  of  the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards  and  the  standards  applicable  to  financial  audits  contained  in
Government  Auditing  Standards issued by the Comptroller  General of the United
States.  Those  standards  require  that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Civic Housing Associates II as
of December  31, 2003 and 2002 and the  results of its  operations  and its cash
flows for the years  then  ended in  conformity  with  U.S.  generally  accepted
accounting principles.

As discussed in Note 3, the  Partnership's  partners could change in 2004, which
might result in a change in Partnership operations. The ultimate effect, if any,
on the  Partnership's  operations  of a change in ownership  cannot be presently
determined.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated  February  12, 2004 on our  consideration  of the  Partnership's  internal
control and on our tests of its  compliance  with  certain  provisions  of laws,
regulations,  contracts  and grants.  Those  reports are an integral  part of an
audit performed in accordance with Government  Auditing  Standards and should be
read in conjunction with this report in considering the results of our audit.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial  statements taken as a whole. The  accompanying  additional  financial
data (shown on pages 12 through 14) are  presented for the purpose of additional
analysis and are not a required  part of the basic  financial  statements of the
Partnership.  Such  information  has been  subjected to the auditing  procedures
applied in the audit of the basic financial  statements and, in our opinion,  is
fairly  stated in all  material  respects  in  relation  to the basic  financial
statements taken as a whole.

/s/Altschuler, Melvoin and Glasser LLP

Los Angeles, California
February 12, 2004


<PAGE>


Exhibit 99.10

To the Partners
Oakridge Park Apartments, Ltd. (Phase II)
Biloxi, Mississippi


We have audited the  accompanying  balance  sheets of Oakridge Park  Apartments,
Ltd. (phase II), a limited partnership), RHS Project No. 28-030-0640685690 as of
December 31, 2003 and 2002, and the related statements of operations,  partners'
deficit and cash flows for the years then ended. These financial  statements are
the  responsibility of the Partnership's  management.  Our  responsibility is to
express an opinion on these financial statements based on our audits.

We conducted the audits in accordance with auditing standards generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller   General  of  the  United  States,  and  the  U.S.   Department  of
Agriculture,  Farmers Home Administration Audit Program. Those standards require
that we plan and perform the audit to obtain reasonable  assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles used and significant estimates made by the Partnership's  management,
as well as evaluating the overall financial statement  presentation.  We believe
that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Oakridge Park Apartments,  Ltd.
(phase II), RHS Project No.  28-030-0640685690 as of December 31, 2003 and 2002,
and the results of its operations and its cash flows for the years then ended in
conformity with accounting principles generally accepted in the United States of
America.

The  audits  were  made for the  purpose  of  forming  an  opinion  on the basic
financial statements taken as a whole. The supplementary  information on pages 9
through  12 is  presented  for  purposes  of  additional  analysis  and is not a
required part of the basic financial  statements.  The supplemental  information
presented in the  Multiple  Family  Housing  Borrower  Balance  Sheet (Form FmHA
1930-8)  Parts I and II for the  years  ended  December  31,  2003  and  2002 is
presented for purposes of complying with the  requirements  of the Rural Housing
Services and is also not a required part of the basic financial statements. Such
information has been subjected to the auditing  procedures  applied in the audit
of the basic financial  statements and, in our opinion,  is fairly stated in all
material  respects  in  relation to the basic  financial  statements  taken as a
whole.

In accordance with Government Auditing  Standards,  we have also issued a report
dated January 24, 2004 on our  consideration of Oakridge Park  Apartments,  Ltd.
(phase II),  internal  control over financial  reporting and on our tests of its
compliance with certain  provisions of laws and  regulations.  That report is an
integral  part of an audit  performed in  accordance  with  Government  Auditing
Standards and should be ready in conjunction with this report in considering the
results of our audit.

/s/Donald W. Causey & Associates, P.C.
Donald W. Causey & Associates, P.C.
Gadsden, Alabama
January 24, 2004



<PAGE>


Exhibit 99.11

Independent Auditors' Report

To the Partners
Oakwood Manor Associates, Ltd.

We have audited the  accompanying  balance  sheets of Oakwood Manor  Associates,
Ltd.  (a  Tennessee   limited   partnership),   THDA  Project  No.  8.9.02  (the
"Partnership"),  as of December 31, 2003 and 2002 and the related  statements of
operations,  changes in  partners'  equity  (deficiency)  and cash flows for the
years then ended.  These  financial  statements  are the  responsibility  of the
Partnership's  management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards and Government Auditing  Standards,  issued by the Comptroller General
of the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Oakwood Manor Associates,  Ltd.
as of December 31, 2003 and 2002 and the results of its  operations and its cash
flows for the years  then  ended in  conformity  with  U.S.  generally  accepted
accounting principles.

In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs  issued by the U.S.  Department  of Housing and
Urban  Development,  we have also issued a report dated February 11, 2004 on our
consideration of the  Partnership's  internal control and reports dated February
11,  2004 on its  compliance  with  specific  requirements  applicable  to major
THDA/HUD programs,  laws and regulations,  specific  requirements  applicable to
fair housing and  nondiscrimination,  and specific  requirements  applicable  to
nonmajor THDA/HUD program transactions. Those reports are an integral part of an
audit performed in accordance with Government  Auditing  Standards and should be
read in conjunction with this report in considering the results of our audit.

Our audits were conducted for the purpose of forming an opinion on the financial
statements taken as a whole. The accompanying  additional  financial data (shown
on pages 15 and 16) are presented for the purpose of additional analysis and are
not a  required  part  of the  financial  statements  of the  Partnership.  Such
information has been subjected to the auditing  procedures  applied in the audit
of the  financial  statements  and,  in our  opinion,  is  fairly  stated in all
material respects in relation to the financial statements taken as a whole.

/s/Altschuler, Melvoin and Glasser LLP

Los Angeles, California
February 11, 2004


<PAGE>


Exhibit 99.12


                          INDEPENDENT AUDITOR'S REPORT


Partners
Park Place Associates


We have audited the accompanying  balance sheets of PARK PLACE ASSOCIATES (A New
Jersey  Limited  Partnership)  as of December 31, 2003,  2002 and 2001,  and the
related  statements  of  operations,  equity  and cash  flows for the years then
ended.  These financial  statements are the  responsibility of the Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  aspects,  the  financial  position of Park Place  Associates as of
December 31, 2003, 2002 and 2001, and the results of its operations and its cash
flows  for the  years  then  ended  in  conformity  with  accounting  principles
generally accepted in the United States of America.


/s/Fishbein & Company, P.C.
January 26, 2004
Elkins Park, Pennsylvania



<PAGE>


Exhibit 99.13

Partners
Parkesedge Associates
State College, Pennsylvania:

We have audited the  accompanying  balance sheet of Parkesedge  Associates  (the
"Partnership")as  of December 31, 2003 and 2002,  and the related  statements of
operations and partners'  equity and cash flows for the years then ended.  These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and Government Auditing Standards, issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made  by  the  Partnership's   management,  as  well  as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Parkesedge  Associates as of
December 31, 2003 and 2002, and the results of its operations and its cash flows
for the years then ended in  conformity  with  accounting  principles  generally
accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report
dated  January  30,  2004 on our  consideration  of the  Partnership's  internal
control over financial reporting and on our tests of its compliance with certain
provisions  of laws,  regulations,  contracts  and  grants.  That  report  is an
integral part of an audit  performed in accordance  with  Governmental  Auditing
Standards and should be read in conjunction  with this report in considering the
results of our audit.

/s/Parente Randolph
State College, Pennsylvania
January 30, 2004



<PAGE>


Exhibit 99.14

                          Independent Auditor's Report



To the Partners
Sauk-Ko Enterprises, Limited Partnership
Fennimore, Wisconsin

We have audited the accompanying balance sheet of Sauk-Ko  Enterprises,  Limited
Partnership,  RHS Case No.  58-056-363292043,  as of December 31, 2003 and 2002,
and the related  statements of operations  and partners'  deficit and cash flows
for the year then ended.  These financial  statements are the  responsibility of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these  financial  statements  based on our audit.  The  financial  statements of
Sauk-Ko  Enterprises,  Limited Partnership as of December 31, 2001, were audited
by other auditors whose report dated January 18, 2002,  expressed an unqualified
opinion on those statements.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and the standards applicable to financial audits
contained in Government Auditing Standards, issued by the Comptroller General of
the United States. Those standards require that we plan and perform the audit to
obtain reasonable  assurance about whether the financial  statements are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Sauk-Ko  Enterprises,  Limited
Partnership, RHS Case No. 58-056-363292043, as of December 31, 2003 and 2002 and
the results of its operations,  changes in partners' deficit, and cash flows for
the year then ended in conformity with accounting  principles generally accepted
in the United States of America.

In accordance with Government Auditing  Standards,  we have also issued a report
dated  January 16, 2004 on our  consideration  of Sauk-Ko  Enterprises,  Limited
Partnership's internal control over financial reporting, and on our tests of its
compliance with certain  provisions of laws,  regulations,  and contracts.  That
report is an integral part of an audit  performed in accordance  with Government
Auditing  Standards  and  should  be read in  conjunction  with  this  report in
considering the results of our audit.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial statements taken as a whole. The supplementary  information on pages 9
- 13 is presented for purposes of additional analysis and is not a required part
of the basic financial statements of the Partnership.  Such information has been
subjected to the auditing procedures applied in the audit of the basic financial
statements,  and, in our opinion,  is fairly stated in all material  respects in
relation to the basic financial statements taken as a whole.



                                              /s/ Bodilly CPAs & Consultants LLP
                                                  Bodilly CPAs & Consultants LLP



January 16, 2004
Fennimore, Wisconsin


<PAGE>


Exhibit 99.15

INDEPENDENT AUDITOR'S REPORT




To the Partners
Sol 413 Limited Dividend Partnership


     We have audited the accompanying  balance sheet of Sol 413 Limited Dividend
Partnership as of December 31, 2003,  and the related  statements of operations,
partners'  equity  (deficit)  and cash  flows  for the year  then  ended.  These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

     We conducted our audit in  accordance  with  auditing  standards  generally
accepted  in the  United  States of  America  and the  standards  applicable  to
financial  audits  contained in  Government  Auditing  Standards,  issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

     In our opinion,  the financial statements referred to above present fairly,
in all material  respects,  the financial  position of Sol 413 Limited  Dividend
Partnership,  as of December 31, 2003,  and the results of its  operations,  the
changes in partners' equity (deficit) and its cash flows for the year then ended
in conformity with accounting principles generally accepted in the United States
of America.

     In accordance  with  Government  Auditing  Standards and the  "Consolidated
Audit  Guide for Audits of HUD  Programs",  we have also  issued  reports  dated
February  17,  2004,  on  our   consideration   of  Sol  413  Limited   Dividend
Partnership's  internal control and on its compliance with specific requirements
applicable  to nonmajor HUD programs,  and fair housing and  non-discrimination.
Those  reports are an integral  part of an audit  performed in  accordance  with
Government Auditing Standards and should be read in conjunction with this report
in considering the results of our audit.

     Our audit was  conducted for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental  information on pages 21
through  33 is  presented  for  purposes  of  additional  analysis  and is not a
required  part  of the  basic  financial  statements  of the  Partnership.  Such
information has been subjected to the auditing  procedures  applied in the audit
of the basic  financial  statements  and, in our opinion,  such  information  is
fairly  stated,  in all material  respects,  in relation to the basic  financial
statements taken as a whole.


                                                    /s/ Santiago Riley & Reznick
San Juan, Puerto Rico
February 17, 2004             Taxpayer Identification Number
                                   66-0432841


Lead Auditor: William T. Riley, Jr.


<PAGE>


Exhibit 99.16

INDEPENDENT AUDITOR'S REPORT




To the Partners
Valley Oaks Senior Housing Associates
(A California Limited Partnership)
Sacramento, CA

I have audited the  accompanying  balance  sheets of Valley Oaks Senior  Housing
Associates (A California Limited  Partnership),  CalHFA Development No. 82-05-N,
as of  December  31,  2003 and  2002,  and the  related  statements  of  income,
partners'  equity,  and cash flows for the years  then  ended.  These  financial
statements  are  the   responsibility  of  the  Partnership's   management.   My
responsibility  is to express an opinion on these financial  statements based on
my audits.

I conducted my audits in  accordance  with  auditing  standards  accepted in the
United  States  of  America  and  Government  Auditing  Standards  issued by the
Comptroller  General of the United States.  Those standards  require that I plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management  as well as  evaluating  the overall
financial statement presentation.  I believe that my audits provide a reasonable
basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all
material  respects,  the  financial  position  of  Valley  Oaks  Senior  Housing
Associates (A California Limited  Partnership) as of December 31, 2003 and 2002,
and the results of its operations and its cash flows for the years then ended in
conformity with accounting principles generally accepted in the United States of
America.

In accordance with Government  Auditing  Standards,  I have also issued a report
dated  February  18, 2004 on my  consideration  of Valley  Oaks  Senior  Housing
Associates'  internal control  structure and a report dated February 18, 2004 on
its compliance with laws and regulations.  Those reports are an integral part of
an audit performed in accordance with Government  Auditing  Standards and should
be read in conjunction with this report in considering the results of my audit.


                                                         /s/ Bernard E. Rea, CPA
Stockton, California
February 18, 2004



<PAGE>


Exhibit 99.17

INDEPENDENT AUDITORS' REPORT




Orocovix Limited Dividend Partnership
(A Limited Partnership)
San Juan, Puerto Rico

I have audited the  accompanying  balance  sheets of Orocovix  Limited  Dividend
Partnership (a limited partnership), HUD Project No. RQ46R00031 and FmHA Project
No.  63-02-60660405607,  as of December 31, 2003, and the related  statements of
operations, partners' deficiency, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's  management. My
responsibility  is to express an opinion on these financial  statements based on
my audits. The financial  statements of Orocovix Limited Divident Partnership as
of December  31,  2002,  were  audited by other  auditors  whose  report,  dated
February 3, 2003, expressed an unqualified opinion.

I conducted my audit in accordance with auditing standards generally accepted in
the United  States of America and the standards  applicable to financial  audits
contained in Government Auditing Standards, issued by the Comptroller General of
the United States.  Those standards require that I plan and perform the audit to
obtain reasonable  assurance about whether the financial  statements are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  I  believe  that our  audits  provide a  reasonable  basis for my
opinion.

In my opinion, the financial statements referred to above present fairly, in all
material   respects,   the  financial  position  of  Orocovix  Limited  Dividend
Partnership (a limited  partnership) as of December 31, 2003, and the results of
its operations,  its changes in partners'  deficiency and its cash flows for the
years then ended in conformity with accounting  principles generally accepted in
the United States of America.

In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs  issued by the U.S.  Department  of Housing and
Urban  Development,  I have also issued a report dated  January 14, 2004,  on my
consideration of the Partnerships  internal  control,  and reports dated January
14, 2004, on its compliance  with specific  requirements  applicable to nonmajor
HUD  programs,  and  specific  requirements   applicable  to  Fair  Housing  and
Non-Discrimination. Those reports are an integral part of the audit performed in
accordance with Government  Auditing Standards and should be read in conjunction
with this report in considering the results of my audit.


                                    /s/Jorge del Manzano Venegas, C.P.A., C.F.E.
January 14, 2004


Stamp number 1928411 of the Puerto Rico
Society of CPAs was affixed to the
original of this report