UNITED STATES
                       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, 2004

[ ] 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.   $5,000

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, 2004. 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

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.  The Corporate General Partner is an
affiliate of Apartment  Investment and Management Company ("AIMCO"),  a publicly
traded real  estate  investment  trust.  The  business  of REAL VI is  conducted
primarily by NAPICO.

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,  2004,  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,  2004,  of the  projects  owned  by  Local  Limited
Partnerships in which REAL VI, either directly or indirectly through REA III, is
a limited partner.



<PAGE>


                           SCHEDULE OF PROJECTS OWNED BY
                           LOCAL LIMITED PARTNERSHIPS
                             IN WHICH REAL VI HAS AN
                                   INVESTMENT
                                December 31, 2004
<TABLE>
<CAPTION>


                                  Financed,            Units
                                  Insured            Authorized   Percentage of  Percentage of
                                    And              For Rental   Total Units     Total Units
                  No. of         Subsidized         Assistance      Under          Occupied
Name and Location Units            Under            Section 8 (E)     2004            2003

Boynton Terrace
  Boynton Beach,
<S>                 <C>                                   <C>          <C>         <C>
FL                  89              --                    89           62%         82%

Cady Brook Apts
  Charlton, MA      40              (D)                   --           97%         95%

Cassady Village
  Columbus, OH      98              (A)                   50           95%         98%

Crockett Manor
  Trenton, TN       38              (C)                   38           97%         98%

Eastridge Apts
  Bristol, VA       96              (C)                   65           82%         90%

Filmore I
  Phoenix, AZ       32              (C)                   32           95%         96%

Grant-Ko
Enterprises
  Platteville, WI   40              (D)                   16           87%         94%

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

Kentucky Manor
  Oak Grove, KY     48              --                    --           93%         83%

Lonsdale Housing
  Providence, RI   131              --                   131           97%         98%

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

Marshall Plaza II
  Lorain, OH         50             (B)                    48          98%         98%

New Bel-Mo (F)
 New Glarus,
Bellemount
  Monticello, WI     16             (D)                  16            94%         72%

Oakridge Park II
  Biloxi, MS         48             (D)                    --          94%         95%

Oakwood Manor
  Milan, TN          34             --                     34          83%         99%

Park Place
  Ewing, NJ         126             --                    125          98%         97%

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

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

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

Valley Oaks Senior
  Gault, CA          50        State Program               43          96%         99%

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

  Totals          1,155                                   894
</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)   New-Bel-Mo  originally  consisted of three  properties in  Wisconsin:  New
      Glarus, Belleville,  and Monticello.  During 2002, New-Bel-Mo sold the New
      Glarus  property  which  consisted of 10 units and during  2004,  sold the
      Monticello  property which consisted of 8 units. This sale left a total of
      16 units at the remaining property.

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, 2004.  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              867               94
  Charlton, MA

Cassady Village         98.99%             54               741               --
  Columbus, OH

Crockett Manor          99.00%             215              980               34
  Trenton, TN

Eastridge Apts          99.00%             220              318                1
  Bristol, VA

Filmore I               99.00%             260            1,107               --
  Phoenix, AZ

Grant-Ko Enterprises    95.00%             213            1,206                2
  Platteville, WI

Hummelstown Manor       95.00%             330            1,709               14
  Hummelstown, PA

Kentucky Manor          95.00%             250            1,364                3
  Oak Grove, KY

Lonsdale Housing        98.99%           1,000              731                8
  Providence, RI

Marshall Plaza I        98.99%          $ 140            $ 104             $ --
  Lorain, OH

Marshall Plaza II       98.99%             180              152               --
  Lorain, OH

New-Bel-Mo              95.00%             167              388               --
  New Glarus, Bellemont
  Monticello, WI

Oakridge Park II        95.00%             221            1,173               --
  Biloxi, MS

Oakwood Manor           99.00%             148              503                4
  Milan, TN

Park Place              90.00%           1,182            4,341               --
  Ewing, NJ

Parksedge Elderly       95.00%             280            1,398               69
  Apartments
  Parkesedge, PA

Sauk-Ko Enterprises     95.00%             182              676               --
  Baraboo, WI

Sol 413                 98.90%             100              337               92
  Old San Juan, PR

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

Villas de Orocovix      99.00%             270            1,367               10
  Orocovix, PR

TOTALS                                 $ 6,767          $25,263           $ 492
</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

The  Corporate  General  Partner is involved in various  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

On October 19, 2004, the Partnership  sought the consent of its limited partners
to amend the agreement of limited partnership.  The amendment would eliminate or
modify  certain  provisions in the agreement  related to sales of the properties
owned by the Local Limited  Partnership in which the  Partnership  has invested.
The Limited partners consented to the amendment of the partnership agreement and
the partnership agreement was amended on December 29, 2004.

                                     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, 2004, there were 3,005 registered holders of units in
REAL VI holding 16,752  partnership  interests.  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, 2004 and 2003.

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  10.50% of the  outstanding  Units at  December  31,  2004.  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.  For example, 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.

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, 2004 and 2003.

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.  The
Partnership  received  distributions  from the  Local  Limited  Partnerships  of
approximately  $62,000 and $16,000  during the years ended December 31, 2004 and
2003, respectively.

As of December 31, 2004 and 2003, the Partnership had cash and cash  equivalents
of approximately $186,000 and $632,000, 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 $5,000
and $13,000 in interest  income for the years ended  December 31, 2004 and 2003,
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.

The  Partnership  has  determined  that certain New Jersey state tax returns for
2003 and 2002 have not been filed and the associated  liability is approximately
$294,000 in taxes, penalties and interest. Such taxes had not been recognized in
the  Partnership's  previously  issued  financial  statements for 2003 and 2002.
These  errors have been  corrected  in the  accompanying  restated  consolidated
financial  statements.  The tax amount for 2004 was approximately  $84,000.  The
decrease in the taxes for 2004 is due to penalties and interest  included in the
amount for 2003.

Subsequent to December 31, 2004, the Corporate  General Partner  advanced to the
Partnership  approximately  $378,000  to pay these  obligations.  The  Corporate
General  Partner  will not demand  payment of amounts due in excess of operating
cash needed by the Partnership.

The  following  table  sets forth the  adjustments  to the  balance  sheet as of
December 31, 2003 and the  statement of operations  for the year ended  December
31, 2003. The only financial  statement line items included below are those that
have been restated from the originally reported amounts.
<TABLE>
<CAPTION>

                                                        As of December 31, 2003
                                                             (in thousands)

                                                     As previously
                                                       reported         As restated

<S>                                                    <C>               <C>
Taxes payable                                          $     --          $    294
Partners' deficit                                        (2,924)           (3,218)

                                                      Year ended December 31, 2003
                                                             (in thousands)
</TABLE>

<TABLE>
<CAPTION>

                                                     As previously
                                                       reported         As restated

<S>                                                   <C>                <C>
Tax expense                                           $       --         $    136
Total operating expenses                                     647              783
Loss from Partnership operations                            (634)            (770)
Net loss                                                    (777)            (913)
Net loss allocated to general partner                         (8)              (9)
Net loss allocated to limited partners                      (769)            (904)
Net loss per limited partnership interest                 (45.90)          (53.96)
</TABLE>

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's affairs. The fee is payable beginning with the month following
the Partnership's initial investment in a Local Limited Partnership.  Management
fees were  approximately  $175,000 and $176,000 for the years ended December 31,
2004 and 2003, 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 $120,000 and $286,000 for
the years ended December 31, 2004 and 2003, respectively.  The decrease in legal
and  accounting  fees is due to a  decrease  in legal  costs  associated  with a
lawsuit which was settled during 2003.

General and administrative  expenses were approximately  $58,000 and $48,000 for
the years  ended  December  31,  2004 and 2003,  respectively.  The  increase in
general and administrative  expenses is attributable to an increase 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, 2004 and 2003.

The Partnership  accounts for its investments in the Local Limited  Partnerships
on  the  equity  method,   thereby  adjusting  its  investment  balance  by  its
proportionate  share of the  income or loss of the Local  Limited  Partnerships.
Losses  incurred  after the Local  Limited  Partnership  investment  account  is
reduced to zero are not  recognized  in  accordance  with the equity  accounting
method.  The investments in all but two of the Local Limited  Partnerships  have
been  reduced to zero as of December  31,  2004.  The  Partnership  still has an
investment balance in Cassidy Village and Park Place 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
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 times, advances are made to the Local Limited Partnerships.  Advances made by
the Partnership to the individual Local Limited Partnerships are considered part
of the Partnership's investment in the Local Limited Partnership.  Advances made
to Local Limited  Partnerships for which the investment has been reduced to zero
are  charged  to  expense.  During the year ended  December  31,  2004 and 2003,
approximately  $200,000 and  $347,000,  respectively,  was advanced to the Local
Limited   Partnerships  and  was  recognized  as  expense  in  the  accompanying
consolidated statements of operations.

One of the Local Limited Partnerships,  New-Bel-Mo, owned two properties. During
2003, the loan  encumbering one of the properties,  Monticello,  was declared in
technical  default by USDA for property tax defaults,  underfunded  reserves and
deferred  maintenance issues. At December 31, 2003, USDA had not accelerated the
loan or commenced foreclosure. During April 2004, Monticello was sold to a third
party  for  approximately  $280,000.  Proceeds  from the sale  were  used to pay
liabilities of the Local Limited Partnership.  The Partnership did not receive a
distribution  from the sale of this property.  The  Partnership's  investment in
this Local Limited Partnership was zero at December 31, 2004.

The holder of a purchase money  promissory  note issued by Century Plaza Limited
Partnership,  one of the  Partnership's  investments,  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 $114,000 and $527,000 for the years ended December
31, 2004 and 2003,  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  $19,000 for the year ended December 31, 2004. No
equity in loss was recognized during the year ended December 31, 2003.

Distributions  from the Local Limited  Partnerships in which the Partnership did
not have a positive  investment balance were  approximately  $22,000 and $16,000
for the years ended December 31, 2004 and 2003, 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  $8,526,000
and $8,586,000 for the years ended December 31, 2004 and 2003, respectively.

Total expenses for the Local Limited Partnerships were approximately  $8,550,000
and $9,121,000 for the years ended December 31, 2004 and 2003, respectively.

Total net income for the Local Limited  Partnerships was approximately  $123,000
for the year  ended  December  31,  2004 and  total  net loss was  approximately
$593,000 for the year ended  December 31, 2003.  The income or loss allocated to
the  Partnership  was  approximately  $114,000  and  $527,000 for 2004 and 2003,
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, 2004 and 2003. One note payable and related accrued
interest aggregating  approximately  $1,516,000 became payable prior to December
31, 2004.  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's  investment  balance in the Local
Limited Partnership at December 31, 2004 was approximately $97,000.

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  10.50% of the  outstanding  Units at  December  31,  2004.  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

As of December 31, 2004,  the  Partnership  adopted FASB  Interpretation  No. 46
"Consolidation  of  Variable  Interest  Entities"  (or "FIN 46") and applied its
requirements to all Local Limited  Partnerships in which the Partnership  held a
variable interest. FIN 46 addresses the consolidation by business enterprises of
variable interest entities. Generally, a variable interest entity, or VIE, is an
entity with one or more of the following  characteristics:  (a) the total equity
investment  at risk is not  sufficient  to  permit  the  entity to  finance  its
activities without additional subordinated financial support; (b) as a group the
holders of the equity  investment at risk lack (i) the ability to make decisions
about  an  entity's  activities  through  voting  or  similar  rights,  (ii) the
obligation  to absorb the expected  losses of the entity,  or (iii) the right to
receive the expected residual returns of the entity; or (c) the equity investors
have voting rights that are not  proportional  to their  economic  interests and
substantially all of the entity's activities either involve, or are conducted on
behalf of, an investor that has  disproportionately  few voting  rights.  FIN 46
requires a VIE to be consolidated in the financial statements of the entity that
is determined to be the primary  beneficiary of the VIE. The primary beneficiary
generally  is the  entity  that will  receive a majority  of the VIE's  expected
losses, receive a majority of the VIE's expected residual returns, or both.

Upon adoption of FIN 46, the Partnership  determined it held variable  interests
in 15 VIE's for which the Partnership was not the primary beneficiary.  Those 15
VIE's consist of Local Limited Partnerships in which the Partnership acquired an
interest  prior to the  adoption  of FIN 46 that  are  directly  engaged  in the
ownership and management of 15 apartment  properties  with a total of 723 units.
The  Partnership  is  involved  with those  VIE's as a  non-controlling  limited
partner equity holder. The Partnership's maximum exposure to loss as a result of
its  involvement  with the  unconsolidated  VIE is limited to the  Partnership's
recorded  investments in and receivables from this VIE, which was  approximately
$284,000 at December  31, 2004.  The  Partnership  may be subject to  additional
losses to the extent of any financial  support that the Partnership  voluntarily
provides in the future.

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.

ITEM 7.     FINANCIAL STATEMENTS

Real Estate Associates Limited VI

LIST OF FINANCIAL STATEMENTS

      Report of Independent Registered Public Accounting Firm

      Consolidated Balance Sheet - December 31, 2004

      Consolidated Statements of Operations - Years ended December 31, 2004
       and 2003

      Consolidated Statements of Changes in Partners' Deficit - Years ended
      December 31, 2004 and 2003

      Consolidated Statements of Cash Flows - Years ended December 31, 2004
       and 2003

      Notes to Consolidated Financial Statements


           Report of Independent Registered Public Accounting Firm




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,  2004,  and the related  consolidated
statements of operations,  partners' deficit, and cash flows for each of the two
years in the period ended December 31, 2004. 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 17 percent of the total assets of the  Partnership  as of December 31,
2004 and the  equity  in the  loss of these  limited  partnerships  represent  3
percent and zero percent of the total net loss of the  Partnership for the years
ended December 31, 2004 and 2003,  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 the standards of the Public  Company
Accounting Oversight Board (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.  We were not engaged to perform an
audit of the Partnership's internal control over financial reporting.  Our audit
included  consideration of internal control over financial  reporting as a basis
for designing audit  procedures that are appropriate in the  circumstances,  but
not for the  purpose  of  expressing  an  opinion  on the  effectiveness  of the
Partnership's internal control over financial reporting. Accordingly, we express
no such opinion.  An audit also includes  examining,  on a test basis,  evidence
supporting the amounts and  disclosures in the financial  statements,  assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall  financial  statement  presentation.  We believe that our
audits 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, 2004, and the  consolidated  results of its operations and its cash
flows  for each of the two years in the  period  ended  December  31,  2004,  in
conformity with accounting principles generally accepted in the United States.

As discussed  in Note 1 to the  financial  statements,  the  management  of Real
Estate  Associates  Limited VI identified that certain 2003 and 2002 partnership
state tax returns had not been filed and the  associated  tax  liability had not
been recorded for the years ended December 31, 2003 and 2002.  These errors have
been corrected in the accompanying restated consolidated financial statements.

                                                        /s/Ernst & Young LLP

Greenville, South Carolina
April 14, 2005


                        REAL ESTATE ASSOCIATES LIMITED VI
                       (a California limited partnership)

                           CONSOLIDATED BALANCE SHEET

                                December 31, 2004
                                 (in thousands)


                              Assets
<TABLE>
<CAPTION>

<S>                                                             <C>             <C>
Investments in and advances to local limited partnerships (Note 2)              $   382
Cash and cash equivalents                                                           186

       Total assets                                                             $   568

                Liabilities and Partners' Deficit

Liabilities:
  Accounts payable and accrued expenses                                         $    40
  Taxes payable                                                                     378
  Notes payable and amounts due for partnership interests,
    including $520 in default (Note 3)                                            1,570
  Accrued interest payable, including $996 in default (Note 3)                    2,578

Partners' Deficit
  General partners                                                   $ (392)
  Limited partners                                                    (3,606)    (3,998)

       Total liabilities and partners' deficit                                  $   568

          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,
                                                                  2004           2003
Revenues:                                                                     (Restated)
<S>                                                                <C>           <C>
  Interest and other income                                        $ 5           $ 13

Operating Expenses:
  Management fees - partners (Note 4)                                175            176
  General and administrative (Note 4)                                 58             48
  Legal and accounting                                               120            286
   Tax expense                                                        84            136
  Interest (Note 3)                                                  137            137
      Total operating expenses                                       574            783

Loss from partnership operations                                    (569)          (770)
Distributions from local limited partnerships recognized
  as income (Note 2)                                                  22             16
Advances to local limited partnerships recognized as
  Expense (Note 2)                                                  (200)          (347)
Gain on sale of local limited partnership interest (Note 2)           --            195
Equity in loss of local limited partnerships and
  amortization of acquisition costs (Note 2)                         (33)            (7)

Net loss (Note 5)                                                $ (780)        $ (913)

Net loss allocated to general partners (1%)                       $ (8)          $ (9)
Net loss allocated to limited partners (99%)                        (772)          (904)

                                                                 $ (780)        $ (913)

Net loss per limited partnership interest (Note 1)               $(46.08)       $(53.96)

          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>                                      <C>
  Interests (Note 8)                                       16,740

Partners' deficit at
  December 31, 2002-as restated            $ (375)        $(1,930)         $(2,305)

Net loss for the year ended
  December 31, 2003-as restated                (9)           (904)            (913)

Partners' deficit at
  December 31, 2003-as restated              (384)         (2,834)          (3,218)

Net loss for the year ended
  December 31, 2004                            (8)           (772)            (780)

Partners' deficit at
  December 31, 2004                        $ (392)        $(3,606)         $(3,998)

          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,
                                                                    2004            2003
Cash flows from operating activities:                                            (Restated)
<S>                                                                <C>             <C>
  Net loss                                                         $ (780)         $ (913)
  Adjustments to reconcile net loss to net cash used
    in operating activities:
      Equity in loss of local limited partnerships and
        amortization of acquisition costs                              33               7
      Gain on sale of local limited partnership interest               --            (195)
      Advances to local limited partnerships recognized
        as expense                                                    200             347
      Change in accounts
        Due to affiliates                                              --             (53)
        Accounts payable and accrued expenses                          40              (7)
        Accrued interest payable                                      137             137
         Taxes payable                                                 84             136
         Net cash used in operating activities                       (286)           (541)

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                           40              --
  Advances to local limited partnerships                             (200)           (385)
         Net cash used in investing activities                       (160)           (336)

Net decrease in cash and cash equivalents                            (446)           (877)

Cash and cash equivalents, beginning of year                          632           1,509

Cash and cash equivalents, end of year                             $ 186           $ 632

          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, 2004


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 Corporate General Partner is a subsidiary
of Apartment Investment and Management Company ("AIMCO"), a publicly traded real
estate  investment  trust.  The  business of REAL VI is  conducted  primarily by
NAPICO.

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.

Correction of an Error

The  Partnership  has  determined  that certain New Jersey state tax returns for
2003 and 2002 have not been filed and the associated  liability is approximately
$294,000 in taxes, penalties and interest. Such taxes had not been recognized in
the  Partnership's  previously  issued  financial  statements for 2003 and 2002.
These  errors have been  corrected  in the  accompanying  restated  consolidated
financial statements.

The  following  table  sets forth the  adjustments  to the  balance  sheet as of
December 31, 2003 and the  statement of operations  for the year ended  December
31, 2003. The only financial  statement line items included below are those that
have been restated from the originally reported amounts.
<TABLE>
<CAPTION>

                                                        As of December 31, 2003
                                                             (in thousands)

                                                     As previously
                                                       reported         As restated

<S>                                                    <C>               <C>
Taxes payable                                          $     --          $    294
Partners' deficit                                        (2,924)           (3,218)
</TABLE>

<TABLE>
<CAPTION>

                                                      Year ended December 31, 2003
                                                             (in thousands)

                                                     As previously
                                                       reported         As restated

<S>                                                   <C>                <C>
Tax expense                                           $       --         $    136
Total operating expenses                                     647              783
Loss from Partnership operations                            (634)            (770)
Net loss                                                    (777)            (913)
Net loss allocated to general partner                         (8)              (9)
Net loss allocated to limited partners                      (769)            (904)
Net loss per limited partnership interest                 (45.90)          (53.96)
</TABLE>

Basis of Presentation

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

Reclassification

Certain 2003 amounts have been reclassified to conform to the 2004 presentation.

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, 2004 and 2003.

Cash and Cash Equivalents

Cash and cash  equivalents  include cash on hand and in banks. At certain times,
the amount of cash deposited at a bank may exceed the limit on insured deposits.
Cash balances of  approximately  $186,000 at December 31, 2004 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  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, 2004 and 2003.

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

As of December 31, 2004,  the  Partnership  adopted FASB  Interpretation  No. 46
"Consolidation  of  Variable  Interest  Entities"  (or "FIN 46") and applied its
requirements to all Local Limited  Partnerships in which the Partnership  held a
variable interest. FIN 46 addresses the consolidation by business enterprises of
variable interest entities. Generally, a variable interest entity, or VIE, is an
entity with one or more of the following  characteristics:  (a) the total equity
investment  at risk is not  sufficient  to  permit  the  entity to  finance  its
activities without additional subordinated financial support; (b) as a group the
holders of the equity  investment at risk lack (i) the ability to make decisions
about  an  entity's  activities  through  voting  or  similar  rights,  (ii) the
obligation  to absorb the expected  losses of the entity,  or (iii) the right to
receive the expected residual returns of the entity; or (c) the equity investors
have voting rights that are not  proportional  to their  economic  interests and
substantially all of the entity's activities either involve, or are conducted on
behalf of, an investor that has  disproportionately  few voting  rights.  FIN 46
requires a VIE to be consolidated in the financial statements of the entity that
is determined to be the primary  beneficiary of the VIE. The primary beneficiary
generally  is the  entity  that will  receive a majority  of the VIE's  expected
losses, receive a majority of the VIE's expected residual returns, or both.

Upon adoption of FIN 46, the Partnership  determined it held variable  interests
in 15 VIE's for which the Partnership was not the primary beneficiary.  Those 15
VIE's consist of Local Limited Partnerships in which the Partnership acquired an
interest  prior to the  adoption  of FIN 46 that  are  directly  engaged  in the
ownership and management of 15 apartment  properties  with a total of 723 units.
The  Partnership  is  involved  with those  VIE's as a  non-controlling  limited
partner equity holder. The Partnership's maximum exposure to loss as a result of
its  involvement  with the  unconsolidated  VIE is limited to the  Partnership's
recorded  investments in and receivables from this VIE, which was  approximately
$284,000 at December  31, 2004.  The  Partnership  may be subject to  additional
losses to the extent of any financial  support that the Partnership  voluntarily
provides in the future.

NOTE 2 - INVESTMENTS IN AND ADVANCES TO LOCAL LIMITED PARTNERSHIPS

As of December 31, 2004, the Partnership holds limited partnership  interests in
18 local limited partnerships (the "Local Limited  Partnerships").  During 2003,
the limited partnership  interests  decreased by two Local Limited  Partnerships
due to the  assignment of the interest in Century Plaza Limited  Partnership  to
the note holder (see "Note 7 - Foreclosure  of Local Limited  Partnership")  and
the sale of Penneco  I. In  addition,  the  Partnership  holds a  majority-owned
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,  which
owned,  as  of  December  31,  2004,   residential  low-income  rental  projects
consisting of 1,155 apartment 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, 2004,  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.

At times, advances are made to the Local Limited Partnerships.  Advances made by
the Partnership to the individual Local Limited Partnerships are considered part
of the Partnership's investment in the Local Limited Partnership.  Advances made
to Local Limited  Partnerships for which the investment has been reduced to zero
are  charged to  expense.  During the years  ended  December  31, 2004 and 2003,
approximately  $200,000 and  $347,000,  respectively,  was advanced to the Local
Limited   Partnerships  and  was  recognized  as  expense  in  the  accompanying
consolidated statements of operations.

One of the Local Limited Partnerships,  New-Bel-Mo, owned two properties. During
2003, the loan  encumbering one of the properties,  Monticello,  was declared in
technical  default by USDA for property tax defaults,  underfunded  reserves and
deferred  maintenance issues. At December 31, 2003, USDA had not accelerated the
loan or commenced foreclosure. During April 2004, Monticello was sold to a third
party  for  approximately  $280,000.  Proceeds  from the sale  were  used to pay
liabilities of the Local Limited Partnership.  The Partnership did not receive a
distribution  from the sale of this property.  The  Partnership's  investment in
this Local Limited Partnership was zero at December 31, 2004.

The holder of a purchase money  promissory  note issued by Century Plaza Limited
Partnership,  one of the  Partnership's  investments,  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 its  outstanding  mortgage.  The Partnership had a
liability of approximately  $195,000  related to this  investment,  which had no
remaining  balance.  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  interest  during the
year ended December 31, 2003.

The following is a summary of the investments in Local Limited  Partnerships for
the year ended December 31, 2004 (in thousands):

            Balance, beginning of period                           $  455
            Amortization of acquisition costs                         (14)
            Equity in loss of Local Limited Partnerships              (19)
            Distributions recognized as a reduction of
              the investment balance                                  (40)
            Balance, end of period                                 $  382

The difference between the investment in the accompanying  consolidated  balance
sheet  at  December  31,  2004,   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.

The  Partnership's  value of its  investments  and its equity in the income/loss
and/or  distributions from the Local Limited Partnerships are, for certain Local
Limited  Partnerships,  individually  not  material  to  the  overall  financial
position  of the  Partnership.  The  financial  information  from the  unaudited
condensed  combined financial  statements of such Local Limited  Partnerships at
December  31,  2004 and for each of the two years in the  period  then  ended is
presented below. The  Partnership's  value of its investments in Cassady Village
Apartments,   Ltd.  and  Park  Place  Associates   (collectively  the  "Material
Investees")  are material to the  Partnership's  financial  position and amounts
included below for the Material Investees are included on an audited basis.
<TABLE>
<CAPTION>

         Condensed Combined Balance Sheet of the Local Limited Partnerships
                                   (in thousands)
                                                       December 31, 2004
Assets                                        Audited     Unaudited       Total
<S>                                            <C>         <C>           <C>
  Land                                         $ 494       $ 2,014       $ 2,508
  Building and improvements, net of
    accumulated depreciation                    4,267         8,769        13,036
  Other assets                                  2,273         6,326         8,599

Total assets                                  $ 7,034      $ 17,109      $ 24,143

Liabilities and Partners' Deficit:
Liabilities:
  Mortgage notes payable                      $ 5,082      $ 20,181      $ 25,263
  Other liabilities                               156         2,180         2,336
  Partners' capital (deficit)                   1,796        (5,252)       (3,456)

Total liabilities and partners' deficit       $ 7,034      $ 17,109      $ 24,143
</TABLE>

<TABLE>
<CAPTION>

        Condensed Combined Results of Operations of the Local Limited Partnerships
                                      (in thousands)
                                                Years Ended December 31,
                                2004        2004      2004      2003      2003      2003
Revenues:                      Audited   Unaudited   Total    Audited   Unaudited   Total
<S>                            <C>        <C>       <C>       <C>        <C>       <C>
  Rental income                $ 1,963    $ 6,104   $ 8,067   $ 1,958    $ 6,290   $ 8,248
  Other income                      55        404       459        61        277       338
    Total revenues               2,018      6,508     8,526     2,019      6,567     8,586

Expenses:
  Operating expenses             1,172      4,003     5,175     1,157      4,380     5,537
  Financial expenses               460      1,546     2,006       480      1,589     2,069
  Depreciation                     300      1,069     1,369       297      1,218     1,515
    Total expenses               1,932      6,618     8,550     1,934      7,187     9,121

Income (loss)from
continuing
  operations                        86       (110)                 85       (620)     (535)
                                                      (24)
Loss from discontinued
  operations                        --         --        --        --        (58)      (58)
Gain on sale of discontinued
  operations                        --        147       147        --         --        --
Net income (loss)               $   86      $  37     $ 123      $ 85     $ (678)   $ (593)
</TABLE>

In accordance  with SFAS No. 144, the condensed  combined  results of operations
for the year ended December 31, 2003 reflect the operations of Penneco I as loss
from discontinued  operations due to the sale of the  Partnership's  interest in
the  Local  Limited  Partnership  during  2003.  In  addition,  the  results  of
operations  for Century Plaza have been  excluded  from the  condensed  combined
results  of  operations  for  the  year  ended  December  31,  2003  due  to the
foreclosure  of the  Partnership's  interest  in the Local  Limited  Partnership
during 2003.

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  three  and four of the  Local  Limited  Partnerships  for the  years  ended
December 31, 2004 and 2003,  respectively.  The Local Limited  Partnerships paid
affiliates  of NAPICO  property  management  fees in the  amount of 5 percent of
their gross revenues.  The amounts paid were  approximately  $40,000 and $62,000
for the years ended December 31, 2004 and 2003, 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 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

Two 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  $1,516,000 became payable prior to December
31, 2004.  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's  investment  balance in the Local
Limited Partnership at December 31, 2004 was approximately $97,000.

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
                                2005                    $ 1,270       $ 2,237
                                2006                         --            --
                                2007                         --            --
                                2008                         --            --
                                2009                         --            --
                             Thereafter                     170           341
                               Total                    $ 1,440       $ 2,578

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  $175,000  and  $176,000 for the years
ended December 31, 2004 and 2003, 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,
2004 and 2003 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
three and four of the Local Limited  Partnerships  for the years ended  December
31, 2004 and 2003, respectively.  The Local Limited Partnerships paid affiliates
of NAPICO  property  management  fees in the amount of 5 percent of their  gross
revenues.  The amounts paid were approximately $40,000 and $62,000 for the years
ended December 31, 2004 and 2003, respectively.

Subsequent to December 31, 2004, the Corporate  General Partner  advanced to the
Partnership  approximately  $378,000 to pay the New Jersey tax  obligations,  as
previously  discussed.  The Corporate General Partner will not demand payment of
amounts due in excess of operating cash needed by the Partnership.

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  10.50% of the  outstanding  Units at  December  31,  2004.  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,
                                                     2004            2003
                                                                  (Restated)
                                                         (in thousands)

Net loss per financial statements                   $ (780)         $ (913)
  Other                                                (64)            229
  Partnership's share of Local Limited
    Partnership                                      1,108           5,644
Income per tax return                               $  264         $ 4,960

Per limited partnership interest                   $ 29.32         $293.12

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

                                                        December 31, 2004
                                                         (in thousands)

Net liabilities as reported                                 $ (3,998)
Add (deduct):
  Deferred offering costs                                      4,976
  Investment in Local Limited Partnerships                   (17,166)
  Other                                                        4,796
Net deficit - federal tax basis                             $(11,392)


<PAGE>



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

(1)     Schedule  of  Encumbrances   and  Investment   Properties  (all  amounts
        unaudited  except for those amounts related to the Material  Investees -
        see Note 2):
<TABLE>
<CAPTION>

                          Gross Amount at Which Carried
                              At December 31, 2004
                                 (in thousands)
                                               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      $ 4,141     $ 4,349      $ (2,796)   1983-1984
Cady Brook Apts              867         89       1,996       2,085          (948)      (A)
Cassady Village              741        157       2,057       2,214        (1,406)      (A)
Crockett Manor               980         10       1,370       1,380          (950)      (A)
Eastridge Apts               318        102       1,685       1,787        (1,567)      (A)
Filmore I                  1,107        116       1,430       1,546          (999)      (A)
Grant-Ko Enterprises       1,206        100       1,478       1,578        (1,017)      (A)
Hummelstown Manor          1,709         97       1,848       1,945        (1,060)     1983
Kentucky Manor             1,364        101       1,503       1,604        (1,321)      (A)
Lonsdale Housing             731        428       6,352       6,780        (5,937)      (A)
Marshall Plaza I             104         68         709         777          (482)      (A)
Marshall Plaza II            152         79         922       1,001          (628)      (A)
New-Bel-Mo                   388         40         547         587          (380)      (A)
Oakridge Park II           1,173         55       1,557       1,612        (1,479)      (A)
Oakwood Manor                503         69         899         968          (455)      (A)
Park Place                 4,341        337       7,755       8,092        (4,139)   1983-1984
Parksedge Elderly Apts     1,398        160       2,134       2,294        (1,222)      (A)
Sauk-Ko Enterprises          676         60       1,208       1,268          (835)      (A)
Sol 413                      337         50         431         481          (294)      (A)
Valley Oaks Senior         1,771        122       1,960       2,082        (1,568)      (A)
Villas de Orocovix         1,367         60       1,942       2,002        (1,405)
  Totals                 $25,263     $2,508     $43,924     $46,432      $(30,888)
</TABLE>

(A) This project was completed when REAL VI entered the Partnership.

(2)  Reconciliation  of real  estate  (all  amounts  unaudited  except for those
amounts related to the Material Investees - see Note 2) (in thousands):
<TABLE>
<CAPTION>

                                              Years Ended December 31,
                              2004                           2003
                            Material    2004      2004     Material    2003       2003
                            Investees Unaudited   Total   Investees  Unaudited   Total
Real estate:
<S>                          <C>       <C>       <C>       <C>        <C>       <C>
Balance  at   beginning  of  $10,157   $36,302   $46,459   $10,075    $42,458   $52,533
year
 Improvements   during  the      149       182       331        82        273       355
 year
 Sale of property                 --      (358)     (358)       --     (6,429)   (6,429)
Balance at end of year       $10,306   $36,126   $46,432   $10,157    $36,302   $46,459
</TABLE>

<TABLE>
<CAPTION>

                                              Years Ended December 31,

                               2004                           2003
                             Material     2004     2004     Material    2003      2003
                             Investees  Unaudited  Total   Investees  Unaudited   Total
Accumulated depreciation:
 Balance at beginning
<S>                           <C>       <C>       <C>       <C>        <C>       <C>
   of year                    $ 5,259   $24,450   $29,709   $ 4,976    $28,166   $33,142
 Depreciation expense for
   the year                       300     1,069     1,369       297      1,218     1,515
 Sale of property                 (14)               (190)      (14)    (4,934)   (4,948)
                                         (176)
Balance at end of year        $ 5,545   $25,343   $30,888   $ 5,259    $24,450   $29,709
</TABLE>

NOTE 7 - FORECLOSURE OF LOCAL LIMITED PARTNERSHIP

During the year ended  December 31, 2003 the  Partnership's  interest in Century
Plaza Limited Partnership, a Local Limited Partnership, was foreclosed on by the
note holder.  The  Partnership  had no investment  balance related to this Local
Limited Partnership as of December 31, 2003.

NOTE 8 - ABANDONMENT OF UNITS

During the year  ended  December  31,  2004,  the number of Limited  Partnership
Interests  decreased by 12 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 9 - CONTINGENCIES

The  Corporate  General  Partner is involved in various  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.

As  previously  disclosed,  the  Central  Regional  Office of the United  States
Securities  and  Exchange   Commission   (the  "SEC")  is  conducting  a  formal
investigation relating to certain matters.  Although the staff of the SEC is not
limited  in the  areas  that it may  investigate,  AIMCO  believes  the areas of
investigation include AIMCO's miscalculated monthly net rental income figures in
third quarter 2003,  forecasted  guidance,  accounts payable,  rent concessions,
vendor  rebates,  capitalization  of payroll and certain  other  costs,  and tax
credit  transactions.  AIMCO is cooperating  fully. AIMCO is not able to predict
when the matter  will be  resolved.  AIMCO does not  believe  that the  ultimate
outcome  will  have a  material  adverse  effect on its  consolidated  financial
condition or results of operations.  Similarly,  the Corporate  General  Partner
does not believe that the ultimate  outcome will have a material  adverse effect
on the Partnership's financial condition or results of operations.

<PAGE>

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

None.

ITEM 8.     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 needed
to be improved and were improved subsequent to December 31, 2004 to provide that
partnership  taxes are more accurately  estimated and are reported in the proper
period.  In particular,  the Partnership has implemented a system to improve the
coordination and  communication  between those  departments  responsible for tax
accounting  and the group  responsible  for the  preparation  and  reporting  of
financial information.

(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 2004 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.

Item 8b.    Other Information

            None.

                                    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.

Name                          Age     Position
David R. Robertson             38     President, Chief Executive Officer
                                        and Director
Harry G. Alcock                42     Director and Executive Vice President
Charles McKinney               53     Senior Vice President and Director
                                        of Asset Management
Jeffrey H. Sussman             39     Senior Vice President, General
                                        Counsel and Secretary
Brian H. Shuman                42     Senior Vice President and Chief
                                        Financial Officer

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.

Harry G. Alcock was appointed as a Director of the Corporate  General Partner in
October 2004 and was appointed Executive Vice President of the Corporate General
Partner  in  February  2004 and has been  Executive  Vice  President  and  Chief
Investment Officer of AIMCO since October 1999. Prior to October 1999 Mr. Alcock
served as a Vice President of AIMCO from July 1996 to October 1997,  when he was
promoted to Senior Vice  President  Acquisitions  where he served until  October
1999. Mr. Alcock has had responsibility for acquisition and financing activities
of AIMCO since July 1994.

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, 2004.

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, 2004.

(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  $175,000  and  $176,000 for the years
ended December 31, 2004 and 2003, 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,
2004 and 2003 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
three and four of the Local Limited  Partnerships  for the years ended  December
31, 2004 and 2003, respectively.  The Local Limited Partnerships paid affiliates
of NAPICO  property  management  fees in the amount of 5 percent of their  gross
revenues.  The amounts paid were approximately $40,000 and $62,000 for the years
ended December 31, 2004 and 2003, respectively.

Subsequent to December 31, 2004, the Corporate  General Partner  advanced to the
Partnership  approximately  $378,000 to pay the New Jersey tax  obligations,  as
previously  discussed.  The Corporate General Partner will not demand payment of
amounts due in excess of operating cash needed by the Partnership.

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  10.50% of the  outstanding  Units at  December  31,  2004.  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

See exhibit index attached.

ITEM 14.    PRINCIPAL ACCOUNTANT FEES AND SERVICES

The Corporate  General Partner has reappointed  Ernst & Young LLP as independent
auditors to audit the financial  statements  of the  Partnership  for 2005.  The
aggregate  fees billed for  services  rendered by Ernst & Young LLP for 2004 and
2003 are described below.

Audit Fees. Fees for audit services  totaled  approximately  $49,000 and $44,000
for 2004 and 2003,  respectively.  Fees for audit services also include fees for
the reviews of the Partnership's Quarterly Reports on Form 10-QSB.

Tax Fees. Fees for tax services  totaled  approximately  $24,000 for both of the
years 2004 and 2003.

                                   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: April 18, 2005


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/Harry G. Alcock            Director and Executive     Date: April 18, 2005
Harry G. Alcock               Vice President


/s/David R. Robertson         President, Chief Executive Date: April 18, 2005
David R. Robertson            Officer and Director


/s/Brian H. Shuman            Senior Vice President and  Date: April 18, 2005
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.

  3.1       Amendment  to the  Restated  Certificate  and  Agreement  of Limited
            Partnership of Real Estate Associates Limited VI, filed with Current
            Report  Form  8-K  dated   December  29,   2004,   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 Cassady Village Apartments, Ltd.


<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 small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer'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 small business issuer 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
            small business issuer, 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  small  business   issuer'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 small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer'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 small business  issuer'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 small  business
            issuer's internal control over financial reporting.

Date:  April 18, 2005

                                    /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

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 small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer'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 small business issuer 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
            small business issuer, 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  small  business   issuer'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 small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer'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 small business  issuer'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 small  business
            issuer's internal control over financial reporting.

Date:  April 18, 2005

                                    /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

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, 2004 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:  April 18, 2005


                                           /s/Brian H. Shuman
                                    Name:  Brian H. Shuman
                                    Date:  April 18, 2005


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.

Exhibit 99.1

Report of Independent Registered Public Accounting Firm



The Partners
Cassady Village Apartments

We have audited the accompanying  balance sheet of Cassady Village Apartments as
of  December  31,  2004 and the  related  statements  of  operations,  partners'
(deficiency)  equity 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 the standards of the Public  Company
Accounting Oversight Board (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.  We were not engaged to perform an
audit of the Partnership's internal control over financial reporting.  Our audit
included  consideration of internal control over financial  reporting as a basis
for designing audit  procedures that are appropriate in the  circumstances,  but
not for the  purpose  of  expressing  an  opinion  on the  effectiveness  of the
Partnership's internal control over financial reporting. Accordingly, we express
no such opinion.  An audit also includes  examining,  on a test basis,  evidence
supporting the amounts and  disclosures in the financial  statements,  assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall  financial  statement  presentation.  We believe that our
audit provides a reasonable basis for our opinion.

In our opinion,  the 2004 financial statements referred to above present fairly,
in all material  respects,  the financial position of Cassady Village Apartments
at December  31, 2004 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.

As discussed in Note 3, the  Partnership's  partners could change in 2005, 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.


/s/Altschuler, Melvoin and Glasser LLP

Chicago, Illinois
January 31, 2005