UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-QSB

(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
    ACT OF 1934

                    For the quarterly period ended June 30, 2003


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


              For the transition period from __________ to __________

                         Commission file number 0-10884


                              SHELTER PROPERTIES IV
             (Exact name of registrant as specified in its charter)



         South Carolina                                          57-0721760
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

                                 (864) 239-1000
                           (Issuer's telephone number)

<PAGE>

                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS



                              SHELTER PROPERTIES IV
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                                  June 30, 2003
<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $   668
   Receivables and deposits                                                      506
   Restricted escrows                                                            287
   Other assets                                                                1,266
   Investment properties:
      Land                                                    $ 2,759
      Buildings and related personal property                   53,848
                                                                56,607
      Less accumulated depreciation                            (34,507)       22,100
                                                                            $ 24,827

Liabilities and Partners' Capital (Deficiency)
Liabilities
   Accounts payable                                                           $ 56
   Tenant security deposit liabilities                                           231
   Accrued property taxes                                                        344
   Other liabilities                                                             452
   Mortgage notes payable                                                     33,662

Partners' Capital (deficiency)
   General partners                                             $ 110
   Limited partners (49,995 units issued and
      outstanding)                                             (10,028)       (9,918)
                                                                            $ 24,827

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                              SHELTER PROPERTIES IV
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                          Three Months Ended          Six Months Ended
                                               June 30,                   June 30,
                                          2003          2002         2003          2002
Revenues:
<S>                                      <C>          <C>           <C>           <C>
  Rental income                          $ 2,360      $ 2,344       $ 4,699       $ 4,609
  Other income                               247          207           427           477
  Casualty gain                               --          140            --           140
      Total revenues                       2,607        2,691         5,126         5,226

Expenses:
  Operating                                1,064          952         2,149         2,019
  General and administrative                  72          101           145           204
  Depreciation                               579          550         1,152         1,094
  Interest                                   223          403           567           799
  Property taxes                             172          165           345           332
  Loss on early extinguishment of
    debt                                      --           27            --            27
      Total expenses                       2,110        2,198         4,358         4,475

Net income                                $ 497        $ 493         $ 768         $ 751

Net income allocated to general
  partners (1%)                            $ 5          $ 5           $ 8           $ 8
Net income allocated to limited
  partners (99%)                             492          488           760           743

                                          $ 497        $ 493         $ 768         $ 751

Net income per limited partnership
  unit                                   $ 9.84        $ 9.76       $ 15.20       $ 14.86

Distributions per limited
  partnership unit                       $ 12.36      $ 73.79       $ 41.52       $ 73.79

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
                              SHELTER PROPERTIES IV
        CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIENCY)
                                   (Unaudited)
                        (in thousands, except unit data)

<TABLE>
<CAPTION>

                                     Limited
                                     Partnership     General      Limited
                                        Units        Partners    Partners      Total

<S>                                    <C>              <C>       <C>        <C>
Original capital contributions         50,000           $ 2       $ 50,000   $ 50,002

Partners' capital (deficiency)
   at December 31, 2002                49,995         $ 119      $ (8,712)   $ (8,593)

Distributions to partners                  --            (17)      (2,076)     (2,093)

Net income for the six months
   ended June 30, 2003                     --              8          760         768

Partners' capital (deficiency)
   at June 30, 2003                    49,995          $ 110     $(10,028)   $ (9,918)

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
                              SHELTER PROPERTIES IV
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,
                                                                  2003         2002
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net income                                                     $ 768        $ 751
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Loss on early extinguishment of debt                            --           27
     Depreciation                                                 1,152        1,094
     Amortization of discounts and loan costs                        16          125
     Casualty gain                                                   --         (140)
     Change in accounts:
      Receivables and deposits                                     (126)        (228)
      Other assets                                                 (294)        (241)
      Accounts payable                                              (65)        (147)
      Tenant security deposit liabilities                            21            5
      Accrued property taxes                                        344          133
      Other liabilities                                            (147)         200
         Net cash provided by operating activities                1,669        1,579

Cash flows from investing activities:
  Property improvements and replacements                           (465)      (1,048)
  Net insurance proceeds received                                    --          208
  Net withdrawals from restricted escrows                            --          342
         Net cash used in investing activities                     (465)        (498)

Cash flows from financing activities:
  Proceeds from mortgage note payable                                --        8,450
  Repayment of mortgage notes payable                                --       (4,963)
  Loan costs paid                                                   (19)        (214)
  Advances from affiliate                                            --           95
  Repayment of advances from affiliate                               --          (95)
  Distributions to partners                                      (2,093)      (3,689)
  Payments on mortgage notes payable                               (410)        (403)
         Net cash used in financing activities                   (2,522)        (819)

Net (decrease) increase in cash and cash equivalents             (1,318)         262
Cash and cash equivalents at beginning of period                  1,986          517
Cash and cash equivalents at end of period                       $ 668        $ 779

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 653        $ 691

            See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
                              SHELTER PROPERTIES IV
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Shelter
Properties  IV  (the  "Partnership"  or  "Registrant")  have  been  prepared  in
accordance with generally accepted  accounting  principles for interim financial
information  and  with  the  instructions  to Form  10-QSB  and  Item 310 (b) of
Regulation  S-B.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  In the  opinion of Shelter  Realty IV  Corporation  (the
"Corporate  General Partner"),  all adjustments  (consisting of normal recurring
accruals)  considered  necessary  for a fair  presentation  have been  included.
Operating  results for the three and six month periods ended June 30, 2003,  are
not  necessarily  indicative  of the results  that may be expected  for the year
ending  December 31, 2003. For further  information,  refer to the  consolidated
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the fiscal year ended December 31, 2002. The Corporate
General Partner is a subsidiary of Apartment  Investment and Management  Company
("AIMCO"), a publicly traded real estate investment trust.

Note B - Reconciliation of Cash Flows

As required by the Partnership  Agreement,  the following is a reconciliation of
"net cash provided by operating  activities"  in the  accompanying  consolidated
statements  of cash  flows to "net  cash from  operations",  as  defined  in the
Partnership  Agreement.  However,  "net  cash  from  operations"  should  not be
considered  an  alternative  to net income as an indicator of the  Partnership's
operating performance or to cash flows as a measure of liquidity.

                                                        For the Six Months Ended
                                                                June 30,
                                                           2003          2002
                                                             (in thousands)
     Net cash provided by operating activities           $ 1,669       $ 1,579
        Payments on mortgage notes payable                  (410)         (403)
        Property improvements and replacements              (465)       (1,048)
        Change in restricted escrows, net                     --           342
        Changes in reserves for net operating
          liabilities                                        267           278
        Additional reserves                               (1,061)         (748)
           Net cash from operations                       $ --            $ --

The  Corporate  General  Partner  believed it to be in the best  interest of the
Partnership to reserve net cash from operations of approximately  $1,061,000 and
$748,000 at June 30, 2003 and 2002,  respectively,  to fund  continuing  capital
improvements and repairs at the Partnership's two investment properties.

Note C - Transactions with Affiliated Parties

The  Partnership  has no employees  and is dependent  on the  Corporate  General
Partner  and  its  affiliates  for  the  management  and  administration  of all
partnership  activities.  The  Partnership  Agreement  provides  for (i) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership.

Affiliates of the Corporate  General Partner are entitled to receive 5% of gross
receipts from both of the Partnership's properties as compensation for providing
property  management  services.  During the six months  ended June 30,  2003 and
2002,  the  Partnership  paid  to such  affiliates  approximately  $256,000  and
$261,000, respectively, which is included in operating expense.

Affiliates  of  the  Corporate   General  Partner   received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $143,000 and
$288,000 for the six months ended June 30, 2003 and 2002, respectively, which is
included  in general  and  administrative  expense  and  investment  properties.
Included in these amounts are fees related to construction  management  services
provided by an  affiliate  of the  Corporate  General  partner of  approximately
$34,000  and  $120,000  for the  six  months  ended  June  30,  2003  and  2002,
respectively. The construction management service fees are calculated based upon
a percentage of current year additions to the investment properties.

In accordance  with the  Partnership  Agreement,  the Corporate  General Partner
loaned the  Partnership  funds to assist in paying  property  taxes at Quail Run
Apartments.  During the six months ended June 30, 2002, the Partnership received
advances of  approximately  $95,000  which were repaid  prior to June 30,  2002.
Interest was charged at the prime rate plus 2%.  Interest  expense was less than
$1,000  for the six months  ended June 30,  2002.  There were no  advances  made
during the six months ended June 30, 2003.

Pursuant  to the  Partnership  Agreement  and in  connection  with  the  sale of
Countrywood Village in August of 2000, the Corporate General Partner is entitled
to a  commission  of up to 1% for its  assistance  in the sale.  Payment of such
commission  is  subordinate  to the limited  partners  receiving a cumulative 7%
return on their  investment.  This return has not yet been met, and accordingly,
the  commission of $178,000 was accrued and is included in other  liabilities in
the accompanying consolidated balance sheet at June 30, 2003.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Corporate  General Partner.  During the six months ended June 30, 2003 and 2002,
the Partnership was charged by AIMCO and its affiliates  approximately  $172,000
and $208,000,  respectively,  for insurance  coverage and fees  associated  with
policy claims administration.

Note D - Refinancing of Mortgage Note Payable

On June 14, 2002,  the  Partnership  refinanced  the mortgage notes at Quail Run
Apartments.  Gross  proceeds  from  the  refinancing  were  $8,450,000  of which
approximately  $4,963,000 was used to repay the existing mortgage notes. The new
note requires monthly  principal and interest  payments at a fixed rate of 7.16%
and matures July 1, 2022 at which time the loan will be fully amortized. The old
debt carried a fixed interest rate of 7.6%. The Partnership recognized a loss on
the early extinguishment of debt of approximately  $27,000, due to the write off
of unamortized loan costs and mortgage  discount.  Total  capitalized loan costs
for the new mortgage  were  approximately  $214,000  during the six months ended
June 30, 2002.

Note E - Casualty Events

In November  2001,  Baymeadows  Apartments  experienced a fire which resulted in
damages of approximately $278,000.  Insurance proceeds of approximately $208,000
were received during the six months ended June 30, 2002 to cover the damages.  A
casualty gain of  approximately  $140,000 was  recognized  during the six months
ended June 30, 2002 as a result of the receipt of  insurance  proceeds  less the
write-off  of the net  book  value  of the  destroyed  assets  of  approximately
$68,000.

Note F - Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Corporate General Partner filed a motion seeking dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended complaint.  The Corporate General Partner filed demurrers to the amended
complaint, which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The Court dismissed without leave to amend certain of the plaintiffs' claims. On
February 11, 2002, plaintiffs filed a motion seeking to certify a putative class
comprised  of all  non-affiliated  persons  who own or have  owned  units in the
partnerships.  The Corporate General Partner and affiliated  defendants  opposed
the motion.  On April 29, 2002, the Court held a hearing on  plaintiffs'  motion
for class  certification  and took the matter  under  submission  after  further
briefing,  as ordered by the court,  was  submitted by the parties.  On July 10,
2002, the Court entered an order vacating the trial date of January 13, 2003 (as
well as the pre-trial and  discovery  cut-off  dates) and stayed the case in its
entirety  through November 7, 2002 so that the parties could have an opportunity
to discuss settlement. On October 30, 2002, the court entered an order extending
the stay in effect through January 10, 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first  amended  complaint.  The  Heller  action  was  brought  as a  purported
derivative  action,  and  asserted  claims for,  among other  things,  breach of
fiduciary duty, unfair competition,  conversion, unjust enrichment, and judicial
dissolution.  Plaintiffs in the Nuanes action filed a motion to consolidate  the
Heller action with the Nuanes action and stated that the Heller action was filed
in order to preserve the derivative  claims that were dismissed without leave to
amend in the Nuanes action by the Court order dated July 10, 2001. On October 5,
2001, the Corporate  General Partner and affiliated  defendants  moved to strike
the first  amended  complaint in its entirety for violating the Court's July 10,
2001 order  granting  in part and  denying in part  defendants'  demurrer in the
Nuanes action,  or  alternatively,  to strike certain  portions of the complaint
based on the statute of limitations.  Other defendants in the action demurred to
the fourth amended complaint, and, alternatively, moved to strike the complaint.
On  December  11,  2001,  the court  heard  argument on the motions and took the
matters under  submission.  On February 4, 2002,  the Court served notice of its
order granting  defendants' motion to strike the Heller complaint as a violation
of its July 10,  2001  order in the  Nuanes  action.  On  March  27,  2002,  the
plaintiffs  filed a notice  appealing the order striking the  complaint.  Before
completing briefing on the appeal, the parties stayed further proceedings in the
appeal in light of a settlement.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action described below.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
a tender offer to purchase all of the partnership  interests in the Partnerships
within one year of final  approval,  if it is granted,  and to provide  partners
with the  independent  appraisals  at the time of these  tenders.  The  proposed
settlement  also provided for the  limitation  of the allowable  costs which the
Corporate  General  Partner or its affiliates  will charge the  Partnerships  in
connection with this litigation and imposes limits on the class counsel fees and
costs in this litigation.  On April 11, 2003,  notice was distributed to limited
partners providing the details of the proposed settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.

The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.

Item 2.     Management's Discussion and Analysis or Plan of Operation

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.

The Partnership's  investment properties consist of two apartment complexes. The
following  table sets forth the average  occupancy of the properties for each of
the six months ended June 30, 2003 and 2002:

                                                            Average
                                                           Occupancy
       Property                                        2003          2002

       Baymeadows Apartments
         Jacksonville, Florida                         95%            96%

       Quail Run Apartments
         Columbia, South Carolina                      88%            91%

The Corporate General Partner  attributes the decrease in occupancy at Quail Run
Apartments to military  deployments,  unemployment in the area, and low mortgage
rates that encourage home ownership.

Results of Operations

The  Partnership's  net income for the three and six months  ended June 30, 2003
was approximately $497,000 and $768,000 respectively,  compared to net income of
approximately  $493,000 and $751,000 for the corresponding  periods in 2002. The
increase  in net income for the three and six months  ended June 30, 2003 is due
to a  decrease  in  total  expenses  partially  offset  by a  decrease  in total
revenues.  For the six months ended June 30, 2003, total revenues  decreased due
to the  recognition  of a casualty  gain in 2002 and a decrease in other income,
partially  offset by an increase in rental  income.  For the three  months ended
June 30, 2003,  total  revenues  decreased due to the  recognition of a casualty
gain in 2002,  partially  offset by increases in rental income and other income.
Rental  income for both  periods  increased  due to an  increase  in the average
rental  rates  and a  decrease  in bad debt  expense  and lease  concessions  at
Baymeadows Apartments,  partially offset by a decrease in occupancy at Quail Run
Apartments.  For the six month period,  other income decreased due to a decrease
in lease  cancellation  fees at Baymeadows  Apartments,  partially  offset by an
increase  in  corporate  rentals  and  utilities  reimbursements  at  Quail  Run
Apartments.  For the  three  month  period,  other  income  increased  due to an
increase in corporate rentals at Quail Run Apartments.

In November  2001,  Baymeadows  Apartments  experienced a fire which resulted in
damages of approximately $278,000.  Insurance proceeds of approximately $208,000
were received during the six months ended June 30, 2002 to cover the damages.  A
casualty gain of  approximately  $140,000 was  recognized  during the six months
ended June 30, 2002 as a result of the receipt of  insurance  proceeds  less the
write-off  of the net  book  value  of the  destroyed  assets  of  approximately
$68,000.

Total expenses  decreased for the three and six month period due to decreases in
interest and general and  administrative  expenses and the recognition of a loss
on early  extinguishment  of debt  related to the  refinancing  of the  mortgage
encumbering  Quail Run  Apartments  in 2002  partially  offset by  increases  in
operating and depreciation  expenses.  Interest  expense  decreased due to lower
interest  rates  on  the  mortgages  encumbering  both  investment   properties.
Operating  expenses  increased due to an increase in  maintenance  expense which
increased due to increases in contract  repairs,  painting  supplies,  and sewer
repairs at Baymeadows Apartments.  Depreciation expense increased as a result of
property  improvements and replacements being placed into service,  primarily at
Baymeadows Apartments, during the past twelve months.

On June 14, 2002,  the  Partnership  refinanced  the mortgage notes at Quail Run
Apartments.  Gross  proceeds  from  the  refinancing  were  $8,450,000  of which
approximately  $4,963,000 was used to repay the existing mortgage notes. The new
note requires monthly  principal and interest  payments at a fixed rate of 7.16%
and matures July 1, 2022 at which time the loan will be fully amortized. The old
debt carried a fixed interest rate of 7.6%. The Partnership recognized a loss on
the early extinguishment of debt of approximately  $27,000, due to the write off
of unamortized loan costs and mortgage  discount.  Total  capitalized loan costs
for the new mortgage  were  approximately  $214,000  during the six months ended
June 30, 2002.

General   and   administrative   expenses   decreased   due  to  a  decrease  in
reimbursements  due to the Corporate  General  Partner.  Included in general and
administrative  expense  for the six months  ended June 30,  2003 and 2002,  are
management  reimbursements  to the Corporate  General  Partner allowed under the
Partnership  Agreement.  Also included in general and administrative expense are
costs associated with the quarterly and annual communications with investors and
regulatory agencies and the annual audit required by the Partnership Agreement.

As part of the ongoing business plan of the Partnership,  the Corporate  General
Partner  monitors  the  rental  market  environment  of each  of its  investment
properties  to assess  the  feasibility  of  increasing  rents,  maintaining  or
increasing  occupancy  levels and protecting the  Partnership  from increases in
expenses.  As part of this plan,  the  Corporate  General  Partner  attempts  to
protect  the  Partnership  from the  burden of  inflation-related  increases  in
expenses by increasing  rents and  maintaining a high overall  occupancy  level.
However,  due to  changing  market  conditions,  which can  result in the use of
rental  concessions and rental reductions to offset softening market conditions,
there is no guarantee that the Corporate General Partner will be able to sustain
such a plan.

Liquidity and Capital Resources

At June 30, 2003, the Partnership had cash and cash equivalents of approximately
$668,000  compared to  approximately  $779,000 at June 30,  2002.  Cash and cash
equivalents decreased approximately $1,318,000 for the six months ended June 30,
2003 due to approximately  $2,522,000 and $465,000 of cash used in financing and
investing activities, respectively, partially offset by approximately $1,669,000
of cash  provided by operating  activities.  Cash used in  financing  activities
consisted of distributions to the partners,  loan cost additions,  and principal
payments made on the mortgages  encumbering the Partnership's  properties.  Cash
used  in   investing   activities   consisted  of  property   improvements   and
replacements.  The Partnership  invests its working capital reserves in interest
bearing accounts.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the investment  properties to adequately  maintain the
physical  assets and other  operating needs of the registrant and to comply with
Federal,  state,  and local  legal an  regulatory  requirements.  The  Corporate
General  Partner  monitors  developments  in the  area of legal  and  regulatory
compliance and is studying new federal laws, including the Sarbanes-Oxley Act of
2002. The Sarbanes-Oxley Act of 2002 mandates or suggests additional  compliance
measures with regard to governance,  disclosure, audit and other areas. In light
of these changes,  the  Partnership  expects that it will incur higher  expenses
related  to  compliance,  including  increased  legal  and audit  fees.  Capital
improvements  planned  for each of the  Partnership's  properties  are  detailed
below.

Baymeadows  Apartments:   During  the  six  months  ended  June  30,  2003,  the
Partnership  completed   approximately   $409,000  of  capital  improvements  at
Baymeadows  Apartments,  consisting  primarily of electrical  upgrades and water
heater,  miniblind,  cabinet,  appliance and floor covering replacements.  These
improvements were funded from operating cash flow. The Partnership evaluates the
capital  improvement needs of the property during the year and currently expects
to complete an additional $288,000 in capital  improvements during the remainder
of  2003.  The  additional  capital   improvements  will  consist  primarily  of
appliance,  cabinet and floor covering  replacements,  HVAC  replacements,  pool
upgrades,  building  improvements,  exterior  lighting,  and fencing  additions.
Additional  capital  improvements  may be  considered  and  will  depend  on the
physical  condition  of  the  property  as  well  as  replacement  reserves  and
anticipated cash flow generated by the property.

Quail Run Apartments: During the six months ended June 30, 2003, the Partnership
completed approximately $56,000 of capital improvements at Quail Run Apartments,
consisting   primarily  of  floor  covering,   air   conditioning  and  lighting
replacements,  plumbing fixture upgrades,  interior decoration,  computers,  and
fencing  improvements.  These improvements were funded from operating cash flow.
The Partnership  evaluates the capital  improvement needs of the property during
the year and  currently  expects to  complete an  additional  $55,000 in capital
improvements  during the remainder of 2003. The additional capital  improvements
will  consist  primarily  of roof and  window  replacements,  window  coverings,
appliance,  floor covering and cabinet replacements,  and computers.  Additional
capital improvements may be considered and will depend on the physical condition
of the  property  as well as  replacement  reserves  and  anticipated  cash flow
generated by the property.

The additional  capital  expenditures will be incurred only if cash is available
from  operations  and  Partnership  reserves.  To the extent that such  budgeted
capital improvements are completed,  the Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive of capital improvements) of the Partnership. Approximately $8,265,000
of the mortgage indebtedness of Quail Run Apartments is being amortized over 240
months  at which  time it is  scheduled  to be fully  amortized.  The  remaining
indebtedness  of  approximately  $25,397,000  of Baymeadows  Apartments is being
amortized over 60 months with a balloon payment of approximately $22,714,000 due
in September 2007. The Corporate  General Partner will attempt to refinance such
indebtedness  and/or  sell the  property  prior to such  maturity  date.  If the
property cannot be refinanced or sold for a sufficient  amount,  the Partnership
will risk losing the property through foreclosure.

The Partnership  distributed  the following  amounts during the six months ended
June 30, 2003 and 2002 (in thousands except per unit data):
<TABLE>
<CAPTION>

                      Six Months      Per Limited       Six Months      Per Limited
                        Ended         Partnership         Ended         Partnership
                    June 30, 2003         Unit        June 30, 2002         Unit

<S>  <C>                 <C>              <C>             <C>              <C>
Sale (1)                 $ --             $ --            $ 424            $ 8.48
Operations               1,769            35.03               --              --
Refinancing (2)            324             6.49            3,265            65.31
                        $2,093           $41.52           $3,689           $73.79

(1)   From undistributed  proceeds of the sale of Countrywood Village Apartments
      in August 2000.

(2)   From the  refinancing  of Baymeadows  Apartments in November 2002 and of Quail
      Run Apartments in June 2002.
</TABLE>

Future cash  distributions  will depend on the levels of net cash generated from
operations, the availability of cash reserves and the timing of debt maturities,
refinancings  and/or  property  sales.  The  Partnership's  cash  available  for
distribution is reviewed on a monthly basis.  There can be no assurance that the
Partnership  will generate  sufficient  funds from  operations,  after  required
capital expenditures, to permit any further distributions to its partners in the
year 2003 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 34,253 limited  partnership  units
(the "Units") in the Partnership representing 68.51% of the outstanding units at
June 30, 2003. 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 the operating  partnership of AIMCO either through private purchases or
tender offers.  Pursuant to 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. As
a result of its  ownership  of 68.51% of the  outstanding  Units,  AIMCO and its
affiliates are in a position to influence all such voting decisions with respect
to the Partnership. 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.

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in accordance with accounting
principles generally accepted in the United States which require the Partnership
to  make  estimates  and  assumptions.  The  Partnership  believes  that  of its
significant  accounting  policies,  the following may involve a higher degree of
judgment and complexity.

Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's  investment  properties.  These  factors  include  changes  in the
national,  regional and local economic  climate;  local  conditions,  such as an
oversupply  of  multifamily   properties;   competition   from  other  available
multifamily  property  owners and changes in market  rental  rates.  Any adverse
changes in these factors could cause an impairment in the Partnership's assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized  monthly as it is earned and
the  Partnership  fully  reserves all  balances  outstanding  over 30 days.  The
Partnership will offer rental concessions during  particularly slow months or in
response to heavy  competition  from other  similar  complexes in the area.  Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

ITEM 3.     CONTROLS AND PROCEDURES

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

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

                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the Partnership,  its Corporate  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of interests  in certain  Corporate  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Corporate General Partner filed a motion seeking dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended complaint.  The Corporate General Partner filed demurrers to the amended
complaint, which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Corporate  General Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Corporate  General  Partner and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Corporate General Partner and affiliated defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The Court dismissed without leave to amend certain of the plaintiffs' claims. On
February 11, 2002, plaintiffs filed a motion seeking to certify a putative class
comprised  of all  non-affiliated  persons  who own or have  owned  units in the
partnerships.  The Corporate General Partner and affiliated  defendants  opposed
the motion.  On April 29, 2002, the Court held a hearing on  plaintiffs'  motion
for class  certification  and took the matter  under  submission  after  further
briefing,  as ordered by the court,  was  submitted by the parties.  On July 10,
2002, the Court entered an order vacating the trial date of January 13, 2003 (as
well as the pre-trial and  discovery  cut-off  dates) and stayed the case in its
entirety  through November 7, 2002 so that the parties could have an opportunity
to discuss settlement. On October 30, 2002, the court entered an order extending
the stay in effect through January 10, 2003.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first  amended  complaint.  The  Heller  action  was  brought  as a  purported
derivative  action,  and  asserted  claims for,  among other  things,  breach of
fiduciary duty, unfair competition,  conversion, unjust enrichment, and judicial
dissolution.  Plaintiffs in the Nuanes action filed a motion to consolidate  the
Heller action with the Nuanes action and stated that the Heller action was filed
in order to preserve the derivative  claims that were dismissed without leave to
amend in the Nuanes action by the Court order dated July 10, 2001. On October 5,
2001, the Corporate  General Partner and affiliated  defendants  moved to strike
the first  amended  complaint in its entirety for violating the Court's July 10,
2001 order  granting  in part and  denying in part  defendants'  demurrer in the
Nuanes action,  or  alternatively,  to strike certain  portions of the complaint
based on the statute of limitations.  Other defendants in the action demurred to
the fourth amended complaint, and, alternatively, moved to strike the complaint.
On  December  11,  2001,  the court  heard  argument on the motions and took the
matters under  submission.  On February 4, 2002,  the Court served notice of its
order granting  defendants' motion to strike the Heller complaint as a violation
of its July 10,  2001  order in the  Nuanes  action.  On  March  27,  2002,  the
plaintiffs  filed a notice  appealing the order striking the  complaint.  Before
completing briefing on the appeal, the parties stayed further proceedings in the
appeal in light of a settlement.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action described below.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a Court  appointed
appraiser. An affiliate of the Corporate General Partner has also agreed to make
a tender offer to purchase all of the partnership  interests in the Partnerships
within one year of final  approval,  if it is granted,  and to provide  partners
with the  independent  appraisals  at the time of these  tenders.  The  proposed
settlement  also provided for the  limitation  of the allowable  costs which the
Corporate  General  Partner or its affiliates  will charge the  Partnerships  in
connection with this litigation and imposes limits on the class counsel fees and
costs in this litigation.  On April 11, 2003,  notice was distributed to limited
partners providing the details of the proposed settlement.

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.

The  Corporate  General  Partner  does  not  anticipate  that  any  costs to the
Partnership, whether legal or settlement costs, associated with these cases will
be material to the Partnership's overall operations.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

            a) Exhibits:

                  Exhibit 3, Amended and Restated  Certificate  and Agreement of
                  Limited  Partnership  (Exhibit A to the Prospectus included in
                  Registrant's Amendment No. 1 to Registration Statement,  filed
                  June 8, 1982 (File No.  2-77217),  is  incorporated  herein by
                  reference).

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

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

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

            b)    Reports on Form 8-K filed during the six months ended June 30,
                  2003:

                  None.


<PAGE>


                                   SIGNATURES



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



                                    SHELTER PROPERTIES IV


                                    By:   Shelter Realty IV Corporation
                                          Corporate General Partner


                                    By:   /s/Patrick J. Foye
                                          Patrick J. Foye
                                          Executive Vice President


                                    By:   /s/Thomas C. Novosel
                                          Thomas C. Novosel
                                          Senior Vice President
                                          and Chief Accounting Officer


                                    Date: August 13, 2003



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Patrick J. Foye, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Shelter Properties
      IV;

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

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

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

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

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

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

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

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

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

Date: August 13, 2003

                                    /s/Patrick J. Foye
                                    Patrick J. Foye
                                    Executive  Vice  President of Shelter Realty
                                    IV  Corporation,  equivalent  of  the  chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Paul J. McAuliffe, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Shelter Properties
      IV;

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

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

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

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

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

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

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

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

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

Date: August 13, 2003

                                    /s/Paul J. McAuliffe
                                    Paul J. McAuliffe
                                    Executive Vice President and Chief Financial
                                    Officer  of Shelter  Realty IV  Corporation,
                                    equivalent of the chief financial officer of
                                    the Partnership


<PAGE>



Exhibit 32.1




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



In connection with the Quarterly Report on Form 10-QSB of Shelter  Properties IV
(the  "Partnership"),  for the  period  ended  June 30,  2003 as filed  with the
Securities and Exchange Commission on the date hereof (the "Report"), Patrick J.
Foye, as the equivalent of the Chief Executive  Officer of the Partnership,  and
Paul J.  McAuliffe,  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/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  August 13, 2003


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  August 13, 2003


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.