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

                                   Form 10-QSB

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

                 For the quarterly period ended June 30, 2005


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


           For the transition period from __________ to __________

                         Commission file number 0-10884


                              SHELTER PROPERTIES IV
      (Exact name of small business issuer 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)


Check  whether the issuer (i) 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 ___


<PAGE>



                         PART I - FINANCIAL INFORMATION



ITEM 1.     FINANCIAL STATEMENTS



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

                                  June 30, 2005
<TABLE>
<CAPTION>

<S>                                                             <C>          <C>
Assets
   Cash and cash equivalents                                                 $ 225
   Receivables and deposits                                                  1,063
   Restricted escrows                                                          231
   Other assets                                                                911
   Investment properties:
      Land                                                    $ 2,759
      Buildings and related personal property                   57,710
                                                                60,469
      Less accumulated depreciation                            (39,114)     21,355
                                                                          $ 23,785

Liabilities and Partners' Capital (Deficiency)
Liabilities
   Accounts payable                                                          $ 729
   Tenant security deposit liabilities                                         144
   Due to affiliates (Note C)                                                  853
   Accrued property taxes                                                      416
   Other liabilities                                                           450
   Mortgage notes payable                                                   31,955

Partners' Capital (Deficiency)
   General partners                                             $ 100
   Limited partners (49,995 units issued and
      outstanding)                                             (10,862)    (10,762)
                                                                          $ 23,785
</TABLE>


         See Accompanying Notes to Consolidated Financial Statements


<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,
<S>                                       <C>           <C>          <C>           <C>
                                          2005          2004         2005          2004
Revenues:
  Rental income                          $ 2,185      $ 2,308       $ 4,520       $ 4,597
  Other income                               208          209           398           453
      Total revenues                       2,393        2,517         4,918         5,050

Expenses:
  Operating                                1,071        1,023         2,135         2,030
  General and administrative                  74           64           152           139
  Depreciation                               578          587         1,165         1,164
  Interest                                   403          294           775           590
  Property taxes                             187          197           382           396
      Total expenses                       2,313        2,165         4,609         4,319

Net income                                $ 80         $ 352         $ 309         $ 731

Net income allocated to general
  partners (1%)                            $ 1          $ 4           $ 3           $ 7
Net income allocated to limited
  partners (99%)                              79          348           306           724

                                          $ 80         $ 352         $ 309         $ 731

Net income per limited
  partnership unit                       $ 1.58        $ 6.96       $ 6.12        $ 14.48

Distributions per limited
  partnership unit                        $ --         $ 8.72       $ 2.96        $ 28.02
</TABLE>


         See Accompanying Notes to Consolidated Financial Statements


<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, 2004                49,995          $ 99      $(11,020)   $(10,921)

Distributions to partners                  --             (2)        (148)       (150)

Net income for the six months
   ended June 30, 2005                     --              3          306         309

Partners' capital (deficiency)
   at June 30, 2005                    49,995          $ 100     $(10,862)   $(10,762)
</TABLE>


         See Accompanying Notes to Consolidated Financial Statements


<PAGE>


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

                                                                    Six Months Ended
                                                                        June 30,
<S>                                                                 <C>       <C>
                                                                    2005      2004
Cash flows from operating activities:
  Net income                                                        $ 309       $ 731
  Adjustments to reconcile net income to net cash provided
   by operating activities:
     Casualty loss                                                       3          --
     Depreciation                                                    1,165       1,164
     Amortization of loan costs                                         73          73
     Change in accounts:
      Receivables and deposits                                        (601)       (401)
      Other assets                                                    (135)       (195)
      Accounts payable                                                  86         178
      Tenant security deposit liabilities                              (33)        (36)
      Due to affiliates                                                  4          --
      Accrued property taxes                                           416         156
      Other liabilities                                                (42)         43
         Net cash provided by operating activities                   1,245       1,713

Cash flows from investing activities:
  Property improvements and replacements                            (1,785)       (516)
  Net (deposits to) withdrawals from restricted escrows                 (1)          5
         Net cash used in investing activities                      (1,786)       (511)

Cash flows from financing activities:
  Advances from affiliates                                             849          --
  Distributions to partners                                           (150)     (1,415)
  Payments on mortgage notes payable                                  (438)       (423)
         Net cash provided by (used in) financing activities           261      (1,838)

Net decrease in cash and cash equivalents                             (280)       (636)
Cash and cash equivalents at beginning of period                       505       1,159
Cash and cash equivalents at end of period                          $ 225       $ 523

Supplemental disclosure of cash flow information:
  Cash paid for interest                                            $ 725       $ 562
Supplemental disclosure of non-cash flow information:
   Property improvements and replacements in accounts
    payable                                                         $ 569       $ --

Included in property improvements and replacements for the six months ended June
30,  2005 is  approximately  $29,000 of  improvements,  which were  included  in
accounts payable at December 31, 2004.
</TABLE>

         See Accompanying Notes to Consolidated Financial Statements


<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 six  month  period  ended  June  30,  2005,  are not
necessarily  indicative  of the results that may be expected for the year ending
December 31, 2005. 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, 2004.  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.
<TABLE>
<CAPTION>

                                                        For the Six Months Ended
                                                                June 30,
                                                          2005              2004
                                                             (in thousands)

<S>                                                      <C>              <C>
     Net cash provided by operating activities           $ 1,245          $ 1,713
        Payments on mortgage notes payable                  (438)            (423)
        Property improvements and replacements            (1,785)            (516)
        Change in restricted escrows, net                     (1)               5
        Changes in reserves for net operating
          liabilities                                        305              255
        Additional reserves                                   --           (1,034)
           Net cash used in operations                   $ (674)           $ --
</TABLE>


For the six months ended June 30, 2004, the Corporate  General Partner  reserved
approximately  $1,034,000  to  fund  capital  improvements  and  repairs  at the
Partnership's properties.

Distributions made from reserves no longer considered necessary by the Corporate
General  Partner are  considered to be additional  net cash from  operations for
allocation purposes.

The  Partnership  has no employees and depends on the Corporate  General Partner
and its  affiliates for the management  and  administration  of all  partnership
activities.


<PAGE>



Note C - Transactions with Affiliated Parties

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  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, 2005 and 2004,  the
Partnership  paid  to  such  affiliates  approximately  $250,000  and  $249,000,
respectively, which is included in operating expense.

An  affiliate  of  the  Corporate  General  Partner  received  reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $135,000 and
$118,000 for the six months ended June 30, 2005 and 2004, respectively, which is
included in general and administrative  expenses and investment properties.  The
portion of these  reimbursements  included in investment  properties for the six
months ended June 30, 2005 and 2004 are fees related to construction  management
services   provided  by  an  affiliate  of  the  Corporate  General  Partner  of
approximately  $17,000 and $3,000,  respectively.  The  construction  management
service fees are calculated based on a percentage of additions to the investment
properties.

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, 2005.

Pursuant  to the  Partnership  Agreement,  during the six months  ended June 30,
2005, an affiliate of the Corporate  General  Partner  advanced the  Partnership
approximately  $849,000 to fund the redevelopment and to pay mortgage  refinance
fees at Baymeadows Apartments. Interest is charged at the prime rate plus 2%, or
8.25% at June 30, 2005,  and was  approximately  $4,000 for the six months ended
June 30, 2005. There were no such advances made during the six months ended June
30,  2004.  At June 30,  2005,  approximately  $853,000 of advances  and accrued
interest was shown as due to affiliates on the accompanying consolidated balance
sheet.  Subsequent to June 30, 2005,  the  Corporate  General  Partner  advanced
approximately  $625,000  to the  Partnership  to pay  redevelopment  invoices at
Baymeadows Apartments.

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,  general
liability 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, 2005 and 2004, the  Partnership was charged by AIMCO and its affiliates
approximately  $166,000 and $159,000,  respectively,  for insurance coverage and
fees associated with policy claims administration.

Note D - Casualty

In September  2004,  Baymeadows  Apartments  experienced  damage from Hurricanes
Frances and Jeanne.  At June 30, 2005, the  Partnership  estimates  total damage
costs from the hurricanes of  approximately  $51,000,  which were not covered by
insurance proceeds.  During 2004, the Partnership  recognized a casualty loss of
approximately  $6,000  and  during  the six  months  ended  June 30,  2005,  the
Partnership  recognized an additional casualty loss of approximately $3,000 as a
result of the write-off of undepreciated  damaged assets.  This loss is included
in operating expense on the accompanying  consolidated statements of operations.
In  addition  to the  damages,  the  Partnership  incurred  clean  up  costs  of
approximately  $46,000  during the six months ended June 30, 2005 for Hurricanes
Frances and  Jeanne,  which were not covered by  insurance  proceeds,  and these
costs are  included  in  operating  expenses  on the  accompanying  consolidated
statements of operations.

Note E - Contingencies

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.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  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.  On January 28, 2002, the trial court granted  defendants
motion to strike the complaint. Plaintiffs took an appeal from this order.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes  action and the Heller  action.  On June 13, 2003,  the
court granted final approval of the settlement and entered  judgment in both the
Nuanes and Heller actions. On August 12, 2003, an objector ("Objector") filed an
appeal (the "Appeal")  seeking to vacate and/or reverse the order  approving the
settlement and entering judgment  thereto.  On May 4, 2004, the Objector filed a
second appeal  challenging  the court's use of a referee and its order requiring
Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings.  On June 10, 2005, the California  Supreme Court
denied  Objector's  Petition for Review and the Court of Appeals sent the matter
back to the trial court on June 21,  2005.  The parties  intend to ask the trial
court to make further findings in connection with settlement consistent with the
Court of Appeal's  remand order.  With respect to the related Heller appeal,  on
July 28, 2005, the Court of Appeal reversed the trial court's order striking the
first amended complaint.

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.

As previously disclosed,  AIMCO Properties L.P. and NHP Management Company, both
affiliates  of the  Corporate  General  Partner,  are  defendants  in a  lawsuit
alleging that they willfully  violated the Fair Labor  Standards Act ("FLSA") by
failing to pay  maintenance  workers  overtime for all hours worked in excess of
forty per week.  The complaint  attempts to bring a collective  action under the
FLSA and seeks to certify state  subclasses  in  California,  Maryland,  and the
District of Columbia. Specifically, the plaintiffs contend that AIMCO Properties
L.P. and NHP  Management  Company failed to compensate  maintenance  workers for
time  that they were  required  to be  "on-call".  Additionally,  the  complaint
alleges AIMCO  Properties L.P. and NHP Management  Company failed to comply with
the FLSA in compensating maintenance workers for time that they worked in excess
of 40 hours in a week.  On June 23, 2005 the Court  conditionally  certified the
collective  action on both the on-call and  overtime  issues.  The Court  ruling
allows  plaintiffs to provide notice of the collective  action to all non-exempt
maintenance  workers from August 7, 2000 through the  present.  Those  employees
will have the  opportunity to opt-in to the collective  action.  Defendants have
asked the Court to  reconsider  its  ruling or in the  alternative  certify  the
ruling for appeal on that issue. After the notice goes out, defendants will have
the  opportunity to move to decertify the collective  action.  The Court further
denied plaintiffs' Motion for Certification of the state subclass.  Although the
outcome of any litigation is uncertain, AIMCO Properties,  L.P. 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 consolidated financial condition or
results of operations.

The  Partnership  is unaware  of any other  pending  or  outstanding  litigation
matters  involving  it or its  investment  properties  that are not of a routine
nature arising in the ordinary course of business.

Environmental

Various  Federal,  state and local laws subject  property owners or operators to
liability for management,  and the costs of removal or  remediation,  of certain
hazardous  substances  present on a property.  Such laws often impose  liability
without regard to whether the owner or operator knew of, or was responsible for,
the release or presence of the  hazardous  substances.  The  presence of, or the
failure to manage or remedy properly,  hazardous substances may adversely affect
occupancy at affected  apartment  communities and the ability to sell or finance
affected properties.  In addition to the costs associated with investigation and
remediation  actions  brought by  government  agencies  and  potential  fines or
penalties  imposed by such  agencies in  connection  therewith,  the presence of
hazardous  substances on a property could result in claims by private plaintiffs
for personal injury, disease, disability or other infirmities. Various laws also
impose  liability for the cost of removal,  remediation or disposal of hazardous
substances  through a  licensed  disposal  or  treatment  facility.  Anyone  who
arranges for the disposal or treatment of hazardous  substances  is  potentially
liable  under such laws.  These laws often impose  liability  whether or not the
person arranging for the disposal ever owned or operated the disposal  facility.
In connection  with the ownership,  operation and management of its  properties,
the Partnership  could  potentially be liable for  environmental  liabilities or
costs associated with its properties.

Mold

The Partnership is aware of lawsuits  against owners and managers of multifamily
properties asserting claims of personal injury and property damage caused by the
presence of mold, some of which have resulted in substantial  monetary judgments
or settlements. The Partnership has only limited insurance coverage for property
damage loss claims  arising from the  presence of mold and for  personal  injury
claims related to mold  exposure.  Affiliates of the Corporate  General  Partner
have  implemented a national  policy and procedures to prevent or eliminate mold
from its  properties  and the  Corporate  General  Partner  believes  that these
measures will  minimize the effects that mold could have on residents.  To date,
the Partnership  has not incurred any material costs or liabilities  relating to
claims of mold exposure or to abate mold  conditions.  Because the law regarding
mold is unsettled and subject to change the Corporate  General  Partner can make
no assurance that liabilities resulting from the presence of or exposure to mold
will  not have a  material  adverse  effect  on the  Partnership's  consolidated
financial condition or results of operations.

SEC Investigation

The  Central  Regional  Office of the  United  States  Securities  and  Exchange
Commission (the "SEC")  continues its 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  have included  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, tax credit transactions,  and
tender offers for limited  partnership  interests.  AIMCO is cooperating  fully.
AIMCO is not able to predict when the investigation 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 consolidated financial condition or
results of operations.

Note F - Redevelopment of Property

One  of the  Partnership's  investment  properties,  Baymeadows  Apartments,  is
currently  under  redevelopment.  Based  on  current  redevelopment  plans,  the
Corporate  General Partner  anticipates the redevelopment to be completed in the
second quarter of 2006 at a total estimated cost of approximately $23,819,000 of
which  approximately  $2,161,000 was completed as of June 30, 2005.  Included in
these  construction  costs  are  capitalized  interest  costs  of  approximately
$66,000,  capitalized tax and insurance  expenses of  approximately  $32,000 and
other construction  period operating costs of approximately  $18,000 for the six
months ended June 30, 2005.


<PAGE>



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, 2005 and 2004:
<TABLE>
<CAPTION>

                                                            Average
                                                           Occupancy
<S>                                                    <C>           <C>
       Property                                        2005          2004

       Baymeadows Apartments (1)
         Jacksonville, Florida                         81%            94%

       Quail Run Apartments (2)
         Columbia, South Carolina                      95%            80%
</TABLE>

(1)   The  Corporate  General  Partner  attributes  the decrease in occupancy at
      Baymeadows  Apartments to current  redevelopment  of the property that has
      resulted in less units available for rent.

(2)   The  Corporate  General  Partner  attributes  the increase in occupancy at
      Quail Run  Apartments  to a military  deployment  in the local market area
      during the first quarter of 2004. Occupancy has since recovered.

The  Partnership's  financial  results depend upon a number of factors including
the  ability to attract  and  maintain  tenants  at the  investment  properties,
interest  rates on mortgage  loans,  costs  incurred  to operate the  investment
properties,  general  economic  conditions  and weather.  As part of the ongoing
business plan of the  Partnership,  the Corporate  General Partner  monitors the
rental market environment 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,  the Corporate  General Partner may use
rental  concessions  and  rental  rate  reductions  to offset  softening  market
conditions,  accordingly,  there  is no  guarantee  that the  Corporate  General
Partner will be able to sustain such a plan.  Further,  a number of factors that
are outside the control of the  Partnership  such as the local economic  climate
and weather can  adversely  or  positively  affect the  Partnership's  financial
results.



<PAGE>



Results of Operations

The  Partnership's  net income for the three and six months  ended June 30, 2005
was approximately $80,000 and $309,000, respectively,  compared to net income of
approximately  $352,000 and $731,000 for the corresponding  periods in 2004. Net
income  decreased for the three and six month periods due to a decrease in total
revenues and an increase in total expenses.

Total revenues  decreased for the three month period due to a decrease in rental
income.  Total  revenues  decreased for the six month period due to decreases in
rental and other  income.  Rental  income for both  periods  decreased  due to a
decrease in occupancy at Baymeadows  Apartments  partially offset by an increase
in occupancy at Quail Run Apartments and an increase in the average rental rates
at Baymeadows Apartments. Other income decreased for the six month period due to
decreases  in  corporate  unit  rent and  lease  cancellation  fees at Quail Run
Apartments and a decrease in late charges at Baymeadows Apartments.

Total expenses increased for the three and six month periods due to increases in
operating and interest  expenses.  Operating  expense for the three month period
increased due to an increase in  administrative  expense  partially  offset by a
decrease in  maintenance  expense.  Operating  expense for the six month  period
increased  due to increases in property and  administrative  expenses  partially
offset by a decrease in  maintenance  expense.  Administrative  expense for both
periods  increased  due  to an  increase  in  professional  fees  at  Baymeadows
Apartments.  Property  expense  for the six  month  period  increased  due to an
increase in model unit expenses at Baymeadows  Apartments.  Maintenance  expense
for both periods  decreased due to a decrease in contract  labor and an increase
in capitalized costs associated with the redevelopment at Baymeadows  Apartments
partially offset by insurance damage expense  associated with Hurricanes Frances
and Jeanne, as discussed below. Interest expense increased due to an increase in
the variable rate on the mortgage at Baymeadows  Apartments  partially offset by
capitalized interest associated with the redevelopment.

In September  2004,  Baymeadows  Apartments  experienced  damage from Hurricanes
Frances and Jeanne.  At June 30, 2005, the  Partnership  estimates  total damage
costs from the hurricanes of  approximately  $51,000,  which were not covered by
insurance proceeds.  During 2004, the Partnership  recognized a casualty loss of
approximately  $6,000  and  during  the six  months  ended  June 30,  2005,  the
Partnership  recognized an additional casualty loss of approximately $3,000 as a
result of the write-off of undepreciated  damaged assets.  This loss is included
in operating expense on the accompanying  consolidated statements of operations.
In  addition  to the  damages,  the  Partnership  incurred  clean  up  costs  of
approximately  $46,000  during the six months ended June 30, 2005 for Hurricanes
Frances and  Jeanne,  which were not covered by  insurance  proceeds,  and these
costs are  included  in  operating  expenses  on the  accompanying  consolidated
statements of operations.

Included in general and administrative expense for the six months ended June 30,
2005 and 2004 are management  reimbursements to the Corporate General Partner as
allowed under the Partnership Agreement. In addition,  costs associated with the
quarterly and annual  communications  with investors and regulatory agencies and
the annual audit required by the Partnership Agreement are also included.

Liquidity and Capital Resources

At June 30, 2005, the Partnership had cash and cash equivalents of approximately
$225,000  compared to  approximately  $523,000 at June 30,  2004.  Cash and cash
equivalents  decreased  approximately  $280,000  since  December 31, 2004 due to
approximately  $1,786,000 of cash used in investing  activities partially offset
by  approximately  $1,245,000  and $261,000 of cash  provided by  operating  and
financing activities,  respectively. Cash used in investing activities consisted
of  property  improvements  and  replacements  and net  deposits  to  restricted
escrows.  Cash provided by financing  activities  consisted of advances received
from an affiliate of the Corporate General Partner partially offset by principal
payments on the mortgages  encumbering the Partnership's  investment  properties
and distributions to the partners.  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 Partnership and to comply with
Federal,  state,  and local legal and  regulatory  requirements.  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  improvements  planned for
each of the Partnership's properties are detailed below.

Baymeadows  Apartments:   During  the  six  months  ended  June  30,  2005,  the
Partnership  completed  approximately  $2,229,000  of  capital  improvements  at
Baymeadows  Apartments,  consisting primarily of structural  upgrades,  building
improvements,  water  heaters,  office  computers,  and floor  covering  and air
conditioning unit  replacements.  These  improvements were funded from operating
cash flow and advances from an affiliate of the Corporate  General Partner.  The
Partnership  regularly  evaluates the capital improvement needs of the property.
The property is currently undergoing a redevelopment  project in order to become
more  competitive  with other  properties  in the area in an effort to  increase
occupancy at the property.  Based on current  redevelopment plans, the Corporate
General  Partner  anticipates  the  redevelopment  to be completed in the second
quarter of 2006 at a total estimated cost of approximately  $23,819,000 of which
approximately  $2,161,000  was completed as of June 30, 2005.  Included in these
construction  costs are  capitalized  interest costs of  approximately  $66,000,
capitalized  tax and  insurance  expenses  of  approximately  $32,000  and other
construction period operating costs of approximately  $18,000 for the six months
ended June 30, 2005. The project is being funded by operations and advances from
an affiliate of the Corporate General Partner.  In addition to the redevelopment
project,  certain routine capital expenditures are anticipated during 2005. Such
capital  expenditures  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, 2005, the Partnership
completed approximately $96,000 of capital improvements at Quail Run Apartments,
consisting   primarily  of  structural   upgrades  and  air  conditioning  unit,
appliance, and floor covering replacements.  These improvements were funded from
operating cash flow. The Partnership regularly evaluates the capital improvement
needs of the property.  While the  Partnership  has no material  commitments for
property improvements and replacements, certain routine capital expenditures are
anticipated  during 2005. Such capital  expenditures will depend on the physical
condition  of the  property as well as  anticipated  cash flow  generated by the
property.

Capital expenditures will be incurred only if cash is available from operations,
from  Partnership  reserves or loans from an affiliate of the Corporate  General
Partner.   To  the  extent  that  capital   improvements   are  completed,   the
Partnership's  distributable  cash flow,  if any, may be  adversely  affected at
least in the short term.



<PAGE>


The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive of capital improvements) of the Partnership. Approximately $7,818,000
of the mortgage indebtedness is being amortized over 240 months at which time it
is scheduled to be fully amortized.  The remaining indebtedness of approximately
$24,137,000  is being  amortized  over 360  months  with a  balloon  payment  of
approximately  $22,714,000 due in September 2007. The Corporate  General Partner
has the option to extend the maturity on this loan for another five years. After
that period,  the  Corporate  General  Partner  will  attempt to refinance  such
indebtedness  and/or  sell the  property  prior  to the  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, 2005 and 2004 (in thousands except per unit data):
<TABLE>
<CAPTION>

                      Six Months      Per Limited       Six Months      Per Limited
                        Ended         Partnership         Ended         Partnership
                    June 30, 2005         Unit        June 30, 2004         Unit

<S>                     <C>              <C>             <C>               <C>
Operations              $ 150            $ 2.96          $ 1,415           $28.02
</TABLE>

Future  cash  distributions  will  depend on the levels of cash  generated  from
operations  and the  timing  of the  debt  maturities,  property  sales,  and/or
refinancings. 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
additional distributions to its partners in the year 2005 or subsequent periods.

Other

In addition to its  indirect  ownership of the general  partner  interest in the
Partnership,  AIMCO and its affiliates  owned 36,358 limited  partnership  units
(the "Units") in the Partnership representing 72.72% of the outstanding Units at
June 30, 2005. 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.  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 72.72% of
the outstanding Units, AIMCO and its affiliates are in a position to control 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.



<PAGE>


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, but are not limited
to,  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 impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  The Partnership  evaluates all
accounts  receivable  from  residents and  establishes  an allowance,  after the
application of security deposits,  for accounts greater than 30 days past due on
current tenants and all receivables due from former tenants.

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.



<PAGE>


                           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.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  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.  On January 28, 2002, the trial court granted  defendants
motion to strike the complaint. Plaintiffs took an appeal from this order.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes  action and the Heller  action.  On June 13, 2003,  the
court granted final approval of the settlement and entered  judgment in both the
Nuanes and Heller actions. On August 12, 2003, an objector ("Objector") filed an
appeal (the "Appeal")  seeking to vacate and/or reverse the order  approving the
settlement and entering judgment  thereto.  On May 4, 2004, the Objector filed a
second appeal  challenging  the court's use of a referee and its order requiring
Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings.  On June 10, 2005, the California  Supreme Court
denied  Objector's  Petition for Review and the Court of Appeals sent the matter
back to the trial court on June 21,  2005.  The parties  intend to ask the trial
court to make further findings in connection with settlement consistent with the
Court of Appeal's  remand order.  With respect to the related Heller appeal,  on
July 28, 2005, the Court of Appeal reversed the trial court's order striking the
first amended complaint.



<PAGE>


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.

As previously disclosed,  AIMCO Properties L.P. and NHP Management Company, both
affiliates  of the  Corporate  General  Partner,  are  defendants  in a  lawsuit
alleging that they willfully  violated the Fair Labor  Standards Act ("FLSA") by
failing to pay  maintenance  workers  overtime for all hours worked in excess of
forty per week.  The complaint  attempts to bring a collective  action under the
FLSA and seeks to certify state  subclasses  in  California,  Maryland,  and the
District of Columbia. Specifically, the plaintiffs contend that AIMCO Properties
L.P. and NHP  Management  Company failed to compensate  maintenance  workers for
time  that they were  required  to be  "on-call".  Additionally,  the  complaint
alleges AIMCO  Properties L.P. and NHP Management  Company failed to comply with
the FLSA in compensating maintenance workers for time that they worked in excess
of 40 hours in a week.  On June 23, 2005 the Court  conditionally  certified the
collective  action on both the on-call and  overtime  issues.  The Court  ruling
allows  plaintiffs to provide notice of the collective  action to all non-exempt
maintenance  workers from August 7, 2000 through the  present.  Those  employees
will have the  opportunity to opt-in to the collective  action.  Defendants have
asked the Court to  reconsider  its  ruling or in the  alternative  certify  the
ruling for appeal on that issue. After the notice goes out, defendants will have
the  opportunity to move to decertify the collective  action.  The Court further
denied plaintiffs' Motion for Certification of the state subclass.  Although the
outcome of any litigation is uncertain, AIMCO Properties,  L.P. 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 consolidated financial condition or
results of operations.

ITEM 5.     OTHER INFORMATION

            None.

ITEM 6.     EXHIBITS

            See Exhibit Index.



<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/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


                                    By:   /s/Stephen B. Waters
                                          Stephen B. Waters
                                          Vice President


                                    Date: August 15, 2005





<PAGE>


                                  EXHIBIT INDEX


Exhibit     Description of Exhibit


   3        See Exhibit 4(a)

   4  (a)   Amended  and  Restated   Certificate   and  Agreement  of  Limited
            Partnership   (included  as  Exhibit  A  to  the   Prospectus   of
            Registrant  dated June 8, 1982  contained  in  Amendment  No. 1 to
            Registration  Statement No. 2-77217,  of Registrant  filed June 8,
            1982 (the "Prospectus") and incorporated herein by reference).

      (b)   Subscription  Agreement and Signature Page (included as Exhibit 8 to
            the Prospectus and incorporated herein by reference).

10    (i)   Contracts related to acquisition of properties:

      (a)   Real Estate Sales Agreement dated May 5, 1982, First  Modification
            to Real  Estate  Agreement  dated June 18,  1982 (filed as Exhibit
            12(b) to Amendment No. 1 to Registration  Statement No. 2-77217 of
            Registrant  filed  June  8,  1982  and   incorporated   herein  by
            reference) and Second  Modification to Real Estate Sales Agreement
            dated  September 30, 1982 between  Baymeadows  Associates and U.S.
            Shelter  Corporation to purchase  Baymeadows  Apartments (filed as
            Exhibit  10(a) to Form 10-K of  Registrant  dated January 26, 1983
            and incorporated herein by reference).

      (d)   Real Estate Purchase  Agreement dated December 3, 1982 between Quail
            Run Apartments,  a Limited Partnership and Percival  Partnership and
            U.S. Shelter Corporation to purchase Quail Run Apartments. (Filed as
            Exhibit 10(b) to Form 8-K of Registrant  dated December 15, 1982 and
            incorporated herein by reference.)

(iii) Contracts related to refinancing of debt:

      (g)   Multifamily Note dated June 14, 2002,  between Shelter Properties IV
            and  Keycorp  Real  Estate  Capital  Markets,  Inc.  for  Quail  Run
            Apartments. (Filed as Exhibit 10(iii)g to Form 10-QSB - Quarterly or
            Transitional  Report filed November 13, 2002 and incorporated herein
            by reference.)

      (j)   Consolidated,  Amended and Restated  Multifamily Note dated November
            1, 2002 between Shelter  Properties IV and GMAC Commercial  Mortgage
            Corporation.*

      (k)   Guaranty dated November 1, 2002 by AIMCO  Properties,  L.P., for the
            benefit of GMAC Commercial Mortgage Corporation.*

      (l)   Consolidated Amended and Restated Payment Guaranty dated November 1,
            2002 by Shelter  Properties  IV for the  benefit of GMAC  Commercial
            Mortgage Corporation.*

      (m)   Completion/Repair  and  Security  Agreement  dated  November 1, 2002
            between  Shelter   Properties  IV  and  GMAC   Commercial   Mortgage
            Corporation   for   the   benefit   of  GMAC   Commercial   Mortgage
            Corporation.*

            *Filed as Exhibits 10(iii)j through 10(iii)m,  respectively, to Form
            8-K of Registrant dated November 15, 2002 and incorporated herein by
            reference.

   28       (a)  Agreement  of  Limited  Partnership  for Quail  Run IV  Limited
            Partnership  between  Shelter IV GP Limited  Partnership and Shelter
            Properties  IV entered into on February 12, 1992.  (Filed as Exhibit
            28 to Form 10QSB - Quarterly or  Transitional  Report filed June 11,
            1993 and incorporated herein 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  of the equivalent of the Chief Executive  Officer and
            Chief  Financial  Officer  Pursuant to 18 U.S.C.  Section  1350,  as
            Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, 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 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:  August 15, 2005

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President of Shelter  Realty IV
                                    Corporation,   equivalent   of   the   chief
                                    executive officer of the Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, 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 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:  August 15, 2005

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice   President  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 quarterly period ended June 30, 2005 as filed with
the Securities and Exchange Commission on the date hereof (the "Report"), Martha
L. Long, as the equivalent of the chief  executive  officer of the  Partnership,
and Stephen B. Waters,  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/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  August 15, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  August 15, 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.