FORM 10-QSB--QUARTERLY REPORT UNDER SECTION 13 OR 15(D) OF
                     THE SECURITIES EXCHANGE ACT OF 1934
                       QUARTERLY OR TRANSITIONAL REPORT



                   U. S. SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C. 20549

                                 FORM 10-QSB

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

                For the quarterly period ended April 30, 1997

                                      or

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


                For the transition period.........to.........

                        Commission file number 0-10884


                  SHELTER PROPERTIES IV LIMITED PARTNERSHIP
      (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.)

One Insignia Financial Plaza, P.O. Box 1089
      Greenville, South Carolina                         29602
(Address of principal executive offices)              (Zip Code)

                   Issuer's telephone number (864) 239-1000

Check whether the issuer (1) filed all reports required to be filed by Section
13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 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      .

                        PART I - FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

a)                    SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                           CONSOLIDATED BALANCE SHEET
                                  (Unaudited)
                                 (in thousands)

                                 April 30, 1997


Assets
  Cash and cash equivalents:
     Unrestricted                                                        $ 1,719
     Restricted--tenant security deposits                                    273
  Accounts receivable                                                         44
  Escrow for taxes                                                           462
  Restricted escrows                                                       1,714
  Other assets                                                               502
  Investment properties:
     Land                                               $  3,442
     Buildings and related personal property              56,071
                                                          59,513
     Less accumulated depreciation                       (31,283)         28,230

                                                                         $32,944

Liabilities and Partners' Capital (Deficit)
Liabilities
  Accounts payable                                                       $   188
  Tenant security deposits                                                   273
  Accrued taxes                                                              269
  Other liabilities                                                          256
  Mortgage notes payable                                                  24,335

Partners' Capital
  General partners                                      $     (8)
  Limited partners (49,995 units
     issued and outstanding)                               7,631           7,623

                                                                         $32,944
           See Accompanying Notes to Consolidated Financial Statements

b)                    SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                  (Unaudited)

                      (in thousands, except per unit data)
<TABLE>
<CAPTION>
                                    Three Months Ended          Six Months Ended
                                        April 30,                  April 30,
                                   1997          1996          1997          1996
<S>                             <C>           <C>           <C>           <C>
Revenues:
  Rental income                  $2,616        $2,574        $5,216        $5,105
  Interest income                    39            38            79            83
  Other income                      115           119           239           221
     Total revenues               2,770         2,731         5,534         5,409
Expenses:
  Operating                         860           834         1,704         1,660
  General and administrative         98            91           162           181
  Maintenance                       680           442         1,150           888
  Depreciation                      477           458           945           904
  Interest                          558           565         1,117         1,134
  Property taxes                    200           188           400           371
     Total expenses               2,873         2,578         5,478         5,138
     Net (loss) income           $ (103)       $  153        $   56        $  271
Net (loss) income allocated
  to general partners (1%)       $   (1)       $    2        $    1        $    3
Net (loss) income allocated
  to limited partners (99%)        (102)          151            55           268

                                 $ (103)       $  153        $   56        $  271

Net (loss) income per limited
  partnership unit               $(2.03)       $ 3.04        $ 1.13        $ 5.37
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

c)               SHELTER PROPERTIES IV LIMITED PARTNERSHIP

       CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)
                                  (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' (deficit) capital at
 October 31, 1996                   49,995         $ (4)           $ 8,076        $ 8,072

Net income for the six
 months ended April 30, 1997                          1                 55             56

Partners' distributions                              (5)              (500)          (505)

Partners' (deficit) capital at
 at April 30, 1997                  49,995         $ (8)           $ 7,631        $ 7,623
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

d)                    SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                     CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited)

                                 (in thousands)
<TABLE>
<CAPTION>
                                                        Six Months Ended April 30,
                                                            1997            1996
<S>                                                      <C>           <C>
Cash flows from operating activities:
  Net income                                              $   56        $   271
  Adjustments to reconcile net income to net
    cash provided by operating activities:
    Depreciation                                             945            904
    Amortization of discounts and loan costs                 137            133
    Change in accounts:
      Restricted cash                                         --            (26)
      Accounts receivable                                      3             (3)
      Escrows for taxes                                      360            309
      Other assets                                            58             (8)
      Accounts payable                                       (86)          (255)
      Tenant security deposit liabilities                     (2)            27
      Accrued taxes                                         (373)          (350)
      Other liabilities                                     (241)           (36)
       Net cash provided by operating activities             857            966

Cash flows from investing activities:
  Property improvements and replacements                    (540)          (540)
  Deposits to restricted escrows                             (35)           (36)
  Receipts from restricted escrows                            --              7
       Net cash used in investing activities                (575)          (569)

Cash flows from financing activities:
  Partners' distributions                                   (505)        (1,000)
  Payments on mortgage notes payable                        (349)          (325)
       Net cash used in financing activities                (854)        (1,325)

Net decrease in cash                                        (572)          (928)

Cash at beginning of period                                2,291          2,765
Cash at end of period                                     $1,719        $ 1,837
Supplemental disclosure of cash flow information:
  Cash paid for interest                                  $  979        $ 1,004
<FN>
          See Accompanying Notes to Consolidated Financial Statements
</TABLE>

e)                   SHELTER PROPERTIES IV LIMITED PARTNERSHIP

                         NOTES TO FINANCIAL STATEMENTS
                                  (Unaudited)


NOTE A - BASIS OF PRESENTATION

The accompanying unaudited financial statements of Shelter Properties IV Limited
Partnership ("Partnership") 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 ("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 April 30, 1997, are not necessarily indicative of the
results that may be expected for the fiscal year ending October 31, 1997.  For
further information, refer to the financial statements and footnotes thereto
included in the Partnership's annual report on Form 10-KSB for the year ended
October 31, 1996.

Certain reclassifications have been made to the 1996 information to conform to
the 1997 presentation.

NOTE B - RECONCILIATION OF CASH FLOWS

The following is a reconciliation of the subtotal on the accompanying statements
of cash flows captioned "net cash provided by operating activities" to "net cash
used in operations", as defined in the partnership agreement.  However, "net
cash used in 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
                                                        April 30,
                                                   1997           1996
                                                      (in thousands)
Net cash provided by operating activities         $ 857        $ 966
  Payments on mortgage notes payable               (349)        (325)
  Property improvements and replacements           (540)        (540)
  Change in restricted escrows, net                 (35)         (29)
  Changes in reserves for net operating
   liabilities                                      281          342
  Additional reserves                              (214)        (414)

   Net cash used in operations                    $  --        $  --


The Corporate General Partner reserved approximately $214,000 and $414,000 on
April 30, 1997 and 1996, respectively, to fund capital improvements and repairs 
at its properties.

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 payments to
affiliates for services and as reimbursement of certain expenses incurred by
affiliates on behalf of the Partnership. The following transactions with
Insignia Financial Group, Inc. and its affiliates were charged to expense in
1997 and 1996 (in thousands):


                                                   For the Six Months Ended
                                                          April 30,
                                                     1997           1996

Property management fees                            $275          $268
Reimbursement for services of affiliates (1)         125            98

(1) Included in "reimbursements for services of affiliates" for the six months
   ended April 30, 1997, is approximately $22,000 in reimbursements for
   construction oversight costs.

The Partnership insures its properties under a master policy through an agency
and insurer unaffiliated with the Corporate General Partner.  An affiliate of
the Corporate General Partner acquired, in the acquisition of a business,
certain financial obligations from an insurance agency which was later acquired
by the agent who placed the current year's master policy.  The current agent
assumed the financial obligations to the affiliate of the Corporate General
Partner who receives payments on these obligations from the agent.  The amount
of the Partnership's insurance premiums accruing to the benefit of the affiliate
of the Corporate General Partner by virtue of the agent's obligations is not
significant.


                          PART II - OTHER INFORMATION


ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION

The Partnership's investment properties consist of three apartment complexes.
The following table sets forth the average occupancy of the properties for the
six months ended April 30, 1997 and 1996:

                                                          Average
                                                         Occupancy
Property                                          1997                1996

Baymeadows Apartments
   Jacksonville, Florida                          95%                  97%

Quail Run Apartments
    Columbia, South Carolina                      90%                  96%

Countrywood Village Apartments
    Raleigh, North Carolina                       95%                  95%

The Corporate General Partner attributes the decrease in occupancy at Quail Run
to military transfers resulting from a large number of troops at Fort Jackson
being reassigned to other bases.  Also, interest rates have made home ownership
more attractive, and the property has lost tenants to first time home buying.
In an effort to counteract these occupancy decreases, management is utilizing an
aggressive marketing plan, and the property has been undergoing exterior
renovations in order to attract quality residents.

The Partnership's net income for the six months ended April 30, 1997, was
approximately $56,000 compared to approximately $271,000 for the corresponding
period in 1996.  The Partnership recorded a net loss of approximately $103,000
for the three months ended April 30, 1997, compared to net income of
approximately $153,000 for the corresponding period of 1996.  The decrease in
net income for the three and six month periods ended April 30, 1997, compared to
the corresponding periods of 1996 is primarily attributable to increased
maintenance expenses at Quail Run and Baymeadows. Maintenance expense increased
as a result of exterior painting and repair projects and parking lot repairs,
which were incurred to improve the building exteriors in order to attract new
tenants and ultimately increase occupancy at these properties. Offsetting the
decrease in net income for the six month period ended April 30, 1997, compared
to the corresponding period of 1996, was a decrease in general and
administrative expenses due to a decrease in legal expenses related to a
discrimination case at Baymeadows, which was settled in November 1996.  Included
in maintenance expense in 1997 is approximately $500,000 of major repair and
maintenance comprised primarily of the exterior painting and parking lot repairs
discussed above.

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 increase in
expense.  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 April 30, 1997, the Partnership had unrestricted cash of approximately
$1,719,000 compared to approximately $1,837,000 at April 30, 1996.  Net cash
provided by operating activities decreased primarily due to the decrease in net
income, as discussed above and an increase in cash paid for other liabilities,
which was partially offset by a decrease   in cash paid for accounts payable.
Net cash used in investing activities remained stable. Finally, net cash used in
financing activities decreased due to a decrease in distributions paid to the
partners for the six months ended April 30, 1997, compared to the corresponding
period of 1996.

The Partnership has budgeted approximately $1.2 million in capital improvements
for it three investment properties in 1997.  Of this amount, approximately
$540,000 in capital improvement  projects were completed during the six months
ended April 30, 1997.  Projects planned for the next quarter include a
continuation of roof replacements and major sewer replacements at Quail Run.
Other projects planned throughout 1997 include major carpet replacement at
Countrywood and Baymeadows. These capital expenditures and maintenance expenses
will be incurred only if cash is available from operations.

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 properties to adequately maintain the physical
assets and other operating needs of the Partnership.  Such assets are currently
thought to be sufficient for any near-term needs of the Partnership.  The
mortgage indebtedness of approximately $24,335,000 net of discount, is amortized
over 257 months with balloon payments of approximately $20,669,000 due on
November 15, 2002, at which time the properties will either be refinanced or
sold.  Cash distributions of approximately $505,000 were made during the six
months ended April 30, 1997.  Cash distributions of approximately $1,000,000
were made during the six months ended April 30, 1996.  These distributions were
made from property operations.  Future cash distributions will depend on the
levels of net cash generated from operations, property sales and the
availability of cash reserves.

ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

     a)  Exhibits:


         Exhibit 27, Financial Data Schedule, is filed as an exhibit to this
         report.

     b)  Reports on Form 8-K filed in the quarter ended April 30, 1997:

         None.

                                   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 LIMITED PARTNERSHIP

                             By: Shelter Realty IV Corporation
                                 Corporate General Partner

  
                             By:/s/ William H. Jarrard, Jr.
                                William H. Jarrard, Jr.
                                President and Director

                             By:/s/ Ronald Uretta
                                Ronald Uretta
                                Vice President/Treasurer

                             Date: May 30, 1997