UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                   Form 10-KSB
(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934


                 For the fiscal year ended December 31, 2004

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


             For the transition period from _________to _________

                         Commission file number 0-13408

                           CENTURY PROPERTIES FUND XX
                 (Name of small business issuer in its charter)

         California                                              94-2930770
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

                    Issuer's telephone number (864) 239-1000

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

                                      None

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

                     Units of Limited Partnership Interests
                                (Title of class)

Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act of 1934 during the past 12 months (or for such
shorter period that the  registrant was required to file such reports),  and (2)
has been subject to such filing requirements for the past 90 days. Yes X No___

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

State issuer's revenue for its most recent fiscal year.  N/A

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests as of December 31, 2004. No market exists for the limited  partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None


The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; litigation, including costs
associated  with  prosecuting  and  defending  claims and any adverse  outcomes.
Readers should carefully review the  Registrant's  financial  statements and the
notes  thereto,  as well as the risk  factors  described  in the  documents  the
Registrant files from time to time with the Securities and Exchange Commission.

                                     PART I

Item 1.     Description of Business

General

Century  Properties Fund XX (the "Partnership" or "Registrant") was organized as
a limited  partnership under the Uniform Limited  Partnership laws of California
as of December 1983. The  Partnership's  general  partner is Fox Partners III, a
California general partnership. The general partners of Fox Partners III are Fox
Capital Management  Corporation  ("FCMC" or the "Managing General  Partner"),  a
California  corporation,  Fox Realty  Investors  ("FRI"),  a California  general
partnership, and Fox Partners 84, a California general partnership. The Managing
General Partner and NPI Equity Investments II Inc., the managing general partner
of  FRI,  are  subsidiaries  of  Apartment  Investment  and  Management  Company
("AIMCO"), a publicly traded real estate investment trust.

The Partnership's  Registration Statement,  filed pursuant to the Securities Act
of 1933 (No.  2-88615),  was declared  effective by the  Securities and Exchange
Commission  on February  22,  1984.  The  Partnership  marketed  its  securities
pursuant to its Prospectus  dated February 22, 1984, and November 8, 1984, which
were thereafter supplemented (hereinafter the "Prospectus").  The Prospectus was
filed with the Securities and Exchange Commission pursuant to Rule 424(b) of the
Securities Act of 1933.

Beginning  in  February  1984  through  April  1985,  the  Partnership   offered
$35,000,000 in Individual  Investor Units and  $65,000,000 in Pension  Investors
Notes  ("Nonrecourse  Promissory  Notes" or "Notes"),  and sold  $30,907,000 and
$49,348,500,  respectively.  Since its initial offering, the Partnership has not
received,  nor are the limited  partners  required to make,  additional  capital
contributions.  The net  proceeds of this  offering  were used to purchase  four
income-producing  real  estate  properties  including  one  property  which  was
acquired in two phases,  and to fund seven mortgage loans totaling  $31,568,000.
The Partnership's  original property  portfolio was  geographically  diversified
with  properties  acquired and properties on which mortgage loans were funded in
seven states. The Partnership's acquisition and mortgage loan funding activities
were  completed in February  1986 and since then the  principal  activity of the
Partnership  has been managing its portfolio.  Two mortgage loans were repaid in
1989,  one was repaid in 1991, and another was satisfied in 1994. In April 1991,
the  Partnership  finalized  foreclosure  proceedings on Metcalf 103 Office Park
which secured a mortgage loan and during 1992 finalized foreclosure  proceedings
against the borrowers on two  additional  mortgage  loans (Harbor Club Downs and
The Corners Apartments).  The remaining mortgage loan was repaid in 1992. Two of
the commercial properties and two residential  properties were sold in 1999, two
commercial  properties and two residential  properties were sold in 2000 and the
last remaining commercial property was sold in 2001.

As of December  31,  1999,  the  Partnership  adopted the  liquidation  basis of
accounting.  The  Partnership's  Notes,  which had a balance  of  principal  and
accrued  interest of approximately  $1,804,000 at December 31, 2004,  matured on
November  30,  1998.  The Notes bear  interest at eight  percent per annum.  The
Partnership  was in default  due to  non-payment  upon  maturity.  The  Managing
General  Partner  previously  contacted the indenture  trustee for the Notes and
certain  holders of the Notes  regarding  this default.  On October 28, 1999 the
Partnership entered into a forbearance  agreement with the indenture trustee for
a period of 390 days.  In turn,  the  Partnership  agreed to (a)  deliver to the
indenture  trustee  for the benefit of the note  holders all of the  accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the Notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the  forbearance  period,  the Partnership had not sold all of
its  properties  or  satisfied  the Notes.  With the  consent  of the  indenture
trustee,  the forbearance  period was extended to December 15, 2001. The sale of
the  Partnership's  remaining asset in October 2001 did not generate  sufficient
proceeds to pay off the Notes in full. The Managing  General  Partner is working
with the debt trustee  regarding a final payment to the  noteholders.  Once this
payment is made, the Partnership is expected to terminate.

The  Partnership has no employees.  Administrative  services are provided by the
Managing General Partner.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.

Item 2.     Description of Properties

At December 31, 2004, the Partnership had no investment properties.

Schedule of Partnership Indebtedness

As of December  31,  1999,  the  Partnership  adopted the  liquidation  basis of
accounting.  The  Partnership's  Notes,  which had a balance  of  principal  and
accrued  interest of approximately  $1,804,000 at December 31, 2004,  matured on
November  30,  1998.  The Notes bear  interest at eight  percent per annum.  The
Partnership  was in default  due to  non-payment  upon  maturity.  The  Managing
General  Partner  previously  contacted the indenture  trustee for the Notes and
certain  holders of the Notes  regarding  this default.  On October 28, 1999 the
Partnership entered into a forbearance  agreement with the indenture trustee for
a period of 390 days.  In turn,  the  Partnership  agreed to (a)  deliver to the
indenture  trustee  for the benefit of the note  holders all of the  accumulated
cash  of the  Partnership,  less  certain  reserves  and  anticipated  operating
expenses,  (b) market  all of its  properties  for sale,  (c)  deliver  all cash
proceeds  from any  sales to the  indenture  trustee  until  the Notes are fully
satisfied and (d) comply with the reporting requirements under the indenture. At
the expiration of the  forbearance  period,  the Partnership had not sold all of
its  properties  or  satisfied  the Notes.  With the  consent  of the  indenture
trustee,  the forbearance  period was extended to December 15, 2001. The sale of
the  Partnership's  remaining asset in October 2001 did not generate  sufficient
proceeds to pay off the Notes in full. The Managing  General  Partner is working
with the debt trustee  regarding a final payment to the  noteholders.  Once this
payment is made, the Partnership is expected to terminate.

Item 3.     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 Managing  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  Managing  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 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement  of the Nuanes  action and the Heller  action.  The  settlement  only
benefits limited partners as of December 20, 2002 in those limited  partnerships
named in the complaint  that are not in the process of being  liquidated or that
have already been  liquidated.  The  Partnership's  limited partners will not be
entitled to any proceeds from the  settlement  since the  Partnership  is in the
process of being liquidated,  but have not compromised any potential claims as a
result of the settlement  and  dismissal.  The  Partnership's  limited  partners
should have received a Notice to  Non-Settling  Persons  during April 2003 which
describes this information in more detail.

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
filed an appeal  (the  "Appeal")  seeking  to vacate  and/or  reverse  the order
approving the settlement and entering judgment  thereto.  On April 23, 2004, the
Managing General Partner and its affiliates filed a response brief in support of
the settlement and the judgment  thereto.  Plaintiffs have also filed a brief in
support of the  settlement.  Objector filed a reply brief on June 4, 2004.  Both
the Objector and plaintiffs  filed briefs in connection  with the second appeal.
The Court of Appeals  heard oral  argument on both appeals on September 22, 2004
and took the matters under submission.

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

On August 17, 2004, the  Partnership was sued,  along with the Managing  General
Partner, Fox Capital Management  Corporation,  and general partner, Fox Partners
III.  The suit was  brought in the Supreme  Court of the State of New York,  New
York County by J.P.  Morgan Trust  Company,  N.A.,  ("Trustee")  formerly  Chase
Manhattan Bank & Trust Company, N.A., as Trustee under the Trust Indenture dated
as of February 22, 1984.  The Trustee  alleges  claims of breach of contract and
unjust  enrichment based on defendants'  alleged  breaches of their  obligations
under a Forbearance  Agreement  dated as of October 28, 1999.  The Trustee seeks
the  payment of certain  funds that it  contends  were  improperly  withheld  or
misappropriated  under the  Forbearance  Agreement.  In its  breach of  contract
claim,  the Trustee claims that it is entitled to $541,776 plus interest,  which
is  comprised  of  management  fees  paid to Fox  Partners  III and  outstanding
reserves  allegedly due to the Trustee.  The Partnership will vigorously  defend
the  litigation.   The  Partnership's  management  does  not  believe  that  the
litigation will have a material adverse effect on the Partnership.

Item 4.     Submission of Matters to a Vote of Security Holders

During the quarter ended December 31, 2004, no matter was submitted to a vote of
unit holders through the solicitation of proxies or otherwise.



<PAGE>


                                     PART II

Item 5.     Market for the Partnership Equity and Related Partner Matters

The Partnership,  a publicly-held  limited partnership,  offered and sold 61,814
Individual Investor Units (the "Units") during its offering period through April
1985. The  Partnership has 1,767 holders of record owning an aggregate of 61,774
Units as of December 31, 2004. An affiliate of the Managing General Partner owns
3,950 Units or 6.39% as of December 31, 2004.  AIMCO and it affiliates  also own
8,977 of the Notes  representing  9.10% of the outstanding Notes at December 31,
2004.  No public  trading  market has  developed  for the  Units,  and it is not
anticipated that such a market will develop in the future.

In light of the maturity of the Notes, no distributions were made to the limited
partners during the years ended December 31, 2004 or 2003.

Item 6.     Management's Discussion and Analysis or Plan of Operations

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

As of December  31,  1999,  the  Partnership  adopted the  liquidation  basis of
accounting.  The  Partnership's  Notes,  which had a balance  of  principal  and
accrued  interest of approximately  $1,804,000 at December 31, 2004,  matured on
November  30,  1998.  The Notes bear  interest at eight  percent per annum.  The
Partnership  was in  default  due to  non-payment  upon  maturity.  Fox  Capital
Management  Corporation  ("FCMC" or the "Managing General  Partner")  previously
contacted the indenture  trustee for the Notes and certain  holders of the Notes
regarding  this  default.  On October 28, 1999 the  Partnership  entered  into a
forbearance  agreement  with the indenture  trustee for a period of 390 days. In
turn,  the  Partnership  agreed to (a) deliver to the indenture  trustee for the
benefit of the note holders all of the accumulated cash of the Partnership, less
certain  reserves  and  anticipated  operating  expenses,  (b) market all of its
properties  for  sale,  (c)  deliver  all cash  proceeds  from any  sales to the
indenture  trustee  until the Notes are fully  satisfied and (d) comply with the
reporting requirements under the indenture. At the expiration of the forbearance
period,  the  Partnership  had not sold all of its  properties  or satisfied the
Notes.  With the consent of the indenture  trustee,  the forbearance  period was
extended to December 15, 2001. The sale of the Partnership's  remaining asset in
October 2001 did not generate  sufficient proceeds to pay off the Notes in full.
The Managing General Partner is working with the debt trustee  regarding a final
payment to the  noteholders.  Once this  payment  is made,  the  Partnership  is
expected to terminate.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of  accounting  for its  financial  statements at December 31,
1999 to the  liquidation  basis of  accounting.  Consequently,  assets have been
valued at estimated net realizable  value and liabilities are presented at their
estimated   settlement   amounts.   The  valuation  of  assets  and  liabilities
necessarily  requires many estimates and  assumptions  and there are substantial
uncertainties in carrying out the liquidation.  The actual realization of assets
and  settlement of liabilities  could be higher or lower than amounts  indicated
and is based upon the Managing General Partner's estimates as of the date of the
financial statements.

During  the year  ended  December  31,  2004,  net  liabilities  in  liquidation
increased  by  approximately  $305,000.  The increase is due to increases in the
accrued  interest  payable on the Notes,  in amounts due to affiliate and in the
estimated  costs  during the period of  liquidation  and a decrease  in the debt
trustee escrow.  The estimated costs during the period of liquidation  increased
due to an increase in the  expected  legal and  administrative  expenses  and an
increase in the expected time required to liquidate the  Partnership as a result
of the lawsuit filed by the Trustee in August 2004.

During  the year  ended  December  31,  2003,  net  liabilities  in  liquidation
increased  by  approximately  $77,000.  This  increase  was  primarily  due to a
decrease in cash and cash  equivalents  and an increase in the accrued  interest
payable on the Notes partially offset by an increase in the debt trustee escrow.

Included in liabilities in the statement of net liabilities in liquidation as of
December 31, 2004 is  approximately  $191,000 of costs that the Managing General
Partner  estimates will be incurred  during the remaining  period of liquidation
based on the  assumption  that the  liquidation  process  will be  completed  by
December  31,  2005.  Because  the  settlement  of  liabilities  is based on the
Managing General Partner's best estimates, the liquidation period may be shorter
than projected or it may be extended beyond the projected period.

In light of the maturity of the Notes, no distributions were made to the limited
partners during the years ended December 31, 2004 and 2003.

In addition to its indirect  ownership of the Managing  General Partner interest
in the Partnership, AIMCO and its affiliates own 3,950 limited partnership units
in the Partnership  representing  6.39% of the outstanding units at December 31,
2004. AIMCO and its affiliates also own 8,977 of the Notes representing 9.10% of
the outstanding Notes at December 31, 2004.

Critical Accounting Policies and Estimates

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



<PAGE>


Item 7.     Financial Statements

CENTURY PROPERTIES FUND XX

LIST OF FINANCIAL STATEMENTS

      Report of Independent Registered Public Accounting Firm

      Statement of Net Liabilities in Liquidation - December 31, 2004

      Statements of Changes in Net  Liabilities in  Liquidation  for the years
      ended December 31, 2004 and 2003

      Notes to Financial Statements


<PAGE>


           Report of Independent Registered Public Accounting Firm



The Partners
Century Properties Fund XX


We have audited the accompanying  statement of net liabilities in liquidation of
Century Properties Fund XX as of December 31, 2004 and the related statements of
changes  in net  liabilities  in  liquidation  for each of the two  years in the
period  ended   December  31,  2004.   These   financial   statements   are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance  with the standards of the Public  Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes consideration of
internal  control  over  financial  reporting  as a basis  for  designing  audit
procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of the Partnership's internal control
over financial reporting. Accordingly, we express no such opinion. An audit also
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by management,  and evaluating the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the net liabilities in liquidation of Century Properties
Fund XX at December 31, 2004 and the changes in net  liabilities  in liquidation
for each of the two years in the period ended  December 31, 2004,  in conformity
with accounting  principles  generally  accepted in the United States applied on
the basis of accounting described in Note A to the financial statements.


                                                          /s/Ernst & Young LLP


Greenville, South Carolina
March 10, 2005


<PAGE>




                           CENTURY PROPERTIES FUND XX

                   STATEMENT OF NET LIABILITIES IN LIQUIDATION
                                 (in thousands)

                                December 31, 2004

<TABLE>
<CAPTION>


Assets
<S>                                                                         <C>
   Cash and cash equivalents                                                $ 3
   Debt trustee escrow                                                        797

                                                                              800
Liabilities
   Other liabilities                                                           97
   Due to affiliates                                                           40
   Non-recourse promissory notes (Note A)                                   1,804
   Estimated costs during the period of liquidation                           191

                                                                            2,132

Net liabilities in liquidation                                            $(1,332)


              See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>


                           CENTURY PROPERTIES FUND XX

           STATEMENTS OF CHANGES IN NET LIABILITIES IN LIQUIDATION

                                 (in thousands)

<TABLE>
<CAPTION>


                                                                For the Years Ended
                                                                    December 31,
                                                                 2004          2003

<S>                                                             <C>           <C>
Net liabilities in liquidation at beginning of period           $(1,027)      $ (950)

Changes in net liabilities in liquidation attributed to:
   Decrease in cash and cash equivalents                             (2)         (41)
   Decrease in receivables                                           --          (13)
   (Decrease) increase in debt trustee escrow                       (64)          54
   Increase in accounts payable                                      --           (9)
   Increase in due to affiliates                                    (40)          --
   (Increase) decrease in other liabilities                          (5)           1
   Increase in non-recourse promissory notes and interest           (74)         (73)
   (Increase) decrease in estimated costs during the
     period of liquidation                                         (120)           4

Net liabilities in liquidation at end of period                 $(1,332)     $(1,027)


              See Accompanying Notes to Financial Statements
</TABLE>



<PAGE>


                           CENTURY PROPERTIES FUND XX

                          NOTES TO FINANCIAL STATEMENTS

                                December 31, 2004


Note A - Basis of Presentation

As of December  31,  1999,  Century  Properties  Fund XX (the  "Partnership"  or
"Registrant") adopted the liquidation basis of accounting.

The  Partnership's  Nonrecourse  Promissory  Notes  (the  "Notes"),  which had a
balance of  principal  and  accrued  interest  of  approximately  $1,804,000  at
December 31, 2004,  matured on November  30,  1998.  The Notes bear  interest at
eight percent per annum.  The Partnership was in default due to non-payment upon
maturity.  Fox Capital Management  Corporation  ("FCMC" or the "Managing General
Partner")  previously  contacted the indenture trustee for the Notes and certain
holders of the Notes regarding this default. On October 28, 1999 the Partnership
entered into a forbearance  agreement with the indenture trustee for a period of
390 days.  In turn,  the  Partnership  agreed to (a)  deliver  to the  indenture
trustee for the benefit of the Note holders all of the  accumulated  cash of the
Partnership,  less certain  reserves and  anticipated  operating  expenses,  (b)
market all of its  properties  for sale,  (c) deliver all cash proceeds from any
sales to the  indenture  trustee  until the Notes  are fully  satisfied  and (d)
comply with the reporting requirements under the indenture. At the expiration of
the  forbearance  period,  the Partnership had not sold all of its properties or
satisfied the Notes. With the consent of the indenture trustee,  the forbearance
period  was  extended  to  December  15,  2001.  The  sale of the  Partnership's
remaining asset in October 2001 did not generate  sufficient proceeds to pay off
the Notes in full. The Managing General Partner is working with the debt trustee
regarding a final  payment to the  noteholders.  Once this payment is made,  the
Partnership is expected to terminate.

As a result of the  decision  to  liquidate  the  Partnership,  the  Partnership
changed its basis of  accounting  for its  financial  statements at December 31,
1999, to the  liquidation  basis of accounting.  Consequently,  assets have been
valued at estimated net realizable  value and liabilities are presented at their
estimated   settlement   amounts.   The  valuation  of  assets  and  liabilities
necessarily  requires many estimates and  assumptions  and there are substantial
uncertainties in carrying out the liquidation.  The actual realization of assets
and  settlement of liabilities  could be higher or lower than amounts  indicated
and is based upon the Managing General Partner's estimates as of the date of the
financial statements.

Included in liabilities in the statement of net liabilities in liquidation as of
December 31, 2004 is  approximately  $191,000 of costs that the Managing General
Partner  estimates will be incurred  during the remaining  period of liquidation
based on the  assumption  that the  liquidation  process  will be  completed  by
December  31,  2005.  Because  the  settlement  of  liabilities  is based on the
Managing General Partner's best estimates, the liquidation period may be shorter
than projected or it may be extended beyond the projected period.


<PAGE>




Note B - Organization and Significant Accounting Policies

Organization:   The   Partnership   was  organized  under  the  Uniform  Limited
Partnership  Laws  of  California  as of  December  1983.  The  general  partner
responsible  for  management of the  Partnership's  business is Fox Partners III
(the "General  Partner").  The general  partners of Fox Partners III are FCMC, a
California  corporation,  Fox Realty  Investors  ("FRI"),  a California  general
partnership, and Fox Partners 84, a California general partnership. The Managing
General  Partner and NPI Equity  Investments  II,  Inc.,  the  managing  general
partner of FRI, are subsidiaries of Apartment  Investment And Management Company
("AIMCO"), a publicly traded real estate investment trust.

Allocation  of  Income,  Loss  and  Distributions:  Net  income,  net  loss  and
distributions  of cash of the Partnership are allocated  between the general and
limited partners in accordance with the provisions of the Partnership Agreement.

Fair Value of Financial Instruments: Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes  that the carrying  amount of its
financial  instruments (except for long term debt) approximates their fair value
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's Nonrecourse Promissory Notes is not practicable to estimate due to
their maturity in November 1998.

Cash and Cash Equivalents:  Cash and cash equivalents  include cash in banks and
money market accounts.  At certain times, the amount of cash deposited at a bank
may exceed the limit on insured  deposits.  Cash balances include  approximately
$3,000 at December  31, 2004 that are  maintained  by an  affiliated  management
company on behalf of affiliated entities in cash concentration accounts.

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

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


<PAGE>


Note C - Income Taxes

Taxable income or loss of the  Partnership is reported in the income tax returns
of its partners. The Partnership has filed a final tax return effective December
31, 2003. As a result,  there was no taxable loss for 2004.  The taxable loss of
the  Partnership  for  the  year  ended  December  31,  2003  was  approximately
$3,903,000 ($63.16 per limited partnership unit).

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets and liabilities (in thousands):

                                                    2004
Net liabilities in liquidation                     $(1,332)
  Cash                                                  (3)
  Debt trustee escrow                                 (797)
  Non-recourse promissory notes                      1,804
  Estimated costs in liquidation                       191
  Other                                                137
Net assets - Federal tax basis                      $ --

Note D - Transactions with Affiliated Parties

The Partnership has no employees and depends on the Managing General Partner and
its  affiliates  for  the  management  and  administration  of  all  Partnership
activities.   The  Partnership   Agreement  provides  for  certain  payments  to
affiliates for services and as  reimbursement  of certain  expenses  incurred by
affiliates on behalf of the Partnership. No such expenses or reimbursements were
paid during the years ended December 31, 2004 and 2003.

During the year ended  December 31, 2004,  an affiliate of the Managing  General
Partner  advanced  the  Partnership   approximately  $40,000  to  pay  operating
expenses. No interest was charged on this advance.

In accordance with the Partnership Agreement,  the general partner was allocated
its two percent continuing  interest in the Partnership's net loss. In addition,
the  general  partner  is  entitled  to  a  partnership   management   incentive
distribution,  which together with the partnership  management fee cannot exceed
ten  percent of cash  available  for  distribution,  as  defined.  No  incentive
distributions were made in 2004 or 2003.

In addition to its indirect  ownership of the Managing  General Partner interest
in the Partnership, AIMCO and its affiliates own 3,950 limited partnership units
in the Partnership  representing  6.39% of the outstanding units at December 31,
2004. AIMCO and its affiliates also own 8,977 of the Notes representing 9.10% of
the outstanding Notes at December 31, 2004.

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 Managing  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  Managing  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 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement  of the Nuanes  action and the Heller  action.  The  settlement  only
benefits limited partners as of December 20, 2002 in those limited  partnerships
named in the complaint  that are not in the process of being  liquidated or that
have already been  liquidated.  The  Partnership's  limited partners will not be
entitled to any proceeds from the  settlement  since the  Partnership  is in the
process of being liquidated,  but have not compromised any potential claims as a
result of the settlement  and  dismissal.  The  Partnership's  limited  partners
should have received a Notice to  Non-Settling  Persons  during April 2003 which
describes this information in more detail.

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
filed an appeal  (the  "Appeal")  seeking  to vacate  and/or  reverse  the order
approving the settlement and entering judgment  thereto.  On April 23, 2004, the
Managing General Partner and its affiliates filed a response brief in support of
the settlement and the judgment  thereto.  Plaintiffs have also filed a brief in
support of the  settlement.  Objector filed a reply brief on June 4, 2004.  Both
the Objector and plaintiffs  filed briefs in connection  with the second appeal.
The Court of Appeals  heard oral  argument on both appeals on September 22, 2004
and took the matters under submission.

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

On August 17, 2004, the  Partnership was sued,  along with the Managing  General
Partner, Fox Capital Management  Corporation,  and general partner, Fox Partners
III.  The suit was  brought in the Supreme  Court of the State of New York,  New
York County by J.P.  Morgan Trust  Company,  N.A.,  ("Trustee")  formerly  Chase
Manhattan Bank & Trust Company, N.A., as Trustee under the Trust Indenture dated
as of February 22, 1984.  The Trustee  alleges  claims of breach of contract and
unjust  enrichment based on defendants'  alleged  breaches of their  obligations
under a Forbearance  Agreement  dated as of October 28, 1999.  The Trustee seeks
the  payment of certain  funds that it  contends  were  improperly  withheld  or
misappropriated  under the  Forbearance  Agreement.  In its  breach of  contract
claim,  the Trustee claims that it is entitled to $541,776 plus interest,  which
is  comprised  of  management  fees  paid to Fox  Partners  III and  outstanding
reserves  allegedly due to the Trustee.  The Partnership will vigorously  defend
the  litigation.   The  Partnership's  management  does  not  believe  that  the
litigation will have a material adverse effect on the Partnership.

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


<PAGE>



Item 8.     Changes  in  and  Disagreements  with  Accountants  and  Financial
            Disclosure

            None.

Item 8a.    Controls and Procedures

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Managing  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  Managing  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

(b) Internal Control Over Financial  Reporting.  There have not been any changes
in the Partnership's  internal control over financial reporting (as such term is
defined in Rules  13a-15(f)  and  15d-15(f)  under the Exchange  Act) during the
fourth quarter of 2004 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.

Items 8b.   Other Information

            None.


<PAGE>


                                    PART III

Item 9.     Directors,  Officers,  Promoters and Control  Persons,  Compliance
            with Section 16(a) of the Exchange Act

Century  Properties  Fund  XX (the  "Partnership"  or the  "Registrant")  has no
directors  or  officers.  The names and ages of,  as well as the  positions  and
offices held by, the present  directors  and officers of Fox Capital  Management
Corporation  ("FCMC" or the "Managing General Partner") are set forth below. The
Managing  General  Partner  manages  and  controls   substantially  all  of  the
partnership's  affairs and has general  responsibility and ultimate authority in
all matters affecting its business. There are no family relationships between or
among any directors or officers.

Name                        Age    Position

Martha L. Long               45    Director and Senior Vice President
Harry G. Alcock              42    Director and Executive Vice President
Miles Cortez                 61    Executive Vice President, General Counsel
                                     and Secretary
Patti K. Fielding            41    Executive Vice President
Paul J. McAuliffe            48    Executive Vice President and Chief
                                     Financial Officer
Thomas M. Herzog             42    Senior Vice President and Chief Accounting
                                     Officer
Stephen B. Waters            43    Vice President

Martha L. Long has been a Director  and Senior Vice  President  of the  Managing
General  Partner since February 2004. Ms. Long has been with AIMCO since October
1998 and has served in various capacities. From 1998 to 2001, Ms. Long served as
Senior Vice President and Controller of AIMCO and the Managing  General Partner.
During 2002 and 2003,  Ms. Long served as Senior Vice  President  of  Continuous
Improvement for AIMCO.

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

Miles  Cortez was  appointed  Executive  Vice  President,  General  Counsel  and
Secretary  of the  Managing  General  Partner in  February  2004 and of AIMCO in
August 2001. Prior to joining AIMCO, Mr. Cortez was the senior partner of Cortez
Macaulay Bernhardt & Schuetze LLC, a Denver law firm, from December 1997 through
September 2001.

Patti K. Fielding was appointed  Executive  Vice President - Securities and Debt
of the Managing  General Partner in February 2004 and of AIMCO in February 2003.
Ms. Fielding previously served as Senior Vice President - Securities and Debt of
AIMCO from  January  2000 to February  2003.  Ms.  Fielding is  responsible  for
securities and debt financing and the treasury  department.  Ms. Fielding joined
AIMCO in February 1997 and served as Vice  President - Tenders,  Securities  and
Debt until January 2000.

Paul J. McAuliffe has been Executive Vice President and Chief Financial  Officer
of the Managing  General  Partner since April 2002. Mr.  McAuliffe has served as
Executive Vice  President of AIMCO since  February 1999 and was appointed  Chief
Financial Officer of AIMCO in October 1999. From May 1996 until he joined AIMCO,
Mr. McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas M.  Herzog was  appointed  Senior  Vice  President  and Chief  Accounting
Officer of the Managing General Partner in February 2004 and of AIMCO in January
2004.  Prior to joining AIMCO in January 2004, Mr. Herzog was at GE Real Estate,
serving  as Chief  Accounting  Officer & Global  Controller  from  April 2002 to
January 2004 and as Chief Technical Advisor from March 2000 to April 2002. Prior
to joining GE Real  Estate,  Mr.  Herzog was at  Deloitte & Touche LLP from 1990
until 2000, including a two-year assignment in the real estate national office.

Stephen B. Waters was appointed Vice President of the Managing  General  Partner
in April  2004.  Mr.  Waters  previously  served as a  Director  of Real  Estate
Accounting   since   joining   AIMCO  in   September   1999.   Mr.   Waters  has
responsibilities for real estate and partnership accounting with AIMCO.

One or more of the above persons are also directors and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
directors and/or officers of Apartment Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The board of directors of the Managing  General Partner does not have a separate
audit committee. As such, the board of directors of the Managing General Partner
fulfills  the  functions  of an audit  committee.  The  board of  directors  has
determined  that  Martha L. Long meets the  requirement  of an "audit  committee
financial expert".

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

Item 10.    Executive Compensation

Neither the  directors nor any of the officers of the Managing  General  Partner
received any remuneration from the Partnership.



<PAGE>


Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below,  no person or entity was known by the  Partnership  to be
the  beneficial  owner of more than 5% of the Limited  Partnership  Units of the
Partnership as of December 31, 2004.

Entity                               Number of Units         Percentage

AIMCO IPLP, L.P.                             10                 0.02%
  (an affiliate of AIMCO)
AIMCO Properties, L.P.                    3,940                 6.37%
  (an affiliate of AIMCO)
Independent Life & Accident               3,180                 5.14%
  (unrelated party)

AIMCO  IPLP,  L.P.  is  indirectly  ultimately  owned by AIMCO.  Its  business
address is 55 Beattie Place, Greenville, South Carolina 29602.

AIMCO  Properties,  L.P. is indirectly  ultimately  controlled  by AIMCO.  Its
business address is 4582 S. Ulster St. Parkway,  Suite 1100, Denver,  Colorado
80237.

No director or officer of the Managing General Partner owns any Units.

Item 12.    Certain Relationships and Related Transactions

The Partnership has no employees and depends on the Managing General Partner and
its  affiliates  for  the  management  and  administration  of  all  Partnership
activities.   The  Partnership   Agreement  provides  for  certain  payments  to
affiliates for services and as  reimbursements  of certain expenses  incurred by
affiliates on behalf of the Partnership. No such expenses or reimbursements were
paid during the years ended December 31, 2004 and 2003.

During the year ended  December 31, 2004,  an affiliate of the Managing  General
Partner  advanced  the  Partnership   approximately  $40,000  to  pay  operating
expenses. No interest was charged on this advance.

In accordance with the Partnership Agreement,  the general partner was allocated
its two percent continuing  interest in the Partnership's net loss. In addition,
the  general  partner  is  entitled  to  a  partnership   management   incentive
distribution,  which together with the partnership  management fee cannot exceed
ten  percent of cash  available  for  distribution,  as  defined.  No  incentive
distributions were made in 2004 or 2003.

In addition to its indirect  ownership of the Managing  General Partner interest
in the  Partnership,  AIMCO and its affiliates  owned 3,950 limited  partnership
units in the Partnership representing 6.39% of the outstanding units at December
31, 2004.  AIMCO and its affiliates  also owned 8,977 of the Notes  representing
9.10% of the outstanding Notes at December 31, 2004.


<PAGE>


Item 13.    Exhibits

            See Exhibit Index attached.

Item 14.    Principal Accounting Fees and Services

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

Audit Fees. Fees for audit services  totaled  approximately  $18,000 and $28,000
for 2004 and 2003,  respectively.  Fees for audit services also include fees for
the reviews of the Partnership's Quarterly Reports on Form 10-QSB.

Tax Fees. Fees for tax services totaled approximately $2,000 and $3,000 for 2004
and 2003, respectively.


<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.


                                    CENTURY PROPERTIES FUND XX


                                    By:   FOX PARTNERS III,
                                          Its General Partner


                                    By:   FOX CAPITAL MANAGEMENT CORPORATION,
                                          Its Managing General Partner


                                    By:   /s/Martha L. Long
                                          Martha L. Long
                                          Senior Vice President


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


                                    Date: March 18, 2005


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


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


/s/Martha L. Long             Director and Senior Vice   Date:   March 18, 2005
Martha L. Long                President


/s/Stephen B. Waters          Vice President             Date:   March 18, 2005
Stephen B. Waters



<PAGE>


                                  EXHIBIT INDEX



Exhibit

 2                NPI, Inc.  Stock  Purchase  Agreement,  dated as of August 17,
                  1995,  incorporated by reference to the Partnership's  Current
                  Report on Form 8-K dated August 17, 1995.

 3.4              Agreement of Limited Partnership, incorporated by reference to
                  Exhibit A to the Prospectus of the Partnership  dated February
                  22, 1984, and November 8, 1984,  and  thereafter  supplemented
                  contained in the  Partnership  Registration  Statement on Form
                  S-11 (Reg. No. 2-88615).

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

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

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



<PAGE>


Exhibit 31.1
                                  CERTIFICATION

I, Martha L. Long, certify that:


1.    I have reviewed  this annual  report on Form 10-KSB of Century  Properties
      Fund XX;

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:  March 18, 2005
                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior   Vice   President   of  Fox  Capital
                                    Management  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 annual  report on Form 10-KSB of Century  Properties
      Fund XX;

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:  March 18, 2005

                                    /s/Stephen B. Waters
                                    Stephen B. Waters
                                    Vice President of Fox Capital
                                    Management Corporation,
                                    equivalent of the chief financial
                                    officer of the Partnership


<PAGE>


Exhibit 32.1


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



In connection  with the Annual Report on Form 10-KSB of Century  Properties Fund
XX (the  "Partnership"),  for the year ended December 31, 2004 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:  March 18, 2005


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  March 18, 2005


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