##### Table of Contents



SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended March 31, 2007
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 For the transition period from  to
 Commission file number 0-19443
 BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP
  Delaware
    
    04-3066791(State or other jurisdiction 
of incorporation or organization)
    
    (I.R.S. Employer
Identification No.)
 One Boston Place, Suite 2100, Boston, Massachusetts
    
    02108(Address of principal executive offices)
    
    (Zip Code)
 (617)624-8900
 Securities
registered pursuant to Section 12(b) of the Act:    None
 Securities registered pursuant to Section 12(g) of the Act:
 None
  o þ
  o þ
  o þ
 þ
  o o þ
  o þ
 DOCUMENTS INCORPORATED BY REFERENCE
  Form 10-K 
            Parts
    
    DocumentParts I, III
Parts II, IV
    
    Prospectus




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##### Table of Contents



PART IItem 1. BusinessItem 1A. Risk FacotrsItem 1B. Unresolved Staff CommentsItem 2. PropertiesItem 3. Legal ProceedingsItem 4. Submission of Matters to a Vote of Security HoldersPART IIItem 5. Market for the Funds Limited Partnership Interests and Related
Partnership Matters and Issuer Purchases of Partnership InterestsItem 6. Selected Financial DataItem 7. Managements Discussion and Analysis of Financial
Condition and Results of OperationsItem 7a. Quantitative and Qualitative Disclosure About Market RiskItem 8. Financial Statements and Supplementary DataItem 9. Changes in and Disagreements with Accountants on
Accounting and Financial DisclosureItem 9a. Controls and ProceduresPART IIIItem 10. Directors, Executive Officers and Corporate Governance of the FundItem 11. Executive CompensationItem 12. Security Ownership of Certain Beneficial Owners
and ManagementItem 13. Certain Relationships and Related Transactions, and Director
IndependenceItem 14. Principal Accountant Fees and ServicesPART IVItem 15. Exhibits, Financial Statement SchedulesFinancial StatementsIndependent Auditors ConsentSection 302 CertificationSection 302 CertificationSection 906 CertificationSection 906 CertificationCrestwood RRH, LTD




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##### Table of Contents



Organization
    Description of Business
   1




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##### Table of Contents



(1)
    
    Preserve and protect the Partnerships capital;(2)
    
    provide current tax benefits to investors in the form of (a) Federal
Housing Tax Credits and Rehabilitation Tax Credits, which an investor
may apply, subject to certain strict limitations, against his federal
income tax liability from active, portfolio and passive income, and
(b) passive losses which an investor may apply to offset his passive
income (if any);(3)
    
    provide capital appreciation (except with respect to the Partnerships
investment in certain non-profit Operating Partnerships) through
increases in value of the Partnerships investments and, to the extent
applicable, equity buildup through periodic payments on the mortgage
indebtedness with respect to the apartment complexes;(4)
    
    provide cash distributions (except with respect to the Partnerships
investment in certain non-profit Operating Partnerships) from a
capital transaction as to the Partnership. The Operating Partnerships
intend to hold the apartment complexes for appreciation in value. The
Operating Partnerships may sell the apartment complexes after a period
of time if financial conditions in the future make such sales
desirable and if such sales are permitted by government restrictions;
and(5)
    
    provide, on a current basis and to the extent available, cash
distributions from the operations of the apartment complexes (no
significant amount of which is anticipated).
 2




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##### Table of Contents



As used in this Item 1A, references to we, us and our mean the Partnership.
 An investment in our BACs and our investments in Operating Partnerships are subject to risks. These
risks may impact the tax benefits of an investment in our BACs, and the amount of proceeds
available for distribution to our limited partners, if any, on liquidation of our investments.
 In addition to the other information set forth in this report, you should carefully consider the
following factors which could materially affect our business, financial condition or results of
operations. The risks described below are not the only risks we face. Additional factors not
presently known to us or that we currently deem to be immaterial also may materially adversely
affect our business operations.
 The ability of limited partners to claim tax losses from their investment in us is limited.
  The Low Income Housing Tax Credits rules are extremely complicated and noncompliance with these
rules may have adverse consequences for BAC holders.
  Poor performance of one housing complex, or the real estate market generally, could impair our
ability to satisfy our investment objectives.
  3




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##### Table of Contents



No trading market for the BACs exists or is expected to develop.
  Investors may realize taxable gain on sale or disposition of BACs.
  Investors may have tax liability in excess of cash.
  Investors may not receive cash if apartment complexes are sold
   4




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##### Table of Contents



We have insufficient sources of cash to pay our existing liabilities.
  
   
    5




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Briarwood Apartments
    
    Cameron,
MO
    
    
    24
    
    
    $
    604,662
    
    
    12/89
    
    12/89
    
    
    100
    %
    
    $
    157,254Creekside Apartments
    
    Vandergrift, PA
    
    
    30
    
    
    
    1,240,271
    
    
    6/89
    
    9/89
    
    
    100
    %
    
    
    247,790Deer Hill
II Apartments
    
    Huntersville,NC
    
    
    40
    
    
    
    1,431,974
    
    
    2/90
    
    5/89
    
    
    100
    %
    
    
    333,370Lebanon
Properties II
    
    Lebanon,
MO
    
    
    24
    
    
    
    558,018
    
    
    12/89
    
    7/89
    
    
    100
    %
    
    
    136,440Oak Grove Estates
    
    Oak Grove,
MO
    
    
    20
    
    
    
    469,555
    
    
    12/89
    
    9/89
    
    
    100
    %
    
    
    113,188Oakview Apartments
    
    Delta,
OH
    
    
    38
    
    
    
    1,092,000
    
    
    12/89
    
    10/89
    
    
    100
    %
    
    
    258,264Westwood
Square Apartments
    
    Moore Head City, NC
    
    
    36
    
    
    
    1,363,362
    
    
    7/90
    
    7/90
    
    
    100
    %
    
    
    117,286
 6




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Azalea Village Apartments
    
    Crawford, GA
    
    
    24
    
    
    $
    620,548
    
    
    
    5/90
    
    
    
    5/90
    
    
    
    100
    %
    
    $
    143,206Beaver Brook Commons
    
    Pelham, NH
    
    
    24
    
    
    
    1,149,068
    
    
    
    4/90
    
    
    
    5/90
    
    
    
    91
    %
    
    
    290,403Big Lake Seniors
    
    Big Lake, TX
    
    
    20
    
    
    
    535,852
    
    
    
    4/94
    
    
    
    6/95
    
    
    
    100
    %
    
    
    145,660Blanco Senior Apts.
    
    Blanco, TX
    
    
    20
    
    
    
    503,171
    
    
    
    12/93
    
    
    
    9/94
    
    
    
    100
    %
    
    
    98,561Cotton Mill Apartments
    
    Stuart, VA
    
    
    40
    
    
    
    1,421,364
    
    
    
    10/92
    
    
    
    7/93
    
    
    
    100
    %
    
    
    271,351Country Lane Apts.
    
    Blakely, GA
    
    
    32
    
    
    
    1,019,984
    
    
    
    5/90
    
    
    
    5/90
    
    
    
    100
    %
    
    
    211,916
 7




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##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Fawn River Apartments
    
    Sturgis, MI
    
    
    100
    
    
    $
    3,600,624
    
    
    
    10/90
    
    
    
    10/90
    
    
    
    100
    %
    
    $
    971,446Garden Lake Apartments
    
    Immokalee, FL
    
    
    65
    
    
    
    2,136,707
    
    
    
    5/90
    
    
    
    5/90
    
    
    
    100
    %
    
    
    577,529Glenwood Hotel
    
    Porterville, CA
    
    
    36
    
    
    
    608,518
    
    
    
    6/90
    
    
    
    6/90
    
    
    
    100
    %
    
    
    383,100Grand Princess Manor
    
    St. Croix, USVI
    
    
    24
    
    
    
    1,453,630
    
    
    
    6/90
    
    
    
    8/90
    
    
    
    100
    %
    
    
    374,766Grand Princess Villa
    
    St. Croix, USVI
    
    
    24
    
    
    
    1,452,659
    
    
    
    6/90
    
    
    
    8/90
    
    
    
    100
    %
    
    
    276,203Grifton Manor Apts.
    
    Grifton, NC
    
    
    40
    
    
    
    1,195,088
    
    
    
    9/93
    
    
    
    2/94
    
    
    
    100
    %
    
    
    261,645Hacienda Villa Apartments
    
    Firebaugh, CA
    
    
    120
    
    
    
    3,383,942
    
    
    
    4/90
    
    
    
    1/90
    
    
    
    100
    %
    
    
    1,343,294Haines City Apartments
    
    Haines City, FL
    
    
    46
    
    
    
    1,395,576
    
    
    
    4/90
    
    
    
    2/90
    
    
    
    100
    %
    
    
    339,465Hamlet Square
    
    Newfane, NY
    
    
    24
    
    
    
    853,534
    
    
    
    10/92
    
    
    
    9/92
    
    
    
    96
    %
    
    
    193,830Hill St. Commons
    
    South Paris, ME
    
    
    25
    
    
    
    1,443,323
    
    
    
    11/92
    
    
    
    10/92
    
    
    
    100
    %
    
    
    301,064Kristin Park Apartments
    
    Las Vegas, NV
    
    
    44
    
    
    
    1,352,654
    
    
    
    3/90
    
    
    
    6/90
    
    
    
    100
    %
    
    
    313,200
 8




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##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Le Grand Apts.
    
    Le Grand,  CA
    
    
    34
    
    
    $
    1,680,733
    
    
    
    11/92
    
    
    
    10/93
    
    
    
    100
    %
    
    $
    419,011Longmeadow Apartments
    
    Skowhegan,  ME
    
    
    28
    
    
    
    1,441,080
    
    
    
    8/90
    
    
    
    8/90
    
    
    
    100
    %
    
    
    284,000Magnolia Lane Apartments
    
    Bloomingdale, GA
    
    
    48
    
    
    
    1,432,867
    
    
    
    5/90
    
    
    
    3/90
    
    
    
    100
    %
    
    
    321,908Meadowcrest Southfield, Apartments
    
    Southfield, MI
    
    
    83
    
    
    
    2,696,357
    
    
    
    9/90
    
    
    
    10/90
    
    
    
    100
    %
    
    
    1,116,284Mill Pond Apartments
    
    Brooklyn, MI
    
    
    36
    
    
    
    1,074,122
    
    
    
    5/90
    
    
    
    5/90
    
    
    
    100
    %
    
    
    250,175Pine Ridge Place
    
    Polkton, NC
    
    
    16
    
    
    
    616,061
    
    
    
    1/94
    
    
    
    12/93
    
    
    
    100
    %
    
    
    114,730Pleasanton Seniors Apts.
    
    Pleasanton, TX
    
    
    24
    
    
    
    597,767
    
    
    
    12/93
    
    
    
    7/93
    
    
    
    100
    %
    
    
    144,839Putney Meadows Apts
    
    Putney, VT
    
    
    28
    
    
    
    1,392,249
    
    
    
    12/92
    
    
    
    5/93
    
    
    
    100
    %
    
    
    374,495
 9




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##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Quail Hollow II
    
    Raleigh, NC
    
    
    36
    
    
    $
    1,365,341
    
    
    
    7/90
    
    
    
    9/90
    
    
    
    100
    %
    
    $
    313,521Rainbow Gardens
Apartments
    
    Dunnellon, FL
    
    
    36
    
    
    $
    1,175,335
    
    
    
    12/92
    
    
    
    6/93
    
    
    
    100
    %
    
    $
    236,763Raitt Street Apts.
    
    Santa Ana, CA
    
    
    6
    
    
    
    846,133
    
    
    
    5/93
    
    
    
    8/93
    
    
    
    100
    %
    
    
    416,200School St. Apts. II
    
    Marshall, WI
    
    
    24
    
    
    
    624,063
    
    
    
    6/93
    
    
    
    6/93
    
    
    
    100
    %
    
    
    652,967Scottsville Hollow
    
    Scottsville, NY
    
    
    36
    
    
    
    1,383,414
    
    
    
    5/90
    
    
    
    5/90
    
    
    
    100
    %
    
    
    304,060St. Pauls
Apartments
    
    St. Paul, NC
    
    
    32
    
    
    
    1,231,551
    
    
    
    5/90
    
    
    
    9/90
    
    
    
    100
    %
    
    
    263,165Tappahannock Greens
Apts.
    
    Tappahannock, VA
    
    
    40
    
    
    
    1,453,366
    
    
    
    3/94
    
    
    
    5/94
    
    
    
    100
    %
    
    
    293,486Telluride Apartments
    
    Telluride, CO
    
    
    30
    
    
    
    1,434,576
    
    
    
    9/90
    
    
    
    11/90
    
    
    
    100
    %
    
    
    300,033Twin Oaks Apartments
    
    Raeford, NC
    
    
    28
    
    
    
    1,105,248
    
    
    
    5/90
    
    
    
    5/90
    
    
    
    100
    %
    
    
    275,894
 10




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##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Village Oaks
Apartments II
    
    Live Oak,  FL
    
    
    24
    
    
    $
    711,163
    
    
    
    6/90
    
    
    
    2/90
    
    
    
    100
    %
    
    $
    164,291Westside Apartments
    
    Providence, RI
    
    
    40
    
    
    
    2,153,464
    
    
    
    6/90
    
    
    
    12/90
    
    
    
    100
    %
    
    
    1,777,738Westwood Square
Apartments
    
    Moorehead City, NC
    
    
    36
    
    
    
    1,363,362
    
    
    
    7/90
    
    
    
    7/90
    
    
    
    100
    %
    
    
    195,391
 11




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Athens Park
Apartments
    
    Athens, AL
    
    
    48
    
    
    $
    1,302,645
    
    
    
    8/90
    
    
    
    6/90
    
    
    
    100
    %
    
    $
    354,144Autumn Lane
Apartments
    
    Washington, GA
    
    
    24
    
    
    
    714,850
    
    
    
    8/89
    
    
    
    11/90
    
    
    
    100
    %
    
    
    168,234Baytree Apartments
    
    Richlands, NC
    
    
    24
    
    
    
    933,065
    
    
    
    11/88
    
    
    
    7/90
    
    
    
    100
    %
    
    
    210,999Benchmark Apartments
    
    China Grove, NC
    
    
    24
    
    
    
    1,081,207
    
    
    
    11/88
    
    
    
    7/90
    
    
    
    100
    %
    
    
    223,328Berkshire
Apartments II
    
    Wichita, KS
    
    
    66
    
    
    
    1,616,032
    
    
    
    7/90
    
    
    
    7/90
    
    
    
    100
    %
    
    
    1,183,452Brentwood Apartments
    
    Eunice, LA
    
    
    32
    
    
    
    929,730
    
    
    
    11/90
    
    
    
    10/90
    
    
    
    100
    %
    
    
    205,470Briarwood Apartments
    
    Middleburg, FL
    
    
    52
    
    
    
    1,441,948
    
    
    
    8/90
    
    
    
    8/90
    
    
    
    100
    %
    
    
    509,251Butler Manor
Apartments
    
    Morgantown, KY
    
    
    16
    
    
    
    488,205
    
    
    
    12/90
    
    
    
    2/91
    
    
    
    100
    %
    
    
    119,952Campbell Creek
Apartments
    
    Dallas, GA
    
    
    80
    
    
    
    1,396,387
    
    
    
    12/91
    
    
    
    10/90
    
    
    
    100
    %
    
    
    735,000Candlewick Place
    
    Monroeville, AL
    
    
    40
    
    
    
    1,217,418
    
    
    
    12/92
    
    
    
    10/92
    
    
    
    100
    %
    
    
    241,600Cedarstone Apts.
    
    Poplarville, MS
    
    
    24
    
    
    
    750,916
    
    
    
    5/93
    
    
    
    5/93
    
    
    
    100
    %
    
    
    180,800Charlton Court
Apartments
    
    Folkston, GA
    
    
    40
    
    
    
    1,164,939
    
    
    
    12/92
    
    
    
    1/93
    
    
    
    100
    %
    
    
    263,520
 12




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Cloverleaf
Apartments
    
    Bishopville, SC
    
    
    24
    
    
    $
    830,405
    
    
    
    11/90
    
    
    
    4/90
    
    
    
    100
    %
    
    $
    153,900Cloverleaf Apts.,
Phase II
    
    Bishopville, SC
    
    
    24
    
    
    
    849,067
    
    
    
    11/90
    
    
    
    4/90
    
    
    
    100
    %
    
    
    160,761Hartway Apts.
    
    Munfordville, KY
    
    
    32
    
    
    
    888,143
    
    
    
    7/90
    
    
    
    6/90
    
    
    
    100
    %
    
    
    239,041Ironton Estates
    
    Ironton, MO
    
    
    24
    
    
    
    600,414
    
    
    
    5/93
    
    
    
    1/93
    
    
    
    100
    %
    
    
    157,976Lambert Square
Apts.
    
    Lambert, MS
    
    
    32
    
    
    
    956,696
    
    
    
    11/92
    
    
    
    12/92
    
    
    
    100
    %
    
    
    192,347Longview Apartments
    
    Maysville, NC
    
    
    24
    
    
    
    849,685
    
    
    
    11/88
    
    
    
    8/90
    
    
    
    100
    %
    
    
    195,837Maidu Village
    
    Roseville, CA
    
    
    81
    
    
    
    1,608,654
    
    
    
    3/91
    
    
    
    12/91
    
    
    
    100
    %
    
    
    470,000
 13




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Meadowbrook Lane
Apartments
    
    Americus, GA
    
    
    50
    
    
    $
    1,434,393
    
    
    
    9/90
    
    
    
    3/90
    
    
    
    100
    %
    
    $
    336,264Melrose Lane
Apartments
    
    Great Falls, SC
    
    
    24
    
    
    
    866,168
    
    
    
    11/90
    
    
    
    10/90
    
    
    
    100
    %
    
    
    203,645Pecan Village
Apartments
    
    Ellaville, GA
    
    
    30
    
    
    
    763,702
    
    
    
    7/90
    
    
    
    2/90
    
    
    
    100
    %
    
    
    221,856Pine View Apartments
    
    Perry, FL
    
    
    29
    
    
    
    934,501
    
    
    
    9/90
    
    
    
    12/90
    
    
    
    100
    %
    
    
    277,405Pines by the Creek
Apts.
    
    Newnan, GA
    
    
    96
    
    
    
    1,795,970
    
    
    
    12/90
    
    
    
    10/90
    
    
    
    100
    %
    
    
    890,000Pine Grove Apts.
    
    Ackerman, MS
    
    
    24
    
    
    
    501,830
    
    
    
    9/93
    
    
    
    6/94
    
    
    
    100
    %
    
    
    169,926Pinetree Manor Apts.
    
    Centreville, MS
    
    
    32
    
    
    
    953,359
    
    
    
    11/92
    
    
    
    1/93
    
    
    
    100
    %
    
    
    191,500Rosewood Village
Apartments
    
    Willacoochee, GA
    
    
    24
    
    
    
    631,459
    
    
    
    7/90
    
    
    
    7/90
    
    
    
    100
    %
    
    
    147,480
 14




---



##### Table of Contents



Continued
 Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Stockton Estates
    
    Stockton, MO
    
    
    20
    
    
    $
    428,821
    
    
    
    2/93
    
    
    
    1/93
    
    
    
    100
    %
    
    $
    120,352Stratford Square
Apartments
    
    Brundidge,  AL
    
    
    24
    
    
    
    731,909
    
    
    
    10/92
    
    
    
    2/93
    
    
    
    100
    %
    
    
    145,036Summer Glen
Apartments
    
    Immokalee, FL
    
    
    45
    
    
    
    1,436,162
    
    
    
    11/92
    
    
    
    3/93
    
    
    
    100
    %
    
    
    246,230Sunmark Apartments
    
    Morgantown,  KY
    
    
    24
    
    
    
    748,195
    
    
    
    8/90
    
    
    
    12/90
    
    
    
    100
    %
    
    
    176,669Woodside Apartments
    
    Lisbon,  ME
    
    
    28
    
    
    
    1,442,844
    
    
    
    12/90
    
    
    
    11/90
    
    
    
    100
    %
    
    
    397,630
 15




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Academy Hill
Apartments
    
    Ahoskie, NC
    
    
    40
    
    
    $
    1,339,946
    
    
    
    2/91
    
    
    
    2/91
    
    
    
    100
    %
    
    $
    319,224Aspen Square
Apartments
    
    Tazewell, VA
    
    
    60
    
    
    
    1,787,338
    
    
    
    11/90
    
    
    
    11/90
    
    
    
    100
    %
    
    
    356,495Buckeye Senior
Apartments
    
    Buckeye, AZ
    
    
    41
    
    
    
    1,302,908
    
    
    
    12/90
    
    
    
    8/90
    
    
    
    100
    %
    
    
    311,480Campbell Creek
Apartments
    
    Dallas, GA
    
    
    80
    
    
    
    1,396,387
    
    
    
    12/90
    
    
    
    10/90
    
    
    
    100
    %
    
    
    142,000Cambridge Manor
Apartments
    
    Macon, MS
    
    
    47
    
    
    
    1,564,804
    
    
    
    5/93
    
    
    
    4/93
    
    
    
    100
    %
    
    
    356,356Church Hill
Apartments
    
    Church Point, LA
    
    
    32
    
    
    
    931,165
    
    
    
    12/90
    
    
    
    1/91
    
    
    
    100
    %
    
    
    205,750Copper Creek
Apartments
    
    Lebanon, VA
    
    
    36
    
    
    
    1,143,965
    
    
    
    11/90
    
    
    
    9/90
    
    
    
    100
    %
    
    
    237,647Coronado Hotel
    
    Tuscon, AZ
    
    
    42
    
    
    
    154,240
    
    
    
    3/91
    
    
    
    3/91
    
    
    
    100
    %
    
    
    614,050Crestwood Apartments
    
    St. Cloud, FL
    
    
    216
    
    
    
    3,325,463
    
    
    
    1/91
    
    
    
    6/91
    
    
    
    100
    %
    
    
    5,636,484El Dorado Springs Est.
    
    El Dorado Springs, MO
    
    
        24
    
    
    
    564,609
    
    
    
    11/90
    
    
    
    9/90
    
    
    
    100
    %
    
    
    133,790
 16




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Elmwood Manor
Apartments
    
    Eutaw, AL
    
    
    47
    
    
    $
    1,578,169
    
    
    
    5/93
    
    
    
    12/93
    
    
    
    100
    %
    
    $
    333,440Fairridge Lane
Apartments
    
    Denmark, SC
    
    
    24
    
    
    
    792,015
    
    
    
    11/90
    
    
    
    6/90
    
    
    
    100
    %
    
    
    209,326Fairridge Village
Apartments
    
    Denmark, SC
    
    
    24
    
    
    
    745,707
    
    
    
    11/90
    
    
    
    6/90
    
    
    
    100
    %
    
    
    186,381Farmerville Square
Apts.
    
    Farmerville, LA
    
    
    32
    
    
    
    944,223
    
    
    
    1/91
    
    
    
    4/91
    
    
    
    100
    %
    
    
    212,280Franklin School
    
    Great Falls, MT
    
    
    40
    
    
    
    1,442,505
    
    
    
    10/90
    
    
    
    12/91
    
    
    
    100
    %
    
    
    1,453,270Hilltop Apts.
    
    Los Lunas, NM
    
    
    40
    
    
    
    1,378,117
    
    
    
    1/93
    
    
    
    11/92
    
    
    
    100
    %
    
    
    258,455Holland Meadows
    
    Holland, NY
    
    
    24
    
    
    
    872,592
    
    
    
    11/90
    
    
    
    6/90
    
    
    
    100
    %
    
    
    213,880Holley Grove
    
    Holley, NY
    
    
    24
    
    
    
    889,036
    
    
    
    11/90
    
    
    
    10/90
    
    
    
    100
    %
    
    
    207,360Ivan Woods Senior
Apts.
    
    Delta Township, MI
    
    
    90
    
    
    
    2,483,044
    
    
    
    2/91
    
    
    
    4/91
    
    
    
    100
    %
    
    
    1,184,275Kaplan Manor
Apartments
    
    Kaplan, LA
    
    
    32
    
    
    
    902,113
    
    
    
    12/90
    
    
    
    12/90
    
    
    
    100
    %
    
    
    198,460
 17




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Lakewood Village
Apartments
    
    Lake Providence, LA
    
    
    32
    
    
    $
    930,243
    
    
    
    1/91
    
    
    
    5/91
    
    
    
    100
    %
    
    $
    223,827Maidu Village
    
    Roseville, CA
    
    
    81
    
    
    
    1,608,654
    
    
    
    3/91
    
    
    
    12/91
    
    
    
    100
    %
    
    
    530,000Nevada Manor
    
    Nevada, MO
    
    
    24
    
    
    
    629,728
    
    
    
    11/90
    
    
    
    10/90
    
    
    
    100
    %
    
    
    143,270Oatka Meadows
    
    Warsaw, NY
    
    
    24
    
    
    
    894,219
    
    
    
    11/90
    
    
    
    6/90
    
    
    
    100
    %
    
    
    206,670Osage Place
    
    Arkansas City, KS
    
    
    38
    
    
    
    1,199,443
    
    
    
    12/90
    
    
    
    12/90
    
    
    
    100
    %
    
    
    522,999Pines by the Creek
Apartments
    
    Newnan,  GA
    
    
    96
    
    
    
    1,795,970
    
    
    
    12/90
    
    
    
    10/90
    
    
    
    100
    %
    
    
    245,000Sandy Pines Manor
    
    Punta Gorda, FL
    
    
    44
    
    
    
    
    
    
    
    12/90
    
    
    
    7/90
    
    
    
    100
    %
    
    
    399,977Sierra Springs
Apartments
    
    Tazewell, VA
    
    
    36
    
    
    
    1,145,117
    
    
    
    11/90
    
    
    
    11/90
    
    
    
    100
    %
    
    
    299,634South Fork Heights
    
    South Fork, CO
    
    
    48
    
    
    
    1,425,107
    
    
    
    2/91
    
    
    
    2/91
    
    
    
    100
    %
    
    
    343,358Twin Oaks Apartments
    
    Allendale, SC
    
    
    24
    
    
    
    761,486
    
    
    
    12/90
    
    
    
    9/90
    
    
    
    100
    %
    
    
    206,888
 18




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Walnut Village
Apartments
    
    Manning, SC
    
    
    24
    
    
    $
    816,201
    
    
    
    11/90
    
    
    
    11/90
    
    
    
    100
    %
    
    $
    183,244Washington Manor
Apartments
    
    Washington, LA
    
    
    32
    
    
    
    933,141
    
    
    
    1/91
    
    
    
    3/91
    
    
    
    100
    %
    
    
    216,990Wildridge Apartments
    
    Jesup, GA
    
    
    48
    
    
    
    1,341,717
    
    
    
    1/91
    
    
    
    4/91
    
    
    
    100
    %
    
    
    329,130Windsor Apts.
    
    Metter, GA
    
    
    53
    
    
    
    1,420,614
    
    
    
    12/92
    
    
    
    5/93
    
    
    
    100
    %
    
    
    248,207
 19




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Bowman Village
Apartments
    
    Bowman, GA
    
    
    24
    
    
    $
    648,322
    
    
    
    6/91
    
    
    
    10/91
    
    
    
    100
    %
    
    $
    139,879Brentwood Manor
Apartments
    
    Clarkson, KY
    
    
    24
    
    
    
    719,852
    
    
    
    6/91
    
    
    
    7/91
    
    
    
    100
    %
    
    
    173,969Briarwick Apartments
    
    Nicholasville, KY
    
    
    40
    
    
    
    1,155,976
    
    
    
    4/91
    
    
    
    4/91
    
    
    
    100
    %
    
    
    323,941Bridgerun Townhomes
    
    Cannon Falls, MN
    
    
    18
    
    
    
    511,799
    
    
    
    6/91
    
    
    
    7/91
    
    
    
    100
    %
    
    
    458,800Campbell Creek
Apartments
    
    Dallas, GA
    
    
    80
    
    
    
    1,396,387
    
    
    
    3/91
    
    
    
    10/90
    
    
    
    100
    %
    
    
    593,000Cananche Creek
Apartments
    
    Norton, VA
    
    
    36
    
    
    
    1,202,740
    
    
    
    5/91
    
    
    
    6/91
    
    
    
    100
    %
    
    
    276,695Carson Village
Apartments
    
    Wrightsville, GA
    
    
    24
    
    
    
    634,379
    
    
    
    10/91
    
    
    
    6/92
    
    
    
    100
    %
    
    
    161,452Corcoran Garden
Apartments
    
    Corcoran, CA
    
    
    38
    
    
    
    1,577,831
    
    
    
    2/91
    
    
    
    11/90
    
    
    
    100
    %
    
    
    432,438
 20




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Crescent City
Senior Apartments
    
    Crescent City, CA
    
    
    38
    
    
    $
    2,076,149
    
    
    
    3/91
    
    
    
    3/91
    
    
    
    100
    %
    
    $
    474,536Earlimart Senior
Apartments
    
    Earlimart,  CA
    
    
    35
    
    
    
    1,310,125
    
    
    
    6/91
    
    
    
    6/91
    
    
    
    100
    %
    
    
    364,515Evanwood Apartments
    
    Hardinsburg, KY
    
    
    24
    
    
    
    731,640
    
    
    
    6/91
    
    
    
    5/91
    
    
    
    100
    %
    
    
    167,221Fox Run Apartments
    
    Jesup, GA
    
    
    24
    
    
    
    545,841
    
    
    
    12/91
    
    
    
    7/92
    
    
    
    100
    %
    
    
    150,033Hamilton Village
Apartments
    
    Preston, GA
    
    
    20
    
    
    
    553,491
    
    
    
    10/91
    
    
    
    3/92
    
    
    
    100
    %
    
    
    140,948Hunters Park
Apartments
    
    Tarboro, NC
    
    
    40
    
    
    
    1,372,923
    
    
    
    5/91
    
    
    
    4/91
    
    
    
    100
    %
    
    
    320,175Ivan Woods Senior
Apartments
    
    Delta Township, MI
    
    
    90
    
    
    
    2,483,044
    
    
    
    2/91
    
    
    
    4/91
    
    
    
    100
    %
    
    
    778,688Keenland Apartments
    
    Burkesville, KY
    
    
    24
    
    
    
    715,650
    
    
    
    6/91
    
    
    
    9/91
    
    
    
    100
    %
    
    
    164,246Lakeridge Apartments
    
    Eufala, AL
    
    
    30
    
    
    
    892,199
    
    
    
    3/91
    
    
    
    4/91
    
    
    
    100
    %
    
    
    186,780Laurel Village
Apartments
    
    Wadley, GA
    
    
    24
    
    
    
    643,456
    
    
    
    10/91
    
    
    
    5/92
    
    
    
    100
    %
    
    
    149,058
 21




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Los Caballos II
Apts.
    
    Hatch, NM
    
    
    24
    
    
    $
    690,954
    
    
    
    7/91
    
    
    
    8/91
    
    
    
    100
    %
    
    $
    164,740Marlboro Place
Apartments
    
    Bennettsville, SC
    
    
    24
    
    
    
    813,288
    
    
    
    3/91
    
    
    
    2/91
    
    
    
    100
    %
    
    
    192,779Melville Plaza
Apartments
    
    Melville,  LA
    
    
    32
    
    
    
    867,216
    
    
    
    7/91
    
    
    
    10/91
    
    
    
    100
    %
    
    
    178,564Oakleigh Apartments
    
    Abbeville, LA
    
    
    32
    
    
    
    888,157
    
    
    
    8/91
    
    
    
    3/92
    
    
    
    100
    %
    
    
    178,716Oakwood Apartments
    
    Mamou, LA
    
    
    32
    
    
    
    876,442
    
    
    
    8/91
    
    
    
    1/92
    
    
    
    100
    %
    
    
    180,819Pines by the Creek
Apartments
    
    Newnan,  GA
    
    
    96
    
    
    
    1,795,970
    
    
    
    3/91
    
    
    
    10/90
    
    
    
    100
    %
    
    
    645,000Portales Estates
    
    Portales, NM
    
    
    44
    
    
    
    1,401,873
    
    
    
    7/91
    
    
    
    7/91
    
    
    
    100
    %
    
    
    365,100
 22




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Prairie
West
Apts. III
    
    West Fargo,
ND
    
    
    24
    
    
    $
    445,379
    
    
    3/91
    
    3/91
    
    
    100
    %
    
    $
    360,698Ridgeway
Court III
Apartments
    
    Bemidji,
MN
    
    
    24
    
    
    
    879,387
    
    
    4/91
    
    1/91
    
    
    100
    %
    
    
    180,186Rockmoor
Apartments
    
    Banner Elk,
NC
    
    
    12
    
    
    
    547,435
    
    
    5/91
    
    3/91
    
    
    100
    %
    
    
    95,818Shawnee
Ridge
Apartments
    
    Norton,
VA
    
    
    20
    
    
    
    649,579
    
    
    5/91
    
    5/91
    
    
    100
    %
    
    
    145,606Turner
Lane
Apartments
    
    Ashburn,
GA
    
    
    24
    
    
    
    702,554
    
    
    5/91
    
    7/91
    
    
    100
    %
    
    
    147,090
 23




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Uptown
Apartments
    
    Salyersville,
KY
    
    
    16
    
    
    $
    504,660
    
    
    5/91
    
    3/91
    
    
    100
    %
    
    $
    121,700Villas of
Lakeridge
    
    Eufala,
AL
    
    
    18
    
    
    
    517,829
    
    
    3/91
    
    3/91
    
    
    100
    %
    
    
    96,868Waynesboro
Village
Apartments
    
    Waynesboro,
TN
    
    
    48
    
    
    
    1,335,848
    
    
    4/91
    
    1/91
    
    
    100
    %
    
    
    310,510Woodcrest
Manor
Apartments
    
    Woodville,
MS
    
    
    24
    
    
    
    690,356
    
    
    6/91
    
    11/91
    
    
    100
    %
    
    
    138,579Woodlawn
Village
Apartments
    
    Abbeville,
GA
    
    
    36
    
    
    
    985,344
    
    
    10/91
    
    4/92
    
    
    100
    %
    
    
    229,601Woodside
Apartments
    
    Grove City,
PA
    
    
    32
    
    
    
    1,123,823
    
    
    4/91
    
    3/91
    
    
    100
    %
    
    
    229,291Yorkshire
Townhome
Apts.
    
    Fort Smith,
AR
    
    
    50
    
    
    
    650,542
    
    
    9/93
    
    8/94
    
    
    98
    %
    
    
    874,069
 24




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Ada Village
Apts.
    
    Ada,
OK
    
    
    44
    
    
    $
    979,220
    
    
    1/93
    
    11/93
    
    
    100
    %
    
    $
    158,976Amherst
Village
    
    Amherst,
VA
    
    
    48
    
    
    
    1,541,941
    
    
    1/92
    
    1/92
    
    
    100
    %
    
    
    322,796Belmont
Village
Court
    
    Belmont,
NY
    
    
    24
    
    
    
    900,527
    
    
    1/92
    
    12/91
    
    
    100
    %
    
    
    201,300Blanchard
Senior
Apts. II
    
    Blanchard,
LA
    
    
    24
    
    
    
    580,522
    
    
    10/91
    
    9/91
    
    
    100
    %
    
    
    143,628Blanchard
Village Apts.
    
    Blanchard,
OK
    
    
    8
    
    
    
    207,410
    
    
    1/93
    
    7/93
    
    
    100
    %
    
    
    32,954Brantwood
Lane
Apartments
    
    Centreville,
AL
    
    
    36
    
    
    
    1,113,543
    
    
    7/91
    
    9/91
    
    
    100
    %
    
    
    237,873Breckenridge
Apartments
    
    McColl,
SC
    
    
    24
    
    
    
    843,715
    
    
    1/92
    
    3/92
    
    
    100
    %
    
    
    186,065Briarwood
Apartments
Ph II
    
    Middleburg,
FL
    
    
    50
    
    
    
    1,449,603
    
    
    2/92
    
    4/92
    
    
    100
    %
    
    
    293,694The Bridge
Building
    
    New York,
NY
    
    
    15
    
    
    
    
    
    
    1/92
    
    12/91
    
    
    100
    %
    
    
    1,037,770Buchanan
Court
    
    Warren,
PA
    
    
    18
    
    
    
    706,164
    
    
    7/91
    
    11/90
    
    
    100
    %
    
    
    160,600
 25




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Carleton
Court
Apartments
    
    Providence
RI
    
    
    46
    
    
    $
    2,955,965
    
    
    12/91
    
    12/91
    
    
    100
    %
    
    $
    1,496,922Carriage
Run
Apartments
    
    Emporia,
VA
    
    
    40
    
    
    
    1,259,811
    
    
    10/91
    
    4/92
    
    
    100
    %
    
    
    259,980Cedar
View
Apartments
    
    Brinkley,
AR
    
    
    32
    
    
    
    1,229,906
    
    
    5/92
    
    10/92
    
    
    100
    %
    
    
    254,016Cedarwood
Apartments
    
    Pembroke,
NC
    
    
    36
    
    
    
    1,375,508
    
    
    10/91
    
    1/92
    
    
    100
    %
    
    
    326,310Chapparral
Apartments
    
    Kingman,
AZ
    
    
    20
    
    
    
    677,423
    
    
    8/91
    
    7/91
    
    
    100
    %
    
    
    198,275College
Green
    
    Chili,
NY
    
    
    110
    
    
    
    4,002,942
    
    
    3/95
    
    8/95
    
    
    100
    %
    
    
    755,771Colorado City
Seniors
Apartments
    
    Colorado City,
TX
    
    
    24
    
    
    
    528,434
    
    
    10/91
    
    10/91
    
    
    100
    %
    
    
    98,721Cottonwood
Apts. II
    
    Cottonport
LA
    
    
    24
    
    
    
    637,769
    
    
    10/91
    
    7/91
    
    
    100
    %
    
    
    152,664Country
Meadows
Apartments
    
    Sioux Falls,
SD
    
    
    44
    
    
    
    837,305
    
    
    11/91
    
    10/91
    
    
    100
    %
    
    
    922,350Countryside
Manor
    
    Fulton,
MS
    
    
    24
    
    
    
    649,596
    
    
    10/91
    
    8/91
    
    
    100
    %
    
    
    151,868Davis
Village
Apts.
    
    Davis,
OK
    
    
    44
    
    
    
    1,107,775
    
    
    1/93
    
    9/93
    
    
    100
    %
    
    
    180,452Devenwood
Apartments
    
    Ridgeland,
SC
    
    
    24
    
    
    
    846,024
    
    
    7/92
    
    1/93
    
    
    100
    %
    
    
    186,000
 26




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Duncan
Village
Apts.
    
    Duncan,
OK
    
    
    48
    
    
    $
    1,057,456
    
    
    1/93
    
    11/93
    
    
    100
    %
    
    $
    172,005Edison
Village
Apartments
    
    Edison,
GA
    
    
    42
    
    
    
    1,158,826
    
    
    7/91
    
    2/92
    
    
    100
    %
    
    
    274,144Ethel
Bowman
Proper House
    
    Tionesta,
PA
    
    
    36
    
    
    
    1,388,679
    
    
    2/92
    
    1/92
    
    
    100
    %
    
    
    334,160Excelsior
Springs
Properties
    
    Excelsior Springs,
MO
    
    
    24
    
    
    
    606,500
    
    
    2/92
    
    4/91
    
    
    100
    %
    
    
    150,651Fairground
Place Apts.
    
    Bedford,
KY
    
    
    19
    
    
    
    675,708
    
    
    3/95
    
    8/95
    
    
    100
    %
    
    
    176,963Four Oaks
Village
Apartments
    
    Four Oaks,
NC
    
    
    24
    
    
    
    868,343
    
    
    3/92
    
    6/92
    
    
    100
    %
    
    
    179,900Franklin
Vista
III Apts.
    
    Anthony,
NM
    
    
    28
    
    
    
    903,289
    
    
    1/92
    
    4/92
    
    
    100
    %
    
    
    179,685Friendship
Village
    
    Bel Air,
MD
    
    
    32
    
    
    
    1,402,586
    
    
    1/92
    
    6/91
    
    
    100
    %
    
    
    226,000
 27




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Green
Village
Apts. II
    
    Standardsville,
VA
    
    
    16
    
    
    $
    569,311
    
    
    4/92
    
    11/91
    
    
    100
    %
    
    $
    99,100Greenleaf
Apartments
    
    Bowdoinham,
ME
    
    
    21
    
    
    
    1,097,686
    
    
    11/91
    
    8/92
    
    
    100
    %
    
    
    295,085Hughes Springs
Seniors
Apartments
    
    Hughes Springs,
TX
    
    
    32
    
    
    
    767,392
    
    
    10/91
    
    8/91
    
    
    100
    %
    
    
    183,674Harrison
City
Apts.
    
    Penn Township,
PA
    
    
    38
    
    
    
    1,440,333
    
    
    7/92
    
    9/92
    
    
    100
    %
    
    
    311,775Hessmer
Village
Apartments
    
    Hessmer,
LA
    
    
    32
    
    
    
    883,287
    
    
    12/91
    
    4/92
    
    
    100
    %
    
    
    186,503Hillmont
Village
Apartments
    
    Micro,
NC
    
    
    24
    
    
    
    859,068
    
    
    9/91
    
    1/92
    
    
    100
    %
    
    
    184,900Jarratt
Village
Apartments
    
    Jarratt,
VA
    
    
    24
    
    
    
    806,170
    
    
    10/91
    
    12/91
    
    
    100
    %
    
    
    159,140Kingfisher
Village
Apts.
    
    Kingfisher,
OK
    
    
    8
    
    
    
    149,869
    
    
    1/93
    
    12/93
    
    
    100
    %
    
    
    24,365
 28




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##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07La Gema del
Barrio Apts.
    
    Santa Ana,
CA
    
    
    6
    
    
    $
    643,703
    
    
    6/92
    
    8/92
    
    
    100
    %
    
    $
    458,000Lafayettee
Gardens
Apartments
    
    Scott,
LA
    
    
    56
    
    
    
    991,359
    
    
    10/91
    
    11/91
    
    
    100
    %
    
    
    437,688Lake Isabella
Senior
Apartments
    
    Lake Isabella,
CA
    
    
    46
    
    
    
    1,943,647
    
    
    9/91
    
    1/92
    
    
    100
    %
    
    
    442,457Lakeview
Meadows
    
    Battle Creek, MI
    
    
    53
    
    
    
    1,449,482
    
    
    1/92
    
    6/92
    
    
    100
    %
    
    
    1,018,808Lakewood
Terrace
Apts.
    
    Lakeland,
FL
    
    
    132
    
    
    
    3,093,187
    
    
    11/93
    
    8/89
    
    
    100
    %
    
    
    725,312Lana Lu
Apartments
    
    Lonaconing,
MD
    
    
    30
    
    
    
    1,443,933
    
    
    12/91
    
    9/92
    
    
    100
    %
    
    
    303,261Lexington
Village
Apts.
    
    Lexington,
OK
    
    
    8
    
    
    
    198,278
    
    
    1/93
    
    11/93
    
    
    100
    %
    
    
    32,178Maidu
Village
    
    Roseville,
CA
    
    
    81
    
    
    
    1,608,654
    
    
    1/92
    
    12/91
    
    
    100
    %
    
    
    1,096,199Marion
Apartments
    
    Manor Marion,LA
    
    
    32
    
    
    
    972,922
    
    
    2/92
    
    6/92
    
    
    100
    %
    
    
    199,708Maysville
Village
Apts.
    
    Maysville,
OK
    
    
    8
    
    
    
    205,905
    
    
    1/93
    
    10/93
    
    
    100
    %
    
    
    33,726Montague
Place
Apartments
    
    Caro,
MI
    
    
    28
    
    
    
    1,108,478
    
    
    12/91
    
    12/91
    
    
    100
    %
    
    
    432,320
 29




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Navapai
Apartments
    
    Prescott Valley, AZ
    
    
    26
    
    
    $
    859,138
    
    
    6/91
    
    4/91
    
    
    100
    %
    
    $
    207,330Nevada City
Senior
Apartments
    
    Grass Valley,
CA
    
    
    60
    
    
    
    3,455,424
    
    
    1/92
    
    10/92
    
    
    100
    %
    
    $
    839,300Newellton
Place
Apartments
    
    Newellton,
LA
    
    
    32
    
    
    
    899,779
    
    
    2/92
    
    4/92
    
    
    100
    %
    
    
    190,600New River
Overlook
Apartments
    
    Radford,
VA
    
    
    40
    
    
    
    1,444,979
    
    
    8/91
    
    2/92
    
    
    100
    %
    
    
    285,371Oak Ridge
Apartments
    
    Crystal Springs, MS
    
    
    40
    
    
    
    1,265,754
    
    
    1/92
    
    1/92
    
    
    100
    %
    
    
    308,578Oakland
Village
Apts.
    
    Littleton,
NC
    
    
    24
    
    
    
    828,825
    
    
    5/92
    
    8/92
    
    
    100
    %
    
    
    161,939Okemah
Village
Apts.
    
    Okemah,
OK
    
    
    30
    
    
    
    654,407
    
    
    1/93
    
    5/93
    
    
    100
    %
    
    
    119,832Pineridge
Apartments
    
    McComb,
MS
    
    
    32
    
    
    
    980,869
    
    
    10/91
    
    10/91
    
    
    100
    %
    
    
    238,995Pineridge
Elderly
    
    Walnut Cove,
NC
    
    
    24
    
    
    
    941,386
    
    
    10/91
    
    3/92
    
    
    100
    %
    
    
    199,311
 30




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Portville
Square
Apartments
    
    Portville,
NY
    
    
    24
    
    
    $
    851,018
    
    
    3/92
    
    3/92
    
    
    100
    %
    
    $
    198,100Prague
Village
Apts.
    
    Prague,
OK
    
    
    8
    
    
    
    114,757
    
    
    1/93
    
    3/93
    
    
    100
    %
    
    $
    21,373Rainier
Manor
Apartments
    
    Mt.
Rainier,
MD
    
    
    104
    
    
    
    3,494,272
    
    
    3/92
    
    1/93
    
    
    100
    %
    
    
    1,190,350Rosewood
Manor
Apartments
    
    Ellenton,
FL
    
    
    43
    
    
    
    1,402,333
    
    
    12/91
    
    11/91
    
    
    100
    %
    
    
    302,250San Jacinto
Senior
Apartments
    
    San Jacinto,
CA
    
    
    46
    
    
    
    2,310,973
    
    
    1/92
    
    10/91
    
    
    100
    %
    
    
    588,965Smithville
Properties
    
    Smithville,
MO
    
    
    48
    
    
    
    1,211,761
    
    
    2/92
    
    5/91
    
    
    100
    %
    
    
    285,384Snow Hill
Ridge
Apartments
    
    Raleigh,
NC
    
    
    32
    
    
    
    1,131,855
    
    
    10/91
    
    12/91
    
    
    100
    %
    
    
    307,524Spring
Creek
Village
    
    Derby,
KS
    
    
    72
    
    
    
    1,311,953
    
    
    6/91
    
    9/91
    
    
    100
    %
    
    
    1,634,760
 31




---



##### Table of Contents



Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Spring
Valley
Apartments
    
    Lexington Park,
MD
    
    
    128
    
    
    $
    5,132,621
    
    
    11/91
    
    12/92
    
    
    100
    %
    
    $
    2,877,811Summer
Lane
Apartments
    
    Santee,
SC
    
    
    24
    
    
    
    850,131
    
    
    7/91
    
    11/91
    
    
    100
    %
    
    
    176,291Titusville
Apartments
    
    Titusville
PA
    
    
    30
    
    
    
    1,204,537
    
    
    12/91
    
    1/92
    
    
    100
    %
    
    
    280,829Valley Ridge
Senior
Apartments
    
    Central Valley,
CA
    
    
    38
    
    
    
    1,772,219
    
    
    1/92
    
    12/91
    
    
    100
    %
    
    
    456,600Victoria
Place
    
    Victoria,
VA
    
    
    39
    
    
    
    1,309,797
    
    
    1/92
    
    6/92
    
    
    100
    %
    
    
    287,736Villa West
Apts. IV
    
    Topeka,
KS
    
    
    60
    
    
    
    1,222,881
    
    
    8/91
    
    1/91
    
    
    100
    %
    
    
    1,392,873Village
Green
    
    Raleigh,
NC
    
    
    42
    
    
    
    621,359
    
    
    5/92
    
    9/91
    
    
    100
    %
    
    
    581,446Washington
Court
    
    Abingdon,
VA
    
    
    39
    
    
    
    1,106,155
    
    
    7/91
    
    8/91
    
    
    100
    %
    
    
    295,250
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Mortgage
    
    
    
    
    
    
    
    
    
    Cap ConBalance
    
    
    
    
    
    Qualified
    
    PaidProperty
    
    
    
    
    
    
    
    As of
    
    Acq
    
    Const
    
    Occupancy
    
    ThruName
    
    Location
    
    Units
    
    12/31/06
    
    Date
    
    Comp
    
    3/31/07
    
    3/31/07Wesley
Village
Apartments
    
    Martinsburg,
WV
    
    
    36
    
    
    $
    1,273,310
    
    
    10/91
    
    6/92
    
    
    100
    %
    
    $
    266,253Westside
Apartments
    
    Louisville,
MS
    
    
    33
    
    
    
    734,424
    
    
    3/92
    
    1/92
    
    
    100
    %
    
    
    191,014Woodfield
Commons
Apartments
    
    Marshfield
WI
    
    
    48
    
    
    
    771,597
    
    
    9/91
    
    6/91
    
    
    100
    %
    
    
    1,126,901Wynnewood
Village
Apts.
    
    Wynnewood,
OK
    
    
    16
    
    
    
    417,981
    
    
    1/93
    
    11/93
    
    
    100
    %
    
    
    67,443
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March 31,
    
    
    March 31,
    
    
    March 31,
    
    
    March 31,
    
    
    March 31,2007
    
    
    2006
    
    
    2005
    
    
    2004
    
    
    2003OperationsInterest
& other Inc
    
    $
    385,580
    
    
    $
    48,063
    
    
    $
    70,362
    
    
    $
    65,709
    
    
    $
    56,293Share of Income
(Loss)
Of Operating
Partnerships
    
    
    1,989,375
    
    
    
    2,457,601
    
    
    
    (3,230,139
    )
    
    
    (4,482,965
    )
    
    
    (5,855,904
    )Operating Exp
    
    
    2,125,695
    
    
    
    4,711,222
    
    
    
    (5,425,508
    )
    
    
    (4,785,151
    )
    
    
    (4,034,177
    )Net Income (Loss)
    
    $
    249,260
    
    
    $
    (2,205,558
    )
    
    $
    (8,585,285
    )
    
    $
    (9,202,407
    )
    
    $
    (9,833,788
    )Net Income
(Loss) per BAC
    
    $
    .01
    
    
    $
    (.12
    )
    
    $
    (.46
    )
    
    $
    (.49
    )
    
    $
    (.52
    )Balance SheetTotal Assets
    
    $
    5,679,096
    
    
    $
    8,597,063
    
    
    $
    13,110,125
    
    
    $
    20,278,411
    
    
    $
    29,506,804Total
Liabilites
    
    $
    27,926,723
    
    
    $
    29,550,925
    
    
    $
    30,278,230
    
    
    $
    28,861,231
    
    
    $
    26,412,221Capital
    
    $
    (22,247,627
    )
    
    $
    (20,953,862
    )
    
    $
    (17,168,105
    )
    
    $
    (8,582,820
    )
    
    $
    3,094,583
 36




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Item 7.
    
    Managements Discussion and Analysis of Financial Condition
and Results of Operations
  Liquidity
    37




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Capital Resources
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Contractual Obligations
  Obligation
    
    Total
    
    <1 year
    
    1-3 years
    
    3-5 years>
    
    5 yearsCapital
Contributions
Payable
    
    $
    236,345
    
    
    $
    236,345
    
    
    
    
    
    
    
    
    
    
    
    Asset Management
Fees Payable to
Affiliates
    
    $
    26,871,159
    
    
    $
    26,871,159
    *
    
    
    
    
    
    
    
    
    
    
    
 
  Off Balance Sheet Arrangements
  Critical Accounting Policies and Estimates
    90




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(a)
    
    Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this report, the
Partnerships general partner, under the supervision and
with the participation of the Principle Executive
Officer and Principle Financial Officer of C&M
Management, Inc. carried out an evaluation of the
effectiveness of the Funds disclosure controls and
procedures as defined in the Securities Exchange Act of
1934 Rules 13a-15 and 15d-15. Based on that evaluation,
the Principle Executive Officer and Principal Financial
Officer have concluded that as of the end of the period
covered by this report, the Funds disclosure controls
and procedures were adequate and effective in timely
alerting them to material information relating to the
Fund required to be included in the Partnerships
periodic SEC filings.(b)
    
    Changes in Internal Controls
There were no changes in the Partnerships internal
control over financial reporting that occurred during
the quarter ended March 31, 2007 that materially
affected, or are reasonably likely to materially affect,
the Partnerships internal control over financial
reporting.
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PART III
 
 
  John P. Manning
  Richard J. DeAgazio,
 93




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Jeffrey H. Goldstein,
 Kevin P. Costello,
 Marc N. Teal,
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(f)
    
    
    
    Involvement in certain legal proceedings.

None.(g)
    
    
    
    Promoters and control persons.

None.(h)
    
    and (i)
    
    The Partnership has no directors or executive officers and
accordingly has no audit committee and no audit committee
financial expert. The Partnership is not a listed issuer as
defined in Regulation 10A-3 promulgated under the Securities
Exchange Act of 1934.

The General Partner of the Partnership, Boston Capital
Associates LP, has adopted a Code of Ethics which applies to
the Principal Executive Officer and Principal Financial
Officer of C&M Management, Inc. The Code of Ethics will be
provided without charge to any person who requests it. Such
request should be directed to, Marc N. Teal Boston Capital
Corp. One Boston Place Boston, MA 02108.
 
 
   95




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(a)
    
    Security ownership of certain beneficial owners.As of March 31, 2007, 18,679,738 BACs had been issued. The
following Series are know to have one investor, Everest Housing 199
South Los Robles Ave. Suite 200, Pasadena, CA 91101, with holdings in
excess of 5% of the total outstanding BACs in the series.
 Series
    
    % of BACs heldSeries 7
    
    
    Series 9
    
    
    8.53
    %Series 10
    
    
    Series 11
    
    
    12.56
    %Series 12
    
    
    7.29
    %Series 14
    
    
    6.22
    %
 (b)
    
    Security ownership of management.The general partner has a 1% interest in all profits, losses,
credits and distributions of the Partnership. The Partnerships
response to Item 12(a) is incorporated herein by reference.(c)
    
    Changes in control.
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FeeType
    
    Ser.  7
    
    Ser.  9
    
    Ser. 10
    
    Ser. 11
    
    Ser. 12
    
    Ser. 14Audit Fees
    
    $
    8,140
    
    
    $
    19,710
    
    
    $
    18,670
    
    
    $
    18,670
    
    
    $
    21,940
    
    
    $
    42,630Audit Related Fees
    
    
    
    
    
    
    
    
    
    
    500
    
    
    
    750
    
    
    
    250
    
    
    
    1,500Tax Fees
    
    
    3,970
    
    
    
    9,700
    
    
    
    9,700
    
    
    
    9,700
    
    
    
    11,740
    
    
    
    19,320All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    12,110
    
    
    $
    29,410
    
    
    $
    28,870
    
    
    $
    29,120
    
    
    $
    33,930
    
    
    $
    63,450
  FeeType
    
    Ser.  7
    
    Ser.  9
    
    Ser. 10
    
    Ser. 11
    
    Ser. 12
    
    Ser. 14Audit Fees
    
    $
    7,750
    
    
    $
    18,770
    
    
    $
    17,780
    
    
    $
    17,780
    
    
    $
    20,900
    
    
    $
    40,600Audit Related FeesTax Fees
    
    
    4,100
    
    
    
    11,275
    
    
    
    9,700
    
    
    
    9,000
    
    
    
    11,100
    
    
    
    18,975All Other Fees
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total
    
    $
    11,850
    
    
    $
    30,045
    
    
    $
    27,480
    
    
    $
    26,780
    
    
    $
    32,000
    
    
    $
    59,575
 
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PART IV
 
  
     Crestwood RRH, LTD.
 
   
   a.
    
    Certificate of
Limited Partnership
of Boston Capital
Tax Credit Fund II
Limited Partnership.
(Incorporated by
reference from
Exhibit 3 to the
Partnerships
Registration
Statement No.
33-30145 on Form
S-11 as filed with
the Securities and
Exchange Commission
on October 25,
1989.)
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a.
    
    Agreement of Limited Partnership of Boston Capital Tax
Credit Fund II Limited Partnership. (Incorporated by
reference from Exhibit 4 to the Partnerships
Registration Statement No. 33-30145 on Form S-11 as
filed with the Securities and Exchange Commission on
October 25, 1989.)
  a.
    
    Beneficial Assignee Certificate. (Incorporated by
reference from Exhibit 10A to the Partnerships
Registration Statement No. 33-30145 on Form S-11 as
filed with the Securities and Exchange Commission on
October 25, 1989.)
  a.
    
    Financial Statement of Boston Capital Tax Credit Fund
II Limited Partnership, filed herein
  a.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002, filed hereinb.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002, filed herein
  a.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, filed hereinb.
    
    Certification pursuant to 18 U.S.C. Section 1350,
pursuant to Section 906 of the Sarbanes-Oxley Act of
2002, filed herein
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SIGNATURES
  Boston Capital Tax Credit Fund II Limited
PartnershipBy:
    
    Boston Capital Associates II L.P.
General PartnerBy:
    
    BCA Associates Limited Partnership, General PartnerDate:
    
    By:
    
    C&M Management Inc.,
General PartnerJuly 16, 2007
    
    By:
    
    /s/ John P. ManningJohn P. Manning
  DATE:
    
    SIGNATURE:
    
    TITLE:July 16, 2007
    
    /s/ John P. Manning

John P. Manning
    
    Director, President
(Principal Executive
Officer) C&M Management
Inc.; Director,
President (Principal
Executive Officer)
BCTC II Assignor Corp.July 16, 2007
    
    /s/ Marc N. Teal

Marc N. Teal
    
    Chief Financial Officer
(Principle Financial and
Accounting Officer), C&M
Management Inc.; Chief
Financial Officer (Principle
Financial and Accounting
Officer) BCTC II Assignor Corp.
 101