`<SUBMISSION-INFORMATION-FILE>


         <TYPE>                                 10-K405                                                     </TYPE>

         <CONFIRMING-COPY>                      NO                                                          </CONFIRMING-COPY>

         <SROS>                                 NONE                                                        </SROS>

         <FILER>

            <FILER-CIK>                       0000853566                                                  </FILER-CIK>

            <FILER-CCC>                       one9xy$q                                                    </FILER-CCC>

         </FILER>

         <SUBMISSION-CONTACT>

            <CONTACT-NAME>                    EDGAR Advantage Service Team                                </CONTACT-NAME>

            <CONTACT-PHONE>                   800-688-1933                                                </CONTACT-PHONE>

         </SUBMISSION-CONTACT>

         <NOTIFY-INTERNET>                                                                                  </NOTIFY-INTERNET>

         <RETURN-COPY>                          YES                                                         </RETURN-COPY>

         <PERIOD>                               03/31/2001                                                  </PERIOD>


      </SUBMISSION-INFORMATION-FILE>`

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-K



[X]  Annual report pursuant to Section 13 or 15(d) of the Securities Exchange

Act of 1934

For the fiscal year ended March 31, 2001 or

/ /TRANSITION REPORT PERSUANT 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
(Exact name of registrant as specified in its charter)



|Delaware                          | 04-3066791         
|--------------------------------- | -------------------
|(State or other jurisdiction      | (I.R.S. Employer   
|of incorporation or organization) | Identification No.)

One Boston Place, Suite 2100,

Boston, Massachusetts  02108
(Address of principal executive offices)

617-624-8900

(Registrants telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:



|Name of each exchange | Title of each class
|--------------------- | -------------------
|                      | on which registered
|                      |                    
|None                  | None               

Securities registered pursuant to Section 12(g) of the Act:

Beneficial Assignee Certificates

(Title of Class)

Indicate by check mark whether the Partnership (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding twelve months (or for such shorter period that the
Partnership was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.



|YES | X     | NO   
|--- | ----- | -----
|    | ----- | -----

Indicate by check mark if disclosure of delinquent filers pursuant to Item 
405 of Regulation S-K (229.405 of this chapter) is not contained herein, and
will not be contained, to the best of registrant's knowledge, in definitive
proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K.	|XX|



DOCUMENTS INCORPORATED BY REFERENCE

The following documents of the Partnership are incorporated by reference:



|Form 10-K    |                                             
|------------ | --------------------------------------------
|Parts        | Document                                    
|             |                                             
|Parts I, III | October 25, 1989 Prospectus, as supplemented
|Parts II, IV |                                             



BOSTON CAPITAL TAX CREDIT FUND II LIMITED PARTNERSHIP

Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2001



TABLE OF CONTENTS



PART I



Item 1.	Business

Item 2.	Properties

Item 3.	Legal Proceedings

Item 4.	Submission of Matters to a Vote of

Security-Holders

PART II

Item 5.	Market for the Registrant's Limited Partnership

Interests and Related Partnership Matters

Item 6.	Selected Financial Data

Item 7.	Management's Discussion and Analysis of

Financial Condition and Results of

Operations

Item 8.	Financial Statements and Supplementary Data

Item 9.	Changes in and Disagreements with Accountants

on Accounting and Financial Disclosure

PART III

Item 10.	Directors and Executive Officers

of the Partnership

Item 11.	Executive Compensation

Item 12.	Security Ownership of Certain Beneficial

Owners and Management

Item 13.	Certain Relationships and Related

Transactions

PART IV

Item 14.	Exhibits, Financial Statement Schedules, and

Reports on Form 8-K

Signatures

PART I

Item 1.	Business

Organization

Boston Capital Tax Credit Fund II Limited Partnership (the "Fund") 
is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of June 28, 1989. Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund's general partner was reorganized as follows.  The General
Partner of the Fund continues to be Boston Capital Associates II Limited Partnership, a Delaware limited partnership.  The general partner of the General Partner is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole
general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning.  Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the General Partner is
Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates. The Assignor Limited Partner is BCTC II Assignor Corp., a Delaware corporation which is now
wholly-owned by John P. Manning.



The Assignor Limited Partner was formed for the purpose of serving in that 
capacity for the Partnership and will not engage in any other business.  
Units of beneficial interest in the Limited Partnership Interest of the 
Assignor Limited Partner have been assigned by the Assignor Limited Partner 
by means of beneficial assignee certificates ("BACs") to investors and 
investors are entitled to all the rights and economic benefits of a Limited 
Partner of the Partnership including rights to a percentage of the income, 
gains, losses,deductions, credits and distributions of the Partnership.

A Registration Statement on Form S-11 and the related prospectus, as
supplemented (the "Prospectus") was filed with the Securities and Exchange 
Commission and became effective October 25, 1989 in connection with a public 
offering ("Offering") in series 7, 9 through 12, and 14.  The Partnership 
raised $186,337,517 representing a total of 18,679,738 BACs. The Partnership 
completed sales of BACs in all Series on January 27, 1992.

Description of Business

The Partnership's principal business is to invest as a limited partner in 
other limited partnerships (the "Operating Partnerships"), each of which owns 
or leases and operates an Apartment Complex exclusively or partially for low- 
and moderate-income tenants.  Each Operating Partnership in which the 
Partnership invested owns Apartment Complexes which are completed, 
newly-constructed, under construction or rehabilitation, or to-be constructed 
or rehabilitated, and which are expected to receive Government Assistance.

Each Apartment Complex has qualified for the low-income housing tax credit 
under Section 42 of the Code (the "Federal Housing Tax Credit"), thereby 
providing tax benefits over a period of twelve years in the form of tax 
credits which investors may use to offset income, subject to certain strict 
limitations, from other sources.  Certain of the Apartment Complexes also

1

qualified for the historic rehabilitation tax credit under Section 48 of the
Code (the "Rehabilitation Tax Credit").  The Federal Housing Tax Credit and
the Government Assistance programs are described on pages 67 to 92 of the
Prospectus, as supplemented, under the caption "Government Assistance
Programs," which is incorporated herein by reference.  Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement
payments to low income tenants in properties which receive
other forms of federal assistance such as Tax Credits.  The payments for each
tenant, which are made directly to the owner of their property, generally are
in such amounts as to enable the tenant to pay rent equal to 30% of the
adjusted family income.  Some of the Apartment Complexes in which the
Partnership has invested are receiving such rent supplements from HUD.  HUD
has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals.  At this time, the Partnership is unable to predict whether
Congress will continue rent supplement programs payable directly to owners of
the Apartment Complex.

As of March 31, 2001, the Partnership had invested in a total of 307
Operating Partnerships; 14 Operating Partnerships on behalf of Series 7, 54
Operating Partnerships on behalf of Series 9, 45 Operating Partnerships on
behalf of Series 10, 40 Operating Partnerships on behalf of Series 11, 53
Operating Partnerships on behalf of Series 12, and 101 Operating Partnerships
on behalf of Series 14. A description of these Operating Partnerships is set
forth in Item 2 herein.

The business objectives of the Partnership are to:

(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);

1. 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 extentapplicable, 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

2

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).

The business objectives and investment policies of the Partnership are
described more fully on pages 44 to 52 of the Prospectus, as supplemented,
under the caption "Business Objectives and Investment Policies, " which is
incorporated herein by reference.

Item 2. Properties

The Partnership has acquired a Limited Partnership Interest in each of the
three hundred nine Operating Partnerships in six series identified in the table set forth below.  In each instance the Apartment Complex owned by each 
of the Operating Partnerships is eligible for the Federal Housing Tax Credit. Occupancy of a unit in each Apartment Complex which initially complied with
the Minimum Set-Aside Test (i.e., occupancy by tenants with incomes equal to
no more than a certain percentage of area median income) and the Rent
Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the
applicable income standards) is referred to hereinafter as "Qualified
Occupancy."  Each of the Operating Partnerships and each of the respective
Apartment Complexes are described more fully in the Prospectus or applicable
Report on Form 8-K filed during the past fiscal year.  The General Partner
believes that there is adequate casualty insurance on the properties.
Please refer to Item 7. "Management's Discussion and Analysis of Financial
Condition and Results of Operations" for a more detailed discussion of
operational difficulties experienced by certain of the Operating Partnerships.

3

Boston Capital Tax Credit Fund II Limited Partnership - Series 7



PROPERTY PROFILES AS OF March 31, 2001

|Property
Name                         | Location          | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------------- | ----------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|The Bowditch
School 
Lodging House    | Jamaica
Plain, MA | 50    | $1,604,674                      | 12/89    | 12/89      | 100%                        | $606,390                 
|                                      |                   |       |                                 |          |            |                             |                          
|Briarwood Apartments                  | Cameron, MO       | 24    | 619,469                         | 12/89    | 12/89      | 100%                        | 157,254                  
|                                      |                   |       |                                 |          |            |                             |                          
|Buckner Properties                    | Buckner, MO       | 24    | 615,175                         | 12/89    | 3/89       | 100%                        | 146,287                  
|                                      |                   |       |                                 |          |            |                             |                          
|Creekside Apartments                  | Vandergrift, PA   | 30    | 1,083,004                       | 6/89     | 9/89       | 100%                        | 247,790                  
|                                      |                   |       |                                 |          |            |                             |                          
|Deer Hill
II Apartments               | Huntersville,NC   | 40    | 1,469,206                       | 2/90     | 5/89       | 100%                        | 333,370                  
|                                      |                   |       |                                 |          |            |                             |                          
|Hillandale Commons                    | Lithonia,         | 132   | 3,043,339                       | 12/89    | 1/90       | 100%                        | 1,138,907                
|                                      |                   |       |                                 |          |            |                             |                          
|Leo A. Meyer 
Senior 
Citizen Housing | King City, CA     | 44    | 1,658,088                       | 6/90     | 11/89      | 100%                        | 893,708                  
|                                      |                   |       |                                 |          |            |                             |                          
|Lebanon
Properties II                 | Lebanon, MO       | 24    | 569,718                         | 12/89    | 7/89       | 100%                        | 136,440                  
|                                      |                   |       |                                 |          |            |                             |                          
|New Holland Apartments*               | Danville, IL      | 53    | -                               | 5/90     | 8/90       | N/A                         | 800,434                  
|                                      |                   |       |                                 |          |            |                             |                          
|Oak Grove Estates                     | Oak Grove, MO     | 20    | 481,323                         | 12/89    | 9/89       | 100%                        | 113,188                  
|                                      |                   |       |                                 |          |            |                             |                          
|Oakview Apartments                    | Delta, OH         | 38    | 1,119,555                       | 12/89    | 10/89      | 100%                        | 258,264                  
|                                      |                   |       |                                 |          |            |                             |                          
|Metropole Apartments                  | Miami Beach, FL   | 42    | 2,098,686                       | 12/89    | 12/89      | 100%                        | 694,581                  

* Refer to note in Results of Operations for information on New Holland Apartments.

4

Boston Capital Tax Credit Fund II Limited Partnership - Series 7



PROPERTY PROFILES AS OF March 31, 2001



Continued

|Property
Name              | Location            | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|-------------------------- | ------------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Rosenberg Apartments       | Santa Rosa,CA       | 77    | $1,780,013                      | 2/90     | 1/92       | 100%                        | $1,943,360               
|                           |                     |       |                                 |          |            |                             |                          
|Westwood
Square Apartments | Moore Head City, NC | 36    | 1,402,664                       | 7/90     | 7/90       | 100%                        | 117,286                  
|                           |                     |       |                                 |          |            |                             |                          
|Winfield                   |                     |       |                                 |          |            |                             |                          
|Properties                 | Winfield,           |       |                                 |          |            |                             |                          
|II                         | MO                  | 24    | 605,795                         | 12/89    | 5/89       | 100%                        | 142,525                  



5

Boston Capital Tax Credit Fund II Limited Partnership - Series 9



PROPERTY PROFILES AS OF March 31, 2001

|Property
Name               | Location        | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|--------------------------- | --------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Azalea
Village Apartments   | Crawford, GA    | 24    | $636,345                        | 5/90     | 5/90       | 100%                        | $143,206                 
|                            |                 |       |                                 |          |            |                             |                          
|Beaver 
Brook Commons       | Pelham, NH      | 24    | 1,176,146                       | 4/90     | 5/90       | 91%                         | 290,403                  
|                            |                 |       |                                 |          |            |                             |                          
|Bent Creek
Apartments II    | Crest View, FL  | 24    | 704,414                         | 6/90     | 5/90       | 100%                        | 164,534                  
|                            |                 |       |                                 |          |            |                             |                          
|Big Lake Seniors            | Big Lake, TX    | 20    | 554,703                         | 4/94     | 6/95       | 100%                        | 145,660                  
|                            |                 |       |                                 |          |            |                             |                          
|Blanco Senior Apts.         | Blanco, TX      | 20    | 515,462                         | 12/93    | 9/94       | 100%                        | 98,561                   
|                            |                 |       |                                 |          |            |                             |                          
|Breezewood 
Village Phase I | Kissimmee,FL    | 86    | 2,774,504                       | 4/90     | 4/90       | 100%                        | 831,650                  
|                            |                 |       |                                 |          |            |                             |                          
|Breezewood Village II       | Kissimmee,FL    | 42    | 1,420,310                       | 5/90     | 5/90       | 100%                        | 416,268                  
|                            |                 |       |                                 |          |            |                             |                          
|Cambridge Manor             | Madison, FL     | 36    | 1,126,297                       | 4/90     | 1/90       | 100%                        | 268,523                  
|                            |                 |       |                                 |          |            |                             |                          
|Corinth Senior Housing      | Corinth, NY     | 40    | 1,479,956                       | 4/90     | 2/90       | 100%                        | 384,000                  
|                            |                 |       |                                 |          |            |                             |                          
|Cotton Mill Apartments      | Stuart, VA      | 40    | 1,466,154                       | 10/92    | 7/93       | 100%                        | 271,351                  
|                            |                 |       |                                 |          |            |                             |                          
|Country Hill Apts.          | Cedar Rapids,IA | 166   | 4,328,960                       | 4/90     | 6/90       | 100%                        | 3,471,607                
|                            |                 |       |                                 |          |            |                             |                          
|Country Lane Apts.          | Blakely, GA     | 32    | 1,021,843                       | 5/90     | 5/90       | 100%                        | 211,916                  

6

Boston Capital Tax Credit Fund II Limited Partnership - Series 9

PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name              | Location         | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|-------------------------- | ---------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Fawn River Apartments      | Sturgis, 
MI     | 100   | $3,676,597                      | 10/90    | 10/90      | 98%                         | $971,446                 
|                           |                  |       |                                 |          |            |                             |                          
|Garden Lake Apartments     | Immokalee, 
FL   | 65    | 2,180,111                       | 5/90     | 5/90       | 100%                        | 577,529                  
|                           |                  |       |                                 |          |            |                             |                          
|Glenwood Hotel             | Porterville, 
CA | 36    | 715,360                         | 6/90     | 6/90       | 100%                        | 383,100                  
|                           |                  |       |                                 |          |            |                             |                          
|Grand 
Princess Manor      | St. Croix, 
USVI | 24    | 1,483,395                       | 6/90     | 8/90       | 100%                        | 374,766                  
|                           |                  |       |                                 |          |            |                             |                          
|Grand 
Princess Villa      | St. Croix, 
USVI | 24    | 1,482,405                       | 6/90     | 8/90       | 100%                        | 276,203                  
|                           |                  |       |                                 |          |            |                             |                          
|Greenwich 
Senior Housing  | Greenwich, 
NY   | 36    | 1,473,168                       | 4/90     | 2/90       | 97%                         | 340,000                  
|                           |                  |       |                                 |          |            |                             |                          
|Grifton Manor Apts.        | Grifton, 
NC     | 40    | 1,242,154                       | 9/93     | 2/94       | 100%                        | 261,645                  
|                           |                  |       |                                 |          |            |                             |                          
|Hacienda 
Villa Apartments | Firebaugh, 
CA   | 120   | 3,780,297                       | 4/90     | 1/90       | 100                         | 1,343,294                
|                           |                  |       |                                 |          |            |                             |                          
|Haines City Apartments     | Haines City, 
FL | 46    | 1,428,973                       | 4/90     | 2/90       | 100%                        | 339,465                  
|                           |                  |       |                                 |          |            |                             |                          
|Hamlet Square              | Newfane, 
NY     | 24    | 961,692                         | 10/92    | 9/92       | 95%                         | 193,830                  
|                           |                  |       |                                 |          |            |                             |                          
|                           |                  |       |                                 |          |            |                             |                          
|Hill St. Commons           | South Paris, 
ME | 25    | 1,478,938                       | 11/92    | 10/92      | 100%                        | 301,064                  
|                           |                  |       |                                 |          |            |                             |                          
|Kristin
Park Apartments    | Las Vegas, 
NV   | 44    | 1,382,214                       | 3/90     | 6/90       | 100%                        | 313,200                  



7

Boston Capital Tax Credit Fund II Limited Partnership - Series 9



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                      | Location         | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|---------------------------------- | ---------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|                                   |                  |       |                                 |          |            |                             |                          
|Le Grand Apts.                     | Le Grand, CA     | 34    | $1,725,679                      | 11/92    | 10/93      | 100%                        | $419,011                 
|                                   |                  |       |                                 |          |            |                             |                          
|Longmeadow Apartments              | Skowhegan, ME    | 28    | 1,467,786                       | 8/90     | 8/90       | 100%                        | 284,000                  
|                                   |                  |       |                                 |          |            |                             |                          
|Magnolia 
Lane
Apartments          | Bloomingdale,
GA | 48    | 1,469,903                       | 5/90     | 3/90       | 100%                        | 321,908                  
|                                   |                  |       |                                 |          |            |                             |                          
|Maywood
Apartments                 | Corning,
CA      | 40    | 1,492,121                       | 3/90     | 7/90       | 100%                        | 365,280                  
|                                   |                  |       |                                 |          |            |                             |                          
|Meadowcrest Southfield,
Apartments | Southfield,
MI   | 83    | 2,855,916                       | 9/90     | 10/90      | 100%                        | 1,116,284                
|                                   |                  |       |                                 |          |            |                             |                          
|Mill Pond
Apartments               | Brooklyn,
MI     | 36    | 1,101,242                       | 5/90     | 5/90       | 100%                        | 250,175                  
|                                   |                  |       |                                 |          |            |                             |                          
|New Holland 
Apartments*           | Danville,IL      | 53    | -                               | 5/90     | 8/90       | N/A                         | 565,622                  
|                                   |                  |       |                                 |          |            |                             |                          
|Pinewoods
Apartments               | Springfield,
IL  | 168   | 3,704,918                       | 6/90     | 6/91       | 100%                        | 1,258,700                
|                                   |                  |       |                                 |          |            |                             |                          
|Pine Ridge
Place                   | Polkton,
NC      | 16    | 651,310                         | 1/94     | 12/93      | 100%                        | 114,730                  
|                                   |                  |       |                                 |          |            |                             |                          
|Pleasanton
Seniors Apts.           | Pleasanton,
TX   | 24    | 616,874                         | 12/93    | 7/93       | 100%                        | 144,839                  
|                                   |                  |       |                                 |          |            |                             |                          
|Port
Crossing                      | Portage,
IN      | 160   | 3,630,919                       | 3/90     | 4/90       | 100%                        | 2,733,580                
|                                   |                  |       |                                 |          |            |                             |                          
|Putney
Meadows Apts                | Putney,
VT       | 28    | 1,415,070                       | 12/92    | 5/93       | 100%                        | 374,495                  
|                                   |                  |       |                                 |          |            |                             |                          
|Quail 
Hollow
Apartments           | Homerville,
GA   | 54    | 1,460,299                       | 5/90     | 1/90       | 100%                        | 363,353                  

* Refer to note in Results of Operations for information on New Holland Apartments.

8

Boston Capital Tax Credit Fund II Limited Partnership - Series 9



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                 | Location         | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|----------------------------- | ---------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Quail 
Hollow
II              | Raleigh,
NC      | 36    | $1,396,143                      | 7/90     | 9/90       | 100%                        | $313,521                 
|                              |                  |       |                                 |          |            |                             |                          
|Rainbow 
Gardens
Apartments   | Dunnellon,
FL    | 36    | 1,207,176                       | 12/92    | 6/93       | 100%                        | 236,763                  
|                              |                  |       |                                 |          |            |                             |                          
|Raitt
Street Apts.            | Santa Ana,
CA    | 6     | 817,848                         | 5/93     | 8/93       | 100%                        | 416,200                  
|                              |                  |       |                                 |          |            |                             |                          
|School St.
Apts. II           | Marshall,
WI     | 24    | 662,204                         | 6/93     | 6/93       | 100%                        | 652,967                  
|                              |                  |       |                                 |          |            |                             |                          
|Scottsville
Hollow            | Scottsville,
NY  | 36    | 1,418,340                       | 5/90     | 5/90       | 100%                        | 304,060                  
|                              |                  |       |                                 |          |            |                             |                          
|Somerset
Apartments           | Antioch,
CA      | 156   | 5,378,314                       | 3/90     | 3/90       | 100%                        | 3,920,000                
|                              |                  |       |                                 |          |            |                             |                          
|St. Paul's
Apartments         | St. Paul,
NC     | 32    | 1,257,674                       | 5/90     | 9/90       | 100%                        | 263,165                  
|                              |                  |       |                                 |          |            |                             |                          
|Surry 
Village
II             | Surry,
VA        | 24    | 786,668                         | 5/90     | 1/90       | 100%                        | 157,002                  
|                              |                  |       |                                 |          |            |                             |                          
|Tappahannock
Greens Apts.     | Tappahannock,
VA | 40    | 1,495,402                       | 3/94     | 5/94       | 100%                        | 293,486                  
|                              |                  |       |                                 |          |            |                             |                          
|Telluride
Apartments          | Telluride,
CO    | 30    | 1,462,797                       | 9/90     | 11/90      | 100%                        | 300,033                  
|                              |                  |       |                                 |          |            |                             |                          
|The Warren 
St. Lodging
House | Boston,
MA       | 19    | 721,934                         | 3/90     | 5/90       | 100%                        | 460,900                  
|                              |                  |       |                                 |          |            |                             |                          
|Twin Oaks
Apartments          | Raeford,
NC      | 28    | 1,133,150                       | 5/90     | 5/90       | 100%                        | 275,894                  

9

Boston Capital Tax Credit Fund II Limited Partnership - Series 9



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name              | Location           | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|-------------------------- | ------------------ | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Ventura
Village            | Hernando,
FL       | 53    | $1,476,731                      | 6/90     | 7/90       | 100%                        | $473,300                 
|                           |                    |       |                                 |          |            |                             |                          
|Village Oaks
Apartments II | Live Oak, 
FL      | 24    | 728,054                         | 6/90     | 2/90       | 100%                        | 164,291                  
|                           |                    |       |                                 |          |            |                             |                          
|Warrensburg
Estates        | Warrensburg,
MO    | 32    | 787,409                         | 4/90     | 4/90       | 100%                        | 181,849                  
|                           |                    |       |                                 |          |            |                             |                          
|Westside
Apartments        | Providence,
RI     | 40    | 2,368,290                       | 6/90     | 12/90      | 100%                        | 1,777,738                
|                           |                    |       |                                 |          |            |                             |                          
|Westwood
Square
Apartments | Moorehead City,
NC | 36    | 1,402,664                       | 7/90     | 7/90       | 100%                        | 195,391                  
|                           |                    |       |                                 |          |            |                             |                          
|Wilmington  
Housing       | Wilmington,
NY     | 24    | 1,042,125                       | 8/90     | 8/90       | 100%                        | 237,279                  



10

Boston Capital Tax Credit Fund II Limited Partnership - Series 10



PROPERTY PROFILES AS OF March 31, 2001





|Property
Name              | Location        | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|-------------------------- | --------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Athens Park Apartments     | Athens,AL       | 48    | $1,329,105                      | 8/90     | 6/90       | 100%                        | $  354,144               
|                           |                 |       |                                 |          |            |                             |                          
|Autumn Lane Apartments     | Washington, GA  | 24    | 729,775                         | 8/89     | 11/90      | 100%                        | 168,234                  
|                           |                 |       |                                 |          |            |                             |                          
|Baytree
Apartments         | Richlands,
NC   | 24    | 952,017                         | 11/88    | 7/90       | 100%                        | 210,999                  
|                           |                 |       |                                 |          |            |                             |                          
|Benchmark
Apartments       | China Grove,
NC | 24    | 1,107,728                       | 11/88    | 7/90       | 100%                        | 223,328                  
|                           |                 |       |                                 |          |            |                             |                          
|Berkshire
Apartments II    | Wichita,
KS     | 66    | 1,714,808                       | 7/90     | 7/90       | 100%                        | 1,183,452                
|                           |                 |       |                                 |          |            |                             |                          
|Brentwood
Apartments       | Eunice,
LA      | 32    | 949,294                         | 11/90    | 10/90      | 100%                        | 205,470                  
|                           |                 |       |                                 |          |            |                             |                          
|Briarwood
Apartments       | Middleburg,
FL  | 52    | 1,473,461                       | 8/90     | 8/90       | 100%                        | 509,251                  
|                           |                 |       |                                 |          |            |                             |                          
|Butler Manor
Apartments    | Morgantown,
KY  | 16    | 500,104                         | 12/90    | 2/91       | 100%                        | 119,952                  
|                           |                 |       |                                 |          |            |                             |                          
|Campbell 
Creek
Apartments | Dallas,
GA      | 80    | 1,493,961                       | 12/91    | 10/90      | 100%                        | 735,000                  
|                           |                 |       |                                 |          |            |                             |                          
|Candlewick
Place           | Monroeville,
AL | 40    | 1,248,837                       | 12/92    | 10/92      | 100%                        | 241,600                  
|                           |                 |       |                                 |          |            |                             |                          
|Cedarstone
Apts.           | Poplarville,
MS | 24    | 768,179                         | 5/93     | 5/93       | 100%                        | 180,800                  
|                           |                 |       |                                 |          |            |                             |                          
|Charlton 
Court
Apartments | Folkston,
GA    | 40    | 1,193,293                       | 12/92    | 1/93       | 100%                        | 263,520                  

11



Boston Capital Tax Credit Fund II Limited Partnership - Series 10



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                | Location          | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|---------------------------- | ----------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Chuckatuck
Square            | Suffolk
VA        | 42    | $1,469,766                      | 11/90    | 2/90       | 100%                        | $320,900                 
|                             |                   |       |                                 |          |            |                             |                          
|Cloverleaf
Apartments        | Bishopville,
SC   | 24    | 850,125                         | 11/90    | 4/90       | 100%                        | 153,900                  
|                             |                   |       |                                 |          |            |                             |                          
|Cloverleaf  
Apts.,
Phase II | Bishopville,
SC   | 24    | 869,226                         | 11/90    | 4/90       | 100%                        | 160,761                  
|                             |                   |       |                                 |          |            |                             |                          
|Connellsville
Heritage Apts. | Connellsville,
PA | 36    | 1,359,591                       | 11/90    | 3/90       | 100%                        | 325,460                  
|                             |                   |       |                                 |          |            |                             |                          
|Freedom
Apartments           | Ford City,
PA     | 28    | 1,044,074                       | 11/90    | 9/90       | 100%                        | 262,791                  
|                             |                   |       |                                 |          |            |                             |                          
|Hartway
Apts.                | Munfordville,
KY  | 32    | 908,078                         | 7/90     | 6/90       | 100%                        | 239,041                  
|                             |                   |       |                                 |          |            |                             |                          
|Hilltop
Terrace              | Kingsland,
GA     | 54    | 1,479,394                       | 8/90     | 7/90       | 100%                        | 455,851                  
|                             |                   |       |                                 |          |            |                             |                          
|Indian Run
Village           | S. Kingston 
RI   | 114   | 1,443,572                       | 4/93     | 7/93       | 100%                        | 604,867                  
|                             |                   |       |                                 |          |            |                             |                          
|Ironton
Estates              | Ironton,
MO       | 24    | 619,088                         | 5/93     | 1/93       | 100%                        | 157,976                  
|                             |                   |       |                                 |          |            |                             |                          
|Lambert 
Square
Apts.        | Lambert,
MS       | 32    | 990,004                         | 11/92    | 12/92      | 100%                        | 192,347                  
|                             |                   |       |                                 |          |            |                             |                          
|Longview
Apartments          | Maysville,
NC     | 24    | 866,947                         | 11/88    | 8/90       | 100%                        | 195,837                  
|                             |                   |       |                                 |          |            |                             |                          
|Maidu
Village                | Roseville,
CA     | 81    | 1,984,446                       | 3/91     | 12/91      | 100%                        | 470,000                  

12

Boston Capital Tax Credit Fund II Limited Partnership - Series 10



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                | Location         | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|---------------------------- | ---------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Mann
Estates                 | Indianapolis,
IN | 132   | $3,195,197                      | 7/90     | 10/90      | 100%                        | $1,980,000               
|                             |                  |       |                                 |          |            |                             |                          
|Meadowbrook
Lane
Apartments  | Americus,
GA     | 50    | 1,469,029                       | 9/90     | 3/90       | 100%                        | 336,264                  
|                             |                  |       |                                 |          |            |                             |                          
|Melrose Lane
Apartments      | Great Falls,
SC  | 24    | 868,686                         | 11/90    | 10/90      | 100%                        | 203,645                  
|                             |                  |       |                                 |          |            |                             |                          
|Mercer
Manor                 | Mercer,
PA       | 26    | 903,446                         | 11/90    | 8/90       | 96%                         | 220,450                  
|                             |                  |       |                                 |          |            |                             |                          
|Pecan Village
Apartments     | Ellaville,
GA    | 30    | 782,117                         | 7/90     | 2/90       | 100%                        | 221,856                  
|                             |                  |       |                                 |          |            |                             |                          
|Piedmont
Hills               | Forsyth,
GA      | 50    | 1,449,393                       | 7/90     | 9/90       | 100%                        | 439,958                  
|                             |                  |       |                                 |          |            |                             |                          
|Pine View
Apartments         | Perry,
FL        | 29    | 955,530                         | 9/90     | 12/90      | 100%                        | 277,405                  
|                             |                  |       |                                 |          |            |                             |                          
|Pines by the
Creek Apts.     | Newnan,
GA       | 96    | 1,781,883                       | 12/90    | 10/90      | 100%                        | 890,000                  
|                             |                  |       |                                 |          |            |                             |                          
|Pine Grove
Apts.             | Ackerman,
MS     | 24    | 570,150                         | 9/93     | 6/94       | 100%                        | 169,926                  
|                             |                  |       |                                 |          |            |                             |                          
|Pinetree
Manor
Apts.         | Centreville,
MS  | 32    | 974,350                         | 11/92    | 1/93       | 100%                        | 191,500                  
|                             |                  |       |                                 |          |            |                             |                          
|Rosewood 
Village
Apartments | Willacoochee,
GA | 24    | 645,389                         | 7/90     | 7/90       | 100%                        | 147,480                  

13

Boston Capital Tax Credit Fund II Limited Partnership - Series 10



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                       | Location            | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|----------------------------------- | ------------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|                                    |                     |       |                                 |          |            |                             |                          
|Springwood 
Park
Apartments         | Durham,
NC          | 100   | $2,920,053                      | 3/91     | 5/91       | 100%                        | $1,000,000               
|                                    |                     |       |                                 |          |            |                             |                          
|Stockton
Estates                    | Stockton,
MO        | 20    | 512,028                         | 2/93     | 1/93       | 100%                        | 120,352                  
|                                    |                     |       |                                 |          |            |                             |                          
|Stratford 
Square
Apartments        | Brundidge, 
AL      | 24    | 747,264                         | 10/92    | 2/93       | 100%                        | 145,036                  
|                                    |                     |       |                                 |          |            |                             |                          
|Summer 
Glen
Apartments             | Immokalee,
FL       | 45    | 1,474,538                       | 11/92    | 3/93       | 100%                        | 246,230                  
|                                    |                     |       |                                 |          |            |                             |                          
|Summerwood
Apartments               | West Des Moines,
IA | 86    | 2,275,780                       | 7/90     | 7/90       | 100%                        | 2,015,183                
|                                    |                     |       |                                 |          |            |                             |                          
|Sunmark
Apartments                  | Morgantown, 
KY     | 24    | 764,796                         | 8/90     | 12/90      | 100%                        | 176,669                  
|                                    |                     |       |                                 |          |            |                             |                          
|Village
Commons                     | Lawton, 
MI         | 58    | 1,479,244                       | 11/90    | 6/90       | 100%                        | 323,665                  
|                                    |                     |       |                                 |          |            |                             |                          
|Washington 
Heights 
Apartments,
IV | Bismarck,
ND        | 24    | 487,040                         | 11/90    | 7/90       | 100%                        | 381,010                  
|                                    |                     |       |                                 |          |            |                             |                          
|Woods Hollow
Apartments             | Centreville,
MI     | 24    | 628,710                         | 11/90    | 2/90       | 100%                        | 132,700                  
|                                    |                     |       |                                 |          |            |                             |                          
|Woodside
Apartments                 | Lisbon, 
ME         | 28    | 1,472,969                       | 12/90    | 11/90      | 100%                        | 397,630                  

14

Boston Capital Tax Credit Fund II Limited Partnership - Series 11



PROPERTY PROFILES AS OF March 31, 2001



|Property
Name               | Location              | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|--------------------------- | --------------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Academy 
Hill
Apartments    | Ahoskie,
NC           | 40    | $1,368,969                      | 2/91     | 2/91       | 100%                        | $319,224                 
|                            |                       |       |                                 |          |            |                             |                          
|Aspen 
Square
Apartments    | Tazewell,
VA          | 60    | 1,824,075                       | 11/90    | 11/90      | 100%                        | 356,495                  
|                            |                       |       |                                 |          |            |                             |                          
|Bridgeview
Apartments       | Emlenton,
PA          | 36    | 1,355,628                       | 12/90    | 12/89      | 100%                        | 327,257                  
|                            |                       |       |                                 |          |            |                             |                          
|Buckeye 
Senior
Apartments  | Buckeye,
AZ           | 41    | 1,332,866                       | 12/90    | 8/90       | 100%                        | 311,480                  
|                            |                       |       |                                 |          |            |                             |                          
|Campbell 
Creek
Apartments  | Dallas,
GA            | 80    | 1,493,961                       | 12/90    | 10/90      | 100%                        | 142,000                  
|                            |                       |       |                                 |          |            |                             |                          
|Cambridge 
Manor
Apartments | Macon,
MS             | 47    | 1,613,888                       | 5/93     | 4/93       | 100%                        | 356,356                  
|                            |                       |       |                                 |          |            |                             |                          
|Church Hill
Apartments      | Church Point,
LA      | 32    | 949,916                         | 12/90    | 1/91       | 100%                        | 205,750                  
|                            |                       |       |                                 |          |            |                             |                          
|Copper 
Creek
Apartments    | Lebanon,
VA           | 36    | 1,167,972                       | 11/90    | 9/90       | 100%                        | 237,647                  
|                            |                       |       |                                 |          |            |                             |                          
|Coronado
Hotel              | Tuscon,
AZ            | 42    | 348,149                         | 3/91     | 3/91       | 100%                        | 614,050                  
|                            |                       |       |                                 |          |            |                             |                          
|Crestwood
Apartments        | St. Cloud,
FL         | 216   | 4,074,549                       | 1/91     | 6/91       | 100%                        | 5,636,484                
|                            |                       |       |                                 |          |            |                             |                          
|El Dorado
Springs Est.      | El Dorado Springs,
MO | 24    | 577,610                         | 11/90    | 9/90       | 100%                        | 133,790                  
|                            |                       |       |                                 |          |            |                             |                          
|Eldon Est.
II               | Eldon,
MO             | 24    | 578,008                         | 12/90    | 11/90      | 100%                        | 131,340                  

15

Boston Capital Tax Credit Fund II Limited Partnership - Series 11



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                 | Location           | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|----------------------------- | ------------------ | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Eldon
Manor                   | Eldon,
MO          | 24    | $556,302                        | 12/90    | 11/90      | 100%                        | $241,980                 
|                              |                    |       |                                 |          |            |                             |                          
|Elmwood 
Manor
Apartments     | Eutaw,
AL          | 47    | 1,613,794                       | 5/93     | 12/93      | 100%                        | 333,440                  
|                              |                    |       |                                 |          |            |                             |                          
|Fairridge 
Lane
Apartments    | Denmark,
SC        | 24    | 813,360                         | 11/90    | 6/90       | 100%                        | 209,326                  
|                              |                    |       |                                 |          |            |                             |                          
|Fairridge 
Village
Apartments | Denmark,
SC        | 24    | 765,804                         | 11/90    | 6/90       | 100%                        | 186,381                  
|                              |                    |       |                                 |          |            |                             |                          
|Farmerville
Square Apts.      | Farmerville,
LA    | 32    | 962,452                         | 1/91     | 4/91       | 100%                        | 212,280                  
|                              |                    |       |                                 |          |            |                             |                          
|Forest 
Glade
Apartments      | Wauchula,
FL       | 50    | 1,474,394                       | 12/90    | 12/90      | 100%                        | 420,565                  
|                              |                    |       |                                 |          |            |                             |                          
|Franklin
School               | Great Falls,
MT    | 40    | 1,234,638                       | 10/90    | 12/91      | 100%                        | 1,453,270                
|                              |                    |       |                                 |          |            |                             |                          
|Hilltop
Apts.                 | Los Lunas,
NM      | 40    | 1,411,750                       | 1/93     | 11/92      | 100%                        | 258,455                  
|                              |                    |       |                                 |          |            |                             |                          
|Holland
Meadows               | Holland,
NY        | 24    | 894,272                         | 11/90    | 6/90       | 100%                        | 213,880                  
|                              |                    |       |                                 |          |            |                             |                          
|Holley
Grove                  | Holley,
NY         | 24    | 912,256                         | 11/90    | 10/90      | 100%                        | 207,360                  
|                              |                    |       |                                 |          |            |                             |                          
|Ivan Woods
Senior Apts.       | Delta Township,
MI | 90    | 2,071,512                       | 2/91     | 4/91       | 100%                        | 1,184,275                
|                              |                    |       |                                 |          |            |                             |                          
|Kaplan 
Manor
Apartments      | Kaplan,
LA         | 32    | 920,801                         | 12/90    | 12/90      | 100%                        | 198,460                  

16

Boston Capital Tax Credit Fund II Limited Partnership - Series 11

PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                  | Location            | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------ | ------------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Lakewood
Village
Apartments    | Lake Providence,
LA | 32    | $948,629                        | 1/91     | 5/91       | 100%                        | $223,827                 
|                               |                     |       |                                 |          |            |                             |                          
|Licking
Apartments             | Licking,
MO         | 16    | 403,764                         | 11/91    | 3/92       | 100%                        | 90,436                   
|                               |                     |       |                                 |          |            |                             |                          
|London
Arms                    | Miami Beach,
FL     | 58    | 2,663,549                       | 12/90    | 12/90      | 100%                        | 937,961                  
|                               |                     |       |                                 |          |            |                             |                          
|Maidu
Village                  | Roseville,
CA       | 81    | 1,984,446                       | 3/91     | 12/91      | 100%                        | 530,000                  
|                               |                     |       |                                 |          |            |                             |                          
|Nevada
Manor                   | Nevada,
MO          | 24    | 644,008                         | 11/90    | 10/90      | 100%                        | 143,270                  
|                               |                     |       |                                 |          |            |                             |                          
|Oatka
Meadows                  | Warsaw,
NY          | 24    | 913,637                         | 11/90    | 6/90       | 100%                        | 206,670                  
|                               |                     |       |                                 |          |            |                             |                          
|Osage
Place                    | Arkansas City,
KS   | 38    | 1,225,083                       | 12/90    | 12/90      | 100%                        | 522,999                  
|                               |                     |       |                                 |          |            |                             |                          
|Pines by the 
Creek
Apartments | Newnan, 
GA         | 96    | 1,781,883                       | 12/90    | 10/90      | 100%                        | 245,000                  
|                               |                     |       |                                 |          |            |                             |                          
|Sandy 
Pines
Manor             | Punta Gorda,
FL     | 44    | 1,472,675                       | 12/90    | 7/90       | 100%                        | 399,977                  
|                               |                     |       |                                 |          |            |                             |                          
|Sierra 
Springs
Apartments     | Tazewell,
VA        | 36    | 1,169,025                       | 11/90    | 11/90      | 100%                        | 299,634                  
|                               |                     |       |                                 |          |            |                             |                          
|South Fork 
Heights            | South Fork,
CO      | 48    | 1,473,739                       | 2/91     | 2/91       | 100%                        | 343,358                  
|                               |                     |       |                                 |          |            |                             |                          
|Twin Oaks
Apartments           | Allendale,
SC       | 24    | 777,619                         | 12/90    | 9/90       | 100%                        | 206,888                  

17

Boston Capital Tax Credit Fund II Limited Partnership - Series 11



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                | Location       | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|---------------------------- | -------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Walnut
Village
Apartments    | Manning,
SC    | 24    | $834,709                        | 11/90    | 11/90      | 100%                        | $183,244                 
|                             |                |       |                                 |          |            |                             |                          
|Washington 
Manor
Apartments | Washington,
LA | 32    | 952,027                         | 1/91     | 3/91       | 100%                        | 216,990                  
|                             |                |       |                                 |          |            |                             |                          
|Wildridge
Apartments         | Jesup,
GA      | 48    | 1,388,249                       | 1/91     | 4/91       | 100%                        | 329,130                  
|                             |                |       |                                 |          |            |                             |                          
|Windsor
Apts.                | Metter,
GA     | 53    | 1,459,989                       | 12/92    | 5/93       | 100%                        | 248,207                  





18

Boston Capital Tax Credit Fund II Limited Partnership - Series 12



PROPERTY PROFILES AS OF March 31, 2001

|Property
Name               | Location          | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|--------------------------- | ----------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Bowman 
Village
Apartments  | Bowman,
GA        | 24    | $661,632                        | 6/91     | 10/91      | 100%                        | $139,879                 
|                            |                   |       |                                 |          |            |                             |                          
|Brandywood
Apartments       | Oak Creek,
WI     | 54    | 1,713,449                       | 12/91    | 9/91       | 100%                        | 1,532,506                
|                            |                   |       |                                 |          |            |                             |                          
|Brentwood 
Manor
Apartments | Clarkson,
KY      | 24    | 742,461                         | 6/91     | 7/91       | 100%                        | 173,969                  
|                            |                   |       |                                 |          |            |                             |                          
|Briarwick
Apartments        | Nicholasville,
KY | 40    | 1,232,019                       | 4/91     | 4/91       | 100%                        | 323,941                  
|                            |                   |       |                                 |          |            |                             |                          
|Bridgerun
Townhomes         | Cannon Falls,
MN  | 18    | 557,182                         | 6/91     | 7/91       | 100%                        | 458,800                  
|                            |                   |       |                                 |          |            |                             |                          
|Bucksport 
Park
Apartments  | Bucksport,
ME     | 24    | 1,363,255                       | 6/91     | 8/91       | 100%                        | 334,600                  
|                            |                   |       |                                 |          |            |                             |                          
|Campbell 
Creek
Apartments  | Dallas,
GA        | 80    | 1,493,961                       | 3/91     | 10/90      | 100%                        | 593,000                  
|                            |                   |       |                                 |          |            |                             |                          
|Cananche 
Creek
Apartments  | Norton,
VA        | 36    | 1,228,198                       | 5/91     | 6/91       | 100%                        | 276,695                  
|                            |                   |       |                                 |          |            |                             |                          
|Carson 
Village
Apartments  | Wrightsville,
GA  | 24    | 648,481                         | 10/91    | 6/92       | 100%                        | 161,452                  
|                            |                   |       |                                 |          |            |                             |                          
|Clymer 
House
Apartments    | Clymer, 
PA       | 26    | 1,109,478                       | 6/91     | 10/91      | 100%                        | 254,097                  
|                            |                   |       |                                 |          |            |                             |                          
|Corcoran 
Garden
Apartments | Corcoran,
CA      | 38    | 1,515,907                       | 2/91     | 11/90      | 100%                        | 432,438                  
|                            |                   |       |                                 |          |            |                             |                          
|Cornish
Park                | Cornish,
ME       | 25    | 1,446,983                       | 6/91     | 6/91       | 100%                        | 333,000                  

19

Boston Capital Tax Credit Fund II Limited Partnership - Series 12



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                   | Location           | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------- | ------------------ | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Crescent City
Senior
Apartments | Crescent City,
CA  | 38    | $1,853,904                      | 3/91     | 3/91       | 100%                        | $474,536                 
|                                |                    |       |                                 |          |            |                             |                          
|Earlimart 
Senior
Apartments    | Earlimart, 
CA     | 35    | 1,338,070                       | 6/91     | 6/91       | 100%                        | 364,515                  
|                                |                    |       |                                 |          |            |                             |                          
|Evanwood
Apartments             | Hardinsburg,
KY    | 24    | 750,546                         | 6/91     | 5/91       | 100%                        | 167,221                  
|                                |                    |       |                                 |          |            |                             |                          
|Fox Run
Apartments              | Jesup,
GA          | 24    | 609,471                         | 12/91    | 7/92       | 100%                        | 150,033                  
|                                |                    |       |                                 |          |            |                             |                          
|Franklin 
House
Apts.           | Liberty,
MO        | 21    | 291,227                         | 5/93     | 1/88       | 100%                        | 137,836                  
|                                |                    |       |                                 |          |            |                             |                          
|Hamilton 
Village
Apartments    | Preston,
GA        | 20    | 566,067                         | 10/91    | 3/92       | 100%                        | 140,948                  
|                                |                    |       |                                 |          |            |                             |                          
|Hunters 
Park
Apartments        | Tarboro,
NC        | 40    | 1,402,208                       | 5/91     | 4/91       | 100%                        | 320,175                  
|                                |                    |       |                                 |          |            |                             |                          
|Ivan Woods
Senior
Apartments    | Delta
Township,
MI | 90    | 2,071,512                       | 2/91     | 4/91       | 100%                        | 778,688                  
|                                |                    |       |                                 |          |            |                             |                          
|Keenland
Apartments             | Burkesville,
KY    | 24    | 730,343                         | 6/91     | 9/91       | 100%                        | 164,246                  
|                                |                    |       |                                 |          |            |                             |                          
|Lakeridge
Apartments            | Eufala,
AL         | 30    | 911,422                         | 3/91     | 4/91       | 100%                        | 186,780                  
|                                |                    |       |                                 |          |            |                             |                          
|Laurel
Village
Apartments       | Wadley,
GA         | 24    | 657,863                         | 10/91    | 5/92       | 100%                        | 149,058                  



20

Boston Capital Tax Credit Fund II Limited Partnership - Series 12



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                 | Location          | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|----------------------------- | ----------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Los 
Caballos
II Apts.        | Hatch,
NM         | 24    | $750,972                        | 7/91     | 8/91       | 100%                        | $164,740                 
|                              |                   |       |                                 |          |            |                             |                          
|Marlboro 
Place
Apartments    | Bennettsville,
SC | 24    | 831,174                         | 3/91     | 2/91       | 100%                        | 192,779                  
|                              |                   |       |                                 |          |            |                             |                          
|Melville 
Plaza
Apartments    | Melville, 
LA     | 32    | 887,349                         | 7/91     | 10/91      | 100%                        | 178,564                  
|                              |                   |       |                                 |          |            |                             |                          
|Nanty Glo 
House
Apartments   | Nanty Glo,
PA     | 36    | 1,467,253                       | 6/91     | 7/91       | 100%                        | 353,000                  
|                              |                   |       |                                 |          |            |                             |                          
|Newport
Village               | Franklin,
VA      | 48    | 1,477,701                       | 4/91     | 11/90      | 100%                        | 355,000                  
|                              |                   |       |                                 |          |            |                             |                          
|Oakleigh
Apartments           | Abbeville,
LA     | 32    | 908,334                         | 8/91     | 3/92       | 100%                        | 178,716                  
|                              |                   |       |                                 |          |            |                             |                          
|Oak 
Street
Apartments        | Scott
City,
MO    | 24    | 595,578                         | 6/91     | 11/91      | 100%                        | 138,149                  
|                              |                   |       |                                 |          |            |                             |                          
|Oakwood
Apartments            | Mamou,
LA         | 32    | 902,867                         | 8/91     | 1/92       | 100%                        | 180,819                  
|                              |                   |       |                                 |          |            |                             |                          
|Pines by
the Creek
Apartments | Newnan, 
GA       | 96    | 1,781,883                       | 3/91     | 10/90      | 100%                        | 645,000                  
|                              |                   |       |                                 |          |            |                             |                          
|Pinewoods
Apartments          | Springfield,
IL   | 168   | 3,704,918                       | 7/91     | 6/91       | 100%                        | 2,880,000                
|                              |                   |       |                                 |          |            |                             |                          
|Portales
Estates              | Portales,
NM      | 44    | 1,431,548                       | 7/91     | 7/91       | 100%                        | 365,100                  





21

Boston Capital Tax Credit Fund II Limited Partnership - Series 12



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                    | Location          | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|-------------------------------- | ----------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Prairie 
West
Apts. III          | West Fargo,
ND    | 24    | $501,652                        | 3/91     | 3/91       | 100%                        | $360,698                 
|                                 |                   |       |                                 |          |            |                             |                          
|Ridgeway 
Court III
Apartments   | Bemidji,
MN       | 24    | 888,664                         | 4/91     | 1/91       | 100%                        | 180,186                  
|                                 |                   |       |                                 |          |            |                             |                          
|River
Reach Apts.                | Crystal River,
FL | 41    | 1,358,282                       | 5/91     | 5/91       | 100%                        | 351,421                  
|                                 |                   |       |                                 |          |            |                             |                          
|Rockmoor
Apartments              | Banner Elk,
NC    | 12    | 559,627                         | 5/91     | 3/91       | 100%                        | 95,818                   
|                                 |                   |       |                                 |          |            |                             |                          
|Shawnee 
Ridge
Apartments        | Norton,
VA        | 20    | 663,540                         | 5/91     | 5/91       | 100%                        | 145,606                  
|                                 |                   |       |                                 |          |            |                             |                          
|Springwood 
Park
Apartments      | Durham,
NC        | 100   | 2,920,053                       | 3/91     | 5/91       | 100%                        | 374,349                  
|                                 |                   |       |                                 |          |            |                             |                          
|Spring 
Mountain
Apartments      | Pahrump,
NV       | 33    | 1,356,568                       | 5/91     | 4/91       | 97%                         | 290,406                  
|                                 |                   |       |                                 |          |            |                             |                          
|Stonegate
Manor                  | Perry,
FL         | 36    | 1,004,200                       | 5/91     | 12/90      | 100%                        | 274,321                  
|                                 |                   |       |                                 |          |            |                             |                          
|Summit 
Ridge
Apartments         | Palmdale,
CA      | 304   | 8,708,264                       | 10/92    | 12/93      | 100%                        | 3,674,306                
|                                 |                   |       |                                 |          |            |                             |                          
|Turner 
Lane
Apartments          | Ashburn,
GA       | 24    | 717,311                         | 5/91     | 7/91       | 100%                        | 147,090                  
|                                 |                   |       |                                 |          |            |                             |                          
|Union 
Baptist 
Plaza
Apartments | Springfield, 
IL  | 24    | 423,199                         | 5/91     | 4/91       | 100%                        | 432,648                  

22

Boston Capital Tax Credit Fund II Limited Partnership - Series 12



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                  | Location         | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------ | ---------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Uptown
Apartments              | Salyersville,
KY | 16    | $518,414                        | 5/91     | 3/91       | 100%                        | $121,700                 
|                               |                  |       |                                 |          |            |                             |                          
|Villas of
Lakeridge            | Eufala,
AL       | 18    | 528,995                         | 3/91     | 3/91       | 100%                        | 96,868                   
|                               |                  |       |                                 |          |            |                             |                          
|Waynesboro 
Village
Apartments | Waynesboro,
TN   | 48    | 1,363,520                       | 4/91     | 1/91       | 100%                        | 310,510                  
|                               |                  |       |                                 |          |            |                             |                          
|Windsor
Court II               | Windsor,
VA      | 24    | 739,857                         | 4/91     | 11/90      | 100%                        | 169,347                  
|                               |                  |       |                                 |          |            |                             |                          
|Woodcrest 
Manor
Apartments    | Woodville,
MS    | 24    | 706,213                         | 6/91     | 11/91      | 100%                        | 138,579                  
|                               |                  |       |                                 |          |            |                             |                          
|Woodlawn 
Village
Apartments   | Abbeville,
GA    | 36    | 1,007,406                       | 10/91    | 4/92       | 100%                        | 229,601                  
|                               |                  |       |                                 |          |            |                             |                          
|Woodside
Apartments            | Grove City,
PA   | 32    | 1,148,464                       | 4/91     | 3/91       | 96%                         | 229,291                  
|                               |                  |       |                                 |          |            |                             |                          
|Yorkshire 
Townhome
Apts.      | Fort Smith,
AR   | 50    | 818,700                         | 9/93     | 8/94       | 98%                         | 874,069                  





23



















Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001



|Property
Name                 | Location        | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|----------------------------- | --------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Ada Village
Apts.             | Ada,
OK         | 44    | $1,030,428                      | 1/93     | 11/93      | 100%                        | $  158,976               
|                              |                 |       |                                 |          |            |                             |                          
|Amherst
Village               | Amherst,
VA     | 48    | 1,587,359                       | 1/92     | 1/92       | 100%                        | 322,796                  
|                              |                 |       |                                 |          |            |                             |                          
|Belmont 
Village
Court        | Belmont,
NY     | 24    | 920,245                         | 1/92     | 12/91      | 100%                        | 201,300                  
|                              |                 |       |                                 |          |            |                             |                          
|Bethel 
Park
Apartments       | Bethel,
ME      | 24    | 1,480,595                       | 12/91    | 3/92       | 100%                        | 324,100                  
|                              |                 |       |                                 |          |            |                             |                          
|Blanchard 
Senior
Apts. II    | Blanchard,
LA   | 24    | 595,139                         | 10/91    | 9/91       | 100%                        | 143,628                  
|                              |                 |       |                                 |          |            |                             |                          
|Blanchard
Village Apts.       | Blanchard,
OK   | 8     | 215,418                         | 1/93     | 7/93       | 100%                        | 32,954                   
|                              |                 |       |                                 |          |            |                             |                          
|Brantwood
Lane
Apartments     | Centreville,
AL | 36    | 1,136,581                       | 7/91     | 9/91       | 100%                        | 237,873                  
|                              |                 |       |                                 |          |            |                             |                          
|Breckenridge 
Apartments      | McColl,
SC      | 24    | 862,884                         | 1/92     | 3/92       | 100%                        | 186,065                  
|                              |                 |       |                                 |          |            |                             |                          
|Briarwood   
Apartments
Ph II | Middleburg, 
FL | 50    | 1,482,769                       | 2/92     | 4/92       | 100%                        | 293,694                  
|                              |                 |       |                                 |          |            |                             |                          
|The Bridge
Building           | New York,
NY    | 15    | 0                               | 1/92     | 12/91      | 100%                        | 1,037,770                
|                              |                 |       |                                 |          |            |                             |                          
|Buchanan
Court                | Warren,
PA      | 18    | 721,246                         | 7/91     | 11/90      | 100%                        | 160,600                  
|                              |                 |       |                                 |          |            |                             |                          
|Burnt 
Ordinary
Village       | Toano,
VA       | 22    | 705,584                         | 7/91     | 7/91       | 100%                        | 159,400                  

24

Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                        | Location          | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------------ | ----------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Carleton 
Court
Apartments           | Providence
RI     | 46    | $2,823,398                      | 12/91    | 12/91      | 100%                        | $1,496,922               
|                                     |                   |       |                                 |          |            |                             |                          
|Carriage 
Run
Apartments             | Emporia,
VA       | 40    | 1,311,634                       | 10/91    | 4/92       | 100%                        | 259,980                  
|                                     |                   |       |                                 |          |            |                             |                          
|Cedar 
View
Apartments               | Brinkley,
AR      | 32    | 1,260,464                       | 5/92     | 10/92      | 100%                        | 254,016                  
|                                     |                   |       |                                 |          |            |                             |                          
|Cedarwood
Apartments                 | Pembroke,
NC      | 36    | 1,407,928                       | 10/91    | 1/92       | 100%                        | 326,310                  
|                                     |                   |       |                                 |          |            |                             |                          
|Chapparral
Apartments                | Kingman,
AZ       | 20    | 691,654                         | 8/91     | 7/91       | 100%                        | 198,275                  
|                                     |                   |       |                                 |          |            |                             |                          
|College
Green                        | Chili,
NY         | 110   | 3,742,217                       | 3/95     | 8/95       | 100%                        | 755,771                  
|                                     |                   |       |                                 |          |            |                             |                          
|Colorado City    
Seniors
Apartments | Colorado City,
TX | 24    | 539,200                         | 10/91    | 10/91      | 100%                        | 98,721                   
|                                     |                   |       |                                 |          |            |                             |                          
|Cottonwood
Apts. II                  | Cottonport
LA     | 24    | 650,763                         | 10/91    | 7/91       | 100%                        | 152,664                  
|                                     |                   |       |                                 |          |            |                             |                          
|Country 
Meadows
Apartments          | Sioux Falls,
SD   | 44    | 1,004,202                       | 11/91    | 10/91      | 100%                        | 922,350                  
|                                     |                   |       |                                 |          |            |                             |                          
|Countryside Fulton,
Manor            | MS                | 24    | 661,294                         | 10/91    | 8/91       | 100%                        | 151,868                  
|                                     |                   |       |                                 |          |            |                             |                          
|Davis 
Village
Apts.                 | Davis,
OK         | 44    | 1,158,218                       | 1/93     | 9/93       | 100%                        | 180,452                  
|                                     |                   |       |                                 |          |            |                             |                          
|Devenwood
Apartments                 | Ridgeland,
SC     | 24    | 866,908                         | 7/92     | 1/93       | 100%                        | 186,000                  

25





Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                 | Location              | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|----------------------------- | --------------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Duncan
Village
Apts.          | Duncan,
OK            | 48    | $1,124,458                      | 1/93     | 11/93      | 100%                        | $172,005                 
|                              |                       |       |                                 |          |            |                             |                          
|Edison 
Village
Apartments    | Edison,
GA            | 42    | 1,189,851                       | 7/91     | 2/92       | 100%                        | 274,144                  
|                              |                       |       |                                 |          |            |                             |                          
|Ethel 
Bowman
Proper House    | Tionesta,
PA          | 36    | 1,420,342                       | 2/92     | 1/92       | 91.67%                      | 334,160                  
|                              |                       |       |                                 |          |            |                             |                          
|Excelsior 
Springs
Properties | Excelsior Springs,
MO | 24    | 619,737                         | 2/92     | 4/91       | 100%                        | 150,651                  
|                              |                       |       |                                 |          |            |                             |                          
|Fairground
Place Apts.        | Bedford,
KY           | 19    | 690,068                         | 3/95     | 8/95       | 100%                        | 176,963                  
|                              |                       |       |                                 |          |            |                             |                          
|Four Oaks 
Village
Apartments | Four Oaks,
NC         | 24    | 887,644                         | 3/92     | 6/92       | 100%                        | 179,900                  
|                              |                       |       |                                 |          |            |                             |                          
|Franklin 
Vista
III Apts.     | Anthony,
NM           | 28    | 923,048                         | 1/92     | 4/92       | 100%                        | 179,685                  
|                              |                       |       |                                 |          |            |                             |                          
|Friendship
Village            | Bel Air,
MD           | 32    | 1,431,075                       | 1/92     | 6/91       | 100%                        | 226,000                  
|                              |                       |       |                                 |          |            |                             |                          
|Glenhaven
Park                | Merced,
CA            | 12    | 640,879                         | 1/94     | 6/90       | 100%                        | 125,000                  
|                              |                       |       |                                 |          |            |                             |                          
|Glenhaven
Park II             | Merced,
CA            | 15    | 483,149                         | 1/94     | 6/89       | 100%                        | 365,925                  
|                              |                       |       |                                 |          |            |                             |                          
|Glenhaven
Park III            | Merced,
CA            | 15    | 485,634                         | 1/94     | 12/89      | 100%                        | 225,500                  
|                              |                       |       |                                 |          |            |                             |                          

26

Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                        | Location           | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------------ | ------------------ | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Glenhaven
Estates                    | Merced, 
CA        | 13    | $390,477                        | 1/94     | 6/89       | 100%                        | $134,000                 
|                                     |                    |       |                                 |          |            |                             |                          
|Green 
Village
Apts. II              | Standardsville,
VA | 16    | 582,265                         | 4/92     | 11/91      | 100%                        | 99,100                   
|                                     |                    |       |                                 |          |            |                             |                          
|Greenleaf
Apartments                 | Bowdoinham,
ME     | 21    | 1,121,561                       | 11/91    | 8/92       | 100%                        | 295,085                  
|                                     |                    |       |                                 |          |            |                             |                          
|Hughes Springs   
Seniors
Apartments | Hughes Springs,
TX | 32    | 783,268                         | 10/91    | 8/91       | 100%                        | 183,674                  
|                                     |                    |       |                                 |          |            |                             |                          
|Harrison 
City
Apts.                 | Penn Township,
PA  | 38    | 1,471,324                       | 7/92     | 9/92       | 97%                         | 311,775                  
|                                     |                    |       |                                 |          |            |                             |                          
|Hessmer 
Village
Apartments          | Hessmer,
LA        | 32    | 904,273                         | 12/91    | 4/92       | 100%                        | 186,503                  
|                                     |                    |       |                                 |          |            |                             |                          
|Hillmont 
Village
Apartments         | Micro,
NC          | 24    | 879,013                         | 9/91     | 1/92       | 100%                        | 184,900                  
|                                     |                    |       |                                 |          |            |                             |                          
|Hunters 
Run
Apartments              | Douglas,
GA        | 50    | 1,437,172                       | 12/91    | 2/92       | 100%                        | 322,368                  
|                                     |                    |       |                                 |          |            |                             |                          
|Independence
Apartments              | Mt. Pleasant,
PA   | 28    | 1,077,068                       | 8/91     | 6/91       | 100%                        | 223,100                  
|                                     |                    |       |                                 |          |            |                             |                          
|Indian Creek
Apartments              | Kilmarnock,
VA     | 20    | 770,896                         | 7/91     | 4/91       | 100%                        | 174,400                  
|                                     |                    |       |                                 |          |            |                             |                          
|Jarratt 
Village
Apartments          | Jarratt,
VA        | 24    | 826,843                         | 10/91    | 12/91      | 100%                        | 159,140                  
|                                     |                    |       |                                 |          |            |                             |                          
|Kingfisher 
Village
Apts.            | Kingfisher,
OK     | 8     | 164,797                         | 1/93     | 12/93      | 100%                        | 24,365                   

27







Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                    | Location            | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|-------------------------------- | ------------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|La Gema del
Barrio Apts.         | Santa Ana,
CA       | 6     | $  668,175                      | 6/92     | 8/92       | 100%                        | $  458,000               
|                                 |                     |       |                                 |          |            |                             |                          
|Lafayettee 
Gardens
Apartments   | Scott,
LA           | 56    | 1,084,524                       | 10/91    | 11/91      | 100%                        | 437,688                  
|                                 |                     |       |                                 |          |            |                             |                          
|Lake Isabella 
Senior
Apartments | Lake Isabella,
CA   | 46    | 1,982,648                       | 9/91     | 1/92       | 100%                        | 442,457                  
|                                 |                     |       |                                 |          |            |                             |                          
|Lakeview
Meadows                 | Battle Creek,
MI    | 53    | 1,544,026                       | 1/92     | 6/92       | 100%                        | 1,018,808                
|                                 |                     |       |                                 |          |            |                             |                          
|Lakewood 
Terrace
Apts.          | Lakeland,
FL        | 132   | 3,661,152                       | 11/93    | 8/89       | 100%                        | 725,312                  
|                                 |                     |       |                                 |          |            |                             |                          
|Lana Lu
Apartments               | Lonaconing,
MD      | 30    | 1,475,907                       | 12/91    | 9/92       | 100%                        | 303,261                  
|                                 |                     |       |                                 |          |            |                             |                          
|Lexington 
Village
Apts.         | Lexington,
OK       | 8     | 207,818                         | 1/93     | 11/93      | 100%                        | 32,178                   
|                                 |                     |       |                                 |          |            |                             |                          
|Maidu
Village                    | Roseville,
CA       | 81    | 1,984,446                       | 1/92     | 12/91      | 100%                        | 1,096,199                
|                                 |                     |       |                                 |          |            |                             |                          
|Marion
Apartments                | Manor Marion,LA     | 32    | 998,528                         | 2/92     | 6/92       | 100%                        | 199,708                  
|                                 |                     |       |                                 |          |            |                             |                          
|Maysville 
Village
Apts.         | Maysville,
OK       | 8     | 215,757                         | 1/93     | 10/93      | 100%                        | 33,726                   
|                                 |                     |       |                                 |          |            |                             |                          
|Montague 
Place
Apartments       | Caro,
MI            | 28    | 1,133,298                       | 12/91    | 12/91      | 100%                        | 432,320                  
|                                 |                     |       |                                 |          |            |                             |                          
|Navapai
Apartments               | Prescott Valley, AZ | 26    | 877,747                         | 6/91     | 4/91       | 100%                        | 207,330                  

28



Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                  | Location            | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------ | ------------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Nevada City 
Senior
Apartments | Grass Valley,
CA    | 60    | $3,526,909                      | 1/92     | 10/92      | 100%                        | $839,300                 
|                               |                     |       |                                 |          |            |                             |                          
|Newellton 
Place
Apartments    | Newellton,
LA       | 32    | 935,223                         | 2/92     | 4/92       | 100%                        | 190,600                  
|                               |                     |       |                                 |          |            |                             |                          
|New River
Overlook
Apartments  | Radford,
VA         | 40    | 1,475,554                       | 8/91     | 2/92       | 100%                        | 285,371                  
|                               |                     |       |                                 |          |            |                             |                          
|Northridge
Apartments          | Arlington,
TX       | 126   | 2,068,364                       | 1/92     | 2/92       | 98%                         | 741,300                  
|                               |                     |       |                                 |          |            |                             |                          
|Oak Ridge
Apartments           | Crystal Springs,
MS | 40    | 1,296,820                       | 1/92     | 1/92       | 100%                        | 308,578                  
|                               |                     |       |                                 |          |            |                             |                          
|Oakland 
Village
Apts.         | Littleton,
NC       | 24    | 846,983                         | 5/92     | 8/92       | 100%                        | 161,939                  
|                               |                     |       |                                 |          |            |                             |                          
|Okemah 
Village
Apts.          | Okemah,
OK          | 30    | 685,225                         | 1/93     | 5/93       | 100%                        | 119,832                  
|                               |                     |       |                                 |          |            |                             |                          
|Pineridge
Apartments           | McComb,
MS          | 32    | 999,461                         | 10/91    | 10/91      | 100%                        | 238,995                  
|                               |                     |       |                                 |          |            |                             |                          
|Pineridge
Elderly              | Walnut Cove,
NC     | 24    | 979,410                         | 10/91    | 3/92       | 100%                        | 199,311                  
|                               |                     |       |                                 |          |            |                             |                          
|Pittsfield 
Park
Apartments    | Pittsfield,
ME      | 18    | 1,040,255                       | 12/91    | 6/92       | 100%                        | 237,300                  
|                               |                     |       |                                 |          |            |                             |                          
|Plantation
Apartments          | Richmond Hill,
GA   | 49    | 1,411,219                       | 12/91    | 11/91      | 100%                        | 320,858                  
|                               |                     |       |                                 |          |            |                             |                          
|Portville 
Square
Apartments   | Portville,
NY       | 24    | 908,708                         | 3/92     | 3/92       | 100%                        | 198,100                  

29

Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001



Continued

|Property
Name                  | Location         | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------ | ---------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Prague 
Village
Apts.          | Prague,
OK       | 8     | $111,703                        | 1/93     | 3/93       | 100%                        | $21,373                  
|                               |                  |       |                                 |          |            |                             |                          
|Rainbow 
Commons
Apartments    | Marshfield
WI    | 48    | 733,232                         | 9/91     | 6/91       | 100%                        | 1,126,901                
|                               |                  |       |                                 |          |            |                             |                          
|Rainier 
Manor
Apartments      | Mt.
Rainier,
MD  | 104   | 2,607,471                       | 3/92     | 1/93       | 100%                        | 1,190,350                
|                               |                  |       |                                 |          |            |                             |                          
|Rosenberg
Hotel                | Santa Rosa,
CA   | 77    | 1,780,013                       | 12/91    | 1/92       | 100%                        | 1,850,000                
|                               |                  |       |                                 |          |            |                             |                          
|Rosewood 
Manor
Apartments     | Ellenton,
FL     | 43    | 1,430,905                       | 12/91    | 11/91      | 100%                        | 302,250                  
|                               |                  |       |                                 |          |            |                             |                          
|San Jacinto 
Senior
Apartments | San Jacinto,
CA  | 46    | 2,358,782                       | 1/92     | 10/91      | 100%                        | 588,965                  
|                               |                  |       |                                 |          |            |                             |                          
|Lakeside 
Manor
Apartments     | Schroon Lake,
NY | 24    | 1,064,059                       | 11/91    | 1/92       | 96%                         | 249,349                  
|                               |                  |       |                                 |          |            |                             |                          
|Smithville
Properties          | Smithville,
MO   | 48    | 1,234,352                       | 2/92     | 5/91       | 100%                        | 285,384                  
|                               |                  |       |                                 |          |            |                             |                          
|Snow Hill
Ridge
Apartments     | Raleigh,
NC      | 32    | 1,191,229                       | 10/91    | 12/91      | 100%                        | 307,524                  
|                               |                  |       |                                 |          |            |                             |                          
|Somerset
Apartments            | Antioch,
CA      | 156   | 5,378,314                       | 8/92     | 3/90       | 100%                        | 1,026,542                
|                               |                  |       |                                 |          |            |                             |                          
|Spring 
Creek
Village          | Derby, 
KS       | 72    | 1,720,894                       | 6/91     | 9/91       | 100%                        | 1,634,760                

30

Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                   | Location           | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|------------------------------- | ------------------ | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Spring 
Valley
Apartments       | Lexington Park,
MD | 128   | $4,798,561                      | 11/91    | 12/92      | 100%                        | $ 2,877,811              
|                                |                    |       |                                 |          |            |                             |                          
|Springwood 
Park
Apartments     | Durham,
NC         | 100   | 2,920,053                       | 10/91    | 5/91       | 100%                        | 374,349                  
|                                |                    |       |                                 |          |            |                             |                          
|Summer 
Lane
Apartments         | Santee,
SC         | 24    | 862,931                         | 7/91     | 11/91      | 100%                        | 176,291                  
|                                |                    |       |                                 |          |            |                             |                          
|Summit 
Ridge
Apartments        | Palmdale,
CA       | 304   | 8,708,264                       | 10/92    | 12/93      | 100%                        | 1,236,600                
|                                |                    |       |                                 |          |            |                             |                          
|Titusville 
Apartments          | Titusville
PA      | 30    | 1,232,802                       | 12/91    | 1/92       | 100%                        | 280,829                  
|                                |                    |       |                                 |          |            |                             |                          
|Townview
Apartments             | St.Mary's,
PA      | 36    | 1,371,985                       | 9/91     | 10/91      | 100%                        | 315,700                  
|                                |                    |       |                                 |          |            |                             |                          
|Tyrone 
House
Apartments        | Tyrone,
PA         | 36    | 1,475,158                       | 12/91    | 1/92       | 100%                        | 349,800                  
|                                |                    |       |                                 |          |            |                             |                          
|Valley Ridge 
Senior
Apartments | Central Valley,
CA | 38    | 1,813,665                       | 1/92     | 12/91      | 100%                        | 456,600                  
|                                |                    |       |                                 |          |            |                             |                          
|Victoria
Place                  | Victoria,
VA       | 39    | 1,378,849                       | 1/92     | 6/92       | 100%                        | 287,736                  
|                                |                    |       |                                 |          |            |                             |                          
|Villa West
Apts. IV             | Topeka,
KS         | 60    | 1,468,042                       | 8/91     | 1/91       | 100%                        | 1,392,873                
|                                |                    |       |                                 |          |            |                             |                          
|Village
Green                   | Raleigh,
NC        | 42    | 697,381                         | 5/92     | 9/91       | 100%                        | 581,446                  
|                                |                    |       |                                 |          |            |                             |                          
|Washington 
Court               | Abingdon,
VA       | 39    | 1,168,342                       | 7/91     | 8/91       | 100%                        | 295,250                  
|                                |                    |       |                                 |          |            |                             |                          

31

Boston Capital Tax Credit Fund II Limited Partnership - Series 14



PROPERTY PROFILES AS OF March 31, 2001

Continued

|Property
Name                | Location        | Units | Mortgage
Balance
As of
12/31/00 | Acq
Date | Const
Comp | Qualified
Occupancy
3/31/01 | Cap Con
Paid
Thru
3/31/01
|---------------------------- | --------------- | ----- | ------------------------------- | -------- | ---------- | --------------------------- | -------------------------
|Wesley 
Village
Apartments   | Martinsburg,
WV | 36    | $1,305,404                      | 10/91    | 6/92       | 100%                        | $266,253                 
|                             |                 |       |                                 |          |            |                             |                          
|Westside
Apartments          | Louisville,
MS  | 33    | 803,835                         | 3/92     | 1/92       | 100%                        | 191,014                  
|                             |                 |       |                                 |          |            |                             |                          
|Wildwood 
Terrace
Apartments | Wildwood,
FL    | 40    | 1,257,146                       | 10/91    | 10/91      | 100%                        | 281,647                  
|                             |                 |       |                                 |          |            |                             |                          
|Woodside
Apartments          | Belleview,
FL   | 41    | 1,206,382                       | 11/91    | 10/91      | 100%                        | 268,500                  
|                             |                 |       |                                 |          |            |                             |                          
|Wynnewood 
Village
Apts.     | Wynnewood,
OK   | 16    | 391,970                         | 1/93     | 11/93      | 100%                        | 67,443                   
|                             |                 |       |                                 |          |            |                             |                          
|Yorkshire
Corners            | Delevan,  
NY   | 24    | 919,024                         | 8/91     | 9/91       | 100%                        | 191,500                  
|                             |                 |       |                                 |          |            |                             |                          
|Zinmaster
Apartments         | Minneapolis,
MN | 36    | 1,792,343                       | 1/95     | 1/88       | 100%                        | 150,000                  



32

Item 3.	Legal Proceedings

None.

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

None.

























































































33

PART II

Item 5.          Market for the Registrant's Partnership Interests and Related

Partnership Matters

(a)	Market Information

The Partnership is classified as a limited partnership and thus has no	common stock.  There is no established public trading market for the BACs 	and it is not anticipated that any public market will develop.

(b)	Approximate number of security holders

As of March 31, 2001, the Partnership has 11,391 registered BAC holders for 	an aggregate of 18,679,738 BACs which were offered at a subscription price 	of $10 per BAC.

The BACs were issued in series.  Series 7 consists of 817 investors



(c)	Dividend history and restriction

The Partnership has made no distributions of Net Cash Flow to its BAC 	Holders from its inception, June 28, 1989 through March 31, 2001.

The Partnership Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month.  Allocation of Profits, Losses and Credits among BAC Holders will be made in
proportion to the number of BACs held by each BAC Holder.

Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate.  Distributions will be made to the holders of record of a BAC as of the last day of each
month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

Partnership allocations and distributions are described on pages 107 to 112 of the Prospectus, as supplemented, which are incorporated herein by reference.









34

Item 6.		Selected Financial Data

The information set forth below presents selected financial data of the
Partnership for each of the five years in the period ended March 31, 2001. 
Additional detailed financial information is set forth in the audited
financial statements listed in Item 14 hereof.

|                                        | March 31,
2001 | March 31,
2000 | March 31,
1999 | March 31,
1998 | March 31,
1997
|--------------------------------------- | -------------- | -------------- | -------------- | -------------- | --------------
|Operations                              |                |                |                |                |               
|                                       
|Interest
& other Inc                    |                |                |                |                |               
|$61,179                                 | $92,529        | $110,392       | $42,913        | $155,501      
|Share of Loss
Of Operating
Partnerships |                |               
|(5,981,076)                             | (5,998,233)    | (7,498,353)    | (8,573433)     | (10,464,997)  
|Operating Exp                           | (2,624,127)    | (2,701,882)    | (3,177,618)    | (2,783,041)    | (2,781,444)   
|                                        |                |                |                |                |               
|Net Loss                                | $ (8,544,024)  | $(8,607,586)   | $(10,565,579)  | $(11,313,561)  | $(13,090,940) 
|                                        |                |                |                |                |               
|Net Loss                                |                |                |                |                |               
|per BAC                                 | $      (.45)   | $       (.46)  | $       (.56)  | $       (.60)  | $      (.69)  
|                                        |                |                |                |                |               
|                                        |                |                |                |                |               
|Balance Sheet                           |                |                |                |                |               
|                                        |                |                |                |                |               
|                                        |                |                |                |                |               
|Total Assets                            | $44,654,549    | $ 50,584,819   | $ 56,648,106   | $ 64,633,488   | $ 73,382,875  
|                                        |                |                |                |                |               
|                                        |                |                |                |                |               
|Total Liab                              | $22,344,156    | $ 19,730,402   | $ 17,186,103   | $ 14,605,906   | $ 12,041,732  
|                                        |                |                |                |                |               
|Capital                                 | $22,310,393    | $ 30,854,417   | $ 39,462,003   | $ 50,027,582   | $ 61,341,143  
|                                        |                |                |                |                |               
|                                        |                |                |                |                |               
|Other Data                              |                |                |                |                |               
|                                        |                |                |                |                |               
|Credit per BAC for the                  |                |                |                |                |               
|Investors Tax Year,                     |                |                |                |                |               
|for the twelve months ended             |                |                |                |                |               
|December 31,                            |                |                |                |                |               
|2000, 1999, 1998,                       |                |                |                |                |               
|1997 and 1996*                          |                |                |                |                |               
|                                        |                |                |                |                |               
|                                        | $      1.19    | $        1.23  | $       1.39   | $       1.40   | $       1.40  

- Credit per BAC is a weighted average of all the Series.  Since each Series
has invested as a limited partner in different Operating Partnerships the
Credit per BAC will vary slightly from series to series.  For more detailed
information refer to Item 7. Results of Operations.

35

Item 7.	Management's Discussion and Analysis of Financial Condition

and Results of Operations

Liquidity

The Partnership's primary source of funds was the proceeds of its
Public Offering.  Other sources of liquidity include (i) interest earned
on capital contributions unpaid as of March 31, 2001 and on working capital
reserves and (ii) cash distributions from operations of the Operating
Partnerships in which the Partnership has invested.  These sources of
liquidity, along with the Partnership's working capital reserve, are 
available to meet the obligations of the Partnership.  The Partnership does 
not anticipate significant cash distributions from operations of the 
Operating Partnerships.  
The Partnership is currently accruing the annual partnership management fee 
to enable each series to meet current and future third party obligations.
During the fiscal year ended March 31, 2001 the Partnership accrued 
$2,509,932 in annual partnership management fees.  As of March 31, 2001 the accrued partnership management fees totaled $21,642,924.  Pursuant to the Partnership Agreement, such liabilities will be deferred until the Partnership receives sale or
refinancing proceeds from Operating Partnerships, and at that time proceeds from such sales or refinancing will be used to satisfy such liabilities.  The Partnership anticipates that there will be sufficient cash to meet future third party obligations.
The Partnership does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.
An affiliate of the general partner has advanced $387,216 to the Partnership 
to pay certain third party operating expenses and to fund advances to 
operating partnerships. Of this amount, $91,971 was advanced during the fiscal year ended March 31, 2001.  The amounts advanced, in total, to three of the six series are as follows:  $21,700 to Series 7,$4,960 to Series 9;and $65,311 to Series 14.
These, and any additional advances, will be paid, without interest, from available cash flow, reporting fees, or the proceeds of the sale or refinancing of the Partnership's interest in Operating Partnerships.  The Partnership anticipates that as the
Operating Partnerships continue to mature, more cash flow and reporting fees will be generated.  Cash flow and reporting fees will be added to the Partnership's working capital and will be available to meet future third party obligations of the
Partnership.  The Partnership is currently pursuing, and will continue to pursue, available cash flow and reporting fees and anticipates that the amount collected will be sufficient to cover third party operating expenses.

36

Capital Resources

The Partnership offered BACs in a public offering declared effective
by the Securities and Exchange Commission on October 25, 1989.  The
Partnership received and accepted subscriptions for $186,337,517 representing
18,679,738 BACs from investors admitted as BAC Holders in Series 7, 9 through
12 and 14 of the Partnership.
Offers and sales of BACs in Series 7, 9 through 12, and 14 of the
Partnership were completed and the last of the BACs in Series 14 were
issued by the Partnership on January 27, 1992.
(Series 7).  The Partnership commenced offering BACs in Series 7 on
November 14, 1989.  The Partnership had received and accepted subscriptions 
for $10,361,000, representing 1,036,100 BACs from investors admitted as BAC 
Holders in Series 7.  Offers and sales of BACs in Series 7 were completed and 
the last of the BACs in Series 7 were issued by the Partnership on December 29, 1989. 
As of March 31, 2001 the net proceeds from the offer and sale of BACs in
Series 7 had been used to invest in a total of 15 Operating Partnerships in an aggregate amount of $7,774,651.  The Partnership has completed payment of
all installments of its capital contributions to all Operating Partnerships.
Series 7 net offering proceeds in the amount of $6,561 remain in working capital. 
(Series 9).  The Partnership commenced offering BACs in Series 9 on
February 1, 1990.  The Partnership had received and accepted subscriptions for $41,574,518, representing  4,178,029 BACs from investors admitted as BAC 
Holders in Series 9.  Offers and sales of BACs in Series 9 were completed and 
the last of the BACs in Series 9 were issued by the Partnership on April 30, 1990.
During the fiscal year ended March 31, 2001, the Partnership did not use
any of Series 9's net offering proceeds to pay installments of its capital
contributions to the Operating Partnerships, however it did record a capital contribution of $4,590. This amount was advanced to an operating partnership in a prior fiscal year and converted to a capital contribution during the fiscal year end March 31,
2000.  As of March 31, 2001 the net proceeds from the offer and sale of BACs in Series 9 had been used to invest in a total of 55 Operating Partnerships in an aggregate amount of $31,605,286,and the Partnership had completed payment of installments of its
capital
contributions to the Operating Partnerships.  Series 9 net offering
proceeds in the amount of $338,742 remain in working capital.

37

(Series 10).  The Partnership commenced offering BACs in Series 10 on
May 7, 1990.  The Partnership had received and accepted subscriptions for $24,288,997 representing 2,428,925 BACs from investors admitted as BAC Holders in Series 10.  Offers and sales of BACs in Series 10 were completed and the last of the BACs in
Series 10 were issued by the Partnership on August 24, 1990.
As of March 31, 2001 the net proceeds from the offer and sale of BACs in
Series 10 had been used to invest in a total of 45 Operating Partnerships in
an aggregate amount of $18,555,455.  The Partnership has completed payment of 
all installments of its capital contributions to all of the Operating
Partnerships.  Series 10 net offering proceeds in the amount of $143,341 remain in working capital.
(Series 11).  The Partnership commenced offering BACs in Series 11 on
September 17, 1990.  The Partnership had received and accepted subscriptions 
for $24,735,002, representing 2,489,599 BACs in Series 11.  Offers and sales 
of BACs in Series 11 were completed and the last of the BACs in Series 11 were issued by the Partnership on December 31, 1990.
During the fiscal year ended March 31, 2001, the Partnership did not use any of Series 11's net offering proceeds to pay installments of its 
capital contributions to the Operating Partnerships.  As of March 31, 2001 the net proceeds from the offer and sale of BACs in Series 11 had been used to invest in a total of 40 Operating Partnerships in an aggregate amount of 
$18,894,372, and the Partnership had completed payment of all installments of 
its capital contributions to 39 of the 40 Operating Partnerships.  Series 11 
net offering proceeds in the amount of $447,611 remain to be used by the
Partnership to pay outstanding installments of capital contributions to one
Operating Partnership and to fund working capital expenses. 
(Series 12).  The Partnership commenced offering BACs in Series 12 on
February 1, 1991.  The Partnership had received and accepted subscriptions for $29,649,003, representing 2,972,795 BACs in Series 12.  Offers and sales of BACs in Series 12 were completed and the last of the BACs in Series 12 were issued by the
Partnership on April 30, 1991.
During the fiscal year ended March 31, 2001, the Partnership did not use 
any of Series 12's net offering proceeds to pay installments of its
capital contributions to the Operating Partnerships.  As of March 31, 2001
the net proceeds from the offer and sale of BACs in Series 12 had been used to invest in a total of 53 Operating Partnerships in an aggregate amount of 
$22,356,179, and the Partnership had completed payment of all installments of
its capital contributions to 51 of the 53 Operating Partnerships.  Series 12
net offering proceeds in the amount of $61,416 remain to be used by the
Partnership to pay outstanding installments of capital contributions to two 
Operating Partnerships and to fund working capital expenses.







38

(Series 14).  The Partnership commenced offering BACs in Series 14 on
May 20, 1991.  The Partnership had received and accepted subscriptions for 
$55,728,997, representing 5,574,290 BACs in Series 14.  Offers and sales of 
BACs in Series 14 were completed and the last of the BACs in Series 14 were 
issued by the Partnership on January 27, 1992.
During the fiscal year ended March 31, 2001, the Partnership did not use any of Series 14's net offering proceeds to pay installments of
its capital contributions to the Operating Partnership.  As of March 31,
2001 the net proceeds from the offer and sale of BACs in Series 14 had been
used to invest in a total of 101 Operating Partnerships in an aggregate amount of $42,034,328, and the Partnership had completed payment of all installments of its capital contributions to 88 of the 101 Operating Partnerships.  Series 14 net offering
proceeds in the amount of $547,657 remain to be used by the Partnership to pay outstanding installments of capital contributions to Operating Partnerships and to fund working capital expenses.

Results of Operations

The Partnership incurs an annual partnership management fee payable to the General Partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of
certain partnership management and reporting fees paid by the Operating Partnerships.  The annual partnership management fee charged to operations for the fiscal years ended March 31, 2001 and 2000 was $2,283,282 and $2,280,617, respectively. The amount
is anticipated to decrease in subsequent fiscal years as the Operating Partnerships begin to pay annual partnership management fees and reporting fees to the Partnership.
The Partnership's investment objectives do not include receipt of
significant cash distributions from the Operating Partnerships in which
it has invested.  The Partnership's investments in Operating Partnerships have been made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.
(Series 7).  As of March 31, 2001 and 2000, the average Qualified
Occupancy for the series was 100% for both years.  
For the tax years ended December 31, 2000 and 1999, the series, in total,generated $739,261 and $804,642, respectively, in passive income tax losses that were passed through to the investors, and also provided $.51 and $.71, respectively, in tax credits
per BAC to the investors.  
As of March 31, 2001 and 2000, the Investments in Operating Partnerships
for Series 7 was $478,143 and $705,120, respectively.  Investments in Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method.  By using the equity method the Partnership adjusts its investment cost
for its share of each Operating Partnership's results of operations and for any distributions received or accrued. 
For the years ended December 31, 2000 and 1999 Series 7 reflects a net
loss from Operating Partnerships of $(43,679) and $(78,819), respectively, adjusted for depreciation which is a non-cash item.

39

During the fourth quarter of 2000, the City of Miami issued code violations to Metropole Apartments Associates LP (the Metropole Apartments) as a result of other deferred maintenance items.  To address these issues, the Operating General Partner has
requested that a capital needs assessment be performed on the property. The assessment has been completed and analyzed by the Operating General Partner and the Investment General Partner. Since the assessment was performed, the Operating General Partner
has overseen the work at the project with respect to the code violations. Currently, painting contractors and stucco contractors have been retained and work is in process.  In addition to this, 50% of the work, both interior and exterior has already been
completed. The Investment General Partner will continue to monitor this partnership.
As a result of poor occupancy at the property, the Operating Partnership, New Holland Apartments Limited Partnership (New Holland Apartments.), suffered from cash flow deficits and the senior mortgage was in default. In an effort to address the
delinquency, the Investment General Partner attempted to work with the lender for more favorable terms, but to no avail. Due to the operating deficits and the mortgagor's unwillingness to work with the Investment General Partner or to accept a deed in
lieu of foreclosure, the bank moved to foreclose on the property. Due to a lack of perceived value in the vacant property, the bank decided against continuing its foreclosure proceeding.  During this reprieve, the Investment General Partner worked to
locate a replacement General Partner and was unsuccessful in doing so. Due to the fact that the property was vacant for most of 1999 and there are uncured health and safety violations, the Investment General Partner decided that the risk associated with
the partnership outweighed potential benefits. As a result ownership of the partnership was transferred to a new entity effective December 31, 2000. The Investment Limited Partnership previously faced recapture of a portion of the credits previously
taken. Due to the transfer of ownership in 2000, the Investment Limited Partner will be unable to take any future credits. 
(Series 9).  As of March 31, 2001 and 2000, the average Qualified
Occupancy for the series was 99.6% for both years. The series had a total of 55 properties as of March 31, 2001, of which 50 were at 100% qualified occupancy.
For the tax years ended December 31, 2000 and 1999, the series, in total, generated $3,100,353 and $3,135,277, respectively, in passive income tax
losses that were passed through to the investors, and also provided $.81 and $.85, respectively, in tax credits per BAC to the investors.  
As of March 31, 2001 and 2000, the Investments in Operating Partnerships
for Series 9 was $6,188,711 and $7,491,734, respectively. Investments in 
Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method.  By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations
and for any distributions received or accrued.
For the years ended December 31, 2000 and 1999 Series 9 reflects a net
income from Operating Partnerships of $915,412 and $600,349,respectively, adjusted for depreciation which is a non cash item.

40

In April of 2000, School Street II Limited Partnership (School Street Apts. II) inserted Marshall School Street II, LLC. as the Operating General Partner and property management company. Since taking control, the
new properties management has completed the capital improvements program and improved the tenant selection criteria. Occupancy averaged 97% for the first quarter ended March 31, 2001, continuing the strong improvement, which occurred during the second
half of 2000. Based on the improved occupancy and increased tenant selection criteria, the property's operation and cash flow should improve in 2001. The Operating General Partner continues to fund any operating cash deficits.
As a result of poor occupancy at the property, the Operating Partnership, New Holland Apartments Limited Partnership (New Holland Apartments.), suffered from cash flow deficits and the senior mortgage was in default. In an effort to address the
delinquency, the Investment General Partner attempted to work with the lender for more favorable terms, but to no avail. Due to the operating deficits and the mortgagor's unwillingness to work with the Investment General Partner or to accept a deed in
lieu of foreclosure, the bank moved to foreclose on the property. Due to a lack of perceived value in the vacant property, the bank decided against continuing its foreclosure proceeding.  During this reprieve, the Investment General Partner worked to
locate a replacement General Partner and was unsuccessful in doing so. Due to the fact that the property was vacant for most of 1999 and there are uncured health and safety violations, the Investment General Partner decided that the risk associated with
the partnership outweighed potential benefits. As a result ownership of the partnership was transferred to a new entity effective December 31, 2000. The Investment Limited Partnership previously faced recapture of a portion of the credits previously
taken. Due to the transfer of ownership in 2000, the Investment Limited Partner will be unable to take any future credits. 
The Operating Partnership Glennwood Hotel Investors (Glennwood Hotel) operated with an average occupancy of 65% for the year 2000. Occupancy for the first quarter of 2001 was 60.2%. The area has an oversupply of affordable rental housing, including new
Section 8 projects, which has negatively impacted the property.  Without significant structural improvements that are at this time physically and financially unfeasible, the property will not be able to compete effectively in the market. The management
agent is presently waiving security deposits and working with the housing authority to increase the amount of rental assistance available at the property.  Additionally, the rents have been reduced by $20 to offset the utility charges being offered at
competitive developments. The Operating General Partner continues to financially support the partnership. The Investment General Partner continues to monitor this situation.  
(Series 10).  As of March 31, 2001 and 2000, the average Qualified
Occupancy for the series was 99.9% and 99.8%, respectively. The series had a
total of 45 properties at March 31, 2001, of which 44 were at 100% qualified
occupancy.
For the tax years ended December 31, 2000 and 1999 the series, in
total, generated $1,084,847 and $1,420,946, respectively, in passive income
tax losses that were passed through to the investors, and also provided $1.30 and $1.30, respectively, in tax credits per BAC to the investors.

41

As of March 31, 2001 and 2000, the Investments in Operating Partnerships
for Series 10 was $6,416,705 and $6,885,117, respectively.  Investments in 
Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method.  By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations
and for any distributions received or accrued.
For the years ended December 31, 2000 and 1999 Series 10 reflects net
income from Operating Partnerships of $1,270,053 and $1,441,685, respectively, adjusted for depreciation which is a non cash item.
The 1999 and 2000 audited financial statements for Chuckatuck Square were prepared assuming the partnership would continue as a Going Concern. Despite high occupancy, the property suffers from excessive bad debt expenses due to the seasonal nature of
employment opportunities in the local economy. As a result, the property has accumulated payables and is delinquent in funding its replacement reserves. In January of 2000, the partnership entered a two-year workout plan with Rural Development that allows
for reduced debt service payments. The reduced debt service requirement, improved rental collection and controlled expenses have allowed the property to reduce the accounts payable from $12,383 as of December 31, 1999 to $3,800 as of May 31, 2001. The
tenant receivables have been reduced from $7,305 as of December 31, 1999 to $3,800 as of May 31, 2001. The Operating General Partner continues to work with Rural Development to permanently restructure the loan terms and obtain additional rental
assistance. In addition the Operating General Partner is actively seeking grant funds to be utilized for capital improvements to the property. During 2000, the operating General Partner advanced $15,707 to the partnership to help support the property.
(Series 11).  As of March 31, 2001 and 2000, the average Qualified
Occupancy for the series was 100% for both years. 
For the tax years ended December 31, 2000 and 1999, the series, in total,generated $1,941,868 and $1,504,433, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.24 and $1.31,respectively, in tax
credits per BAC to the investors
As of March 31, 2001 and 2000, the Investments in Operating Partnerships
for Series 11 was $7,369,859 and $8,097,883, respectively.  Investments in 
Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method.  By using the equity method the Partnership adjusts its investment cost for its share of each Operating Partnership's results of operations
and for any distributions received or accrued.
For the years ended December 31, 2000 and 1999 Series 11 reflects net
income from Operating Partnerships of $866,415 and $897,891, respectively,
adjusted for depreciation which is a non-cash item.   
In June of 2001,the Investment General Partner became aware that unauthorized distributions in excess of Rural Development's (mortgage) allowable limits were made to the Operating General Partner of Aspen Square Limited Partnership, Copper Creek Limited
Partnership and Sierra Limited

42

Partnership. These unauthorized distributions have been classified as receivables from the Operating General Partner on the partnerships audited financial statements. The Investment General Partner is actively seeking the immediate return of these
funds through the Estate of the Operating General Partner. In addition, the Investment General Partner is weighing all available options to expedite the return of the unauthorized distributions. 
Ivan Woods Limited Partnership(Ivan Woods Senior Apartments) received a Form 8823, Low Income Housing Credit Agencies Report of Non-compliance, on September 1, 1999. The non-compliance involved five units and occurred during the first eighteen months of
the compliance period. All units are now in compliance and all cases of non-compliance were cured prior to year-end 1999. There was no reduction to the tax credits taken in the year 2000 for the period of non-compliance. 
The Operating General Partner of London Arms/Lyn Mar Limited (London Arms Apartments) requested that a capital needs assessment be performed on the property.  The assessment has been completed and submitted during the first quarter of 2001. The capital
need assessment is presently being evaluated and both the Operating General Partner and the Investment General Partner are examining sources of funding. The Investment General Partner will continue to monitor this partnership

43



Union Baptist Plaza, Limited Partnership, located in Springfield, Illinois, suffers from below breakeven operations due to high operating expenses.  The 2000 audited financial statement was prepared assuming the partnership would continue as a Going
Concern.  The Partnership has suffered recurring operating losses and its total liabilities exceed its total assets. The property has a history of high occupancy, however high operating expenses particularly taxes and utilities prevent the property from
achieving breakeven operations.  Due to the lack of cash flow, the 1999 and 2000 property taxes are delinquent and have accrued in the amount of $42,810 plus interest.  The Operating General Partner is actively seeking to transfer its General Partner
interest of this property currently negotiating with the Springfield Housing Authority as a potential replacement. The goal is to find a strategic partner, preferably a nonprofit organization, that is capable of operating the property more efficiently.
As part of any negotiated transfer, outstanding real estate taxes will be brought current.
Ivan Woods Limited Partnership (Ivan Woods Senior Apartments) received a Form 8823, Low Income Housing Credit Agencies Report of Non-compliance, on September 1, 1999. The non-compliance involved five units and occurred during the first eighteen months of
the compliance period. All units are now in compliance and all cases of non-compliance were cured prior to year-end 1999. There was no reduction to the tax credits taken in the year 2000 for the period of non-compliance. 
(Series 14).  As of March 31, 2001 and 2000, the average Qualified
Occupancy for the series was 99.8% for both years.  The series had a
total of 101 properties at March 31, 2001, of which 97 were at 100%
qualified occupancy.  
For the tax years ended December 31, 2000 and 1999, the series, in total,generated $4,244,173 and $4,171,124, respectively, in passive income tax losses that were passed through to the investors, and also provided $1.39 and $1.41, respectively, in tax
credits per BAC to the investors.  
As of March 31, 2001 and 2000, the Investments in Operating Partnerships
for Series 14 was $12,834,493 and $15,160,631, respectively.  Investments in Operating Partnerships was affected by the way the Partnership accounts for such investments, the equity method.  By using the equity method the Partnership adjusts its
investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued.
For the years ended December 31, 2000 and 1999 Series 14 reflects a net
income from Operating Partnerships of $1,495,828 and $1,973,797,
respectively, adjusted for depreciation which is a non-cash item.  
Lakewood Terrace Limited Partnership (Lakewood Terrace Apartments) operated at breakeven for the first quarter of 2001 and Occupancy continues to be strong at 100%. The Operating General Partner has been successful in securing a four (4) year rental
assistance contract with HUD and has also been granted a 2.2% rental increase. The increase in rents and continued high occupancy has financially assisted the partnership.

44



The properties owned by Glenhaven Park Partners, A California LP (Glenhaven Estates) continues to suffer from excessive operating expenses compared to operating income. Effective October 4, 2000 San Mar Properties of Fresno, CA assumed the role of
management agent. An affiliate of San Mar Properties, Central Valley Affordable Housing, LLC, assumed the General Partner interest effective December 31,2000. Occupancy for the first quarter of 2001 averaged 100%. Despite improved occupancy, and new
management, the property is no longer able to meet the mortgage obligation. The last mortgage payment was made in February 2001. The Operating General Partner with the assistance of the Investment General Partner is working with the mortgage holders to
restructure the debt, however at this time the mortgage holders appear unwilling to do so. 
The properties owned by Haven Park Partners II, A California LP (Glenhaven Park II) continues to suffer from excessive operating expenses compared to operating income. Effective October 4, 2000 San Mar Properties of Fresno, CA assumed the role of
management agent. An affiliate of San Mar Properties, Central Valley Affordable Housing, LLC, assumed the General Partner interest effective December 31,2000. It is anticipated that a localized management presence will allow the property to operate in a
more cost-effective manner. As a result of the efforts of the new Management Company, occupancy levels are improving. As of March 31, 2001 physical occupancy at Haven Park II was 100%. 
The properties owned by Haven Park Partners III, A California L.P. (Glenhaven Park III) and Haven Park Partners IV, A California L.P. (Glenhaven Park IV) continues to suffer from excessive operating expenses compared to operating income. Effective
October 4, 2001 San Mar Properties of Fresno, CA assumed the role of management agent. An affiliate of San Mar Properties, Central Valley Affordable Housing, LLC, assumed the General Partner interest effective December 31,2000. It is anticipated that a
localized management and ownership presence will allow the properties to operate in a more cost-effective manner. Occupancy at Both Haven Park III and Haven Park IV has stabilized as a result of the efforts of the new Management Company. As of March 31,
2001 physical occupancy at Haven Park III was 100%. Occupancy at Haven Park IV decreased to 83% due to unexpected turnover of units. Management is confident that occupancy will improve in the next quarter. 
On April 27, 1998 Woodfield Commons Limited Partnership (Rainbow Commons Apartments) received a 60-Day letter issued by the IRS stating that the Operating Partnership had not met certain IRC Section 42 requirements. 
The IRS has additionally sent two 60 day letters for the tax years ending 1996 and 1997 dated August 23 1999 and August 8, 1999, respectively.  The initial 60-Day letter which was issued in relation to the tax years ended December 31, 1993, 1994, and
1995, and the subsequent 1996 and 1997 60-day letter were the result of an IRS audit of the Operating Partnership's tenant files.  The IRS has proposed an adjustment that would disallow the 
Partnership from utilizing certain past or future credits. On June 23, 1998, the Operating General Partner and its counsel filed a written protest with the IRS and requested additional information from the IRS with regards to the legal and factual basis
upon which it has proposed its assessment.

45

In late October 2000, counsel representing the Operating General Partner had a conference with the appellate conferee. At this point, conversations with the appellate conferee continue but no deadline has been set for settling the case.
On April 10,2001 Woodfield Commons LP received a Notice of Beginning of Administration Proceedings for the tax year ending 1998. The current notice is not expected, and it is likely that issues similar to those of the proceeding audits will be raised and
that, if necessary, the operating partnership will again seek a resolution with the appeals court
The Operating General Partner and its counsel do not anticipate an outcome that would have a material effect on the financial statements and accordingly, no adjustment has been made in the accompanying financial statements.  While the Operating General
Partner and its counsel are of this opinion, it is the opinion of the Investment General Partner that the outcome could, in total, be material.  While no adjustments have been made to the accompanying financial statements, the auditor's have included a
contingency footnote in the annual financial statement(Note H) which is a part of the most recently filed 10-K dated March 31, 2000.
In August of 2000, Toano III Limited Partnership(Burnt Ordinary Village) received several forms 8823's Low Income Housing Credit Agencies Report of Non-Compliance. Non-compliance issues occurred while qualifying two residents. All non-compliance issues
have been corrected and the Investment General Partner does not anticipate an impact to the fund.



46



Recent Accounting Statements Not Yet Adopted

In June 2000, the Financial Accounting Standards Board (FASB) issued SFAS No. 138,"Accounting for Certain Derivative Instruments and Certain Hedging Activities

SFAS No. 138 is effective for all fiscal quarters of all fiscal years beginning after December 15, 2000.  SFAS No. 140 is generally effective for fiscal years beginning after December 15, 2000.

The Fund does not have any derivative or hedging activities and is not a not for profit organization.  Consequently, these pronouncements are not expected to have any effect on the Fund's financial statements.



|Item 7A. | Quantitative and Qualitative Disclosure About Market Risk             
|-------- | ----------------------------------------------------------------------
|         |                                                                       
|         | Not Applicable                                                        
|         |                                                                       
|Item 8.  | Financial Statements and Supplementary Data                           
|         |                                                                       
|         | The information required by this item is contained in Part IV, Item 14
|         | of this Annual Report on Form 10-K.                                   
|         |                                                                       
|Item 9.  | Changes in and Disagreements with Accountants on Accounting           
|         | and Financial Disclosure                                              
|         |                                                                       
|         | None.                                                                 











































47



PART III

|Item 10. | Directors and Executive Officers of the Registrant
|-------- | --------------------------------------------------
|         |                                                   
|         | (a), (b), (c), (d) and (e)                        

The Partnership has no directors or executives officers of its own.  The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. ("Boston
Capital")) with principal responsibility for the Partnership's affairs.

John P. Manning, age 53, is co-founder, President and Chief Executive Officer of Boston Capital Corporation, where he is primarily responsible for strategic planning and business development.  In addition to his responsibilities at Boston
Capital, Mr. Manning is a proactive leader in the industry.  He served in 1990 as a member of the Mitchell-Danforth Task Force, to review and reform the Low Income Housing Tax Credit.  He was the founding President of the Affordable Housing Tax Credit
Coalition, is a former member of the board of the National Leased Housing Association and sits on the Advisory Board of the publication Housing and Development Reporter.  During the 1980s he served as a member of the Massachusetts Housing Policy Committee, as an appointee of the Governor of Massachusetts.  In addition, Mr. Manning has testified before the U.S. House Ways and Means
Committee and the U.S. Senate Finance Committee, on the critical role of the private sector in the success of the Low Income Housing Tax Credit Program.  In 1996, President Clinton appointed him to the President's Advisory Committee on the Arts at the
John F. Kennedy Center for the Performing Arts.  In 1998, President Clinton also appointed Mr. Manning to the President's Export Council, which is the premiere committee comprised of major corporate CEOs to advise the President in matters of foreign
trade.  Mr. Manning is also a member of the Board of Directors of the John F. Kennedy Presidential Library in Boston. and is a member of the Advisory Board of the Woodrow Wilson Institute for International Scholars in Washington D.C..   Mr. Manning is a
graduate of Boston College.

Richard J. DeAgazio, age 56, is Executive Vice President of Boston Capital Corporation, Inc., and is President of Boston Capital Services, Inc., Boston Capital's NASD registered broker/dealer.  Mr. DeAgazio formerly served on the national Board
of Governors of the National Association of Securities Dealers (NASD). He recently served as a member of the National Adjudicatory Council of the NASD. He was the Vice Chairman of the NASD's District 11 Committee, and served as Chairman of the NASD's
Statutory Disqualification Subcommittee of the National Business Conduct Committee. He also served on the NASD State Liaison Committee and the Direct Participation Program Committee. He is a founder and past President of the National Real Estate
Investment Association, past President of the Real Estate Securities and Syndication Institute (Massachusetts Chapter) and the Real Estate Investment Association. Prior to joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and
Director of the Brokerage Division of Dresdner Securities (USA), Inc., an international investment banking firm owned by four major European banks, and was a Vice President of Burgess & Leith/Advest. He has been a member of the Boston Stock

48

Exchange since 1967.  He is on the Board of Directors Cognistar Corporation. He is a leader in the community and serves on the Business Leaders Council of the Boston Symphony, Board of Trustees of Junior Achievement of Northern New England, the Board
of Advisors for the Ron Burton Training Village and is on the Board of Corporators of Northeastern University. He graduated from Northeastern University.



Anthony A. Nickas, age 40, is Chief Operating Officer of Boston Capital Partners, Inc., and serves as Chairman of the firm's Operating Committee.  Mr. Nickas is responsible for all the financial, accounting and operational functions of Boston
Capital and has spent the past thirteen years in the real estate syndication and investment business.  His prior responsibilities at Boston Capital included management of finance and accounting for the project development and property management
affiliates.  Prior to joining Boston Capital in 1987, he was Assistant Director of Accounting and Financial Reporting for the Yankee Companies, Inc., and was an Audit Supervisor for Wolf & Company of Massachusetts, P.C., a regional certified public
accounting firm based in Boston.  He graduated with honors from Norwich University.



Jeffrey H. Goldstein, age 40, is Senior Vice President and Director of Real Estate for Boston Capital Partners, Inc. Mr. Goldstein is a former member of the Board of Directors of the Council for Affordable and Rural Housing and formerly served
as Chairman of the Finance Committee. Prior to joining Boston Capital in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., a real estate development firm, served as Manager for Homeowner Financial Services, a financial consulting firm,
and was an analyst responsible for

budgeting and forecasting for the New York City Counsel-Finance Division. He graduated from the University of Colorado and received his MBA from Northeastern University.

Kevin P. Costello, age 54, is Senior Vice President in charge of corporate investments for Boston Capital Partners, Inc., and is a member of the firm's Operating Committee.  He is responsible for all corporate investment activity and has spent
twenty years in the real estate syndication and investment business.  Mr. Costello's prior responsibilities at Boston Capital have involved the management of the Acquisitions Department and the structuring and distribution of conventional and tax credit
private placements.  Prior to joining Boston Capital in 1987, he held management and executive positions in companies associated with real estate syndication as well as in the medical electronics industry.  Mr. Costello graduated from Stonehill College
and received his MBA with honors from Rutgers' Graduate School of Business Administration.







None.

(g)	Promoters and control persons.

None.





49







|Item 11. | Executive Compensation    
|-------- | --------------------------
|         |                           
|         | (a), (b), (c), (d) and (e)

The Partnership has no officers or directors.  However, under the
terms of the Amended and Restated Agreement and Certificate of Limited
Partnership of the Partnership, the Partnership has paid or accrued
obligations to the General Partner and its affiliates for the following
fees during the 2001 fiscal year:
1.	An annual partnership management fee based on .5 percent of the
aggregate cost of all Apartment Complexes acquired by the Operating
Partnerships, less the amount of certain partnership management and
reporting fees paid or payable by the Operating Partnerships, has been
accrued as payable to Boston Capital Asset Management Limited
Partnership.  The annual partnership management fee accrued during the year
ended March 31, 2001 was $2,509,932.  Accrued fees are payable without
interest as sufficient funds become available.
The Partnership has reimbursed, or accrued to, an affiliate of the
General Partner a total of $56,747 for amounts charged to operations
during the year ended March 31, 2001. The reimbursement includes, but may not 
be limited to postage, printing, travel, and overhead allocations.

|Item 12. | Security Ownership of Certain Beneficial Owners and
|-------- | ---------------------------------------------------
|         | Management                                         
|         |                                                    
|(a)      | Security ownership of certain beneficial owners.   

As of March 31, 2001, 18,679,738 BACs had been issued.  No person is

known to own beneficially in excess of 5% of the outstanding BACs in any

of the Series.

(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.  
Effective June 1, 2001, there was a restructuring of the General Partner of the Fund and all of its affiliates.  Two individuals previously reported under Part III, Item 10 of this 10-K; namely, Herbert F. Collins and Chris Collins, have effectively
redeemed their ownership interests in the General Partner and all affiliates of the Fund.  The primary ownership of those affiliates is now made up of majority and managing owner John P. Manning and minority owner DMI Trust Group. For disclosure purposes
we have included biographical information on two additional individuals who along with Messrs. Manning, DeAgazio, and Nickas make up the Executive Committee of Boston Capital Partners, Inc. ("BostonCapital") with primary responsibility for the Funds affairs.

50



(c)	Changes in control.

There exists no arrangement known to the Partnership the operation of
which may at a subsequent date result in a change in control of the
Partnership.  There is a provision in the Limited Partnership Agreement
which allows, under certain circumstances, the ability to change control.



51



|Item 13. | Certain Relationships and Related Transactions
|-------- | ----------------------------------------------
|         |                                               
|(a)      | Transactions with management and others.      



The Partnership has no officers or directors.  However, under the
terms of the public offering, various kinds of compensation and fees are
payable to the General Partner and its Affiliates during the organization
and operation of the Partnership.  Additionally, the General Partner will
receive distributions from the Partnership if there is cash available for
distribution or residual proceeds as defined in the Partnership
Agreement.  The amounts and kinds of compensation and fees are described
on pages 32 to 33 of the Prospectus under the caption "Compensation and
Fees", which is incorporated herein by reference.  See Note B of Notes to
Financial Statements in Item 14 of this Annual Report on Form 10-K for
amounts accrued or paid to the General Partner and its affiliates during
the period from April 1, 1995 through March 31, 2001.

|(b) | Certain business relationships.                                 
|--- | ----------------------------------------------------------------
|    |                                                                 
|    | The Partnership response to Item 13(a) is incorporated herein by
|    | reference.                                                      
|    |                                                                 
|(c) | Indebtedness of management.                                     
|    |                                                                 
|    | None.                                                           
|    |                                                                 
|(d) | Transactions with promoters.                                    
|    |                                                                 
|    | Not applicable.                                                 







































52



PART IV

Item 14.	Exhibits, Financial Statement Schedules, and Reports on

Form 8-K

(a) 1 and 2.	Financial Statements and Financial Statement

Schedules

Independent Auditors' Report

Balance Sheets, March 31, 2001 and 2000

Statement of Operations, Years ended March 31, 2001, 2000, and

1999.

Statements of Changes in Partners' Capital, Years ended March

31, 2001, 2000 and 1999.

Statements of Cash Flows, Years ended March 31, 2001, 2000 and

1999.

Notes to Financial Statements, March 31, 2001, 2000 and

1999.

Schedule III - Real Estate and Accumulated Depreciation

Notes to Schedule III

Schedules not listed are omitted because of the absence of the

conditions under which they are required or because the

information is included in the financial statements or the notes

hereto.

(a) 3.	Exhibits (listed according to the number assigned

in the table in Item 601 of Regulation S-K)



Exhibit No. 3 - Organization Documents.

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.)













53



Exhibit No. 4 - Instruments defining the rights of security

holders, including indentures.

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.)

Exhibit No. 10 - Material contracts.

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.)

Exhibit No. 13 -

a.	Financial Statements

Exhibit No. 99 - Additional exhibits

1. Schedule III - Real Estate and Accumulated Depreciation

and Notes to Schedule III

b.	Independent Auditors Reports for Operating Limited

Partnerships.

(b)	Reports on Form 8-K

(c)	Exhibits

The list of exhibits required by Item 601 of Regulation S-K is

included in Item (a)(3).

(d)	Financial Statement Schedules

See Item (a) 1 and 2 above.

(e)	Independent Auditors' Reports for Operating Limited

Partnerships.



























54

SIGNATURES

Pursuant to the requirements of Section 13 of the Securities

Exchange Act of 1934, the Partnership has duly caused this Report to be

signed on its behalf by the undersigned, thereunto duly authorized.

|                    | Boston Capital Tax Credit Fund II Limited 
Partnership
|------------------- | ------------------------------------------------------
|                    | By:                                                   
|                    |                                                       
|                    | By:                                                   
|                    |                                                       
|                    | By:                                                   
|                    |                                                       
|Date: July 13, 2001 | By:                                                   
|                    |                                                       
|                    |                                                       





Pursuant to the requirements of the Securities Exchange Act of 1934,

this report has been signed below by the following persons on behalf of

the Partnership and in the capacities and on the dates indicated:

|DATE:         | SIGNATURE:          | TITLE:                                                                                                                                         
|------------- | ------------------- | -----------------------------------------------------------------------------------------------------------------------------------------------
|              |                     |                                                                                                                                                
|July 13, 2001 | /s/ John P. Manning | Director, President
(Principal Executive
Officer) C&M Management
Inc.; Director,
President (Principal
Executive Officer)
BCTC II Assignor Corp.
|              |                    
|              | John P. Manning    
|              |                    
|              |                    
|              |                    
|              |                    









55

FINANCIAL STATEMENTS AND
INDEPENDENT AUDITORS REPORT BOSTON CAPITAL TAX CREDIT FUND
II
LIMITED PARTNERSHIP -
SERIES 7, 9 THROUGH 12, AND 14 MARCH 31, 2001 AND 2000 Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14

TABLE OF
CONTENTS



INDEPENDENT AUDITORS
  REPORTFINANCIAL STATEMENTSBALANCE SHEETSSTATEMENTS OF OPERATIONSSTATEMENTS
  OF CHANGES IN PARTNERS CAPITALSTATEMENTS OF CASH FLOWSNOTES TO FINANCIAL
  STATEMENTSSCHEDULE III - REAL ESTATE AND ACCUMULATED
  DEPRECIATIONNOTES TO SCHEDULE IIISchedules
not listed are omitted because of the absence of the conditions under which
they are required or because the information is included in the financial
statements or the notes thereto.

Reznick Fedder & SilvermanCertified Public Accountants * A
Professional Corporation

4520 East-West Highway * Suite 300 * Bethesda,
MD 20814-3319(301) 652-9100 * Fax (301) 652-1848

INDEPENDENT
AUDITORS REPORT

To the PartnersBoston Capital Tax Credit Fund IILimited Partnership

We have audited the accompanying
balance sheets of Boston Capital Tax Credit Fund II Limited Partnership,
including Boston Capital Tax Credit Fund II Limited Partnership  Series 7,
Series 9 through 12, and Series 14, in total and for each series, as of March
31, 2001 and 2000, and the related statements of operations, changes in
partners capital and cash flows for the total partnership and for each of the
series for each of the three years ended March 31, 2001.  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 did
not audit the financial statements of certain operating limited partnerships in
which Boston Capital Tax Credit Fund II Limited Partnership owns a limited
partnership interest.  Investments in
such partnerships comprise the following percentages of the assets as of March
31, 2001 and 2000 for Series 7, Series 9 through 12, and Series 14, and the
limited partnership loss for each of the three years ended March 31, 2000 for
Series 7, Series 9 through 12, and Series 14: Total, 23% and 30% of the assets
and 20%, 29% and 24% of the partnership loss; Series 7, 20% and 25% of the
assets and 24%, 27% and 13% of the partnership loss; Series 9, 34% and 32% of
the assets and 15%, 31% and 29% of the partnership loss; Series 10, 18% and 45%
of the assets and 14%, 30% and 20% of the partnership loss; Series 11, 10% and
16% of the assets and 14%, 20% and 32% of the partnership loss; Series 12, 17%
and 24% of the assets and 21%, 28% and 24% of the partnership loss; and Series
14, 29% and 32% of the assets and 24%, 22% and 19% of the partnership loss.  The financial statements of these
partnerships were audited by other auditors, whose reports have been furnished
to us, and our opinion, insofar as it relates to information relating to these
partnerships, is based solely on the reports of the other auditors.

We conducted our audits in
accordance with auditing standards generally accepted in the United States of
America.  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 examining, on a test
basis, evidence supporting the amounts and disclosures in the financial
statements.  An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.  We believe that our
audits and the reports of the other auditors provide a reasonable basis for our
opinion.

In our opinion, based on our audits and
the reports of the other auditors, the financial statements referred to above
present fairly, in all material respects, the financial position of Boston
Capital Tax Credit Fund II Limited Partnership, including Boston Capital Tax
Credit Fund II Limited Partnership - Series 7, Series 9 through 12, and Series
14, in total and for each series, as of March 31, 2001 and 2000, and the
results of their operations and their cash flows for the total partnership and
for each of the series for each of the three years ended March 31, 2001, in
conformity with accounting principles generally accepted in the United States
of America.

We and other auditors have also
audited the information included in the related financial statement schedule
listed in Form 10-K item 14(a) of Boston Capital Tax Credit Fund II Limited Partnership
 Series 7, Series 9 through 12, and Series 14 as of March 31, 2001.  In our opinion, the schedule presents fairly
the information required to be set forth therein, in conformity with accounting
principles generally accepted in the United States of America.



Bethesda,
Maryland
June 27, 2001

Boston
Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14



BALANCE
SHEETS



March
31, 2001 and 2000


Total2001
  2000ASSETSINVESTMENTS
  IN OPERATING LIMITEDPARTNERSHIPS (notes A and C)
  $40,320,863
  $46,636,873OTHER
  ASSETSCash and cash equivalents (notes A and
  E)
  903,223
  901,179Investments held to maturity (notes A
  and G)
  642,595
  611,093Notes receivable (note F)
  543,584
  543,584Deferred acquisition costs, net of
  accumulated amortization (notes A and C)
  1,044,076
  1,092,637Other
  989,477
  799,453$44,443,818
  $50,584,819LIABILITIES AND PARTNERS CAPITAL.LIABILITIESAccounts payable  trade
  $1,380
  $1,380Accounts payable  affiliates (note B)
  22,081,673
  19,467,919Capital contributions payable (note C)
  261,103
  261,10322,344,156
  19,730,402PARTNERS
  CAPITAL (note A)Assignor limited partnerUnits of limited partnership interest
  consisting of20,000,000 authorized beneficial assignee certificates(BAC), $10 stated value, 18,679,738 issued
  and  outstanding to the assignees at
  March 31, 2001 and 2000
  -
  -AssigneesUnits of beneficial interest of the
  limited partnership interestof the
  assignor limited partner, 18,679,738 issued andoutstanding at March 31, 2001 and 2000
  23,495,380
  32,162,586General
  partner
  (1,395,718)
  (1,308,169)22,099,662
  30,854,417$44,443,818
  $50,584,819Series 72001
  2000ASSETSINVESTMENTS
  IN OPERATING LIMITEDPARTNERSHIPS (notes A and C)
  $478,143
  $705,120OTHER
  ASSETSCash and cash equivalents (notes A and
  E)
  6,561
  4,929Investments held to maturity (notes A
  and G)
  -
  -Notes receivable (note F)
  -
  -Deferred acquisition costs, net of
  accumulated amortization(notes
  A and C)
  -
  -Other
  67,204
  57,517$551,908
  $767,566LIABILITIES AND PARTNERS DEFICITLIABILITIESAccounts payable  trade
  $-
  $-Accounts payable  affiliates (note B)
  1,293,251
  1,155,639Capital contributions payable (note C)
  -
  -1,293,251
  1,155,639PARTNERS
  DEFICIT (note A)Assignor limited partnerUnits of limited partnership interest
  consisting of20,000,000 authorized beneficial assignee certificates(BAC), $10 stated value, 1,036,100 issued
  and  outstanding to the assignees at
  March 31, 2001 and 2000
  -
  -AssigneesUnits of beneficial interest of the
  limited partnership interestof the
  assignor limited partner, 1,036,100 issued andoutstanding at March 31, 2001 and 2000
  (644,003)
  (294,266)General partner
  (97,340)
  (93,807)(741,343)
  (388,073)$551,908
  $767,566Series 92001
  2000ASSETSINVESTMENTS
  IN OPERATING LIMITEDPARTNERSHIPS (notes A and C)
  $6,138,711
  $7,491,734OTHER
  ASSETSCash and cash equivalents (notes A and
  E)
  245,954
  247,361Investments held to maturity (notes A
  and G)
  92,788
  88,505Notes receivable (note F)
  -
  -Deferred acquisition costs, net of
  accumulated amortization(notes
  A and C)
  18,702
  19,572Other
  215,851
  204,244$6,712,006
  $8,051,416LIABILITIES AND PARTNERS CAPITALLIABILITIESAccounts payable  trade
  $-
  $-Accounts payable  affiliates (note B)
  5,189,472
  4,608,729Capital contributions payable (note C)
  -
  -5,189,472
  4,608,729PARTNERS
  CAPITAL (note A)Assignor limited partnerUnits of limited partnership interest
  consisting of20,000,000
  authorized beneficial assignee certificates(BAC), $10 stated value, 4,178,029 issued and  outstanding to the assignees at March 31,
  2001 and 2000
  -
  -AssigneesUnits of beneficial interest of the
  limited partnership interestof the
  assignor limited partner, 4,178,029 issued andoutstanding at March 31, 2001 and 2000
  1,867,649
  3,768,600General partner
  (345,115)
  (325,913)1,522,534
  3,442,687$6,712,006
  $8,051,416Series 102001
  2000ASSETSINVESTMENTS
  IN OPERATING LIMITEDPARTNERSHIPS (notes A and C)
  $6,416,705
  $6,885,117OTHER
  ASSETSCash and cash equivalents (notes A and
  E)
  49,745
  32,209Investments held to maturity (notes A
  and G)
  94,086
  89,657Notes receivable (note F)
  -
  -Deferred acquisition costs, net of
  accumulated amortization(notes
  A and C)
  73,990
  77,431Other
  42,843
  42,154$6,677,369
  $7,126,568LIABILITIES AND PARTNERS CAPITALLIABILITIESAccounts payable  trade
  $-
  $-Accounts payable  affiliates (note B)
  3,406,008
  3,050,496Capital contributions payable (note C)
  -
  -3,406,008
  3,050,496PARTNERS
  CAPITAL (note A)Assignor limited partnerUnits of limited partnership interest
  consisting of20,000,000 authorized beneficial assignee certificates(BAC), $10 stated value, 2,428,925 issued
  and  outstanding to the assignees at
  March 31, 2001 and 2000
  -
  -AssigneesUnits of beneficial interest of the
  limited partnership interestof the
  assignor limited partner, 2,428,925 issued andoutstanding at March 31, 2001 and 2000
  3,449,460
  4,246,124General partner
  (178,099)
  (170,052)3,271,361
  4,076,072$6,677,369
  $7,126,568Series 112001
  2000ASSETSINVESTMENTS
  IN OPERATING LIMITEDPARTNERSHIPS (notes A and C)
  $7,209,128
  $8,097,883OTHER
  ASSETSCash and cash equivalents (notes A and
  E)
  299,326
  247,690Investments held to maturity (notes A
  and G)
  148,285
  141,329Notes receivable (note F)
  -
  -Deferred acquisition costs, net of
  accumulated amortization(notes
  A and C)
  37,503
  39,247Other
  81,359
  68,870$7,775,601
  $8,595,019LIABILITIES AND PARTNERS CAPITALLIABILITIESAccounts payable  trade
  $-
  $-Accounts payable  affiliates (note B)
  2,603,194
  2,277,513Capital contributions payable (note C)
  22,528
  22,5282,625,722
  2,300,041PARTNERS
  CAPITAL (note A)Assignor limited partnerUnits of limited partnership interest
  consisting of20,000,000 authorized beneficial assignee certificates(BAC), $10 stated value, 2,489,599 issued
  and  outstanding to the assignees at
  March 31, 2001 and 2000
  -
  -AssigneesUnits of beneficial interest of the
  limited partnership interestof the
  assignor limited partner, 2,489,599 issued andoutstanding at March 31, 2001 and 2000
  5,313,065
  6,446,713General partner
  (163,186)
  (151,735)5,149,879
  6,294,978$7,775,601
  $8,595,019Series 122001
  2000ASSETSINVESTMENTS
  IN OPERATING LIMITEDPARTNERSHIPS (notes A and C)
  $7,243,683
  $8,296,388OTHER
  ASSETSCash and cash equivalents (notes A and
  E)
  61,416
  68,437Investments held to maturity (notes A
  and G)
  -
  -Notes receivable (note F)
  -
  -Deferred acquisition costs, net of
  accumulated amortization(notes
  A and C)
  286,311
  299,628Other
  116,367
  105,927$7,707,777
  $8,770,380LIABILITIES AND PARTNERS CAPITALLIABILITIESAccounts payable  trade
  $-
  $-Accounts payable  affiliates (note B)
  3,260,414
  2,868,059Capital contributions payable (note C)
  11,405
  11,4053,271,819
  2,879,464PARTNERS
  CAPITAL (note A)Assignor limited partnerUnits of limited partnership interest
  consisting of20,000,000 authorized beneficial assignee certificates(BAC), $10 stated value, 2,972,795 issued
  and  outstanding to the assignees at
  March 31, 2001 and 2000
  -
  -AssigneesUnits of beneficial interest of the
  limited partnership interestof the
  assignor limited partner, 2,972,795 issued andoutstanding at March 31, 2001 and 2000
  4,648,858
  6,089,266General partner
  (212,900)
  (198,350)4,435,958
  5,890,916$7,707,777
  $8,770,380Series 142001
  2000ASSETSINVESTMENTS
  IN OPERATING LIMITEDPARTNERSHIPS (notes A and C)
  $12,834,493
  $15,160,631OTHER
  ASSETSCash and cash equivalents (notes A and
  E)
  240,221
  300,553Investments held to maturity (notes A and
  G)
  307,436
  291,602Notes receivable (note F)
  543,584
  543,584Deferred acquisition costs, net of
  accumulated amortization(notes
  A and C)
  627,570
  656,759Other
  465,853
  320,741$15,019,157
  $17,273,870LIABILITIES AND PARTNERS CAPITALLIABILITIESAccounts payable  trade
  $1,380
  $1,380Accounts payable  affiliates (note B)
  6,329,334
  5,507,483Capital contributions payable (note C)
  227,170
  227,1706,557,884
  5,736,033PARTNERS
  CAPITAL (note A)Assignor limited partnerUnits of limited partnership interest
  consisting of20,000,000 authorized beneficial assignee certificates(BAC), $10 stated value, 5,574,290 issued
  and  outstanding to the assignees at
  March 31, 2001 and 2000
  -
  -AssigneesUnits of beneficial interest of the
  limited partnership interestof the
  assignor limited partner, 5,574,290 issued andoutstanding at March 31, 2001 and 2000
  8,860,351
  11,906,149General partner
  (399,078)
  (368,312)8,461,273
  11,537,837$15,019,157
  $17,273,870See
notes to financial statements


Boston Capital Tax Credit Fund II Limited
Partnership
Series 7, 9 through 12, and 14



STATEMENTS
OF OPERATIONS



Years ended March 31, 2001, 2000 and 1999


Total2001
  2000
  1999IncomeInterest income
  $51,891
  $53,779
  $73,186Miscellaneous income
  9,288
  38,750
  37,20661,179
  92,529
  110,392Share of losses from
  operating limitedpartnerships (note A)
  (5,981,076)
  (5,998,233)*
  (7,498,353)ExpensesProfessional fees
  175,053
  231,351
  229,416Partnership management fee (note B)
  2,283,282
  2,280,617
  2,299,147Amortization (note A)
  48,561
  48,561
  48,561Impairment loss (note A)
  210,731
  -
  468,736General and administrative expenses
  (note B)
  117,231
  141,353
  131,7582,834,858
  2,701,882
  3,177,618NET LOSS (note A)
  $(8,754,755)
  $(8,607,586)
  $(10,565,579)Net loss allocated to
  general partner
  $(87,549)
  $(86,075)
  $(105,657)Net loss allocated to
  assignees
  $(8,667,206)
  $(8,521,511)
  $(10,459,922)Net loss per BAC
  $(0.46)
  $(0.46)
  $(0.56)*  Includes loss on disposal of operating
limited partnership (Series 10) of $235,446.


Series
  72001
  2000
  1999IncomeInterest income
  $98
  $185
  $162Miscellaneous income
  -
  -
  150Total income
  98
  185
  312Share of losses from
  operating limitedpartnerships (note A)
  (226,977)
  (269,128)
  (255,660)ExpensesProfessional fees
  12,413
  11,844
  18,264Partnership management fee (note B)
  107,283
  108,654
  103,589Amortization (note A)
  -
  -
  -Impairment loss (note A)
  -
  -
  255,418General and administrative expenses
  (note B)
  6,695
  7,193
  6,845126,391
  127,691
  384,116NET LOSS (note A)
  $(353,270)
  $(396,634)
  $(639,464)Net loss allocated to
  general partner
  $(3,533)
  $(3,966)
  $(6,395)Net loss allocated to
  assignees
  $(349,737)
  $(392,668)
  $(633,069)Net loss per BAC
  $(0.34)
  $(0.38)
  $(0.61)Series
  92001
  2000
  1999IncomeInterest income
  $10,812
  $11,565
  $22,140Miscellaneous income
  2,418
  10,027
  3,472Total income
  13,230
  21,592
  25,612Share of losses from
  operating limitedpartnerships (note A)
  (1,296,953)
  (1,587,512)
  (1,736,728)ExpensesProfessional fees
  26,438
  39,228
  39,133Partnership management fee (note B)
  536,992
  539,698
  552,372Amortization (note A)
  870
  870
  870Impairment loss (note A)
  50,000
  -
  -General and administrative expenses
  (note B)
  22,130
  28,663
  25,771636,430
  608,459
  618,146NET LOSS (note A)
  $(1,920,153)
  $(2,174,379)
  $(2,329,262)Net loss allocated to
  general partner
  $(19,202)
  $(21,744)
  $(23,293)Net loss allocated to
  assignees
  $(1,900,951)
  $(2,152,635)
  $(2,305,969)Net loss per BAC
  $(0.45)
  $(0.52)
  $(0.55)Series
  102001
  2000
  1999IncomeInterest income
  $5,606
  $4,891
  $5,647Miscellaneous income
  -
  8,550
  -Total income
  5,606
  13,441
  5,647Share of losses from
  operating limitedpartnerships (note A)
  (446,106)
  (407,144)*
  (897,590)ExpensesProfessional fees
  21,624
  33,952
  31,182Partnership management fee (note B)
  322,229
  323,517
  324,577Amortization (note A)
  3,441
  3,441
  3,441Impairment loss (note A)
  -
  -
  -General and administrative expenses(note B)
  16,917
  21,608
  17,011364,211
  382,518
  376,211NET LOSS (note A)
  $(804,711)
  $(776,221)
  $(1,268,154)Net loss allocated to
  general partner
  $(8,047)
  $(7,762)
  $(12,682)Net loss allocated to
  assignees
  $(796,664)
  $(768,459)
  $(1,255,472)Net loss per BAC
  $(0.33)
  $(0.32)
  $(0.52)*  Includes loss on disposal of operating
limited partnership (Series 10) of $235,446.


Series
  112001
  2000
  1999IncomeInterest income
  $12,343
  $11,638
  $14,804Miscellaneous income
  -
  7,453
  5,091Total income
  12,343
  19,091
  19,895Share of losses from
  operating limitedpartnerships (note A)
  (662,007)
  (637,934)
  (931,161)ExpensesProfessional fees
  21,158
  32,595
  29,826Partnership management fee (note B)
  296,881
  290,784
  300,795Amortization (note A)
  1,744
  1,744
  1,744Impairment loss (note A)
  160,731
  -
  84,701General and administrative expenses
  (note B)
  14,921
  18,237
  16,972495,435
  343,360
  434,038NET LOSS (note A)
  $(1,145,099)
  $(962,203)
  $(1,345,304)Net loss allocated to
  general partner
  $(11,451)
  $(9,622)
  $(13,453)Net loss allocated to
  assignees
  $(1,133,648)
  $(952,581)
  $(1,331,851)Net loss per BAC
  $(0.46)
  $(0.38)
  $(0.53)Series
  122001
  2000
  1999IncomeInterest income
  $1,300
  $1,465
  $805Miscellaneous income
  2,736
  2,886
  10,846Total income
  4,036
  4,351
  11,651Share of losses from
  operating limitedpartnerships (note A)
  (1,036,150)
  (998,028)
  (1,122,280)ExpensesProfessional fees
  37,775
  35,899
  36,772Partnership management fee (note B)
  352,368
  362,250
  347,246Amortization (note A)
  13,317
  13,317
  13,317Impairment loss (note A)
  -
  -
  128,617General and administrative expenses
  (note B)
  19,384
  21,685
  21,986422,844
  433,151
  547,938NET LOSS (note A)
  $(1,454,958)
  $(1,426,828)
  $(1,658,567)Net loss allocated to
  general partner
  $(14,550)
  $(14,268)
  $(16,586)Net loss allocated to
  assignees
  $(1,440,408)
  $(1,412,560)
  $(1,641,981)Net loss per BAC
  $(0.48)
  $(0.48)
  $(0.55)Series
  142001
  2000
  1999IncomeInterest income
  $21,732
  $24,035
  $29,628Miscellaneous income
  4,134
  9,834
  17,647Total income
  25,866
  33,869
  47,275Share of losses from
  operating limited partnerships (note A)
  (2,312,883)
  (2,098,487)
  (2,554,934)ExpensesProfessional fees
  55,645
  77,833
  74,239Partnership management fee (note B)
  667,529
  655,714
  670,568Amortization (note A)
  29,189
  29,189
  29,189Impairment loss (note A)
  -
  -
  -General and administrative expenses
  (note B)
  37,184
  43,967
  43,173789,547
  806,703
  817,169NET LOSS (note A)
  $(3,076,564)
  $(2,871,321)
  $(3,324,828)Net loss allocated to general
  partner
  $(30,766)
  $(28,713)
  $(33,248)Net loss allocated to
  assignees
  $(3,045,798)
  $(2,842,608)
  $(3,291,580)Net loss per BAC
  $(0.55)
  $(0.51)
  $(0.59)See
notes to financial statements


Boston
Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14

STATEMENTS
OF CHANGES IN PARTNERS CAPITAL

Years
ended March 31, 2001, 2000 and 1999

Total
  Assignees
  General
  partner
  TotalPartners capital
  (deficit), March 31, 1998
  $51,144,019
  $(1,116,437)
  $50,027,582Net loss
  (10,459,922)
  (105,657)
  (10,565,579)Partners capital
  (deficit), March 31, 1999
  40,684,097
  (1,222,094)
  39,462,003Net loss
  (8,521,511)
  (86,075)
  (8,607,586)Partners capital
  (deficit), March 31, 2000
  32,162,586
  (1,308,169)
  30,854,417Net loss
  (8,667,206)
  (87,549)
  (8,754,755)Partners capital
  (deficit), March 31, 2001
  $23,495,380
  $(1,395,718)
  $22,099,662

Series
  7
  Assignees
  General
  partner
  TotalPartners capital
  (deficit), March 31, 1998
  $731,471
  $(83,446)
  $648,025Net loss
  (633,069)
  (6,395)
  (639,464)Partners capital
  (deficit), March 31, 1999
  98,402
  (89,841)
  8,561Net loss
  (392,668)
  (3,966)
  (396,634)Partners capital
  (deficit), March 31, 2000
  (294,266)
  (93,807)
  (388,073)Net loss
  (349,737)
  (3,533)
  (353,270)Partners capital
  (deficit), March 31, 2001
  $(644,003)
  $(97,340)
  $(741,343)

Series
  9
  Assignees
  General
  partner
  TotalPartners capital
  (deficit), March 31, 1998
  $8,227,204
  $(280,876)
  $7,946,328Net loss
  (2,305,969)
  (23,293)
  (2,329,262)Partners capital
  (deficit), March 31, 1999
  5,921,235
  (304,169)
  5,617,066Net loss
  (2,152,635)
  (21,744)
  (2,174,379)Partners capital
  (deficit), March 31, 2000
  3,768,600
  (325,913)
  3,442,687Net loss
  (1,900,951)
  (19,202)
  (1,920,153)Partners capital
  (deficit), March 31, 2001
  $1,867,649
  $(345,115)
  $1,522,534Series
  10
  Assignees
  General
  partner
  TotalPartners capital
  (deficit), March 31, 1998
  $6,270,055
  $(149,608)
  $6,120,447Net loss
  (1,255,472)
  (12,682)
  (1,268,154)Partners capital
  (deficit), March 31, 1999
  5,014,583
  (162,290)
  4,852,293Net loss
  (768,459)
  (7,762)
  (776,221)Partners capital
  (deficit), March 31, 2000
  4,246,124
  (170,052)
  4,076,072Net loss
  (796,664)
  (8,047)
  (804,711)Partners capital
  (deficit), March 31, 2001
  $3,449,460
  $(178,099)
  $3,271,361

Series
  11
  Assignees
  General
  partner
  TotalPartners capital
  (deficit), March 31, 1998
  $8,731,145
  $(128,660)
  $8,602,485Net loss
  (1,331,851)
  (13,453)
  (1,345,304)Partners capital
  (deficit), March 31, 1999
  7,399,294
  (142,113)
  7,257,181Net loss
  (952,581)
  (9,622)
  (962,203)Partners capital
  (deficit), March 31, 2000
  6,446,713
  (151,735)
  6,294,978Net loss
  (1,133,648)
  (11,451)
  (1,145,099)Partners capital
  (deficit), March 31, 2001
  $5,313,065
  $(163,186)
  $5,149,879Series
  12
  Assignees
  General
  partner
  TotalPartners capital
  (deficit), March 31, 1998
  $9,143,807
  $(167,496)
  $8,976,311Net loss
  (1,641,981)
  (16,586)
  (1,658,567)Partners capital
  (deficit), March 31, 1999
  7,501,826
  (184,082)
  7,317,744Net loss
  (1,412,560)
  (14,268)
  (1,426,828)Partners capital
  (deficit), March 31, 2000
  6,089,266
  (198,350)
  5,890,916Net loss
  (1,440,408)
  (14,550)
  (1,454,958)Partners capital
  (deficit), March 31, 2001
  $4,648,858
  $(212,900)
  $4,435,958

Series
  14
  Assignees
  General
  partner
  TotalPartners capital
  (deficit), March 31, 1998
  $18,040,337
  $(306,351)
  $17,733,986Net loss
  (3,291,580)
  (33,248)
  (3,324,828)Partners capital
  (deficit), March 31, 1999
  14,748,757
  (339,599)
  14,409,158Net loss
  (2,842,608)
  (28,713)
  (2,871,321)Partners capital
  (deficit), March 31, 2000
  11,906,149
  (368,312)
  11,537,837Net loss
  (3,045,798)
  (30,766)
  (3,076,564)Partners capital
  (deficit), March 31, 2001
  $8,860,351
  $(399,078)
  $8,461,273See
notes to financial statements


Boston
Capital Tax Credit Fund II Limited Partnership
Series 7, 9 through 12, and 14

STATEMENTS OF CASH FLOWS

Years
ended March 31, 2001, 2000 and 1999

Total2001
  2000
  1999Cash flows from
  operating activitiesNet loss
  $(8,754,755)
  $(8,607,586)
  $(10,565,579)Adjustments to reconcile net loss to net
  cash provided by (used in) operating activitiesDistribution from operating limited
  partnerships
  102,049
  128,448
  57,177Share of losses from operating
  limited partnerships
  5,981,076
  5,998,233
  7,498,353Impairment loss
  210,731
  -
  468,736Amortization
  48,561
  48,561
  48,561Changes in assets and liabilitiesAccounts payable and accrued
  expenses
  2,613,754
  2,651,613
  2,580,197Other assets
  (23,136)
  7,822
  (39,928)Net cash provided by (used in)
  operating activities
  178,280
  227,091
  47,517Cash flows from
  investing activitiesCapital contributions paid to operating
  limited partnerships
  -
  (104,590)
  (2,543)Repayment from (advance to) operating
  limited partnerships
  (144,734)
  (200,774)
  (65,677)Purchase of investments (net of proceeds
  from redemption of investments)
  (31,502)
  451,422
  (145,018)Net cash provided by (used in)
  investing activities
  (176,236)
  146,058
  (213,238)NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS
  2,044
  373,149
  (165,721)Cash and cash
  equivalents, beginning
  901,179
  528,030
  693,751Cash and cash equivalents,
  end
  $903,223
  $901,179
  $528,030Supplemental schedule
  of noncash investing and financing activitiesThe partnership has decreased its
  capital contribution obligation to the operating limited partnerships for low
  income tax credits not generated.
  $-
  $2,724
  $-The partnership has adjusted its
  investment in operating limited partnerships for low income tax credits not
  generated.
  $22,154
  $57,687
  $14,468The partnership has increased its
  investment in operating limited partnerships for releases from escrows.
  $-
  $-
  $12,830Series
  72001
  2000
  1999Cash flows from
  operating activitiesNet loss
  $(353,270)
  $(396,634)
  $(639,464)Adjustments to reconcile net loss to net
  cash provided by (used in) operating activitiesDistribution from operating limited
  partnerships
  -
  -
  -Share of losses from operating
  limited partnerships
  226,977
  269,128
  255,660Impairment loss
  -
  -
  255,418Amortization
  -
  -
  -Changes in assets and liabilitiesAccounts payable and accrued
  expenses
  137,612
  134,805
  159,949Other assets
  (9,687)
  -
  -Net cash provided by (used in)
  operating activities
  1,632
  7,299
  31,563Cash flows from
  investing activitiesCapital contributions paid to operating
  limited partnerships
  -
  -
  -Repayment from (advance to) operating
  limited partnerships
  -
  (10,899)
  (30,168)Purchase of investments (net of proceeds
  from redemption of investments)
  -
  -
  -Net cash provided by (used in)
  investing activities
  -
  (10,899)
  (30,168)NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS
  1,632
  (3,600)
  1,395Cash and cash
  equivalents, beginning
  4,929
  8,529
  7,134Cash and cash
  equivalents, end
  $6,561
  $4,929
  $8,529Supplemental schedule
  of noncash investing and financing activitiesThe partnership has decreased its
  capital contribution obligation to the operating limited partnerships for low
  income tax credits not generated.
  $-
  $-
  $-The partnership has adjusted its
  investment in operating limited partnerships for low income tax credits not
  generated.
  $-
  $-
  $-The partnership has increased its
  investment in operating limited partnerships for releases from escrows.
  $-
  $-
  $-Series
  92001
  2000
  1999Cash flows from
  operating activitiesNet loss
  $(1,920,153)
  $(2,174,379)
  $(2,329,262)Adjustments to reconcile net loss to net
  cash provided by (used in) operating activitiesDistribution from operating limited
  partnerships
  3,052
  1,047
  1,249Share of losses from operating
  limited partnerships
  1,296,953
  1,587,512
  1,736,728Impairment loss
  50,000
  -
  -Amortization
  870
  870
  870Changes in assets and liabilitiesAccounts payable and accrued
  expenses
  580,743
  575,785
  575,781Other assets
  (8,589)
  12,553
  (9,921)Net cash provided by (used in)
  operating activities
  2,876
  3,388
  (24,555)Cash flows from
  investing activitiesCapital contributions paid to operating
  limited partnerships
  -
  (4,590)
  -Repayment from (advance to) operating
  limited partnerships
  -
  (59,169)
  (96,620)Purchase of investments (net of proceeds
  from redemption of investments)
  (4,283)
  164,194
  (3,202)Net cash provided by (used in)
  investing activities
  (4,283)
  100,435
  (99,822)NET INCREASE (DECREASE) IN CASH AND CASH
  EQUIVALENTS
  (1,407)
  103,823
  (124,377)Cash and cash
  equivalents, beginning
  247,361
  143,538
  267,915Cash and cash
  equivalents, end
  $245,954
  $247,361
  $143,538Supplemental schedule
  of noncash investing and financing activitiesThe partnership has decreased its
  capital contribution obligation to the operating limited partnerships for low
  income tax credits not generated.
  $-
  $-
  $-The partnership has adjusted its
  investment in operating limited partnerships for low income tax credits not
  generated.
  $3,018
  $3,437
  $-The partnership has increased its
  investment in operating limited partnerships for releases from escrows.
  $-
  $-
  $-Series
  102001
  2000
  1999Cash flows from
  operating activitiesNet loss
  $(804,711)
  $(776,221)
  $(1,268,154)Adjustments to reconcile net loss to net
  cash provided by (used in) operating activitiesDistribution from operating limited
  partnerships
  22,306
  21,040
  7,917Share of losses from operating
  limited partnerships
  446,106
  407,144
  897,590Impairment loss
  -
  -
  -Amortization
  3,441
  3,441
  3,441Changes in assets and liabilitiesAccounts payable and accrued
  expenses
  355,512
  355,512
  355,512Other assets
  (689)
  (7,149)
  (2,691)Net cash provided by (used in)
  operating activities
  21,965
  3,767
  (6,385)Cash flows from
  investing activitiesCapital contributions paid to operating
  limited partnerships
  -
  -
  -Repayment from (advance to) operating
  limited partnerships
  -
  -
  -Purchase of investments (net of proceeds
  from redemption of investments)
  (4,429)
  (4,674)
  (1,983)Net cash provided by (used in)
  investing activities
  (4,429)
  (4,674)
  (1,983)NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
  17,536
  (907)
  (8,368)Cash and cash
  equivalents, beginning
  32,209
  33,116
  41,484Cash and cash
  equivalents, end
  $49,745
  $32,209
  $33,116Supplemental schedule
  of noncash investing and financing activitiesThe partnership has decreased its
  capital contribution obligation to the operating limited partnerships for low
  income tax credits not generated.
  $-
  $-
  $-The partnership has adjusted its
  investment in operating limited partnerships for low income tax credits not
  generated.
  $-
  $-
  $-The partnership has increased its
  investment in operating limited partnerships for releases from escrows.
  $-
  $-
  $-

Series
  112001
  2000
  1999Cash flows from
  operating activitiesNet loss
  $(1,145,099)
  $(962,203)
  $(1,345,304)Adjustments to reconcile net loss to net
  cash provided by (used in) operating activitiesDistribution from operating limited
  partnerships
  54,570
  68,150
  35,909Share of losses from operating
  limited partnerships
  662,007
  637,934
  931,161Impairment loss
  160,731
  -
  84,701Amortization
  1,744
  1,744
  1,744Changes in assets and liabilitiesAccounts payable and accrued expenses
  325,681
  325,679
  326,080Other assets
  (1,042)
  1,004
  (5,380)Net cash provided by (used in)
  operating activities
  58,592
  72,308
  28,911Cash flows from
  investing activitiesCapital contributions paid to operating
  limited partnerships
  -
  -
  -Repayment from (advance to) operating
  limited partnerships
  -
  -
  -Purchase of investments (net of proceeds
  from redemption of investments)
  (6,956)
  80,260
  27,411Net cash provided by (used in)
  investing activities
  (6,956)
  80,260
  27,411NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS
  51,636
  152,568
  56,322Cash and cash
  equivalents, beginning
  247,690
  95,122
  38,800Cash and cash
  equivalents, end
  $299,326
  $247,690
  $95,122Supplemental schedule
  of noncash investing and financing activitiesThe partnership has decreased its
  capital contribution obligation to the operating limited partnerships for low
  income tax credits not generated.
  $-
  $-
  $-The partnership has adjusted its
  investment in operating limited partnerships for low income tax credits not
  generated.
  $11,447
  $15,077
  $2,127The partnership has increased its
  investment in operating limited partnerships for releases from escrows.
  $-
  $-
  $-Series
  122001
  2000
  1999Cash flows from
  operating activitiesNet loss
  $(1,454,958)
  $(1,426,828)
  $(1,658,567)Adjustments to reconcile net loss to net
  cash provided by (used in) operating activitiesDistribution from operating limited
  partnerships
  8,866
  6,646
  7,785Share of losses from operating
  limited partnerships
  1,036,150
  998,028
  1,122,280Impairment loss
  -
  -
  128,617Amortization
  13,317
  13,317
  13,317Changes in assets and liabilitiesAccounts payable and accrued
  expenses
  392,355
  394,564
  406,339Other assets
  (2,751)
  -
  (19,999)Net cash provided by (used in)
  operating activities
  (7,021)
  (14,273)
  (228)Cash flows from
  investing activitiesCapital contributions paid to operating
  limited partnerships
  -
  -
  -Repayment from (advance to) operating
  limited partnerships
  -
  -
  61,111Purchase of investments (net of proceeds
  from redemption of investments)
  -
  -
  -Net cash provided by (used in)
  investing activities
  -
  -
  61,111NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS
  (7,021)
  (14,273)
  60,883Cash and cash
  equivalents, beginning
  68,437
  82,710
  21,827Cash and cash
  equivalents, end
  $61,416
  $68,437
  $82,710Supplemental schedule
  of noncash investing and financing activitiesThe partnership has decreased its
  capital contribution obligation to the operating limited partnerships for low
  income tax credits not generated.
  $-
  $-
  $-The partnership has adjusted its
  investment in operating limited partnerships for low income tax credits not
  generated.
  $7,689
  $37,502
  $1,425The partnership has increased its
  investment in operating limited partnerships for releases from escrows.
  $-
  $-
  $12,830Series
  142001
  2000
  1999Cash flows from
  operating activitiesNet loss
  $(3,076,564)
  $(2,871,321)
  $(3,324,828)Adjustments to reconcile net loss to net
  cash provided by (used in) operating activitiesDistribution from operating limited
  partnerships
  13,255
  31,565
  4,317Share of losses from operating
  limited partnerships
  2,312,883
  2,098,487
  2,554,934Impairment loss
  -
  -
  -Amortization
  29,189
  29,189
  29,189Changes in assets and liabilitiesAccounts payable and accrued
  expenses
  821,851
  865,268
  756,536Other assets
  (378)
  1,414
  (1,937)Net cash provided by (used in)
  operating activities
  100,236
  154,602
  18,211Cash flows from
  investing activitiesCapital contributions paid to operating
  limited partnerships
  -
  (100,000)
  (2,543)Repayment from (advance to) operating
  limited partnerships
  (144,734)
  (130,706)
  -Purchase of investments (net of proceeds
  from redemption of investments)
  (15,834)
  211,642
  (167,244)Net cash provided by (used in)
  investing activities
  (160,568)
  (19,064)
  (169,787)NET INCREASE (DECREASE) IN CASH
  AND CASH EQUIVALENTS
  (60,332)
  135,538
  (151,576)Cash and cash
  equivalents, beginning
  300,553
  165,015
  316,591Cash and cash
  equivalents, end
  $240,221
  $300,553
  $165,015Supplemental schedule
  of noncash investing and financing activitiesThe partnership has decreased its
  capital contribution obligation to the operating limited partnerships for low
  income tax credits not generated.
  $-
  $2,724
  $-The partnership has adjusted its investment
  in operating limited partnerships for low income tax credits not generated.
  $-
  $1,671
  $10,916The partnership has increased its
  investment in operating limited partnerships for releases from escrows.
  $-
  $-
  $-See
notes to financial statements


Boston Capital Tax Credit Fund II
Limited Partnership
Series 7, 9 through 12, and 14

NOTES TO FINANCIAL STATEMENTS

March 31, 2001, 2000 and 1999

NOTE
A - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

Boston Capital Tax Credit Fund II Limited Partnership
(the partnership) was formed under the laws of the State of Delaware on June
28, 1989, for the purpose of acquiring, holding and disposing of limited
partnership interests in operating limited partnerships which were to acquire, develop,
rehabilitate, operate and own newly constructed, existing or rehabilitated
low-income apartment complexes which qualify for the Low-Income Housing Tax
Credit established by the Tax Reform Act of 1986.  Certain of the apartment complexes also qualified for the
Historic Rehabilitation Tax Credit for their rehabilitation of a certified
historic structure; accordingly, the apartment complexes are restricted as to
rent charges and operating methods and are subject to the provisions of Section
42(g)(2) of the Internal Revenue Code relating to the Rehabilitation Investment
Credit.  The general partner of the
partnership is Boston Capital Associates II Limited Partnership and the limited
partner is BCTC Assignor Corp. II (the assignor limited partner).Pursuant to the Securities Act of 1933, the
partnership filed a Form S-11 Registration Statement with the Securities and
Exchange Commission, effective August 29, 1988, which covered the offering (the
Public Offering) of the partnerships beneficial assignee certificates
(BACs) representing assignments of units of the beneficial interest of the
limited partnership interest of the assignor limited partner.  The partnership registered 20,000,000 BACs
at $10 per BAC for sale to the public in six series.  BACs sold in bulk over $100,000 were offered to investors at a
reduced cost per BAC.  The partnership
is no longer selling any BACs related to any series.  The final closing in Series 14 was January 27, 1993.The BACs issued and outstanding in each series at March
31, 2001 and 2000 are as follows:Series
  7
  1,036,100Series
  9
  4,178,029Series
  10
  2,428,925Series
  11
  2,489,599Series
  12
  2,972,795Series
  14
  5,574,290Total
  18,679,738In accordance with the limited partnership
agreement, profits, losses, and cash flow (subject to certain priority
allocations and distributions) and tax credits are allocated 99% to the
assignees and 1% to the general partner.Deferred
Acquisition CostsDeferred acquisition costs are being amortized on the
straight-line method starting April 1, 1995 over 27.5 years (330 months).As of April 1, 1995, the partnership reclassified
certain unallocated acquisition costs included in the investments in operating
limited partnerships to deferred acquisition costs.  The amounts include $23,920, $94,634, and $47,968 for Series 9,
Series 10 and Series 11, respectively.Accumulated amortization as of March 31, 2001
and 2000 is as follows:2001
  2000Series
  7
  $-
  $-Series
  9
  5,220
  4,350Series
  10
  20,648
  17,207Series
  11
  10,465
  8,721Series
  12
  79,902
  66,585Series
  14
  175,135
  145,946$291,370
  $242,809Income
TaxesNo provision or benefit for income taxes has
been included in these financial statements since taxable income or loss passes
through to, and is reportable by, the partners and assignees individually.Investments
in Operating Limited PartnershipsThe partnership accounts for its investments in
operating limited partnerships using the equity method of accounting.  Under the equity method of accounting, the
partnership adjusts its investment cost for its share of each operating limited
partnerships results of operations and for any distributions received or
accrued.  However, the partnership
recognizes individual operating limited partnerships losses only to the extent
that the funds share of losses of the operating limited partnerships exceeds
the carrying amount of the investment. 
Unrecognized losses are suspended and offset against future individual
operating limited partnership income. 
No operating limited partnerships were acquired during 2001 or 2000.A loss in value of an investment in an operating
limited partnership other than a temporary decline would be recorded as an
impairment loss.  Impairment is measured
by comparing the investment carrying amount to the sum of the total amount of
the remaining tax credits allocated to the partnership and the estimated
residual value of the investment. 
Accordingly, the partnership recorded an impairment loss of $210,731 during
the year ended March 31, 2001 and $468,736 during the year ended March 31,
1999.Capital contributions to operating limited
partnerships are adjusted by tax credit adjusters.  Tax credit adjusters are defined as adjustments to operating
limited partnership capital contributions due to reductions in actual tax
credits from those originally projected. 
The partnership records tax credit adjusters as a reduction in
investment in operating limited partnerships and capital contributions payable.The operating limited partnerships maintain their financial
statements based on a calendar year and the partnership utilizes a March 31
year-end.  The fund records losses and
income from the operating limited partnerships on a calendar year basis which
is not materially different from losses and income generated if the operating
limited partnerships utilized a March 31 year-end.The partnership records capital contributions payable
to the operating limited partnerships once there is a binding obligation to
fund a specified amount.  The operating
limited partnerships record capital contributions from the partnership when
received.The partnership records acquisition costs as an
increase in its investment in operating limited partnerships.  Certain operating limited partnerships have
not recorded the acquisition costs as a capital contribution from the
partnership.  These differences are
shown as reconciling items in note C.Cash
EquivalentsCash equivalents include tax-exempt sweep accounts,
certificates of deposit, and money market accounts having original maturities
at the date of acquisition of three months or less.  The carrying amounts approximate fair value because of the short
maturity of these instruments.Fiscal
YearFor financial reporting purposes, the
partnership uses a March 31 year end, whereas for income tax reporting
purposes, the partnership uses a calendar year.  The operating limited partnerships use a calendar year for both
financial and income tax reporting.Net
Loss per Beneficial Assignee CertificateNet loss per beneficial assignee certificate is
calculated based upon the weighted average number of units outstanding.  The weighted average number of units
outstanding in each series at March 31, 2001, 2000 and 1999 are as follows:Series
  7
  1,036,100Series
  9
  4,178,029Series
  10
  2,428,925Series
  11
  2,489,599Series
  12
  2,972,795Series
  14
  5,574,290Total
  18,679,738Use
of EstimatesThe preparation of financial statements in
conformity with accounting principles generally accepted in the United States
of America requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses during the reporting period.  Actual results could differ from those
estimates.Investments Held to Maturity

Investments held to maturity consist of certificates
of deposit with original maturities greater than 90 days and are carried at
cost which approximates fair value.Recent
Accounting PronouncementsIn June 2000, the Financial Accounting Standards
Board (FASB) issued SFAS No. 138, Accounting for Certain Derivative
Instruments and Certain Hedging Activities - an amendment of FASB Statement No.
133, and SFAS No. 139, Rescission of FASB No. 53 and amendments to FASB
Statements No. 63, 89 and 121.  In
September 2000, FASB issued SFAS No. 140, Accounting for Transfers and
Servicing of Financial Assets and Extinguishments of Liabilities - a
replacement of FASB Statement No. 125.SFAS No. 138 is effective for all fiscal quarters of
all fiscal years beginning after June 15, 2000.  SFAS No. 139 is effective for fiscal years beginning after
December 15, 2000.  SFAS No. 140 is
generally effective for fiscal years after December 15, 2000.The fund does not have any derivative or hedging
activities and is not in the motion picture industry or the mortgage bank
industry.  Consequently, these
pronouncements are not expected to have any effect on the funds financial
statements.NOTE B -
RELATED PARTY TRANSACTIONS

During the years ended March 31, 2001, 2000 and 1999,
the partnership entered into several transactions with various affiliates of
the general partner, including Boston Capital Partners, Inc., Boston Capital
Holdings Limited Partnership and Boston Capital Asset Management Limited
Partnership, as follows:Boston Capital Asset Management Limited Partnership is
entitled to an annual partnership management fee based on .5% of the aggregate
cost of all apartment complexes acquired by the operating limited partnerships,
less the amount of certain partnership management and reporting fees paid or
payable by the operating limited partnerships. The aggregate cost is comprised
of the capital contributions made by each series to the operating limited
partnerships and 99% of the permanent financing at the operating limited
partnership level.  The annual
partnership management fees charged to each series operations during the years
ended March 31, 2001, 2000 and 1999 are as follows:

2001
  2000
  1999Series 7
  $107,283
  $108,654
  $103,589Series
  9
  536,992
  539,698
  552,372Series
  10
  322,229
  323,517
  324,577Series
  11
  296,881
  290,784
  300,795Series
  12
  352,368
  362,250
  347,246Series
  14
  667,529
  655,714
  670,568$2,283,282
  $2,280,617
  $2,299,147

General and administrative expenses incurred by Boston
Capital Partners, Inc., Boston Capital Holdings Limited Partnership and Boston
Capital Asset Management Limited Partnership during the years ended March 31,
2001, 2000 and 1999 charged to each series operations are as follows:2001
  2000
  1999Series 7
  $2,427
  $2,709
  $2,212Series
  9
  11,349
  14,815
  11,439Series
  10
  9,110
  11,616
  8,694Series
  11
  8,150
  10,340
  7,688Series
  12
  8,286
  10,965
  10,020Series
  14
  17,425
  23,269
  17,534$56,747
  $73,714
  $57,587

Accounts payable - affiliates at March 31, 2001 and
2000 represents general and administrative expenses, partnership management
fees, and may include advances which are payable to Boston Capital Holdings
Limited Partnership and Boston Capital Asset Management Limited
Partnership.  The carrying value of the
accounts payable - affiliates approximates fair value.NOTE C -
INVESTMENTS IN OPERATING LIMITED PARTNERSHIPS

At March 31, 2001 and 2000, the partnership has
limited partnership interests in operating limited partnerships which own
operating apartment complexes.  During
the year ended March 31, 2000, the partnership disposed of its operating
limited partnership interest in one of the operating limited partnerships owned
in Series 10.  During the year ended
March 31, 2001, the partnership disposed of its operating limited partnership
interest in one of the operating limited partnerships owned by Series 7 and
Series 9.  The number of operating
limited partnerships in which the partnership has limited partnership interests
at March 31, 2001 and 2000 by series are as follows:

2001
  2000Series
  7
  14
  15Series
  9
  54
  55Series
  10
  45
  45Series
  11
  40
  40Series
  12
  53
  53Series
  14
  101
  101307
  309

Under the terms of the partnerships investment in
each operating limited partnership, the partnership is required to make capital
contributions to the operating limited partnerships.  These contributions are payable in installments over several
years upon each operating limited partnership achieving specified levels of
construction or operations.The contributions payable to operating limited
partnerships at March 31, 2001 and 2000 by series are as follows:2001
  2000Series
  7
  $-
  $-Series
  9
  -
  -Series
  10
  -
  -Series
  11
  22,528
  22,528Series
  12
  11,405
  11,405Series
  14
  227,170
  227,170$261,103
  $261,103

The
partnerships investments in operating limited partnerships at March 31, 2001
are summarized as follows:TotalCapital contributions
  paid and to be paid to operating limited partnerships, net of tax credit
  adjusters
  $133,408,806Acquisition costs of
  operating limited partnerships
  22,387,381Cumulative
  distributions from operating limited partnerships
  (721,450)Impairment loss in
  investment in operating limited partnerships
  (679,467)Cumulative losses from
  operating limited partnerships
  (114,074,407)Investment in
  operating limited partnerships per balance sheets
  40,320,863The partnership (has
  recorded) or has not recorded capital contributions to the operating limited
  partnerships during the year ended March 31, 2001, which (have not) have been
  included in the partnerships capital account included in the operating
  limited partnerships financial statements as of December 31, 2000 (see note
  A).
  (1,145,362)The partnership has
  recorded acquisition costs at March 31, 2001, which have not been recorded in
  the net assets of the operating limited partnerships (see note A).
  (2,149,451)Cumulative losses from
  operating limited partnerships for the three months ended March 31, 2001,
  which the operating limited partnerships have not included in their capital
  as of December 31, 2000 due to different year ends (see note A).
  5,109,374Equity in losses from
  operating limited partnerships not recognizable under the equity method of
  accounting (see note A).
  (23,359,934)The partnership has
  recorded low-income housing tax credit adjusters not recorded by operating
  limited partnerships (see note A).
  740,705Impairment loss in
  investment in operating limited partnerships
  679,467Other
  563,971Equity per operating
  limited partnerships combined financial statements
  $20,759,633

The
partnerships investments in operating limited partnerships at March 31, 2001
are summarized as follows:Series
  7
  Series
  9
  Series
  10Capital contributions
  paid and to be paid to operating limited partnerships, net of tax credit
  adjusters
  $7,486,177
  $29,790,412
  $17,589,002Acquisition costs of
  operating limited partnerships
  1,302,313
  5,201,737
  2,958,341Cumulative
  distributions from operating limited partnerships
  (2,258)
  (48,349)
  (74,624)Impairment loss in
  investment in operating limited partnerships
  (255,418)
  (50,000)
  -Cumulative losses from
  operating limited partnerships
  (8,052,671)
  (28,755,089)
  (14,056,014)Investment in
  operating limited partnerships per balance sheets
  478,143
  6,138,711
  6,416,705

Series
  7
  Series
  9
  Series
  10The partnership (has
  recorded) or has not recorded capital contributions to the operating limited
  partnerships during the year ended March 31, 2001, which (have not) have been
  included in the partnerships capital account included in the operating
  limited partnerships financial statements as of December 31, 2000 (see note
  A).
  24,274
  -
  -The partnership has
  recorded acquisition costs at March 31, 2001, which have not been recorded in
  the net assets of the operating limited partnerships (see note A).
  (465,577)
  185,244
  (9,836)Cumulative losses from
  operating limited partnerships for the three months ended March 31, 2001,
  which the operating limited partnerships have not included in their capital
  as of December 31, 2000 due to different year ends (see note A).
  125,066
  1,134,799
  776,692Equity in losses from
  operating limited partnerships not recognizable under the equity method of
  accounting (see note A).
  (2,539,695)
  (6,925,644)
  (3,096,219)The partnership has
  recorded low-income housing tax credit adjusters not recorded by operating
  limited partnerships (see note A).
  (11,992)
  38,655
  85,358Impairment loss in
  investment in operating limited partnerships
  255,418
  50,000
  -Other
  (34,727)
  691,221
  (13,046)Equity per operating
  limited partnerships combined financial statements
  $(2,169,090)
  $1,312,986
  $4,159,654

The
partnerships investments in operating limited partnerships at March 31, 2001
are summarized as follows:Series
  11
  Series
  12
  Series
  14Capital contributions
  paid and to be paid to operating limited partnerships, net of tax credit adjusters
  $17,673,218
  $21,360,612
  $39,509,385Acquisition costs of
  operating limited partnerships
  3,069,084
  3,398,377
  6,457,529Cumulative
  distributions from operating limited partnerships
  (397,924)
  (52,462)
  (145,833)Impairment loss in investment
  in operating limited partnerships
  (245,432)
  (128,617)
  -Cumulative losses from
  operating limited partnerships
  (12,889,818)
  (17,334,227)
  (32,986,588)Investment in
  operating limited partnerships per balance sheets
  7,209,128
  7,243,683
  12,834,493

Series
  11
  Series
  12
  Series 14The partnership (has
  recorded) or has not recorded capital contributions to the operating limited
  partnerships during the year ended March 31, 2001, which (have not) have been
  included in the partnerships capital account included in the operating
  limited partnerships financial statements as of December 31, 2000 (see note
  A).
  (10,000)
  (631,467)
  (528,169)The partnership has
  recorded acquisition costs at March 31, 2001, which have not been recorded in
  the net assets of the operating limited partnerships (see note A).
  (460,597)
  (312,956)
  (1,085,729)Cumulative losses from
  operating limited partnerships for the three months ended March 31, 2001,
  which the operating limited partnerships have not included in their capital
  as of December 31, 2000 due to different year ends (see note A).
  721,702
  613,706
  1,737,409Equity in losses from
  operating limited partnerships not recognizable under the equity method of
  accounting (see note A).
  (3,654,264)
  (2,675,548)
  (4,468,564)The partnership has
  recorded low-income housing tax credit adjusters not recorded by operating
  limited partnerships (see note A).
  112,536
  192,211
  323,937Impairment loss in
  investment in operating limited partnerships
  245,432
  128,617
  -Other
  (17,208)
  101,564
  (163,833)Equity per operating
  limited partnerships combined financial statements
  $4,146,729
  $4,659,810
  $8,649,544

The
partnerships investments in operating limited partnerships at March 31, 2000
are summarized as follows:

TotalCapital contributions
  paid and to be paid to operating limited partnerships, net of tax credit
  adjusters
  $133,430,960Acquisition costs of
  operating limited partnerships
  22,387,381Cumulative
  distributions from operating limited partnerships
  (619,401)Impairment loss in
  investment in operating limited partnerships
  (468,736)Cumulative losses from
  operating limited partnerships
  (108,093,331)Investment in
  operating limited partnerships per balance sheets
  46,636,873The partnership (has
  recorded) or has not recorded capital contributions to the operating limited
  partnerships during the year ended March 31, 2000, which (have not) have been
  included in the partnerships capital account included in the operating
  limited partnerships financial statements as of December 31, 1999 (see note
  A).
  (1,700,639)The partnership has
  recorded acquisition costs at March 31, 2000, which have not been recorded in
  the net assets of the operating limited partnerships (see note A).
  (2,566,166)Cumulative losses from
  operating limited partnerships for the three months ended March 31, 2000,
  which the operating limited partnerships have not included in their capital
  as of December 31, 1999 due to different year ends (see note A).
  5,109,374Equity in losses from
  operating limited partnerships not recognizable under the equity method of
  accounting (see note A).
  (18,726,475)The partnership has
  recorded low-income housing tax credit adjusters not recorded by operating
  limited partnerships (see note A).
  885,859Impairment loss in
  investment in operating limited partnerships
  468,736Other
  2,850,242Equity per operating
  limited partnerships combined financial statements
  $32,957,804

The
partnerships investments in operating limited partnerships at March 31, 2000
are summarized as follows:Series
  7
  Series
  9
  Series
  10Capital contributions
  paid and to be paid to operating limited partnerships, net of tax credit
  adjusters
  $7,486,177
  $29,793,430
  $17,589,002Acquisition costs of
  operating limited partnerships
  1,302,313
  5,201,737
  2,958,341Cumulative
  distributions from operating limited partnerships
  (2,258)
  (45,297)
  (52,318)Impairment loss in
  investment in operating limited partnerships
  (255,418)
  -
  -Cumulative losses from
  operating limited partnerships
  (7,825,694)
  (27,458,136)
  (13,609,908)Investment in
  operating limited partnerships per balance sheets
  705,120
  7,491,734
  6,885,117

Series
  7
  Series
  9
  Series
  10The partnership (has
  recorded) or has not recorded capital contributions to the operating limited
  partnerships during the year ended March 31, 2000, which (have not) have been
  included in the partnerships capital account included in the operating limited
  partnerships financial statements as of December 31, 1999 (see note A).
  24,274
  (225,480)
  (4,228)The partnership has
  recorded acquisition costs at March 31, 2000, which have not been recorded in
  the net assets of the operating limited partnerships (see note A).
  (461,143)
  (185,244)
  (9,836)Cumulative losses from
  operating limited partnerships for the three months ended March 31, 2000,
  which the operating limited partnerships have not included in their capital
  as of December 31, 1999 due to different year ends (see note A).
  125,066
  1,134,799
  776,692Equity in losses from
  operating limited partnerships not recognizable under the equity method of
  accounting (see note A).
  (3,614,255)
  (5,278,123)
  (2,282,383)The partnership has
  recorded low-income housing tax credit adjusters not recorded by operating
  limited partnerships (see note A).
  (11,992)
  140,133
  85,358Impairment loss in
  investment in operating limited partnerships
  255,418
  -
  -Other
  1,470,137
  1,184,964
  (30,544)Equity per operating
  limited partnerships combined financial statements
  $(1,507,375)
  $4,262,783
  $5,420,176

The
partnerships investments in operating limited partnerships at March 31, 2000
are summarized as follows:Series
  11
  Series
  12
  Series
  14Capital contributions
  paid and to be paid to operating limited partnerships, net of tax credit
  adjusters
  $17,684,665
  $21,368,301
  $39,509,385Acquisition costs of
  operating limited partnerships
  3,069,084
  3,398,377
  6,457,529Cumulative
  distributions from operating limited partnerships
  (343,354)
  (43,596)
  (132,578)Impairment loss in
  investment in operating limited partnerships
  (84,701)
  (128,617)
  -Cumulative losses from
  operating limited partnerships
  (12,227,811)
  (16,298,077)
  (30,673,705)Investment in
  operating limited partnerships per balance sheets
  8,097,883
  8,296,388
  15,160,631

Series
  11
  Series
  12
  Series
  14The partnership (has
  recorded) or has not recorded capital contributions to the operating limited
  partnerships during the year ended March 31, 2000, which (have not) have been
  included in the partnerships capital account included in the operating
  limited partnerships financial statements as of December 31, 1999 (see note
  A).
  (262,454)
  (572,254)
  (660,497)The partnership has
  recorded acquisition costs at March 31, 2000, which have not been recorded in
  the net assets of the operating limited partnerships (see note A).
  (511,258)
  (312,956)
  (1,085,729)Cumulative losses from
  operating limited partnerships for the three months ended March 31, 2000,
  which the operating limited partnerships have not included in their capital
  as of December 31, 1999 due to different year ends (see note A).
  721,702
  613,706
  1,737,409Equity in losses from
  operating limited partnerships not recognizable under the equity method of
  accounting (see note A).
  (2,650,061)
  (1,808,561)
  (3,093,092)The partnership has
  recorded low-income housing tax credit adjusters not recorded by operating
  limited partnerships (see note A).
  107,936
  184,522
  379,902Impairment loss in
  investment in operating limited partnerships
  84,701
  128,617
  -Other
  285,264
  33,486
  (93,065)Equity per operating
  limited partnerships combined financial statements
  $5,873,713
  $6,562,948
  $12,345,559

The
combined summarized balance sheets of the operating limited partnerships in
which Series 7, 9 through 12, and 14 hold an interest at December 31, 2000 are
as follows:COMBINED
  SUMMARIZED BALANCE SHEETSTotal
  Series
  7
  Series
  9
  Series
  10ASSETSBuildings and
  improvements, net of accumulated depreciation
  $433,885,638
  $18,787,325
  $83,573,673
  $51,990,712Land
  30,998,550
  1,791,570
  5,999,490
  4,039,057Other assets
  42,946,021
  1,659,072
  7,631,042
  6,805,271$507,830,209
  $22,237,967
  $97,204,205
  $62,835,040LIABILITIES
  AND PARTNERS CAPITALMortgages and
  construction loans payable
  $407,808,853
  $18,150,709
  $85,625,358
  $53,702,465Accounts payable and
  accrued expenses
  13,922,254
  2,328,448
  3,619,148
  881,741Other liabilities
  28,910,260
  2,052,274
  5,557,068
  2,262,334450,641,367
  22,531,431
  94,801,574
  56,846,540PARTNERS CAPITALBoston Capital Tax
  Credit Fund II Limited Partnership
  20,759,633
  (2,169,090)
  1,312,986
  4,159,654Other partners
  36,429,209
  1,875,626
  1,089,645
  1,828,84657,188,842
  (293,464)
  2,402,631
  5,988,500$507,830,209
  $22,237,967
  $97,204,205
  $62,835,040The
combined summarized balance sheets of the operating limited partnerships in
which Series 7, 9 through 12, and 14 hold an interest at December 31, 2000 are
as follows:COMBINED
  SUMMARIZED BALANCE SHEETS - CONTINUEDSeries
  11
  Series
  12
  Series
  14ASSETSBuildings and
  improvements, net of accumulated depreciation
  $52,249,709
  $77,003,879
  $150,280,340Land
  3,234,637
  4,814,335
  11,119,461Other assets
  6,409,192
  6,564,207
  13,877,237$61,893,538
  $88,382,421
  $175,277,038LIABILITIES
  AND PARTNERS CAPITALMortgages and construction
  loans payable
  $50,409,957
  $65,568,146
  $134,352,218Accounts payable and
  accrued expenses
  1,634,317
  1,862,962
  3,595,638Other liabilities
  3,119,522
  5,548,658
  10,370,40455,163,796
  72,979,766
  148,318,260PARTNERS CAPITALBoston Capital Tax
  Credit Fund II Limited Partnership
  4,146,729
  4,659,810
  8,649,544Other partners
  2,583,013
  10,742,845
  18,309,2346,729,742
  15,402,655
  26,958,778$61,893,537
  $88,382,421
  $175,277,038

The combined summarized balance sheets of the
operating limited partnerships in which Series 7, 9 through 12, and 14 hold an
interest at December 31, 1999 are as follows:COMBINED
  SUMMARIZED BALANCE SHEETSTotal
  Series
  7
  Series
  9
  Series
  10ASSETSBuildings and improvements,
  net of accumulated depreciation
  $452,285,375
  $18,749,188
  $87,490,702
  $54,414,456Land
  30,957,363
  1,791,570
  5,958,303
  4,039,057Other assets
  41,372,429
  1,653,700
  7,512,050
  6,445,292$524,615,167
  $22,194,458
  $100,961,055
  $64,898,805LIABILITIES
  AND PARTNERS CAPITALMortgages and
  construction loans payable
  $411,241,118
  $18,271,825
  $85,964,075
  $54,443,064Accounts payable and
  accrued expenses
  13,317,062
  2,149,818
  3,250,901
  796,912Other liabilities
  27,655,035
  1,071,141
  6,052,766
  2,386,415452,213,215
  21,492,784
  95,267,742
  57,626,391PARTNERS CAPITALBoston Capital Tax
  Credit Fund II Limited Partnership
  32,957,804
  (1,507,375)
  4,262,783
  5,420,176Other partners
  39,444,148
  2,209,049
  1,430,530
  1,852,23872,401,952
  701,674
  5,693,313
  7,272,414$524,615,167
  $22,194,458
  $100,961,055
  $64,898,805The
combined summarized balance sheets of the operating limited partnerships in
which Series 7, 9 through 12, and 14 hold an interest at December 31, 1999 are
as follows:COMBINED
  SUMMARIZED BALANCE SHEETS - CONTINUEDSeries
  11
  Series
  12
  Series
  14ASSETSBuildings and
  improvements, net of accumulated depreciation
  $54,813,826
  $80,567,962
  $156,249,241Land
  3,234,637
  4,814,335
  11,119,461Other assets
  6,057,380
  6,164,219
  13,539,788$64,105,843
  $91,546,516
  $180,908,490LIABILITIES
  AND PARTNERS CAPITALMortgages and
  construction loans payable
  $51,129,417
  $66,189,703
  $135,243,034Accounts payable and
  accrued expenses
  1,692,807
  1,658,205
  3,768,419Other liabilities
  2,686,127
  5,630,995
  9,827,59155,508,351
  73,478,903
  148,839,044PARTNERS CAPITALBoston Capital Tax
  Credit Fund II Limited Partnership
  5,873,713
  6,562,948
  12,345,559Other partners
  2,723,779
  11,504,665
  19,723,8878,597,492
  18,067,613
  32,069,446$64,105,843
  $91,546,516
  $180,908,490

The combined summarized statements of operations
of the operating limited partnerships for the year ended December 31, 2000 in
which Series 7, 9 through 12, and 14 hold an interest as of December 31, 2000
are as follows:COMBINED
  SUMMARIZED STATEMENTS OF OPERATIONSYear
  ended December 31, 2000Total
  Series
  7
  Series
  9
  Series
  10RevenueRental
  $64,974,486
  $3,253,993
  $12,473,614
  $8,931,237Interest and other
  3,447,545
  128,823
  788,045
  411,54768,422,031
  3,382,816
  13,261,659
  9,342,784ExpensesInterest
  21,621,902
  1,391,032
  4,466,811
  2,516,030Depreciation and amortization
  20,506,131
  951,462
  4,247,705
  2,631,841Taxes and insurance
  8,174,087
  405,124
  1,723,830
  1,253,343Repairs and maintenance
  11,432,755
  563,321
  2,165,434
  1,553,829Operating expenses
  19,408,889
  973,314
  3,640,176
  2,541,957Other expenses
  2,573,981
  93,704
  349,996
  207,57283,717,745
  4,377,957
  16,593,952
  10,704,572NET LOSS
  $(15,295,714)
  $(995,141)
  $(3,332,293)
  $(1,361,788)Net loss allocated to
  Boston Capital Tax Credit Fund II Limited Partnership*
  $(12,123,829)
  $(661,714)
  $(2,944,474)
  $(1,259,939)Net loss allocated to
  other partners
  $(3,171,885)
  $(333,427)
  $(387,819)
  $(101,849)* Amounts include
  $434,737, $1,647,521, $813,833, $1,004,203, $866,986 and $1,375,473 for
  Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14,
  respectively, of loss not recognized under the equity method of accounting as
  described in note A.

The
combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 2000 in which Series 7, 9 through
12, and 14 hold an interest as of December 31, 2000 are as follows:COMBINED
  SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUEDYear
  ended December 31, 2000Series
  11
  Series
  12
  Series
  14RevenueRental
  $8,273,821
  $10,444,678
  $21,597,143Interest and other
  363,929
  750,255
  1,004,9468,637,750
  11,194,933
  22,602,089ExpensesInterest
  2,666,118
  3,144,929
  7,436,982Depreciation and amortization
  2,737,859
  3,380,169
  6,557,095Taxes and insurance
  1,027,002
  1,318,333
  2,446,455Repairs and maintenance
  1,437,278
  1,892,699
  3,820,194Operating expenses
  2,401,997
  3,282,641
  6,568,804Other expenses
  238,940
  849,942
  833,82710,509,194
  13,868,713
  27,663,357NET LOSS
  $(1,871,444)
  $(2,673,780)
  $(5,061,268)Net loss allocated to
  Boston Capital Tax Credit Fund II Limited Partnership*
  $(1,666,210)
  $(1,903,136)
  $(3,688,356)Net loss allocated to
  other partners
  $(205,234)
  $(770,644)
  $(1,372,912)* Amounts include
  $434,737, $1,647,521, $813,833, $1,004,203, $866,986 and $1,375,473 for
  Series 7, Series 9, Series 10, Series 11, Series 12 and Series 14,
  respectively, of loss not recognized under the equity method of accounting as
  described in note A.

The
combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1999 in which Series 7, 9 through
12, and 14 hold an interest as of December 31, 1999 are as follows:COMBINED
  SUMMARIZED STATEMENTS OF OPERATIONSYear
  ended December 31, 1999Total
  Series
  7
  Series
  9
  Series
  10RevenueRental
  $63,846,645
  $3,198,783
  $12,131,522
  $8,576,039Interest and other
  3,256,054
  90,314
  595,414
  588,66367,102,699
  3,289,097
  12,726,936
  9,164,702ExpensesInterest
  22,777,050
  1,400,516
  4,378,013
  2,576,127Depreciation and amortization
  20,570,970
  954,146
  4,232,077
  2,652,757Taxes and insurance
  7,937,475
  392,109
  1,686,843
  1,188,822Repairs and maintenance
  10,436,830
  542,954
  2,022,076
  1,397,153Operating expenses
  18,263,164
  938,139
  3,496,085
  2,336,476Other expenses
  2,030,899
  94,198
  543,570
  224,43982,016,388
  4,322,062
  16,358,664
  10,375,774NET LOSS
  $(14,913,689)
  $(1,032,965)
  $(3,631,728)
  $(1,211,072)Net loss allocated to
  Boston Capital Tax Credit Fund II Limited Partnership*
  $(10,992,706)
  $(710,486)
  $(2,939,972)
  $(993,555)Net loss allocated to
  other partners
  $(3,920,983)
  $(322,479)
  $(691,756)
  $(217,517)* Amounts include
  $441,358, $1,352,460, $586,411, $864,736, $585,709 and $1,163,799 for Series
  7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of
  loss not recognized under the equity method of accounting as described in
  note A.

The
combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1999 in which Series 7, 9 through
12, and 14 hold an interest as of December 31, 1999 are as follows:COMBINED
  SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUEDYear
  ended December 31, 1999Series
  11
  Series
  12
  Series
  14RevenueRental
  $8,024,284
  $10,580,662
  $21,335,355Interest and other
  340,068
  539,965
  1,101,6308,364,352
  11,120,627
  22,436,985ExpensesInterest
  2,726,935
  3,852,134
  7,843,325Depreciation and amortization
  2,727,085
  3,417,859
  6,587,046Taxes and insurance
  1,026,793
  1,254,098
  2,388,810Repairs and maintenance
  1,204,426
  1,741,594
  3,528,627Operating expenses
  2,362,501
  3,125,927
  6,004,036Other expenses
  145,807
  324,495
  698,39010,193,547
  13,716,107
  27,050,234NET LOSS
  $(1,829,195)
  $(2,595,480)
  $(4,613,249)Net loss allocated to
  Boston Capital Tax Credit Fund II Limited Partnership*
  $(1,502,670)
  $(1,583,737)
  $(3,262,286)Net loss allocated to
  other partners
  $(326,525)
  $(1,011,743)
  $(1,350,963)* Amounts include
  $441,358, $1,352,460, $586,411, $864,736, $585,709 and $1,163,799 for Series
  7, Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of
  loss not recognized under the equity method of accounting as described in
  note A.

The
combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1998 in which Series 7, 9 through
12, and 14 hold an interest as of December 31, 1998 are as follows:COMBINED
  SUMMARIZED STATEMENTS OF OPERATIONSYear
  ended December 31, 1998Total
  Series
  7
  Series
  9
  Series
  10RevenueRental
  $63,067,266
  $3,240,722
  $11,870,861
  $8,421,594Interest and other
  3,010,138
  88,834
  485,529
  501,07766,077,404
  3,329,556
  12,356,390
  8,922,671ExpensesInterest
  23,361,238
  1,390,973
  4,500,805
  2,634,032Depreciation and amortization
  21,189,664
  953,883
  4,276,517
  2,658,435Taxes and insurance
  8,011,780
  376,056
  1,624,176
  1,196,074Repairs and maintenance
  9,864,025
  536,549
  1,742,286
  1,359,913Operating expenses
  17,493,847
  892,398
  3,475,753
  2,256,682Other expenses
  2,034,680
  59,706
  272,674
  313,70481,955,234
  4,209,565
  15,892,211
  10,418,840NET LOSS
  $(15,877,830)
  $(880,009)
  $(3,535,821)
  $(1,496,169)Net loss allocated to
  Boston Capital Tax Credit Fund II Limited Partnership*
  $(11,656,960)
  $(574,528)
  $(2,694,524)
  $(1,470,493)Net loss allocated to
  other partners
  $(4,220,870)
  $(305,481)
  $(841,297)
  $(25,676)* Amounts include
  $318,868, $957,796, $572,903, $735,777, $568,414 and $1,004,849 for Series 7,
  Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of
  loss not recognized under the equity method of accounting as described in
  note A.

The
combined summarized statements of operations of the operating limited
partnerships for the year ended December 31, 1998 in which Series 7, 9 through
12, and 14 hold an interest as of December 31, 1998 are as follows:COMBINED
  SUMMARIZED STATEMENTS OF OPERATIONS - CONTINUEDYear
  ended December 31, 1998Series
  11
  Series
  12
  Series
  14RevenueRental
  $7,960,379
  $10,629,613
  $20,944,097Interest and other
  352,770
  493,222
  1,088,7068,313,149
  11,122,835
  22,032,803ExpensesInterest
  2,796,288
  4,000,114
  8,039,026Depreciation and amortization
  2,819,218
  3,619,178
  6,862,433Taxes and insurance
  1,042,386
  1,322,863
  2,450,225Repairs and maintenance
  1,265,737
  1,649,934
  3,309,606Operating expenses
  2,229,347
  2,926,005
  5,713,662Other expenses
  129,579
  364,196
  894,82110,282,555
  13,882,290
  27,269,773NET LOSS
  $(1,969,406)
  $(2,759,455)
  $(5,236,970)Net loss allocated to
  Boston Capital Tax Credit Fund II Limited Partnership*
  $(1,666,938)
  $(1,690,694)
  $(3,559,783)Net loss allocated to
  other partners
  $(302,468)
  $(1,068,761)
  $(1,677,187)* Amounts include
  $318,868, $957,796, $572,903, $735,777, $568,414 and $1,004,849 for Series 7,
  Series 9, Series 10, Series 11, Series 12 and Series 14, respectively, of
  loss not recognized under the equity method of accounting as described in
  note A.

NOTE D - RECONCILIATION OF FINANCIAL
STATEMENT NET LOSS TO INCOME TAX RETURN

For
income tax purposes, the partnership reports using a December 31 year end.  The partnerships net loss for financial
reporting and tax return purposes for the year ended March 31, 2001 is
reconciled as follows:Total
  Series
  7
  Series
  9
  Series
  10Net loss for financial
  reporting purposes, March 31, 2001
  $(8,754,755)
  $(353,270)
  $(1,920,153)
  $(804,711)Operating limited
  partnership rents received in advance
  27,101
  -
  18,708
  520Partnership management
  fees not recognized for tax purposes
  2,509,932
  113,148
  575,784
  355,512Other
  1,120,798
  128,636
  126,074
  333,782Operating limited
  partnership loss not allowed for financial reporting under equity method of
  accounting
  (6,142,757)
  (434,738)
  (1,647,521)
  (813,836)Impairment loss in
  investment in operating limited partnership
  210,731
  -
  50,000
  -Excess of tax
  depreciation over book depreciation on operating limited partnership assets
  (2,065,567)
  (200,185)
  (336,780)
  (161,176)Loss on disposal of
  investment in operating limited partnership
  -
  -
  -
  -Difference due to
  fiscal year for book purposes and calendar year for tax purposes
  (7,727)
  (319)
  2,218
  (5,896)Loss for tax return
  purposes, December 31, 2000
  $(13,102,244)
  $(746,728)
  $(3,131,670)
  $(1,095,805)

For
income tax purposes, the partnership reports using a December 31 year end.  The partnerships net loss for financial
reporting and tax return purposes for the year ended March 31, 2001 is
reconciled as follows:Series
  11
  Series
  12
  Series
  14Net loss for financial
  reporting purposes, March 31, 2001
  $(1,145,099)
  $(1,454,958)
  $(3,076,564)Operating limited partnership
  rents received in advance
  41
  10,717
  (2,885)Partnership management
  fees not recognized for tax purposes
  325,680
  383,268
  756,540Other
  (112,259)
  475,771
  168,794Operating limited
  partnership loss not allowed for financial reporting under equity method of
  accounting
  (1,004,203)
  (866,987)
  (1,375,472)Impairment loss in
  investment in operating limited partnership
  160,731
  -
  -Excess of tax
  depreciation over book depreciation on operating limited partnership assets
  (190,013)
  (427,077)
  (750,336)Loss on disposal of
  investment in operating limited partnership
  -
  -
  -Difference due to
  fiscal year for book purposes and calendar year for tax purposes
  3,639
  (249)
  (7,120)Loss for tax return
  purposes, December 31, 2000
  $(1,961,483)
  $(1,879,515)
  $(4,287,043)

For
income tax purposes, the partnership reports using a December 31 year end.  The partnerships net loss for financial
reporting and tax return purposes for the year ended March 31, 2000 is
reconciled as follows:Total
  Series 7
  Series 9
  Series 10Net loss for financial
  reporting purposes, March 31, 2000
  $(8,607,586)
  $(396,634)
  $(2,174,379)
  $(776,221)Operating limited
  partnership rents received in advance
  16,222
  380
  (957)
  1,051Partnership management
  fees not recognized for tax purposes
  2,509,932
  113,148
  575,784
  355,512Other
  119,001
  237,110
  139,223
  (247,084)Operating limited
  partnership loss not allowed for financial reporting under equity method of
  accounting
  (4,994,473)
  (441,358)
  (1,352,460)
  (586,411)Impairment loss in
  investment in operating limited partnership
  -
  -
  -
  -Excess of tax
  depreciation over book depreciation on operating limited partnership assets
  (2,255,516)
  (324,971)
  (351,493)
  (183,982)Loss on disposal of
  investment in operating limited partnership
  -
  -
  -
  -Difference due to
  fiscal year for book purposes and calendar year for tax purposes
  10,158
  (443)
  (2,664)
  1,838Loss for tax return
  purposes, December 31, 1999
  $(13,202,262)
  $(812,768)
  $(3,166,946)
  $(1,435,297)

For
income tax purposes, the partnership reports using a December 31 year end.  The partnerships net loss for financial
reporting and tax return purposes for the year ended March 31, 2000 is reconciled
as follows:Series
  11
  Series
  12
  Series
  14Net loss for financial
  reporting purposes, March 31, 2000
  $(962,203)
  $(1,426,828)
  $(2,871,321)Operating limited
  partnership rents received in advance
  -
  8,206
  7,542Partnership management
  fees not recognized for tax purposes
  325,680
  383,268
  756,540Other
  162,143
  (86,345)
  (86,046)Operating limited
  partnership loss not allowed for financial reporting under equity method of
  accounting
  (864,736)
  (585,709)
  (1,163,799)Impairment loss in
  investment in operating limited partnership
  -
  -
  -Excess of tax
  depreciation over book depreciation on operating limited partnership assets
  (179,775)
  (349,598)
  (865,697)Loss on disposal of
  investment in operating limited partnership
  -
  -
  -Difference due to
  fiscal year for book purposes and calendar year for tax purposes
  (739)
  2,642
  9,524Loss for tax return
  purposes, December 31, 1999
  $(1,519,630)
  $(2,054,364)
  $(4,213,257)

For
income tax purposes, the partnership reports using a December 31 year end.  The partnerships net loss for financial
reporting and tax return purposes for the year ended March 31, 1999 is
reconciled as follows:Total
  Series
  7
  Series
  9
  Series
  10Net loss for financial
  reporting purposes, March 31, 1999
  $(10,565,579)
  $(639,464)
  $(2,329,262)
  $(1,268,154)Operating limited
  partnership rents received in advance
  (11,787)
  693
  (5,610)
  38Partnership management
  fees not recognized for tax purposes
  2,509,932
  113,148
  575,784
  355,512Other
  (203,938)
  31,050
  (205,861)
  (44,702)Operating limited
  partnership loss not allowed for financial reporting under equity method of
  accounting
  (4,158,607)
  (318,868)
  (957,796)
  (572,903)Impairment loss in
  investment in operating limited partnership
  468,736
  255,418
  -
  -Excess of tax
  depreciation over book depreciation on operating limited partnership assets
  (1,917,992)
  (331,770)
  (357,918)
  (139,023)Loss on disposal of
  investment in operating limited partnership
  235,446
  -
  -
  235,446Difference due to
  fiscal year for book purposes and calendar year for tax purposes
  (46,980)
  1,196
  3,813
  (7,234)Loss for tax return
  purposes, December 31, 1998
  $(13,690,769)
  $(888,597)
  $(3,276,850)
  $(1,441,020)

For
income tax purposes, the partnership reports using a December 31 year end.  The partnerships net loss for financial
reporting and tax return purposes for the year ended March 31, 1999 is
reconciled as follows:


Series
  11
  Series
  12
  Series
  14Net loss for financial
  reporting purposes, March 31, 1999
  $(1,345,304)
  $(1,658,567)
  $(3,324,828)Operating limited
  partnership rents received in advance
  -
  107
  (7,015)Partnership management
  fees not recognized for tax purposes
  325,680
  383,268
  756,540Other
  190,235
  108,251
  (282,911)Operating limited
  partnership loss not allowed for financial reporting under equity method of
  accounting
  (735,777)
  (568,414)
  (1,004,849)Impairment loss in
  investment in operating limited partnership
  84,701
  128,617
  -Excess of tax
  depreciation over book depreciation on operating limited partnership assets
  (142,108)
  (315,656)
  (631,517)Loss on disposal of
  investment in operating limited partnership
  -
  -
  -Difference due to
  fiscal year for book purposes and calendar year for tax purposes
  (2,942)
  (4,753)
  (37,060)Loss for tax return
  purposes, December 31, 1998
  $(1,625,515)
  $(1,927,147)
  $(4,531,640)

The
difference between the investments in operating limited partnerships for tax
purposes and financial statements purposes is primarily due to the differences
in the losses not recognized under the equity method of accounting and the
historic tax credits taken for income tax purposes. At March 31, 2001, the
differences are as follows:


Total
  Series
  7
  Series
  9
  Series
  10Investment in
  operating limited partnerships - tax return December 31, 2000
  $17,041,175
  $1,293,674
  $1,335,578
  $2,999,869Add back losses not
  recognized under the equity method
  23,359,934
  2,539,695
  6,925,644
  3,096,219Historic tax credits
  5,105,527
  1,819,802
  240,250
  -Impairment loss in
  investment in operating limited partnerships
  (679,467)
  (255,418)
  (50,000)
  -Less share of loss -
  three months ended March 31, 2001
  (5,109,374)
  (125,066)
  (1,134,799)
  (776,692)Impairment loss not
  recognized for tax purposes
  (6,953,234)
  (2,873,020)
  (1,031,360)
  -Other
  7,556,302
  (1,921,524)
  (146,602)
  1,097,309Investment in
  operating limited partnerships - as reported, March 31, 2001
  $40,320,863
  $478,143
  $6,138,711
  $6,416,705

The difference between
the investments in operating limited partnerships for tax purposes and
financial statements purposes is primarily due to the differences in the losses
not recognized under the equity method of accounting and the historic tax
credits taken for income tax purposes. At March 31, 2001, the differences are
as follows:






Series
  11
  Series
  12
  Series
  14Investment in
  operating limited partnerships - tax return December 31, 2000
  $2,694,792
  $3,093,094
  $5,624,168Add back losses not
  recognized under the equity method
  3,654,264
  2,675,548
  4,468,564Historic tax credits
  1,281,688
  -
  1,763,787Impairment loss in
  investment in operating limited partnerships
  (245,432)
  (128,617)
  -Less share of loss -
  three months ended March 31, 2001
  (721,702)
  (613,706)
  (1,737,409)Impairment loss not
  recognized for tax purposes
  -
  -
  (3,048,854)Other
  545,518
  2,217,364
  5,764,237Investment in
  operating limited partnerships - as reported, March 31, 2001
  $7,209,128
  $7,243,683
  $12,834,493

The
difference between the investments in operating limited partnerships for tax
purposes and financial statements purposes is primarily due to the differences
in the losses not recognized under the equity method of accounting and the
historic tax credits taken for income tax purposes. At March 31, 2000, the
differences are as follows:Total
  Series
  7
  Series
  9
  Series
  10Investment in
  operating limited partnerships - tax return December 31, 1999
  $27,576,669
  $2,026,937
  $1,807,385
  $4,107,094Add back losses not
  recognized under the equity method
  18,726,465
  3,614,255
  5,278,123
  2,282,383Historic tax credits
  5,105,527
  1,819,802
  240,250
  -Impairment loss in
  investment in operating limited partnerships
  (468,736)
  (255,418)
  -
  -Less share of loss -
  three months ended March 31, 2000
  (5,109,374)
  (125,066)
  (1,134,799)
  (776,692)Impairment loss not
  recognized for tax purposes
  (6,953,234)
  (2,873,020)
  (1,031,360)
  -Other
  7,759,556
  (3,502,370)
  2,332,135
  1,272,332Investment in
  operating limited partnerships - as reported, March 31, 2000
  $46,636,873
  $705,120
  $7,491,734
  $6,885,117

The
difference between the investments in operating limited partnerships for tax
purposes and financial statements purposes is primarily due to the differences
in the losses not recognized under the equity method of accounting and the
historic tax credits taken for income tax purposes. At March 31, 2000, the
differences are as follows:






Series
  11
  Series
  12
  Series
  14Investment in
  operating limited partnerships - tax return December 31, 1999
  $4,741,480
  $4,980,622
  $9,913,151Add back losses not
  recognized under the equity method
  2,650,051
  1,808,561
  3,093,092Historic tax credits
  1,281,688
  -
  1,763,787Impairment loss in
  investment in operating limited partnerships
  (84,701)
  (128,617)
  -Less share of loss -
  three months ended March 31, 2000
  (721,702)
  (613,706)
  (1,737,409)Impairment loss not
  recognized for tax purposes
  -
  -
  (3,048,854)Other
  231,067
  2,249,528
  5,176,864Investment in
  operating limited partnerships - as reported, March 31, 2000
  $8,097,883
  $8,296,388
  $15,160,631

NOTE E - CASH
EQUIVALENTS

Cash equivalents of $900,677 and $898,218 as of March
31, 2001 and 2000, respectively, include tax-exempt sweep accounts,
certificates of deposit, and money market accounts with interest at rates
ranging 2.25% to 5.3% per annum.NOTE F - NOTES
RECEIVABLE

Notes receivable at March 31, 2001 and 2000 consist of
advance installments of capital contributions and/or advances made to operating
limited partnerships of $543,584.  The
notes are noninterest bearing and due on demand.  The carrying value of the notes receivable approximates fair
value.NOTE G -
INVESTMENTS HELD TO MATURITY

Investments held to maturity at March 31, 2001 and
2000 consist of certificates of deposit totaling $642,595 and $611,093,
respectively.  The certificates of
deposit relating to each year mature within the next 12 months with interest
rates ranging from 4.80% to 5.84% per annum.NOTE H -
CONTINGENCY

Woodfield Commons, an operating limited partnership,
is in receipt of a 60-day letter issued by the IRS stating that the operating
partnership has not met certain IRC Section 42 requirements.  The finding was the result of an IRS audit
of the operating partnerships tenant files. 
The IRS has proposed an adjustment that would disallow the operating
partnership from utilizing certain past or future credits.  The Operating General Partner and its
Counsel are in the process of filing an appeal to the finding of the IRS, and
do not anticipate an outcome that will have a material adverse effect on the
financial statements.  Accordingly, no
adjustment has been made in accompanying financial statements.






INDEPENDENT AUDITOR'S REPORT

To the Partners

Deer Hill II Limited Partnership

Winston-Salem, North Carolina

We have audited tile accompanying balance sheets of Deer Hill II Limited Partnership as of December 31, 2000 and 1999, and the related statements of income, partners' equity (deficit), and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Deer Hill II Limited Partnership as of December 31, 2000 and 1999, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standardswe have also issued a report dated January 22, 2001 on our consideration of Deer Hill I1 Limited Partnership's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.







INDEPENDENT AUDITORS' REPORT

To the Partners

King City Elderly Housing Associates

(a California Limited Partnership)

Salinas, California

I have audited the accompanying balance sheets of the King City Elderly Housing Associates (a California Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' equity (deficit), and
cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the King City Elderly Housing Associates (a California Limited Partnership) as of December 31, 2000 and 1999,
and the results of its operations, changes in partner's equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages and is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of thc basic financial statements and, in my opinion, is fairly stated in all material respects in relation to thc basic financial statements
taken as a whole.





To the Partners

Metropole Apartments Associates, Ltd.

Boston, Massachusetts

INDEPENDENT AUDITORS' REPORT

We have audited the accompanying Balance Sheets of Metropole Apartments Associates, Ltd. (a Florida Limited Partnership), as of December 31, 2000 and 1999, and the related Statements of Income, Partners' Equity and Cash Flows for the
years then ended. These financial statements are the responsibility of the Metropole Apartments Associates, Ltd.'s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Metropole Apartments Associates, Ltd. as of December 31, 2000 and 1999, and the results of its operations,
the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as
a whole.





INDEPENDENT AUDITOR'S REPORT



To the Partners of'

Oakview Limited (A Limited Partnership)

Corunna, IN



We have audited the accompanying balance sheets of Oakview Limited (A Limited Partnership) as of December 31, 2000 and 1999, and the related statements of income, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United
States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program." Those standards require that we plan and perform the audits to obtain reasonable assurance about whether tile financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Oakview Limited (A Limited Partnership) as of December 31, 2000 and 1999, and the results of its operations
and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.

In accordance with Government Auditing Standards,we have also issued a report dated January 26, 2001 on our consideration of Oakview Limited's (A Limited Partnership) internal control over financial reporting and our tests of
its compliance with certain provisions of laws, regulations, contracts and grants. This report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.









INDEPENDENT AUDITOR'S REPORT

To the Partners

Westwood Square Limited Partnership

Winston-Salem, North Carolina



We have audited the accompanying balance sheets of Westwood Square Limited Partnership as of December 31, 2000 and 1999, and the related statements of income, partners' deficit, and cash flows for the years then ended. These financial
statements are tile 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the 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 explaining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Westwood Square Limited Partnership as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 22, 2001 on our consideration of Westwood Square Limited Partnership's internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.









To the Partners of

Beaver Brook Housing Associates Limited Partnership

Independent Auditors' Report

We have audited the accompanying balance sheets of Beaver Brook Housing Associates (a Limited Partnership) (Case No. 34-06-020424443) as of December 31, 2000 and 1999 and the related statements of income and expense, partners' equity (deficit), and
cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as 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 financial position of Beaver Brook Housing Associates (a Limited Partnership) at December 31, 2000 and 1999 and the results of its operations, its
partners' equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.

/

In accordance with Government Auditing Standards,we have also issued our report dated January 24, 2001 on our consideration of Beaver Brook Housing Associates' internal control over financial reporting and our tests of its compliance with laws
and regulations. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.









INDEPENDENT AUDITOR'S REPORT

To the Partners of

Brooklyn Limited (An Indiana Limited Partnership)

Corunna, IN

We have audited the accompanying balance sheets of Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 2000 and 1999, and the related statements of income, partners' equity, and cash flows for the years then ended.
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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United
States, and the U.S. Department of Agriculture, Farmers Home Administration "Audit Program." Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Brooklyn Limited (An Indiana Limited Partnership) as of December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.

In accordance with Government Auditing Standards,we have also issued a report dated January 26, 2001 on our consideration of Brooklyn Limited's (An Indiana Limited Partnership) internal control over financial reporting and our
tests of its compliance with certain provisions of laws, regulations, contracts and grants. This report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.









INDEPENDENT AUDITORS' REPORT

To the Partners

Corinth Housing Redevelopment Company

We have audited the accompanying balance sheets of Corinth Housing Redevelopment Company as of December 31, 2000 and 1999, and the related statements of operations, partners' deficit, and cash flows for the years then ended. 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 generally accepted auditing standards and Government AuditingStandards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by Management, as well as 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 financial position of Corinth Housing Redevelopment Company as of December 31, 2000 and 1999, and the results of its operations
and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued reports dated January 31, 2001, on our consideration of the Corinth Housing Redevelopment Company's internal control structure and its compliance with laws
and regulations.









INDEPENDENT AUDITORS' REPORT



To the Partners

Fawn River Apartment Company Limited Partnership

d/b/a Fawn River Apartments

We have audited the accompanying balance sheet of Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments (a partnership) Project #26-078-382856293 as of December 31,  2000 and 1999 and related statement of operations, partners'
equity and cash flows for the years then ended. 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 audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments Project #26-078-382856293 as of December 31,
2000 and 1999, and its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 24, 2001, on our consideration of Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments Project #26-078-382856293 internal control and
a report dated January 24, 2001, on its compliance with laws and regulations applicable to the financial statements.





To the Partners

Fountain Green Apartments, Ltd.

Panama City, Florida



We have audited the accompanying balance sheets of Fountain Green Apartments, Ltd., USDA, Rural Development Project No: 09-46-592948719, as of December 31, 2000 and 1999, and the related statements of operations, partners' deficit and
cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Fountain Green Apartments, Ltd., as of December 31, 2000 and 1999, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as
a whole.













INDEPENDENT AUDITORS' REPORT

To the Partners

Glennwood Hotel Investors

(A California Limited Partnership)

Sacramento, California



We have audited the accompanying balance sheets of Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 2000 and 1999, and thc related statements of income, partners' equity (deficit), and cash flows for the
years then ended. 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.

Wc conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures ill the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Glennwood Hotel Investors (A California Limited Partnership) as of December 31,2000 and 1999, and the
results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.









INDEPENDENTAUDITORS'REPORT

To the Partners

Greenwich Housing Redevelopment Company

We have audited the accompanying balance sheets of Greenwich Housing Redevelopment Company as of December 31, 2000 and 1999, and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended.
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 generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by Management, as well as 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 financial position of Greenwich Housing Redevelopment Company as of December 31, 2000 and 1999, and the results of its operations
and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports dated February 2, 2001, on our consideration of Greenwich Housing Redevelopment Company's internal control structure and its compliance with laws and
regulations.







Independent Auditor's Report



To the Partners

Grifton Housing Associates

Charlotte, North Carolina

We have audited the accompanying balance sheets of Grifton Housing Associates (a North Carolina limited partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' equity, and cash flows for the
years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards'issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Grifton Housing Associates as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued our report dated January 31, 2001, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts, and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a
required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.







INDEPENDENT AUDITORS' REPORT



To the Partners

Haines City Apartments, Ltd.

We have audited the accompanying basic financial statements of Haines City Apartments, Ltd., as of and for the years ended December 31, 2000 and 1999, as listed in the table of contents. These basic 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of tile 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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of Haines City Apartments, Ltd. as of December 31, 2000 and 1999 and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued our report dated February 9, 2001 on our consideration of Haines City Apartments, Ltd.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information presented on pages 9 to 15 is presented for the purposes of additional analysis and is not a
required part of the basic financial statements. The information on pages 9 to 14 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to tile basic financial statements taken as a whole. The information on page 15, which is of a nonaccounting nature, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and we express no
opinion on it.





Independent Auditors' Report

To the Partners

Kristin Park Apartments, Ltd.

and USDA Rural Development

We have audited the accompanying balance sheets of Kristin Park Apartments, Ltd. (a limited partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' equity and cash flows for the years then
ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Kristin Park Apartments, Ltd. as of December 31, 2000 and 1999, and the results of its operations and the
changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 28, 2001, on our consideration of Kristin Park Apartments, Ltd.'s internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards,and should be read in conjunction with this report in understanding the results of our audit.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required
part of the financial statements of Kristin Park Apartments, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to
the financial statements taken as a whole.







INDEPENDENT AUDITOR' S REPORT

To the Partners

Maywood Associates, Ltd.

(A California Limited Partnership)

Cheyenne, WY

I have audited the accompanying balance sheets of Maywood Associates (A California Limited Partnership), USDA Rural Development Case No. 04-052-680184284, as of December 31, 2000 and 1999, and the related statements of income,
partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the United States. Those standards require that I plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maywood Associates (A California Limited Partnership) as of December 31, 2000 and 1999, and the results of
its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,I have also issued a report dated March 16, 2001 on my consideration of Maywood Associates' internal control structure and a report dated March 16, 2001 on its compliance with
laws and regulations.





Independent Auditors' Report

To the Partners of

Pedcor Investments - 1989 - VIII, L.P.

(An Indiana Limited Partnership)

We have audited the accompanying balance sheet of Pedcor Investments - 1989 - VIII, L.P. (an Indiana Limited Partnership) as of December 31, 2000, and the related statements of profit and loss and changes in partners' equity (deficit)
and cash flows for the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.	We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly in all material respects the financial position of Pedcor Investments - 1989 - VIII, L.P. as of December 31, 2000, and the results of its operations and changes
in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 24, 2001, on our consideration of the Partnership's internal controls and a report dated January 24, 2001, on its compliance with laws
and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.







Independent Auditors' Report

To the Partners of

Quail Hollow of Warsaw Limited Partnership

(A North Carolina Limited Partnership)

We have audited the accompanying balance sheets of Quail Hollow of Warsaw Limited Partnership (a North Carolina Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners'
equity (deficit), and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Quail Hollow of Warsaw Limited Partnership as of December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 26, 2001, on our consideration of the Partnership's internal controls and a report dated January 26, 2001, on its compliance with laws
and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

This report is intended solely for the information of the Partners, management of Quail Hollow of Warsaw Limited Partnership and for filing with RD and should not be used for any other purpose.





INDEPENDENT AUDITOR'S REPORT

To the Partners

Raitt Street Apartments, A California Limited Partnership

I have audited the accompanying balance sheets of Raitt Street Apartments, A California Limited Partnership, as of December 31, 2000 and 1999, and the related statements of operations, partners' equity, and cash flows for the years
then ended. These financial statements are the responsibility of the partnership's management, My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Raitt Street Apartments, A California Limited Partnership as of December 31, 2000 and 1999, and
the results of its operations, the changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles of the United States.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.







INDEPENDENT AUDITORS' REPORT

To the Partners

South Paris Heights Associates

(A Limited Partnership)

We have audited the accompanying balance sheets of South Paris Heights Associates (A Limited Partnership) as of December 31, 2000 and 1999,and the related statements of operations, changes in partners' equity (deficit) and cash
flows for the years then ended. 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 generally accepted auditing standards and tile standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of South Paris Heights Associates (A Limited Partnership) at December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued our reports dated February 6, 2001 on our consideration of the internal control over financial reporting of South Paris Heights Associates (A Limited
Partnership) and our tests of its compliance with certain provisions of laws, regulations, contracts and grants. Those reports are an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying additional information is presented solely for thc use of the U.S. Department of Agriculture - Rural
Development and is not a required part of the basic financial statements. Part I of the Multiple Family Housing Borrower Balance Sheet, Form RD 1930-8, including the related supplement, and Column 2 (Actual), Parts I, II and III of the Multiple Family
Housing Project Budget, Form RD 1930-7, have been subjected to the auditing procedures applied in our audits of the basic financial statements and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements
taken as a whole. We have not audited Parts IV, V and VI, and Columns 1 and 3 (Current Budget and Proposed Budget) of Parts I, II and III of Form RD 1930-7, and, accordingly, express no opinion thereon.





INDEPENDENT AUDITORS' REPORT

To the Partners

Springfield Housing Associates, L.P.

Springfield, Illinois

We have audited thc accompanying balance sheet of Springfield Housing Associates, L.P., (a limited partnership), as of December 31, 2000 and the related statements of operations, partners' capital, and cash flows for the year then
ended. 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 audit.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Springfield Housing Associates, L.P., (a limited partnership) as of December 31, 2000, and the results of
its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.













Independent Auditor's Report

To the Partners

Tappahannock Greens Limited Partnership

I have audited the accompanying balance sheets of Tappahannock Greens Limited Partnership as of December 31,2000 and 1999, and the related statements of operations, partners' deficit and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the United States, and thc U.S. Department of Agriculture, Farmers Home
Administration Audit Program. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in tile financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I
believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tappahannock Greens Limited Partnership as of December 3 I, 2000 and 1999, and the results of its operations,
changes in partners' deficit, and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,I have also issued my report dated March 19,2001 on my consideration of Tappahannock Greens Limited Partnership's internal control over financial reporting and on my tests of its
compliance with certain provisions of laws and regulations.







INDEPENDENT AUDITORS' REPORT

To the Partners

Village Oaks Apartments II, Ltd.

Panama City, Florida





We have audited the accompanying balance sheets of Village Oaks Apartments, II, Ltd., USDA, Rural Development Project No: 09-061-0592884971, as of December 31, 2000 and 1999, and the related statements of operations, partners' deficit
and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Village Oaks Apartments II, Ltd., as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as
a whole.





INDEPENDENT AUDITORS' REPORT

To the Partners

Wilmington Housing Redevelopment Company

We have audited the accompanying balance sheets of Wilmington Housing Redevelopment Company as of December 31, 2000 and 1999, and the related statements of operations, partners' deficit, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by Management, as well as 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 financial position of Wilmington Housing Redevelopment Company as of December 31, 2000 and 1999, and the results of its operations
and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports dated January 30, 2001, on our consideration of Wilmington Housing Redevelopment Company's internal control structure and its compliance with laws and
regulations.









Independent Auditor's Report

To the Partners

Housing Investors, Athens II, LTD.

Decatur, Alabama

We have audited the accompanying balance sheet of Housing Investors Athens II, Ltd. (a partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' capital, and cash flows for the year then ended
and the accompanying supplementary information which is presented only for supplementary analysis purposes. 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 audit in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Housing Investors Athens II, Ltd., as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated February 12, 2001 on our consideration of the Housing Investors Athens II, Ltd.'s internal control and tests of its compliance with certain
provisions of laws, regulations, contracts and grants.

As discussed in Note 11 to the financial statements the partnership changed its method of computing depreciation for financial statement purposes in order to conform to generally accepted accounting principles.







INDEPENDENT AUDITOR'S REPORT

To the Partners

Maidu Properties

(A California Limited Partnership)

Rocklin, California

I have audited the accompanying balance sheets of Maidu Properties (A California Limited Partnership), as of December 31, 2000 and 1999, and the related statements of income, partners' equity, and cash flows for the years then ended.
These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures iD the financial statements. An audit also includesassessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maidu Properties (A California Limited Partnership) as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for the years ended December 31, 2000 and 1999, on pages 12 and 13, is presented for purposes
of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in my opinion, i$ fairly stated An all material
respects in relation to the basic financial statements taken as a whole.







Independent Auditors' Report

To the Partners of

Pedcor Investments - 1989 - X, L.P.

(An Indiana Limited Partnership)

We have audited the accompanying balance sheet of Pedcor Investments - 1989 - X, L.P. (an Indiana Limited Partnership) as of December 31, 2000, and the related statements of profit and loss and changes in partners' equity (deficit) and
cash flows for the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.	We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly in all material respects the financial position of Pedcor Investments - 1989 - X, L.P. as of December 31, 2000, and the results of its operations and changes in
partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 24, 2001, on our consideration of the Partnership's internal controls and a report dated January 24, 2001, on its compliance with laws
and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





INDEPENDENT AUDITOR'S REPORT

Tothe Partners

Academy Hill Limited Partnership

Winston-Salem, North Carolina

We have audited the accompanying balance sheets of Academy Hill Limited Partnership as of December 31, 2000 and 1999, and the related statements of income, partners' equity (deficit), and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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, tile financial position of Academy Hill Limited Partnership as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 22, 2001 on our consideration of Academy Hill Limited Partnership's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardand should be read in conjunction with that report in considering the results of our audit.





Independent Auditors' Repod

To the Partners

Buckeye Senior, Ltd.

and USDA Rural Development

We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a limited partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' equity (deficit) and cash flows for the years then
ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Buckeye Senior, Ltd. as of December 31, 2000 and 1999, and the results of its operations and the changes in
partners' equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 15, 2001, on our consideration of Buckeye Senior, Ltd.'s internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards,and should be read in conjunction with this report in understanding the results of our audit.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required
part of the financial statements of Buckeye Senior, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.





Independent Auditor's Report

To the Partners

Coronado Housing Limited Partnership

We have audited the accompanying balance sheets of Coronado Housing Limited Partnership as of December 31, 2000 and 1999 and the related statements of operations, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Coronado Housing Limited Partnership as of December 31, 2000 and 1999 and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is presented fairly, in all material respects, in relation to the basic financial
statements taken as a whole.





Independent Auditors' Repod

To the Partners

Hilltop Apartments Limited Partnership

and USDA Rural Development

We have audited the accompanying balance sheets of Hilltop Apartments Limited Partnership as of December 31, 2000, and 1999, and the related statements of operations, partners' deficit and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Hilltop Apartments Limited Partnership as of December 31, 2000 and 1999, and the results of its operations
and the changes in partners' deficit and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 18, 2001, on our consideration of Hilltop Apartments Limited Partnership's internal control over financial reporting and our tests of
its compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards,and should be read in conjunction with this report in understanding the results of our audit.

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part
of the financial statements of Hilltop Apartments Limited Partnership. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in
relation to the financial statements taken as a whole.







Partners

Ivan Woods Limited Partnership

Okemos, Michigan

Independent Auditor's Report

We have audited the accompanying balance sheets of Ivan Woods Limited Partnership as of December 31, 2000 and 1999, and the related statements of revenue, expenses and partners' capital and cash flows for the years then ended. 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 generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Ivan Woods Limited Partnership as of December 31, 2000 and 1999, the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules of renting, administrative, operating, maintenance, taxes and insurance expenses on page 9 are presented for
the purpose of additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated
in all material respects in relation to the basic financial statements taken as a whole.







INDEPENDENT AUDITORS' REPORT

The Partners

Licking Associates II, L.P.

Licking, Missouri

We have audited the accompanying balance sheets of Licking Associates II, L.P. (a limited partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' capital and cash flows for the years then
ended. 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 generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Licking Associates II, L.P. as of December 31, 2000 and 1999, and the results of its operations, changes in
partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included on pages 13-14 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.









To the Partners

London Arms/Lyn Mar Limited Partnership

Boston, Massachusetts

INDEPENDENT AUDITORS' REPORT

We have audited the accompanying Balance Sheets of London Arms/Lyn Mar, Ltd. (a Florida Limited Partnership), as of December 31, 2000 and 1999 and the related Statements of Income, Partners' Equity and Cash Flows for the years then
ended. These financial statements are the responsibility of the management of London Arms/Lyn Mar Limited Partnership. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. A-n audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of London Arms/Lyn Mar Limited Partnership as of December 31, 2000 and 1999, and the results of its operations,
the changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as
a whole.









INDEPENDENT AUDITORS' REPORT



To the Partners

South Fork Heights Limited Partnership

We have audited the accompanying balance sheets of South Fork Heights Limited Partnership (a Texas limited partnership), USDA Project No.: 05-53-742476220, as of December 31, 2000 and 1999, and the related statements of operations,
partners' equity (deficit) and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of South Fork Heights Limited Partnership as of December 31, 2000 and 1999, and the results of its operations
and the cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government AuditingStandards, we have also issued our report dated February 27, 2001, on our consideration of South Fork Heights Limited Partnership's internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts and grants.

Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 13 - 24 is presented for purposes of additional analysis required by the United
States Department of Agriculture and is not a required part of the basic financial statements. Such information has been subjected to thc auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in
all material respects, in relation to the basic financial statements taken as a whole.







INDEPENDENT AUDITORS' REPORT

To the Partners

Wildridge Apartments, Ltd.

Panama City, Florida



We have audited the accompanying balance sheets of Wildridge Apartments, Ltd., USDA, Rural Development Project No: 11-51-592863964, as of December 31, 2000 and 1999, and the related statements of operations, partners' deficit and cash
flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Wildridge Apartments, Ltd., as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as
a whole.









INDEPENDENT AUDITORS' REPORT

Brandywood Limited Partnership Madison, Wisconsin

We have audited the accompanying balance sheets of Brandywood Limited Partnership as of December 31, 2000 and 1999 and the related statements of operations, partners' deficit and cash flows for the years then ended. 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 auditing standards generally accepted in the United States of America. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant
estimates made by management as well as 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 financial position of Brandywood Limited Partnership as of December 31, 2000 and 1999 and the results of its operations and cash
flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information provided, as identified in the table of contents, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.







INDEPENDENT AUDITORS' REPORT

To the Partners of

Briarwick Apartments, Ltd.

We have audited the accompanying balance sheets of Briarwick Apartments, Ltd. (a Kentucky limited partnership) as of December 31, 2000, 1999, and 1998, and the related statements of results of operations, changes in partners' capital and cash flows
for the years then ended. 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 audit.

We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards,issued by the Comptroller General of the United States, and the provisions of the United States Department of Agriculture, Rural
Economic and Community Development audit program. 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 examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Briarwick Apartments, Ltd. as of December 31, 2000, 1999, and 1998, and the results of its operations,
changes in partners' capital and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated March 19, 2001, on our consideration of Briarwick Apartments, Ltd.'s internal control over financial reporting and tests of its compliance with certain
provisions of laws and regulations.







Independent Auditors' Report

To the Partners of

Bucksport Park Associates

(A Maine Limited Partnership)

We have audited the accompanying balance sheets of Bucksport Park Associates (a Maine Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners, equity (deficit), and cash
flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Bucksport Park Associates as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated March 9, 2001, on our consideration of the Partnership's internal controls and a report dated March 9, 2001, on its compliance with laws and
regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





Independent Auditors' Report

To the Partners of

Clymer House Associates

(A Pennsylvania Limited Partnership)

We have audited the accompanying balance sheets of Clymer House Associates (a Pennsylvania Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners' equity (deficit), and cash
flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Clymer House Associates as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated March 9, 2001, on our consideration of the Partnership's internal controls and a report dated March 9, 2001, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.



Independent Auditors' Report



To the Partners of

Cornish Park Associates

(A Maine Limited Partnership)

We have audited the accompanying balance sheets of Cornish Park Associates (a Maine Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners' equity (deficit), and cash flows
for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Cornish Park Associates as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated March 9, 2001, on our consideration of the Partnership's internal controls and a report dated March 9, 2001, on its compliance with laws and
regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.







To the Partners

Franklin II Limited Partnership

I have audited the accompanying balance sheets of Franklin II Limited Partnership, RHS Project No.: 55-009-541462949, as of December 31, 2000 and 1999 and the related statements of operations, partners' deficit and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial presentation. I believe that my audit provided a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Franklin II Limited Partnership, RHS Project No.: 55-009-541462949, as of December 31, 2000, and the results of its
operations, the changes in partners' deficit and cash flows for the year then ended, in conformity with generally accepted accounting principles.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 16 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards, I have also issued reports dated January 24, 2001 on my consideration of Franklin II Limited Partnership's internal control and its compliance with laws and regulations applicable to the
financial statements.











INDEPENDENT AUDITOR'S REPORT

To the Partners

Hunters Park Limited Partnership

We have audited the accompanying balance sheets of Hunters Park Limited Partnership as of December 31, 2000 and 1999, and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These
financial statements are the responsibility of Hunters Park Limited Partnership management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, thc financial statements referred to above present fairly, in all material respects, the financial position of Hunters Park Limited Partnership as of December 31, 2000 and 1999, and the results of its operations,
changes in partners' equity (deficit) and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued our report dated January 24, 2001 on our consideration of Hunters Park Limited Partnership's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 13, is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial
statements taken as a whole.





INDEPENDENT AUDITORS' REPORT

To the Partners

Lakeridge Apartments of Eufaula, Ltd.

Panama City, Florida



We have audited the accompanying balance sheets of Lakeridge Apartments of Eufaula, Ltd., USDA, Rural Development Project No: 01-0030592933800, as of December 31, 2000 and 1999, and the related statements of operations, partners'
deficit and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Lakeridge Apartments of Eufaula, Ltd., as of December 31, 2000 and 1999, and the results of its operations
and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as
a whole.





Independent Auditors' Report

To the Partners

Los Caballos II, Ltd.

and USDA Rural Development

We have audited the accompanying balance sheets of Los Caballos II, Ltd. (a limited partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' equity and cash flows for the years then ended.
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 generally accepted auditing standards and

Government Auditing Standard, issued by the Comptroller General of 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management,
as well as 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 financial position of Los Caballos II, Ltd. as of December 31, 2000 and 1999, and the results of its operations and the changes in
partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 24, 2001, on our consideration of Los Caballos II, Ltd.'s internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards, and should be read in conjunction with this report in understanding the results of our audits.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required
part of the financial statements of Los Caballos II, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.





Independent Auditors' Report

To the Partners of

Nanty Glo House Associates

(A Pennsylvania Limited Partnership)

We have audited the accompanying balance sheets of Nanty Glo House Associates (a Pennsylvania Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners, equity, and cash flows
for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the

Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Nanty Glo House Associates as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated March 9, 2001, on our consideration of the Partnership's internal controls and a report dated March 9, 2001, on its compliance with laws and
regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.







INDEPENDENT AUDITOR' S REPORT

To the Partners

Nye County Associates

(A California Limited Partnership)

Cheyenne, WY

I have audited the accompanying balance sheets of Nye County Associates (A California Limited Partnership), USDA Rural Development Case No. 33-019-680192750, as of December 31, 2000 and 1999, and the related statements of income,
partners' equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the United States. Those standards require that I plan and perform the audit
to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Nye County Associates (A California Limited Partnership) as of December 31, 2000 and 1999, and the results of
its operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,I have also issued a report dated March 16, 2001 on my consideration of Nye County Associates' internal control structure and a report dated March 16, 2001 on its compliance with
laws and regulations.



The Partners

Scott City Associates III, L.P.

Scott City, Missouri



We have audited the accompanying balance sheets of Scott City Associates III, L.P. (a limited partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' capital and cash flows for the years then
ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Scott City Associates III, L.P. as of December 31, 2000 and 1999, and the results of its operations,
changes in partners' capital and cash flows for the years then ended in conformity with generally accepted accounting principles.



Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included on page 13 is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic
financial statements taken as a whole.



INDEPENDENT AUDITORS' REPORT

To the Partners

Villas of Lakeridge, Ltd.

Panama City, Florida



We have audited the accompanying balance sheets of Villas of Lakeridge, Ltd., USDA, Rural Development Project No: 01-0030592930819, as of December 31, 2000 and 1 999, and the related statements of operations, partners' deficit and cash
flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Villas of Lakeridge, Ltd., as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as
a whole.







INDEPENDENT AUDITORS' REPORT

To the Partners

Waynesboro Associates, Limited

We have audited the accompanying balance sheets of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.: 48-091-621385326, as of December 31, 2000 and 1999, and the
related statements of operations, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, RHS
Project No.: 48-091-621385326, as of December 31, 2000 and 1999, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated February 5, 2000 on our consideration of Waynesboro Associates, Limited's internal control over financial reporting and our tests of its
compliance with certain provisions of laws, regulations, contracts, and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in ail material respects in relation to the basic financial statements
taken as a whole.





INDEPENDENT AUDITOR'S REPORT

To the Partners

Windsor II Limited Partnership



I have audited the accompanying balance sheets of Windsor II Limited Partnership, RHS Project No.: 54-057-541440877, as of December 31, 2000 and 1999, and the related statements of operations, partners' deficit and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial presentation. I believe that my audit provided a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Windsor II Limited Partnership, RHS Project No.: 54-057-541440877, as of December 31, 2000 and 1999, and the results of its
operations, the changes in partners' deficit and cash flows for the years then ended, in conformity with generally accepted accounting principles.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 17 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards,I have also issued reports dated January 24, 2001 on my consideration of Windsor II Limited Partnership's internal control and its compliance with laws and regulations applicable to the
financial statements.







INDEPENDENT AUDITOR'S REPORT

To the Partners

Amherst Limited Partnership

I have audited the accompanying balance sheets of Amherst Limited Partnership, RHS Project No.: 54-007-541486870, as of December 31, 2000 and 1999 and the related statements of operations, partners' deficit and cash flows for the years then ended.
These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audit in accordance with generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial presentation. I believe that my audit provided a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, thc financial position of Amherst Limited Partnership, RHS Project No.: 54-007-541486870, as of December 31, 2000 and 1999, and the results of its
operations, the changes in partners' deficit and cash flows For the years then ended, in conformity with generally accepted accounting principles.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 16 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards,I have also issued reports dated January 24, 2001 on my consideration of Amherst Limited Partnership's internal control and its compliance with laws and regulations applicable to the financial
statements.



INDEPENDENT AUDITOR' S REPORT



To the Partners

Beckwood Manor Six Limited Partnership

We have audited the accompanying balance sheets of Beckwood Manor Six Limited Partnership, RD Project No. 03-048-0710677265 (the Partnership), as of December 31, 2000 and 1999, and the related statements of profit (loss), changes in partners' equity
(deficit) and cash flows for the years then ended. 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 U. S. generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of the United States. Those
standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Beckwood Manor Six Limited Partnership as of December 31, 2000 and 1999, and its results of operations, changes in partners'
equity (deficit), and cash flows for the years then ended in conformity with U. S. generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued our report dated February 14, 2001 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions
of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.





Independent Auditors' Report

To the Partners of

Bethel Park Associates

(A Maine Limited Partnership)

We have audited the accompanying balance sheets of Bethel Park Associates (a Maine Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners' equity (deficit), and cash flows
for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Bethel Park Associates as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated March 9, 2001, on our consideration of the Partnership's internal controls and a report dated March 9, 2001, on its compliance with laws and
regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.



To the Partners

Brantwood Lane Limited Partnership

Charlotte, North Carolina

We have audited the accompanying balance sheets of Brantwood Lane Limited Partnership (a Georgia limited partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' deficit, and cash flows for the
years then ended.  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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of the United States.
Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Brantwood Lane Limited Partnership as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued our report dated January 31, 2001, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts, and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a
required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.









Independent Auditors' Report

Tothe Partners

Bridge Coalition Limited Partnership

Now York, New York

We have audited the accompanying balance sheet of Bridge Coalition Limited Partnership as of December 31, 2000 and the related statements of operations, changes in partners' equity and cash flows for the year then ended. 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 audit.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.







INDEPENDENT AUDITOR'S REPORT

To the Partners

Carriage Run Limited Partnership

I have audited the accompanying balance sheets of Carriage Run Limited Partnership, as of December 31, 2000 and 1999 and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These financial
statements are the responsibility of management. My responsibility is to express an opinion on these financial statements based on my audit.

1 conducted my audit in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. I believe that my audit provides a
reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, thc financial position of Carriage Run Limited Partnership, as of December 31, 2000 and 1999 and the results of its operations, changes in partners'
equity (deficit), and its cash flow for the years then ended in conformity with generally accepted accounting principles.

In accordance with government auditing standards, I have also issued report dated March 6, 2001 on my consideration of Carriage Run Limited Partnership's internal control and on its compliance with laws and regulations.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.









INDEPENDENT AUDITORS' REPORT

To the Partners

Cedarwood Apartments Limited Partnership

Raleigh, North Carolina

We have audited the accompanying balance sheets of Cedarwood Apartments Limited Partnership as of December 31, 2000 and 1999 and the related statements of operations, partners' equity and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards,issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Cedarwood Apartments Limited Partnership as of December 31, 2000 and 1999 and the results of its operations
and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued our report dated January 19, 2001 on our consideration of Cedarwood Apartments Limited Partnership's internal control over financial reporting and our tests
of its compliance with certain provisions of laws, regulations, contracts and grants. This report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on Schedules 1 and 2 is presented for purposes of additional analysis and is
not a required part of the basic financial statements of Cedarwood Apartments Limited Partnership. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in
all material respects in relation to the basic financial statements taken as a whole.







INDEPENDENT AUDITOR'S REPORT

To the Partners of Chaparral Associates:

I have audited the accompanying balance sheets of Chaparral Associates, a Limited

Partnership (the "Partnership") as of December 31, 2000 and 1999, and the related
statements of operations, partners' capital, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. My
responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and the
standards applicable to financial audits contained in Government Auditing Standardsissued by
the Comptroller General of the United States, and contained in the U.S. Department of
Agriculture, Farmers Home Administration Audit Program.Those standards require that I
plan and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. Awl audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. I believe
that my audits provide a reasonable basis for my opinion.



In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 2000 and 1999, and the results of its operations and its cash flows for
the years then ended in conformity with generally ended in conformity with generally accepted accounting principles.



In accordance with Government Auditing Standards,I have also issued my report dated February 14, 2001 on my consideration of the Partnership's internal control over financial reporting and on my tests of its compliance with
certain provisions of laws and regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of my audit.



The accompanying supplementary information (beginning on page 10) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated, in all material respects, in relation to the financial statements taken as a whole.









INDEPENDENT AUDITOR'S REPORT

To The Partners

College Greene Rental Associates, L.P.

We have audited the accompanying balance sheet of College Greene Rental Associates, L.P. (a Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners' capital (deficit) and
cash flows for the years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of College Greene Rental Associates, L.P. as of December 31, 2000 and 1999, and the results of Its operations
and its cash flows for the years then ended in conformity with generally accepted accounting principles.







INDEPENDENT AUDITOR'S REPORT

Tothe Partners

COLORADO CITY SENIORS

We have audited the accompanying balance sheets of COLORADO CITY SENIORS, RHS PROJECT NO. 50-068-721125815 as of December 31, 2000 and 1999 and the related statements of operations, changes in partners' equity (deficit) and cash flows
for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of COLORADO CITY SENIORS as of December 31, 2000 and 1999and the results of its operations, changes in
partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 17 through 25, is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued a report dated February 9, 2001 on our consideration of COLORADO CITY SENIORS's internal control and a report dated February 9, 2001 on its compliance with laws
and regulations applicable to the financial statements.











INDEPENDENT AUDITOR'S REPORT

To the Partners

COTTONWOOD APARTMENTS II

We have audited the accompanying balance sheets of COTTONWOOD APARTMENTS II, RHS PROJECT NO. 22-005-721173468 as of December 31, 2000 and 1999 and the related statements of operations, changes in partners' equity (deficit) and cash
flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of COTTONWOOD APARTMENTS II as of December31, 2000 and 1999 and the results of its operations, changes in
partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.



In accordance with Government Auditing Standards, we have also issued a report dated February 1, 2001 on our consideration of COTTONWOOD APARTMENTS II's internal control and a report dated February 1, 2001 on its compliance with
laws and regulations applicable to the financial statements.











Independent Auditors' Report

To the Partners

Franklin Vista III, Ltd.

and USDA Rural Development

We have audited the accompanying balance sheets of Franklin Vista III, Ltd. (a limited partnership) as of December 31, 2000 and 1999, and the related statements of operations, partners' equity and cash flows for the years then ended.
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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Franklin Vista III, Ltd. as of December 31, 2000 and 1999, and the results of its operations and the changes
in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 19, 2001, on our consideration of Franklin Vista III, Ltd.'s internal control over financial reporting and our tests of its compliance
with certain provisions of laws, regulations, contracts and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standards,and should be read in conjunction with this report in understanding the results of our audit.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required
part of the financial statements of Franklin Vista III, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.





INDEPENDENT AUDITOR'S REPORT

To the Partners,

Friendship Village, LLLP

Bethesda, Maryland

We have audited the accompanying balance sheets of Friendship Village, LLLP as of December 31, 2000 and 1999,and the related statements of income, changes in partners' capital and cash flows for the years then ended. 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 generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program. 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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Friendship Village, LLLP as of December 31, 2000 and 1999, and the results of its operations, changes in
partners' capital, and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our reports dated February 23, 2001 on our consideration of Friendship Village, LLLP's internal control and on its compliance with laws and regulations.





INDEPENDENT AUDITOR'S REPORT



To the Partners

HUGHES SPRINGS SENIORS APRTMENTS, LTD.



We have audited the accompanying balance sheets of HUGHES SPRINGS SENIORS APARTMENTS, LTD., RHS PROJECT NO. 49-034-721156758 as of December 31, 2000 and 1999 and the realted statements of operations changes in partners' equity
(deficit) and cash flows for the years then ended.  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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of HUGHES SPRINGS SENIORS APARTMENTS, LTD. as of December 31, 2000 and 1999 and the results of its operations,
changes in partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued a report dated February 2, 2061 on our consideration of HUGHES SPRINGS SENIORS APARTMENTS, LTD.'s internal control and a report dated February 2, 2001 on its
compliance with laws and regulations applicable to the financial statements.





INDEPENDENT AUDITOR'S REPORT

To the Partners

La Gema Del Barrio, A California Limited Partnership

I have audited the accompanying balance sheets of La Gema Del Barrio, A California Limited Partnership, as of December 31, 2000 and 1999, and the related statements of operations, partners' equity, and cash flows for the years then
ended. These financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards of the United States. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of La Gema Del Barrio, A California Limited Partnership as of December 31, 2000 and 1999, and the
results of its operations, the changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles of the United States.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.



Independent Auditor's Report

To the Partners

Lakeview Meadows Limited Dividend

Housing Association Limited Partnership

We have audited the accompanying balance sheet of Lakeview Meadows Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership) MSHDA Development No. 874, as of December 31, 2000 and 1999, and the related
statements of profit and loss, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Lakeview Meadows Limited Dividend Housing Association Limited Partnership, MSHDA Development No. 874, as of
December 31, 2000 and 1999, and its profit and loss, partners' equity, and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued our report dated February 9, 2001 on our consideration of Lakeview Meadows Limited Dividend Housing Association Limited Partnership's internal control over
financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grants. The report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audits.



Independent Auditors' Report



To the Partners of

Lonaconing Associates Limited Partnership

DBA Lana Lu Apartments

Gaithersburg, Maryland



We have audited the accompanying balance sheet of Lonaconing Associates Limited Partnership (a limited partnership), DBA Lana Lu Apartments, Case No. 24-001-521702607, as of December 31, 2000, and the related income statement, changes
in partners' equity (deficit) and cash flows for the year then ended. These financial statements are the responsibility of the project's management. Our responsibility is to express an opinion on these financial statements based on our audit. The
financial statements of Lonaconing Associates Limited Partnership as of December 31, 1999, were audited by other auditors whose report dated March 5, 2000, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards,issued by thc Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration "Audit Program" issued in December 1989. Those standards require that we plan and perform our audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a
test basis, the evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Lonaconing Associates Limited Partnership, DBA Lana Lu Apartments, Case No. 24-001-521702607, at December
31, 2000, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 10, 2001, on our consideration of Lonaconing Associates Limited Partnership's internal control and a report dated January 10, 2001, on
its compliance with specific requirements applicable to Rural Housing Service Programs.









INDEPENDENT AUDITORS' REPORT

To the Partners

Montague Place Limited Partnership

Lansing, Michigan





We have audited the accompanying balance sheets of Montague Place Limited Partnership as of December 31, 2000 and 1999, and the related statements of net loss, partners' equity and cash flows for the years then ended. 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 auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards,issued by the
Comptroller General of the 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 examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Montague Place Limited Partnership as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards,we have also issued a report dated March 9, 2001 on our consideration of the Partnership's internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of our audit.







INDEPENDENT AUDITOR'S REPORT

To the Partners of Navapai Associates:

I have audited the accompanying balance sheets of Navapai Associates, a Limited

Partnership (the "Partnership") as of December 31, 2000 and 1999, and the related

statements of operations, partners' capital, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial
statements based on my audits.



I conducted my audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standardsissued by the Comptroller General of the United States,
and contained in the U.S. Department of Agriculture, Farmers Home Administration Audit Program.Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.



In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 2000 and 1999, and the results of its operations and its cash flows for
the years then ended in conformity with generally ended in conformity with generally accepted accounting principles.



In accordance with Government Auditing Standards,I have also issued my report dated February 14, 2001 on my consideration of the Partnership's internal control over financial reporting and on my tests of its compliance with
certain provisions of laws and regulations, contracts, and grants. That report is an integral part of an audit performed in accordance with Government Auditing Standardsand should be read in conjunction with this report in considering the results of my audit.



The accompanying supplementary information (beginning on page 10) is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing
procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated, in all material respects, in relation to the financial statements taken as a whole.











INDEPENDENT AUDITORS' REPORT

To the Partners

One Northridge Limited Partnership

We have audited the accompanying balance sheets of  One Northridge Limited Partnership as of December 31, 2000 and 1999, and the related statements of  operations, partners' equity (deficit), and cash flows for the years then ended.
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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of One Northridge Limited Partnership as of December 31, 2000 and 1999, and thc results of its operations,
changes in partners' equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 11 is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.











INDEPENDENT AUDITORS' REPORT

To the Partners

Pine Ridge Elderly Apartments Limited Partnership

Raleigh, North Carolina

We have audited the accompanying balance sheets of Pine Ridge Elderly Apartments Limited Partnership as of December 31, 2000 and 1999 and the related statements of operations, partners' equity and cash flows for the years then ended.
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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Pine Ridge Elderly Apartments Limited Partnership as of December 31, 2000 and 1999 and the results of its
operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on Schedule I is presented for purposes of additional analysis and is not a
required part of the basic financial statements of Pine Ridge Elderly Apartments Limited Partnership. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated
in all material respects in relation to the basic financial statements taken as a whole.



Independent Auditors' Report

To the Partners of

Pittsfield Park Associates

(A Maine Limited Partnership)

We have audited the accompanying balance sheets of Pittsfield Park Associates (a Maine Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners' equity (deficit), and cash
flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Pittsfield Park Associates as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated March 9, 2001, on our consideration of the Partnership's internal controls and a report dated March 9, 2001, on its compliance with laws and
regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





INDEPENDENT AUDITORS' REPORT

To the Partners

Schroon Lake Housing Redevelopment Company

We have audited the accompanying balance sheets of Schroon Lake Housing Redevelopment Company as of December 31, 2000 and 1999, and the related statements of operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by Management, as well as 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 financial position of Schroon Lake Housing Redevelopment Company as of December 31, 2000 and 1999, and the results of its
operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued reports dated January 30, 2001, on our consideration of Schroon Lake Housing Redevelopment Company's internal control structure and its compliance with laws
and regulations.





INDEPENDENT AUDITOR'S REPORT

To the Partners

Stanardsville Village Limited Partnership

RHS No. 54-48-541523939

North Main Street

Stanardsville, Virginia 22973

We have audited the accompanying balance sheet of Stanardsville Village Limited Partnership, RHS No. 54-48-541523939 as of December 31, 2000, and the related statements of operations, partners' capital (deficiency), and cash flows for
the year then ended. 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 audit.



We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration Audit Program. Those standards and the Audit Program 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 examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Stanardsville Village Limited Partnership, RHS No. 54-48-541523939 as of December 31, 2000, and the results
of its operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.

The financial statements and supplementary information of Stanardsville Village Limited Partnership for the year ended December 31, 1999 were audited by other auditors whose report, dated February 4, 2000, expressed an unqualified
opinion on those statements.







Independent Auditors' Report

To the Partners of

Titusville Apartments Limited Partnership

DBA Titusville Apartments

Gaithersburg, Maryland

We have audited the accompanying balance sheet of Titusville Apartments Limited Partnership (a limited partnership), DBA Titusville Apartments, Case No. 44-020-521618663, as of December 31, 2000, and the related income statement,
changes in partners' equity (deficit) and cash flows for the year then ended. 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 audit.
The financial statements of Titusville Apartments Limited Partnership as of December 31, 1999, were audited by other auditors whose report dated March 1, 2000, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards,issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration "Audit Program" issued in December 1989. Those standards require that we plan and perform our audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a
test basis, the evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Titusville Apartments Limited Partnership, DBA Titusville Apartments, Case No. 44-020-521618663, at December
31, 2000, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 10, 2001, on our consideration of Titusville Apartments Limited Partnership's internal control and a report dated January 10, 2001, on
its compliance with specific requirements applicable to Rural Housing Service Programs.







Independent Auditors' Report

To the Partners of

Tyrone House Associates

(A Pennsylvania Limited Partnership)

We have audited the accompanying balance sheets of Tyrone House Associates (a Pennsylvania Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners, equity (deficit), and cash
flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards,issued by the Comptroller General of the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Tyrone House Associates as of December 31, 2000 and 1999, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated March 9, 2001, on our consideration of the Partnership's internal controls and a report dated March 9, 2001, on its compliance with laws and
regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





INDEPENDENT AUDITOR'S REPORT



To the Partners

Victoria Limited Partnership



I have audited the accompanying balance sheets of Victoria Limited Partnership as of December 31, 2000 and 1999 and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. These financial statements
are the responsibility of management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standardsissued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit
Program. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. I believe that my audit provides a
reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Victoria Limited Partnership, as of December 31, 2000 and 1999 and thc results of its operations, changes in partners' equity
(deficit), and its cash flow for the years then ended in conformity with generally accepted accounting principles.

In accordance with government auditing standards, I have also issued reports dated March 6, 2001 on my consideration of Victoria Limited Partnership's internal control and on its compliance with laws and regulations.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audits of basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.







Independent Auditors' Report

To the Partners of

Village Terrace Limited Partnership

(A North Carolina Limited Partnership)

We have audited the accompanying balance sheets of Village Terrace Limited Partnership (a North Carolina Limited Partnership) as of December 31, 2000 and 1999, and the related statements of operations, changes in partners' equity
(deficit) and cash flows for the years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well
as 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 financial position of Village Terrace Limited Partnership as of December 31, 2000 and 1999, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the
audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





Independent Auditors' Report

'To the Partners of

Wesley Village Associates Limited Partnership	
DBA Wesley Village Apartments	
Gaithersburg, Maryland

We have audited the accompanying balance sheet of Wesley Village Associates Limited Partnership (a limited partnership), DBA Wesley Village Apartments, Case No. 57-002-521397397, as of December 31, 2000, and the related income
statement, changes in partners' equity (deficit) and cash flows for the year then ended. 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 audit. The financial statements of Wesley Village Associates Limited Partnership as of December 31, 1999, were audited by other auditors whose report dated February 3, 2000, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with generally accepted auditing standards, Government Auditing Standards,issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home
Administration "Audit Program" issued in December 1989. Those standards require that we plan and perform our audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a
test basis, the evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Wesley Village Associates Limited Partnership, DBA Wesley Village Apartments, Case No. 57-002-521397397, at
December 31,2000, and the results of its operations, changes in partners' equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards,we have also issued a report dated January 29, 2001, on our consideration of Wesley Village Associates Limited Partnership's internal control and a report dated January 29, 2001,
on its compliance with specific requirements applicable to Rural Housing Service Programs.





Independent Auditor's Report



To the Partners

Woodfield Commons Limited Partnership



We have audited the accompanying balance sheets of Woodfield Commons Limited Partnershipas of December 31, 2000 and 1999, and the related statements of operations, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Woodfield Commons Limited Partnership,as of December 31, 2000 and 1999, and the results of its operations,
changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements
taken as a whole.







To the Partners

Deer Hill II Limited Partnership

Winston-Salem, North Carolina

We have audited the accompanying balance sheets of Deer Hill II Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, partners' equity (deficit), and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Deer Hill II Limited Partnership as of December31, 1999 and 1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 21, 2000 on our consideration of Deer Hill II Limited Partnership's internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations contracts and grants









To the Partners

King City Elderly Housing Associates

(a California Limited Partnership)

Salinas. California



I have audited the accompanying balance sheets of the King City Elderly Housing Associates (a California Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations partners' equity (deficit), and cash flows for the
years then ended. These financial statements are the responsibility of the Partnership's management.  My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audits in accordance with generally accepted auditing standards.  Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the King City Elderly Housing Associates (a California Limited Partnership) as of December 31, 1999 and 1998, and the results
of its operations, changes in partner's equity (deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on pages and is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.









To the partners

Metropole Apartments Associates, Ltd.

Boston, Massachusetts



We have audited the accompanying Balance Sheets of Metropole Apartments Associates, Ltd.  (a Florida Limited partnership), as of December 31, 1999 and 1998, and the related Statements of Operations, Partners' Equity and Cash Flows for the years then
ended.  These financial statements are the responsibility of the Metropole Apartments Associates, Ltd.'s management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards.   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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Metropole Apartments Associates, Ltd. as of December 31, 1999 and 1998, and the results of its operations, the changes in
partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole.   The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements.
  Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.











To the Partners of

Oakview Limited (A Limited Partnership)

Corunna, Indiana

We have audited the accompanying balance sheets of Oakview Limited (A Limited Partnership) as of December31, 1999 and 1998, and the related statements of income, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration "Audit Program." Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Oakview Limited (A Limited Partnership) as of December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying expense analysis is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued a report dated January 31, 2000 on our consideration of Oakview Limited's internal control structure and a report dated January 31, 2000 on its compliance with laws and regulations.









To the Partners

Westwood Square Limited Partnership

Winston-Salem, North Carolina

We have audited the accompanying balance sheets of Westwood Square Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, partners' deficit, and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Westwood Square Limited Partnership as of December31, 1999 and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 21, 2000 on our consideration of Westwood Square Limited Partnership's internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts and grants.











To the partners of

Beaver Brook Housing Associates Limited partnership





Independent Auditors' Report





We have audited the accompanying balance sheets of Beaver Brook Housing Associates (a Limited partnership) (Case No  34-06-020424443) as of December 31, 1999 and 1998 and the related statements of income and expense, partners' equity (deficit), and
cash flows for the years then ended.  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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Beaver Brook Housing Associates (a Limited partnership) at December 31, 1999 and 1998 and the results of its operations, its
partners' equity (deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated January 20, 2000 on our consideration of Beaver Brook Housing Associates' internal control over financial reporting and our tests of its compliance with laws and
regulations.







To the Partners of

Brooklyn Limited (An Indiana

Limited Partnership)

Corunna, Indiana

We have audited the accompanying balance sheets of Brooklyn Limited (An Indiana Limited Partnership) as of December31, 1999 and 1998, and the related statements of income, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S.
Department of Agriculture, Farmers Home Administration "Audit Program." Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Brooklyn Limited (An Indiana Limited Partnership) as of December 31,1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 9 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standard, we have also issued a report dated January 31, 2000 on our consideration of Brooklyn Limited's internal control structure and a report dated January 31, 2000 on its compliance with laws and regulations.









To the Partners

Corinth Housing Redevelopment Company

We have audited the accompanying balance sheets of Corinth Housing Redevelopment Company as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit, and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by Management, as well as 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 financial position of Corinth Housing Redevelopment Company as of December 31,1999 and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports dated February 1, 2000, on our consideration of the Corinth Housing Redevelopment Company's internal control structure and its compliance with laws and regulations.









To the Partners

Fawn River Apartment Company Limited Partnership

d/b/a Fawn River Apartments



We have audited the accompanying balance sheet of Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments (a partnership) Project #26-078-382856293 as of December 31, 1999 and 1998 and related statement of operations, partners
equity and cash flows for the years then ended. 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 audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Fawn River Apartment Company Limited Partnership d/b/a Fawn River Apartments Project #26-078-382856293 as of December31,
1999 and 1998, and its operations, changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 26, 2000, on our consideration of Fawn River Apartment Company Limited Partnership d/b/a Fawn River

Apartments Project ~26-078-382856293 internal control and a report dated January 26, 2000, on its compliance with laws and regulations applicable to the financial statements.





To the Partners

Fountain Green Apartments1 Ltd.

Panama City, Florida

We have audited the accompanying balance sheets of Fountain Green Apartments, Ltd., USDA, Rural Development Project No: 09-46- 592948719, as of December 31, 1999 and 1998, and the related statements of operations1 partners' deficit and cash flows for
the years then ended.     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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as 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 financial position of Fountain Green Apartments, Ltd., as of December 31, 1999 and 1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.
  Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.







To the Partners

Glennwood Hotel Investors

(A California Limited Partnership)

Sacramento, California

We have audited the accompanying balance sheets of Glennwood Hotel Investors (A California Limited Partnership) as of December 31, 1999 and 1998, and the related statements of income, partners' equity (deficit), and cash flows for the years then
ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Glennwood Hotel Investors (A California Limited Partnership) as of December 3 1, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.











To the Partners

Greenwich Housing Redevelopment Company

We have audited the accompanying balance sheets of Greenwich Housing Redevelopment Company as of December 31, 1999 and 1998, and the related statements of operations, partners' equity (deficit), and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by Management, as well as 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 financial position of Greenwich Housing Redevelopment Company as of December 31,1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports dated February 1, 2000, on our consideration of Greenwich Housing Redevelopment Company's internal control structure and it's compliance with laws and regulations.







To the Partners

Grifton Housing Associates

Charlotte, North Carolina



We have audited the accompanying balance sheets of Grifton Housing Associates (a North Carolina limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended.
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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Grifton Housing Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated January 31, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of
laws, regulations, contracts, and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of
the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.











To the Partners

Haines City Apartments, Ltd.

We have audited the accompanying basic financial statements of Haines City Apartments, Ltd., as of and for the years ended December 31, 1999 and 1998, as listed in the table of contents. These basic 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable
basis for our opinion.

In our opinion, the basic financial statements referred to above present fairly, in all material respects, the financial position of Haines City Apartments, Ltd. as of December31, 1999 and 1998 and the results of its operations and its cash flows for
the years then ended in conform iry with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated February 11,2000 on our consideration of Haines City Apartments, Ltd.'s internal control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts, and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information presented on pages 9 to 15 is presented for the purposes of additional analysis and is not a required part of the
basic financial statements. The information ~ pages 9 to 14 has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole. The information on page 15, which is of a nonaccounting nature, has not been subjected to the auditing procedures applied in the audit of the basic financial statements, and we express no opinion on it.











To the Partners

Kristin Park Apartments, Ltd.

and USDA Rural Development

We have audited the accompanying balance sheets of Kristin Park Apartments. Ltd. (a limited partnership) as of December 31, 1999 and 1998, and the related statements of operations. partners' equity and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of Kristin Park Apartments. Ltd. as of December 31,1999 and 1998, and the results of its operations and the changes in partners'
equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 11, 2000, on our consideration of Kristin Park Apartments. Ltd.'s internal control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts and grants.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the
financial statements of Kristin Park Apartments, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the
financial statements taken as a whole.







To the Partners

Maywood Associates, Ltd.

(A California Limited partnership)

Cheyenne, WY



I have audited the accompanying balance sheets of Maywood Associates  (A California Limited partnership), USDA Rural Development Case No.  04-052-680184284, as of December 3), 1999 and 1998, and the related statements of income, partners' equity, and
cash flows for the years then ended.  These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management as well as evaluating the overall financial statement presentation.  I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maywood Associates    (A California Limited Partnership) as of December 31, 1999 and 1998, and the results of its operations
and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, I have also issued a report dated March 23, 2000 on my consideration of Maywood Associates' internal control structure and a report dated March 23, 2000 on its compliance with laws and regulations.



To the Partners of

Pedcor Investments - 1989 - VIII, L.P.

(An Indiana Limited partnership)



We have audited the accompanying balance sheet of Pedcor Investments - 1989 - VIII, L.P.  (an Indiana Limited partnership) as of December 31, 1999, and the related statements of profit and loss and changes in partners' equity (deficit) and cash flows
for  the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly in all material respects the financial position of Pedcor Investments  - 1989  - VIII,  L.P.  as of December 31,  1999,  and the results of its operations and changes in
partners' equity (deficit) and cash  flows  for  the  year  then  ended  in  conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 21, 2000, on our consideration of the Partnership's internal controls and a report dated January 21, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.   Such information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





To the Partners of

Quail Hollow Associates

(A North Carolina Limited partnership)



We have audited the accompanying balance sheets of Quail Hollow Associates  (a North Carolina Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit), and cash flows for
the years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Quail Hollow Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 28, 2000, on our consideration of the Partnership's internal controls and a report dated January 28, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.   Such information has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation co the financial statements taken as a whole.

This report is intended solely for the information of the Partners, management of Quail Hollow Associates and for filing with RD and should not be used for any other purpose.





To the Partners

Raitt Street Apartments, A California Limited Partnership

(714) 437-1025 FAX (714) 957-1678



I have audited the accompanying balance sheets of Raitt Street Apartments, A California Limited Partnership, as of December 31,1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of Raitt Street Apartments, A California Limited Partnership as of December 31, 1999 and 1998, and the results of
its operations, the changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.







To the Partners

South Paris Heights Associates

(A Limited Partnership)



We have audited the accompanying balance sheets of South Paris Heights Associates (A Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity and cash flows for the years then ended.
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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of South Paris Heights Associates (A Limited Partnership) at December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our reports dated February 7, 2000 on our consideration of the internal control over financial reporting of South Paris Heights Associates (A Limited Partnership) and our tests of
its compliance with certain provisions of laws and regulations.

Our audits were conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying additional information is presented solely for the use of the U.S. Department of Agriculture - Rural Development and
is not a required part of the basic financial statements. Part I of the Multiple Family Housing Borrower Balance Sheet, Form RD 1930-8, including the related supplement, and Column 2 (Actual), Parts 1,11 and III of the Multiple Family Housing Project
Budget, Form RD 1930- 7, have been subjected to the auditing procedures applied in our audits of the basic financial statements

and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. We have not audited Parts IV, V and VI, and Columns 1 and 3 (Current Budget and Proposed Budget) of Parts I, TI and III of
Form RD 1930-7, and, accordingly, express no opinion thereon.



To the Partners

Springfield Housing Associates, L.P.

Springfield, Illinois

We have audited the accompanying balance sheet of Springfield Housing Associates, L.P., (a limited partnership), as of December 31, 1999 and the related statements of operations, partners' capital, and cash flows for the year then ended.  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 audit.

We conducted our audit in accordance with generally accepted auditing standards.  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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Springfield Housing Associates, L.P., (a limited partnership) as of December 31, 1999, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted accounting principles.



To the Partners

Tappahannock Greens Limited Partnership

I have audited the accompanying balance sheets of Tappahannock Greens Limited Partnerships of December31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended. These financial statements are
the responsibility of the Partnership's management. My responsibility is to express an opinion on these

financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program.
Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a
reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Tappahannock Greens Limited Partnership as of December 3l, 1999 and 1998, and the results of its operations, changes in
partners' equity, and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, I have also issued my report dated March 10, 2000 on my consideration of Tappahannock Greens Limited Partnership's internal control over financial reporting and on my tests of its compliance with
certain provisions of laws and regulations.







To the Partners

Village Oaks Apartments II, Ltd.

Panama City, Florida



We have audited the accompanying balance sheets of Village Oaks Apartments, II, Ltd., USDA, Rural Development Project No: 09-061-0592884971, as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit and cash flows
for the years then ended.     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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial' statements.   An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as 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 financial position of Village Oaks Apartments II, Ltd., as of December 31, 1999 and 1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial
statements.   Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





To the Partners

Westwood Square Limited Partnership

Greensboro, North Carolina

We have audited the accompanying balance sheets of Westwood Square Limited Partnership as of December 31, 1998 and 1997, and the related statements of income, partners' deficit, and cash flows for the years then ended. These financial statements are
the responsibility of the Partnership1s management.

Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Westwood Square Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 21, 1999 on our consideration of Westwood Square Limited Partnership's internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts and grants.





To the Partners

Wilmington Housing Redevelopment Company

We have audited the accompanying balance sheets of Wilmington Housing Redevelopment Company as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit, and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by Management, as well as 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 financial position of Wilmington Housing Redevelopment Company as of December 31,1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports dated February 1, 2000, on our consideration of Wilmington Housing Redevelopment Company's internal control structure and its compliance with laws and regulations.





To the Partners

Housing Investors, Athens II, LTD.

Decatur, Alabama

We have audited the accompanying balance sheet of Housing Investors Athens II, Ltd. (a partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' capital, and cash flows for the year then ended. 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 audit in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of Housing Investors Athens II, Ltd., as of December 31,1999 and 1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated February 8, 2000 on our consideration of the Housing Investors Athens II, Ltd.'s internal control and tests of its compliance with certain provisions of laws,
regulations, contracts and grants.

As discussed in Note 11 to the financial statements the partnership changed its method of computing depreciation for financial statement purposes in order to conform to generally accepted accounting principles.









To the Partners

Maidu Properties

(A California Limited Partnership)

Rocklin, California



I have audited the accompanying balance sheets of Maidu Properties  (A California Limited Partnership), as of December 31, 1999 and 1998, and the related statements of income, partners' equity, and cash flows for the years then ended.  These financial
statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining1 on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation.  I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Maidu Properties  (A California Limited Partnership) as of December 31, 1999 and 1998, and the results of its operations and
its cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplementary information for the years ended December 31, 1999 and 1998, on pages  12  and  13,  is  presented  for  purposes  of
additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.





To the Partners of

Pedcor Investments - 1989 - X, L.P.

(An Indiana Limited Partnership)



We have audited the accompanying balance sheet of Pedcor Investments - 1989 - X, L.P.  (an Indiana Limited Partnership)  as of December 31, 1999, and the related statements of profit and loss and changes in partners' equity (deficit) and cash flows
for  the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion

In our opinion, the financial statements referred to above present fairly in all material respects the financial position of Pedcor Investments - 1989 - X, L.P. as of December 31, 1999, and the results of its Operations and changes in partners' equity
(deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 21, 2000, on our consideration of the Partnership's internal controls and a report dated January 21, 2000, on its compliance with laws and regulations

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.   Such information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.









To the Partners of South Farm Limited Partnership

(A Rhode Island Limited Partnership)



We have audited the accompanying balance sheets of South Farm Limited Partnership (A Rhode Island Limited Partnership), FHA Project Number RI43-H023-065, as of March 31, 2000 and 1999, and the related statements of profit and loss, changes in
partners' capital (deficit) and cash flows for the years then ended.  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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of South Farm Limited Partnership (A Rhode Island Limited Partnership), FHA Project Number R143-H023-065, as of March 31, 2000
and 1999, and the results of its operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our reports dated May 10, 2000 on our consideration of internal controls over financial reporting of South Farm Limited Partnership (A Rhode Island Limited Partnership) and on our
tests of its compliance with certain provisions of laws and regulations.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information included on pages 18 - 28 is presented for purposes of additional analysis and is not a required part of the
basic financial statements of the Partnership, but is supplementary information required by the Rhode Island Housing and Mortgage Finance Corporation (RIHMFC). Such information has been subjected to the auditing procedures applied in our audits of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.









To the Partners

Academy Hill Limited Partnership

Winston-Salem, North Carolina

We have audited the accompanying balance sheets of Academy Hill Limited Partnership as of December 31, 1999 and 1998, and the related statements of income, partners' equity (deficit), and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Academy Hill Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for
the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 21, 2000 on our consideration of Academy Hill Limited Partnership's internal control over financial reporting and on our tests of its compliance with certain
provisions of laws, regulations, contracts and grants.











To the Partners of

Aspen Square. L.P.

Tazewell, Virginia

I have audited the accompanying balance sheets of Aspen Square, L.P., as of December 31, 1999 and 1998, and the related statements of operations partners' capital and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Aspen Square, L.P., as of December 31, 1999 and 1998, and the results of its operations, changes in partners' equity
(deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 1-17 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.









To the Partners

Buckeye Senior, Ltd.

and USDA Rural Development

We have audited the accompanying balance sheets of Buckeye Senior, Ltd. (a limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of Buckeye Senior, Ltd. as of December 31,1999 and 1998, and the results of its operations and the changes in partners' equity
(deficit) and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 13, 2000, on our consideration of Buckeye Senior, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of
laws, regulations, contracts and grants.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the
financial statements of Buckeye Senior, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.











To the Partners of

Copper Creek, L.P.

I have audited the accompanying balance sheets of Copper Creek. L.P. as of December 31, 1999 and 1998, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the
responsibility of the partnership1s management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and si2nificant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Copper Creek, L.P. as of December 31, 1999 and 1998, and the results of its operations, changes in partners capital and cash
flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 1-17 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





To the Partners

Coronado Housing Limited Partnership

We have audited the accompanying balance sheets of Coronado Housing Limited Partnership as of December 31, 1999 and 1998 and the related statements of operations, partners' equity, and cash flows for the years then ended.  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 generally accepted auditing standards.  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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Coronado Housing Limited Partnership as of December 31, 1999 and 1998 and the results of their operations and their cash
flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The accompanying supplemental information is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is presented fairly, in all material respects, in relation to the basic financial statements
taken as a whole.









To the Partners

Hilltop Apartments Limited Partnership

and USDA Rural Development

We have audited the accompanying balance sheet of Hilltop Apartments Limited Partnership as of December 31, 1999, and the related statements of operations, partners' deficit and cash flows for the year then ended.  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 audit. The financial statements Hilltop Apartments Limited Partnership as of December 31, 1998, were audited by another
auditor whose report dated March 3, 1999, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hilltop Apartments, Limited Partnership as of December 31,1999, and the results of its operations and the changes in
partners' deficit and cash flows for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 26, 2000, on our consideration of Hilltop Apartments, Limited Partnership's internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts and grants.

Our audit was conducted for the purpose of forming an opinion on the financial statements taken as a whole.  The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the
financial statements of Hilltop Apartments, Limited Partnership.  Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to
the financial statements taken as a whole.













Partners

Ivan Woods Limited Partnership

Okemos, Michigan



Independent Auditor's Report

We have audited the accompanying balance sheets of Ivan Woods Limited Partnership as of December 31, 1999 and 1998, and the related statements of revenue, expenses and partners' capital and cash flows for the years then ended. 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 generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Ivan Woods Limited Partnership as of December 31, 1999 and 1998, the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules of renting, administrative, operating, maintenance, taxes and insurance expenses on page 9 are presented for the purpose of
additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.











The Partners

Licking Associates II, L.P.

Licking, Missouri

We have audited the accompanying balance sheets of Licking Associates II, L.P. (a limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' capital and cash flows for the years then ended. 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 generally accepted auditing standards.  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 examining. on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Licking Associates II, L.P. as of December31, 1999 and 1998, and the results of its operations, changes in partners' capital
and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information included on pages 13-14 is presented for purposes of additional analysis and is not a required part of the
basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial
statements taken as a whole.





To the Partners

London Arms/Lyn Mar Limited Partnership

Boston, Massachusetts





INDEPENDENT AUDITORS' REPORT





We have audited the accompanying Balance Sheets of London Arms/Lyn Mar, Ltd.  (a Florida Limited Partnership), as of December 31, 1999 and 1998, and the related Statements of Operations, Partners' Equity and Cash Flows for the years then ended.  These
financial statements are the responsibility of the management of London Arms/Lyn Mar Limited Partnership. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating
the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred all material respects, the financial position of Partnership as of December 31, 1999 and 1998, operations, the changes in partners' equity and cash ended in conformity with generally accepted
accounting to above present fairly, in London Arms/Lyn Mar Limited and the results of its flows for the years then principles.

Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole.   The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements.
  Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.







To the Partners of

Sierra Springs, L.P.

I have audited the accompanying balance sheets of Sierra Springs, L.P. as of December 31, 1999 and 1998, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards, Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Sierra Springs, L.P. as of December 31, 1999 and 1998, and the results of its operations, changes in partners' capital and
cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole, The supplemental information on pages 1-17 and 1-18 is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken
as a whole.





To the Partners

South Fork Heights Limited Partnership



We have audited the accompanying balance sheets of South Fork Heights Limited Partnership (a Colorado limited partnership), as of December 31, 1999 and 1998 and the related statements of operations, partners' equity (deficit) and cash flows for the
years then ended. 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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of South Fork Heights Limited Partnership as of December 31, 1999 and 1998 and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated March 17, 2000 on our consideration of South Fork Heights Limited Partnership's internal control over financial reporting and our tests of its compliance with
certain provisions of laws regulations, contracts, and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 17 through 25 is presented for purposes of additional analysis and is not a required part of the basic
financial statements. The supplementary information presented in the Year End Report/Analysis (USDA Form RD 1930-8) and Parts I through III of the Project Budget (USDA Form RD 1930-7) for year ended December 31, 1999, is presented for purposes of
complying with the requirements of the United States Department of Agriculture and is also not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audit of the basic financial
statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





To the Partners

Wildridge Apartments, Ltd. Panama City, Florida

We have audited the accompanying balance sheets of Wildridge Apartments, Ltd., USDA, Rural Development Project No: 11-51-592863964, as of December 31,  1999 and 1998,  and the related statements of operations1 partners' deficit and cash flows for the
years  then  ended.     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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as 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 financial position of Wildridge Apartments, Ltd., as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial
statements.   Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





To the Partners

Brandywood Limited Partnership

Madison, Wisconsin



We have audited the balance sheets of Brandywood Limited Partnership WHEDA Project No. 011/001136 as of December 31, 1999 and 1998, and the related statements of loss, partners' equity and cash flows for the years then ended. 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 generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Brandywood Limited Partnership as of December 31,1999 and 1998, and the results of its operations changes in partners'
equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.







To the Partners of

Briarwick Apartments, Ltd.

We have audited the accompanying balance sheets of Briarwick Apartments, Ltd. (a Kentucky limited partnership) as of December 31, 1999, 1998, and 1997, and the related statements of results of operations, changes in partners' capital and cash flows
for the years then ended. 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 audit.

We conducted our audits in accordance with generally accepted auditing standards, Government Auditing Standards, issued by the Comptroller General of the United States, and the provisions of the United States Department of Agriculture, Rural Economic
and Community Development audit program. 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 examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Briarwick Apartments, Ltd. as of December31, 1999, 1998, and 1997, and the results of its operations, changes in partners'
capital and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated March 3, 2000, on our consideration of Briarwick Apartments, Ltd.'s internal control over financial reporting and tests of its compliance with certain provisions of
laws and regulations.





To the Partners of

Bucksport Park Associates

(A Maine Limited Partnership)



We have audited the accompanying balance sheets of Bucksport Park Associates (a Maine Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations1 changes in partners' equity  (deficit,  and cash flows for the years
then ended.   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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing
the accounting principles used and significant estimates made by management, as  well  as  evaluating  the  overall financial statement presentation.  We believe that our audits provides a reasonable basis for our opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bucksport Park Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles

In accordance with Government Auditing Standards, we have also issued a report dated March 2, 2000, on our consideration of the Partnership's internal controls and a report dated March 2, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.   Such information has been subjected to the auditing procedures applied in the audits of the
basic  financial statements  and,  in our opinion,  is  fairly stated  in all material respects in relation to the financial statements taken as a whole.







To the Partners of

Cananche Creek, L.P.

I have audited the accompanying balance sheets of Cananche Creek. L.P., as of December 31, 1999 and 1998, and the related statements of operations, partners' equity (deficit) and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. NW responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audit provides a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cananche Creek, L.P., as of December 31,1999 and 1998, and the results of its operations, changes in partners' equity
(deficit) and its cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole The supplemental information on page 1-17 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





To the Partners of

Clymer House Associates

(A Pennsylvania Limited partnership)





We have audited the accompanying balance sheets of Clymer House Associates (a Pennsylvania Limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the
years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Clymer House Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles

In accordance with Government Auditing Standards, we have also issued a report dated March 2, 2000, on our consideration of the Partnership's internal controls and a report dated March 2, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.   Such information has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





To the Partners of

Cornish Park Associates

(A Maine Limited Partnership)





We have audited the accompanying balance sheets of Cornish Park Associates  (a Maine Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity  (deficit), and cash flows for the years
then ended.    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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Cornish Park Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated March 2, 2000, on our consideration of the Partnership's internal controls and a report dated March 2, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.   Such information has been subjected to the auditing procedures applied in the audits of the
basic financial statements  and,  in our opinion,  is  fairly stated  in all  material respects in relation to the financial statements taken as a whole.







To the Partners

Franklin II Limited Partnership

I have audited the accompanying balance sheet of Franklin II Limited Partnership, RHS Project No.: 55-009-541462949, as of December 31, 1999 and the related statements of operations, partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. The financial statements of Franklin II Limited Partnership as of December 31, 1998
were audited by other auditors whose report on those financial statements, dated February 20, 1999, expressed an unqualified opinion on those statements.

I conducted my audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial presentation. I believe that my audit provided a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Franklin II Limited Partnership, RHS Project No.: 55-009-541462949, as of December 31, 1999, and the results of its
operations, the changes in partners' deficit and cash flows for the year then ended, in conformity with generally accepted accounting principles.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 16 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards, I have also issued reports dated January 14, 2000 on my consideration of Franklin II Limited Partnership's internal control and its compliance with laws and regulations applicable to the financial
statements.







To the Partners

Hunters Park Limited Partnership

We have audited the accompanying balance sheets of Hunters Park Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial statements are
the responsibility of Hunters Park Limited Partnership management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Hunters Park Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes in partners'
equity and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated January 19, 2000 on our consideration of Hunters Park Limited Partnership's internal control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on page 12, is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a
whole.





To the Partners

Lakeridge Apartments of Eufaula, Ltd.

Panama City, Florida



We have audited the accompanying balance sheets of Lakeridge Apartments of Eufaula, Ltd., USDA, Rural Development Project No: 01-0030592933800, as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit and cash
flows for the years then ended.     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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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.   Ah audit includes examining, on a test basis,' evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as 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 financial position of Lakeridge Apartments of Eufaula, Ltd., as of December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial
statements.   Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





To the Partners

Los Caballos II, Ltd.

and USDA Rural Development

We have audited the accompanying balance sheets of Los Caballos II, Ltd. (a limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of Los Caballos II, Ltd. as of December 31,1999 and 1998, and the results of its operations and the changes in partners'
equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 13, 2000, on our consideration of Los Caballos II, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions of
laws, regulations, contracts and grants.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the
financial statements of Los Caballos II, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.







To the Partners of

Nanty Glo House Associates

(A Pennsylvania Limited Partnership)



We have audited the accompanying balance sheets of Nanty Glo House Associates  (a Pennsylvania Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit), and cash flows for
the years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Nanty Glo House Associates as of December 31. 1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated March 2, 2000, on our consideration of the Partnership's internal controls and a report dated March 2, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.   Such information has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





To the Partners

Nye County Associates

(A California Limited Partnership)

Cheyenne, WY



I have audited the accompanying balance sheets of Nye County Associates (A California Limited Partnership), USDA Rural Development Case No.  33-019-680192750, as of December 31, 1999 and 1998, and the related statements of income, partners' equity,
and cash flows for the years then ended.  These financial statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting
principles used and significant estimates made by management as well as evaluating the overall financial statement presentation.  I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Nye County Associates   (A California Limited Partnership) as of December 31, 1999 and 1998, and the results of its
operations and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, I have also issued a report dated March 23, 2000 on my consideration of Nye County Associates' internal control structure and a report dated March 23, 2000 on its compliance with laws and regulations.





The Partners

Scott City Associates III, L.P.

Scott City, Missouri

We have audited the accompanying balance sheets of Scott City Associates Ill, L.P. (a limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' capital and cash flows for the years then ended. 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 generally accepted auditing standards.  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Scoff City Associates HI, L.P. as of December 31, 1999 and 1998, and the results of its operations, changes in partners'
capital and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information included on page 13 is presented for purposes of additional analysis and is not a required part of the basic
financial statements.  Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements
taken as a whole.





To the Partners of

Shawnee Ridge, L.P.

I have audited the accompanying balance sheets of Shawnee Ridge, L.P. as of December 3 1, 1999 and 1998, and the related statements of operations, partners' capital and cash flows for the years then ended. These financial statements are the
responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Shawnee Ridge, L.P. as of December 31,1999 and 1998, and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 1-16 and 1-17 is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken
as a whole.



To the Partners

Union Baptist Plaza, Limited Partnership

Boston, Massachusetts



We have audited the accompanying balance sheets of UNION BAPTIST PLAZA, LIMITED PARTNERSHIP as of December 31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended.  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 generally accepted auditing standards.  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 examining, on a te5t basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 p resent fairly, in all material respects, the financial position of Union Baptist Plaza, Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.





To the Partners

Villas of Lakeridge, Ltd.

Panama City, Florida

We have audited the accompanying balance sheets of Villas of Lakeridge, Ltd., USDA, Rural Development Project No: 01- 0030592930819, as of December 31, 1999 and 1998, and the related statements of operations, partners' deficit and cash flows for the
years  then  ended.     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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.   An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Villas of Lakeridge, Ltd., as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial
statements.   Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.







To the Partners

Waynesboro Associates, Limited

We have audited the accompanying balance sheets of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.: 48-091-621385326, as of December 31, 1999 and 1998, and the related statements of
operations, partners' equity, and cash flows for the years then ended.  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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Waynesboro Associates, Limited (a Tennessee limited partnership) d/b/a Waynesboro Village Apartments, RHS Project No.:
48-091-621385326, as of December 31, 1999 and 1998, and the results of its operations, the changes in partners' equity and its cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated February 1, 2000 on our consideration of Waynesboro Associates, Limited's internal control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts, and grants.



Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.   The supplemental information on page 12 is presented for purposes of additional analysis and is not a required part of the basic financial
statements.  Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.









To the Partners

Amherst Limited Partnership

I have audited the accompanying balance sheet of Amherst Limited Partnership, RHS Project No.: 54-007-541486870, as of December 3l, 1999 and the related statements of operations, partners' deficit and cash flows for the year then ended. These
financial statements are the responsibility of the partnership's management. My responsibility is to express an opinion on these financial statements based on my audit. The financial statements of Amherst Limited Partnership as of December 31, 1998 were
audited by other auditors whose report on those financial statements, dated February 20, 1999, expressed an unqualified opinion on those statements.

I conducted my audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that I plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial presentation. I believe that my audit provided a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Amherst Limited Partnership, RHS Project No.: 54-007-541486870, as of December 31, 1999, and the results of its operations,
the changes in partners' deficit and cash flows for the years then ended, in conformity with generally accepted accounting principles.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 16 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards, I have also issued reports dated January 14, 2000 on my consideration of Amherst Limited Partnership's internal control and its compliance with laws and regulations applicable to the financial statements
 .





To the Partners

Beckwood Manor Six Limited Partnership

We have audited the accompanying balance sheets of Beckwood Manor Six Limited Partnership, RD Project No. 03-048-0710677265 (the Partnership), as of December 31, 1999 and 1998, and the related statements of profit (loss), changes in partners' equity
(deficit) and cash flows for the years then ended.  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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States.  Those standards
require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the
financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Beckwood Manor Six Limited Partnership as of December 31, 1999 and 1998, and its results of operations, changes in partners'
equity (deficit), and cash flows for the years then ended in conformity with generally accepted accounting principles.



In accordance with Government Auditing Standards, we have also issued our report dated March 2, 2000 on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of laws,
regulations, contracts and grants.





To the Partners of

Bethel Park Associates

(A Maine Limited Partnership)





We have audited the accompanying balance sheets  of  Bethel  Park Associates  (a Maine Limited Partnership)  as of December 31,  1999 and 1998,  and  the  related  statements  of  operations,  changes  in partners' equity  (deficit),  and cash flows
for the years then ended.   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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.   An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial  statements.    An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Bethel Park Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles

In accordance with Government Auditing Standards, we have also issued a report dated March 2, 2000, on our consideration of the Partnership's internal controls and a report dated March 2, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.     Such information has been subjected to the auditing procedures  applied  in  the  audits  of
the  basic  financial statements  and,  in our opinion,  is  fairly stated  in  all  material respects in relation to the financial statements taken as a whole.





To the Partners

Brantwood Lane Limited Partnership

Charlotte, North Carolina



We have audited the accompanying balance sheets of Brantwood Lane Limited Partnership (a Georgia limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' equity (deficit), and cash flows for the years
then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Brantwood Lane Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated January 31, 2000, on our consideration of the Partnership's internal control over financial reporting and our tests of its compliance with certain provisions of
laws, regulations, contracts, and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information listed in the table of contents is presented for purposes of additional analysis and is not a required part of
the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the
basic financial statements taken as a whole.





To The Partners

Breckenridge Apartments, Limited Partnership



We have audited the accompanying balance sheets of Breckenridge Apartments, Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' capital (deficit) and cash flows for the years then ended. 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 generally accepted auditing standards, and with Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as 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 financial position of Breckenridge Apartments, Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated February 16, 2000 on our consideration of Breckenridge Apartments, Limited Partnership's internal control over financial reporting and our consideration of its
compliance with certain provisions of laws, regulations, contracts, and grants.





To the Partners

Bridge Coalition Limited Partnership

New York, New York



We have audited the accompanying balance sheet of Bridge Coalition Limited Partnership as of December 31, 1999 and the related statements of operations, changes in partners' equity and cash flows for the year then ended. 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 audit.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bridge Coalition Limited Partnership as of December 31, 1999 and the results of its operations and cash flows for the year
then ended, in conformity with generally accepted accounting principles.







To the Partners

Carriage Run Limited Partnership

I have audited the accompanying balance sheets of Carriage Run Limited Partnership, as of December 31, 1999 and 1998 and the related statements of income, partners capital, and cash flows for the years then ended. These financial statements are the
responsibility of management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program.
Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. I believe that my audit provides a
reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Carriage Run Limited Partnership, as of December 31, 1999 and 1998 and the results of its operations and its cash flow for
the years then ended in conformity with generally accepted accounting principles.

In accordance with government auditing standards, I have also issued reports dated March 10, 2000 on my consideration of Carriage Run Limited Partnership's internal control and on its compliance with laws and regulations.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.







To the Partners

Cedarwood Apartments Limited Partnership

Raleigh, North Carolina

We have audited the accompanying balance sheets of Cedarwood Apartments Limited Partnership as of December 31, 1999 and 1998 and the related statements of operations, partners' equity and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Cedarwood Apartments Limited Partnership as of December 31, 1999 and 1998 and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated January 21, 2000 on our consideration of Cedarwood Apartments Limited Partnership's internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts and grants.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on Schedules 1 and 2 is presented for purposes of additional analysis and is not a required
part of the basic financial statements of Cedarwood Apartments Limited Partnership. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.









To the Partners of

Chaparral Associates:

I have audited the balance sheets of Chaparral Associates, a Limited Partnership (the "Partnership") as of December 31, 1999 and 1998, and the related statements of operations, partners' capital, and cash flows for the years then ended.  These
financial statements are the responsibility of the Partnership's management.  My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the US Department of Agriculture, Farmers Home Administration Audit Program.
Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting' the amounts and
disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a
reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, I have also issued my reports dated February 14, 2000 on my consideration of the Partnership's internal control and on its compliance with laws and regulations.

The accompanying supplementary information (beginning on page 10) is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the auditing procedures applied in
the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.







To the Partners

College Greene Rental Associates, L.P.





We have audited the accompanying balance sheet of College Greene Rental Associates, L.P. (a Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners capital (deficit) and cash flows for the
years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of College Greene Rental Associates, L.P. as of December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.







To The Partners

Devenwood Apartments, A Limited Partnership



We have audited the accompanying balance sheets of Devenwood Apartments, A Limited Partnership as of December 31, 1999 and 1998, and the related statements of operations, partners' capital and cash flows for the years then ended. 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 generally accepted auditing standards, and with Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Devenwood Apartments, A Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated February 16, 2000 on our consideration of Devenwood Apartments, A Limited Partnership's internal control over financial reporting and our consideration of its
compliance with certain provisions of laws, regulations, contracts, and grants.







To the Partners

Franklin Vista lll, Ltd.

and USDA Rural Developement

We have audited the accompanying balance sheets of Franklin Vista lll, Ltd. (a limited partnership) as of December 31, 1999 and 1998, and the related statements of operations, partners' equity and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of Franklin Vista Ill, Ltd. as of December 31,1999 and 1998, and the results of its operations and the changes in partners'
equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 19, 2000, on our consideration of Franklin Vista Ill, Ltd.'s internal control over financial reporting and our tests of its compliance with certain provisions
of laws, regulations, contracts and grants.

Our audits were conducted for the purpose of forming an opinion on the financial statements taken as a whole. The supplemental information included in the report is presented for purposes of additional analysis and is not a required part of the
financial statements of Franklin Vista Ill, Ltd. Such information has been subjected to the auditing procedures applied in the audit of the financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial
statements taken as a whole.





To the Partners,

Friendship Village Limited Partnership

Bethesda, Maryland



We have audited the accompanying balance sheets of Friendship Village Limited Partnership as of December31, 1999 and 1998, and the related statements of income, changes in partners' capital and cash flows for the years then ended. 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 generally accepted auditing standards, Government Auditing Standards issued by the Comptroller General of the United States and the U.S. Department of A2riculture, Farmers Home Administration Audit Program.
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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Friendship Village Limited Partnership as of December 31, 1999 and 1998, and the results of its operations, changes, in
partners' capital, and cash flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our reports dated February 25, 2000 on our consideration of Friendship Village Limited Partnership's internal control and on its compliance with laws and regulations.







To the Partners

HUGHES SPRINGS SENIORS APARTMENTS, LTD.



We have audited the accompanying balance sheets of HUGHES SPRINGS SENIORS APARTMENTS, LTD., RHS PROJECT NO.  49-034-721156758 as of December 31, 1999 and 1998 and the related statements of operations, changes in partners' equity (deficit) and cash
flows for the years then ended.  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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of HUGHES SPRINGS SENIORS APARTMENTS, LTD. as of December 31, 1999 and 1998 and the results of its operations, changes in
partners' equity and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information presented on pages 16 through 24, is presented for purposes of additional analysis and is not a required part
of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial
statements taken as a whole.

In accordance with Government Auditing Standards, we have also issued a report dated February 14, 2000 on our consideration of HUGHES SPRINGS SENIORS APARTMENTS, LTD.'s internal control and a report dated February 14, 2000 on its compliance with laws
and regulations applicable to the financial statements.







To the Partners

La Gema Del Barrio, A California Limited Partnership







I have audited the accompanying balance sheets of La Gema Del Barrio, A California Limited Partnership, as of December 31, 1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended.  These
financial statements are the responsibility of the partnership's management.  My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement

presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion the accompanying financial statements referred to above present fairly, in all material respects, the financial position of La Gema Del Barrio, A California Limited Partnership as of December 31,1999 and 1998, and the results of its
operations, the changes in partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





To the Partners

Lakeview Meadows Limited Dividend

Housing Association Limited Partnership



We have audited the accompanying balance sheet of Lakeview Meadows Limited Dividend Housing Association Limited Partnership (a Michigan limited partnership) MSHDA Development No. 874, as of December 31, 1999 and 1998, and the related statements of
profit and loss, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as 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 financial position of Lakeview Meadows Limited Dividend Housing Association Limited Partnership as of December 31, 1999 and 1998, and its profit
and loss, partners' equity, and its cash flows for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated February 11, 2000, on our consideration of the Partnership's internal controls and on its compliance with laws and regulations.







To the Partners

Montague Place Limited Partnership

Lansing, Michigan



We have audited the accompanying balance sheets of Montague Place Limited Partnership as of December 31,1999 and 1998, and the related statements of net loss, partners' equity and cash flows for the years then ended. 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 generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Montague Place Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated February 19, 2000 on our consideration of the Partnership's internal control over financial reporting and on our tests of its compliance with certain provisions of
laws, regulations, contracts, and grants.





To the Partners of

Navapai Associates:

I have audited the balance sheets of Navapai Associates, a Limited Partnership (the "partnership") as of December 31, 1999 and 1998, and the related statements of operations, partners' capital, and cash flows for the years then ended.  These financial
statements are the responsibility of the Partnership's management.  My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program.
 Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements.  An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. I believe that my audits provide a
reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years then
ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, I have also issued my reports dated February 14, 2000 on my consideration of the Partnership's internal control and on its compliance with laws and regulations.

The accompanying supplementary information (beginning on page. 10) is presented for purposes of additional analysis and is not a required part of the basic financial statements.  Such information has been subjected to the auditing procedures applied
in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.







To the Partners

One Northridge Limited Partnership



We have audited the accompanying balance sheet of  One Northridge Limited Partnership as of December 31, 1999, and the related statements of operations, partners' equity, and cash flows for the year then ended.  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 audit.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of One Northridge Limited Partnership as of December 31, 1999, and the results of its operations, the changes in partners'
equity, and its cash flows for the year then ended, in conformity with generally accepted accounting principles.





To the Partners

Pine Ridge Elderly Apartments Limited Partnership

Raleigh, North Carolina

We have audited the accompanying balance sheets of Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1999 and 1998 and the related statements of operations, partners' equity and cash flows for the years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Pine Ridge Elderly Apartments Limited Partnership as of December 31, 1999 and 1998 and the results of its operations and its
cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on Schedule 1 is presented for purposes of additional analysis and is not a required part of the
basic financial statements of Pine Ridge Elderly Apartments Limited Partnership. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.







To the Partners of

Pittsfield Park Associates

(A Maine Limited Partnership)



We have audited the accompanying balance sheets of Pittsfield Park Associates (a Maine Limited Partnership) as of December 21, 1999 and 1998, and the related statements of operations1 changes in partners equity  (deficit), and cash flows for the years
then ended.   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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Pittsfield Park Associates as of December 21, 1999 and 1998, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.



In accordance with Government Auditing Standards, we have also issued a report dated March 2, 2000, on our consideration of the Partnership's internal controls and a report dated March 2, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.   Such information has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





To the Partners

Schroon Lake Housing Redevelopment Company

We have audited the accompanying balance sheets of Schroon Lake Housing Redevelopment Company as of December 31, 1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. Our responsibility is to express an opinion on the financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by Management, as well as 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 financial position of Schroon Lake Housing Redevelopment Company as of December 31, 1999 and 1998, and the results of its operations and its cash
flows for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued reports dated February 1, 2000, on our consideration of Schroon Lake Housing Redevelopment Company's internal control structure and its compliance with laws and regulations.







To the Partners

Stanardsville Village Limited Partnership

RHS No.5448-541523939

North Main Street

Stanardsville, Virginia 22973



We have audited the accompanying balance sheets of Stanardsville Village Limited Partnership, RHS No.54-48-541523939 as of December 31,1999 and 1998, and the related statements of operations, partners' capital (deficiency) and cash flows for the years
then ended. 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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit
Program.  Those standards and the Audit Program 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 examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Stanardsville Village Limited Partnership, RHS No.5448-541523939 as of December 31,1999 and 1998, and the results of its
operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplementary information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken
as a whole.





To the Partners of

Tyrone House Associates

(A Pennsylvania Limited Partnership)



We have audited the accompanying balance sheets of Tyrone House Associates (a Pennsylvania Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit), and cash flows for the
years then ended. 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 generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.   Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.   An audit also includes assessing
the accounting principles used and significant estimates made by management, as well as 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 financial position of Tyrone House Associates as of December 31, 1999 and 1998, and the results of its operations and its cash flows for the years
then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated March 2, 2000, on our consideration of the Partnership's internal controls and a report dated March 2, 2000, on its compliance with laws and regulations.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.    Such information has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.





To the Partners of

Village Terrace Limited Partnership

(A North Carolina Limited Partnership)



We have audited the accompanying balance sheets of Village Terrace Limited Partnership  (a North Carolina Limited Partnership) as of December 31, 1999 and 1998, and the related statements of operations, changes in partners' equity (deficit) and cash
flows for the years then ended.    These financial statements are the responsibility of the Partnership1s management.  Our responsibility is to express an opinion on these financial statements based on our audits

We conducted our audits in accordance with generally accepted auditing standards.   Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.    An audit also includes assessing the accounting principles used and significant estimates made by management, as well as
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 financial position of Village Terrace Limited Partnership as of December 31, 1999 and 1998, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.    Such information has been subjected to the auditing procedures applied in the audits of the
basic financial statements and, in our opinion, is  fairly stated  in all material respects in relation to the financial statements taken as a whole.







To the Partners

Victoria Limited Partnership

I have audited the accompanying balance sheets of Victoria Limited Partnership as of December 31, 1999 and 1998 and the related statements of income, partners capital, and cash flows for the years then ended. These financial statements are the
responsibility of management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit Program.
Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements presentation. I believe that my audit provides a
reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Victoria Limited Partnership, as of December 31, 1999 and 1998 and the results of its operations and its cash flow for the
years then ended in conformity with generally accepted accounting principles.

In accordance with government auditing standards, I have also issued reports dated March 10, 2000 on my consideration of Victoria Limited Partnership's internal control and on its compliance with laws and regulations.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information is presented for purposes of additional analysis and is not a required part of the basic financial statements.
Such information has been subjected to the auditing procedures applied in the audits of basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.







To the Partners

Woodfield Commons Limited Partnership

We have audited the accompanying balance sheets of Woodfield Commons Limited Partnership as of December 3 1, 1999 and 1998, and the related statements of operations, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Woodfield Commons Limited Partnership, as of December 31, 1999 and 1998, and the results of its operations, changes in
partners' equity, and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





ROBERT ERCOLINI & COMPANY LLP

Certified Public Accountants * Business Consultants

INDEPENDENT AUDITOR'S REPORT

To the Partners of

Rosenberg Building Associates Limited Partnership

Boston, Massachusetts

We have audited the accompanying balance sheets of Rosenberg Building Associates Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' capital, and cash flows for the years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial Position of Rosenberg Building Associates Limited Partnership as of December 31, 1998 and 1997, and the results of its operations,
changes in partners' capital, and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in this report (shown on pages 18 and 19) is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

March 10, 1999









INDEPENDENT AUDITOR'S REPORT

The Partners

Hacienda Villa Associates

Firebaugh, California

We have audited the accompanying balance sheet of Hacienda Villa Associates (A Limited Partnership) as of December 31, 1998, and the related statements of operations, partners' capital and cash flows for the year then ended. Thes6 financial statements
are the responsibility of the Partnership's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Hacienda Villa Associates (a Limited Partnership) as of December 31, 1998, and the results of its operations and its cash
flows for the year then ended, in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplemental information on pages 14 and 15 is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken
as a whole.



Louis Young CPA Inc.

Fresno, California

February 23,1999



FLOYD & COMPANY

Certified Public Accountants

411 Stephenson Avenue

Savannah, Georgia 31406

Phone: (912) 355-9969

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Meadow Run Limited Partnership

We have audited the accompanying balance sheets of Meadow Run Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended.
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 audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Meadow Run Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA

February 28, 1999

Dauby O'Connor & Zaleski

A Limited Liability Company

Certified Public Accountants

Independent Auditors' Report

To the Partners

Pedcor Investments 1989 VIII, L.P.

We have audited the accompanying balance sheets of Pedcor Investments 1989

VIII, L.P. as of December 31, 1998 and 1997, and the related statements of loss, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Pedcor Investments 1989 VIII, L.P. as of December 31, 1998 and 1997, and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

The accompanying information is presented for additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the same auditing procedures applied in the audits of the basic financial statements
and, in our opinion, is presented fairly in all material respects in relation to the basic financial statements taken as a whole.



January 22, 1999

Dauby O'Connor & Zaleski, LLC

Carmel, Indiana

Certified Public Accountants

698 Pro Med Lane

Carmel, Indiana 46032

317-848-5700

Fax: 317-815-6140

CERTIFIED PUBLIC ACCOUNTANTS

10714 MANCHESTER ROAD

SUITE 202

KIRKWOOD, MISSOURI 63122

(314) 822-6575

INDEPENDENT AUDITORS' REPORT

To the Partners

Springfield Housing Associates, L.P.

Springfield, Illinois

We have audited the accompanying balance sheet of Springfield Housing Associates, L.P., (a limited partnership), as of December 31, 1998 and the related statements of operations, partners' capital, and cash flows for the year then ended. 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 audit. The financial statements of Springfield Housing Associates, L.P. (a limited
partnership) as of December 31, 1997, were audited by another auditor whose report dated February 13, 1998, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Springfield Housing Associates, L.P., ( a limited partnership) as of December 3 1, 1998, and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted accounting principles.



Mueller, Walla & Albertson, P.C.

January 22, 1999



FLOYD & COMPANY

Certified Public Accountants

411 Stephenson Avenue	Post Office Box 14251

Savannah, Georgia 31406	Savannah, Georgia 31416

Phone: (912) 355-9969	Fax- (912) 355-1992

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Autumn Lane Limited Partnership

We have audited the accompanying balance sheets of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended.
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 audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Autumn Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA





February 28, 1999

Timothy Force, P.C.

Certified Public Accountant

1110 Fidler Lane, Suite 900

Silver Spring, Maryland 20910

Phone: 301/585-0348

Fax: 301/585-6349



INDEPENDENT AUDITOR'S REPORT

To the Partners

Chuckatuck Limited Partnership

I have audited the accompanying balance sheet of Chuckatuck Limited Partnership, RHS Project No.: 54-074-541440875, as of December 31, 1998 and the related statements of operations, partners' deficit and cash flows for the year then ended.  These
financial statements are the responsibility of the partnership's management.  My responsibility is to express an opinion on these financial statements based on my audit.  The financial statements of Chuckatuck Limited Partnership as of December 31, 1997
were audited by other auditor's whose report on these financial statements, dated January 23, 1998, included an explanatory paragraph describing conditions that substantial doubt about the partnership's ability to continue as a going concern (discussed in
Note B to the financial statements).

I conducted my audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States.  Those standards require that I plan and perform the audit to obtain reasonable
assurances about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.  An audit also includes assessing the
accounting principles used and significant estimates make by management, as well as evaluating the overall financial presentation.  I believe that my audit provided a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Chucatuck Limited Partnership, RHS Project No.: 54-074-541440875, as of December 31, 1998, and the results of its operations,
the changes in partners' deficit and cash flows for the years then ended, in conformity with generally accepted accounting standards.

The accompanying financial statements have been prepared assuming that the partnership will continue as a going concern.  As discussed in Note B, the partnership is delinquent in funding reserves and paying their debts, which raise substantial doubt
about the partnership's ability to continue as a going concern.  Management's plans in regard to this matter are also described in Note B.  The financial statements do not include any adjustment that might result from the outcome of this uncertainty.

My audit was made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental information on page 17 is presented for purposes of additional analysis and is not a required part of the basic financial
statements.  Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in my opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

In accordance with Government Auditing Standards, I have also issued reports dated March 1, 1999 on my consideration of Chuckatuck Limited Partnership's internal control and its compliance with laws and regulations applicable to the financial statements
 .

FLOYD & COMPANY, CPA

Certified Public Accountants

411 Stephenson Avenue	Post Office Box 14251

Savannah, Georgia 31406	Savannah, Georgia 31416

Phone: (912) 355-9969

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Ellaville Properties Limited Partnership

We have audited the accompanying balance sheets of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (deficit) and cash flows for the year then
ended. 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 audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Ellaville Properties Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its
operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA

February 28, 1999



FLOYD & COMPANY, CPA

Certified Public Accountants

411 Stephenson Avenue	Post Office Box 14251

Savannah, Georgia 31406	Savannah, Georgia 31416

Phone: (912) 355-9969	Fax: (912)355-1992

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Meadowbrook Properties II Limited Partnership

We have audited the accompanying balance sheets of Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (deficit) and cash flows for the year
then ended.  These financial statements are the responsibility of the Partnership's management.  Our responsibility is to express an opinion on these financial statements based our audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statements
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 financial position of Meadowbrook Properties II Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its
operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.



Floyd & Company, CPA

February 28, 1999

Dauby O'Connor & Zaleski

A Limited Liability Company

Certified Public Accountants

Independent Auditors' Report

To the Partners of

Pedcor Investments - 1989 - X, L.P.

(An Indiana Limited Partnership)

We have audited the accompanying balance sheet of Pedcor Investments - 1989 - X, L.P. (an Indiana Limited Partnership) as of December 31, 1998, and the related statements of profit and loss and changes in partners, equity (deficit) and cash flows for
the year then ended. These financial statements are the responsibility of management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly in all material respects the financial position of Pedcor Investments - 1989 - X ' L.P. as of December 31, 1998, and the results of its operations and changes in partners,
equity (deficit) and cash flows for the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated January 22, 1999, on our consideration of the Partnership's internal controls and a report dated January 22, 1999, on its compliance with laws and regulations.

698 Pro Med Lane

Carmel, Indiana 46032

317-848-5700

Fax: 317-815-6140

Pedcor Investments - 1989 - X, L.P. page Two

The accompanying supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all material respects in relation to the financial statements taken as a whole.

Carmel, Indiana

Dauby O'Connor & Zaleski, LLC

January 22, 1999

Certified Public Accountants

I

FLOYD & COMPANY

Certified Public Accountants

411 Stephenson Avenue Post Office Box 14251

Savannah, Georgia 31406	Savannah, Georgia 31416

Phone: (912) 355-9969 Fax: (912) 355-1992

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Rosewood Village Limited Partnership

We have audited the accompanying balance sheets of Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (deficit) and cash flows for the year then
ended. 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 audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Rosewood Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its
operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA

February 28, 1999



KAY L. BOWEN& ASSOCIATES

CERTIFIED PUBLIC ACCOUNTANT, P.C.

Phone (801) 627-0825 - FAX (801) 627-0829

3710 QUINCY AVENUE

KAY L BOWEN, CPA	OGDEN, UTAH 84403	MEMBER OF

THE AMERICAN INSTITUTE OF

SHARI B. JOHNSON, CPA

JAMES L HAWKINS

SCOTT L. BOWEN

MICHAEL S. JACHIM

INDEPENDENT AUDITOR'S REPORT

To the Partners

Franklin School Associates

Franklin School Apartments

Great Falls, Montana

We have audited the accompanying balance sheet of Franklin School Associates, as of December 31, 1998 and 1997, and the related statements of income and cash flows and change in partners, equity for the years then ended. These financial statements axe
the responsibility of Franklin School Associates' management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally accepted auditing standards and General Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial - statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Franklin school Apartments, as of December 31, 1998 and 1997, and the results of its operations, change in partners' equity,
and cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supporting included in the report (shown on  pages 12 to 13) are presented for the purposes of additional analysis and are not a
required part of the basic financial statements of Franklin school Associates. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material
respects in relation to the financial taken as a whole.

In accordance with Government Auditing Standards, we have also issued a report dated March 6, 1999, on our consideration of Franklin School internal controls and a report dated March 6, 1999, on its compliance with laws and regulations.

Ogden, Utah March 6, 1999

L. Bowen, CPA, President

Federal I.D. #87-0448933

James L. Caughren

Certified Public Accountant	RO. Box 36014

Albuquerque, NM 87176

Report of Independent Certified Public Accountants

To the Partners

Hilltop Apartments Limited Partnership

We have audited the balance sheet of Hilltop Apartments Limited Partnership (a New Mexico limited partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' capital, and cash flows for the years then ended. All
information included in these financial statements is the responsibility of the Company's management. Our responsibility is to express an opinion on the financial statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards and Government Auditing Standards, issued by the Comptroller General of the United States, and the U.S. Department of Agriculture, Farmers Home Administration Audit
Program. 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 examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Hilltop Apartments Limited Partnership as of December 31, 1998 and 1997, and the results of its operations and cash flows
for the years then ended, in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our reports dated March 3, 1999 on our consideration of Hilltop Apartments Limited Partnership internal control and on its compliance with laws and regulations.

EideBailly,LLP

Consultants - Certified Public Accountants

INDEPENDENT AUDITOR'S REPORT

The Partners

RPI Limited Partnership #18

St. Paul, Minnesota

We have audited the accompanying balance sheets of RPI Limited Partnership #18, RHS Project Number: 1818-411649005, as of December 31, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended.
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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of RPI Limited Partnership #18 as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued a report dated February 2, 1999 on our consideration of RPI Limited Partnership #18's internal control and a report dated February 2, 1999 on its compliance with laws and regulations.

Fargo, North Dakota

February 2, 1999

406 Main Avenue - Suite 3000 * PO Box 2545 * Fargo, North Dakota 58108-2545 - 701.239.8500 - Fax 701.239.8600

Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota - Equal Opportunity Employer



SMITH, MILES & COMPANY, L.C.

CERTIFIED PUBLIC ACCOUNTANTS

PANAMA CITY, FLORIDA 32402

Phone: (850) 785-0261

Fax: (850) 785-2078

INDEPENDENT AUDITORS' REPORT

To the Partners

Wildridge Apartments, Ltd.

Panama City, Florida

We have audited the accompanying balance sheets of Wildridge Apartments, Ltd., FmHA Project No: 11-51-592863964, as of December 31, 1998 and 1997, and the related statements of operations, partners' deficit and cash flows for the years then ended.
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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of Wildridge Apartments, Ltd., as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information is presented for purposes of additional analysis and is not a required part of the basic financial statements.
Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.





Panama City, Florida

February 4, 1999





FLOYD & COMPANY

Certified Public Accountant

McCartney & Company, P.C.

Certified Public Accountants

Jarries 171. mccariney. CP.-\

2121 University Park Drive, Suite 150

Okernos, Michigan 48864

Telephone (5 17) 347-5WO

Fax (3 17) 347-5007

March 3, 1999

Partners

Ivan Woods Limited Partnership

Okemos, Michigan

Independent Auditor's Report

We have audited the accompanying balance sheets of Ivan Woods Limited Partnership as of December 31, 1998 and 1997, and the related statements of revenue, expenses and partners' capital and cash flows for the years then ended. 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 generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of Ivan Woods Limited Partnership as of December 31, 1998 and 1997, the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The schedules of renting, administrative, operating, maintenance, taxes and insurance expenses on page 9 are presented for the purpose of
additional analysis and are not a required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements, and in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.



FLOYD & COMPANY

Certified Public Accountants

411 Stephenson Avenue

Savannah, Georgia 31406

Phone: (912) 355-9969

Fax: (912) 355-1992

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Laurel Village Limited Partnership

We have audited the accompanying balance sheets of Laurel Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended.
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 audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Laurel Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA

February 28, 1999

EideBailly.,

Consultants 0 Certified Public Accountants

INDEPENDENT AUDITOR'S REPORT

The Partners

RPI Limited Partnership #22

St. Paul, Minnesota

We have audited the accompanying balance sheets of RPI Limited Partnership #22, MHFA Project Number 90002, as of December 3 1, 1998 and 1997, and the related statements of operations, partners' equity, and cash flows for the years then ended. 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 generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of RPI Limited Partnership #22, as of December 31, 1998 and 1997, and the results of its operations and its cash flows for the
years then ended in conformity with generally accepted accounting principles.

Fargo, North Dakota

February 2, 1999

406 Main Avenue - Suite 3000 - PO Box 2545 - Fargo, North Dakota 58108-2545 - 701.239.8500 - Fax 701.239.8600

Offices in Arizona, Iowa, Minnesota, Montana, North Dakota and South Dakota - Equal Opportunity Employer

MUELLER, WALLA & ALBERTSON, PC.

CERTIFIED PUBLIC ACCOUNTANTS

10714 MANCHESTER ROAD

SUITE 202

KIRKWOOD, MISSOURI 63122

(314) 822-6575

INDEPENDENT AUDITORS' REPORT

To the Partners

Springfield Housing Associates, L.P.

Springfield, Illinois

We have audited the accompanying balance sheet of Springfield Housing Associates, L.P., (a limited partnership), as of December 31, 1998 and the related statements of operations, partners' capital, and cash flows for the year then ended. 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 audit. The financial statements of Springfield Housing Associates, L.P. (a limited
partnership) as of December 31, 1997, were audited by another auditor whose report dated February 13, 1998, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with generally accepted auditing standards. 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Springfield Housing Associates, L.P., (a limited partnership) as of December 31, 1998, and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted accounting principles.





Mueller, Walla & Albertson, P.C.

January 22, 1999

MEMBERS AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS

MISSOURI SOCIETY OF CERTIFIED PUBLIC ACCOUNTANTS'

FLOYD & COMPANY, CPA

Certified Public Accountants

411 Stephenson Avenue

Savannah, Georgia 31406

Phone: (912) 355-9969

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Turner Lane Limited Partnership

We have audited the accompanying balance sheets of Turner Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended.
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 audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Turner Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA

February 28, 1999



N. CHENG & CO., P.C.



Independent Auditors' Report

To the Partners

Bridge Coalition Limited Partnership.

New York, New York

We have audited the accompanying balance sheet of Bridge Coalition Limited Partnership as of December 31, 1998 and the related statements of operations, changes in partner's equity and cash flows for the year then ended. 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 audit,

We conducted our audit in accordance with generally accepted auditing standards, 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 examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bridge Coalition Limited Partnership as of December 31, 1998 and the results of its operations and cash flows for the year
then ended, in conformity with generally accepted accounting principles.



New York, New York

January 20, 1999

40 Exchange Place, Suite 1206	Two Grainaran Avenue

New York, New York 10005	Mount Vernon, New York 10550

Tel (212) 785-0100 - Fix (212) 785-9168	Tel (914) 668-8010 - Fax (914) 668-8048



ROBERT ERCOLINI & COMPANY LLP

Certified Public Accountants a Business Consultants

INDEPENDENT AUDITOR'S REPORT

To the Partners of

California Investors V

Boston, Massachusetts

We have audited the accompanying balance sheets of California Investors V (a California Limited Partnership) as of December 31, 1998 and 1997, and the related statements of operations, partners' capital, and cash flows for the years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial position of California Investors V as of December 31, 1998 and 1997, and the results of its operations, changes in partners' capital,
and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in this report (shown on pages 16 and 17) is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.



April 6, 1999

FIFTY-FIVE  SUMMER STREET - BOST0N, MA 02 110-1007 - TELEPHONE 617.482-5511 - FAX617,426-5252



THOMAS, JUDY & TUCKER, P.A.	Certified Public Accountants

Clifton W. Thomas	16 East Rowan Street

Chris P. Judy	Raleigh, NC

David W. Tucker

David A. Johnson

INDEPENDENT AUDITORS' REPORT

To the Partners

Cedarwood Apartments Limited Partnership

Raleigh, North Carolina

We have audited the accompanying balance sheet of Cedarwood Apartments Limited Partnership as of December 31, 1998 and the related statements of operations, partners' equity and cash flows for the year then ended. 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 audit. The financial statements of Cedarwood Apartments Limited Partnership as of December 31, 1997, were audited by
other auditors whose report dated January 16, 1998, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Cedarwood Apartments Limited Partnership as of December 31, 1998 and the results of its operations and its cash flows for
the year then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated January 22, 1999 on our consideration of Cedarwood Apartments Limited Partnership's internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts and grants.

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplementary information on Schedules 1 and 2 is presented for purposes of additional analysis and is not a required
part of the basic financial statements of Cedarwood Apartments Limited Partnership. Such information has been subjected to the audit procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.

January 22, 1999

FLOYD & COMPANY

Certified Public Accountants

411 Stephenson Avenue Post Office Box 14251

Savannah, Georgia 31406	Savannah, Georgia 31416

Phone: (912) 355-9969 Fax: (912) 355-1992

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Four Oaks Limited Partnership

We have audited the accompanying balance sheets of Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners' equity (deficit) and cash flows for the year then ended. 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 audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Four Oaks Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations and
its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA





February 28, 1999

BERNARD E. REA, CPA

CERTIFIED PUBLIC ACCOUNTANT

INDEPENDENT AUDITOR'S REPORT

To the Partners

Maidu Properties

(A California Limited Partnership)

Rocklin, California

I have audited the accompanying balance sheets of Maidu Properties (A California Limited Partnership), as of December 31, 1998 and 1997, and the related statements of income, partners' equity, and cash flows for the years then ended. These financial
statements are the responsibility of the Partnership's management. My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Those standards require that I plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements referred to above present fairly, in allmaterial respects, the financial position of Maidu Properties (A California Limited Partnership) as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with generally accepted accounting principles.

My audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information for the years ended December 31, 1998 and 1997, on pages 13 and 14, is presented for purposes of additional
analysis and is not a required part of the basic financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in my opinion, is fairly stated in all material respects in
relation to the basic financial statements taken as a whole.

Stockton, California

March 31, 1999

P.O. BOX 4632 - STOCKTON, CA 95204

TELEPHONE (209) 933-9113

FAX (209) 933-9115

EMAIL BReaCPA@AOL.COM



FLOYD & COMPANY

Certified Public Accountants

411 Stephenson Avenue

Savannah, Georgia 31406

Phone: (912) 355-9969

Fax: (912)355-1992

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Oakland Village Limited Partnership

We have audited the accompanying balance sheets of Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended.
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 audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Oakland Village Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its
operations and its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA



February 28, 1999



ROBERT ERCOLINI & COMPANY LLP

Certified Public Accountants * Business Consultants

INDEPENDENT AUDITOR'S REPORT

To.the Partners of

Rosenberg Building Associates Limited Partnership

Boston, Massachusetts

We have audited the accompanying balance sheets of Rosenberg Building Associates Limited Partnership as of December 31, 1998 and 1997, and the related statements of operations, partners' capital, and cash flows for the years then ended. 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 generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as 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 financial Position of Rosenberg Building Associates Limited Partnership as of December 31, 1998 and 1997, and the results of its operations,
changes in partners' capital, and its cash flows for the years then ended in conformity with generally accepted accounting principles.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The additional information included in this report (shown on pages 18 and 19) is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic
financial statements taken as a whole.

March 10, 1999

DIXON ODOM, PLLC

Certified Public Accountants and Consultants

INDEPENDENT AUDITORS'REPORT

To the Partners

St. Barnabas Ridge Limited Partnership

d/b/a Snow Hill Ridge Apartments

Raleigh, North Carolina

We have audited the accompanying balance sheets of St. Barnabas Ridge Limited Partnership d/b/a Snow Hill Ridge Apartments as of December 31, 1998 and 1997 and the related statements of operations, partners' equity, and cash flows for the years then
ended. 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 generally accepted auditing standards and Government Auditing Standards issued by the Comptroller General of the 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 examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as 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 financial position of St. Barnabas Ridge Limited Partnership as of December 31, 1998 and 1997 and the results of its operations and its cash flows
for the years then ended in conformity with generally accepted accounting principles.

In accordance with Government Auditing Standards, we have also issued our report dated January 21, 1999 on our consideration of St. Barnabas Ridge Limited Partnership's internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts and grants.

Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information on pages 10 and 11 is presented for purposes of additional analysis and is not a required part of the basic
financial statements. Such information has been subjected to the audit procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as
a whole.

January 21, 1999

1829 Eastchester Drive

P.O. Box 264E

High Point, NC 27261-264(

336-889-5156

Fax 336-889-6161

FLOYD & COMPANY

Certified Public Accountants

411 Stephenson Avenue

Savannah, Georgia 31406

Phone: (912) 355-9969

Fax: (912) 355-1992

INDEPENDENT AUDITORS' REPORT

To the General Partners of

Summer Lane Limited Partnership

We have audited the accompanying balance sheets of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the related statements of operations, partners, equity (deficit) and cash flows for the year then ended.
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 audit in accordance with generally accepted auditing standards. 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 assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Summer Lane Limited Partnership (a Georgia Limited Partnership) as of December 31, 1998 and the results of its operations
and its cash flows for the year then ended in conformity with generally accepted accounting principles.

Floyd & Company, CPA

February 28, 1999

Boston Capital Tax Credit Fund II Limited Partnership - Series 7

Schedule III - Real Estate and Accumulated Depreciation

March 31, 2001



|                     |  |               | Initial cost to company | Cost capitalized subsequent to acquisition |              |   | Gross amount at which carried at close of period |                            |            |                          |                      |              
|-------------------- |  | ------------- | ----------------------- | ------------------------------------------ | ------------ | - | ------------------------------------------------ | -------------------------- | ---------- | ------------------------ | -------------------- | -------------
|Description          |  | Encum-brances | Land                    | Buildings and improvements                 | Improvements |   | Land                                             | Buildings and
Improvements | Total      | Accumulated depreciation | Date of construction | Date
acquired
|                     |  |               |                         |                                            |              |   |                                                  |                            |            |                          |                      |              
|BOWDITCH SCHOOL      |  | 1,604,674     | 65,961                  | 4,818,466                                  | 95,763       |   | 65,961                                           | 4,914,229                  | 4,980,190  | 1,686,891                | Dec-89               | Dec-89       
|BRIARWOOD APTS LP    |  | 619,469       | 44,500                  | 747,246                                    | 28,092       |   | 44,500                                           | 775,338                    | 819,838    | 347,597                  | Dec-89               | Dec-89       
|BUCKNER PROP LP      |  | 615,175       | 27,500                  | 771,030                                    | 28,441       |   | 27,500                                           | 799,471                    | 826,971    | 369,122                  | Mar-89               | Dec-89       
|CREEKSIDE            |  | 1,083,004     | 89,016                  | 1,290,616                                  | 94,188       |   | 89,016                                           | 1,384,804                  | 1,473,820  | 271,633                  | Sep-89               | Jun-89       
|DEER HILL II LP      |  | 1,469,206     | 103,000                 | 1,424,556                                  | 338,656      |   | 103,000                                          | 1,763,212                  | 1,866,212  | 766,308                  | May-89               | Feb-90       
|HILLANDALE           |  | 3,043,339     | 601,653                 | 4,198,973                                  | 2,692,613    |   | 601,653                                          | 6,891,586                  | 7,493,239  | 2,546,750                | Jan-90               | Dec-89       
|KING CITY ELDERLY    |  | 1,658,088     | 175,000                 | 2,549,870                                  | 65,392       |   | 175,000                                          | 2,615,262                  | 2,790,262  | 1,019,322                | Nov-89               | Jun-90       
|LEBANON PROP II LP   |  | 569,718       | 3,000                   | 730,187                                    | 12,188       |   | 3,000                                            | 742,375                    | 745,375    | 332,572                  | Jul-89               | Dec-89       
|METROPOLE APTS ASSOC |  | 2,098,686     | 82,800                  | 2,621,625                                  | 51,040       |   | 82,800                                           | 2,672,665                  | 2,755,465  | 1,064,372                | Dec-89               | Dec-89       
|NEW HOLLAND APTS     |  | 0             | 80,000                  | 3,269,700                                  | (3,269,700)  | a | 0                                                | 0                          | 0          | 0                        | Aug-90               | May-90       
|OAK GROVE ESTATES LP |  | 481,323       | 15,200                  | 597,465                                    | 18,594       |   | 15,200                                           | 616,059                    | 631,259    | 276,496                  | Sep-89               | Dec-89       
|OAKVIEW LTD          |  | 1,119,555     | 35,280                  | 1,375,820                                  | 92,334       |   | 35,280                                           | 1,468,154                  | 1,503,434  | 492,326                  | Oct-89               | Dec-89       
|ROSENBERG HOTEL      |  | 1,780,013     | 452,000                 | 7,434,335                                  | (5,235,152)  | b | 415,000                                          | 2,199,183                  | 2,614,183  | 257,127                  | Jan-92               | Feb-90       
|WESTWOOD             |  | 1,402,664     | 96,600                  | 1,355,174                                  | 369,121      |   | 96,660                                           | 1,724,295                  | 1,820,955  | 751,136                  | Jul-90               | Jul-90       
|WINFIELD PROP II LP  |  | 605,795       | 37,000                  | 735,086                                    | 12,422       |   | 37,000                                           | 747,508                    | 784,508    | 345,164                  | May-89               | Dec-89       
|                     |  |               |                         |                                            |              |   |                                                  |                            |            |                          |                      |              
|                     |  | 18,150,709    | 1,908,510               | 33,920,149                                 | (4,606,008)  |   | 1,791,570                                        | 29,314,141                 | 31,105,711 | 10,526,816               |                      |              
|                     |  |               |                         |                                            |              |   |                                                  |                            |            |                          |                      |              

Since the Operating Partnerships maintain a calendar year end the information reported on this schedule is as of December 31, 2000.



a   - Decrease due to impairment in year ended December 31, 1997.

b  -  Property deemed to have no value as of March 31, 1999.

**There were no carrying costs as of December 31, 2000.  The column has been omitted for presentation purposes.

F-76



|Notes to Schedule III                                               
|--------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 7    
|                                                                    
|Reconciliation of Land, Building & Improvements current year changes
|                                                                    
|Balance at beginning of period - 4/1/92                             
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other*                                                              
|                                                                    
|Balance at close of period - 3/31/93                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other*                                                              
|                                                                    
|Balance at close of period - 3/31/94                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/95                                

F-77



|Notes to Schedule III                                                       
|----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 7 (continued)
|                                                                            
|Balance at close of period - 3/31/95                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other                                                                       
|                                                                            
|Balance at close of period - 3/31/96                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other  *                                                                    
|                                                                            
|Balance at close of period - 3/31/97                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other                                                                       
|                                                                            
|Balance at close of period - 3/31/98                                        



F-78



|Notes to Schedule III                                                       
|----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 7 (continued)
|                                                                            
|Balance at close of period - 3/31/98                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other **                                                                    
|                                                                            
|Balance at close of period - 3/31/99                                        
|                                                                            
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other **                                                                    
|                                                                            
|Balance at close of period - 3/31/00                                        
|                                                                            
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other **                                                                    
|                                                                            
|Balance at close of period - 3/31/01                                        
|                                                                            
|                                                                            
|* - reduction due to building impairment. (Rosenberg & New Holland)         
|** - reduction due to New Holland building impairment                       
|                                                                            
|                                                                            

F-79



|Notes to Schedule III                                                       
|----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 7 (continued)
|                                                                            
|Reconciliation of Accumulated Depreciation current year changes             
|                                                                            
|Balance at beginning of period - 4/1/92                                     
|Current year expense                                                        
|Balance at close of period - 3/31/93                                        
|Current year expense                                                        
|Balance at close of period - 3/31/94                                        
|Current year expense                                                        
|Balance at close of period - 3/31/95                                        
|Current year expense                                                        
|Balance at close of period - 3/31/96                                        
|Current year expense                                                        
|Balance at close of period - 3/31/97                                        
|Current year expense                                                        
|Balance at close of period - 3/31/98                                        
|Current year expense                                                        
|Balance at close of period - 3/31/99                                        
|Current year expense                                                        
|Balance at close of period - 3/31/00                                        
|Current year expense                                                        
|Balance at close of period - 3/31/01                                        
|                                                                            

F-80



|Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|---------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                       
|Description                                                                                                                            
|438 WARREN ST.                                                                                                                         
|BEAVER BROOK                                                                                                                           
|BIG LAKE SENIORS                                                                                                                       
|BLAKELY                                                                                                                                
|BLANCO SR                                                                                                                              
|BLOOMINGDALE                                                                                                                           
|BREEZEWOOD                                                                                                                             
|BROOKLYN                                                                                                                               
|CALIF. INV. V                                                                                                                          
|CAMBRIDGE                                                                                                                              
|CEDAR RAPIDS                                                                                                                           
|CORINTH                                                                                                                                
|COTTON MILL ASSOC.                                                                                                                     
|FAWN RIVER                                                                                                                             
|FOUNTAIN GREEN                                                                                                                         
|GLENWOOD HOTEL                                                                                                                         
|GREENWICH                                                                                                                              
|GRIFTON                                                                                                                                
|HACIENDA VILLA                                                                                                                         
|HAINES CITY                                                                                                                            
|HERNANDO                                                                                                                               
|HOBE SOUND                                                                                                                             
|IMMOKALEE                                                                                                                              

F-81



|Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|---------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                       
|Description                                                                                                                            
|KRISTIN PARK                                                                                                                           
|LE GRANDE ENTERPRISES                                                                                                                  
|                                                                                                                                       
|LONGMEADOW                                                                                                                             
|MAYWOOD                                                                                                                                
|MEADOW RUN                                                                                                                             
|MEADOWCREST                                                                                                                            
|NEWFANE SENIOR                                                                                                                         
|NEW HOLLAND                                                                                                                            
|OLD STAGE                                                                                                                              
|PEDCOR INVEST                                                                                                                          
|PLEASANTON SR                                                                                                                          
|POLKTON HOUSING                                                                                                                        
|PRINCESS MANOR                                                                                                                         
|PRINCESS VILLAS                                                                                                                        
|PUTNEY FIRST                                                                                                                           
|QUAIL HOLLOW RRH                                                                                                                       
|QUAIL HOLLOW- WARSAW                                                                                                                   
|                                                                                                                                       
|RAINBOW GARDENS                                                                                                                        
|RAITT ST APTS                                                                                                                          
|SCHOOL ST. II                                                                                                                          
|SOUTH PARIS                                                                                                                            

F-82





|Boston Capital Tax Credit Fund II Limited Partnership - Series 9
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|---------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                       
|Description                                                                                                                            
|SOUTHWESTERN                                                                                                                           
|SPRINGFIELD                                                                                                                            
|SUNSHINE                                                                                                                               
|SURRY VILLAGE II                                                                                                                       
|TAPPAHANNOCK GREENS                                                                                                                    
|TWIN OAKS                                                                                                                              
|VILLAGE OAKS                                                                                                                           
|WARRENSBURG                                                                                                                            
|WESTSIDE                                                                                                                               
|WESTWOOD                                                                                                                               
|WILMINGTON                                                                                                                             
|                                                                                                                                       
|                                                                                                                                       

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2000.

a    - Decrease due to the reallocation of acquisition costs

b    - Property deemed to have no value as of March 31, 1999

There we no carrying costs as of December 31, 2000. The Column has been omitted for presentation purposes.

F-83



|Notes to Schedule III                                               
|--------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 9    
|                                                                    
|Reconciliation of Land, Building & Improvements current year changes
|                                                                    
|Balance at beginning of period - 4/1/92                             
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other*                                                              
|                                                                    
|Balance at close of period - 3/31/93                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/94                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/95                                





F-84



|Notes to Schedule III                                                       
|----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 9 (continued)
|                                                                            
|Balance at close of period - 3/31/95                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other                                                                       
|                                                                            
|Balance at close of period - 3/31/96                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other                                                                       
|                                                                            
|Balance at close of period - 3/31/97                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other                                                                       
|                                                                            
|Balance at close of period - 3/31/98                                        





F-85



|Notes to Schedule III                                                       
|----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 9 (continued)
|                                                                            
|Balance at close of period - 3/31/98                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other                                                                       
|                                                                            
|Balance at close of period - 3/31/99                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other                                                                       
|                                                                            
|Balance at close of period - 3/31/00                                        
|Additions during period:                                                    
|Acquisitions through foreclosure                                            
|Other acquisitions                                                          
|Improvements, etc                                                           
|Other                                                                       
|                                                                            
|Deductions during period:                                                   
|Cost of real estate sold                                                    
|Other                                                                       
|                                                                            
|Balance at close of period - 3/31/01                                        
|                                                                            





F-86



|Notes to Schedule III                                                       
|----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 9 (continued)
|                                                                            
|Reconciliation of Accumulated Depreciation current year changes             
|                                                                            
|Balance at beginning of period - 4/1/92                                     
|Current year expense                                                        
|Balance at close of period - 3/31/93                                        
|Current year expense                                                        
|Balance at close of period - 3/31/94                                        
|Current year expense                                                        
|Balance at close of period - 3/31/95                                        
|Current year expense                                                        
|Balance at close of period - 3/31/96                                        
|Current year expense                                                        
|Balance at close of period - 3/31/97                                        
|Current year expense                                                        
|Balance at close of period - 3/31/98                                        
|Current year expense                                                        
|Balance at close of period - 3/31/99                                        
|Current year expense                                                        
|Balance at close of period - 3/31/00                                        
|Current year expense                                                        
|Balance at close of period - 3/31/01                                        
|                                                                            





F-87



|Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|ACKERMAN                                                                                                                                
|ATHENS II                                                                                                                               
|AUTUMN LANE                                                                                                                             
|BAYTREE                                                                                                                                 
|BENCHMARK                                                                                                                               
|BRENTWOOD                                                                                                                               
|BRIARWOOD                                                                                                                               
|BUTLER PROPERTIES                                                                                                                       
|CANDLEWICK PLACE                                                                                                                        
|CEDARSTONE                                                                                                                              
|CENTREVILLE APTS.                                                                                                                       
|CHARLTON COURT                                                                                                                          
|CHUCKATUCK                                                                                                                              
|CLOVERLEAF I                                                                                                                            
|CLOVERLEAF II                                                                                                                           
|CONNELLSVILLE                                                                                                                           
|DALLAS                                                                                                                                  
|ELLAVILLE                                                                                                                               
|FORSYTH                                                                                                                                 
|FREEDOM APTS.                                                                                                                           
|GREAT FALLS                                                                                                                             
|HARTWAY PROPERTIES                                                                                                                      
|                                                                                                                                        
|HILLTOP                                                                                                                                 

F-88





|Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|IRONTON ESTATES                                                                                                                         
|LAMBERT SQUARE                                                                                                                          
|LAWTON APTS.                                                                                                                            
|LONGVIEW                                                                                                                                
|MAIDU                                                                                                                                   
|MEADOWBROOK                                                                                                                             
|MERCER APTS.                                                                                                                            
|MORGANTOWN                                                                                                                              
|NEWNAN                                                                                                                                  
|PARKWOOD                                                                                                                                
|PEDCOR INVESTMENTS                                                                                                                      
|                                                                                                                                        
|PINETREE MANOR                                                                                                                          
|PINEVIEW                                                                                                                                
|ROSEWOOD VILLAGE                                                                                                                        
|SOUTH FARM                                                                                                                              
|STOCKTON ESTATES                                                                                                                        
|STRATFORD SQUARE                                                                                                                        
|SUMMER GLEN                                                                                                                             
|WASHINGTON HEIGHTS                                                                                                                      
|                                                                                                                                        
|WEST DES MOINES                                                                                                                         

F-89





|Boston Capital Tax Credit Fund II Limited Partnership - Series 10
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|WICHITA WEST                                                                                                                            
|WOODSIDE HOUSING                                                                                                                        
|                                                                                                                                        
|                                                                                                                                        

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2000.

*Reduction due to reduced development fee, which reduced the property basis.

There we no carrying costs as of December 31, 2000. The Column has been omitted for presentation purposes.

F-90



|Notes to Schedule III                                               
|--------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 10   
|                                                                    
|Reconciliation of Land, Building & Improvements current year changes
|                                                                    
|Balance at beginning of period - 4/1/92                             
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other*                                                              
|                                                                    
|Balance at close of period - 3/31/93                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/94                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/95                                





F-91



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 10 (continued)
|                                                                             
|Balance at close of period - 3/31/95                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/96                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/97                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/98                                         





F-92



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 10 (continued)
|                                                                             
|Balance at close of period - 3/31/98                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/99                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/00                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/01                                         
|                                                                             



F-93



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 10 (continued)
|                                                                             
|Reconciliation of Accumulated Depreciation current year changes              
|                                                                             
|Balance at beginning of period - 4/1/92                                      
|Current year expense                                                         
|Balance at close of period - 3/31/93                                         
|Current year expense                                                         
|Balance at close of period - 3/31/94                                         
|Current year expense                                                         
|Balance at close of period - 3/31/95                                         
|Current year expense                                                         
|Balance at close of period - 3/31/96                                         
|Current year expense                                                         
|Balance at close of period - 3/31/97                                         
|Current year expense                                                         
|Balance at close of period - 3/31/98                                         
|Current year expense                                                         
|Balance at close of period - 3/31/99                                         
|Current year expense                                                         
|Balance at close of period - 3/31/00                                         
|Current year expense                                                         
|Balance at close of period - 3/31/01                                         
|                                                                             

F-94



|Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|ACADEMY HILL                                                                                                                            
|ASPEN SQUARE                                                                                                                            
|BRIDGEVIEW                                                                                                                              
|BUCKEYE                                                                                                                                 
|CHURCH HILL                                                                                                                             
|COPPER CREEK                                                                                                                            
|CORONADO                                                                                                                                
|CRESTWOOD                                                                                                                               
|DALLAS APTS.                                                                                                                            
|DENMARK I                                                                                                                               
|DENMARK II                                                                                                                              
|EL DORADO SPRINGS                                                                                                                       
|ELDON ESTATES II                                                                                                                        
|ELDON MANOR                                                                                                                             
|ELDERLY HOUSING OF MACON                                                                                                                
|                                                                                                                                        
|EUTAW ELDERLY                                                                                                                           
|FARMERVILLE                                                                                                                             
|FOREST GLADE                                                                                                                            
|FRANKLIN SCHOOL                                                                                                                         
|HARBOR VIEW                                                                                                                             
|HILLTOP APTS.                                                                                                                           
|HOLLAND SENIOR                                                                                                                          
|HOLLY SENIOR                                                                                                                            

F-95





|Boston Capital Tax Credit Fund II Limited Partnership - Series 11
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|IVAN WOODS                                                                                                                              
|KAPLAN MANOR                                                                                                                            
|LAKEWOOD                                                                                                                                
|LICKING ASSOCIATES                                                                                                                      
|LONDON ARMS                                                                                                                             
|MAIDU                                                                                                                                   
|MANNING PROPERTIES                                                                                                                      
|                                                                                                                                        
|METTER                                                                                                                                  
|NEVADA MANOR                                                                                                                            
|NEWNAN APTS.                                                                                                                            
|OATKA VILLIAGE                                                                                                                          
|RPI #18 L.P.                                                                                                                            
|SIERRA SPRINGS                                                                                                                          
|SOUTH FORK                                                                                                                              
|TWIN OAKS OF ALLENDALE                                                                                                                  
|                                                                                                                                        
|WASHINGTON                                                                                                                              
|WILDRIDGE                                                                                                                               
|                                                                                                                                        
|                                                                                                                                        

Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2000.

*Reduction due to reduced development fee, which reduced the property basis.

There we no carrying costs as of December 31, 2000. The Column has been omitted for presentation purposes.



F-96



|Notes to Schedule III                                               
|--------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 11   
|                                                                    
|Reconciliation of Land, Building & Improvements current year changes
|                                                                    
|Balance at beginning of period - 4/1/92                             
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other*                                                              
|                                                                    
|Balance at close of period - 3/31/93                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/94                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/95                                





F-97



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 11 (continued)
|                                                                             
|Balance at close of period - 3/31/95                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/96                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/97                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/98                                         





F-98



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 11 (continued)
|                                                                             
|Balance at close of period - 3/31/98                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/99                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/00                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/01                                         
|                                                                             





F-99



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 11 (continued)
|                                                                             
|Reconciliation of Accumulated Depreciation current year changes              
|                                                                             
|Balance at beginning of period - 4/1/92                                      
|Current year expense                                                         
|Balance at close of period - 3/31/93                                         
|Current year expense                                                         
|Balance at close of period - 3/31/94                                         
|Current year expense                                                         
|Balance at close of period - 3/31/95                                         
|Current year expense                                                         
|Balance at close of period - 3/31/96                                         
|Current year expense                                                         
|Balance at close of period - 3/31/97                                         
|Current year expense                                                         
|Balance at close of period - 3/31/98                                         
|Current year expense                                                         
|Balance at close of period - 3/31/99                                         
|Current year expense                                                         
|Balance at close of period - 3/31/00                                         
|Current year expense                                                         
|Balance at close of period - 3/31/01                                         
|                                                                             



F-100



|Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|AUTUMNWOOD VILLAGE                                                                                                                      
|                                                                                                                                        
|BB&L ENTERPRISES                                                                                                                        
|BOWMAN VILLAGE                                                                                                                          
|BRANDYWOOD                                                                                                                              
|BRIARWICK                                                                                                                               
|BUCKSPORT                                                                                                                               
|BURKESVILLE                                                                                                                             
|CALIFORNIA VII                                                                                                                          
|CANANCHE CREEK                                                                                                                          
|CARSON VILLAGE                                                                                                                          
|CLARKSON PROP                                                                                                                           
|CLYMER HOUSE                                                                                                                            
|CORCORAN INVESTMENT                                                                                                                     
|                                                                                                                                        
|CORNISH PARK                                                                                                                            
|CRESCENT CITY                                                                                                                           
|DALLAS II                                                                                                                               
|EARLIMART                                                                                                                               
|EVANWOOD                                                                                                                                
|FORT SMITH                                                                                                                              
|FRANKLIN II                                                                                                                             
|FRANKLIN HSE APARTMENTS                                                                                                                 
|                                                                                                                                        
|HAMILTON VILLAGE                                                                                                                        
|HUNTERS PARK                                                                                                                            

F-101



|Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|IVAN WOODS                                                                                                                              
|JESUP                                                                                                                                   
|LAKERIDGE                                                                                                                               
|LAUREL VILLAGE                                                                                                                          
|LOS CABALLOS                                                                                                                            
|MARLBORO                                                                                                                                
|MELVILLES                                                                                                                               
|NANTY GLO                                                                                                                               
|NEWNAN II                                                                                                                               
|NYE COUNTY                                                                                                                              
|OAKLEIGH                                                                                                                                
|OAKWOOD                                                                                                                                 
|PARKWOOD                                                                                                                                
|PORTALES ESTATES                                                                                                                        
|PRAIRIE WEST                                                                                                                            
|RIDGEWAY COURT                                                                                                                          
|RIVER REACH                                                                                                                             
|ROCKMOOR                                                                                                                                
|RPI #22                                                                                                                                 
|SCOTT CITY                                                                                                                              
|SHAWNEE RIDGE                                                                                                                           

F-102





|Boston Capital Tax Credit Fund II Limited Partnership - Series 12
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|SPRINGFIELD                                                                                                                             
|STONEGATE MANOR                                                                                                                         
|TURNER LANE                                                                                                                             
|UNION BAPTIST                                                                                                                           
|VILLAS LAKERIDGE                                                                                                                        
|WAYNESBORO                                                                                                                              
|WINDSOR II                                                                                                                              
|WOODCREST                                                                                                                               
|WOODSIDE                                                                                                                                
|                                                                                                                                        
|                                                                                                                                        



Since the Operating Partnerships maintain a calendar year end, the information reported on this schedule is as of December 31, 2000.

*    - Decrease due to the reallocation of acquisition costs

There we no carrying costs as of December 31, 2000. The Column has been omitted for presentation purposes.





F-103



|Notes to Schedule III                                               
|--------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 12   
|                                                                    
|Reconciliation of Land, Building & Improvements current year changes
|                                                                    
|Balance at beginning of period - 4/1/92                             
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other*                                                              
|                                                                    
|Balance at close of period - 3/31/93                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/94                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/95                                

F-104



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 12 (continued)
|                                                                             
|Balance at close of period - 3/31/95                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/96                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/97                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/98                                         

F-105



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 12 (continued)
|                                                                             
|Balance at close of period - 3/31/98                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/99                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/00                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/01                                         
|                                                                             

F-106



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 12 (continued)
|                                                                             
|Reconciliation of Accumulated Depreciation current year changes              
|                                                                             
|Balance at beginning of period - 4/1/92                                      
|Current year expense                                                         
|Balance at close of period - 3/31/93                                         
|Current year expense                                                         
|Balance at close of period - 3/31/94                                         
|Current year expense                                                         
|Balance at close of period - 3/31/95                                         
|Current year expense                                                         
|Balance at close of period - 3/31/96                                         
|Current year expense                                                         
|Balance at close of period - 3/31/97                                         
|Current year expense                                                         
|Balance at close of period - 3/31/98                                         
|Current year expense                                                         
|Balance at close of period - 3/31/99                                         
|Current year expense                                                         
|Balance at close of period - 3/31/00                                         
|Current year expense                                                         
|Balance at close of period - 3/31/01                                         
|                                                                             

F-107



|Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|ADA VILLAGE                                                                                                                             
|AMHERST                                                                                                                                 
|BECKWOOD MANOR                                                                                                                          
|BELMONT VILLAGE                                                                                                                         
|BETHEL PARK                                                                                                                             
|BLANCHARD VILLAGE                                                                                                                       
|BLANCHARD SENIOR                                                                                                                        
|BRANTWOOD                                                                                                                               
|BRECKENRIDGE                                                                                                                            
|BRIARWOOD II                                                                                                                            
|BRIDGE COALITION                                                                                                                        
|BUCHANAN                                                                                                                                
|CALIFORNIA INV V                                                                                                                        
|CALIFORNIA INV VII                                                                                                                      
|CAPITAL HOUSING                                                                                                                         
|CAPITOL ONE                                                                                                                             
|CARLETON COURT                                                                                                                          
|CARRIAGE RUN                                                                                                                            
|CEDARWOOD                                                                                                                               
|CENTRAL VALLEY                                                                                                                          
|CHAPARRAL                                                                                                                               
|COLLEGE GREEN                                                                                                                           
|COLORADO CITY                                                                                                                           

F-108





|Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|COTTONWOOD                                                                                                                              
|CRYSTAL SPRINGS                                                                                                                         
|DAVIS VILLAGE                                                                                                                           
|DERBY HOUSING                                                                                                                           
|DEVENWOOD                                                                                                                               
|DUNCAN VILLAGE                                                                                                                          
|EDISON VILLAGE                                                                                                                          
|EXCELSIOR                                                                                                                               
|FOUR OAKS HOUSING                                                                                                                       
|FRANKLIN VISTA                                                                                                                          
|FRIENDSHIP                                                                                                                              
|GLENHAVEN PARK                                                                                                                          
|HARRISON CITY                                                                                                                           
|HAVEN PARK PTRS II                                                                                                                      
|HAVEN PARK PRTS III                                                                                                                     
|HAVEN PARK PTRS  IV                                                                                                                     
|HESSMER                                                                                                                                 
|HILLMONT VILLAGE                                                                                                                        
|HUGHES SPRINGS                                                                                                                          
|HUNTERS RUN                                                                                                                             
|IDEPENDENCE                                                                                                                             
|JARRATT                                                                                                                                 

F-109





|Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|KILMARNOCK                                                                                                                              
|KING FISHER                                                                                                                             
|LA GAMA DEL BARIO                                                                                                                       
|LAKE ISABELLA                                                                                                                           
|LAKEVIEW MEADOWS                                                                                                                        
|LAKEWOOD TERRACE                                                                                                                        
|LEXINGTON PARK                                                                                                                          
|LEXINGTON VILLAGE                                                                                                                       
|LONACONING                                                                                                                              
|LOUIS ASSOCIATES                                                                                                                        
|MAIDU                                                                                                                                   
|MARION MANOR                                                                                                                            
|MAYSVILLE VILLAGE                                                                                                                       
|MCCOMB FAMILY                                                                                                                           
|MONTAGUE                                                                                                                                
|NAVAPAI                                                                                                                                 
|NEVADA CITY                                                                                                                             
|NEW RIVER                                                                                                                               
|NEWELLTON                                                                                                                               
|OAKLAND VILLAGE                                                                                                                         
|OKEMAH VILLAGE                                                                                                                          

F-110





|Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|COL A.                                                                                                                                  
|                                                                                                                                        
|Description                                                                                                                             
|ONE NORTHRIDGE                                                                                                                          
|PARKWOOD                                                                                                                                
|PINERIDGE                                                                                                                               
|PITTSFIELD PARK                                                                                                                         
|PLANTATION IV                                                                                                                           
|PORTVILLE SQUARE                                                                                                                        
|PRAGUE VILLAGE                                                                                                                          
|RAINIER MANOR                                                                                                                           
|ROSENBERG                                                                                                                               
|ROSEWOOD MANOR                                                                                                                          
|SAN JACINTO                                                                                                                             
|SCHROON LAKE                                                                                                                            
|SCOTT PARTNERS                                                                                                                          
|SIOUX FALLS                                                                                                                             
|SMITHVILLE                                                                                                                              
|SOUTH FULTON                                                                                                                            
|STANDARDVILLE                                                                                                                           
|ST BARNABAS                                                                                                                             
|SUMMERLANE                                                                                                                              
|TIONESTA MANOR                                                                                                                          

F-111





|Boston Capital Tax Credit Fund II Limited Partnership - Series 14
Schedule III - Real Estate and Accumulated Depreciation
March 31, 2001
|----------------------------------------------------------------------------------------------------------------------------------------
|                                                                                                                                        
|Description                                                                                                                             
|TITUSVILLE                                                                                                                              
|TOANO III                                                                                                                               
|TOPSHAM                                                                                                                                 
|TOWNVIEW                                                                                                                                
|TYRONE HOUSING                                                                                                                          
|VICTORIA                                                                                                                                
|VILLAGE TERRACE                                                                                                                         
|WASHINGTON                                                                                                                              
|WESLEY VILLAGE                                                                                                                          
|WILDWOOD                                                                                                                                
|WOODFIELD COMMONS                                                                                                                       
|WOODSIDE                                                                                                                                
|WYNNEWOOD VILLAGE                                                                                                                       
|YORKSHIRE                                                                                                                               
|ZINMASTER                                                                                                                               
|                                                                                                                                        
|                                                                                                                                        
|                                                                                                                                        
|                                                                                                                                        
|                                                                                                                                        
|                                                                                                                                        

F-112



|Notes to Schedule III                                               
|--------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 14   
|                                                                    
|Reconciliation of Land, Building & Improvements current year changes
|                                                                    
|Balance at beginning of period - 4/1/92                             
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other*                                                              
|                                                                    
|Balance at close of period - 3/31/93                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/94                                
|Additions during period:                                            
|Acquisitions through foreclosure                                    
|Other acquisitions                                                  
|Improvements, etc                                                   
|Other                                                               
|                                                                    
|Deductions during period:                                           
|Cost of real estate sold                                            
|Other                                                               
|                                                                    
|Balance at close of period - 3/31/95                                

F-113



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 14 (continued)
|                                                                             
|Balance at close of period - 3/31/95                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/96                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/97                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/98                                         

F-114



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 14 (continued)
|                                                                             
|Balance at close of period - 3/31/98                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/99                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/00                                         
|Additions during period:                                                     
|Acquisitions through foreclosure                                             
|Other acquisitions                                                           
|Improvements, etc                                                            
|Other                                                                        
|                                                                             
|Deductions during period:                                                    
|Cost of real estate sold                                                     
|Other                                                                        
|                                                                             
|Balance at close of period - 3/31/01                                         
|                                                                             

F-115



|Notes to Schedule III                                                        
|-----------------------------------------------------------------------------
|Boston Capital Tax Credit Fund II Limited Partnership - Series 14 (continued)
|                                                                             
|Reconciliation of Accumulated Depreciation current year changes              
|                                                                             
|Balance at beginning of period - 4/1/92                                      
|Current year expense                                                         
|Balance at close of period - 3/31/93                                         
|Current year expense                                                         
|Balance at close of period - 3/31/94                                         
|Current year expense                                                         
|Balance at close of period - 3/31/95                                         
|Current year expense                                                         
|Balance at close of period - 3/31/96                                         
|Current year expense                                                         
|Balance at close of period - 3/31/97                                         
|Current year expense                                                         
|Balance at close of period - 3/31/98                                         
|Current year expense                                                         
|Balance at close of period - 3/31/99                                         
|Current year expense                                                         
|Balance at close of period - 3/31/00                                         
|Current year expense                                                         
|Balance at close of period - 3/31/01                                         
|                                                                             



F-116