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

                                   Form 10-QSB

(Mark One)
[X]   Quarterly Report Under Section 13 or 15(d) of the Securities Exchange
      Act of 1934

              For the quarterly period ended September 30, 2004


[ ]   Transition Report Under Section 13 or 15(d) of the Exchange Act


             For the transition period from _________to _________

                         Commission file number 0-10435


                           CENTURY PROPERTIES FUND XVI
        (Exact Name of Small Business Issuer as Specified in Its Charter)



         California                                              94-2704651
(State or other jurisdiction of                               (I.R.S. Employer
 incorporation or organization)                              Identification No.)

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

                                 (864) 239-1000
                           (Issuer's telephone number)


Check  whether the issuer (1) filed all reports  required to be filed by Section
13 or 15(d) of the  Exchange  Act during the past 12 months (or for such shorter
period that the  registrant  was required to file such reports) and (2) has been
subject to such filing requirements for the past 90 days.
Yes  X   No ___


                         PART I - FINANCIAL INFORMATION

Item 1.     Financial Statements


                           CENTURY PROPERTIES FUND XVI
                           CONSOLIDATED BALANCE SHEET
                                   (Unaudited)
                        (in thousands, except unit data)

                               September 30, 2004
<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 38
   Receivables and deposits                                                     205
   Restricted escrows                                                           105
   Other assets                                                                 112
   Investment property:
      Land                                                    $ 905
      Building and related personal property                    9,890
                                                               10,795
      Less accumulated depreciation                            (7,001)        3,794
                                                                            $ 4,254
Liabilities and Partners' (Deficiency) Capital
Liabilities
   Accounts payable                                                          $ 118
   Accrued property taxes                                                       139
   Tenant security deposit liabilities                                           29
   Other liabilities                                                            107
   Mortgage note payable                                                      4,714

Partners' (Deficiency) Capital
   General partners                                          $ (3,789)
   Limited partners (130,000 units issued and
      outstanding)                                              2,936          (853)
                                                                            $ 4,254

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>



                           CENTURY PROPERTIES FUND XVI
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
                      (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                                 Three Months Ended         Nine Months Ended
                                                   September 30,              September 30,
                                                 2004         2003          2004         2003
                                                           (Restated)                 (Restated)
Revenues:
<S>                                             <C>           <C>         <C>          <C>
  Rental income                                 $ 368         $ 429       $ 1,018      $ 1,295
  Other income                                      43            64          136          146
      Total revenues                               411           493        1,154        1,441

Expenses:
  Operating                                        251           215          644          634
  General and administrative                        40            66          160          179
  Depreciation                                     109           107          328          327
  Interest                                          97            99          294          299
  Property tax                                      46            43          139          153
      Total expenses                               543           530        1,565        1,592

Loss from continuing operations                   (132)          (37)        (411)        (151)
Income (loss) from discontinued
  operations (Note A)                               --            23         (290)         102
Gain on sale of discontinued operations
  (Note C)                                          --            --        4,684           --

Net (loss) income                               $ (132)       $ (14)      $ 3,983       $ (49)

Net (loss) income allocated to general
  partners (6.9%)                                $ (9)        $ (1)        $ 275         $ (3)
Net (loss) income allocated to limited
  partners (93.1%)                                (123)          (13)       3,708          (46)

                                                $ (132)       $ (14)      $ 3,983       $ (49)
Per limited partnership unit:
  Loss from continuing operations              $ (0.95)      $ (0.26)     $ (2.95)     $ (1.08)
  Income (loss) from discontinued
    operations                                      --          0.16        (2.07)        0.73
  Gain on sale of discontinued operations           --            --        33.54           --

                                               $ (0.95)      $ (0.10)     $ 28.52      $ (0.35)
Distributions per limited partnership
  unit                                          $ 0.94        $ --        $ 34.86       $ 1.76

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>


                         CENTURY PROPERTIES FUND XVI
     CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL
                                   (Unaudited)
                        (in thousands, except unit data)


<TABLE>
<CAPTION>

                                     Limited
                                   Partnership     General      Limited
                                      Units        Partners     Partners      Total

<S>                                  <C>             <C>        <C>          <C>
Original capital contributions       130,000         $ --       $65,000      $65,000

Partners' (deficiency) capital
  at December 31, 2003               130,000       $(3,923)     $ 3,760       $ (163)

Distributions to partners                 --          (141)      (4,532)      (4,673)

Net income for the nine months
  ended September 30, 2004                --           275        3,708        3,983

Partners' (deficiency) capital
  at September 30, 2004              130,000       $(3,789)     $ 2,936       $ (853)

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>



<PAGE>



                           CENTURY PROPERTIES FUND XVI
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                 (in thousands)
<TABLE>
<CAPTION>

                                                                       Nine Months Ended
                                                                         September 30,
                                                                       2004         2003
Cash flows from operating activities:
<S>                                                                   <C>           <C>
  Net income (loss)                                                   $ 3,983       $ (49)
  Adjustments to reconcile net income (loss) to net cash
   (used in) provided by operating activities:
     Depreciation                                                         328          540
     Amortization of loan costs                                            15           24
     Gain on sale of discontinued operations                           (4,684)          --
     Loss on early extinguishment of debt                                 229           --
     Change in accounts:
      Receivables and deposits                                            127           46
      Other assets                                                        (15)         (60)
      Accounts payable                                                     (9)          12
      Accrued property taxes                                              (68)          15
      Tenant security deposit liabilities                                 (38)          13
      Due to affiliates                                                   (48)          --
      Other liabilities                                                   (40)          39
       Net cash (used in) provided by operating activities               (220)         580

Cash flows from investing activities:
  Property improvements and replacements                                 (108)        (157)
  Net withdrawals from (deposits to) restricted escrows                    30          (10)
  Proceeds from sale of investment property                             7,321           --
       Net cash provided by (used in) investing activities              7,243         (167)

Cash flows from financing activities:
  Repayment of mortgage note payable                                   (2,089)          --
  Payments on mortgage notes payable                                      (65)         (83)
  Prepayment penalty paid                                                (202)          --
  Distributions to partners                                            (4,673)        (249)
       Net cash used in financing activities                           (7,029)        (332)

Net (decrease) increase in cash and cash equivalents                       (6)          81

Cash and cash equivalents at beginning of period                           44          218

Cash and cash equivalents at end of period                             $ 38         $ 299

Supplemental disclosure of cash flow information:
  Cash paid for interest                                               $ 310        $ 411

Supplemental disclosure of non-cash activity:
  Property improvements and replacements included in accounts
   payable                                                             $ 35         $ --

Included in property  improvements  and  replacements  for the nine months ended
September 30, 2004 are approximately $46,000 of improvements which were included
in accounts payable at December 31, 2003.

         See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>

                           CENTURY PROPERTIES FUND XVI
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


Note A - Basis of Presentation

The  accompanying   unaudited   consolidated  financial  statements  of  Century
Properties Fund XVI (the  "Partnership" or the "Registrant")  have been prepared
in  accordance  with  generally  accepted  accounting   principles  for  interim
financial  information and with the  instructions to Form 10-QSB and Item 310(b)
of Regulation S-B.  Accordingly,  they do not include all of the information and
footnotes  required by generally  accepted  accounting  principles  for complete
financial  statements.  The  Partnership's  general  partners  are  Fox  Capital
Management Corporation (the "Managing General Partner" or "FCMC") and Fox Realty
Investors ("FRI"). The Managing General Partner and the managing general partner
of FRI are affiliates of Apartment  Investment and Management Company ("AIMCO"),
a publicly traded real estate  investment  trust. In the opinion of the Managing
General  Partner,  all  adjustments  (consisting of normal  recurring  accruals)
considered  necessary  for a fair  presentation  have been  included.  Operating
results for the three and nine month  periods  ended  September 30, 2004 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December 31, 2004. For further  information,  refer to the  consolidated
financial  statements and footnotes thereto included in the Partnership's Annual
Report on Form 10-KSB for the fiscal year ended December 31, 2003.

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
"Accounting  for  the  Impairment  or  Disposal  of  Long-Lived   Assets",   the
consolidated  statement  of  operations  for the  three  and nine  months  ended
September  30,  2003 has been  restated  as of January  1, 2003 to  reflect  the
operations  of Ralston  Place  Apartments  as income  (loss)  from  discontinued
operations due to the property's sale in January 2004.

Note B - Transactions with Affiliated Parties

The Partnership has no employees and depends on the Managing General Partner and
its  affiliates  for  the  management  and  administration  of  all  Partnership
activities.  The Partnership  Agreement  provides for (i) payments to affiliates
for services and (ii)  reimbursement of certain expenses  incurred by affiliates
on behalf of the Partnership.

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts  from the  Partnership's  property for  providing  property  management
services.  The  Partnership  paid to such affiliates  approximately  $66,000 and
$118,000 during the nine months ended September 30, 2004 and 2003, respectively,
which is included in  operating  expenses  and income  (loss) from  discontinued
operations.

An  affiliate  of  the  Managing   General   Partner   charged  the  Partnership
reimbursement of accountable  administrative expenses amounting to approximately
$100,000  and  $98,000 for the nine months  ended  September  30, 2004 and 2003,
respectively,  which is  included  in general and  administrative  expenses.  At
September 30, 2004, approximately $1,000 of these expenses remain unpaid and are
included in other liabilities.

Pursuant  to  the  Partnership  Agreement,  for  managing  the  affairs  of  the
Partnership,  the Managing  General Partner is entitled to receive a Partnership
management fee equal to 5% of the Partnership's adjusted cash from operations as
distributed.  Approximately  $12,000 of  Partnership  management  fees were paid
along with the  distribution  from  operations made during the nine months ended
September  30,  2003.  There were no such fees paid during the nine months ended
September 30, 2004, as there was not a distribution  from operations during this
period.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership.  The Partnership has no outstanding  amounts due under this line of
credit as of September 30, 2004.

The  Partnership  insures its  property up to certain  limits  through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability.  The Partnership  insures its property above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing  General  Partner.  During the nine months ended September 30, 2004 and
2003,  the  Partnership  was charged by AIMCO and its  affiliates  approximately
$47,000 and $43,000,  respectively,  for insurance  coverage and fees associated
with policy claims administration.

Note C - Sale of Investment Property

On January 30,  2004,  the  Partnership  sold  Ralston  Place  Apartments  to an
unaffiliated  third  party for  $7,725,000.  After  payment of closing  costs of
approximately  $404,000,  the net  proceeds  received  by the  Partnership  were
approximately  $7,321,000.  The  Partnership  used a portion of the  proceeds to
repay the mortgage  encumbering the property of  approximately  $2,089,000.  The
sale of the property resulted in a gain on the sale of approximately $4,684,000.
In addition,  the Partnership recorded a loss on early extinguishment of debt of
approximately  $229,000,  as a result of the write off of unamortized loan costs
and a prepayment  penalty,  which is included in income (loss) from discontinued
operations  for the nine months ended  September  30,  2004.  The results of the
property's operations for the nine months ended September 30, 2004 and the three
and nine months ended September 30, 2003 of approximately  ($290,000),  $23,000,
and  $102,000  respectively,  are  included in income  (loss) from  discontinued
operations and include revenues of approximately $61,000, $290,000 and $910,000,
respectively.

Note D - Distributions

During the nine months ended  September 30, 2004, the  Partnership  declared and
paid distributions of approximately $4,673,000  (approximately $4,532,000 to the
limited partners or $34.86 per limited  partnership unit) from the sale proceeds
of Ralston Place  Apartments.  In conjunction  with the transfer of funds from a
majority  owned  sub-tier  limited   partnership,   approximately   $48,000  was
distributed  to the  general  partner of the  majority  owned  sub-tier  limited
partnership   during  the  nine  months  ended   September  30,  2004.  No  such
distributions were made during the nine months ended September 30, 2003.

Note E - Subsequent Event

Subsequent  to  September  30,  2004,  the  General  Partner   advanced  to  the
Partnership   approximately   $42,000  to  cover  expenses  related  to  capital
expenditures  at Woods of  Inverness.  Interest will be charged at prime plus 2%
(6.75% at September 30, 2004).

Note F - Contingencies

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a court  appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Managing   General   Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On November 24,
2003,  the Objector  filed an  application  requesting  the court order AIMCO to
withdraw settlement tender offers it had commenced,  refrain from making further
offers  pending  the appeal and auction  any units  tendered  to third  parties,
contending  that the offers did not  conform  with the terms of the  settlement.
Counsel  for the  Objector  (on behalf of another  investor)  had  alternatively
requested the court take certain action  purportedly to enforce the terms of the
settlement agreement. On December 18, 2003, the court heard oral argument on the
motions  and denied them both in their  entirety.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23, 2004, the Managing General Partner and its affiliates filed a response
brief in support of the settlement and the judgment thereto. The plaintiffs have
also filed a brief in support of the settlement. On June 4, 2004, Objector filed
a reply to the briefs  submitted by the Managing General Partner and Plaintiffs.
In addition both the Objector and plaintiffs filed briefs in connection with the
second  appeal.  The Court of Appeals  heard oral  argument  on both  appeals on
September 22, 2004 and took the matters under submission.

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

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act ("FLSA") by failing to pay maintenance workers overtime
for all  hours  worked  in  excess  of forty  per  week.  On  March 5,  2004 the
Plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Managing General Partner. The complaint is styled as
a Collective  Action  under the FLSA and seeks to certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Managing  General  Partner  does not believe  that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of operations.

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

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

<PAGE>
Item 2.     Management's Discussion and Analysis or Plan of Operation

The matters discussed in this report contain certain forward-looking statements,
including, without limitation, statements regarding future financial performance
and the effect of government  regulations.  Actual results may differ materially
from those described in the forward-looking statements and will be affected by a
variety of risks and factors including,  without limitation:  national and local
economic  conditions;  the terms of  governmental  regulations  that  affect the
Registrant and interpretations of those regulations; the competitive environment
in which the Registrant operates;  financing risks, including the risk that cash
flows from operations may be insufficient to meet required payments of principal
and interest;  real estate risks, including variations of real estate values and
the general  economic  climate in local markets and  competition  for tenants in
such markets;  litigation,  including  costs  associated  with  prosecuting  and
defending  claims  and  any  adverse   outcomes,   and  possible   environmental
liabilities.   Readers  should  carefully  review  the  Registrant's   financial
statements and the notes thereto,  as well as the risk factors  described in the
documents  the  Registrant  files  from  time to time  with the  Securities  and
Exchange Commission.

The Partnership's  investment  property consists of one apartment  complex.  The
following  table sets forth the average  occupancy  of the property for the nine
months ended September 30, 2004 and 2003:

                                                   Average Occupancy
      Property                                      2004       2003

      Woods of Inverness Apartments                 70%        90%
        Houston, Texas

The Managing  General  Partner  attributes  the decline in occupancy at Woods of
Inverness  Apartments  to slow market  conditions  in the local area and tenants
buying homes due to low interest rates.  Increased marketing efforts are planned
in order to increase occupancy.

The  Partnership's  financial  results depend upon a number of factors including
the ability to attract and maintain tenants at the investment property, interest
rates on mortgage  loans,  costs  incurred to operate the  investment  property,
general economic conditions and weather. As part of the ongoing business plan of
the  Partnership,  the  Managing  General  Partner  monitors  the rental  market
environment of its investment  property to assess the  feasibility of increasing
rents, maintaining or increasing occupancy levels and protecting the Partnership
from increases in expenses.  As part of this plan, the Managing  General Partner
attempts  to  protect  the  Partnership  from the  burden  of  inflation-related
increases  in  expenses  by  increasing  rents and  maintaining  a high  overall
occupancy  level.   However,   the  Managing  General  Partner  may  use  rental
concessions and rental rate reductions to offset  softening  market  conditions;
accordingly,  there is no guarantee  that the Managing  General  Partner will be
able to sustain such a plan.  Further,  a number of factors that are outside the
control of the Partnership,  such as the local economic climate and weather, can
adversely or positively affect the Partnership's financial results.

Results of Operations

The  Partnership's  net income for the nine months ended  September 30, 2004 was
approximately  $3,983,000 as compared to a net loss of approximately $49,000 for
the nine months ended  September 30, 2003.  The  Partnership's  net loss for the
three months ended September 30, 2004 was  approximately  $132,000 compared to a
net loss of  approximately  $14,000 for the  corresponding  period in 2003.  The
increase in net income for the nine months ended September 30, 2004 is primarily
due to the gain on sale of Ralston Place Apartments  during the first quarter of
2004. The increase in net loss for the three months ended  September 30, 2004 is
due to an increase in loss from  continuing  operations and a decrease in income
from discontinued operations.

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
"Accounting   for  the  Impairment  or  Disposal  of  Long-Lived   Assets"'  the
consolidated  statement  of  operations  for the  three  and nine  months  ended
September  30,  2003 has been  restated  as of January  1, 2003 to  reflect  the
operations  of Ralston  Place  Apartments  as income  (loss)  from  discontinued
operations due to the property's sale in January 2004.

On January 30,  2004,  the  Partnership  sold  Ralston  Place  Apartments  to an
unaffiliated  third  party for  $7,725,000.  After  payment of closing  costs of
approximately  $404,000,  the net  proceeds  received  by the  Partnership  were
approximately  $7,321,000.  The  Partnership  used a portion of the  proceeds to
repay the mortgage  encumbering the property of  approximately  $2,089,000.  The
sale of the property resulted in a gain on the sale of approximately $4,684,000.
In addition,  the Partnership recorded a loss on early extinguishment of debt of
approximately  $229,000 as a result of the write off of  unamortized  loan costs
and a prepayment  penalty,  which is included in income (loss) from discontinued
operations.  The results of the property's  operations for the nine months ended
September  30, 2004 and the three and nine months  ended  September  30, 2003 of
approximately ($290,000),  $23,000 and $102,000,  respectively, and are included
in  income  (loss)  from  discontinued   operations  and  includes  revenues  of
approximately $61,000, $290,000 and $910,000, respectively.

The Partnership  recognized a loss from continuing  operations of  approximately
$132,000  and $37,000 for the three months  ended  September  30, 2004 and 2003,
respectively,  and a loss from continuing  operations of approximately  $411,000
and  $151,000  for  the  nine  months  ended   September   30,  2004  and  2003,
respectively.  The  increase  in loss from  continuing  operations  for the nine
months ended September 30, 2004 is due to a decrease in total revenues partially
offset by a decrease in total  expenses.  The  increase in loss from  continuing
operations  for the three months ended  September 30, 2004, is due to a decrease
in total revenues and an increase in total  expenses.  Total revenues  decreased
for the three and nine  months  ended  September  30, 2004 due to  decreases  in
rental and other income.  Rental income decreased due to a decrease in occupancy
partially  offset by an increase in average  rental  rates and a decrease in bad
debt  expense at the  Partnership's  property.  Other  income  decreased  due to
reduced late charges partially offset by increased utility charges.

Total expenses  decreased for the nine months ended September 30, 2004 primarily
due to  decreases  in general  and  administrative  and  property  tax  expenses
partially offset by an increase in operating  expense.  Total expenses increased
for the three  months ended  September  30, 2004 due to an increase in operating
expenses partially offset by a decrease in general and administrative  expenses.
Operating  expenses  increased for the three and nine months ended September 30,
2004 due to increases in advertising and maintenance expenses,  partially offset
by reduced property expenses.  Advertising expense increased primarily due to an
increase in referral fees.  Maintenance  expense  increased  primarily due to an
increase in contract  services.  Property  expense  decreased  due  primarily to
reduced payroll and related benefit expenses. Property tax expense decreased for
the nine months ended September 30, 2004 due to a decrease in the assessed value
of the Partnership's property.

General and administrative expenses decreased for both the three and nine months
ended  September  30,  2004 due to reduced  professional  fees  associated  with
managing the Partnership.  Also included in general and administrative  expenses
are management  reimbursements  to the Managing General Partner as allowed under
the  Partnership  Agreement and costs  associated  with the quarterly and annual
communications  with  investors  and  regulatory  agencies  and the annual audit
required by the Partnership Agreement.

Liquidity and Capital Resources

At  September  30,  2004,  the  Partnership  had cash and  cash  equivalents  of
approximately $38,000 compared to approximately  $299,000 at September 30, 2003.
Cash and cash equivalents decreased approximately $6,000 since December 31, 2003
due to  approximately  $7,029,000  and  $220,000 of cash used in  financing  and
operating activities, respectively, partially offset by approximately $7,243,000
of cash  provided by investing  activities.  Cash used in  financing  activities
consisted of repayment of the mortgages  encumbering  Ralston Place  Apartments,
principal   payments  made  on  the  mortgages   encumbering  the  Partnership's
properties,  prepayment  penalties paid and distributions  paid to the partners.
Cash  provided by investing  activities  consisted of proceeds  from the sale of
Ralston Place  Apartments and net withdrawals  from restricted  escrow accounts,
partially  offset by property  improvements  and  replacements.  The Partnership
invests its working capital reserves in interest bearing accounts.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership.  The Partnership had no outstanding  amounts due under this line of
credit as of  September  30,  2004.  There were no advances  to the  Partnership
during the nine months ended  September  30, 2004 and 2003.  Other than cash and
cash equivalents,  the line of credit is the Partnership's only unused source of
liquidity.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures  required at the  properties  to  adequately  maintain the physical
assets and other  operating needs of the Partnership and to comply with Federal,
state, and local legal and regulatory requirements. The Managing General Partner
monitors  developments  in the  area of legal  and  regulatory  compliance.  For
example,  the  Sarbanes-Oxley  Act  of  2002  mandates  or  suggests  additional
compliance  measures  with  regard to  governance,  disclosure,  audit and other
areas.  In light of these changes,  the  Partnership  expects that it will incur
higher  expenses  related to compliance.  Capital  improvements  planned for the
Partnership's property are detailed below.

During the nine months ended  September  30,  2004,  the  Partnership  completed
approximately  $97,000 of capital improvements at Woods of Inverness Apartments,
consisting  primarily  of  floor  covering  replacements,   fence,  cabinet  and
countertop  replacements,  air  conditioning  unit and  appliance  upgrades  and
swimming pool decking.  These improvements were funded from operating cash flow.
The Partnership  evaluates the capital  improvement needs of the property during
the year and  currently  expects to  complete an  additional  $53,000 in capital
improvements during the remainder of 2004.  Additional capital  improvements may
be considered and will depend on the physical  condition of the property as well
as the anticipated cash flow generated by the property and replacement reserves.

The additional  capital  expenditures will be incurred only if cash is available
from operations or from Partnership  reserves.  To the extent that such budgeted
capital improvements are completed,  the Partnership's  distributable cash flow,
if any, may be adversely affected at least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  encumbering the Partnership's property of approximately $4,714,000
is amortized over 360 months with a balloon payment of approximately  $4,602,000
due January 1, 2006. The Managing General Partner will attempt to refinance such
indebtedness  and/or  sell the  property  prior to such  maturity  date.  If the
property cannot be refinanced or sold for a sufficient  amount,  the Partnership
will risk losing such property through foreclosure.

<PAGE>


The Partnership  distributed the following  amounts during the nine months ended
September 30, 2004 and 2003 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                  Nine Months Ended    Per Limited    Nine Months Ended   Per Limited
                    September 30,      Partnership      September 30,     Partnership
                        2004               Unit              2003             Unit
<S>                     <C>                <C>              <C>              <C>
Operations              $ --               $ --             $ 249            $ 1.76
Sale (1)                4,673              34.86                --               --
                       $4,673             $34.86            $ 249            $ 1.76
</TABLE>

(1) From the sale of Ralston Place Apartments on January 30, 2004.

In conjunction with the transfer of funds from a majority owned sub-tier limited
partnership, approximately $48,000 was distributed to the general partner of the
majority  owned  sub-tier  limited  partnership  during  the nine  months  ended
September 30, 2004. No such distributions were made during the nine months ended
September 30, 2003.

The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis. Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves  and the  timing of debt
maturity,  refinancing  and/or property sale. There can be no assurance that the
Partnership  will  generate  sufficient  funds from  operations  after  required
capital expenditures to permit further  distributions to its partners in 2004 or
subsequent periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 84,839.68 limited partnership units
(the "Units") in the Partnership representing 65.26% of the outstanding Units at
September  30,  2004. A number of these Units were  acquired  pursuant to tender
offers  made by  AIMCO  or its  affiliates.  It is  possible  that  AIMCO or its
affiliates will acquire  additional  Units in exchange for cash or a combination
of cash and units in AIMCO Properties, L.P., the operating partnership of AIMCO,
either through private  purchases or tender offers.  Pursuant to the Partnership
Agreement,  unitholders  holding a majority  of the Units are  entitled  to take
action with  respect to a variety of matters that  include,  but are not limited
to,  voting on certain  amendments  to the  Partnership  Agreement and voting to
remove the Managing General  Partner.  As a result of its ownership of 65.26% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting decisions with respect to the Partnership.  However,  with respect to
47,488.68  units,  owned  by  AIMCO  IPLP,  L.P.  (formerly  known  as  Insignia
Properties LP), an affiliate of the Managing General Partner and of AIMCO,  such
affiliate  is  required  to  vote  such  Units:  (i)  against  any  increase  in
compensation  payable to the Managing General Partner or to its affiliates;  and
(ii) on all other matters  submitted by it or its  affiliates,  in proportion to
the votes cast by third party  unitholders.  Except for the foregoing,  no other
limitations are imposed on AIMCO and its affiliates' ability to influence voting
decisions with respect to the Partnership. Although the Managing General Partner
owes fiduciary duties to the limited  partners of the Partnership,  the Managing
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the  Managing  General  Partner,  as  managing  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Managing General Partner to AIMCO as its sole stockholder.

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in accordance with accounting
principles   generally  accepted  in  the  United  States,   which  require  the
Partnership to make estimates and assumptions.  The Partnership believes that of
its significant  accounting policies,  the following may involve a higher degree
of judgment and complexity.

Impairment of Long-Lived Assets

Investment  properties  are  recorded at cost,  less  accumulated  depreciation,
unless  considered  impaired.  If  events  or  circumstances  indicate  that the
carrying  amount of a property may be  impaired,  the  Partnership  will make an
assessment of its  recoverability  by estimating  the  undiscounted  future cash
flows,  excluding  interest  charges,  of the property.  If the carrying  amount
exceeds the aggregate  future cash flows,  the  Partnership  would  recognize an
impairment  loss to the extent the carrying amount exceeds the fair value of the
property.

Real  property  investments  are  subject  to varying  degrees of risk.  Several
factors  may  adversely  affect  the  economic  performance  and  value  of  the
Partnership's investment properties.  These factors include, but are not limited
to,  changes  in the  national,  regional  and  local  economic  climate;  local
conditions,  such as an oversupply of multifamily  properties;  competition from
other available  multifamily property owners and changes in market rental rates.
Any adverse changes in these factors could cause impairment of the Partnership's
assets.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
Rental income  attributable to leases is recognized monthly as it is earned. The
Partnership  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.

Item 3.     Controls and Procedures

(a) Disclosure Controls and Procedures.  The Partnership's management,  with the
participation of the principal executive officer and principal financial officer
of the Managing  General  Partner,  who are the equivalent of the  Partnership's
principal executive officer and principal financial officer,  respectively,  has
evaluated  the  effectiveness  of  the  Partnership's  disclosure  controls  and
procedures (as such term is defined in Rules  13a-15(e) and 15d-15(e)  under the
Securities  Exchange Act of 1934, as amended (the "Exchange Act")) as of the end
of the period covered by this report.  Based on such  evaluation,  the principal
executive  officer  and  principal  financial  officer of the  Managing  General
Partner, who are the equivalent of the Partnership's principal executive officer
and principal  financial officer,  respectively,  have concluded that, as of the
end of such period,  the  Partnership's  disclosure  controls and procedures are
effective.

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

<PAGE>

                           PART II - OTHER INFORMATION


Item 1.     Legal Proceedings

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes action and the Heller action.

In general  terms,  the  proposed  settlement  provides  for  certification  for
settlement  purposes of a settlement class consisting of all limited partners in
this  Partnership and others (the  "Partnerships")  as of December 20, 2002, the
dismissal  with  prejudice  and  release  of claims  in the  Nuanes  and  Heller
litigation,  payment by AIMCO of $9.9  million  (which shall be  distributed  to
settlement  class  members  after  deduction of attorney fees and costs of class
counsel and certain costs of settlement) and up to $1 million toward the cost of
independent  appraisals of the  Partnerships'  properties  by a court  appointed
appraiser.  An affiliate of the Managing General Partner has also agreed to make
at least one round of tender offers to purchase all of the partnership interests
in the Partnerships within one year of final approval,  if it is granted, and to
provide  partners with the independent  appraisals at the time of these tenders.
The proposed  settlement also provided for the limitation of the allowable costs
which  the  Managing   General   Partner  or  its  affiliates  will  charge  the
Partnerships  in connection with this litigation and imposes limits on the class
counsel  fees and  costs in this  litigation.  On April  11,  2003,  notice  was
distributed  to  limited   partners   providing  the  details  of  the  proposed
settlement.

On June 13, 2003, the court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector") filed an appeal (the "Appeal") seeking to vacate and/or reverse the
order approving the settlement and entering  judgment  thereto.  On November 24,
2003,  the Objector  filed an  application  requesting  the court order AIMCO to
withdraw settlement tender offers it had commenced,  refrain from making further
offers  pending  the appeal and auction  any units  tendered  to third  parties,
contending  that the offers did not  conform  with the terms of the  settlement.
Counsel  for the  Objector  (on behalf of another  investor)  had  alternatively
requested the court take certain action  purportedly to enforce the terms of the
settlement agreement. On December 18, 2003, the court heard oral argument on the
motions  and denied them both in their  entirety.  The  Objector  filed a second
appeal challenging the court's use of a referee and its order requiring Objector
to pay those fees.

On January 28, 2004,  the  Objector  filed his opening  brief in the Appeal.  On
April 23, 2004, the Managing General Partner and its affiliates filed a response
brief in support of the settlement and the judgment thereto. The plaintiffs have
also filed a brief in support of the settlement. On June 4, 2004, Objector filed
a reply to the briefs  submitted by the Managing General Partner and Plaintiffs.
In addition both the Objector and plaintiffs filed briefs in connection with the
second  appeal.  The Court of Appeals  heard oral  argument  on both  appeals on
September 22, 2004 and took the matters under submission.

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

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act ("FLSA") by failing to pay maintenance workers overtime
for all  hours  worked  in  excess  of forty  per  week.  On  March 5,  2004 the
Plaintiffs filed an amended complaint also naming NHP Management Company,  which
is also an affiliate of the Managing General Partner. The complaint is styled as
a Collective  Action  under the FLSA and seeks to certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The defendants have filed an answer to the amended complaint denying
the  substantive  allegations.  Some  discovery  has taken place and  settlement
negotiations  continue.  Although the outcome of any  litigation  is  uncertain,
AIMCO  Properties,  L.P. does not believe that the ultimate  outcome will have a
material  adverse  effect on its financial  condition or results of  operations.
Similarly,  the  Managing  General  Partner  does not believe  that the ultimate
outcome  will have a  material  adverse  effect on the  Partnership's  financial
condition or results of operations.

Item 6.     Exhibits

            See Exhibit Index attached.

<PAGE>

                                   SIGNATURES

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

                                    CENTURY PROPERTIES FUND XVI


                                    By:   Fox Capital Management Corporation
                                          Managing General Partner


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


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


                                    Date: November 12, 2004



<PAGE>


                           CENTURY PROPERTIES FUND XVI

                                  EXHIBIT INDEX


Exhibit Number    Description of Exhibit

       2.5        Master  Indemnity  Agreement  incorporated  by  reference to
                  Exhibit 2.5 to Form 8-K filed by Insignia  Financial  Group,
                  Inc.  with  the  Securities   and  Exchange   Commission  on
                  September 1, 1995.

       3.4        Agreement of Limited  Partnership  incorporated by reference
                  to  Exhibit  A to the  Prospectus  of the  Registrant  dated
                  August 17, 1981 and  thereafter  supplemented  June 25, 1979
                  and thereafter  supplemented,  included in the  Registrant's
                  Registration Statement on Form S-11 (Reg. No. 2-71473).

      10.1        Form of First Mortgage Note dated as of December 29, 1995 from
                  the  Registrant  to Secore  Financial  Corporation  ("Secore")
                  relating  to the  refinancing  of the  Landings  and  Woods of
                  Inverness  incorporated  by  reference  to Exhibit 10.1 to the
                  Registrant's  Annual  Report of Form 10-KSB for the year ended
                  December 31, 1995.

      10.2        Form of First Mortgage Note dated as of December 29, 1995 from
                  the  Registrant to Secore  relating to the  refinancing of the
                  Landings and Woods of Inverness  incorporated  by reference to
                  Exhibit 10.2 to the Registrant's  Annual Report of Form 10-KSB
                  for the year ended December 31, 1995.

      10.3        Purchase and Sale Contract  between  Landings CPF 16, L.P. and
                  CNC  Investments,  Ltd.,  LLP, dated October 20, 2003.  (Filed
                  with Form 8-K dated January 30, 2004 and  incorporated  herein
                  by reference.)

      10.4        First Amendment to Purchase and Sale Contract between Landings
                  CPF 16, L.P., and CNC Investments, LTD., LLP dated December 9,
                  2003.  (Filed  with  Form  8-K  dated  January  30,  2004  and
                  incorporated herein by reference.)

      10.5        Second   Amendment  to  Purchase  and  Sale  Contract  between
                  Landings CPF 16, L.P.,  and CNC  Investments,  LTD., LLP dated
                  December 19, 2003. (Filed with Form 8-K dated January 30, 2004
                  and incorporated herein by reference.)

      10.6        Third Amendment to Purchase and Sale Contract between Landings
                  CPF 16, L.P.,  and CNC  Investments,  LTD., LLP dated December
                  30,  2003.  (Filed  with Form 8-K dated  January  30, 2004 and
                  incorporated herein by reference.)

      10.7        Assignment  and  Assumption  of  Purchase  and  Sale  Contract
                  between CNC  Investments,  Ltd.,  LLP, and  Sangeetha  Limited
                  Partnership dated January 27, 2004. (Filed with Form 8-K dated
                  January 30, 2004 and incorporated herein by reference.)

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

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

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


<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Century Properties
      Fund XVI;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  November 12, 2004

                                    /s/Martha L. Long
                                    Martha L. Long
                                    Senior Vice  President  of
                                    Fox   Capital   Management
                                    Corporation,    equivalent
                                    of  the  chief   executive
                                    officer       of       the
                                    Partnership


<PAGE>



Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed this quarterly report on Form 10-QSB of Century Properties
      Fund XVI;

2.    Based on my knowledge,  this report does not contain any untrue  statement
      of a material fact or omit to state a material fact  necessary to make the
      statements made, in light of the circumstances under which such statements
      were made,  not  misleading  with  respect  to the period  covered by this
      report;

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the small  business  issuer as of, and for, the periods  presented in this
      report;

4.    The  small  business  issuer's  other  certifying  officer(s)  and  I  are
      responsible  for  establishing  and  maintaining  disclosure  controls and
      procedures (as defined in Exchange Act Rules  13a-15(e) and 15d-15(e)) for
      the small business issuer and have:

      (a)   Designed such  disclosure  controls and  procedures,  or caused such
            disclosure   controls  and  procedures  to  be  designed  under  our
            supervision,  to ensure that  material  information  relating to the
            small business issuer, including its consolidated  subsidiaries,  is
            made  known to us by  others  within  those  entities,  particularly
            during the period in which this report is being prepared;

      (b)   Evaluated  the   effectiveness   of  the  small  business   issuer's
            disclosure  controls and procedures and presented in this report our
            conclusions about the  effectiveness of the disclosure  controls and
            procedures, as of the end of the period covered by this report based
            on such evaluation; and

      (c)   Disclosed in this report any change in the small  business  issuer's
            internal  control over financial  reporting that occurred during the
            small  business  issuer's  most  recent  fiscal  quarter  (the small
            business  issuer's  fourth  fiscal  quarter in the case of an annual
            report) that has  materially  affected,  or is reasonably  likely to
            materially affect, the small business issuer's internal control over
            financial reporting; and

5.    The  small  business  issuer's  other  certifying  officer(s)  and I  have
      disclosed,  based on our most recent  evaluation of internal  control over
      financial reporting, to the small business issuer's auditors and the audit
      committee of the small  business  issuer's  board of directors (or persons
      performing the equivalent functions):

      (a)   All significant  deficiencies and material  weaknesses in the design
            or operation of internal control over financial  reporting which are
            reasonably  likely to adversely  affect the small business  issuer's
            ability  to  record,   process,   summarize  and  report   financial
            information; and

      (b)   Any fraud,  whether or not  material,  that  involves  management or
            other  employees who have a significant  role in the small  business
            issuer's internal control over financial reporting.

Date:  November 12, 2004

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


<PAGE>


Exhibit 32.1


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



In  connection  with the Quarterly  Report on Form 10-QSB of Century  Properties
Fund XVI (the "Partnership"),  for the quarterly period ended September 30, 2004
as filed with the  Securities  and Exchange  Commission  on the date hereof (the
"Report"),  Martha L. Long, as the equivalent of the chief executive  officer of
the Partnership, and Stephen B. Waters, as the equivalent of the chief financial
officer of the Partnership, each hereby certifies, pursuant to 18 U.S.C. Section
1350,  as adopted  pursuant  to Section 906 of the  Sarbanes-Oxley  Act of 2002,
that, to the best of his knowledge:

      (1)   The Report fully complies with the  requirements of Section 13(a) or
            15(d) of the Securities Exchange Act of 1934; and

      (2)   The  information  contained in the Report  fairly  presents,  in all
            material respects, the financial condition and results of operations
            of the Partnership.


                                           /s/Martha L. Long
                                    Name:  Martha L. Long
                                    Date:  November 12, 2004


                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  November 12, 2004


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