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, 2005


[ ]   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 ___

Indicate by check mark whether the  registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act) Yes __ No X_


<PAGE>


                         PART I - FINANCIAL INFORMATION

Item 1.     Financial Statements


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

                               September 30, 2005
<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 31
   Receivables and deposits                                                     222
   Restricted escrows                                                            31
   Other assets                                                                  95
   Investment property:
      Land                                                    $ 905
      Building and related personal property                   10,083
                                                               10,988
      Less accumulated depreciation                            (7,435)        3,553
                                                                            $ 3,932
Liabilities and Partners' (Deficiency) Capital
Liabilities
   Accounts payable                                                          $ 21
   Accrued property taxes                                                       144
   Tenant security deposit liabilities                                           35
   Other liabilities                                                            134
   Due to affiliates (Note B)                                                   135
   Mortgage note payable                                                      4,625

Partners' (Deficiency) Capital
   General partners                                          $ (3,811)
   Limited partners (130,000 units issued and
      outstanding)                                              2,649        (1,162)
                                                                            $ 3,932

         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,
                                                 2005         2004          2005         2004
Revenues:
<S>                                             <C>           <C>         <C>          <C>
  Rental income                                 $ 457         $ 368       $ 1,299      $ 1,018
  Other income                                      46            43          122          136
      Total revenues                               503           411        1,421        1,154

Expenses:
  Operating                                        288           251          757          644
  General and administrative                        40            40          129          160
  Depreciation                                     105           109          323          328
  Interest                                          98            97          297          294
  Property tax                                      48            46          147          139
      Total expenses                               579           543        1,653        1,565

Loss from continuing operations                    (76)         (132)        (232)        (411)
Loss from discontinued operations
  (Notes A and C)                                   --            --           --         (290)
Gain on sale of discontinued operations
  (Note C)                                          --            --           --        4,684

Net (loss) income                               $ (76)       $ (132)       $ (232)     $ 3,983

Net (loss) income allocated to general
  partners (6.9%)                                $ (5)        $ (9)        $ (16)       $ 275
Net (loss) income allocated to limited
  partners (93.1%)                                 (71)         (123)        (216)       3,708

                                                $ (76)       $ (132)       $ (232)     $ 3,983
Per limited partnership unit:
  Loss from continuing operations              $ (0.55)      $ (0.95)     $ (1.66)     $ (2.95)
  Loss from discontinued operations                 --            --           --        (2.07)
  Gain on sale of discontinued operations           --            --           --        33.54

                                               $ (0.55)      $ (0.95)     $ (1.66)     $ 28.52
Distributions per limited partnership
  unit                                           $ --        $ 0.94         $ --       $ 34.86

         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, 2004               130,000       $(3,795)     $ 2,865       $ (930)

Net loss for the nine months
  ended September 30, 2005                --           (16)        (216)        (232)

Partners' (deficiency) capital
  at September 30, 2005              130,000       $(3,811)     $ 2,649      $(1,162)

         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,
                                                                       2005         2004
Cash flows from operating activities:
<S>                                                                   <C>          <C>
  Net (loss) income                                                   $ (232)      $ 3,983
  Adjustments to reconcile net (loss) income to net cash
   provided by (used in) operating activities:
     Depreciation                                                         323          328
     Amortization of loan costs                                            14           15
     Gain on sale of discontinued operations                               --       (4,684)
     Loss on early extinguishment of debt                                  --          229
     Change in accounts:
      Receivables and deposits                                             39          127
      Other assets                                                        (22)         (15)
      Accounts payable                                                    (15)          (9)
      Accrued property taxes                                              (38)         (68)
      Tenant security deposit liabilities                                   4          (38)
      Due to affiliates                                                    17          (48)
      Other liabilities                                                    43          (40)
       Net cash provided by (used in) operating activities                133         (220)

Cash flows from investing activities:
  Property improvements and replacements                                  (99)        (108)
  Net withdrawals from restricted escrows                                  45           30
  Proceeds from sale of investment property                                --        7,321
       Net cash (used in) provided by investing activities                (54)       7,243

Cash flows from financing activities:
  Repayment of mortgage note payable                                       --       (2,089)
  Payments on mortgage notes payable                                      (67)         (65)
  Prepayment penalty paid                                                  --         (202)
  Payments on advance from affiliates                                     (80)          --
  Distributions to partners                                                --       (4,673)
       Net cash used in financing activities                             (147)      (7,029)

Net decrease in cash and cash equivalents                                 (68)          (6)

Cash and cash equivalents at beginning of period                           99           44

Cash and cash equivalents at end of period                             $ 31         $ 38

Supplemental disclosure of cash flow information:
  Cash paid for interest                                               $ 280        $ 310

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, 2005 are approximately $12,000 of improvements which were included
in accounts payable at December 31, 2004.

         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, 2005 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December 31, 2005. 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, 2004.

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
"Accounting  for  the  Impairment  or  Disposal  of  Long-Lived   Assets",   the
consolidated  statements of operations  for the nine months ended  September 30,
2004  reflect  the   operations  of  Ralston  Place   Apartments  as  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 receive 5% of gross receipts from the
Partnership's   property  as  compensation  for  providing  property  management
services.  The  Partnership  paid to such affiliates  approximately  $69,000 and
$66,000 during the nine months ended September 30, 2005 and 2004,  respectively,
which is included in operating expenses and loss from discontinued operations.

An  affiliate  of the  Managing  General  Partner  charged the  Partnership  for
reimbursement of accountable  administrative expenses amounting to approximately
$62,000 and  $100,000  for the nine months  ended  September  30, 2005 and 2004,
respectively,  which is  included  in general and  administrative  expenses.  At
September 30, 2005,  approximately  $14,000 of these expenses  remain unpaid and
are included in due to affiliates.

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. There were no such fees paid during the nine months ended September
30, 2005 and 2004, as there were no distributions  from operations during either
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.  During the year ended  December  31,  2004,  an  affiliate  of the
Managing  General  Partner  exceeded  this limit and  advanced  the  Partnership
approximately $197,000 to cover operating expenses and property improvements and
replacements.  Approximately $80,000 of this advance and approximately $5,000 of
accrued  interest were repaid  during the nine months ended  September 30, 2005.
Interest is accrued at prime plus 2% (8.75% at September  30, 2005) and interest
expense amounted to approximately $9,000 for the nine months ended September 30,
2005.  There were no advances to the  Partnership  during the nine months  ended
September 30, 2005 and 2004. Other than cash and cash  equivalents,  the line of
credit is the Partnership's only available source of liquidity. At September 30,
2005, the advance and accrued interest balance of approximately $121,000 remains
unpaid and is included in due to affiliates.

Subsequent  to  September  30,  2005,  the  General  Partner   advanced  to  the
Partnership  approximately  $723,000 to cover operating expenses and to pay fees
related  to the  pending  refinance  of  the  mortgage  at  Woods  of  Inverness
Apartments.  Interest will be charged at prime plus 2%  (approximately  8.75% at
September 30, 2005).

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,   general
liability 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,  2005 and 2004,  the  Partnership  was  charged  by AIMCO and its
affiliates  approximately  $31,000  and  $37,000,  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 a 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 loss from  discontinued  operations.  The  results of the
property's operations for the nine months ended September 30, 2004 of a net loss
of approximately  $61,000 are included in loss from discontinued  operations and
includes revenues of approximately $61,000.

Note D - Subsequent Events

Subsequent  to  September  30, 2005,  the  Partnership  refinanced  the mortgage
encumbering Woods of Inverness Apartments. The refinancing replaced the existing
mortgage of  approximately  $4,625,000 at September 30, 2005 with a new mortgage
in the  amount of  approximately  $4,264,000.  The  existing  mortgage  debt was
scheduled to mature on January 1, 2006 and was repaid with proceeds from the new
mortgage   financing  and  an  advance  from  AIMCO  Properties,   L.P.  ("AIMCO
Properties"),  an affiliate of the Registrant's managing general partner.  Total
capitalized  loan  costs were  approximately  $113,000  including  approximately
$43,000 paid to an affiliate of the Managing  General  Partner.  The Partnership
will recognize a loss on early  extinguishment  of debt in the fourth quarter of
2005 of approximately $5,000 due to the write off of unamortized loan costs.

The new loan  agreement  requires  monthly  payments of  principal  and interest
beginning on November 25, 2005 until the loan matures  September  16, 2007.  The
new  mortgage  financing  was  obtained  pursuant  to  a  credit  facility  (the
"Permanent  Credit  Facility")  that has also  provided for the  refinancing  of
several other properties affiliated with AIMCO Properties.  The Permanent Credit
Facility  creates  separate loans for each property  refinanced there under, and
such loans are not cross  collateralized or cross-defaulted with each other. The
Permanent  Credit  Facility  matures  September  16, 2007 with an option for the
Partnership  to elect one five-year  extension.  The interest rate on the loans,
which  resets  monthly,  is equal to the Fannie Mae  discounted  mortgage-backed
security index plus 85 basis points. In addition, monthly principal payments are
required based on a 30-year  amortization  schedule,  using the interest rate in
effect  during  the first  month in which the  property  is  financed  under the
Permanent  Credit  Facility.  The  loan may be  prepaid  without  penalty.  As a
condition of the loan,  the lender  required  AIMCO  Properties to guarantee the
obligations  and  liabilities of the Registrant with respect to the new mortgage
financing.

Note E - Contingencies

In March 1998, several putative unit holders of limited partnership units of the
Partnership  commenced an action  entitled  Rosalie  Nuanes,  et al. v. Insignia
Financial Group, Inc., et al. (the "Nuanes action") in the Superior Court of the
State of  California  for the  County  of San  Mateo.  The  plaintiffs  named as
defendants,  among others,  the  Partnership,  its Managing  General Partner and
several of their  affiliated  partnerships  and corporate  entities.  The action
purported  to  assert  claims  on  behalf  of a class of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  that are named as nominal  defendants,  challenging,  among  other
things,  the  acquisition  of  interests  in certain  Managing  General  Partner
entities by Insignia Financial Group, Inc.  ("Insignia") and entities that were,
at one  time,  affiliates  of  Insignia;  past  tender  offers  by the  Insignia
affiliates to acquire limited partnership units;  management of the partnerships
by the  Insignia  affiliates;  and the series of  transactions  which  closed on
October 1, 1998 and February 26, 1999 whereby  Insignia and Insignia  Properties
Trust,  respectively,  were merged into AIMCO.  The plaintiffs  sought  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
In addition,  during the third quarter of 2001, a complaint  captioned Heller v.
Insignia  Financial  Group (the  "Heller  action")  was filed  against  the same
defendants  that are named in the  Nuanes  action.  On or about  August 6, 2001,
plaintiffs filed a first amended  complaint.  The Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial  dissolution.  On January 28, 2002, the trial court granted  defendants
motion to strike the complaint. Plaintiffs took an appeal from this order.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes  action and the Heller  action.  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 May 4, 2004, the Objector filed a
second appeal  challenging  the court's use of a referee and its order requiring
Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings.  On June 10, 2005, the California  Supreme Court
denied  Objector's  Petition for Review and the Court of Appeals sent the matter
back to the trial court on June 21,  2005.  The parties  intend to ask the trial
court to make further findings in connection with settlement consistent with the
Court of Appeal's  remand order.  With respect to the related Heller appeal,  on
July 28, 2005,  the Court of Appeals  reversed the trial court's order  striking
the first amended complaint.

On August 18, 2005,  Objector and his counsel filed a motion to  disqualify  the
trial court based on a peremptory challenge and filed a motion to disqualify for
cause on October 17, 2005. On or about October 13, 2005 Objector  filed a motion
to  intervene  and on or about  October  19,  2005  filed  both a motion to take
discovery  relating to the adequacy of plaintiffs as derivative  representatives
and a motion to dissolve the anti-suit injunction in connection with settlement.
On October 27, 2005, the Court denied Objector's peremptory challenge and struck
Objector's motion to disqualify for cause. No hearing has been set on Objector's
remaining motions. On November 3, 2005, Objector and his counsel filed a writ of
mandate to the Court of Appeals challenging the court's October 27, 2005 order.

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.

AIMCO  Properties  L.P.  and NHP  Management  Company,  both  affiliates  of the
Managing  General  Partner,  are  defendants  in a  lawsuit  alleging  that they
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.
The  complaint,  filed in the United States  District  Court for the District of
Columbia,  attempts  to bring 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.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call".  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  failed to comply with the FLSA in
compensating maintenance workers for time that they worked in excess of 40 hours
in a week. In June 2005 the Court conditionally  certified the collective action
on both the on-call and overtime issues,  which allows the plaintiffs to provide
notice of the  collective  action to all  non-exempt  maintenance  workers  from
August 7, 2000 through the present. Those employees will have the opportunity to
opt-in to the collective action,  and AIMCO Properties,  L.P. and NHP Management
Company will have the  opportunity to move to decertify the  collective  action.
Because the court denied  plaintiffs'  motion to certify  state  subclasses,  on
September  26,  2005,  the  plaintiffs  filed  a  class  action  with  the  same
allegations in the Superior Court of California (Contra Costa County).  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
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.

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

Environmental

Various  Federal,  state and local laws subject  property owners or operators to
liability for management,  and the costs of removal or  remediation,  of certain
hazardous  substances  present on a property.  Such laws often impose  liability
without regard to whether the owner or operator knew of, or was responsible for,
the release or presence of the  hazardous  substances.  The  presence of, or the
failure to manage or remedy properly,  hazardous substances may adversely affect
occupancy at affected  apartment  communities and the ability to sell or finance
affected properties.  In addition to the costs associated with investigation and
remediation  actions  brought by government  agencies,  and  potential  fines or
penalties  imposed by such  agencies in  connection  therewith,  the presence of
hazardous  substances on a property could result in claims by private plaintiffs
for personal injury, disease, disability or other infirmities. Various laws also
impose  liability for the cost of removal,  remediation or disposal of hazardous
substances  through a  licensed  disposal  or  treatment  facility.  Anyone  who
arranges for the disposal or treatment of hazardous  substances  is  potentially
liable  under such laws.  These laws often impose  liability  whether or not the
person arranging for the disposal ever owned or operated the disposal  facility.
In connection with the ownership,  operation and management of its property, the
Partnership could  potentially be liable for environmental  liabilities or costs
associated with its property.

Mold

The Partnership is aware of lawsuits  against owners and managers of multifamily
properties asserting claims of personal injury and property damage caused by the
presence of mold, some of which have resulted in substantial  monetary judgments
or settlements. The Partnership has only limited insurance coverage for property
damage loss claims  arising from the  presence of mold and for  personal  injury
claims related to mold exposure. Affiliates of the Managing General Partner have
implemented a national  policy and  procedures to prevent or eliminate mold from
its properties  and the Managing  General  Partner  believes that these measures
will  minimize  the  effects  that mold could have on  residents.  To date,  the
Partnership  has not  incurred  any material  costs or  liabilities  relating to
claims of mold exposure or to abate mold  conditions.  Because the law regarding
mold is unsettled and subject to change the Managing General Partner can make no
assurance  that  liabilities  resulting from the presence of or exposure to mold
will  not have a  material  adverse  effect  on the  Partnership's  consolidated
financial condition or results of operations.

SEC Investigation

The  Central  Regional  Office of the  United  States  Securities  and  Exchange
Commission (the "SEC")  continues its 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  have included  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, tax credit  transactions and
tender offers for limited  partnership  interests.  AIMCO is cooperating  fully.
AIMCO is not able to predict when the investigation 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, 2005 and 2004:

                                                   Average Occupancy
      Property                                      2005       2004

      Woods of Inverness Apartments                 88%        70%
        Houston, Texas

The Managing  General  Partner  attributes the increase in occupancy at Woods of
Inverness  Apartments  to an  increase  in  marketing  efforts  and  competitive
pricing.

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 loss for the nine months  ended  September  30, 2005 was
approximately  $232,000  compared to net income of approximately  $3,983,000 for
the nine months ended  September 30, 2004.  The  Partnership's  net loss for the
three months ended September 30, 2005 was  approximately  $76,000  compared to a
net loss of  approximately  $132,000 for the three months  ended  September  30,
2004. The decrease in net income for the nine months ended September 30, 2005 is
largely due to the gain on sale of Ralston Place  Apartments  recognized  during
January 2004 and, to a lesser extent,  an increase in total expenses,  partially
offset by an increase in total revenues and a decrease in loss from discontinued
operations.  The decrease in net loss for the three months ended  September  30,
2005 is due to an increase in total revenues  partially offset by an increase in
total expenses.

In accordance with Statement of Financial Accounting Standards ("SFAS") No. 144,
the accompanying consolidated statements of operations for the nine months ended
September 30, 2004 reflect the  operations  of Ralston Place  Apartments as loss
from discontinued operations due to its sale in January 2004. The results of the
property's  operations  for the nine months ended  September 30, 2004, a loss of
approximately  $61,000,  are included in loss from  discontinued  operations and
include  revenues  of  approximately  $61,000.  There was no income or loss from
discontinued operations for the nine months ended September 30, 2005.

On January 30, 2004, the  Partnership  sold Ralston Place  Apartments to a 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 loss from discontinued operations.

The Partnership  recognized a loss from continuing  operations of  approximately
$76,000 and $132,000 for the three  months  ended  September  30, 2005 and 2004,
respectively,  and a loss from continuing  operations of approximately  $232,000
and  $411,000  for  the  nine  months  ended   September   30,  2005  and  2004,
respectively.  The decrease in loss from continuing operations for the three and
nine months  ended  September  30, 2005 is due to an increase in total  revenues
partially offset by an increase in total expenses.  Total revenues increased for
the three and nine months ended  September 30, 2005 due to an increase in rental
income.  The increase in rental  income for the nine months ended  September 30,
2005 was partially offset by a decrease in other income. Rental income increased
for both  periods  due to an increase  in  occupancy  and a decrease in bad debt
expense,  partially  offset by a  decrease  in the  average  rental  rate at the
Partnership's  investment  property.  Other income decreased for the nine months
ended September 30, 2005 due to decreases in lease cancellation and cleaning and
damage fees partially offset by an increase in utility reimbursements.

Total  expenses  increased  for the nine months ended  September 30, 2005 due to
increases in operating,  property tax and interest expenses, partially offset by
a decrease in general and administrative  expenses. Total expenses increased for
the three  months  ended  September  30,  2005  primarily  due to an increase in
operating  expenses.  Operating  expense increased for the three and nine months
ended September 30, 2005 due to an increase in payroll and related benefits,  an
increase  in  property  management  fees due to the  increase  in rental  income
discussed  above,  and  estimated  clean up costs  related  to  hurricane  Rita,
partially  offset  by a  decrease  in  contract  services  at the  Partnership's
investment  property.  Property tax expense  increased due to an increase in the
tax  rate  partially  offset  by  a  decrease  in  the  assessed  value  of  the
Partnership's investment property.  Interest expense increased for the three and
nine months  ended  September  30, 2005 as a result of the  interest on advances
from an  affiliate  of the  Managing  General  Partner,  partially  offset  by a
decrease in interest expense on the mortgage encumbering the investment property
due to regularly scheduled principal payments.

General  and  administrative  expenses  decreased  for  the  nine  months  ended
September  30, 2005 due to a decrease  in the cost of  services  included in the
management  reimbursements  to the Managing General Partner as allowed under the
Partnership Agreement.  General and administrative  expenses remained relatively
constant for the three months ended September 30, 2005. Also included in general
and  administrative  expenses for the three and nine months ended  September 30,
2005 and 2004 are 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,  2005,  the  Partnership  had cash and  cash  equivalents  of
approximately  $31,000 compared to approximately  $38,000 at September 30, 2004.
Cash and cash  equivalents  decreased  approximately  $68,000 since December 31,
2004 due to  approximately  $54,000 and $147,000 of cash used in  investing  and
financing activities,  respectively,  partially offset by approximately $133,000
of cash  provided by operating  activities.  Cash used in  investing  activities
consisted of property  improvements  and  replacements  partially  offset by net
withdrawals from restricted escrow accounts.  Cash used in financing  activities
consisted  of  principal   payments  made  on  the  mortgage   encumbering   the
Partnership's property and payments on advances from affiliates. 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.  During the year ended  December  31,  2004,  an  affiliate  of the
Managing  General  Partner  exceeded  this limit and  advanced  the  Partnership
approximately $197,000 to cover operating expenses and property improvements and
replacements.  Approximately $80,000 of this advance and approximately $5,000 of
accrued  interest were repaid  during the nine months ended  September 30, 2005.
Interest is accrued at prime plus 2% (8.75% at September  30, 2005) and interest
expense amounted to approximately $9,000 for the nine months ended September 30,
2005.  There were no advances to the  Partnership  during the nine months  ended
September 30, 2005 and 2004. Other than cash and cash  equivalents,  the line of
credit is the Partnership's only available 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 property 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,  2005,  the  Partnership  completed
approximately  $87,000 of capital improvements at Woods of Inverness Apartments,
consisting primarily of floor covering  replacements,  balcony and swimming pool
upgrades,  signage,  air  conditioner  replacements  and furniture and fixtures.
These  improvements  were funded from  replacement  reserves and operating  cash
flow. The Partnership  regularly  evaluates the capital improvement needs of the
property.  While  the  Partnership  has no  material  commitments  for  property
improvements  and  replacements,   certain  routine  capital   expenditures  are
anticipated  during 2005. Such capital  expenditures will depend on the physical
condition of the property as well as replacement  reserves and anticipated  cash
flow generated by the property.

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

In order to cover  operating  cash  shortfalls  and to pay fees  related  to the
pending  refinance  of the  mortgage  at  Woods  of  Inverness  Apartments,  the
Partnership obtained advances of approximately  $723,000 subsequent to September
30, 2005, as discussed in "Item 1. Financial Statements - Note B".

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 $4,625,000
was amortized over 360 months with a balloon payment of approximately $4,602,000
due January 1, 2006.  Subsequent  to September  30, 2005,  the Managing  General
Partner  refinanced  the  mortgage  at Woods of  Inverness  Apartments.  The new
mortgage of approximately  $4,264,000 matures in September 2007 with a five year
extension  option.  The Managing  General  Partner will attempt to refinance the
mortgage on Woods of Inverness  Apartments and/or sell the property prior to its
maturity  date.  If the property  cannot be  refinanced or sold for a sufficient
amount, the Partnership will risk losing such property through foreclosure.

The Partnership  distributed the following  amounts during the nine months ended
September 30, 2005 and 2004 (in thousands, except per unit data):
<TABLE>
<CAPTION>

                                       Per Limited                        Per Limited
                  Nine Months Ended    Partnership    Nine Months Ended   Partnership
                 September 30, 2005        Unit       September 30, 2004      Unit

<S>  <C>                <C>                <C>             <C>              <C>
Sale (1)                $ --               $ --            $ 4,673          $ 34.86
</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, 2005.

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the  availability  of cash  reserves  and the  timing  of the  debt
maturity, refinancing and/or property sale. The Partnership's cash available for
distribution is reviewed on a monthly basis.  There can be no assurance that the
Partnership  will  generate  sufficient  funds from  operations  after  required
capital  expenditures,  to permit any  distributions  to its partners in 2005 or
subsequent periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 84,849.69 limited partnership units
(the "Units") in the Partnership representing 65.27% of the outstanding Units at
September  30,  2005. 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 65.27% 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 property is recorded at cost, less accumulated  depreciation,  unless
considered  impaired.  If events or  circumstances  indicate  that the  carrying
amount of the 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  property.  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
asset.

Revenue Recognition

The Partnership generally leases apartment units for twelve-month terms or less.
The Partnership will offer rental concessions during particularly slow months or
in response  to heavy  competition  from other  similar  complexes  in the area.
Rental income attributable to leases, net of any concessions, is recognized on a
straight-line  basis over the term of the lease.  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.

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.

                           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 28, 2002, the trial court granted  defendants
motion to strike the complaint. Plaintiffs took an appeal from this order.

On January 8, 2003,  the parties filed a  Stipulation  of Settlement in proposed
settlement of the Nuanes  action and the Heller  action.  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 May 4, 2004, the Objector filed a
second appeal  challenging  the court's use of a referee and its order requiring
Objector to pay those fees.

On March 21, 2005, the Court of Appeals issued opinions in both pending appeals.
With regard to the settlement and judgment entered thereto, the Court of Appeals
vacated  the trial  court's  order and  remanded  to the trial court for further
findings  on the basis that the "state of the record is  insufficient  to permit
meaningful  appellate  review".  With regard to the second appeal,  the Court of
Appeals  reversed the order requiring the Objector to pay referee fees. On April
26, 2005,  the Court of Appeals  lifted the stay of a pending  appeal related to
the Heller action and the trial court's order striking the  complaint.  On April
28, 2005, the Objector  filed a Petition for Review with the California  Supreme
Court in connection with the opinion vacating the order approving settlement and
remanding for further findings.  On June 10, 2005, the California  Supreme Court
denied  Objector's  Petition for Review and the Court of Appeals sent the matter
back to the trial court on June 21,  2005.  The parties  intend to ask the trial
court to make further findings in connection with settlement consistent with the
Court of Appeal's  remand order.  With respect to the related Heller appeal,  on
July 28, 2005,  the Court of Appeals  reversed the trial court's order  striking
the first amended complaint.

On August 18, 2005,  Objector and his counsel filed a motion to  disqualify  the
trial court based on a peremptory challenge and filed a motion to disqualify for
cause on October 17, 2005. On or about October 13, 2005 Objector  filed a motion
to  intervene  and on or about  October  19,  2005  filed  both a motion to take
discovery  relating to the adequacy of plaintiffs as derivative  representatives
and a motion to dissolve the anti-suit injunction in connection with settlement.
On October 27, 2005, the Court denied Objector's peremptory challenge and struck
Objector's motion to disqualify for cause. No hearing has been set on Objector's
remaining motions. On November 3, 2005, Objector and his counsel filed a writ of
mandate to the Court of Appeals challenging the court's October 27, 2005 order.

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.

AIMCO  Properties  L.P.  and NHP  Management  Company,  both  affiliates  of the
Managing  General  Partner,  are  defendants  in a  lawsuit  alleging  that they
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.
The  complaint,  filed in the United States  District  Court for the District of
Columbia,  attempts  to bring 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.  and  NHP
Management Company failed to compensate  maintenance  workers for time that they
were  required  to be  "on-call".  Additionally,  the  complaint  alleges  AIMCO
Properties  L.P. and NHP  Management  Company  failed to comply with the FLSA in
compensating maintenance workers for time that they worked in excess of 40 hours
in a week. In June 2005 the Court conditionally  certified the collective action
on both the on-call and overtime issues,  which allows the plaintiffs to provide
notice of the  collective  action to all  non-exempt  maintenance  workers  from
August 7, 2000 through the present. Those employees will have the opportunity to
opt-in to the collective action,  and AIMCO Properties,  L.P. and NHP Management
Company will have the  opportunity to move to decertify the  collective  action.
Because the court denied  plaintiffs'  motion to certify  state  subclasses,  on
September  26,  2005,  the  plaintiffs  filed  a  class  action  with  the  same
allegations in the Superior Court of California (Contra Costa County).  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
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.

Item 5.     Other Information

            None.

Item 6.     Exhibits

            See Exhibit Index

<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 14, 2005

<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.)

      10.8        Multifamily  Note dated  October  31,  2005  between  Woods of
                  Inverness CPF XVI, LP, a Delaware limited partnership and GMAC
                  Commercial  Mortgage  Corporation,  a California  corporation.
                  (Filed with the  Registrant's  Form 8-K dated October 31, 2005
                  and filed on November 4, 2005.)*

      10.9        Assignment of Loan Agreement,  Collateral Agreements and other
                  Loan Documents  dated October 31, 2005 between GMAC Commercial
                  Mortgage  Corporate and Woods of Inverness CPF 16, L.P. (Filed
                  with the  Registrant's  Form 8-K dated  October  31,  2005 and
                  filed on November 4, 2005.)*

      10.10       Guaranty dated October 31, 2005 between AIMCO Properties LP, A
                  Delaware  limited  partnership  and GMAC  Commercial  Mortgage
                  Corporation,   a  California  corporation.   (Filed  with  the
                  Registrant's  Form 8-K  dated  October  31,  2005 and filed on
                  November 4, 2005.)*

      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 of the equivalent of the Chief Executive Officer
                  and Chief  Financial  Officer  Pursuant  to 18 U.S.C.  Section
                  1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                  Act of 2002.

*Schedules and supplemental  materials to the exhibit have been omitted but will
be provided to the Securities and Exchange Commission upon request.

<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 14, 2005

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


<PAGE>

Exhibit 31.2


                                  CERTIFICATION


I, Stephen B. Waters, certify that:


1.    I have reviewed this 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 14, 2005

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


<PAGE>

Exhibit 32.1


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



In  connection  with the Quarterly  Report on Form 10-QSB of Century  Properties
Fund XVI (the "Partnership"),  for the quarterly period ended September 30, 2005
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 14, 2005

                                           /s/Stephen B. Waters
                                    Name:  Stephen B. Waters
                                    Date:  November 14, 2005


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