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 June 30, 2002


[ ]   Transition Report Under Section 13 or 15(d) of the Securities Exchange Act
      of 1934


                For the transition period from _________to _________

                         Commission file number 0-10435


                            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)


                         PART I - FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS


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

                                  June 30, 2002

<TABLE>
<CAPTION>

Assets
<S>                                                                          <C>
   Cash and cash equivalents                                                 $ 243
   Receivables and deposits                                                     157
   Restricted escrows                                                            75
   Other assets                                                                 216
   Investment properties:
      Land                                                   $ 1,409
      Buildings and related personal property                  15,853
                                                           --  ------
                                                               17,262
      Less accumulated depreciation                            (9,995)        7,267
                                                            -- ------     --  -----
                                                                            $ 7,958
Liabilities and Partners' (Deficit) Capital
Liabilities
   Accounts payable                                                          $ 26
   Accrued property taxes                                                       142
   Tenant security deposit liabilities                                           57
   Other liabilities                                                            185
   Mortgage notes payable                                                     7,032

Partners' (Deficit) Capital
   General partners                                          $ (3,872)
   Limited partners (130,000 units issued and
      outstanding)                                              4,388           516
                                                           --   -----     ---   ---
                                                                            $ 7,958


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>


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

<TABLE>
<CAPTION>

                                      Three Months Ended         Six Months Ended
                                           June 30,                  June 30,
                                      2002          2001         2002         2001
                                      ----          ----         ----         ----
Revenues:
<S>                                <C>           <C>          <C>          <C>
   Rental income                   $   778       $   770      $  1,535     $  1,524
   Other income                         63            52           129           96
                                     -----         -----       -------      -------
      Total revenues                   841           822         1,664        1,620
                                     -----         -----       -------      -------
Expenses:
   Operating                           336           354           677          678
   General and administrative           60            66           129          142
   Depreciation                        179           171           354          341
   Interest                            147           149           294          298
   Property tax                          71           73           142          145
                                      -----        -----        -------      ------
      Total expenses                   793           813         1,596        1,604
                                     -----         -----        ------       ------

      Net income                   $    48       $     9      $     68     $     16
                                     ======        ======       ======       ======

Net income allocated to
  general partners (6.9%)          $     3       $     1      $      5     $      1

Net income allocated to
   limited partners (93.1%)              45            8            63           15
                                      ------       ------       -------      ------

                                   $    48       $     9      $     68     $     16
                                     =====         =====        =======      ======

Net income per limited
  partnership unit                  $  0.35      $  0.06      $   0.48     $   0.11
                                      =====        =====        ======       ======
Distributions per limited
  partnership unit                  $  2.26      $   .51      $   2.26     $   1.05
                                      =====        =====        ======       ======

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                            CENTURY PROPERTIES FUND XVI
          CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' (DEFICIT) 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' (deficit) capital
   at December 31, 2001              130,000     $ (3,854)    $ 4,619      $   765

Distributions to partners                 --          (23)        (294)       (317)

Net income for the six months
   ended June 30, 2002                    --            5           63          68
                                   -----  --      -------    -----  --      ------

Partners' (deficit) capital
   at June 30, 2002                  130,000     $ (3,872)    $ 4,388      $   516
                                     =======      =======      ======       ======


            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                           CENTURY PROPERTIES FUND XVI
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
                                   (in thousands)

<TABLE>
<CAPTION>

                                                                  Six Months Ended
                                                                        June 30,
                                                                  2002        2001
Cash flows from operating activities:
<S>                                                             <C>          <C>
  Net income                                                    $     68     $     16
  Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation                                                      354          341
   Amortization of loan costs                                         16           16
   Casualty gain                                                     (15)          --
   Change in accounts:
      Receivables and deposits                                       130          109
      Other assets                                                   (67)         (24)
      Accounts payable                                                (4)         (25)
      Accrued property taxes                                         (45)         (27)
      Tenant security deposit liabilities                              1            9
      Other liabilities                                               79          (10)
                                                                 -------      -------

       Net cash provided by operating activities                     517          405
                                                                 -------      -------

Cash flows from investing activities:
  Property improvements and replacements                            (203)        (275)
  Insurance proceeds received                                         22           --
  Net withdrawals from (deposits to) restricted escrows                2          (21)
                                                                 -------      -------

       Net cash used in investing activities                        (179)        (296)
                                                                 -------      -------

Cash flows from financing activities:
  Distributions to partners                                         (317)        (147)
  Advances from affiliates                                            47           --
  Payments on advances from affiliates                               (47)          --
  Payments on mortgage notes payable                                 (50)         (46)
                                                                 -------      -------

       Net cash used in financing activities                        (367)        (193)
                                                                 -------      -------

Net decrease in cash and cash equivalents                            (29)         (84)

Cash and cash equivalents at beginning of period                     272          262
                                                                 -------      -------

Cash and cash equivalents at end of period                      $    243     $    178
                                                                 =======      =======

Supplemental disclosure of cash flow information:
  Cash paid for interest                                        $    278     $    235
                                                                 =======      =======

            See Accompanying Notes to Consolidated Financial Statements
</TABLE>

                           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 six  month  periods  ended  June  30,  2002 are not
necessarily  indicative  of the results that may be expected for the fiscal year
ending  December 31, 2002. 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, 2001.

Note B - Transactions with Affiliated Parties

The  Partnership  has no employees  and is  dependent  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  both  of the  Registrant's  properties  for  providing  property
management  services.  The  Partnership  paid to such  affiliates  approximately
$86,000  and  $82,000  during  the six  months  ended  June 30,  2002 and  2001,
respectively, which is included in operating expenses.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting  to  approximately  $74,000 and
$87,000 for the six months ended June 30, 2002 and 2001, respectively,  which is
included in general and administrative expenses.

Pursuant  to  the  Partnership  Agreement,  for  managing  the  affairs  of  the
Partnership, the general partner is entitled to receive a Partnership management
fee  equal  to  10%  of the  Partnership's  adjusted  cash  from  operations  as
distributed.  Approximately  $16,000 of  Partnership  management  fees were paid
during the six months ended June 30, 2002.  Approximately  $7,000 in Partnership
management  fees were paid along with the  distributions  from  operations  made
during the six months ended June 30, 2001,  which is included in general partner
distributions.

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.  During the six months ended June 30, 2002, an affiliate of the Managing
General  Partner  advanced  the  Partnership   approximately  $47,000  to  cover
operating  expenses.  This loan was repaid  during the six months ended June 30,
2002. Interest was charged at prime plus 2% and amounted to less than $1,000 for
the six months  ended June 30, 2002.  There were no advances to the  Partnership
during the six months ended June 30, 2001. Other than cash and cash equivalents,
the line of credit is the Partnership's only unused source of liquidity.

Beginning in 2001, the  Partnership  began insuring its properties 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 properties above the
AIMCO  limits  through  insurance  policies  obtained  by  AIMCO  from  insurers
unaffiliated with the Managing General Partner. During the six months ended June
30,  2002 and 2001,  the  Partnership  was  charged by AIMCO and its  affiliates
approximately $43,000 and $42,000, respectively, for insurance coverage and fees
associated with policy claims administration.

Note C - Legal Proceedings

In March 1998, several putative  unitholders 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
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which 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 which 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  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further briefing,  as order by the court, was submitted by the parties. On
July 10, 2002,  the Court  entered an order  vacating the current  trial date of
January 13, 2003 (as well as the  pre-trial  and  discovery  cut-off  dates) and
stayed the case in its entirety through November 7, 2002 so that the parties can
have an opportunity to discuss settlement.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the complaint. The parties are currently in the midst of briefing that appeal.

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

The  Partnership is unaware of any other pending or outstanding  litigation that
is not of a routine nature arising in the ordinary course of business.


<PAGE>



ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION
            ---------------------------------------------------------

The  matters  discussed  in this Form  10-QSB  contain  certain  forward-looking
statements  and  involve  risks and  uncertainties  (including  changing  market
conditions,   competitive  and  regulatory   matters,   etc.)  detailed  in  the
disclosures  contained  in this  Form  10-QSB  and the  other  filings  with the
Securities and Exchange Commission made by the Registrant from time to time. The
discussion of the  Registrant's  business and results of  operations,  including
forward-looking  statements  pertaining  to such  matters,  does not  take  into
account the effects of any changes to the  Registrant's  business and results of
operation.  Accordingly,  actual  results  could  differ  materially  from those
projected in the forward-looking  statements as a result of a number of factors,
including those identified herein.

The Partnership's  investment properties consist of two apartment complexes. The
following  table sets forth the average  occupancy of the properties for the six
months ended June 30, 2002 and 2001:

                                                   Average Occupancy
      Property                                      2002       2001
      --------                                      ----       ----

      Ralston Place                                 96%        96%
        Tampa, Florida
      Woods of Inverness Apartments                 94%        95%
        Houston, Texas

Results of Operations

The  Partnership's  net income for the six months  ended June 30,  2002  totaled
approximately  $68,000 compared to net income of  approximately  $16,000 for the
six months  ended June 30,  2001.  The  Partnership  realized net income for the
three months ended June 30, 2002 of approximately $48,000 compared to net income
of  approximately  $9,000 for the three months ended June 30, 2001. The increase
in net income for the three and six months  ended June 30, 2002 is  attributable
to an increase in total revenues and a decrease in total expenses.  The increase
in total  revenues is  attributable  to an  increase  in other  income and, to a
lesser  extent,  an increase in rental  income.  The increase in other income is
primarily  due to an increase in tenant  charges and utility  reimbursements  at
Woods of  Inverness  Apartments.  The  increase  in  rental  income is due to an
increase  in  average  rental  rates  at  both of the  Partnership's  properties
partially  offset  by a  slight  decrease  in  occupancy  at Wood  of  Inverness
Apartments.

The  decrease in total  expenses  for the six months  ended June 30, 2002 is the
result of a decrease in general and administrative  expenses partially offset by
an increase in  depreciation  expense.  The  decrease in total  expenses for the
three months  ended June 30, 2002 is the result of a decrease in  operating  and
general  and  administrative   expenses  partially  offset  by  an  increase  in
depreciation  expense.  Operating  expenses decreased for the three months ended
June 30, 2002 primarily due to decreases in property  expenses  partially offset
by an increase in insurance expenses and maintenance expenses. Property expenses
decreased  primarily  due to a decrease  in payroll  and  related  benefits  and
utility expenses at Woods of Inverness Apartments.  Insurance expenses increased
primarily  due to an increase in  insurance  premiums at both of the  investment
properties.  Maintenance  expenses increased due to an increase in contract work
at Woods of  Inverness  Apartments.  Depreciation  expense  increased  due to an
increase in depreciable  assets put into service in the last twelve months which
are now being depreciated.

General and administrative expenses decreased for the three and six months ended
June  30,  2002  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.  In addition  to the  management  reimbursements,  costs
associated  with the  quarterly  and annual  communications  with  investors and
regulatory  agencies and the annual audit required by the Partnership  Agreement
are also included in general and administrative expenses.


<PAGE>



As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner monitors the rental market  environment of its investment  properties 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,  due to changing  market
conditions,  which  can  result  in the use of  rental  concessions  and  rental
reductions to offset softening market conditions, there is no guarantee that the
Managing General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At June 30, 2002, the Partnership had cash and cash equivalents of approximately
$243,000  compared to  approximately  $178,000 at June 30,  2001.  Cash and cash
equivalents  decreased  approximately  $29,000  since  December  31, 2001 due to
approximately  $367,000  and $179,000 of cash used in  financing  and  investing
activities,  respectively,  partially offset by  approximately  $517,000 of cash
provided by operating activities. Cash used in financing activities consisted of
principal   payments  made  on  the  mortgages   encumbering  the   Registrant's
properties,  payments  made on advances from  affiliates  and  distributions  to
partners  partially offset by advances  received from  affiliates.  Cash used in
investing  activities  consisted  of  property   improvements  and  replacements
partially offset by net withdrawals from restricted  escrow accounts  maintained
by the mortgage  lender and the receipt of insurance  proceeds.  The  Registrant
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 has no outstanding  amounts due under this line of
credit.  During the six months ended June 30, 2002, an affiliate of the Managing
General  Partner  advanced  the  Partnership   approximately  $47,000  to  cover
operating  expenses.  This loan was repaid  during the six months ended June 30,
2002. Interest was charged at prime plus 2% and amounted to less than $1,000 for
the six months  ended June 30, 2002.  There were no advances to the  Partnership
during the six months ended June 30, 2001. 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 Registrant and to comply with Federal,
state, and local legal and regulatory requirements. Capital improvements planned
for the Partnership's properties are detailed below.

Ralston  Place:  For 2002,  the  Partnership  has budgeted  $114,000 for capital
improvements at Ralston Place consisting primarily of appliance,  plumbing,  air
conditioning and flooring replacements, structural improvements and laundry room
and  maintenance  building  enhancements.  As of June 30, 2002, the property has
spent  approximately  $70,000 in capital  expenditures  consisting  primarily of
plumbing fixture replacements,  structural  improvements and appliance and floor
covering replacements. These improvements were funded primarily from replacement
reserves and  operations.  Additional  improvements  may be considered  and will
depend on the physical condition of the property as well as replacement reserves
and anticipated cash flow generated by the property.

Woods of  Inverness:  For  2002,  the  Partnership  has  budgeted  approximately
$108,000 for capital  improvements at Woods of Inverness consisting primarily of
appliance and flooring replacements and structural improvements.  As of June 30,
2002 the property has spent  approximately  $133,000 of budgeted and  unbudgeted
capital expenditures  consisting  primarily of plumbing fixtures,  appliance and
floor covering replacements and structural improvements. These improvements were
funded primarily from replacement  reserves,  insurance proceeds and operations.
Additional  improvements  may be  considered  and will  depend  on the  physical
condition of the property as well as replacement  reserves and anticipated  cash
flow generated by the property.

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 Registrant's distributable cash flow, if
any, may be adversely affected at least in the short term.

The  Registrant's  current assets are thought to be sufficient for any near-term
needs  (exclusive  of capital  improvements)  of the  Registrant.  The  mortgage
indebtedness  of  approximately  $7,032,000 is amortized  over 360 months with a
balloon  payment of  approximately  $6,618,000 due January 1, 2006. The Managing
General  Partner  will attempt to refinance  such  indebtedness  and/or sell the
properties  prior to such maturity date. If the properties  cannot be refinanced
or sold for a sufficient amount, the Registrant will risk losing such properties
through foreclosure.

The Partnership  distributed  the following  amounts during the six months ended
June 30, 2002 and 2001 (in thousands, except per unit data):

<TABLE>
<CAPTION>

                      Six Months      Per Limited       Six Months      Per Limited
                        Ended         Partnership         Ended         Partnership
                    June 30, 2002         Unit        June 30, 2001         Unit

<S>                    <C>              <C>              <C>               <C>
Operations             $  317           $ 2.26           $  147            $ 1.05
                        =====            =====            =====             =====
</TABLE>

Future cash  distributions  will depend on the levels of net cash generated from
operations, the availability of cash reserves and the timing of debt maturities,
refinancings  and/or  property  sales.  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 further distributions to its partners during the
remainder of 2002 or subsequent periods.

Other

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 79,825.69 limited partnership units
(the "Units") in the Partnership representing 61.40% of the outstanding Units at
June 30, 2002. 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 of limited partnership interest in the Partnership
in  exchange  for  cash or a  combination  of cash and  units  in the  operating
partnership of AIMCO either through private  purchases or tender offers. In this
regard, on June 25, 2002, a tender offer by AIMCO  Properties,  L.P., to acquire
any and all of the units not owned by affiliates  of AIMCO for a purchase  price
of $31.00 per unit expired.  Pursuant to this offer,  AIMCO acquired 2,759 units
during  the  quarter  ended  June 30,  2002.  Under the  Partnership  Agreement,
unitholders  holding a majority  of the Units are  entitled  to take action with
respect to a variety of matters which would include voting on certain amendments
to the Partnership  Agreement and voting to remove the Managing General Partner.
As a result of its ownership of 61.40% of the outstanding  Units,  AIMCO is in a
position  to  control  all voting  decisions  with  respect  to the  Registrant.
Although  the Managing  General  Partner  owes  fiduciary  duties to the limited
partners of the  Partnership,  the Managing  General Partner also owed fiduciary
duties to AIMCO as its sole Stockholder. As a result, the duties of the Managing
General  Partner,  as managing  general  partner,  to the  Partnerships  and its
limited  partners may come into conflict with the duties of the Managing General
Partner to AIMCO,  as it sole  stockholder.  However,  with respect to 47,326.68
units,  owned by Insignia  Properties  LP, an affiliate of the Managing  General
Partner, such affiliate is required to vote such Units: (i) against any increase
in compensation  payable to the Managing  General Partner or to affiliates;  and
(ii) on all other matters  submitted by it or its  affiliates,  in proportion to
the votes cast by non-tendering 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.

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  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 an impairment in 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 will offer rental concessions during  particularly slow months or in
response  to  heavy  competition  from  other  similar  complexes  in the  area.
Concessions are charged to income as incurred.




<PAGE>



                           PART II - OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

In March 1998, several putative  unitholders 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
purports  to  assert  claims  on  behalf  of a class  of  limited  partners  and
derivatively  on behalf  of a number  of  limited  partnerships  (including  the
Partnership)  which 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 which 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  seek  monetary
damages and equitable relief, including judicial dissolution of the Partnership.
On June 25, 1998, the Managing General Partner filed a motion seeking  dismissal
of the action.  In lieu of responding  to the motion,  the  plaintiffs  filed an
amended  complaint.  The Managing General Partner filed demurrers to the amended
complaint which were heard February 1999.

Pending the ruling on such  demurrers,  settlement  negotiations  commenced.  On
November 2, 1999,  the parties  executed and filed a Stipulation  of Settlement,
settling claims, subject to court approval, on behalf of the Partnership and all
limited partners who owned units as of November 3, 1999. Preliminary approval of
the  settlement  was obtained on November 3, 1999 from the Court,  at which time
the Court set a final  approval  hearing for  December  10,  1999.  Prior to the
December  10,  1999  hearing,  the  Court  received  various  objections  to the
settlement, including a challenge to the Court's preliminary approval based upon
the alleged lack of authority of prior lead counsel to enter the settlement.  On
December 14, 1999, the Managing  General  Partner and its affiliates  terminated
the  proposed  settlement.  In  February  2000,  counsel  for some of the  named
plaintiffs filed a motion to disqualify plaintiff's lead and liaison counsel who
negotiated  the  settlement.  On June  27,  2000,  the  Court  entered  an order
disqualifying  them  from the case and an  appeal  was  taken  from the order on
October 5, 2000. On December 4, 2000, the Court  appointed the law firm of Lieff
Cabraser  Heimann & Bernstein  LLP as new lead  counsel for  plaintiffs  and the
putative class.  Plaintiffs filed a third amended complaint on January 19, 2001.
On March 2, 2001,  the  Managing  General  Partner  and its  affiliates  filed a
demurrer to the third amended  complaint.  On May 14, 2001,  the Court heard the
demurrer to the third amended  complaint.  On July 10, 2001, the Court issued an
order  sustaining  defendants'  demurrer on certain  grounds.  On July 20, 2001,
Plaintiffs filed a motion for reconsideration of the Court's July 10, 2001 order
granting in part and denying in part defendants' demurrer. On September 7, 2001,
Plaintiffs  filed a fourth amended class and  derivative  action  complaint.  On
September 12, 2001, the Court denied Plaintiffs' motion for reconsideration.  On
October 5, 2001, the Managing General Partner and affiliated  defendants filed a
demurrer to the fourth amended complaint,  which was heard on December 11, 2001.
On February 2, 2002,  the Court served its order  granting in part the demurrer.
The  Court has  dismissed  without  leave to amend  certain  of the  plaintiffs'
claims.  On February 11, 2002,  plaintiffs  filed a motion  seeking to certify a
putative  class  comprised of all  non-affiliated  persons who own or have owned
units  in  the  partnerships.   The  Managing  General  Partner  and  affiliated
defendants  oppose the motion.  On April 29,  2002,  the Court held a hearing on
plaintiffs' motion for class  certification and took the matter under submission
after further briefing,  as order by the court, was submitted by the parties. On
July 10, 2002,  the Court  entered an order  vacating the current  trial date of
January 13, 2003 (as well as the  pre-trial  and  discovery  cut-off  dates) and
stayed the case in its entirety through November 7, 2002 so that the parties can
have an opportunity to discuss settlement.

During the third  quarter of 2001, a complaint  (the "Heller  action") was filed
against  the same  defendants  that are named in the  Nuanes  action,  captioned
Heller v. Insignia Financial Group. On or about August 6, 2001, plaintiffs filed
a first amended  complaint.  The first amended complaint in the Heller action is
brought as a purported  derivative  action,  and asserts  claims for among other
things  breach  of  fiduciary  duty;  unfair  competition;   conversion,  unjust
enrichment;  and judicial  dissolution.  Plaintiffs in the Nuanes action filed a
motion to  consolidate  the Heller action with the Nuanes action and stated that
the Heller action was filed in order to preserve the derivative claims that were
dismissed  without  leave to amend in the Nuanes action by the Court order dated
July 10, 2001. On October 5, 2001, the Managing  General  Partner and affiliated
defendants  moved to strike the first  amended  complaint  in its  entirety  for
violating  the Court's July 10, 2001 order  granting in part and denying in part
defendants'  demurrer in the Nuanes action, or alternatively,  to strike certain
portions of the complaint based on the statute of limitations.  Other defendants
in the action  demurred to the fourth  amended  complaint,  and,  alternatively,
moved to strike the complaint. On December 11, 2001, the court heard argument on
the motions  and took the matters  under  submission.  On February 4, 2002,  the
Court  served  notice of its order  granting  defendants'  motion to strike  the
Heller complaint as a violation of its July 10, 2001 order in the Nuanes action.
On March 27, 2002,  the plaintiffs  filed a notice  appealing the order striking
the complaint. The parties are currently in the midst of briefing that appeal.

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


<PAGE>



ITEM 6.     EXHIBITS AND REPORTS ON FORM 8-K

a)    Exhibits:

                  Exhibit 3, 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, included in the Registrant's  Registration  Statement on
                  Form S-11 (Reg. No. 2-71473).

                  Exhibit 99, Certification of Chief Executive Officer and Chief
                  Financial Officer

            b)    Reports on Form 8-K:

                  None filed during the quarter ended June 30, 2002.


<PAGE>



                                   SIGNATURES



In accordance with the requirements of the Exchange Act, the Partnership  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/Patrick J. Foye
                                         Patrick J. Foye
                                         Executive Vice President

                                 By:     /s/Thomas C. Novosel
                                         Thomas C. Novosel
                                         Senior Vice President
                                         and Chief Accounting Officer

                              Date: August 14, 2002


<PAGE>


Exhibit 99


                          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 June 30, 2002 as
filed with the  Securities  and  Exchange  Commission  on the date  hereof  (the
"Report"),  Patrick J. Foye, as the equivalent of the Chief Executive Officer of
the Partnership, and Paul J. McAuliffe, 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/Patrick J. Foye
                                    Name:  Patrick J. Foye
                                    Date:  August 14, 2002


                                           /s/Paul J. McAuliffe
                                    Name:  Paul J. McAuliffe
                                    Date:  August 14, 2002

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