SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   Form 10-KSB
(Mark One)
[X]   ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
      OF 1934

                 For the fiscal year ended December 31, 2003

[ ]   TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
      ACT OF 1934

             For the transition period from _________to _________

                         Commission file number 0-16877

                      FOX STRATEGIC HOUSING INCOME PARTNERS
                 (Name of small business issuer in its charter)

         California                                             94-3016373
(State or other jurisdiction of                              (I.R.S. Employer
 incorporation or organization)                             Identification No.)

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

                    Issuer's telephone number (864) 239-1000

        Securities registered under Section 12(b) of the Exchange Act:

                                      None

        Securities registered under Section 12(g) of the Exchange Act:

                            Limited Partnership Units
                                (Title of class)

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___

Check if there is no disclosure of delinquent  filers in response to Item 405 of
Regulation S-B contained in this form, and no disclosure  will be contained,  to
the best of the  registrant's  knowledge,  in  definitive  proxy or  information
statements  incorporated  by  reference  in Part III of this Form  10-KSB or any
amendment to this Form 10-KSB. [x]

State issuer's revenues for its most recent fiscal year.  $1,422,000

State the aggregate  market value of the voting  partnership  interests  held by
non-affiliates  computed  by  reference  to the price at which  the  partnership
interests  were sold,  or the average bid and asked  prices of such  partnership
interests, as of December 31, 2003. No market exists for the limited partnership
interests of the Registrant,  and,  therefore,  no aggregate market value can be
determined.

                       DOCUMENTS INCORPORATED BY REFERENCE
                                      None



<PAGE>


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.

                                     PART I

Item 1.  Description of Business

Fox Strategic  Housing Income Partners (the  "Partnership" or "Registrant") is a
publicly-held  limited  partnership  organized  in June 1984,  under the Uniform
Limited Partnership Act of the California  Corporations Code. Fox Partners VIII,
a California general partnership, is the general partner of the Partnership. Fox
Capital Management  Corporation  ("FCMC" or the "Managing General  Partner"),  a
California  corporation,  and Fox Realty Investors ("FRI"), a California general
partnership, are the general partners of Fox Partners VIII. 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. The Partnership  Agreement provides that the Partnership is to
terminate on December 31, 2025 unless, terminated earlier in accordance with the
terms of the Partnership Agreement.

The Partnership,  through its public offering of Limited Partnership Units, sold
26,111 units aggregating $26,111,000. From April 1987 through February 1989, the
Partnership  acquired one mobile home park and two apartment  complexes.  During
2003,  the  Partnership  sold one of the apartment  complexes.  The  Partnership
continues to hold and operate one apartment complex (see "Item 2. Description of
Property").  Since its initial offering,  the Partnership has not received,  nor
are limited partners required to make, additional capital contributions.

The  Partnership has no employees.  The Managing  General Partner is vested with
full authority as to the general  management and supervision of the business and
affairs of the Partnership. Limited partners have no right to participate in the
management or conduct of such business and affairs. An affiliate of the Managing
General Partner provides day-to-day property management services.

Risk Factors

The  real  estate  business  in which  the  Partnership  is  engaged  is  highly
competitive.  There are other  residential  properties within the market area of
the Partnership's  property.  The number and quality of competitive  properties,
including  those which may be managed by an affiliate  of the  Managing  General
Partner,  in such market area could have a material  effect on the rental market
for the  apartments  at the  Partnership's  property  and the rents  that may be
charged  for  such  apartments.  While  the  Managing  General  Partner  and its
affiliates  own and/or  control a significant  number of apartment  units in the
United  States,  such  units  represent  an  insignificant  percentage  of total
apartment units in the United States and competition for apartments is local.

Laws benefiting  disabled persons may result in the Partnership's  incurrence of
unanticipated  expenses.  Under the Americans with  Disabilities Act of 1990, or
ADA,  all places  intended to be used by the public are required to meet certain
Federal  requirements  related to access and use by disabled persons.  Likewise,
the Fair Housing Amendments Act of 1988, or FHAA, requires apartment  properties
first occupied after March 13, 1990 to be accessible to the  handicapped.  These
and other  Federal,  state  and  local  laws may  require  modifications  to the
Partnership's  property, or restrict renovations of the property.  Noncompliance
with these laws could result in the  imposition  of fines or an award of damages
to  private  litigants  and  also  could  result  in an  order  to  correct  any
non-complying  feature,  which could result in substantial capital expenditures.
Although the Managing General Partner believes that the  Partnership's  property
is  substantially in compliance with present  requirements,  the Partnership may
incur unanticipated expenses to comply with the ADA and the FHAA.

Both the income and expenses of operating the property owned by the  Partnership
are subject to factors outside of the Partnership's  control, such as changes in
the supply and demand for  similar  properties  resulting  from  various  market
conditions, increases/decreases in unemployment or population shifts, changes in
the  availability of permanent  mortgage  financing,  changes in zoning laws, or
changes in patterns or needs of users. In addition,  there are risks inherent in
owning  and  operating  residential   properties  because  such  properties  are
susceptible  to the  impact of  economic  and other  conditions  outside  of the
control of the Partnership.

There have been, and it is possible there may be other, Federal, state and local
legislation  and  regulations   enacted   relating  to  the  protection  of  the
environment.  The Partnership is unable to predict the extent,  if any, to which
such new  legislation  or  regulations  might occur and the degree to which such
existing or new legislation or regulations  might adversely  affect the property
owned by the Partnership.

The  Partnership  monitors its property for evidence of  pollutants,  toxins and
other dangerous substances, including the presence of asbestos. In certain cases
environmental  testing has been performed which resulted in no material  adverse
conditions or liabilities.  In no case has the Partnership  received notice that
it is a potentially  responsible party with respect to an environmental clean up
site.

A further description of the Partnership's business is included in "Management's
Discussion and Analysis or Plan of Operation"  included in "Item 6" of this Form
10-KSB.


<PAGE>




Item 2.  Description of Property:

The following table sets forth the Partnership's investment in property:

<TABLE>
<CAPTION>

                                     Date of
Property                            Purchase       Type of Ownership          Use

<S>                                   <C>
Wood View Apartments                  9/87    Fee ownership, subject      Apartment
  Atlanta, Georgia                            to a first mortgage         180 units
</TABLE>

On December 16, 2003,  Barrington  Place  Apartments was sold to an unaffiliated
third party for  approximately  $10,100,000.  After  closing  costs and expenses
related to the sale, and the assumption of the mortgage encumbering the property
by  the  purchaser,   the  net  proceeds   received  by  the  Partnership   were
approximately  $5,331,000.  The  Partnership  realized  a gain  on the  sale  of
investment  property of  approximately  $3,558,000  during the fourth quarter of
2003. The Partnership  recognized a loss on the early  extinguishment of debt of
approximately  $59,000  as a result of the write off of  unamortized  loan costs
which is included in (loss) income from discontinued operations in the statement
of operations.

Effective January 1, 2002, the Partnership adopted SFAS No. 144, "Accounting for
the Impairment or Disposal of Long-Lived  Assets",  which established  standards
for the way that public business enterprises report information about long-lived
assets that are either being held for sale or have  already been  disposed of by
sale or other means.  The standard  requires  that results of  operations  for a
long-lived  asset that is being held for sale or has already been disposed of be
reported as a  discontinued  operations  on the  statement of  operations.  As a
result of the sale of Barrington  Place  Apartments to an unrelated third party,
the  accompanying  consolidated  statement  of  operations  for the  year  ended
December  31,  2002 has been  restated  as of  January  1, 2002 to  reflect  the
operations of Barrington Place Apartments, approximately ($122,000) and $157,000
for the years ended December 31, 2003 and 2002,  respectively,  as (loss) income
from discontinued operations including revenues of approximately  $1,363,000 and
$1,536,000, respectively.

Schedule of Property:

Set forth  below for the  Partnership's  property is the gross  carrying  value,
accumulated  depreciation,  depreciable life, method of depreciation and Federal
tax basis.

<TABLE>
<CAPTION>

                               Gross
                              Carrying   Accumulated                         Federal
Property                       Value    Depreciation    Rate     Method     Tax Basis
                                  (in thousands)                         (in thousands)

<S>                          <C>           <C>        <C>                    <C>
Wood View Apartments         $10,756       $ 4,826    5-30 yrs    S/L        $ 5,525
</TABLE>

See  "Note A" to the  consolidated  financial  statements  included  in "Item 7.
Financial Statements" for a description of the Partnership's  capitalization and
depreciation policies.

Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the loans
encumbering the Partnership's property.

<TABLE>
<CAPTION>

                           Principal                                      Principal
                           Balance At    Stated                            Balance
                          December 31,  Interest   Period     Maturity     Due At
        Property              2003        Rate    Amortized     Date    Maturity (1)
                         (in thousands)                                 (in thousands)

<S>                         <C>          <C>      <C>          <C> <C>     <C>
Wood View Apartments        $ 5,216      6.64%    30 years     8/1/08      $ 4,774
</TABLE>

(1)   See "Item 7. Financial  Statements - Note B" for information  with respect
      to the  Partnership's  ability  to prepay  this  loan and  other  specific
      details about the loan.

Rental Rates and Occupancy:

Average annual rental rates and occupancy for 2003 and 2002 for the property:

                                   Average Annual        Average Annual
                                    Rental Rate            Occupancy
                                     (per unit)
 Property                        2003          2002       2003    2002

 Wood View Apartments           $ 8,802      $ 9,699      91%      85%

The Managing  General Partner  attributes the increase in occupancy at Wood View
Apartments to increased marketing efforts and reduced rental rates.

As noted under "Item 1.  Description of Business",  the real estate  industry is
highly  competitive.  The Partnership's  property is subject to competition from
other residential  apartment complexes in the area. The Managing General Partner
believes that the property is adequately  insured.  The property is an apartment
complex which leases units for lease terms of one year or less. No tenant leases
10% or more of the  available  rental  space.  The property is in good  physical
condition,  subject to normal  depreciation and  deterioration as is typical for
assets of this type and age.

Real Estate Taxes and Rates:

Real estate taxes and rates in 2003 for the property were:

                                                 2003            2003
                                                Billing          Rate
                                            (in thousands)

Wood View Apartments                             $ 124           2.99%

Capital Improvements:

Wood View

During the year ended December 31, 2003, the Partnership completed approximately
$204,000 in capital improvements at Wood View Apartments primarily consisting of
floor covering and appliance replacements,  major landscaping and structural and
water and sewer improvements. These improvements were funded from operating cash
flow. The Partnership is currently  evaluating the capital  improvement needs of
the property for the upcoming year and currently expects to budget approximately
$99,000.  Additional  improvements  may be  considered  and will  depend  on the
physical condition of the property as well as anticipated cash flow generated by
the property.

Barrington Place

During the year ended December 31, 2003, the Partnership completed approximately
$60,000  in capital  improvements  at  Barrington  Place  Apartments  consisting
primarily of floor  covering  and  appliance  replacements  and heating and fire
safety improvements. This property was sold December 16, 2003.

Item 3.  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 (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 Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

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

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

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.  On January 28, 2004, Objector filed his
opening brief in his pending appeal.  The Managing  General Partner is currently
scheduled  to file a brief in  support  of the order  approving  settlement  and
entering judgment thereto by April 23, 2004.

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act (FLSA) by failing to pay maintenance  workers  overtime
for all hours worked in excess of forty per week.  The  Complaint is styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the  Complaint  denying the  substantive  allegations.  Discovery  is  currently
underway.

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.

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

The  unitholders of the Registrant did not vote on any matter during the quarter
ended December 31, 2003.


<PAGE>

                                     PART II

Item 5.     Market for Partnership Equity and Related Partner Matters

The Partnership  offered and sold 26,111 Limited  Partnership  Units aggregating
$26,111,000. As of December 31, 2003, there were 820 holders of record owning an
aggregate of 26,111  Units.  Affiliates  of the Managing  General  Partner owned
11,604 Units or 44.44% as of December  31,  2003.  There is no intention to sell
additional  Limited  Partnership  Units nor is there an  established  market for
these Units.

The following  table sets forth the  distributions  made from  operations by the
Partnership for the years ended December 31, 2002 and 2003:

                                                Distributions
                                                           Per Limited
                                        Aggregate        Partnership Unit
                                      (in thousands)

       01/01/02 - 12/31/02             $   465               $ 17.43

Subsequent  to December  31,  2003,  the  Partnership  declared  and paid to the
limited  partners a  distribution  of  approximately  $4,618,000  (approximately
$4,526,000 to the limited partners or $173.34 per limited partnership unit). The
distribution  was paid from the proceeds  from the sale of  Barrington  Place in
December  2003  (see  Item  7.  Financial   Statements  -  Note  E  for  further
discussion).

Future cash  distributions  will depend on the levels of net cash generated from
operations,  the availability of cash reserves, and the timing of debt maturity,
refinancing   and/or  property  sale.  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 further distributions to its partners in the
year 2004 or subsequent  periods.  See "Item 2. Schedule of Properties - Capital
Improvements" for information  relating to anticipated  capital  expenditures at
the property.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 11,604 limited  partnership  units
(the "Units") in the Partnership representing 44.44% of the outstanding Units at
December  31,  2003.  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 44.44% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all 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.


<PAGE>



Item 6.     Management's Discussion and Analysis or Plan of Operation

This  item  should  be read  in  conjunction  with  the  consolidated  financial
statements and other items contained elsewhere in this report.

Results of Operations

The  Partnership's  net  income  for  the  year  ended  December  31,  2003  was
approximately $3,157,000 compared to net income of approximately $70,000 for the
year ended December 31, 2002. The increase in net income is primarily due to the
gain on the sale of Barrington Place Apartments in 2003.

On December 16, 2003,  Barrington  Place  Apartments was sold to an unaffiliated
third party for  approximately  $10,100,000.  After  closing  costs and expenses
related  to  the  sale,  the  net  proceeds  received  by the  Partnership  were
approximately  $5,331,000  as  the  mortgage  was  assumed  by  the  buyer.  The
Partnership  realized a gain on the sale of investment property of approximately
$3,558,000 during the fourth quarter of 2003. The Partnership  recognized a loss
on the early extinguishment of debt of approximately  $59,000 as a result of the
write off of  unamortized  loan costs which is  included  in (loss)  income from
discontinued operations in the statement of operations.

Effective January 1, 2002, the Partnership adopted SFAS No. 144, "Accounting for
the Impairment or Disposal of Long-Lived  Assets",  which established  standards
for the way that public business enterprises report information about long-lived
assets that are either being held for sale or have  already been  disposed of by
sale or other means.  The standard  requires  that results of  operations  for a
long-lived  asset that is being held for sale or has already been disposed of be
reported as a  discontinued  operations  on the  statement of  operations.  As a
result of the sale of Barrington  Place  Apartments to an unrelated third party,
the  accompanying  consolidated  statement  of  operations  for the  year  ended
December  31,  2002 has been  restated  as of  January  1, 2002 to  reflect  the
operations of Barrington Place Apartments, approximately ($122,000) and $157,000
for the years ended December 31, 2003 and 2002,  respectively,  as (loss) income
from discontinued operations including revenues of approximately  $1,363,000 and
$1,536,000, respectively.

The Partnership  recognized a net loss from  continuing  operations for the year
ended December 31, 2003 of  approximately  $279,000  compared to a net loss from
continuing  operations of approximately  $87,000 for the year ended December 31,
2002.  The increase in loss from  continuing  operations  is  attributable  to a
decrease in total  revenues and an increase in total  expenses.  The decrease in
total  revenues  for the year ended  December  31,  2003 is  primarily  due to a
decrease in rental income partially  offset by an increase in other income.  The
decrease  in rental  income for the year  ended  December  31,  2003 is due to a
decrease in average rental rates at the Partnership's  remaining property,  Wood
View  Apartments,  and increased  bad debt and  concessions  expenses  partially
offset by an increase in  occupancy.  The  increase in other income for the year
ended  December  31,  2003 is  attributable  primarily  to an  increase in lease
cancellation fees and late charges.

The  increase  in total  expenses  for the year ended  December  31, 2003 is the
result of increases in operating and depreciation expenses,  partially offset by
a decrease in general and  administrative  expenses.  Property  tax and interest
expenses  remained  relatively  constant  for the year ended  December 31, 2003.
Operating  expenses  increased  due to  increases in  maintenance,  property and
advertising  expenses.  The increase in maintenance expenses is primarily due to
increases in contract  services and  building  repairs at Wood View  Apartments.
Property  expenses  increased  primarily due to increased  employee salaries and
other  related  benefits.  Advertising  expense  increased  primarily  due to an
increase  in  referral  fees  and  periodical  expenses.   Depreciation  expense
increased due to capital improvements completed during the past twelve months at
the Partnership's investment property.

The decrease in general and administrative  expenses for the year ended December
31, 2003 is primarily due to a decrease in Partnership management fees paid with
distributions from operations since there were no operating distributions during
2003  partially  offset by an increase in the costs of services  included in the
management  reimbursements  to the Managing General Partner as allowed under the
Partnership  Agreement.  Also included in general and administrative expense for
the year ended  December 31, 2003 are costs  associated  with the  quarterly and
annual  communications  with  investors and  regulatory  agencies and the annual
audit required by the Partnership Agreement.

As part of the ongoing  business plan of the  Partnership,  the Managing General
Partner  monitors the rental  market  environment  of each of its  properties to
assess the feasibility of increasing rents,  maintaining or increasing occupancy
levels,  and protecting the  Partnership  from increases in expense.  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  reductions to offset  softening
market conditions,  accordingly, there is no guarantee that the Managing General
Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At  December  31,  2003,  the  Partnership  had  cash and  cash  equivalents  of
approximately  $5,413,000  compared to  approximately  $327,000 at December  31,
2002. The increase in cash and cash equivalents of approximately  $5,086,000 for
the year ended  December  31, 2003 is due to  approximately  $5,067,000  of cash
provided by investing activities and approximately  $178,000 of cash provided by
operating  activities,  which was partially offset by approximately  $159,000 of
cash  used in  financing  activities.  Cash  provided  by  investing  activities
consisted of proceeds from the sale of Barrington  Place  Apartments,  partially
offset  by  property  improvements  and  replacements.  Cash  used in  financing
activities consisted of payments of principal made on the mortgages  encumbering
the  Partnership's  properties.  The  Partnership  invests its  working  capital
reserves in interest bearing accounts.

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  investment  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 and is studying new Federal laws, including the Sarbanes-Oxley Act of
2002. 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, including increased legal and audit fees. The Partnership
is currently  evaluating the capital  improvement  needs of its property for the
upcoming  year and  currently  expects  to  budget  approximately  $99,000.  The
additional capital  expenditures will be incurred only if cash is available from
operations and Partnership  reserves.  To the extent that such budgeted  capital
improvements are completed,  the Partnership's  distributable cash flow, if any,
may be adversely affected at least in the short term.

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  encumbering the Partnership's property of approximately $5,216,000
is amortized over 360 months with a balloon payment of approximately  $4,774,000
due on August 1, 2008.  The Managing  General  Partner will attempt to refinance
such  indebtedness  and/or sell the property prior to such maturity date. If the
property  cannot  be  refinanced  and/or  sold  for  a  sufficient  amount,  the
Partnership will risk losing such property through foreclosure.

The Partnership distributed the following amounts during the year ended December
31, 2003 and 2002 (in thousands except per unit data):

<TABLE>
<CAPTION>

                                          Per                               Per
                      Year Ended        Limited         Year Ended        Limited
                     December 31,     Partnership      December 31,     Partnership
                         2003             Unit             2002             Unit

<S>                    <C>              <C>              <C>               <C>
Operations             $  --            $   --           $  465            $17.43
</TABLE>

Subsequent  to December  31,  2003,  the  Partnership  declared  and paid to the
limited  partners a  distribution  of  approximately  $4,618,000  (approximately
$4,526,000 to the limited partners or $173.34 per limited partnership unit). The
distribution was paid from proceeds from the sale of Barrington Place Apartments
in December 2003.

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, however,
that the  Partnership  will  generate  sufficient  funds from  operations  after
required  capital  expenditures to permit further  distributions to its partners
during 2004 or subsequent periods.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 11,604 limited  partnership  units
(the "Units") in the Partnership representing 44.44% of the outstanding Units at
December  31,  2003.  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 44.44% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all 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

A summary of the Partnership's  significant  accounting  policies is included in
"Note A - Organization and Significant Accounting Policies" which is included in
the consolidated  financial  statements in "Item 7. Financial  Statements".  The
Managing  General  Partner  believes that the  consistent  application  of these
policies enables the Partnership to provide readers of the financial  statements
with useful and reliable  information about the Partnership's  operating results
and financial condition. The preparation of consolidated financial statements in
conformity with accounting  principles  generally  accepted in the United States
requires the Partnership to make estimates and assumptions.  These estimates and
assumptions affect the reported amounts of assets and liabilities at the date of
the financial  statements  as well as reported  amounts of revenues and expenses
during the reporting  period.  Actual results could differ from these estimates.
Judgments  and  assessments  of  uncertainties  are  required  in  applying  the
Partnership's  accounting policies in many areas. 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

The  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  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  evaluates all accounts receivable from residents and establishes an
allowance, after the application of security deposits, for accounts greater than
30 days past due on current tenants and all receivables due from former tenants.
The Partnership will offer rental concessions during particularly slow months or
in response to heavy  competition from other similar  complexes in the area. Any
concessions  given at the inception of the lease are amortized  over the life of
the lease.


<PAGE>


Item 7.     Financial Statements


FOX STRATEGIC HOUSING INCOME PARTNERS

LIST OF FINANCIAL STATEMENTS


      Report of Ernst & Young LLP, Independent Auditors

      Consolidated Balance Sheet - December 31, 2003

      Consolidated  Statements of  Operations - Years ended  December 31, 2003
      and 2002

      Consolidated  Statements  of Changes in Partners'  (Deficiency)  Capital -
      Years ended December 31, 2003 and 2002

      Consolidated  Statements  of Cash Flows - Years ended  December 31, 2003
      and 2002

      Notes to Consolidated Financial Statements


<PAGE>







              Report of Ernst & Young LLP, Independent Auditors



The Partners
Fox Strategic Housing Income Partners


We have audited the  accompanying  consolidated  balance  sheet of Fox Strategic
Housing Income  Partners as of December 31, 2003,  and the related  consolidated
statements of operations,  changes in partners'  (deficiency)  capital, and cash
flows for each of the two years in the period ended  December  31,  2003.  These
financial statements are the responsibility of the Partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

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

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the  consolidated  financial  position of Fox Strategic
Housing Income  Partners at December 31, 2003, and the  consolidated  results of
its  operations and its cash flows for each of the two years in the period ended
December 31, 2003, in conformity with accounting  principles  generally accepted
in the United States.



                                                         /s/ ERNST & YOUNG LLP



Greenville, South Carolina
February 27, 2004


<PAGE>





                      FOX STRATEGIC HOUSING INCOME PARTNERS
                           CONSOLIDATED BALANCE SHEET
                        (in thousands, except unit data)

                                December 31, 2003

<TABLE>
<CAPTION>

Assets
<S>                                                                         <C>
   Cash and cash equivalents                                                $ 5,413
   Receivables and deposits                                                      94
   Other assets                                                                 117
   Investment property (Notes B and F):
       Land                                                  $ 1,981
       Buildings and related personal property                  8,775
                                                               10,756
       Less accumulated depreciation                           (4,826)        5,930
                                                                           $ 11,554
Liabilities and Partners' Capital
Liabilities
   Accounts payable                                                          $ 134
   Tenant security deposit liabilities                                           23
   Due to Managing General Partner (Note D)                                     302
   Other liabilities                                                            118
   Mortgage note payable (Note B)                                             5,216

Partners' Capital
   General partner                                             $ 129
   Limited partners (26,111 units issued and
      outstanding)                                              5,632         5,761
                                                                           $ 11,554

        See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>



                      FOX STRATEGIC HOUSING INCOME PARTNERS

                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per unit data)

<TABLE>
<CAPTION>

                                                              Years Ended December 31,
                                                                  2003         2002
                                                                            (Restated)
Revenues:
<S>                                                             <C>          <C>
   Rental income                                                $ 1,292      $ 1,424
   Other income                                                     130           93
         Total revenues                                           1,422        1,517

Expenses:
   Operating                                                        581          462
   General and administrative                                       263          296
   Depreciation                                                     366          354
   Interest                                                         367          367
   Property taxes                                                   124          125
         Total expenses                                           1,701        1,604

Loss from continuing operations                                    (279)         (87)
(Loss) income from discontinued operations (Note E)                (122)         157
Gain on sale of discontinued operations (Note E)                  3,558           --
         Net income                                             $ 3,157        $ 70

Net income allocated to general partners                         $ 433         $ 14
Net income allocated to limited partners                          2,724           56
         Net income (Note C)                                    $ 3,157        $ 70

Per Limited Partnership Unit:
   Loss from continuing operations                              $ (9.38)     $ (2.68)
   (Loss) income from discontinued operations                     (4.06)        4.82
   Gain on sale of discontinued operations                       117.76           --

Net income per limited partnership unit                         $104.32       $ 2.14

Distributions per limited partnership unit                       $ --        $ 17.43


        See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


                      FOX STRATEGIC HOUSING INCOME PARTNERS

     CONSOLIDATED STATEMENTS OF CHANGES IN PARTNERS' (DEFICIENCY) CAPITAL
                        (in thousands, except unit data)


<TABLE>
<CAPTION>

                                         Limited
                                       Partnership    General     Limited
                                          Units       Partner    Partners     Total

<S>                                       <C>           <C>       <C>        <C>
Original capital contributions            26,111        $ --      $26,111    $26,111

Partners' (deficiency) capital at
  December 31, 2001                       26,111       $ (308)    $ 3,307    $ 2,999

Distributions to partners                     --          (10)       (455)      (465)

Net income for the year ended
  December 31, 2002                           --           14          56         70

Partners' (deficiency) capital at
  December 31, 2002                       26,111         (304)      2,908       2,604

Net income for the year ended
  December 31, 2003                           --          433       2,724      3,157

Partners' capital at
  December 31, 2003                       26,111       $ 129      $ 5,632     $ 5,761


        See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>


                      FOX STRATEGIC HOUSING INCOME PARTNERS

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)

<TABLE>
<CAPTION>

                                                                     Years Ended
                                                                    December 31,
                                                                     2003    2002
Cash flows from operating activities:
<S>                                                           <C>          <C>
   Net income                                                 $ 3,157      $    70
   Adjustments to reconcile net income to net cash
     provided by operating activities:
     Depreciation                                                 771          771
     Casualty gain                                                 --          (24)
     Gain on sale of discontinued operations                   (3,558)          --
     Loss on early extinguishment of debt of discontinued
       operations                                                  59           --
     Amortization of loan costs                                    30           26
     Change in accounts:
      Receivables and deposits                                    (41)          (4)
      Other assets                                                (27)          (2)
      Accounts payable                                             25          (92)
      Tenant security deposit liabilities                         (16)          (4)
      Accrued property taxes                                     (185)         (10)
      Due to Managing General Partner                              30           20
      Other liabilities                                           (67)          24
         Net cash provided by operating activities                178          775

Cash flows from investing activities:
   Net proceeds from sale of investment property                5,331           --
   Property improvements and replacements                        (264)        (211)
   Insurance proceeds received                                     --           46
         Net cash provided by (used in) investing
           activities                                           5,067         (165)

Cash flows from financing activities:
   Payments on mortgage notes payable                            (159)        (142)
   Distributions to partners                                       --         (465)
         Net cash used in financing activities                   (159)        (607)

Net increase in cash and cash equivalents                       5,086            3
Cash and cash equivalents at beginning of year                    327          324
Cash and cash equivalents at end of year                      $ 5,413      $   327
Supplemental disclosure of cash flow information:
   Cash paid for interest                                     $   698      $   666
Supplemental disclosure of non-cash flow information:
   Assumption of Barrington Place Apartment's mortgage
     by purchaser                                             $ 4,571      $    --


        See Accompanying Notes to Consolidated Financial Statements
</TABLE>


<PAGE>





                      FOX STRATEGIC HOUSING INCOME PARTNERS

                  Notes To Consolidated Financial Statements

                                December 31, 2003

Note A - Organization and Significant Accounting Policies

Organization:  Fox  Strategic  Housing  Income  Partners (the  "Partnership"  or
"Registrant") is a limited partnership  organized under the laws of the State of
California  to operate and hold  income-producing  properties.  The  Partnership
currently owns one apartment complex, located in Atlanta,  Georgia. Fox Partners
VIII,  a  California  general  partnership,   is  the  general  partner  of  the
Partnership.  The  general  partners  of  Fox  Partners  VIII  are  Fox  Capital
Management  Corporation ("FCMC" or the "Managing General Partner"), a California
corporation, and Fox Realty Investors ("FRI"), a California general partnership.
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. The Partnership Agreement provides that the
Partnership  is to terminate on December 31, 2025 unless  terminated  earlier in
accordance  with the terms of the  Partnership  Agreement.  The  Partnership was
organized in 1984 and commenced operations in 1987. The capital contributions of
$26,111,000  ($1,000 per unit) were made by the limited  partners  including one
limited partnership unit purchased by an affiliate of FCMC.

Principles of Consolidation:  The consolidated  financial statements include the
statements  of the  Partnership  and Westlake East  Associates,  L.P., a limited
partnership in which the Partnership owns a 99% interest. The general partner of
Westlake East  Associates,  L.P. may be removed by the  Partnership;  therefore,
this  partnership  is  controlled  and  consolidated  by  the  Partnership.  All
significant interpartnership transactions and balances have been eliminated.

Allocations to Partners:  Net income, net loss, and distributions of cash of the
Partnership  are allocated  between  general and limited  partners in accordance
with the provisions of the Partnership Agreement.

In accordance with the Partnership  Agreement,  the  Partnership's net losses in
any year were  allocated 100% to the general  partner until the cumulative  loss
allocated   equaled   cumulative   income  allocated  to  the  general  partner.
Thereafter,  the losses are allocated  100% to the limited  partners until their
capital account is reduced to zero. The  Partnership's net income in any year is
allocated 20% to the general  partner and 80% to the limited  partners until the
general partner is allocated  2.0408% of the total Original  Invested Capital or
approximately  $533,000.  For the year ended December 31, 2002, the first 20% of
the  Partnership's  net income was  allocated  to the  general  partner  and the
remaining 80% was allocated to the limited partners. For the year ended December
31,  2003,  20% of the  Partnership's  net income was  allocated  to the general
partner and 80% was allocated to the limited  partners until  cumulative  income
allocated to the general partner reached 2.0408% of the total Original  Invested
Capital.  Next, the remaining unallocated income was allocated 1% to the general
partner and 99% to the limited partners until the limited partners were returned
the  syndication  costs  deducted  from their capital  account of  approximately
$757,000.  The  remaining  unallocated  income was  allocated  2% to the general
partner  and 98% to the  limited  partners.  In  addition,  two  percent of cash
distributions are allocated to the general partner.


Fair Value of Financial Instruments: Statement of Financial Accounting Standards
("SFAS") No. 107,  "Disclosures about Fair Value of Financial  Instruments",  as
amended by SFAS No. 119, "Disclosures about Derivative Financial Instruments and
Fair  Value  of  Financial  Instruments",  requires  disclosure  of  fair  value
information  about  financial  instruments,  whether  or not  recognized  in the
balance sheet, for which it is practicable to estimate fair value. Fair value is
defined in the SFAS as the amount at which the instruments could be exchanged in
a  current  transaction  between  willing  parties,  other  than in a forced  or
liquidation  sale.  The  Partnership  believes that the carrying  amounts of its
financial  instruments (except for long term debt) approximate their fair values
due to the short  term  maturity  of these  instruments.  The fair  value of the
Partnership's  long term debt, after  discounting the scheduled loan payments to
maturity, approximates its carrying balance.

Investment  Property:  The Partnership owns and operates one investment property
consisting of an apartment  complex,  which is stated at cost.  Acquisition fees
are  capitalized as a cost of real estate.  Expenditures  in excess of $250 that
maintain  an  existing  asset  which has a useful life of more than one year are
capitalized  as  capital  replacement  expenditures  and  depreciated  over  the
estimated  useful  life  of  the  asset.   Expenditures  for  ordinary  repairs,
maintenance and apartment turnover costs are expensed as incurred.

In accordance  with SFAS No. 144,  "Accounting for the Impairment or Disposal of
Long-Lived  Assets",  the Partnership  records  impairment  losses on long-lived
assets used in operations when events and circumstances indicate that the assets
might be impaired and the  undiscounted  cash flows estimated to be generated by
those assets are less than the carrying amounts of those assets.  No adjustments
for  impairment of value were  recorded in the years ended  December 31, 2003 or
2002.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the rental property and personal property. For Federal income
tax purposes,  the  accelerated  cost recovery  method is used for real property
over 18 years for additions after March 15, 1984, and before May 9, 1985, and 19
years for additions after May 8, 1985 and before January 1, 1987. As a result of
the Tax  Reform  Act of  1986,  for  additions  after  December  31,  1986,  the
alternative  depreciation  system is used for  depreciation of (1) real property
over 40 years and (2) personal property additions over 5-20 years.

Cash and Cash Equivalents: Cash and cash equivalents include cash on hand and in
banks.  At certain times,  the amount of cash deposited at a bank may exceed the
limit on insured deposits.  Cash balances include approximately  $5,406,000 that
are  maintained  by an  affiliated  management  company on behalf of  affiliated
entities in cash concentration accounts.

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

Loan Costs: At December 31, 2003,  loan costs of  approximately  $153,000,  less
accumulated  amortization of approximately $82,000, are included in other assets
and are being amortized by the  straight-line  method over the life of the loan.
Amortization  expense  for the  years  ended  December  31,  2003  and  2002 was
approximately  $30,000  and  $26,000,  respectively.   Amortization  expense  is
expected to be approximately $15,000 for each of the years 2004 through 2007 and
approximately $10,000 for 2008.

Tenant  Security  Deposits:  The  Partnership  requires  security  deposits from
lessees for the duration of the lease.  The security  deposits are refunded when
the tenant vacates, provided the tenant has not damaged the space and is current
on its rental payments.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"   established   standards  for  the  way  public  business
enterprises  report  information  about operating  segments in annual  financial
statements and requires that those enterprises report selected information about
operating segments in interim financial reports.  It also establishes  standards
for related disclosures about products and services, geographic areas, and major
customers.  As defined in SFAS No. 131, the  Partnership has only one reportable
segment.

Advertising:  The  Partnership  expenses the costs of  advertising  as incurred.
Advertising costs of continuing  operations of approximately $45,000 and $33,000
for the years ended  December 31, 2003 and 2002,  respectively,  were charged to
operating expense as incurred.

Use of Estimates:  The  preparation of financial  statements in conformity  with
accounting   principles   generally  accepted  in  the  United  States  requires
management to make estimates and assumptions that affect the amounts reported in
the financial  statements and  accompanying  notes.  Actual results could differ
from those estimates.

Note B - Mortgage Note Payable

The principal terms of mortgage note payable are as follows:

<TABLE>
<CAPTION>

                          Principal     Monthly                           Principal
                         Balance At     Payment    Stated                  Balance
                        December 31,   Including  Interest    Maturity     Due At
       Property             2003       Interest     Rate        Date      Maturity
                             (in thousands)                             (in thousands)

<S>                        <C>            <C>       <C>       <C>   <C>    <C>
Wood View Apartments       $ 5,216        $ 36      6.64%     08/01/08     $ 4,774
</TABLE>

The  mortgage  note  payable  is  nonrecourse  and is  secured  by pledge of the
Partnership's  rental  property  and by pledge of revenues  from the  respective
apartment property.  The note requires  prepayment  penalties if repaid prior to
maturity.   Further,   the   property  may  not  be  sold  subject  to  existing
indebtedness.

Scheduled principal payments of the mortgage note payable subsequent to December
31, 2003 are as follows (in thousands):

                               2004        $    80
                               2005             92
                               2006             99
                               2007            106
                               2008          4,839
                            Thereafter          --
                                           $ 5,216

Note C - Income Taxes

The  Partnership is classified as a partnership for Federal income tax purposes.
Accordingly, no provision for income taxes is made in the consolidated financial
statements of the  Partnership.  Taxable  income or loss of the  Partnership  is
reported in the income tax returns of its partners.

The following is a reconciliation  of net income as reported in the consolidated
financial  statements and Federal  taxable loss allocated to the partners in the
Partnership's  information return for the years ended December 31, 2003 and 2002
(in thousands, except per unit data):

                                                       2003          2002
              Net income as reported                 $ 3,157       $    70
              Add (deduct):
                Depreciation differences                   2           (69)
                Sale of property                         388            --
                Other                                    (53)           (6)
              Federal taxable income (loss)          $ 3,494       $    (5)

              Federal taxable income (loss) per
                limited partnership unit             $114.34       $ (0.20)

The following is a reconciliation between the Partnership's reported amounts and
Federal tax basis of net assets (in thousands):

Net assets as reported                               $ 5,761
  Land and buildings                                       5
  Accumulated depreciation                              (410)
  Syndication and distribution costs                     757
  Other                                                  237
Net assets - Federal tax basis                       $ 6,350

Note D - 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) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership.

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts  from  the  Partnership's   investment  property  as  compensation  for
providing property management services.  The Partnership paid to such affiliates
approximately  $137,000 and  $155,000 for the years ended  December 31, 2003 and
2002,  respectively,  which is included in operating  expenses and (loss) income
from discontinued operations.

An  affiliate  of  the  Managing  General  Partner  received  reimbursements  of
accountable  administrative  expenses  amounting to  approximately  $179,000 and
$172,000 for the years ended December 31, 2003 and 2002, respectively,  which is
included in general and administrative expenses.

In accordance with the Partnership Agreement, the Managing General Partner earns
partnership  management  fees on  distributions  from  operations.  The Managing
General  Partner earned  approximately  $35,000 in Partnership  Management  fees
during the year ended  December 31,  2002,  of which  approximately  $24,000 was
subordinated  to  the  Limited  Partner's  annual  receipt  of  8%  of  Adjusted
Investment  Capital  as  defined  in the  Partnership  Agreement.  There were no
partnership  management  fees  earned  during the year ended  December  31, 2003
because there were no operating  distributions.  The Partnership management fees
are included in general and administrative expenses. The cumulative subordinated
fees owed to the  Managing  General  Partner at December  31,  2003  amounted to
approximately  $302,000 and are included in Due to Managing  General  Partner on
the accompanying consolidated balance sheet.

The  Partnership  insures its  property up to certain  limits  through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability.  The Partnership  insures its property above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing General Partner.  During the year ended December 31, 2003 and 2002, the
Partnership  was charged by AIMCO and its affiliates  approximately  $38,000 and
$46,000,  respectively,  for insurance  coverage and fees associated with policy
claims administration.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 11,604 limited  partnership  units
(the "Units") in the Partnership representing 44.44% of the outstanding Units at
December  31,  2003.  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 44.44% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all 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.

Note E - Sale of Investment Property

On December 16, 2003,  Barrington  Place  Apartments was sold to an unaffiliated
third party for  approximately  $10,100,000.  After  closing  costs and expenses
related to the sale, and the assumption of the mortgage encumbering the property
by  the  purchaser,   the  net  proceeds   received  by  the  Partnership   were
approximately  $5,331,000.  The  Partnership  realized  a gain  on the  sale  of
investment  property of  approximately  $3,558,000  during the fourth quarter of
2003. The Partnership  recognized a loss on the early  extinguishment of debt of
approximately  $59,000  as a result of the write off of  unamortized  loan costs
which is included in (loss) income from discontinued operations in the statement
of operations.

Effective January 1, 2002, the Partnership adopted SFAS No. 144, "Accounting for
the Impairment or Disposal of Long-Lived  Assets",  which established  standards
for the way that public business enterprises report information about long-lived
assets that are either being held for sale or have  already been  disposed of by
sale or other means.  The standard  requires  that results of  operations  for a
long-lived  asset that is being held for sale or has already been disposed of be
reported as a  discontinued  operations  on the  statement of  operations.  As a
result of the sale of Barrington  Place  Apartments to an unrelated third party,
the  accompanying  consolidated  statement  of  operations  for the  year  ended
December  31,  2002 has been  restated  as of  January  1, 2002 to  reflect  the
operations of Barrington Place Apartments, approximately ($122,000) and $157,000
for the years ended December 31, 2003 and 2002,  respectively,  as (loss) income
from discontinued operations including revenues of approximately  $1,363,000 and
$1,536,000, respectively.

Note F - Real Estate and Accumulated Depreciation

<TABLE>
<CAPTION>

                                                     Initial Cost
                                                    To Partnership
                                                    (in thousands)

                                                             Buildings           Cost
                                                            and Related      Capitalized
                                                              Personal      Subsequent to
        Description            Encumbrances       Land        Property       Acquisition
                              (in thousands)                                (in thousands)

<S>                             <C>             <C>           <C>              <C>
Wood View Apartments            $ 5,216         $ 1,981       $ 7,366          $ 1,409
</TABLE>


                     Gross Amount At Which
                            Carried
                      At December 31, 2003
                        (in thousands)

<TABLE>
<CAPTION>

                           Buildings
                              And
                            Related
                            Personal          Accumulated    Year of     Date   Depreciable
   Description      Land    Property   Total  Depreciation Construction Acquired Life-Years
                                             (in thousands)
<S>                <C>      <C>       <C>       <C>          <C>       <C>        <C>
Wood View          $ 1,981  $ 8,775   $10,756   $ 4,826      1982      09/87      5-30
</TABLE>

Reconciliation of "real estate and accumulated depreciation" (in thousands):

                                              Years Ended December 31,
                                                 2003          2002

Real Estate
Balance at beginning of year                    $22,600       $22,428
    Property improvements                           264           211
    Sale of property                            (12,108)          (39)
Balance at end of year                          $10,756       $22,600

Accumulated Depreciation
Balance at beginning of year                    $ 9,920       $ 9,166
    Additions charged to expense                    771           771
    Sale of property                             (5,865)          (17)
Balance at end of year                          $ 4,826       $ 9,920

The  aggregate  cost of the real  estate  for  Federal  income tax  purposes  at
December  31,  2003 and 2002,  is  approximately  $10,761,000  and  $22,740,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at December 31, 2003 and 2002,  is  approximately  $5,236,000  and  $10,754,000,
respectively.

Note G - Casualty

During the year ended December 31, 2002 the Partnership  recorded a net casualty
gain of  approximately  $24,000 due to water damage that occurred in August 2002
at Barrington Place Apartments.  This gain was the result of insurance  proceeds
received of approximately $46,000,  partially offset by the write-off of the net
book value of the destroyed assets totaling  approximately $22,000. This gain is
included in income from discontinued operations.

Note H - Subsequent Distribution

Subsequent  to December  31,  2003,  the  Partnership  declared  and paid to the
limited  partners a  distribution  of  approximately  $4,618,000  (approximately
$4,526,000 to the limited partners or $173.34 per limited partnership unit). The
distribution was paid from proceeds from the sale of Barrington Place Apartments
in December 2003.

Note I - 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 (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 Heller action was brought as a
purported derivative action, and asserted claims for, among other things, breach
of fiduciary  duty,  unfair  competition,  conversion,  unjust  enrichment,  and
judicial dissolution.

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

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

On June 13, 2003, the Court granted final approval of the settlement and entered
judgment in both the Nuanes and Heller actions.  On August 12, 2003, an objector
("Objector")  filed an  appeal  seeking  to  vacate  and/or  reverse  the  order
approving the settlement and entering  judgment  thereto.  On November 24, 2003,
the Objector filed an  application  requesting the Court order AIMCO to withdraw
settlement  tender offers it had  commenced,  refrain from making further offers
pending the appeal and auction any units tendered to third  parties,  contending
that the offers did not conform  with the terms of the  Settlement.  Counsel for
the Objector (on behalf of another  investor)  had  alternatively  requested the
Court take certain  action  purportedly  to enforce the terms of the  settlement
agreement.  On December 18, 2003,  the Court heard oral  argument on the motions
and denied them both in their entirety.  On January 28, 2004, Objector filed his
opening brief in his pending appeal.  The Managing  General Partner is currently
scheduled  to file a brief in  support  of the order  approving  settlement  and
entering judgment thereto by April 23, 2004.

On August 8, 2003 AIMCO  Properties  L.P., an affiliate of the Managing  General
Partner,  was served  with a  Complaint  in the United  States  District  Court,
District of Columbia alleging that AIMCO Properties L.P.  willfully violated the
Fair Labor Standards Act (FLSA) by failing to pay maintenance  workers  overtime
for all hours worked in excess of forty per week.  The  Complaint is styled as a
Collective  Action  under  the FLSA and seeks to  certify  state  subclasses  in
California, Maryland, and the District of Columbia. Specifically, the plaintiffs
contend that AIMCO Properties L.P. failed to compensate  maintenance workers for
time  that they were  required  to be  "on-call".  Additionally,  the  Complaint
alleges AIMCO  Properties  L.P.  failed to comply with the FLSA in  compensating
maintenance  workers  for time that they  worked in  responding  to a call while
"on-call".  The  Complaint  also  attempts  to certify a subclass  for  salaried
service  directors who are challenging  their  classification as exempt from the
overtime  provisions of the FLSA.  AIMCO  Properties L.P. has filed an answer to
the  Complaint  denying the  substantive  allegations.  Discovery  is  currently
underway.

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.

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


<PAGE>



Item 8.     Changes in and  Disagreements  with  Accountants on Accounting and
            Financial Disclosure

            None.

Item 8a.    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
fourth quarter of 2003 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.


<PAGE>



                                    PART III

   Item 9. Directors and Officers, Promoters and Control Persons, Compliance
                     with Section 16(a) of the Exchange Act

The general partner of Fox Strategic Housing Income Partners (the  "Partnership"
or the  "Registrant") is Fox Partners VIII. The general partners of Fox Partners
VIII are Fox Capital  Management  Corporation  ("FCMC" or the "Managing  General
Partner") and Fox Realty  Investors  ("FRI").  The names and ages of, as well as
the  position and offices  held by, the present  officers  and  directors of the
Managing General Partner are set forth below. There are no family  relationships
between or among any officers or directors.

Peter K. Kompaniez               59   Director
Martha L. Long                   44   Director and Senior Vice President
Harry G. Alcock                  41   Executive Vice President
Miles Cortez                     60   Executive Vice President, General Counsel
                                      and Secretary
Patti K. Fielding                40   Executive Vice President
Paul J. McAuliffe                47   Executive Vice President and Chief
                                      Financial Officer
Thomas M. Herzog                 41   Senior Vice President and Chief Accounting
                                     Officer

Peter K.  Kompaniez  has been Director of the Managing  General  Partner since
February  2004.  Mr.  Kompaniez  has  been  Vice  Chairman  of  the  Board  of
Directors of AIMCO since July 1994 and was  appointed  President in July 1997.
Mr.  Kompaniez has also served as Chief Operating  Officer of NHP Incorporated
after it was  acquired by AIMCO in  December  1997.  Effective  April 1, 2004,
Mr.  Kompaniez  resigned as President of AIMCO. Mr. Kompaniez will continue in
his role as  Director of the  Managing  General  Partner and Vice  Chairman of
AIMCO's  Board  and will  serve  AIMCO on a variety  of  special  and  ongoing
projects in an operating role.

Martha L. Long has been a Director  and Senior Vice  President of the Managing
General  Partner  since  February  2004.  Ms.  Long has been with AIMCO  since
October  1998 and has served in  various  capacities.  From 1998 to 2001,  Ms.
Long served as Senior Vice  President and Controller of AIMCO and the Managing
General  Partner.  During  2002 and 2003,  Ms.  Long  served  as  Senior  Vice
President of Continuous Improvement for AIMCO.

Harry G. Alcock was appointed  Executive Vice President of the Managing  General
Partner  in  February  2004 and has been  Executive  Vice  President  and  Chief
Investment Officer of AIMCO since October 1999. Prior to October 1999 Mr. Alcock
served as a Vice President of AIMCO from July 1996 to October 1997,  when he was
promoted to Senior Vice  President-Acquisitions  where he served  until  October
1999. Mr. Alcock has had responsibility for acquisition and financing activities
of AIMCO since July 1994.

Miles  Cortez was  appointed  Executive  Vice  President,  General  Counsel  and
Secretary  of the  Managing  General  Partner in  February  2004 and of AIMCO in
August 2001. Prior to joining AIMCO, Mr. Cortez was the senior partner of Cortez
Macaulay Bernhardt & Schuetze LLC, a Denver law firm, from December 1997 through
September 2001.

Patti K. Fielding was appointed  Executive  Vice President - Securities and Debt
of the Managing  General Partner in February 2004 and of AIMCO in February 2003.
Ms. Fielding previously served as Senior Vice President - Securities and Debt of
AIMCO from  January  2000 to February  2003.  Ms.  Fielding is  responsible  for
securities and debt financing and the treasury  department.  Ms. Fielding joined
AIMCO in February 1997 and served as Vice  President - Tenders,  Securities  and
Debt until January 2000.

Paul J. McAuliffe has been Executive Vice President and Chief Financial  Officer
of the Managing  General  Partner since April 2002. Mr.  McAuliffe has served as
Executive Vice  President of AIMCO since  February 1999 and was appointed  Chief
Financial Officer of AIMCO in October 1999. From May 1996 until he joined AIMCO,
Mr. McAuliffe was Senior Managing Director of Secured Capital Corp.

Thomas M.  Herzog was  appointed  Senior  Vice  President  and Chief  Accounting
Officer of the Managing General Partner in February 2004 and of AIMCO in January
2004.  Prior to joining AIMCO in January 2004, Mr. Herzog was at GE Real Estate,
serving  as Chief  Accounting  Officer & Global  Controller  from  April 2002 to
January 2004 and as Chief Technical Advisor from March 2000 to April 2002. Prior
to joining GE Real  Estate,  Mr.  Herzog was at  Deloitte & Touche LLP from 1990
until 2000, including a two-year assignment in the real estate national office.

One or more of the above persons are also director  and/or officers of a general
partner (or general partner of a general partner) of limited  partnerships which
either have a class of  securities  registered  pursuant to Section 12(g) of the
Securities Exchange Act of 1934, or are subject to the reporting requirements of
Section  15(d) of such Act.  Further,  one or more of the above persons are also
director and/or officers of Apartment  Investment and Management Company and the
general  partner  of  AIMCO  Properties,  L.P.,  entities  that  have a class of
securities  registered  pursuant to Section 12(g) of the Securities Exchange Act
of 1934, or are subject to the reporting  requirements of Section 15 (d) of such
Act.

The board of directors of the Managing  General Partner does not have a separate
audit committee. As such, the board of directors of the Managing General Partner
fulfills  the  functions  of an audit  committee.  The  board of  directors  has
determined  that  Martha L. Long meets the  requirement  of an "audit  committee
financial expert".

The directors and officers of the Managing  General  Partner with authority over
the Partnership are all employees of subsidiaries of AIMCO.  AIMCO has adopted a
code of ethics that applies to such  directors  and  officers  that is posted on
AIMCO's  website  (www.AIMCO.com).   AIMCO's  website  is  not  incorporated  by
reference to this filing.

Item 10.    Executive Compensation

None of the directors and officers of the Managing  General Partner received any
remuneration from the Registrant.

Item 11.    Security Ownership of Certain Beneficial Owners and Management

Except as noted below, no person or entity was known by the Registrant to be the
beneficial  owner  of  more  than 5% of the  Limited  Partnership  Units  of the
Registrant as of December 31, 2003.

Entity                                   Number of Units     Percentage

IPLP Acquisition I LLC ("IPLP LLC")
   (an affiliate of AIMCO)                    3,919            15.01%
AIMCO Properties IPLP, L.P.
   (an affiliate of AIMCO)                      213              .81%
AIMCO Properties L.P.
   (an affiliate of AIMCO)                    7,472            28.62%

IPLP  Acquisition I LLC and AIMCO  Properties  IPLP,  L.P.  (formerly known as
Insignia,  Properties,  L.P.) are indirectly  ultimately owned by AIMCO. Their
business address is 55 Beattie Place, Greenville, SC 29602.

AIMCO  Properties,  L.P. is indirectly  ultimately  controlled  by AIMCO.  Its
business address is 4582 S. Ulster St. Parkway,  Suite 1100, Denver,  Colorado
80237.

No  director or officer of FCMC owns any Units of the  Partnership  of record or
beneficially.

Item 12.    Certain Relationships and Related Transactions

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) certain
payments to affiliates for services and (ii)  reimbursement  of certain expenses
incurred by affiliates on behalf of the Partnership.

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts  from  the  Partnership's   investment  property  as  compensation  for
providing property management services.  The Partnership paid to such affiliates
approximately  $137,000 and  $155,000 for the years ended  December 31, 2003 and
2002,  respectively,  which is included in operating  expenses and (loss) income
from discontinued operations.

An  affiliate  of  the  Managing  General  Partner  received  reimbursements  of
accountable  administrative  expenses  amounting to  approximately  $179,000 and
$172,000 for the years ended December 31, 2003 and 2002, respectively,  which is
included in general and administrative expenses.

In accordance with the Partnership Agreement, the Managing General Partner earns
partnership  management  fees on  distributions  from  operations.  The Managing
General  Partner earned  approximately  $35,000 in Partnership  Management  fees
during the year ended  December 31,  2002,  of which  approximately  $24,000 was
subordinated  to  the  Limited  Partner's  annual  receipt  of  8%  of  Adjusted
Investment  Capital  as  defined  in the  Partnership  Agreement.  There were no
partnership  management  fees  earned  during the year ended  December  31, 2003
because there were no operating  distributions.  The Partnership management fees
are included in general and administrative expenses. The cumulative subordinated
fees owed to the  Managing  General  Partner at December  31,  2003  amounted to
approximately  $302,000 and are included in Due to Managing  General  Partner on
the accompanying consolidated balance sheet.

The  Partnership  insures its  property up to certain  limits  through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability.  The Partnership  insures its property above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing General Partner.  During the year ended December 31, 2003 and 2002, the
Partnership  was charged by AIMCO and its affiliates  approximately  $38,000 and
$46,000,  respectively,  for insurance  coverage and fees associated with policy
claims administration.

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates  owned 11,604 limited  partnership  units
(the "Units") in the Partnership representing 44.44% of the outstanding Units at
December  31,  2003.  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 44.44% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all 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.

Item 13.    Exhibits and Reports on Form 8-K

(a) Exhibits:

      See attached Exhibit Index

(b) Reports on Form 8-K:

      Current  report on Form 8-K dated  December 16, 2003 and filed on December
      29, 2003 disclosing the sale of Barrington  Place Apartments to Barrington
      Place Apartments, LLC, an unrelated party for $10,100,000.

Item 14.    Principal Accounting Fees and Services

The Managing  General Partner has  reappointed  Ernst & Young LLP as independent
auditors to audit the financial statements of the Partnership for 2004.

Audit  Fees.  The  Partnership   paid  to  Ernst  &  Young  LLP  audit  fees  of
approximately $37,000 and $38,000 for 2003 and 2002, respectively.

Tax Fees.  The  Partnership  paid to Ernst & Young LLP fees for tax services for
2003 and 2002 of approximately $8,000 and $8,000, respectively.



<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.


                                    FOX STRATEGIC HOUSING INCOME PARTNERS
                                    (a California Limited Partnership)

                                    By:   FOX PARTNERS VIII
                                          Its General Partner

                                    By:   Fox Capital Management Corporation
                                          Its Managing General Partner


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


                                    By:   /s/Thomas M. Herzog
                                          Thomas M. Herzog
                                          Senior Vice President
                                          and Chief Accounting Officer

                                    Date: March 29, 2004


In  accordance  with the Exchange  Act, this report has been signed below by the
following  persons on behalf of the Partnership and in the capacities and on the
dates indicated.

/s/Peter K. Kompaniez         Director                      Date: March 29, 2004
Peter K. Kompaniez


/s/Martha L. Long             Director and Senior Vice      Date: March 29, 2004
Martha L. Long                President


/s/Thomas M. Herzog           Senior Vice President         Date: March 29, 2004
Thomas M. Herzog              and Chief Accounting Officer


<PAGE>


                                  EXHIBIT INDEX

      2.1   Agreement  and Plan of Merger  dated as of October  1, 1998,  by and
            between  AIMCO and IPT;  incorporated  by reference to  Registrant's
            Current Report on Form 8-K dated October 1, 1998.

      3.1   Agreement  of Limited  Partnership,  incorporated  by  reference  to
            Exhibit A to the Prospectus of the Partnership dated March 24, 1987,
            and   thereafter   supplemented,   included   in  the   Registrant's
            Registration Statement on Form S-11 (Reg. No. 33-8481).

      10.1* Repair Escrow  Agreement dated July 30, 1998,  between Fox Strategic
            Housing  Income  Partners,  a California  limited  partnership,  and
            Newport Mortgage Company, L.P., a Texas limited partnership, related
            to the refinancing of debt on Wood View Apartments.

      10.2* Replacement  Reserve  Agreement  dated July 30,  1998,  between  Fox
            Strategic Housing Income Partners, a California limited partnership,
            and Newport  Mortgage  Company,  L.P., a Texas limited  partnership,
            related to the refinancing of debt on Wood View Apartments.

      10.3* Multi-Family  Note  dated  July  30,  1998,  between  Westlake  East
            Associates Limited  Partnership,  an Ohio limited  partnership,  and
            Newport Mortgage Company, L.P., a Texas limited partnership, related
            to the refinancing of debt on Barrington Place Apartments.

      10.4* Repair Escrow  Agreement dated July 30, 1998,  between Fox Strategic
            Housing  Income  Partners,  a California  limited  partnership,  and
            Newport Mortgage Company, L.P., a Texas limited partnership, related
            to the refinancing of debt on Barrington Place Apartments.

      10.5* Replacement  Reserve  Agreement  dated July 30,  1998,  between  Fox
            Strategic Housing Income Partners, a California limited partnership,
            and Newport  Mortgage  Company,  L.P., a Texas limited  partnership,
            related to the refinancing of debt on Barrington Place Apartments.

      10.6* Multi-Family Note dated July 30, 1998, between Fox Strategic Housing
            Income  Partners,  a  California  limited  partnership,  and Newport
            Mortgage Company, L.P., a Texas limited partnership,  related to the
            refinancing of debt on Wood View Apartments.

      10.7  Purchase and Sale Contract between Westlake East Associates,
            L.P., an Ohio limited partnership, and Prominent Realty Group of
            Georgia, Inc., a Georgia corporation, dated November 3, 2003.**

      10.8  Amendment to Contract to Purchase between Westlake East
            Associates, L.P. and Prominent Realty Group of Georgia, Inc.,
            dated November 13, 2003.**

      10.9  Reinstatement and Second Amendment to Purchase and Sale Contract
            between Westlake East Associates, L.P., and Prominent Realty
            Group of Georgia, Inc., dated December 10, 2003.**

      10.10 Assignment of Contract between  Prominent Realty Group of Georgia,
            Inc., and Barrington  Place  Apartments,  LLC, a Delaware  limited
            liability company, dated December 16, 2003.**


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

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

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


            *Filed as Exhibits 10.1 through 10.6, respectively, to Form 10-QSB -
            Quarterly  or  Transitional  Report  filed on November  12, 1998 and
            incorporated herein by reference.

            **Filed as Exhibits  10.7 through  10.10,  respectively,  to Current
            Report on 8-K filed on December 29, 2003 and incorporated  herein by
            reference.


<PAGE>


Exhibit 31.1
                                  CERTIFICATION

I, Martha L. Long, certify that:


1.    I have reviewed this annual report on Form 10-KSB of Fox Strategic Housing
      Income Partners;

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 registrant as of, and for, the periods presented in this report;

4.    The  registrant'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 registrant
      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
            registrant,  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 registrant'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  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant'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  registrant'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  registrant's
            internal control over financial reporting.




Date: March 29, 2004

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


<PAGE>


Exhibit 31.2
                                  CERTIFICATION

I, Thomas M. Herzog, certify that:


1.    I have reviewed this annual report on Form 10-KSB of Fox Strategic Housing
      Income Partners;

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 registrant as of, and for, the periods presented in this report;

4.    The  registrant'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 registrant
      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
            registrant,  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 registrant'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  registrant's  internal
            control  over   financial   reporting   that  occurred   during  the
            registrant's  most recent fiscal  quarter (the  registrant's  fourth
            fiscal  quarter in the case of an annual report) that has materially
            affected,   or  is  reasonably  likely  to  materially  affect,  the
            registrant's internal control over financial reporting; and

5.    The registrant's other certifying  officer(s) and I have disclosed,  based
      on  our  most  recent   evaluation  of  internal  control  over  financial
      reporting,  to the  registrant's  auditors and the audit  committee of the
      registrant'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  registrant'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  registrant's
            internal control over financial reporting.

Date: March 29, 2004
                                    /s/Thomas M. Herzog
                                    Thomas M. Herzog
                                    Senior Vice President and Chief
                                    Accounting Officer 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 Annual  Report on Form 10-KSB of Fox  Strategic  Housing
Income  Partners (the  "Partnership"),  for the year ended  December 31, 2003 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 Thomas M. Herzog, 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:  March 29, 2004


                                           /s/Thomas M. Herzog
                                    Name:  Thomas M. Herzog
                                    Date:  March 29, 2004



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