JENKINS COURT ASSOCIATES LIMITED PARTNERSHIP


                    FINANCIAL STATEMENTS

                   OF FORECLOSED PROPERTY

                    FOR THE YEARS ENDED

             DECEMBER 31, 1995, 1994 AND 1993

                         UNAUDITED


























          JENKINS COURT ASSOCIATES LIMITED PARTNERSHIP

                      FINANCIAL STATEMENTS

                     OF FORECLOSED PROPERTY

                      FOR THE YEARS ENDED

                DECEMBER 31, 1995, 1994 AND 1993

                           UNAUDITED



                            CONTENTS
                                                       Page



Financial Statements:

  Balance Sheets                                      F-26

  Statements of Operations                            F-27

  Statements of Partners' Equity (Deficiency)         F-28

  Statements of Cash Flows                            F-29

  Notes to Financial Statements                       F-30





             JENKINS COURT ASSOCIATES LIMITED PARTNERSHIP

                            BALANCE SHEETS

                        OF FORECLOSED PROPERTY

                      DECEMBER 31, 1995 AND 1994

                              UNAUDITED

                                ASSETS
                                                 1995           1994
Investment in real estate:
   Land                                    $         -    $ 6,473,807
  Buildings and improvements                         -     16,276,114
  Tenant improvements                                -      3,850,203
  Furniture and fixtures                             -          1,308
                                                     -     26,601,432

  Less accumulated depreciation                      -      3,978,688

                                                     -     22,622,744

Cash                                                 -        165,979
Escrow deposits                                      -        385,655
Prepaid expenses and other assets                  900        106,156
Due from affiliates                            311,829        303,891
Rents receivable                                     -        659,365
Deferred costs, net of accumulated
  amortization ($694,562, 1994)                      -        682,614

                                           $   312,729    $24,926,404


            LIABILITIES AND PARTNERS' EQUITY (DEFICIENCY)

Liabilities not subject to compromise:
  Accounts payable and accrued expenses    $    94,025    $    34,849
  Other liabilities                             30,715              -
  Loans from partners                          556,146              -
                                               680,886         34,849

Liabilities subject to compromise:                   -     24,192,073

Commitments

    Total liabilities                          680,886     24,226,922

Partners' equity (deficiency)                (368,157)        699,482

                                          $   312,729     $24,926,404


             JENKINS COURT ASSOCIATES LIMITED PARTNERSHIP

           STATEMENTS OF OPERATIONS OF FORECLOSED PROPERTY

         FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

                              UNAUDITED



                                 1995          1994          1993

Revenues:
 Rental income               $ 1,339,270   $ 2,496,489   $ 2,146,331
 Other income                     42,327        32,167         6,379

         Total revenues        1,381,597     2,528,656     2,152,710


Expenses:
 Depreciation and
   amortization                  668,154     1,139,369     1,102,270
 Management fees                  15,504       148,712       152,258
 Bad debt expense                      -        25,071        32,276
 Professional fees                90,837        39,019         8,882
 Real estate taxes               185,673       273,145       251,067
 Utilities                        89,738       150,939       149,408
 Repairs and maintenance         130,401       191,510       157,602
 Insurance                        34,454        82,480        62,014
 Salaries and wages               42,546        69,652        60,630
 Other                             6,177        42,981        32,118

         Total expenses        1,263,484     2,162,878     2,008,525

 Income from operations          118,113       365,778       144,185

 Interest expense                 43,505     1,453,707     1,547,485

 Income (loss) before loss
   on transfer of property         74,608   (1,087,929)   (1,403,300)

 Loss on transfer of
   property                     1,142,247              -             -

  Net loss                    $(1,067,639)  $(1,087,929)$ (1,403,300)


             JENKINS COURT ASSOCIATES LIMITED PARTNERSHIP

             STATEMENTS OF PARTNERS' EQUITY (DEFICIENCY)

                        OF FORECLOSED PROPERTY

         FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

                              UNAUDITED




                                               Limited
                       HPP 1989     Developer   Partner     Total

Balance
 December 31, 1992   $3,417,696    $(152,235)  $(3,210)  $ 3,262,251

Net loss
 (Unaudited)         (1,333,135)     (68,762)   (1,403)   (1,403,300)

Balance
 December 31, 1993
 (Unaudited)          2,084,561    (220,997)   (4,613)     1,858,951

Distributions           (71,540)           -          -      (71,540)

Net loss
 (Unaudited)         (1,033,533)    (53,308)    (1,088 )   (1,087,929)

Balance
 December 31, 1994
 (Unaudited)            979,488    (274,305)    (5,701)       699,482

Net loss
 (Unaudited)         (1,014,257)    (52,314)    (1,068)    (1,067,639)

Balance
 December 31, 1995
 (Unaudited)         $  (34,769)   $(326,619)  $(6,769)     $(368,157)


              JENKINS COURT ASSOCIATES LIMITED PARTNERSHIP

                        STATEMENTS OF CASH FLOWS

                         OF FORECLOSED PROPERTY

          FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

                               UNAUDITED


                                     1995        1994        1993

CASH FLOWS FROM OPERATING ACTIVITIES:
  Net  income  (loss)         $(1,067,639)  $ (1,087,929)$(1,403,300)
 Adjustments to reconcile net income
   (loss) to net cash
   provided by (used in)
   operating activities:
     Non-cash items:
       Deprec and  amort           668,154     1,139,369    1,102,270
       Interest  on  loans 
        from  partners              43,505        36,222       31,385
     Loss on dispos of prop      1,142,247             -            -
      Dec  (inc)  in  esc  dep     (46,377)      (18,054)           5
      Decrease  (increase) 
       in rents receivable,  net    18,809      (244,847)     (26,841)
      Decrease  (increase)
       in prepaid  expenses         93,966        11,810      (30,999)
      Increase  in  deferred
       costs,  net                 (27,271)       (5,256)     (83,205)
      Increase  (decrease) 
       in  accrued interest       (739,000)      781,097      618,482
     Increase (decrease) 
       in accounts payable
       and accrued expenses        (89,486)       70,078      (54,874)
      Decrease  in  other  liab    (39,699)     (130,937)     (50,226)

 Net cash provided by (used in)
     operating   activities        (42,791)       551,553     102,697

CASH FLOWS FROM INVESTING ACTIVITIES:
   Purchase  of  fixed  assets     (90,250)       (51,730)   (371,554)
   Decrease  (increase) 
     in  note  receivable                 -        10,000     (10,000)
 Distribution                             -       (71,540)          -
 Payment of settlement expenses    (25,000)             -           -
 Increase in due from affiliates    (7,938)      (180,901)    (34,842)

  Net  cash  used
   in  investing activities       (123,188)      (294,171)   (416,396)

CASH FLOWS FROM FINANCING ACTIVITIES:
   Borrowings  on  construction
     loans  payable                      -          36,891    481,253
    Repayment   of   construction 
     loan    payable                     -        (148,500)  (198,000)

 Net cash provided by (used in)
     financing  activities               -        (111,609)   283,253

NET INCREASE (DECREASE) IN CASH   (165,979)        145,773    (30,446)

CASH, BEGINNING OF YEAR            165,979          20,206     50,652

CASH, END OF YEAR                 $      -       $ 165,979    $20,206


SUPPLEMENTAL CASH FLOW INFORMATION:
  Cash  paid  for interest        $      -       $ 672,610  $ 897,618

NON-CASH FINANCING ACTIVITY:
 Interest on loans from partners  $ 43,505       $  36,222  $  31,385



              JENKINS COURT ASSOCIATES LIMITED PARTNERSHIP


                     NOTES TO FINANCIAL STATEMENTS

                        OF FORECLOSED PROPERTY

          FOR THE YEARS ENDED DECEMBER 31, 1995, 1994 AND 1993

                               UNAUDITED



1.  Partnership Organization:

    Jenkins Court Associates Limited Partnership (the Partnership),  a
    Delaware limited partnership, was formed on December 20,  1988  to
    acquire,  construct, rehabilitate, own and operate a  144,000  net
    rentable  square foot five-story building and 30,000 net  rentable
    square  feet  of  new retail space, including  storage  areas  and
    parking facilities (herein known as the Project), located  at  Old
    York Road and Rydal Road, Jenkintown Borough, Pennsylvania.

    The   general  partners  of  the  Partnership  are  Jenkins  Court
    Investors  Limited  Partnership (Developer),  a  Delaware  limited
    partnership   whose  sole  general  partner  is  Court   Investors
    Corporation,  and  Historic Preservation Properties  1989  Limited
    Partnership (HPP 1989), a Delaware limited partnership whose  sole
    general  partner is Boston Historic Partners Limited  Partnership.
    The  limited  partner is Miles S. Katzen, who is  also  a  limited
    partner  of the Developer. The rehabilitation of the building  was
    substantially complete as of December 31, 1989.

2.  Summary of Significant Accounting Policies:

    Basis of accounting:

    The Partnership's financial statements are prepared on the accrual
    basis   of   accounting  in  accordance  with  generally  accepted
    accounting principles.

    Use of Estimates:

    The   preparation  of  financial  statements  in  conformity  with
    generally  accepted accounting principles requires  management  to
    make estimates and assumptions that affect the reported amounts of
    assets  and  liabilities and disclosure of contingent  assets  and
    liabilities  at  the  date  of the financial  statements  and  the
    reported  amounts  of  revenue and expenses during  the  reporting
    period.  Actual results could differ from those estimates.



2. Summary of Significant Accounting Policies (continued):

    Depreciation:

    The  Partnership's real estate was held for lease  and  stated  at
    cost.  Depreciation was computed on a straight-line basis over  40
    years  for  buildings and improvements and over  seven  years  for
    personal  property.   Tenant improvements were  depreciated  on  a
    straight-line  basis  over  the  terms  of  the  related   leases,
    generally five to ten years.

   Capitalization of project costs:

   The  Partnership  capitalized  all project  costs  incurred  during
   construction  including interest, real estate taxes, insurance  and
   other indirect project costs.

   Deferred costs:

   Direct  costs attributable to obtaining financing were  capitalized
   and  amortized  on  a  straight-line basis over  the  term  of  the
   related  debt.  Direct  costs related to the restructuring  of  the
   construction loan in 1992 have been capitalized and were  amortized
   on  a straight line basis over a twelve month period (see Note  3).
   Organization  costs have been capitalized and were amortized  on  a
   straight-line  basis  over a 60-month period.  Leasing  commissions
   have  been capitalized and were amortized on a straight-line  basis
   over the terms of the related leases, generally five to ten years.

   Revenue recognition:

      Rental  income was recorded by recognizing the aggregate minimum
   rentals  to  be  received  over the term of  each  lease  in  equal
   monthly  installments over the related lease terms.  Rental  income
   recorded  prior to actual cash collections under the terms  of  the
   leases was recorded as rents receivable (approximately $358,000  at
   December  31,  1994).  Revenue from rent escalations  was  recorded
   when billed.





2. Summary of Significant Accounting Policies (continued):

   Income taxes:
   No  provision (benefit) has been made for income taxes,  since  the
   income  or  loss of the Partnership is to be included  in  the  tax
   returns of the individual partners.

3. Construction Loans Payable:

   On  July  2,  the  Partnership and the lender of the  Partnership's
   construction  loan entered into the Second and Restated  Settlement
   Agreement  (the Amended Agreement).  In summary, under the  Amended
   Agreement, the lender forgave $4,033,426 of accrued interest,  late
   fees  and  extension fees, divided the construction loan  into  two
   promissory  notes  (Promissory Note A and Promissory  Note  B)  and
   required  the  Partnership to establish escrow  accounts  for  debt
   service  shortfall  and  real estate taxes  and  contractual  lease
   buyout obligations to former landlords of existing tenants.


   Promissory Note A originally consisted of $12,200,000 of  principal
   outstanding  under  the original loan plus up to  $1,478,171  which
   may  have  been advanced by FNB to the Partnership for  new  tenant
   improvements  as required.  As of December 31, 1994,  $676,269  was
   advanced   for  such  tenant   improvements.    Monthly    payments
   of  principal  and interest were based upon a 25 year  amortization
   period  and the Partnership repaid $148,500 and $198,000 to FNB  in
   1994  and 1992, respectively.  The note bore interest at 7.25%  for
   the  first  year, and was to bear interest at FNB's cost  of  funds
   rate,   as   defined,  plus  2%  for  each  extension  period,   if
   applicable.

   As  explained  in detail later in this footnote, the interest  rate
   for  Promissory Note A was amended in June 1993.  Interest  expense
   in  1994  and  1993  for  Promissory Note A  equaled  $694,227  and
   $791,884, respectively.  As of December 31, 1994, accrued  interest
   on Promissory Note A equaled $160,825.
3.  Construction Loans Payable (continued):

   Promissory  Note B originally consisted of the remaining $9,260,092
   of outstanding principal due under the original construction loan.
   Monthly payments were calculated based on Net Operating Income,  as
   defined  in  the Second Amended Agreement, reduced by debt  service
   payments made pursuant to Promissory Note A, replenishments to  the
   Reserve  Account and payments to the Tax and Buyout Account.   This
   note  provided  for an interest rate of 7.75% for the  first  year,
   and  8.75% and 9.75% for the second and third years, if applicable.
   Any  shortfall between all interest and other debt service payments
   due  for any month and the actual monthly payment received  by  FNB
   were  accrued  and  added to the outstanding principal  balance  of
   Promissory Note B.  Interest expense for Promissory Note B in  1994
   and  1993  totaled  $723,257  and $724,216,  respectively.   As  of
   December  31, 1994, accrued interest on Promissory Note  B  totaled
   $1,608,670.

   On  June  15,  1993,  the  lender extended  the  maturity  date  of
   Promissory  Notes A and B until June 15, 1994 under  the  following
   conditions.   The  deposit of $250,000 into the restricted  payment
   account  was  deferred until maturity and would have been  due  and
   payable  at  that  time.   The interest  rate  of  the  outstanding
   balance  of  Promissory Note A was adjusted to 5.5%.  The  interest
   rate  of  any  additional  borrowings for  Promissory  Note  A  was
   adjusted to 1.5% above the lender's commercial lending rate.

    The  lender  retained  the option to rescind  the  entire  Amended
    Agreement if Jenkins Court commenced or participated as an adverse
    party in any suit or proceeding against the lender relating to the
    original  loan or the Agreement.  If such rescission took  effect,
    all  amounts  previously forgiven and all amounts due  would  have
    been  payable upon the lender's demand.  In addition,  subject  to
    the  provisions of the Amended Agreement, the lender reserved  any
    and  all  rights  and remedies which it may have had  against  any
    party pursuant to the original loan documents.

    At  any  time after a Future Default Event or Maturity Date  (both
    terms defined in the Amended Agreement), whichever first occurred,
3.  Construction Loans Payable (continued):

    the lender may have requested that Jenkins Court deed the property
    to the lender in lieu of foreclosure.

    The  terms of the note not only secured the building, land and all
    improvements, but also granted a security interest and  rights  to
    all  leases  and rents upon an event of default under  the  notes.
    The notes were guaranteed by the local general partner and limited
    partner.

    Management  was negotiating with the lender to further extend  the
    notes.  On September 30, 1994, the lender sold the notes to a real
    estate  investment  entity (the mortgage holder).   Jenkins  Court
    began   negotiations  with  the  mortgage  holder  to  extend   or
    restructure the notes.  On November 23, 1994, the mortgage  holder
    presented  a  notice of default and demanded full payment  of  the
    notes and related accrued interest.  On November 23, 1994, Jenkins
    Court  filed petitions for bankruptcy protection under Chapter  11
    of  the federal bankruptcy laws.  Under Chapter 11, certain claims
    against  Jenkins  Court  in  existence  prior  to  the  filing  of
    petitions  for  relief under federal bankruptcy laws  were  stayed
    while  the Partnership continued business operations as Debtor-in-
    Possession.

     Due  to  the  limited net operating income of  the  property,  no
interest expense was recorded by the Partnership on Promissory Notes A
and   B     while  the  partnership  was  in  banckruptcy  protection.
Remaining cash after the payment of operating expenses was paid to the
holder as a     reduction of previously accrued interest.

    The  acceptance of a plan of reorganization through the bankruptcy
    proceedings  was highly unlikely and Jenkins Court  had  maximized
    the  vesting  of its remaining tax credits for 1995  on  June  30,
    1995.


    As  discussed further in Note 6, on August 31, 1995, Jenkins Court
    and  the  mortgage holder entered into a settlement  agreement  to
    resolve  the  bankruptcy  litigation. As part  of  the  settlement
    agreement,  Jenkins Court transferred the deed and  title  to  the
    property   to   the  mortgage  holder  in  lieu   of   foreclosure
    proceedings.  The mortgage holder agreed to release Jenkins  Court
    and its
3.  Contstruction Loans Payable (continued):

    guarantors for the entire indebtedness and Jenkins Court  received
    $25,000  to  pay  certain professional fees  incurred  during  the
    bankruptcy proceedings.

    Although Jenkins Court no longer owns its investment property  and
    will  no  longer  have  property  operations,  the  Jenkins  Court
    partnership  will  remain  in existence until  the  resolution  of
    certain partnership assets and liabilities.

4.  Partners' Equity (Deficiency):

    Profits,  losses and tax credits from operations during the  first
    five  years following the completion of the rehabilitation of  the
    Property are to be allocated as follows:

        HPP 1989                                      95.0%
        Developer                                      4.9
        Limited partner                                 .1
                                                     100.0%

    Thereafter,  cash flow from operations, as defined in the  Amended
    and   Restated   Agreement  of  Limited  Partnership  (Partnership
    Agreement), shall be distributed to the partners as follows:

                                                       YFirst, 100% to
        the  payment  of  accrued interest on any outstanding  default
        loans and then to the unpaid principal on same.

                                                        YSecond,  100%
        to   HPP   1989  until  HPP  1989  has  received   cash   flow
        distributions  for  that year equal to  an  8%  noncumulative,
        noncompounded return on its invested capital in that year.
4.  Partners' Equity (Deficiency) (Continued):

                                                       YThird, 100% to
        the Developer until the Developer Mall Amount, as defined, has
        been  reduced  to zero and then, according to  the  cash  flow
        percentages  defined  in the agreement,  until  HPP  1989  has
        received distributions of cash flow in that year equal  to  an
        8% noncumulative, noncompounded return on its invested capital
        and  the Developer has received distributions equal to  an  8%
        noncumulative, noncompounded return on its invested capital.

                                                        YThe remaining
        balance, if any, shall be distributed as follows:

             HPP 1989                                 60.0%
             Developer                                39.9
             Limited partner                            .1
                                                     100.0%

    Under  the  terms of the Partnership Agreement, at any time  after
    January  5,  1994, HPP 1989 had the right to cause the Partnership
    to  sell all or part of the property to a third party without  the
    consent  of the Developer provided that HPP 1989 first offered  to
    sell the property to the Developer.

5.  Related Party Transactions and Commitments:

    The  Partnership  entered into a Property Management  and  Leasing
    Agreement  with the Developer which was to expire  on  January  1,
    1995.  The Developer was to perform the duties involved  with  the
    day-to-day  management of the Project for a fixed  annual  fee  of
    $25,000 and a fee equal to 6% of gross receipts as defined in  the
    agreement.  Additionally, the Developer earned leasing commissions
    equal  to  5% of gross rental receipts as defined in the agreement
    for the first five years and 2.5% of gross rental receipts for the
    balance  of  the  term, less any amounts paid  to  third  parties.
    Commissions earned on extensions, expansions and renewals were one-
    half of the above rates.
5.  Related Party Transactions and Commitments (continued):

   On  October  1,  1994,  the  Partnership  terminated  the  Property
   Management  and  Leasing Agreement with the Developer  and  entered
   into  a  property  and partnership management  agreement  with  the
   Developer,  HPP  1989,  and  an independent  third  party  property
   manager.   This                                       agreement  co
   nsisted  of the independent  third party property managerperforming
   the  property  management  function  for  a  fee  of  2%  of  gross
   receipts,  the developer performing a co-asset management  function
   for  a  fee of 2% of gross receipts, and HPP 1989 performing a  co-
   asset  management and partnership accounting function for a fee  of
   2%   of   gross  receipts.  The  Developer  retained  the   leasing
   responsibility  and  fee  arrangement under  the  initial  Property
   Management and Leasing Agreement.

    Total  fees  and commissions earned by the developer  under  these
    agreements  equaled  $131,004  and  $152,258  in  1994  and  1993,
    respectively.  In 1995 and 1994, the third party property  manager
    earned  management fees of $22,364 and $10,848, respectively.   No
    amounts  were  paid to HPP 1989 in 1995 and 1994 under  the  above
    agreements.

    If  at  any time through June 30, 1992, the costs and expenses  of
    operating the Project exceeded revenues and capital contributions,
    the  Developer was obligated to fund the amount of such  operating
    deficits  up  to  $1,000,000.   In  1991,  the  Developer   funded
    $162,598.  Operating deficit loans bear interest at 1%  above  the
    base  rate  (10%  at  December  31,  1995),  as  defined  in   the
    Partnership Agreement, and will be repaid in accordance  with  the
    terms of the Partnership Agreement.  The Developer alleges that it
    has satisfied the remainder of its operating deficit obligation in
    full  by  pledging collateral.  However, HPP 1989 does  not  agree
    with  the position of the Developer.  Interest earned on operating
    deficit loans totaled $16,158, $13,289 and $11,796 for 1995,  1994
    and  1993, respectively. As of December 31, 1995 and 1994, accrued
    interest on Developer operating deficit loans totaled  $52,625 and
    $36,467, respectively.

     During  1991,  HPP 1989 loaned $250,000 to the Partnership  as  a
default loan (Default Loan), as defined in the Partnership  Agreement.
This  Default Loan bears interest at 2% above the base rate (11.0%  at
December 31, 1995) and is secured by the Developer's
5. Related Party Transactions and Commitments (Continued):

    interest in an unrelated limited partnership.  Interest earned  on
    the  Default  Loan totaled $27,347, $22,933 and $20,003  in  1995,
    1994  and  1993, respectively.  As of December 31, 1995 and  1994,
    accrued  interest on the Default Loan equaled $90,923 and $63,576,
    respectively.   The Default Loan may be repaid in accordance  with
    the terms of the Partnership Agreement.

    As of December 31, 1995 and 1994, advances made by the Partnership
    to the Developer and its affiliates totaled $311,829 and $303,891,
    respectively.   These advances are unsecured and are  non-interest
    bearing.

6. Petition for Relief Under Chapter 11 and Transfer of the Property:

    As  discussed in Note 3, in 1992 the Partnership restructured  its
    construction loans extending the maturity dates to June  15,  1993
    and  realizing a significant gain on forgiveness of debt. In 1993,
    the  Partnership was able to further extend the maturity dates  to
    June 15, 1994.  On September 30, 1994, Notes A and B were sold  to
    a  new  real  estate investment entity (mortgage  holder)  and  on
    November  23,  1994  the  mortgage holder presented  a  notice  of
    default and demanded full payment of all outstanding principal and
    interest.   Also  on November 23, 1994, Jenkins  Court  Associates
    Limited  Partnership filed a petition for relief under Chapter  11
    of  the  federal  bankruptcy laws in the United States  Bankruptcy
    Court for the jurisdiction of Eastern District of Pennsylvania.

   Under  Chapter  11,  certain  claims  against  the  Partnership  in
   existence  prior to the filing of a petition for relief  under  the
   federal  bankruptcy laws are stayed while the Partnership continues
   business  operations  as Debtor-in-possession.   These  liabilities
   are  reflected   in  the  balance  sheet  as   of    December   31,
   1994  as
    "liabilities subject to compromise".

    The Partnership received approval from the Bankruptcy Court to pay
    or   otherwise  honor  certain  of  its  pre-petition  obligations
    including employee wages.
6. Petition  for Relief Under Chapter 11 and Transfer of the  Property
   (continued):

    Liabilities  subject  to  compromise  as  of  December  31,  1994,
    consisted of:

        Construction loans payable
           Segment A                            $ 12,430,769
           Segment B                               9,260,092
        Accrued interest                           1,769,495
        Accounts payable and accrued expenses        148,662
        Other liabilities                             70,414
        Loans from partners                          512,641
                                                $ 24,192,073


     On  August  31,  1995, Jenkins Court entered  into  a  settlement
agreement   with  the  mortgage  holder  to  resolve  the   bankruptcy
litigation.   Jenkins Court transferred the property to  the  mortgage
holder  in lieu of foreclosure proceeding.  The mortgage holder agreed
to   release   Jenkins  Court  and  its  guarantors  for  the   entire
indebtedness  and  Jenkins  Court  received  $25,000  to  pay  certain
professional  fees  incurred during the bankruptcy proceedings.   With
the  transfer of the deed and title to the mortgage holder  in  August
1995, all liabilities associated with the building were satisfied  and
the case was dismissed from Federal Bankruptcy Court.  The transaction
resulted  in  a  loss  on transfer of property of  $1,142,247  to  the
Partnership and recapture of Rehabilitation Tax Credits of $46,790  to
the partners of Jenkins Court.

     Although Jenkins Court no longer owns its investment property  an
dwill   no   longer  have  property  operations,  the  Jenkins   Court
partnership will remain in existence until the resolution  of  certain
partnership   assets  and  liabilities.   These  liabilities   include
approximately $94,000 of trade payables, as well as a $250,000 default
loan  and accrued interest thereon which had been provided by HPP 1989
and  secured  by  the developer's interest in an unaffiliated  limited
partnership.