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 0-10435

                           CENTURY PROPERTIES FUND XVI
                 (Name of small business issuer in its charter)

         California                                              94-2704651
(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.  $1,844,000

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

Century  Properties  Fund  XVI  (the  "Partnership"  or  the  "Registrant")  was
organized in December 1980 as a California limited partnership under the Uniform
Limited  Partnership  Act of  the  California  Corporations  Code.  Fox  Capital
Management  Corporation (the "Managing General Partner" or "FCMC"), a California
corporation,  and Fox Realty Investors ("FRI or "Non-Managing General Partner"),
a California general  partnership,  are the general partners of the Partnership.
NPI Equity  Investments II Inc., a Florida  corporation  ("NPI Equity"),  is the
managing  partner of FRI. Both FCMC and NPI Equity are subsidiaries 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 prior to such date.

Beginning in August 1981 through April 1982,  the  Partnership  offered and sold
130,000  Limited  Partnership  Units for an  aggregate of  $65,000,000.  The net
proceeds of this offering were used to acquire ten income-producing  real estate
properties.  The Partnership's  original property  portfolio was  geographically
diversified  with  properties   acquired  in  six  states.   The   Partnership's
acquisition  activities  were  completed in 1983,  and since then, the principal
activity of the Partnership  has been managing its portfolio.  During the period
from 1986 through 1991, eight  multi-family  residential  properties were either
sold or otherwise disposed.  During 2003, one multi-family  residential property
was held for sale and the sale was completed in 2004. The Partnership  continues
to own and  operate  one of its  originally  acquired  properties.  See "Item 2.
Description of Properties."

The  Partnership  has no full time  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.  The  Non-Managing  General Partner and
the 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 to the Partnership's investment
properties.

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 properties.  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 apartments at the Partnership's properties 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   properties,   or  restrict   renovations   of  the   properties.
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   properties  are   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  properties  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 properties
owned by the Partnership.

The Partnership  monitors its properties 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 Operations" included in "Item 6" of this Form
10-KSB.
Item 2.     Description of Property

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

                               Date of
Property                       Purchase      Type of Ownership            Use

Woods of Inverness              07/82     Fee ownership subject       Apartments
  Apartments                              to first mortgage            272 units
  Houston, Texas

The  property  is held by a Limited  Partnership  which is  wholly-owned  by the
Partnership.

On January 30,  2004,  the  Partnership  sold  Ralston  Place  Apartments  to an
unaffiliated third party for approximately $7,725,000.  After payment of closing
costs of approximately  $351,000,  the net proceeds  received by the Partnership
were approximately $7,374,000. The Partnership used a portion of the proceeds to
repay the mortgage  encumbering the property of  approximately  $2,089,000.  The
sale of the property  resulted in a gain on the sale during the first quarter of
2004 of approximately  $4,600,000.  In addition, the Partnership recorded a loss
on early  extinguishment of debt of approximately  $229,000,  as a result of the
write off of unamortized loan costs and a prepayment penalty. In accordance with
Statement of Financial  Accounting Standards No. 144, the assets and liabilities
of the property  have been  classified as held for sale at December 31, 2003 and
the  operations  of the  property  have been shown as income  from  discontinued
operations for the years ended December 31, 2003 and 2002.

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)

Woods of Inverness
<S>                        <C>          <C>          <C>                     <C>
  Apartments               $10,698      $ 6,673      5-30 yrs     S/L        $ 2,222
</TABLE>

See  "Item  7.  Financial  Statements  -  Note  A"  for  a  description  of  the
Partnership's capitalization and depreciation policies.

The gross  carrying  value,  accumulated  depreciation  and Federal tax basis of
Ralston  Place  Apartments,  which is  classified  as assets held for sale as of
December 31, 2003, was  approximately  $7,037,000,  $4,396,000  and  $1,459,000,
respectively.

Schedule of Property Indebtedness

The  following  table  sets  forth  certain  information  relating  to the  loan
encumbering the Partnership's property.
<TABLE>
<CAPTION>

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

Woods of Inverness
<S>                          <C>           <C>        <C>        <C>           <C>
  Apartments                 $4,776        7.88%      30 yrs     1/2006        $4,602
</TABLE>

The  mortgage  note  payable  is  non-recourse  and  secured  by a pledge of the
Partnership's property and the rental revenues derived there from.

See "Item 7. Financial  Statements - Note B" for information with respect to the
Partnership's  ability to prepay this loan and other specific  details as to the
terms of the loan.

The loan encumbering  Ralston Place  Apartments of  approximately  $2,092,000 is
included  in  liabilities  related  to  assets  held  for  sale  and was  repaid
subsequent to December 31, 2003.  See "Item 7.  Financial  Statements - Note G -
Subsequent Event".

Rental Rates and Occupancy

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

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

 Woods of Inverness Apartments       $7,916        $7,768        87%         91%

The Managing  General  Partner  attributes the decrease in occupancy at Woods of
Inverness Apartments to lower interest rates which are encouraging people to buy
homes.

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 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  residential  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 Partnership's property were:

                                           2003            2003
                                          Taxes            Rate
                                      (in thousands)

Woods of Inverness Apartments              $207            2.94%

Capital Improvements

Ralston  Place  Apartments:  During  the  year  ended  December  31,  2003,  the
Partnership completed  approximately $154,000 in capital improvements at Ralston
Place  Apartments  consisting  primarily  of  floor  covering  replacements  and
painting, major landscaping and structural improvements completed in preparation
for the sale of the property. These improvements were funded from operating cash
flow and  replacement  reserves.  Subsequent  to December 31, 2003 Ralston Place
Apartments was sold to a third party.

Woods of Inverness  Apartments:  During the year ended  December  31, 2003,  the
Partnership completed approximately $184,000 in capital improvements at Woods of
Inverness  Apartments  consisting  primarily  of  appliance  and floor  covering
replacements,  structural improvements and office computers.  These improvements
were funded from operating cash flow and replacement  reserves.  The Partnership
is currently  evaluating the capital  improvement  needs of the property for the
upcoming  year  and  expects  to  budget  approximately   $150,000.   Additional
improvements  may be  considered  during  2004 and will  depend on the  physical
condition of the property as well as replacement  reserves and anticipated  cash
flow generated by the property.

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

During the quarter ended  December 31, 2003, no matters were submitted to a vote
of security holders through the solicitation of proxies or otherwise.

                                     PART II

Item 5. Market for the Partnership's Common Equity and Related Partner Matters

The Partnership,  a publicly-held limited partnership,  offered and sold in 1981
and  1982,   130,000  Limited   Partnership  Units  (the  "Units")   aggregating
$65,000,000.  The Partnership  currently has 130,000 Units  outstanding  held by
3,165 limited  partners of record.  Affiliates of the Managing  General  Partner
owned 84,525.69  Units or 65.02% of the outstanding  Units at December 31, 2003.
No public trading market has developed for the Units,  and it is not anticipated
that such a market will develop in the future.

The  Partnership  distributed  the  following  amounts  during  the years  ended
December 31, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

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

<S>                     <C>              <C>              <C>              <C>
Operations              $ 452            $ 3.20           $ 392            $ 2.80
</TABLE>

Subsequent  to  December  31,  2003,  the   Partnership   declared  and  paid  a
distribution  of  approximately  $4,500,000  (approximately  $4,410,000  to  the
limited  partners  or $33.92  per  limited  partnership  unit)  from the sale of
Ralston Place Apartments on January 30, 2004. (See "Item 7. Financial Statements
- Note G").

The  Partnership's  cash  available  for  distribution  is reviewed on a monthly
basis. Future cash distributions will depend on the levels of net cash generated
from  operations,  the  availability  of cash  reserves  and the  timing of debt
maturity,  refinancing  and/or property sale. There can be no assurance that the
Partnership  will  generate  sufficient  funds from  operations  after  required
capital expenditures, to permit further distributions to its partners in 2004 or
subsequent   periods.   See  "Item  2.   Description  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 84,525.69 limited partnership units
(the "Units") in the Partnership representing 65.02% 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 65.02% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting decisions with respect to the Partnership.  However,  with respect to
47,488.68  units,  owned  by  AIMCO  IPLP,  L.P.  (formerly  known  as  Insignia
Properties LP), an affiliate of the Managing General Partner and of AIMCO,  such
affiliate  is  required  to  vote  such  Units:  (i)  against  any  increase  in
compensation  payable to the Managing General Partner or to its affiliates;  and
(ii) on all other matters  submitted by it or its  affiliates,  in proportion to
the votes cast by third party  unitholders.  Except for the foregoing,  no other
limitations are imposed on AIMCO and its affiliates' ability to influence voting
decisions with respect to the Partnership. Although the Managing General Partner
owes fiduciary duties to the limited  partners of the Partnership,  the Managing
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the  Managing  General  Partner,  as  managing  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Managing General Partner to AIMCO, as its sole stockholder.

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  loss  for  the  year  ended  December  31,  2003  was
approximately  $237,000 compared to net income of approximately $153,000 for the
corresponding  period in 2002. Net income  decreased for the year ended December
31, 2003  compared to the same period in 2002 as a result of a decrease in total
revenues,  a decrease in income from discontinued  operations and an increase in
total expenses.

Effective  January 1, 2002,  the  Partnership  adopted  Statement  of  Financial
Accounting  Standards  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  operation  on  the  statement  of  operations.  As a  result,  the
consolidated  statement of operations  for the year ended  December 31, 2002 has
been  restated as of January 1, 2002 to reflect the  operations of Ralston Place
Apartments as income from discontinued  operations due to the property's sale in
January 2004.

On January 30,  2004,  the  Partnership  sold  Ralston  Place  Apartments  to an
unaffiliated  third  party for  $7,725,000.  After  payment of closing  costs of
approximately  $351,000,  the net  proceeds  received  by the  Partnership  were
approximately  $7,374,000.  The  Partnership  used a portion of the  proceeds to
repay the mortgage  encumbering the property of  approximately  $2,089,000.  The
sale of the property resulted in a gain on the sale of approximately $4,600,000.
In addition,  the Partnership recorded a loss on early extinguishment of debt of
approximately  $229,000,  as a result of the write off of unamortized loan costs
and a prepayment penalty. The results of the property's operations for the years
ended  December  31,  2003 and 2002 are  included  in income  from  discontinued
operations  which was  approximately  $106,000 and $210,000,  respectively,  and
include revenues of approximately $1,208,000 and $1,275,000,  respectively.  The
decrease in income from  discontinued  operations  was  primarily due to reduced
occupancy,  increased  concessions  and bad debt expense and increased  contract
labor  expenses  partially  offset by increased  late  charges at Ralston  Place
Apartments.

The loss from  continuing  operations  at December  31,  2003 was  approximately
$343,000  compared to a loss of approximately  $57,000 at December 31, 2002. The
increase  in loss from  continuing  operations  was due to a  decrease  in total
revenues and an increase in total  expenses.  Total  revenues  decreased for the
year ended  December 31, 2003 primarily due to a decrease in rental income and a
casualty  gain  recognized  in 2002,  partially  offset by an  increase in other
income.  Rental income decreased  primarily due to a decrease in occupancy along
with an increase in  concessions  and bad debt expense,  partially  offset by an
increase  in  rental  rates at  Woods  of  Inverness  Apartments.  Other  income
increased  primarily  due to an  increase  in lease  cancellation  fees and late
charges at Woods of Inverness Apartments.

During 2002,  Woods of Inverness  recognized  a casualty  gain of  approximately
$15,000 resulting from a fire in December 2001. The casualty gain was the result
of insurance  proceeds  received of  approximately  $22,000 in excess of the net
book value of the damaged assets of approximately $7,000.

Total  expenses  increased for the year ended December 31, 2003 primarily due to
an increase in operating and general and administrative expenses.  Depreciation,
interest and property tax  expenses  remained  relatively  constant for the year
ended  December  31,  2003.  Operating  expense  increased  due to  increases in
property and insurance  expenses  partially  offset by a decrease in maintenance
expense.  Property  expense  increased  due to increases in salaries and related
benefits,  utilities and leasing  incentives  at Woods of Inverness  Apartments.
Insurance expense increased due to increased hazard insurance  premiums at Woods
of Inverness  Apartments.  Maintenance expense decreased due to reduced contract
repair services required at Wood of Inverness Apartments.

General and  administrative  expenses  increased for the year ended December 31,
2003 due to 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 expenses at 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 its investment  properties to
assess the feasibility of increasing rents,  maintaining or increasing occupancy
levels and protecting  the  Partnership  from increases in expenses.  As part of
this plan, the Managing General Partner attempts to protect the Partnership from
the burden of  inflation-related  increases in expenses by increasing  rents and
maintaining  a high overall  occupancy  level.  However,  the  Managing  General
Partner  may use  rental  concessions  and  rental  rate  reductions  to  offset
softening  market  conditions,  accordingly,  there  is no  guarantee  that  the
Managing General Partner will be able to sustain such a plan.

Liquidity and Capital Resources

At  December  31,  2003,  the  Partnership  had  cash and  cash  equivalents  of
approximately $44,000 compared to approximately $218,000 at December 31, 2002, a
decrease of approximately $174,000. The decrease in cash and cash equivalents is
due to  approximately  $564,000  and  $338,000  of cash  used in  financing  and
investing activities,  respectively,  partially offset by approximately $728,000
of cash  provided by operating  activities.  Cash used in  financing  activities
consisted  of  principal   payments  made  on  the  mortgages   encumbering  the
Partnership's  properties and distributions to partners.  Cash used in investing
activities consisted of property  improvements and replacements and additions to
restricted escrow accounts  maintained by the mortgage lenders.  The Partnership
invests its working capital reserves in interest bearing accounts.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership.  The Partnership has no outstanding  amounts due under this line of
credit as of December 31,  2003.  During the year ended  December  31, 2002,  an
affiliate of the Managing General Partner advanced the Partnership approximately
$47,000 to cover operating expenses.  This loan was repaid during the year ended
December  31,  2002.  Interest was charged at prime plus 2% and amounted to less
than $1,000 for the year ended December 31, 2002.  There were no advances to the
Partnership  during the year ended  December 31, 2003.  Other than cash and cash
equivalents,  the line of  credit is the  Partnership's  only  unused  source of
liquidity.

The sufficiency of existing  liquid assets to meet future  liquidity and capital
expenditure   requirements   is  directly   related  to  the  level  of  capital
expenditures required at the 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 the  property  for the
upcoming  year  and  expects  to  budget  approximately   $150,000.   Additional
improvements  may be  considered  during  2004 and will  depend on the  physical
condition of the property as well as replacement  reserves and anticipated  cash
flow generated by the property.

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

The  Partnership's  assets are thought to be sufficient for any near-term  needs
(exclusive  of  capital   improvements)   of  the   Partnership.   The  mortgage
indebtedness  encumbering the Partnership's property of approximately $4,776,000
is amortized over 360 months with a balloon payment of approximately  $4,602,000
due January 1, 2006. The Managing General Partner will attempt to refinance such
indebtedness  and/or  sell the  property  prior to such  maturity  date.  If the
property cannot be refinanced or sold for a sufficient  amount,  the Partnership
will risk losing such property through foreclosure.

The  Partnership  distributed  the  following  amounts  during  the years  ended
December 31, 2003 and 2002 (in thousands, except per unit data):
<TABLE>
<CAPTION>

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

<S>                     <C>              <C>              <C>              <C>
Operations              $ 452            $ 3.20           $ 392            $ 2.80
</TABLE>

Subsequent  to  December  31,  2003,  the   Partnership   declared  and  paid  a
distribution  of  approximately  $4,500,000  (approximately  $4,410,000  to  the
limited  partners  or $33.92  per  limited  partnership  unit)  from the sale of
Ralston Place Apartments on January 30, 2004 (See "Item 7. Financial  Statements
- Note G").

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

In addition to its indirect  ownership of the general  partner  interests in the
Partnership,  AIMCO and its affiliates owned 84,525.69 limited partnership units
(the "Units") in the Partnership representing 65.02% 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 65.02% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting decisions with respect to the Partnership.  However,  with respect to
47,488.68  units,  owned  by  AIMCO  IPLP,  L.P.  (formerly  known  as  Insignia
Properties LP), an affiliate of the Managing General Partner and of AIMCO,  such
affiliate  is  required  to  vote  such  Units:  (i)  against  any  increase  in
compensation  payable to the Managing General Partner or to its affiliates;  and
(ii) on all other matters  submitted by it or its  affiliates,  in proportion to
the votes cast by third party  unitholders.  Except for the foregoing,  no other
limitations are imposed on AIMCO and its affiliates' ability to influence voting
decisions with respect to the Partnership. Although the Managing General Partner
owes fiduciary duties to the limited  partners of the Partnership,  the Managing
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the  Managing  General  Partner,  as  managing  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Managing General Partner to AIMCO, as its sole stockholder.

Critical Accounting Policies and Estimates

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  following may involve a
higher degree of judgment and complexity.

Impairment of Long-Lived Assets

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

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

Revenue Recognition

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


<PAGE>


Item 7.     Financial Statements

CENTURY PROPERTIES FUND XVI

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
Century Properties Fund XVI


We  have  audited  the  accompanying   consolidated  balance  sheet  of  Century
Properties  Fund XVI 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 Century Properties
Fund XVI 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>



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

                                December 31, 2003

<TABLE>
<CAPTION>

Assets
<S>                                                                               <C>
   Cash and cash equivalents                                                      $ 44
   Receivables and deposits                                                        295
   Restricted escrows                                                              135
   Other assets                                                                    111
   Investment property (Notes B and E):
      Land                                                       $ 905
      Buildings and related personal property                      9,793
                                                                  10,698
      Less accumulated depreciation                               (6,673)        4,025
   Assets held for sale (Note G)                                                 2,708
                                                                              $ 7,318

Liabilities and Partners' (Deficiency) Capital
Liabilities
   Accounts payable                                                            $ 144
   Accrued property taxes                                                          207
   Tenant security deposit liabilities                                              31
   Other liabilities                                                               132
   Due to affiliate (Note D)                                                        49
   Mortgage note payable (Note B)                                                4,776
   Liabilities related to assets held for sale (Note G)                          2,142

Partners' (Deficiency) Capital
   General partners                                             $ (3,923)
   Limited partners (130,000 units issued and outstanding)         3,760          (163)
                                                                              $ 7,318

           See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>


                           CENTURY PROPERTIES FUND XVI
                      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                                                 $ 1,637        $ 1,825
  Other income                                                      207            194
  Casualty gain (Note F)                                             --             15
      Total revenues                                              1,844          2,034

Expenses:
  Operating                                                         865            815
  General and administrative                                        281            233
  Depreciation                                                      436            425
  Interest                                                          398            404
  Property tax                                                      207            214
      Total expenses                                              2,187          2,091

Loss from continuing operations                                    (343)           (57)
Income from discontinued operations                                 106            210

Net (loss) income (Note C)                                       $ (237)        $ 153

Net (loss) income allocated to general partners (6.9%)           $ (16)         $ 11

Net (loss) income allocated to limited partners (93.1%)            (221)           142

                                                                 $ (237)        $ 153
Per limited partnership unit:
Loss from continuing operations                                 $ (2.46)       $ (.41)
Income from discontinued operations                                 .76           1.50

Net (loss) income per limited partnership unit                  $ (1.70)       $ 1.09

Distributions per limited partnership unit                       $ 3.20        $ 2.80


           See Accompanying Notes to Consolidated Financial Statements
</TABLE>

<PAGE>

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

<TABLE>
<CAPTION>


                                       Limited
                                      Partnership     General      Limited
                                         Units        Partners     Partners      Total

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

Partners' (deficiency) capital
  at December 31, 2001                  130,000       $(3,854)     $ 4,619       $ 765

Distributions to partners                    --           (28)        (364)        (392)

Net income for the year ended
  December 31, 2002                          --            11          142          153

Partners' (deficiency) capital
  At December 31, 2002                  130,000        (3,871)       4,397          526

Distributions to partners                    --           (36)        (416)        (452)

Net loss for the year ended
  December 31, 2003                          --           (16)        (221)        (237)

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


           See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>

                           CENTURY PROPERTIES FUND XVI

                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (in thousands)
<TABLE>
<CAPTION>

                                                              Year Ended December 31,
                                                                  2003        2002
Cash flows from operating activities:
<S>                                                              <C>          <C>
  Net (loss) income                                              $ (237)      $ 153
  Adjustments to reconcile net (loss) income to net cash
   provided by operating activities:
     Depreciation                                                   720          708
     Amortization of loan costs                                      32           32
     Casualty gain                                                   --          (15)
     Change in accounts:
      Receivables and deposits                                       55         (101)
      Other assets                                                  (36)          (3)
      Accounts payable                                               95          (27)
      Accrued property taxes                                         (7)          27
      Tenant security deposit liabilities                            13           (2)
      Due to affiliates                                              49           --
      Other liabilities                                              44           (4)
        Net cash provided by operating activities                   728          768

Cash flows from investing activities:
  Property improvements and replacements                           (292)        (338)
  Insurance proceeds received                                        --           22
  Net deposits to restricted escrows                                (46)         (12)
        Net cash used in investing activities                      (338)        (328)

Cash flows from financing activities:
  Distributions to partners                                        (452)        (392)
  Advances from affiliates                                           --           47
  Payments on advances from affiliates                               --          (47)
  Payments on mortgage notes payable                               (112)        (102)
        Net cash used in financing activities                      (564)        (494)

Net decrease in cash and cash equivalents                          (174)         (54)

Cash and cash equivalents at beginning of year                      218          272

Cash and cash equivalents at end of year                          $ 44        $ 218

Supplemental disclosure of cash flow information:
  Cash paid for interest                                         $ 546        $ 555
Supplemental disclosure of non-cash activity:
  Property improvements and replacements included in
   accounts payable                                               $ 46        $ --

           See Accompanying Notes to Consolidated Financial Statements

</TABLE>

<PAGE>
                           CENTURY PROPERTIES FUND XVI

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                December 31, 2003


Note A - Organization and Significant Accounting Policies

Organization: Century Properties Fund XVI (the "Partnership" or "Registrant") is
a  California  limited  partnership  organized  in December  1980 to acquire and
operate residential apartment properties. The Partnership's general partners are
Fox Capital  Management  Corporation  ("FCMC" or the "Managing General Partner")
and Fox Realty  Investors  ("FRI").  As of December  31, 2003,  the  Partnership
operates  two  residential  apartment  complexes,  one each located in Texas and
Florida.  The Florida property is held for sale. The Managing General Partner is
a  subsidiary  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
prior to such date.

Basis of  Presentation:  Effective  January 1,  2002,  the  Partnership  adopted
Statement of Financial  Accounting  Standards ("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, the consolidated statement of operations for the year ended December 31,
2002 has been  restated  as of  January  1, 2002 to reflect  the  operations  of
Ralston  Place  Apartments  as income from  discontinued  operations  due to the
property's sale in January 2004.

Principles of Consolidation: The Partnership's consolidated financial statements
include the accounts of the Partnership and one wholly owned partnership and one
99% owned  partnership.  The general partner of the 99% owned partnership can be
removed by the  Partnership;  therefore,  this  partnership  is  controlled  and
consolidated by the Partnership. All significant  interpartnership  transactions
have been eliminated.

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.

Allocation to Partners:  Net income and losses (excluding those arising from the
occurrence of sales or  dispositions) of the Partnership will be allocated 5% to
the general partners with the remaining 95% allocated 2% to the general partners
and 98% to the limited partners.

Distributions of available cash,  except as discussed below, are allocated 5% to
the general partners with the remaining 95% allocated 2% to the general partners
and 98% to the limited partners.

In accordance  with the Partnership  Agreement,  any gain from the sale or other
disposition of  Partnership  properties  shall be allocated:  (i) to the general
partners to the extent they are entitled to receive  distributions of cash; (ii)
7% to the general  partners and 93% to the limited  partners,  to the extent the
general  partners  have a deficit  capital  balance;  and  (iii) to the  limited
partners.

Cash  from  sales or other  disposition,  or  refinancing  and  working  capital
reserves must be distributed as follows:  (i) first, 2% to the general  partners
and 98% to the limited  partners until an aggregate amount is distributed to the
limited  partners  equal  to  the  total  of  their  original  invested  capital
contributed plus 8% per year,  determined on a cumulative,  noncompounded basis,
on adjusted  invested capital,  adjusted as needed, of such Limited  Partnership
Unit Holder;  (ii) second,  to the general  partners 15% of any additional  cash
from  sales  or  refinancing   and  working   capital   reserve   available  for
distribution,  and (iii) the  remainder  shall be  allocated  98% to the limited
partners  and 2% to the  general  partners.  Upon  sale  of all  properties  and
termination  of  the  Partnership,  the  general  partners  may be  required  to
contribute  certain funds to the  Partnership in accordance with the Partnership
Agreement.

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  included  approximately  $24,000 at
December 31, 2003 that are  maintained  by an affiliated  management  company on
behalf of affiliated entities in cash concentration accounts.

Depreciation:  Depreciation  is  provided by the  straight-line  method over the
estimated lives of the apartment  properties and related personal property.  For
Federal income tax purposes,  the  accelerated  cost recovery method is used (1)
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 modified accelerated cost recovery method is used for depreciation
of (1) real property over 27 1/2 years and (2) personal property  additions over
5 years.

Leases: The Partnership  generally leases apartment units for twelve-month terms
or less. 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  Managing  General  Partner  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.

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 its space and is current
on its rental payments.

Loan Costs: Loan costs of approximately $184,000 are included in other assets in
the  accompanying  consolidated  balance  sheet and are being  amortized  by the
straight-line  method  over  the  life  of  the  loan.  At  December  31,  2003,
accumulated  amortization is approximately $146,000.  Amortization of loan costs
is included in interest expense and was approximately $18,000 for both the years
ended  December  31,  2003 and 2002.  Amortization  expense  is  expected  to be
approximately  $18,000  for 2004 and 2005 and  approximately  $2,000 for 2006 at
which time loan costs will be fully amortized.

Investment Properties: Investment properties consist of two apartment complexes,
including  one  apartment  complex held for sale at December  31, 2003,  and are
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 these  assets.  Costs of
apartment  properties that have been permanently impaired have been written down
to appraised  value. No adjustments for impairment of value were recorded in the
years ended December 31, 2003 or 2002.

Fair  Value:  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 debt, at the Partnership's incremental borrowing rate
is approximately $4,933,000.

Advertising  Costs:  The  Partnership  expenses  the  costs  of  advertising  as
incurred.  Advertising costs of approximately  $50,000 and $46,000 for the years
ended  December  31,  2003 and 2002,  respectively,  were  charged to  operating
expenses.

Segment Reporting: SFAS No. 131, "Disclosure about Segments of an Enterprise and
Related  Information"  established  standards  for the way that 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 established  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.

Note B - Mortgage Note Payable

The principle terms of the mortgage note payable is as follows:
<TABLE>
<CAPTION>

                      Principal     Monthly                                      Principal
                      Balance At    Payment                                       Balance
                     December 31,  Including   Interest    Period    Maturity     Due At
      Property           2003       Interest     Rate     Amortized    Date      Maturity
                          (in thousands)                                      (in thousands)
Woods of Inverness
<S>                     <C>           <C>        <C>       <C>        <C>         <C>
  Apartments            $4,776        $ 38       7.88%     30 yrs     1/2006      $4,602
</TABLE>

The  mortgage  note  payable  is  nonrecourse  and is secured by a pledge of the
property and by a pledge of revenues from the property. Prepayment penalties are
required if repaid  prior to  maturity.  Further,  the  property may not be sold
subject to existing indebtedness.

The mortgage note payable  encumbering Ralston Place Apartments of approximately
$2,092,000  is included in  liabilities  related to assets held for sale and was
repaid subsequent to December 31, 2003 (see "Note G - Subsequent Event").

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

                             2004             $    84
                             2005                  90
                             2006               4,602
                                              $ 4,776

Note C - Income Taxes

Taxable income or loss of the  Partnership is reported in the income tax returns
of its  partners.  Accordingly,  no  provision  for income  taxes is made in the
financial statements of the Partnership.

Differences between the net (loss) income as reported and Federal taxable income
result  primarily  from  depreciation  over  different  methods and lives and on
differing cost basis. The following is a  reconciliation  of reported net (loss)
income and Federal taxable income (in thousands except per unit data):

                                                     2003          2002

Net (loss) income as reported                       $ (237)        $ 153
Add (deduct):
  Unearned revenue                                       1            (5)
  Depreciation differences                             402           393
  Miscellaneous                                         98           (15)
  Casualty                                              --           (15)
Federal taxable income                              $ 264          $ 511

Federal taxable income per limited
  partnership unit                                  $ 1.89        $ 3.66

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

                                                 2003

Net liabilities as reported                     $ (163)
Land and buildings                                 881
Accumulated depreciation                        (3,867)
Syndication and distribution costs               8,258
Other                                              209

Net assets - Federal tax basis                 $ 5,318

Note D - Transactions with Affiliated Parties

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

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts  from  both of the  Partnership's  properties  for  providing  property
management  services.  The  Partnership  paid to such  affiliates  approximately
$150,000  and  $162,000  for  the  years  ended  December  31,  2003  and  2002,
respectively,   which  is  included  in  operating   expenses  and  income  from
discontinued operations.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $180,000 and
$128,000 for the years ended December 31, 2003 and 2002, respectively,  which is
included in general and administrative expenses. For the year ended December 31,
2003 the first three quarters were based on estimated  amounts and in the fourth
quarter of 2003, the reimbursements of accountable  administrative expenses were
adjusted  based on actual costs (see "Note H").  Approximately  $49,000 of these
expenses were accrued at December 31, 2003 and are included in due to affiliate.

Pursuant  to  the  Partnership  Agreement,  for  managing  the  affairs  of  the
Partnership,  the Managing  General Partner is entitled to receive a Partnership
management fee equal to 5% of the Partnership's adjusted cash from operations as
distributed.  Approximately  $22,000 and $20,000 of Partnership  management fees
were paid along with the  distributions  from  operations  made during the years
ended  December  31, 2003 and 2002,  respectively,  and are  included in general
partner distributions.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership.  The Partnership has no outstanding  amounts due under this line of
credit as of December 31,  2003.  During the year ended  December  31, 2002,  an
affiliate of the Managing General Partner advanced the Partnership approximately
$47,000 to cover operating expenses.  This loan was repaid during the year ended
December  31,  2002.  Interest was charged at prime plus 2% and amounted to less
than $1,000 for the year ended December 31, 2002.  There were no advances to the
Partnership during the year ended December 31, 2003.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing General Partner. During the years ended December 31, 2003 and 2002, the
Partnership  was charged by AIMCO and its affiliates  approximately  $43,000 and
$52,000,  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 84,525.69 limited partnership units
(the "Units") in the Partnership representing 65.02% 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 65.02% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting decisions with respect to the Partnership.  However,  with respect to
47,488.68  units,  owned  by  AIMCO  IPLP,  L.P.  (formerly  known  as  Insignia
Properties LP), an affiliate of the Managing General Partner and of AIMCO,  such
affiliate  is  required  to  vote  such  Units:  (i)  against  any  increase  in
compensation  payable to the Managing General Partner or to its affiliates;  and
(ii) on all other matters  submitted by it or its  affiliates,  in proportion to
the votes cast by third party  unitholders.  Except for the foregoing,  no other
limitations are imposed on AIMCO and its affiliates' ability to influence voting
decisions with respect to the Partnership. Although the Managing General Partner
owes fiduciary duties to the limited  partners of the Partnership,  the Managing
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the  Managing  General  Partner,  as  managing  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Managing General Partner to AIMCO, as its sole stockholder.

Note E - Investment Property and Accumulated Depreciation
<TABLE>
<CAPTION>

                                                Initial Cost
                                               To Partnership
                                               (in thousands)

                                                        Buildings           Costs
                                                       and Related      (Written Off)
                                                        Personal        Subsequent to
     Description         Encumbrances       Land        Property         Acquisition
                        (in thousands)                                 (in thousands)

<S>                         <C>            <C>           <C>               <C>
Woods of Inverness          $ 4,776        $ 1,292       $10,305           $ (899)
</TABLE>

<TABLE>
<CAPTION>
                       Gross Amount At Which Carried
                           At December 31, 2003
                              (in thousands)

                                Buildings
                               And Related
                                 Personal               Accumulated       Date    Depreciable
     Description        Land     Property     Total     Depreciation    Acquired   Life-Years
                                                       (in thousands)

<S>                    <C>       <C>         <C>          <C>            <C>        <C>
Woods of Inverness     $ 905     $ 9,793     $10,698      $ 6,673        07/82      5-30 yrs
</TABLE>

Reconciliation of "Investment Property and Accumulated Depreciation":

                                                Years Ended December 31,
                                                  2003            2002
                                                     (in thousands)

Balance at beginning of year                    $17,397          $17,079
  Property improvements                             338              338
  Disposition of assets                              --              (20)
  Investment property held for sale              (7,037)              --
Balance at end of year                          $10,698          $17,397

Accumulated Depreciation

Balance at beginning of year                    $10,349          $ 9,654
  Additions charged to expense                      720              708
  Disposition of assets                              --              (13)
  Investment property held for sale              (4,396)              --
Balance at end of year                          $ 6,673          $10,349

The aggregate cost of the investment property for Federal income tax purposes at
December  31,  2003  and  2002 is  approximately  $10,805,000  and  $10,621,000,
respectively. The accumulated depreciation taken for Federal income tax purposes
at  December  31,  2003 and 2002 is  approximately  $8,583,000  and  $8,399,000,
respectively.

Ralston Place Apartments sold on January 30, 2004 and is excluded from the above
schedules and is  classified  as assets held for sale at December 31, 2003.  The
gross carrying value and accumulated depreciation of Ralston Place Apartments at
December 31, 2003, was approximately $7,037,000 and $4,396,000, respectively.

Note F - Casualty Gain

During 2002,  Woods of Inverness  recognized  a casualty  gain of  approximately
$15,000 resulting from a fire in December 2001. The casualty gain was the result
of insurance  proceeds  received of  approximately  $22,000 in excess of the net
book value of the damaged assets of approximately $7,000.

Note G - Subsequent Event

On January 30,  2004,  the  Partnership  sold  Ralston  Place  Apartments  to an
unaffiliated  third  party for  $7,725,000.  After  payment of closing  costs of
approximately  $351,000,  the net  proceeds  received  by the  Partnership  were
approximately  $7,374,000.  The  Partnership  used a portion of the  proceeds to
repay the mortgage  encumbering the property of  approximately  $2,089,000.  The
sale of the property resulted in a gain on the sale of approximately $4,600,000.
In addition,  the Partnership recorded a loss on early extinguishment of debt of
approximately  $229,000,  as a result of the write off of unamortized loan costs
and a prepayment penalty. The results of the property's operations for the years
ended  December  31,  2003 and 2002 are  included  in income  from  discontinued
operations  which was  approximately  $106,000 and $210,000,  respectively,  and
includes  revenues of  approximately  $1,208,000 and  $1,275,000,  respectively.
During  the  first  quarter  of  2004,  the  Partnership  declared  and  paid  a
distribution  of  approximately  $4,500,000  (approximately  $4,410,000  to  the
limited partners or $33.92 per limited partnership unit) from the remaining sale
proceeds.

Note H - Fourth-Quarter Adjustment

The Partnership's policy is to record management  reimbursements to the Managing
General Partner as allowed under the Partnership Agreement on a quarterly basis,
using estimated financial  information furnished by an affiliate of the Managing
General Partner.  For the first three quarters of 2003, these  reimbursements of
accountable  administrative expenses were based on estimated amounts. During the
fourth  quarter of 2003,  the  Partnership  recorded an adjustment to management
reimbursements to the Managing General Partner of approximately $49,000 due to a
difference  in the  estimated  costs and the actual costs  incurred.  The actual
management  reimbursements  to the Managing  General  Partner for the year ended
December  31, 2003 were  approximately  $180,000,  as compared to the  estimated
management  reimbursements  to the Managing  General Partner for the nine months
ended September 30, 2003 of approximately $98,000.

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.

Item 8. Changes in and Disagreements with Accountant on Accounting and Financial
        Disclosures

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 2004 that have materially  affected,  or are reasonably likely
to  materially  affect,  the  Partnership's   internal  control  over  financial
reporting.


                                    PART III

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

Century  Properties  Fund XVI (the  "Partnership"  or the  "Registrant")  has no
officers  or  directors.  Fox  Capital  Management  Corporation  ("FCMC"  or the
"Managing  General  Partner"),  manages and  controls  substantially  all of the
Partnership's  affairs and has general  responsibility  in all matters affecting
its business.

The names and ages of, as well as the positions and offices held by, the present
directors  and  officers of the  Managing  General  Partner are set forth below.
There are no family relationships between or among any officers or directors.

Name                        Age    Position

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 directors 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
directors 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

No direct form of compensation  or  remuneration  was paid by the Partnership to
any officer or director of Fox Capital Management Corporation. However, fees and
other payments have been made to the Partnership's  Managing General Partner and
its  affiliates,  as described in "Item 12.  Certain  Relationships  and Related
Transactions."

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.

               Name of                                         Percentage
          Beneficial Owner                Number of Units       of Class

AIMCO IPLP, L.P.
  (an affiliate of AIMCO)                    47,488.68           36.53%
AIMCO Properties, L.P.
  (an affiliate of AIMCO)                    36,837.01           28.34%
Fox Capital Management Corp
  (an affiliate of AIMCO)`                      200.00            0.15%

AIMCO IPLP, L.P. (formerly known as Insignia  Properties,  L.P.) and Fox Capital
Management  Corp.  are  indirectly  ultimately  owned by AIMCO.  Their  business
addresses are 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 the Managing General Partner owns any units.

Item 12.    Certain Relationships and Related Transactions

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

Affiliates of the Managing  General  Partner are entitled to receive 5% of gross
receipts  from  both of the  Partnership's  properties  for  providing  property
management  services.  The  Partnership  paid to such  affiliates  approximately
$150,000  and  $162,000  for  the  years  ended  December  31,  2003  and  2002,
respectively,   which  is  included  in  operating   expenses  and  income  from
discontinued operations.

An  affiliate  of  the  Managing  General  Partner  received   reimbursement  of
accountable  administrative  expenses  amounting to  approximately  $180,000 and
$128,000 for the years ended December 31, 2003 and 2002, respectively,  which is
included in general and administrative expenses. For the year ended December 31,
2003 the first three quarters were based on estimated  amounts and in the fourth
quarter of 2003, the reimbursements of accountable  administrative expenses were
adjusted  based on actual costs (see "Note H").  Approximately  $49,000 of these
expenses were accrued at December 31, 2003 and are included in due to affiliate.

Pursuant  to  the  Partnership  Agreement,  for  managing  the  affairs  of  the
Partnership,  the Managing  General Partner is entitled to receive a Partnership
management fee equal to 5% of the Partnership's adjusted cash from operations as
distributed.  Approximately  $22,000 and $20,000 of Partnership  management fees
were paid along with the  distributions  from  operations  made during the years
ended  December  31, 2003 and 2002,  respectively,  and are  included in general
partner distributions.

An  affiliate  of  the  Managing  General  Partner  has  made  available  to the
Partnership  a  credit  line  of  up to  $150,000  per  property  owned  by  the
Partnership.  The Partnership has no outstanding  amounts due under this line of
credit as of December 31,  2003.  During the year ended  December  31, 2002,  an
affiliate of the Managing General Partner advanced the Partnership approximately
$47,000 to cover operating expenses.  This loan was repaid during the year ended
December  31,  2002.  Interest was charged at prime plus 2% and amounted to less
than $1,000 for the year ended December 31, 2002.  There were no advances to the
Partnership during the year ended December 31, 2003.

The  Partnership  insures its properties up to certain  limits through  coverage
provided by AIMCO which is  generally  self-insured  for a portion of losses and
liabilities  related to workers  compensation,  property  casualty  and  vehicle
liability. The Partnership insures its properties above the AIMCO limits through
insurance  policies  obtained  by  AIMCO  from  insurers  unaffiliated  with the
Managing General Partner. During the years ended December 31, 2003 and 2002, the
Partnership  was charged by AIMCO and its affiliates  approximately  $43,000 and
$52,000,  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 84,525.69 limited partnership units
(the "Units") in the Partnership representing 65.02% 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 65.02% of
the outstanding  Units,  AIMCO and its affiliates are in a position to influence
all voting decisions with respect to the Partnership.  However,  with respect to
47,488.68  units,  owned  by  AIMCO  IPLP,  L.P.  (formerly  known  as  Insignia
Properties LP), an affiliate of the Managing General Partner and of AIMCO,  such
affiliate  is  required  to  vote  such  Units:  (i)  against  any  increase  in
compensation  payable to the Managing General Partner or to its affiliates;  and
(ii) on all other matters  submitted by it or its  affiliates,  in proportion to
the votes cast by third party  unitholders.  Except for the foregoing,  no other
limitations are imposed on AIMCO and its affiliates' ability to influence voting
decisions with respect to the Partnership. Although the Managing General Partner
owes fiduciary duties to the limited  partners of the Partnership,  the Managing
General Partner also owes fiduciary duties to AIMCO as its sole stockholder.  As
a result,  the duties of the  Managing  General  Partner,  as  managing  general
partner, to the Partnership and its limited partners may come into conflict with
the duties of the Managing General Partner to AIMCO, as its sole stockholder.

Item 13.    Exhibits and Reports on Form 8-K

      (a)   Exhibits:

            See Exhibit Index attached.

      (b) Reports on Form 8-K filed during the quarter ended December 31, 2003.

            None.

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 $38,000 and $36,000 for 2003 and 2002, respectively.

Tax Fees.  The  Partnership  paid to Ernst & Young LLP fees for tax services for
2003 and 2002 of approximately $10,000 and $12,000, 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.


                                    CENTURY PROPERTIES FUND XVI


                                    By:   Fox Capital Management Corporation
                                          Managing General Partner


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


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


                                    Date: March 29, 2004


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.


/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 and     Date: March 29, 2004
Thomas M. Herzog              Chief Accounting Officer


<PAGE>


                           CENTURY PROPERTIES FUND XVI

                                  EXHIBIT INDEX


Exhibit Number    Description of Exhibit

     2.1  Agreement  and Plan of Merger,  dated as of  October  1, 2000,  by and
          between  AIMCO and IPT  (incorporated  by  reference to Exhibit 2.1 of
          IPT's Current  Report or Form 8-K, file No.  1-4179,  dated October 1,
          2000. (Page 1)

     2.5  Master Indemnity Agreement incorporated by reference to Exhibit 2.5 to
          Form 8-K filed by Insignia  Financial Group,  Inc. with the Securities
          and Exchange Commission on September 1, 1995. (Page 2)

     3.4  Agreement of Limited Partnership  incorporated by reference to Exhibit
          A to the  Prospectus  of the  Registrant  dated  August  17,  1981 and
          thereafter  supplemented  June 25, 1979 and  thereafter  supplemented,
          included in the Registrant's Registration Statement on Form S-11 (Reg.
          No. 2-71473). (Page 3)

     10.1 Form of First  Mortgage  Note dated as of  December  29, 1995 from the
          Registrant to Secore Financial Corporation  ("Secore") relating to the
          refinancing  of the Landings and Woods of  Inverness  incorporated  by
          reference to Exhibit 10.1 to the  Registrant's  Annual  Report of Form
          10-KSB for the year ended December 31, 1995. (Page 4)

     10.2 Form of First  Mortgage  Note dated as of  December  29, 1995 from the
          Registrant to Secore  relating to the  refinancing of the Landings and
          Woods of  Inverness  incorporated  by reference to Exhibit 10.2 to the
          Registrant's  Annual Report of Form 10-KSB for the year ended December
          31, 1995. (Page 4)

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

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

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

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

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

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

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

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



<PAGE>



Exhibit 31.1


                                  CERTIFICATION


I, Martha L. Long, certify that:


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

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

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the 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 Century  Properties
      Fund XVI;

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

3.    Based on my  knowledge,  the  financial  statements,  and other  financial
      information  included  in this  report,  fairly  present  in all  material
      respects the financial condition,  results of operations and cash flows of
      the 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 Century  Properties Fund
XVI (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.