| x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES |
|---|--------------------------------------------------------------------|

| o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|------------------------------------------------------------------------------------------|

| Maryland                                 | 52-1328767                           |
|------------------------------------------|--------------------------------------|
| (State of Incorporation)                 | (I.R.S. Employer Identification No.) |
|                                     |                                 |
| 11200 Rockville Pike                     |                                 |
| Rockville, MD                            | 20852                                |
| (Address of Principal Executive Offices) | (ZIP Code)                           |

----

|      |                                                         | Page   |
|-----------|--------------------------------------------------------------|--------|
|      |                                                         |   |
| Part I    | FINANCIAL INFORMATION                                        |   |
|      |                                                         |   |
| Item 1.   | Financial Statements                                         |   |
|      | Consolidated Balance Sheets                                  |   |
|      | - June 30, 2010 and December 31, 2009                        | 1      |
|      | Consolidated Statements of Operations and Accumulated Losses |   |
|      | - for the three and six months ended June 30, 2010 and 2009  | 2      |
|      | Consolidated Statements of Cash Flows                        |   |
|      | - for the six months ended June 30, 2010 and 2009            | 3      |
|      | Notes to Financial Statements                                |   |
|      | - June 30, 2010 and 2009                                     | 4      |
|      |                                                         |   |
| Item 2.   | Management's Discussion and Analysis of Financial Condition  |   |
|      | and Results of Operations                                    | 14     |
|      |                                                         |   |
| Item 4.   | Controls and Procedures                                      | 15     |
|      |                                                         |   |
| Part II   | OTHER INFORMATION                                            |   |
|      |                                                         |   |
| Item 3.   | Defaults upon Senior Securities                              | 16     |
|      |                                                         |   |
| Item 5.   | Other Information                                            | 16     |
|      |                                                         |   |
| Item 6.   | Exhibits                                                     | 16     |
|      |                                                         |   |
| Signature |                                                         | 16     |

----

|                                                                 |   | June 30,    |       |   | December 31, |   |
|----------------------------------------------------------------------|--------|-------------|------------|--------|--------------|--------|
|                                                                 |   | 2010        |       |   | 2009         |   |
|                                                                 |   | (Unaudited) |       |   |         |   |
|                                                                 |   |        |       |   |         |   |
| Investments in partnerships                                          |   | $           | 948,343    |   |         | $      | 940,105 |   |
| Investment in partnerships held for sale or transfer                 |   |        | 2,103,409  |   |         |   | 1,964,803 |   |
| Cash and cash equivalents                                            |   |        | 6,380,772  |   |         |   | 5,660,470 |   |
| Distribution receivable from partnership                             |   |        | 554,825    |   |         |   | -- |   |
| Acquisition fees, principally paid to related parties,               |   |        |       |   |         |   |   |   |
| net of accumulated amortization of $49,472 and $48,381, respectively |   |        | 28,288     |   |         |   | 29,379 |   |
| Property purchase costs,                                             |   |        |       |   |         |   |   |   |
| net of accumulated amortization of $73,515 and $72,771, respectively |   |        | 19,577     |   |         |   | 20,321 |   |
|                                                                 |   |        |       |   |         |   |   |   |
| Total assets                                                         |   | $           | 10,035,214 |   |         | $      | 8,615,078 |   |
|                                                                 |   |        |       |   |         |   |   |   |

| Due on investments in partnerships      |   | $      | 2,790,000   |   |   | $      | 2,790,000   |   |
|-----------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|
| Accrued interest payable                |   |   | 11,556,360  |   |   |   | 11,225,330  |   |
| Accounts payable and accrued expenses   |   |   | 79,250      |   |   |   | 30,153      |   |
|                                    |   |   |        |   |   |   |        |   |
| Total liabilities                       |   |   | 14,425,610  |   |   |   | 14,045,483  |   |
|                                    |   |   |        |   |   |   |        |   |
| Commitments and contingencies           |   |   |        |   |   |   |        |   |
|                                    |   |   |        |   |   |   |        |   |
| Partners' deficit:                      |   |   |        |   |   |   |        |   |
|                                    |   |   |        |   |   |   |        |   |
| Capital paid in:                        |   |   |        |   |   |   |        |   |
| General Partners                        |   |   | 2,000       |   |   |   | 2,000       |   |
| Limited Partners                        |   |   | 73,501,500  |   |   |   | 73,501,500  |   |
|                                    |   |   |        |   |   |   |        |   |
|                                    |   |   | 73,503,500  |   |   |   | 73,503,500  |   |
|                                    |   |   |        |   |   |   |        |   |
| Less:                                   |   |   |        |   |   |   |        |   |
| Accumulated distributions to partners   |   |   | (21,019,700 | )      |   |   | (21,019,700 | )      |
| Offering costs                          |   |   | (7,562,894  | )      |   |   | (7,562,894  | )      |
| Accumulated losses                      |   |   | (49,311,302 | )      |   |   | (50,351,311 | )      |
|                                    |   |   |        |   |   |   |        |   |
| Total partners' deficit                 |   |   | (4,390,396  | )      |   |   | (5,430,405  | )      |
|                                    |   |   |        |   |   |   |        |   |
| Total liabilities and partners' deficit |   | $      | 10,035,214  |   |   | $      | 8,615,078   |   |

----

|                                     |   | For the three months ended |        |   | For the six months ended |   |
|------------------------------------------|--------|----------------------------|-------------|--------|--------------------------|--------|
|                                     |   | June 30,                   |        |   | June 30,                 |   |
|                                     |   | 2010                       |        |   | 2009                     |   |   | 2010 |   |   | 2009 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |
| Share of income from partnerships        |   | $                          | 52,402      |   |                     | $      | 477,386 |   |   | $ | 137,170 |   |   | $ | 464,785 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Other revenue and  expenses:   |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                 |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Interest                                 |   |                       | 7,642       |   |                     |   | 6,667 |   |   |   | 13,653 |   |   |   | 21,125 |   |
| Gain from extinguishment of debt         |   |                       | --          |   |                     |   | -- |   |   |   | -- |   |   |   | 8,957,777 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       | 7,642       |   |                     |   | 6,667 |   |   |   | 13,653 |   |   |   | 8,978,902 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative               |   |                       | 94,455      |   |                     |   | 99,870 |   |   |   | 200,723 |   |   |   | 478,128 |   |
| Interest                                 |   |                       | 165,515     |   |                     |   | 159,351 |   |   |   | 331,030 |   |   |   | 319,859 |   |
| Management fee                           |   |                       | 93,750      |   |                     |   | 93,750 |   |   |   | 187,500 |   |   |   | 187,500 |   |
| Professional fees                        |   |                       | 30,750      |   |                     |   | 31,139 |   |   |   | 139,000 |   |   |   | 69,554 |   |
| Amortization of deferred costs           |   |                       | 1,014       |   |                     |   | 1,704 |   |   |   | 2,027 |   |   |   | 15,142 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       | 385,484     |   |                     |   | 385,814 |   |   |   | 860,280 |   |   |   | 1,070,183 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total other revenue and expenses         |   |                       | (377,842    | )      |                     |   | (379,147 | ) |   |   | (846,627 | ) |   |   | 7,908,719 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| (Loss) income before gain on disposition |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| of investment in partnership and income  |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| (loss) from discontinued operations      |   |                       | (325,440    | )      |                     |   | 98,239 |   |   |   | (709,457 | ) |   |   | 8,373,504 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Discontinued operations                  |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Share of income (loss) from discontinued |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Operations                               |   |                       | 139,889     |   |                     |   | (5,680 | ) |   |   | 145,873 |   |   |   | 32,393 |   |
| Gain on disposition of investment in     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| partnerships, net of disposition fee     |   |                       | 554,825     |   |                     |   | -- |   |   |   | 1,603,593 |   |   |   | -- |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Results from discontinued operations     |   |                       | 694,714     |   |                     |   | (5,680 | ) |   |   | 1,749,466 |   |   |   | 32,393 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income                               |   |                       | 369,274     |   |                     |   | 92,559 |   |   |   | 1,040,009 |   |   |   | 8,405,897 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated losses, beginning of period  |   |                       | (49,680,576 | )      |                     |   | (50,066,252 | ) |   |   | (50,351,311 | ) |   |   | (58,379,590 | ) |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated losses, end of period        |   | $                          | (49,311,302 | )      |                     | $      | (49,973,693 | ) |   | $ | (49,311,302 | ) |   | $ | (49,973,693 | ) |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income allocated                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| to General Partners (1.51%)              |   | $                          | 5,576       |   |                     | $      | 1,398 |   |   | $ | 15,704 |   |   | $ | 126,929 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income allocated                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| to Initial and Special                   |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partners (1.49%)                 |   | $                          | 5,502       |   |                     | $      | 1,379 |   |   | $ | 15,496 |   |   | $ | 125,248 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income allocated                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| to Additional Limited Partners (97%)     |   | $                          | 358,196     |   |                     | $      | 89,782 |   |   | $ | 1,008.809 |   |   | $ | 8,153,720 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income per unit of                   |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Additional Limited Partner Interest,     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| based on 73,337 units outstanding        |   | $                          | 4.88        |   |                     | $      | 1.22 |   |   | $ | 13.76 |   |   | $ | 111.18 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                         |   | For the six months ended |       |
|--------------------------------------------------------------|--------|--------------------------|------------|
|                                                         |   | June 30,                 |       |
|                                                         |   | 2010                     |       |   | 2009 |   |
|                                                         |   |                     |       |   |   |   |
| Cash flows from operating activities:                        |   |                     |       |   |   |   |
| Net income                                                   |   | $                        | 1,040,009  |   |   | $ | 8,405,897 |   |
|                                                         |   |                     |       |   |   |   |   |   |
| Adjustments to reconcile net income to net cash              |   |                     |       |   |   |   |   |   |
| used in operating activities:                                |   |                     |       |   |   |   |   |   |
| Share of income from partnerships                            |   |                     | (283,043   | ) |   |   | (497,178 | ) |
| Gain from extinguishment of debt                             |   |                     | --         |   |   |   | (8,957,777 | ) |
| Gain on disposition of investment in partnerships,           |   |                     |       |   |   |   |   |   |
| net of disposition fees                                      |   |                     | (1,603,593 | ) |   |   | -- |   |
| Amortization of deferred costs                               |   |                     | 2,027      |   |   |   | 15,142 |   |
|                                                         |   |                     |       |   |   |   |   |   |
| Changes in assets and liabilities:                           |   |                     |       |   |   |   |   |   |
| (Increase) decrease in other assets                          |   |                     | --         |   |   |   | 6,515 |   |
| Increase in accrued interest payable                         |   |                     | 331,030    |   |   |   | 319,859 |   |
| Increase (decrease) in accounts payable and accrued expenses |   |                     | 49,097     |   |   |   | (39,816 | ) |
|                                                         |   |                     |       |   |   |   |   |   |
| Net cash used in operating activities                        |   |                     | (464,473   | ) |   |   | (747,358 | ) |
|                                                         |   |                     |       |   |   |   |   |   |
| Cash flows from investing activities:                        |   |                     |       |   |   |   |   |   |
| Receipt of distributions from partnerships                   |   |                     | 128,932    |   |   |   | 437,504 |   |
| Proceeds from disposition of investment in partnerships      |   |                     | 1,133,343  |   |   |   | -- |   |
| Disposition fee paid to a related party                      |   |                     | (77,500    | ) |   |   | -- |   |
|                                                         |   |                     |       |   |   |   |   |   |
| Net cash provided by investing activities                    |   |                     | 1,184,775  |   |   |   | 437,504 |   |
|                                                         |   |                     |       |   |   |   |   |   |
| Cash flows from financing activities:                        |   |                     |       |   |   |   |   |   |
| Distribution paid to Limited Partners                        |   |                     | --         |   |   |   | (1,268,386 | ) |
| Tax distribution on behalf of Limited Partners               |   |                     | --         |   |   |   | (590,097 | ) |
|                                                         |   |                     |       |   |   |   |   |   |
| Net cash used in financing activities:                       |   |                     | --         |   |   |   | (1,858,483 | ) |
|                                                         |   |                     |       |   |   |   |   |   |
| Net increase (decrease) in cash and cash equivalents         |   |                     | 720,302    |   |   |   | (2,168,337 | ) |
|                                                         |   |                     |       |   |   |   |   |   |
| Cash and cash equivalents, beginning of period               |   |                     | 5,660,470  |   |   |   | 7,975,361 |   |
|                                                         |   |                     |       |   |   |   |   |   |
| Cash and cash equivalents, end of period                     |   | $                        | 6,380,772  |   |   | $ | 5,807,024 |   |
|                                                         |   |                     |       |   |   |   |   |   |

----

----

| PROPERTY              | CITY          | STATE | UNITS |
|-----------------------|---------------|-------|-------|
| Fairways              | Naperville    | IL    | 210   |
| Madison Square        | Grand Rapids  | MI    | 133   |
| Mary Allen Tower West | Galesburg     | IL    | 154   |
| Northridge Park       | Salinas       | CA    | 104   |
| Pilgrim Tower East    | Pasadena      | CA    | 158   |
| Tradewinds            | Traverse City | MI    | 122   |
| Westport Village      | Freeport      | IL    | 121   |

----

|                                      |   | For the three months ended |
|-------------------------------------------|--------|----------------------------|
|                                      |   | June 30,                   |
|                                      |   | 2010                       |   |   | 2009 |
|                                      |   | Equity                     |   |   |   |   |   | Equity |   |   |
|                                      |   | Method                     |   |   | Suspended |   |   | Method |   |   |
|                                      |   |                       |   |   |   |   |   |   |   |
| Number of Local Partnerships              |   |                       | 2 | (a) |   |   | 5 | (b) |   |   | 2 | (a) |   |   | 6 | (c) |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                  |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                                    |   | $                          | 442,950 |   |   | $ | 1,530,000 |   |   | $ | 332,940 |   |   | $ | 1,799,944 |   |
| Other                                     |   |                       | 9,915 |   |   |   | 58,845 |   |   |   | 73,420 |   |   |   | 82,808 |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                             |   |                       | 452,865 |   |   |   | 1,588,845 |   |   |   | 406,360 |   |   |   | 1,882,752 |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                 |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                                 |   |                       | 242,638 |   |   |   | 1,017,322 |   |   |   | 284,234 |   |   |   | 1,143,425 |   |
| Interest                                  |   |                       | 592 |   |   |   | 406,179 |   |   |   | 10,343 |   |   |   | 422,322 |   |
| Depreciation and amortization             |   |                       | 79,331 |   |   |   | 337,830 |   |   |   | 77,232 |   |   |   | 355,101 |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                            |   |                       | 322,561 |   |   |   | 1,761,331 |   |   |   | 371,809 |   |   |   | 1,920,848 |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                         |   | $                          | 130,304 |   |   | $ | (172,486 | ) |   | $ | 34,551 |   |   | $ | (38,096 | ) |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution                         |   | $                          | -- |   |   | $ | (22,406 | ) |   | $ | -- |   |   | $ | 437,503 |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded                |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| as income                                 |   |                       |   |   |   |   | 63,304 |   |   |   | -- |   |   |   | 437,503 |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership's share of Local              |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Partnership net income |   |                       | 128,987 |   |   |   | -- |   |   |   | 34,203 |   |   |   | -- |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of income from partnerships         |   |                       | $192,291 |   |   |   | $471,706 |   |
|                                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                 |   | For the six months ended |          |
|--------------------------------------|--------|--------------------------|---------------|
|                                 |   | June 30,                 |          |
|                                 |   | 2010                     |          |   | 2009 |   |
|                                 |   | Equity                   |          |   |   |   |   | Equity |   |   |   |   |
|                                 |   | Method                   |          |   | Suspended |   |   | Method |   |   | Suspended |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |
| Number of Local Partnerships         |   |                     | 2             | (a) |   |   | 5 | (b) |   |   | 2 | (a) |   |   | 6 | (c) |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                             |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                               |   | $                        | 833,757       |   |   | $ | 3,240,572 |   |   | $ | 695,037 |   |   | $ | 3,599,887 |   |
| Other                                |   |                     | 38,007        |   |   |   | 114,757 |   |   |   | 103,286 |   |   |   | 165,616 |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                        |   |                     | 871,764       |   |   |   | 3,355,329 |   |   |   | 798,323 |   |   |   | 3,765,503 |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                            |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                            |   |                     | 551,861       |   |   |   | 2,099,755 |   |   |   | 562,890 |   |   |   | 2,286,850 |   |
| Interest                             |   |                     | 1,183         |   |   |   | 812,358 |   |   |   | 20,686 |   |   |   | 844,645 |   |
| Depreciation and amortization        |   |                     | 158,662       |   |   |   | 675,661 |   |   |   | 154,464 |   |   |   | 710,202 |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                       |   |                     | 711,706       |   |   |   | 3,587,774 |   |   |   | 738,040 |   |   |   | 3,841,697 |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                    |   | $                        | 160,058       |   |   | $ | (232,445 | ) |   | $ | 60,283 |   |   | $ | (76,194 | ) |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution                    |   | $                        | --            |   |   | $ | 38,892 |   |   | $ | -- |   |   | $ | 437,503 |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded as income |   |                     |          |   |   |   | 124,602 |   |   |   | -- |   |   |   | 437,503 |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership’s share of Local   |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership net income               |   |                     | 158,441  |   |   |   | -- |   |   |   | 59,675 |   |   |   | -- |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of income from partnerships    |   |                     | $283,043      |   |   |   | $497,178 |   |
|                                 |   |                     |          |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

| Property        |  Principal | Date         | Disposition |
|-----------------|-----------------|--------------|-------------|
|            |            |         |        |
| Cedar Point     | $1,320,000      | January 2009 | Transfer    |
| Thornwood House | $1,775,000      | January 2009 | Transfer    |

|                 |                 | Accrued Interest             |     |
|----------------------|----------------------|------------------------------|----------|
|                 |                 | as of                        |     |
| Property             | Principal       |  June 30, 2010          | Maturity |
|                 |                 |                         |     |
| Westport Village (1) | $  840,000 |    $2,875,565 | 09/01/99 |
|                 |                 |                         |     |

|               |           | Accrued Interest |     |
|--------------------|----------------|------------------|----------|
|               |           | as of            |     |
| Property           | Principal      | June 30, 2010    | Maturity |
|               |           |             |     |
| Pilgrim Tower East | $1,450,000 (1) | $5,022,021       | 11/30/03 |

----

----

----

----

----

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| Exhibit No. | Description |
|-------------|-------------|

| 31.1 | Certification of Principal Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Certification of Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32 | Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|                                                |   | CAPITAL REALTY INVESTORS-IV LIMITED                                                                                                                                                                                                                                                                                                                                                                                                           |
|-----------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                |   |     PARTNERSHIP                                                                                                                                                                                                                                                                                                                                |
|                                                |   | (Registrant)                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                |   | by:    C.R.I., Inc.                                                                  |
|                                                |   | Managing General Partner                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                |   |                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| October 4, 2010       |   | by:     /s/ H. William Willoughby                                                                                                                                                                                                               |
| DATE                                                |   | H. William Willoughby                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                |   | Director, President, Secretary,                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                |   | Principal Financial Officer and                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                |   | Principal Account Officer                                                                                                                                                                                                                                                                                                                                                                                                                     |