| 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                                                   |   |
|      | Condensed Consolidated Balance Sheets                                  |   |
|      | - June 30, 2012 and December 31, 2011                                  | 1      |
|      | Condensed Consolidated Statements of Operations and Accumulated Losses |   |
|      | - for the three and six months ended June 30, 2012 and 2011            | 2      |
|      | Condensed Consolidated Statements of Cash Flows                        |   |
|      | - for the six months ended June 30, 2012 and 2011                      | 3      |
|      | Notes to Condensed Consolidated Financial Statements                   |   |
|      | - June 30, 2012 and 2011                                               | 4      |
|      |                                                                   |   |
| Item 2.   | Management's Discussion and Analysis of Financial Condition            | 13     |
|      | and Results of Operations                                              |   |
|      |                                                                   |   |
| Item 4.   | Controls and Procedures                                                | 15     |
|      |                                                                   |   |
|      |                                                                   |   |
| Part II   | OTHER INFORMATION                                                      |   |
|      |                                                                   |   |
| Item 1.   | Legal Proceedings                                                      | 15     |
|      |                                                                   |   |
| Item 3.   | Defaults upon Senior Securities                                        | 15     |
|      |                                                                   |   |
| Item 5.   | Other Information                                                      | 16     |
|      |                                                                   |   |
| Item 6.   | Exhibits                                                               | 16     |
|      |                                                                   |   |
| Signature |                                                                   | 17     |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|
| Item 1. | Financial Statements  |

|                                                                |   | June 30, |       |   | December 31, |   |
|---------------------------------------------------------------------|--------|----------|------------|--------|--------------|--------|
|                                                                |   | 2012     |       |   | 2011         |   |
|                                                                |   |     |       |   |         |   |
| Investments in partnerships                                         |   | $        | 1,197,867  |   |         | $      | 1,192,336 |   |
| Investment in partnerships held for sale or transfer                |   |     | -          |   |         |   | 4,767,709 |   |
| Cash and cash equivalents                                           |   |     | 8,899,619  |   |         |   | 3,962,648 |   |
| Acquisition fees, principally paid to related parties,              |   |     |       |   |         |   |   |   |
| net of accumulated amortization of $53,240 and $52,268 respectively |   |     | 24,519     |   |         |   | 25,491 |   |
| Property purchase costs,                                            |   |     |       |   |         |   |   |   |
| net of accumulated amortization of $76,121 and $75,451 respectively |   |     | 16,971     |   |         |   | 17,641 |   |
|                                                                |   |     |       |   |         |   |   |   |
| Total assets                                                        |   | $        | 10,138,976 |   |         | $      | 9,965,825 |   |
|                                                                |   |     |       |   |         |   |   |   |
|                                                                |   |     |       |   |         |   |   |   |

|                                    |   |   |        |   |   |   |
|-----------------------------------------|--------|--------|-------------|--------|--------|--------|
| Due on investments in partnerships      |   | $      | 1,340,000   |   |   | $      | 1,340,000 |   |
| Accrued interest payable                |   |   | 7,474,283   |   |   |   | 7,225,145 |   |
| Accounts payable and accrued expenses   |   |   | 130,093     |   |   |   | 206,365 |   |
|                                    |   |   |        |   |   |   |   |   |
| Total liabilities                       |   |   | 8,944,376   |   |   |   | 8,771,510 |   |
|                                    |   |   |        |   |   |   |   |   |
| Commitments and contingencies           |   |   |        |   |   |   |   |   |
|                                    |   |   |        |   |   |   |   |   |
| Partners' capital                       |   |   |        |   |   |   |   |   |
|                                    |   |   |        |   |   |   |   |   |
| 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   |   |   | (23,219,810 | )      |   |   | (23,219,810 | ) |
| Offering costs                          |   |   | (7,562,894  | )      |   |   | (7,562,894 | ) |
| Accumulated losses                      |   |   | (41,526,196 | )      |   |   | (41,526,481 | ) |
|                                    |   |   |        |   |   |   |   |   |
| Total partners' capital                 |   |   | 1,194,600   |   |   |   | 1,194,315 |   |
|                                    |   |   |        |   |   |   |   |   |
| Total liabilities and partners' capital |   | $      | 10,138,976  |   |   | $      | 9,965,825 |   |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|
| Item 1. | Financial Statements  |

|                                     |   | For the six months ended |        |   | For the three months ended |   |
|------------------------------------------|--------|--------------------------|-------------|--------|----------------------------|--------|
|                                     |   | June 30,                 |        |   | June 30,                   |   |
|                                     |   | 2012                     |        |   | 2011                       |   |   | 2012 |   |   | 2011 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |
| Share of income (loss) from partnerships |   | $                        | 602,585     |   |                       | $      | 708,735 |   |   | $ | (27,808 | ) |   | $ | 461,731 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Other revenue and expenses               |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                 |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Interest                                 |   |                     | 3,488       |   |                       |   | 5,204 |   |   |   | 2,250 |   |   |   | 3,496 |   |
| Other Income                             |   |                     | 45,916      |   |                       |   | - |   |   |   | 45,916 |   |   |   | - |   |
|                                     |   |                     | 49,404      |   |                       |   | 5,204 |   |   |   | 48,166 |   |   |   | 3,496 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Interest                                 |   |                     | 249,138     |   |                       |   | 234,714 |   |   |   | 124,569 |   |   |   | 117,357 |   |
| Management fee                           |   |                     | 187,500     |   |                       |   | 187,500 |   |   |   | 93,750 |   |   |   | 93,750 |   |
| General and administrative               |   |                     | 104,311     |   |                       |   | 138,285 |   |   |   | 53,788 |   |   |   | 82,338 |   |
| State tax                                |   |                     | 300         |   |                       |   | 1,701 |   |   |   | - |   |   |   | 1,401 |   |
| Professional fees                        |   |                     | 108,813     |   |                       |   | 148,825 |   |   |   | 36,163 |   |   |   | 33,689 |   |
| Amortization of deferred costs           |   |                     | 1,642       |   |                       |   | 1,642 |   |   |   | 821 |   |   |   | 821 |   |
|                                     |   |                     | 651,704     |   |                       |   | 712,667 |   |   |   | 309,091 |   |   |   | 329,356 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Total other revenue and (expenses)       |   |                     | (602,300    | )      |                       |   | (707,463 | ) |   |   | (260,925 | ) |   |   | (325,860 | ) |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                        |   | $                        | 285         |   |                       | $      | 1,272 |   |   | $ | (288,733 | ) |   | $ | 135,871 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated losses, beginning of period  |   |                     | (41,526,481 | )      |                       |   | (43,088,158 | ) |   |   | (41,237,463 | ) |   |   | (43,222,757 | ) |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated losses, end of period        |   | $                        | (41,526,196 | )      |                       | $      | (43,086,886 | ) |   | $ | (41,526,196 | ) |   | $ | (43,086,886 | ) |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) allocated to           |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| General Partners (1.51%)                 |   | $                        | 4           |   |                       | $      | 19 |   |   | $ | ( 4,360 | ) |   | $ | 2,052 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) allocated to Initial   |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| and Special Limited Partners (1.49%)     |   | $                        | 4           |   |                       | $      | 19 |   |   | $ | ( 4,302 | ) |   | $ | 2,024 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) allocated to           |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Additional Limited Partners (97%)        |   | $                        | 276         |   |                       | $      | 1,234 |   |   | $ | ( 280,071 | ) |   | $ | 131,795 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss) per unit of            |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| Additional Limited Partner Interest      |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |
| based on 73,337 units outstanding        |   | $                        | 0.00        |   |                       | $      | 0.02 |   |   | $ | ( 3.82 | ) |   | $ | 1.80 |   |
|                                     |   |                     |        |   |                       |   |   |   |   |   |   |   |   |   |   |   |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|
| Item 1. | Financial Statements  |

|                                                  |   | June 30, |      |
|-------------------------------------------------------|--------|----------|-----------|
|                                                  |   | 2012     |      |   | 2011 |   |
|                                                  |   |     |      |   |   |   |
|                                                  |   |     |      |   |   |   |
| Cash flows from operating activities:                 |   |     |      |   |   |   |
| Net income                                            |   | $        | 285       |   |   | $ | 1,272 |   |
|                                                  |   |     |      |   |   |   |   |   |
| Adjustments to reconcile net income to net cash       |   |     |      |   |   |   |   |   |
| used in operating activities:                         |   |     |      |   |   |   |   |   |
| Share of income from partnerships                     |   |     | (602,585  | ) |   |   | (708,735 | ) |
| Amortization of deferred costs                        |   |     | 1,642     |   |   |   | 1,642 |   |
|                                                  |   |     |      |   |   |   |   |   |
|                                                  |   |     |      |   |   |   |   |   |
| Changes in assets and liabilities:                    |   |     |      |   |   |   |   |   |
| Decrease in other assets                              |   |     | -         |   |   |   | 1,588 |   |
| Increase in accrued interest payable                  |   |     | 249,138   |   |   |   | 234,714 |   |
| (Decrease) increase in accounts payable               |   |     |      |   |   |   |   |   |
| and accrued expenses                                  |   |     | (6,272    | ) |   |   | 23,939 |   |
|                                                  |   |     |      |   |   |   |   |   |
| Net cash used in operating activities                 |   |     | (357,792  | ) |   |   | (445,580 | ) |
|                                                  |   |     |      |   |   |   |   |   |
| Cash flows from investing activities:                 |   |     |      |   |   |   |   |   |
| Receipt of distributions from partnerships            |   |     | 5,364,763 |   |   |   | 92,148 |   |
| Disposition fee paid                                  |   |     | (70,000   | ) |   |   | - |   |
|                                                  |   |     |      |   |   |   |   |   |
| Net cash provided by investing activities             |   |     | 5,294,763 |   |   |   | 92,148 |   |
|                                                  |   |     |      |   |   |   |   |   |
|                                                  |   |     |      |   |   |   |   |   |
| Net increase ( decrease) in cash and cash equivalents |   |     | 4,936,971 |   |   |   | (353,432 | ) |
|                                                  |   |     |      |   |   |   |   |   |
| Cash and cash equivalents, beginning of year          |   |     | 3,962,648 |   |   |   | 4,359,494 |   |
|                                                  |   |     |      |   |   |   |   |   |
| Cash and cash equivalents, end of year                |   | $        | 8,899,619 |   |   | $ | 4,006,062 |   |
|                                                  |   |     |      |   |   |   |   |   |

----

----

| PROPERTY         | CITY          | STATE | UNITS |
|------------------|---------------|-------|-------|
| Fairways         | Naperville    | IL    | 210   |
| Northridge Park  | Salinas       | CA    | 104   |
| Tradewinds       | Traverse City | MI    | 122   |
| Westport Village | Freeport      | IL    | 121   |

----

|                                             |   | For the three months ended |            |
|--------------------------------------------------|--------|----------------------------|-----------------|
|                                             |   | June 30,                   |            |
|                                             |   | 2012                       |            |   | 2011 |   |
|                                             |   | Equity                     |            |   |   |   |   |   | Equity |   |
|                                             |   | Method                     |            |   | Suspended |   |   | Method |    Suspended |   |
|                                             |   |                       |            |   |   |   |   |   |   |
| Number of Local Partnerships                     |   |                       | 1               | (c) |   |   | 3 | (b) |   |   | 2 | (a) |   |   |         3          | (c) |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                         |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                                           |   | $                          | 162,859         |   |   | $ | 1,065,718 |   |   | $ | 462,745 |   |   | $ | 1,104,215 |   |
| Other                                            |   |                       | 40,501          |   |   |   | 64,304 |   |   |   | 44,023 |   |   |   | 39,655 |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                                    |   |                       | 203,360         |   |   |   | 1,130,022 |   |   |   | 506,768 |   |   |   | 1,143,870 |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                        |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                                        |   |                       | 200,370         |   |   |   | 574,178 |   |   |   | 297,214 |   |   |   | 519,090 |   |
| Interest                                         |   |                       | --              |   |   |   | 156,185 |   |   |   | -- |   |   |   | 175,767 |   |
| Depreciation and amortization                    |   |                       | 31,084          |   |   |   | 166,280 |   |   |   | 47,268 |   |   |   | 207,418 |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                                   |   |                       | 231,454         |   |   |   | 896,643 |   |   |   | 344,482 |   |   |   | 902,275 |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income                                |   | $                          | (28,094         | ) |   | $ | 233,379 |   |   | $ | 162,286 |   |   | $ | 241,595 |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution (return of distribution)       |   | $                          | --              |   |   | $ | -- |   |   | $ | -- |   |   | $ | (20,933 | )  |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded                       |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| as income                                        |   | $                          | --              |   |   | $ | -- |   |   | $ | -- |   |   | $ | 302,469 |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership's share of Local                     |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Partnership net (loss) income |   |                       | (27,808         | )  |   |   | -- |   |   |   |  159,262 |   |   |   | -- |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of (loss) income from partnerships         |   |                       | $(27,808)  |   |   |   |  $461,731 |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   |                       |            |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                      |   | For the six months ended |           |
|-------------------------------------------|--------|--------------------------|----------------|
|                                      |   | June 30,                 |           |
|                                      |   | 2012                     |           |   | 2011 |   |
|                                      |   | Equity                   |           |   |   |   |   | Equity |   |   |   |   |
|                                      |   | Method                   |           |   | Suspended |   |   | Method |   |   | Suspended |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |
| Number of Local Partnerships              |   |                     | 1              | (c) |   |   | 3 | (b) |   |   | 2 | (a) |   |   | 3 | (b) |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                  |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                                    |   | $                        | 355,677        |   |   | $ | 2,113,258 |   |   | $ | 901,614 |   |   | $ | 2,091,467 |   |
| Other                                     |   |                     | 73,221         |   |   |   | 106,427 |   |   |   | 75,989 |   |   |   | 96,733 |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                             |   |                     | 428,898        |   |   |   | 2,219,685 |   |   |   | 977,603 |   |   |   | 2,188,200 |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                 |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                                 |   |                     | 361,143        |   |   |   | 1,167,770 |   |   |   | 584,428 |   |   |   | 1,124,107 |   |
| Interest                                  |   |                     | --             |   |   |   | 312,370 |   |   |   | -- |   |   |   | 351,534 |   |
| Depreciation and amortization             |   |                     | 62,168         |   |   |   | 332,560 |   |   |   | 94,536 |   |   |   | 414,836 |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                            |   |                     | 423,311        |   |   |   | 1,812,700 |   |   |   | 678,964 |   |   |   | 1,890,477 |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income                                |   | $                        | 5,587          |   |   | $ | 406,985 |   |   | $ | 298,639 |   |   | $ | 297,723 |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution                         |   | $                        | --             |   |   | $ | 597,054 |   |   | $ | -- |   |   | $ | 415,550 |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded as income      |   | $                        | --             |   |   | $ | 597,054 |   |   | $ | -- |   |   | $ | 415,550 |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership's share of Local              |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Partnership net income |   |                     | 5,531          |   |   |   | -- |   |   |   | 293,185 |   |   |   | -- |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of income from partnershps          |   |                     | $602,585  |   |   |   | $708,735  |   |
|                                      |   |                     |           |   |   |   |   |   |   |   |   |   |   |   |   |   |

|   | (a)    | Mary Allen West Tower; Tradewinds          |
|--------|--------|--------------------------------------------|
|   | (b)    | Fairway Park; Northridge; Westport Village |
|   | (c)    | Tradewinds                                 |
|   |   |                                       |

----

|   Property      |   Principal | AccruedInterestas ofJune 30, 2012 |     |
|----------------------|------------------|-----------------------------------|----------|
| Maturity             |
|                 |
| Westport Village (1) | $840,000         | $3,108,205                        | 09/01/99 |

----

----

----

| Investments in partnerships at December 31, 2011: |   | $      | 1,192,336 |   |
|---------------------------------------------------|--------|--------|-----------|--------|
|                                              |   |   |      |   |
| Share of income from partnerships                 |   |   | 602,585   |   |
| Distribution from Local Partnership               |   |   | (597,054  | )      |
|                                              |   |   |      |   |
| Investments in partnerships at June 30, 2012:     |   | $      | 1,197,867 |   |

| Investments in partnerships held for sale |   |   |       |
|-------------------------------------------|--------|--------|------------|
| or transfer at December 31, 2011:         |   | $      | 4,767,709  |   |
|                                      |   |   |       |   |
| Distribution from Local Partnership       |   |   | (4,767,709 | ) |
|                                      |   |   |       |   |
| Investments in partnerships held for sale |   |   |       |   |
| or transfer at June 30, 2012:             |   | $      | --         |   |

----

| Tradewinds Terrace | 2012             | 2011             |
|--------------------|------------------|------------------|
| Total Assets       |  $1,358,573 |  $1,430,590 |
| Total Liabilities  |  $99,478    |  $238,952   |
| Revenue            |  $428,898   |  $453,063   |
| Net Income         |  $5,588     |  $52,481    |

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| Part I. | FINANCIAL INFORMATION                            |
|---------|--------------------------------------------------|
| Item 2. | Management's Discussion and Analysis             |
|    | of Financial Condition and Results of Operations |

----

| Part I. | FINANCIAL INFORMATION                                        |
|---------|--------------------------------------------------------------|
| Item 2. | Management's Discussion and Analysis                         |
|    | of Financial Condition and Results of Operations - Continued |

----

| Part I. | FINANCIAL INFORMATION   |
|---------|-------------------------|
| Item 4. | Controls and Procedures |
|    |                    |

| Part II. | OTHER INFORMATION |
|----------|-------------------|
| Item 1.  | Legal Proceedings |
|     |              |

| Item 3. | Defaults upon Senior Securities |
|---------|---------------------------------|

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| Part II. | OTHER INFORMATION |
|----------|-------------------|
| Item 5.  | Other Information |
|     |              |

| Item 6. | Exhibits |
|---------|----------|

| 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. |

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|               |   |   | CAPITAL REALTY INVESTORS-IV |
|--------------------|--------|--------|-----------------------------|
|               |   |   |                        | LIMITED PARTNERSHIP |
|               |   |   | (Registrant)                |
|               |   |   |                        |
|               |   |   |                        |
|               |   |   |                        |
|               |   |   |                        |
| September 27, 2012 |   |   | by:                         | /s/ H. William Willoughby |
| DATE               |   |   |                        | H. William Willoughby |
|               |   |   |                        | Director, President, Secretary, |
|               |   |   |                        | Principal Financial Officer and |
|               |   |   |                        |       Principal Acount Officer |