| 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                                       |   |
|      | - September 30, 2011 and December 31, 2010                        | 1      |
|      | Consolidated Statements of Operations and Accumulated Losses      |   |
|      | - for the three and nine months ended September 30, 2011 and 2010 | 2      |
|      | Consolidated Statements of Cash Flows                             |   |
|      | - for the nine months ended September 30, 2011 and 2010           | 3      |
|      | Notes to Financial Statements                                     |   |
|      | - September 30, 2011 and 2010                                     | 4      |
|      |                                                              |   |
| Item 2.   | Management's Discussion and Analysis of Financial Condition       | 13     |
|      | and Results of Operations                                         |   |
|      |                                                              |   |
| Item 4.   | Controls and Procedures                                           | 14     |
|      |                                                              |   |
|      |                                                              |   |
| Part II   | OTHER INFORMATION                                                 |   |
|      |                                                              |   |
| Item 1.   | Legal Proceedings                                                 | 15     |
|      |                                                              |   |
| Item 5.   | Other Information                                                 | 15     |
|      |                                                              |   |
| Item 6.   | Exhibits                                                          | 16     |
|      |                                                              |   |
| Signature |                                                              | 17     |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|

| Item 1. | Financial Statements |
|---------|----------------------|

|                                                                 |   | September 30, |      |   | December 31, |   |
|----------------------------------------------------------------------|--------|---------------|-----------|--------|--------------|--------|
|                                                                 |   | 2011          |      |   | 2010         |   |
|                                                                 |   |          |      |   |         |   |
| Investments in partnerships                                          |   | $             | 1,167,391 |   |         | $      | 1,058,968 |   |
| Investment in partnerships held for sale or transfer                 |   |          | 2,709,281 |   |         |   | 2,348,551 |   |
| Cash and cash equivalents                                            |   |          | 4,099,434 |   |         |   | 4,359,494 |   |
| Acquisition fees, principally paid to related parties,               |   |          |      |   |         |   |   |   |
| net of accumulated amortization of $51,782 and $50,324, respectively |   |          | 25,977    |   |         |   | 27,435 |   |
| Property purchase costs,                                             |   |          |      |   |         |   |   |   |
| net of accumulated amortization of $75,116 and $74,111, respectively |   |          | 17,976    |   |         |   | 18,981 |   |
| Other assets                                                         |   |          | 529       |   |         |   | 2,911 |   |
|                                                                 |   |          |      |   |         |   |   |   |
| Total assets                                                         |   | $             | 8,020,588 |   |         | $      | 7,816,340 |   |
|                                                                 |   |          |      |   |         |   |   |   |

| Due on investments in partnerships                |   | $      | 1,340,000   |   |   | $      | 1,340,000   |   |
|---------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|
| Accrued interest payable                          |   |   | 7,107,788   |   |   |   | 6,755,717   |   |
| Accounts payable and accrued expenses             |   |   | 59,547      |   |   |   | 87,985      |   |
|                                              |   |   |        |   |   |   |        |   |
| Total liabilities                                 |   |   | 8,507,335   |   |   |   | 8,183,702   |   |
|                                              |   |   |        |   |   |   |        |   |
| Commitments and contingencies                     |   |   |        |   |   |   |        |   |
|                                              |   |   |        |   |   |   |        |   |
| Partners' capital (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             |   |   | (23,219,810 | )      |   |   | (23,219,810 | )      |
| Offering costs                                    |   |   | (7,562,894  | )      |   |   | (7,562,894  | )      |
| Accumulated losses                                |   |   | (43,207,543 | )      |   |   | (43,088,158 | )      |
|                                              |   |   |        |   |   |   |        |   |
| Total partners' capital (deficit)                 |   |   | (486,747    | )      |   |   | (367,362    | )      |
|                                              |   |   |        |   |   |   |        |   |
| Total liabilities and partners' capital (deficit) |   | $      | 8,020,588   |   |   | $      | 7,816,340   |   |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|

| Item 1. | Financial Statements |
|---------|----------------------|

|                                    |   | For the three months ended |        |   | For the nine months ended |   |
|-----------------------------------------|--------|----------------------------|-------------|--------|---------------------------|--------|
|                                    |   | September 30,              |        |   | September 30,             |   |
|                                    |   | 2011                       |        |   | 2010                      |   |   | 2011 |   |   | 2010 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |
| Share of income from partnerships       |   | $                          | 175,968     |   |                      | $      | 122,703 |   |   | $ | 884,703 |   |   | $ | 237,935 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Other revenue and  expenses:  |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Interest                                |   |                       | 2,485       |   |                      |   | -- |   |   |   | 7,689 |   |   |   | 13,653 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                               |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative              |   |                       | 57,838      |   |                      |   | 57,944 |   |   |   | 197,825 |   |   |   | 258,667 |   |
| Interest                                |   |                       | 117,357     |   |                      |   | 81,609 |   |   |   | 352,071 |   |   |   | 244,828 |   |
| Management fee                          |   |                       | 93,750      |   |                      |   | 93,750 |   |   |   | 281,250 |   |   |   | 281,250 |   |
| Professional fees                       |   |                       | 29,344      |   |                      |   | 12,213 |   |   |   | 178,168 |   |   |   | 151,213 |   |
| Amortization of deferred costs          |   |                       | 821         |   |                      |   | 628 |   |   |   | 2,463 |   |   |   | 2,656 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                       | 299,110     |   |                      |   | 246,144 |   |   |   | 1,011,777 |   |   |   | 938,614 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Total other revenue and expenses        |   |                       | (296,625    | )      |                      |   | (246,144 | ) |   |   | (1,004,088 | ) |   |   | (924,961 | ) |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Loss from operations                    |   |                       | (120,657    | )      |                      |   | (123,441 | ) |   |   | (119,385 | ) |   |   | (687,026 | ) |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Gain on disposition of investment in    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| partnerships, net of disposition fee    |   |                       | --          |   |                      |   | -- |   |   |   | -- |   |   |   | 1,603,594 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Gain from extinguishment of debt        |   |                       | --          |   |                      |   | 6,368,609 |   |   |   | -- |   |   |   | 6,368,609 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income                       |   |                       | (120,657    | )      |                      |   | 6,245,168 |   |   |   | (119,385 | ) |   |   | 7,285,177 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated losses, beginning of period |   |                       | (43,086,886 | )      |                      |   | (49,311,302 | ) |   |   | (43,088,158 | ) |   |   | (50,351,311 | ) |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated losses, end of period       |   | $                          | (43,207,543 | )      |                      | $      | (43,066,134 | ) |   | $ | (43,207,543 | ) |   | $ | (43,066,134 | ) |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income allocated             |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| to General Partners (1.51%)             |   | $                          | (1,822      | )      |                      | $      | 94,302 |   |   | $ | (1,803 | ) |   | $ | 110,006 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income allocated             |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| to Initial and Special                  |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partners (1.49%)                |   | $                          | (1,798      | )      |                      | $      | 93,053 |   |   | $ | (1,779 | ) |   | $ | 108,549 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income allocated             |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| to Additional Limited Partners (97%)    |   | $                          | (117,037    | )      |                      | $      | 6,057,813 |   |   | $ | (115,803 | ) |   | $ | 7,066,622 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net (loss) income per unit of           |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Additional Limited Partner Interest,    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| based on 73,337 units outstanding       |   | $                          | (1.60       | )      |                      | $      | 82.60 |   |   | $ | (1.58 | ) |   | $ | 96.36 |   |
|                                    |   |                       |        |   |                      |   |   |   |   |   |   |   |   |   |   |   |

----

| Part I. | FINANCIAL INFORMATION |
|---------|-----------------------|

| Item 1. | Financial Statements |
|---------|----------------------|

|                                                         |   | For the nine months ended |      |
|--------------------------------------------------------------|--------|---------------------------|-----------|
|                                                         |   | September 30,             |      |
|                                                         |   | 2011                      |      |   | 2010 |   |
|                                                         |   |                      |      |   |   |   |
| Cash flows from operating activities:                        |   |                      |      |   |   |   |
| Net (loss) income                                            |   | $                         | (119,385  | ) |   | $ | 7,285,177 |   |
|                                                         |   |                      |      |   |   |   |   |   |
| Adjustments to reconcile net (loss) income to net cash       |   |                      |      |   |   |   |   |   |
| used in operating activities:                                |   |                      |      |   |   |   |   |   |
| Share of income from partnerships                            |   |                      | (884,703  | ) |   |   | (237,935 | ) |
| Gain from extinguishment of debt                             |   |                      | --        |   |   |   | (6,368,609 | ) |
| Gain on disposition of investment in partnerships,           |   |                      |      |   |   |   |   |   |
| net of disposition fees                                      |   |                      | --        |   |   |   | (1,603,594 | ) |
| Amortization of deferred costs                               |   |                      | 2,463     |   |   |   | 2,656 |   |
|                                                         |   |                      |      |   |   |   |   |   |
| Changes in assets and liabilities:                           |   |                      |      |   |   |   |   |   |
| Decrease in other assets                                     |   |                      | 2,382     |   |   |   | -- |   |
| Increase in accrued interest payable                         |   |                      | 352,071   |   |   |   | 364,120 |   |
| (Decrease) increase in accounts payable and accrued expenses |   |                      | (28,438   | ) |   |   | 22,709 |   |
|                                                         |   |                      |      |   |   |   |   |   |
| Net cash used in operating activities                        |   |                      | (675,610  | ) |   |   | (535,476 | ) |
|                                                         |   |                      |      |   |   |   |   |   |
| Cash flows from investing activities:                        |   |                      |      |   |   |   |   |   |
| Receipt of distributions from partnerships                   |   |                      | 415,550   |   |   |   | 3,161 |   |
| Proceeds from disposition of investment in partnerships      |   |                      | --        |   |   |   | 1,688,168 |   |
| Disposition fee paid to a related party                      |   |                      | --        |   |   |   | (77,500 | ) |
|                                                         |   |                      |      |   |   |   |   |   |
| Net cash provided by investing activities                    |   |                      | 415,550   |   |   |   | 1,613,829 |   |
|                                                         |   |                      |      |   |   |   |   |   |
| Cash flows from financing activities:                        |   |                      |      |   |   |   |   |   |
| Distribution paid to Limited Partners                        |   |                      | --        |   |   |   | (2,200,110 | ) |
|                                                         |   |                      |      |   |   |   |   |   |
| Net cash used in financing activities                        |   |                      | --        |   |   |   | (2,200,110 | ) |
|                                                         |   |                      |      |   |   |   |   |   |
|                                                         |   |                      |      |   |   |   |   |   |
| Net decrease in cash and cash equivalents                    |   |                      | (260,060  | ) |   |   | (1,121,757 | ) |
|                                                         |   |                      |      |   |   |   |   |   |
| Cash and cash equivalents, beginning of period               |   |                      | 4,359,494 |   |   |   | 5,660,470 |   |
|                                                         |   |                      |      |   |   |   |   |   |
| Cash and cash equivalents, end of period                     |   | $                         | 4,099,434 |   |   | $ | 4,538,713 |   |
|                                                         |   |                      |      |   |   |   |   |   |

----

----

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

----

|                          |   | For the three months ended |
|-------------------------------|--------|----------------------------|
|                          |   | September 30,              |
|                          |   | 2011                       |   |   | 2010 |
|                          |   | Equity                     |   |   |   |   |   |         Equity |   |
|                          |   | Method                     |   |   | Suspended |   |   |       Method |  Suspended |     |
|                          |   |                       |   |   |   |   |   |   |   |
| Number of Local Partnerships  |   |                       | 2 | (a) |   |   | 3 | (b) |   |   | 2 | (a) |   |   | 4 | (c) |
|                          |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                      |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                        |   | $                          | 420,884 |   |   | $ | 1,049,851 |   |   | $ | 411,155 |   |   | $ | 1,309,694 |   |
| Other                         |   |                       | 71,072 |   |   |   | 66,653 |   |   |   | 21,024 |   |   |   | 18,189 |   |
|                          |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                 |   |                       | 491,956 |   |   |   | 1,116,504 |   |   |   | 432,179 |   |   |   | 1,327,883 |   |
|                          |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                     |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                     |   |                       | 265,705 |   |   |   | 596,274 |   |   |   | 270,154 |   |   |   | 949,740 |   |
| Interest                      |   |                       | -- |   |   |   | 175,767 |   |   |   | 592 |   |   |   | 323,608 |   |
| Depreciation and amortization |   |                       | 47,268 |   |   |   | 207,418 |   |   |   | 79,331 |   |   |   | 259,078 |   |
|                          |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                |   |                       | 312,973 |   |   |   | 979,459 |   |   |   | 350,077 |   |   |   | 1,532,426 |   |
|                          |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)             |   | $                          | 178,983 |   |   | $ | 137,045 |   |   | $ | 82,102 |   |   | $ | (204,543 | ) |
|                          |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded    |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| as income                     |   | $                          | -- |   |   | $ | -- |   |   | $ | -- |   |   | $ | 42,040 |   |
|                          |   |                       |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Partnership's share of Local Partnership net income |   |   | 175,968  |   |   |   | --       |   |   |   | 80,663 |   |   |   | --     |   |
|-----------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|--------|--------|--------|--------|--------|--------|
|                                                |   |   |     |   |   |   |     |   |   |   |   |   |   |   |   |   |
| Share of income from partnerships              |   |   | $175,968 |   |   |   | $122,703 |   |
|                                                |   |   |     |   |   |   |     |   |   |   |   |   |   |   |   |   |

----

|                                 |   | For the nine months ended |      |
|--------------------------------------|--------|---------------------------|-----------|
|                                 |   | September 30,             |      |
|                                 |   | 2011                      |      |   | 2010 |   |
|                                 |   | Equity                    |      |   |   |   |   | Equity |   |   |   |   |
|                                 |   | Method                    |      |   | Suspended |   |   | Method |   |   | Suspended |   |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |
| Number of Local Partnerships         |   |                      | 2         | (a) |   |   | 3 | (b) |   |   | 2 | (a) |   |   | 4 | (c) |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                             |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                               |   | $                         | 1,322,497 |   |   | $ | 3,141,318 |   |   | $ | 1,244,912 |   |   | $ | 3,596,528 |   |
| Other                                |   |                      | 147,060   |   |   |   | 163,386 |   |   |   | 59,031 |   |   |   | 121,039 |   |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                        |   |                      | 1,469,557 |   |   |   | 3,304,704 |   |   |   | 1,303,943 |   |   |   | 3,717,567 |   |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                            |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                            |   |                      | 850,133   |   |   |   | 1,720,381 |   |   |   | 822,015 |   |   |   | 2,422,670 |   |
| Interest                             |   |                      | --        |   |   |   | 527,302 |   |   |   | 1,775 |   |   |   | 970,823 |   |
| Depreciation and amortization        |   |                      | 141,803   |   |   |   | 622,253 |   |   |   | 237,993 |   |   |   | 777,235 |   |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                       |   |                      | 991,936   |   |   |   | 2,869,936 |   |   |   | 1,061,783 |   |   |   | 4,170,728 |   |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                    |   | $                         | 477,621   |   |   | $ | 434,768 |   |   | $ | 242,160 |   |   | $ | (453,161 | ) |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution                    |   | $                         | --        |   |   | $ | 415,550 |   |   | $ | -- |   |   | $ | 203,833 |   |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded as income |   | $                         | --        |   |   | $ | 415,550 |   |   | $ | -- |   |   | $ | -- |   |
|                                 |   |                      |      |   |   |   |   |   |   |   |   |   |   |   |   |   |

| Partnership's share of Local Partnership net income |   |   | 469,153  |   |   |   | --       |   |   |   | 237,935 |   |   |   | --     |   |
|-----------------------------------------------------|--------|--------|----------|--------|--------|--------|----------|--------|--------|--------|---------|--------|--------|--------|--------|--------|
|                                                |   |   |     |   |   |   |     |   |   |   |    |   |   |   |   |   |
| Share of income from partnerships                   |   |   | $884,703 |   |   |   | $237,935 |   |
|                                                |   |   |     |   |   |   |     |   |   |   |    |   |   |   |   |   |

----

| Property           | Principal                                          | Date      | Disposition |
|--------------------|----------------------------------------------------|-----------|-------------|
| Pilgrim Tower East |       $1,450,000 (1) | July 2010 | Transfer    |

|                 |      | Accrued Interest   |     |
|----------------------|-----------|--------------------|----------|
|                 |      | as of              |     |
| Property             | Principal | September 30, 2011 | Maturity |
| Westport Village (1) | $840,000  | $3,020,965         | 09/01/99 |

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

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

| Item 4. | Controls and Procedures |
|---------|-------------------------|

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

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

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

| Item 5. | Other Information |
|---------|-------------------|

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| Part II. | 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)                                  |
|            |   |   |                                          |
|            |   |   | by:                                           | C.R.I., Inc. |
|            |   |   |                                          | Managing General Partner |
|            |   |   |                                          |
|            |   |   |                                          |
|            |   |   |                                          |
| January 6, 2012 |   |   |                                          | by: | /s/ H. William Willoughby |
| DATE            |   |   |     H. William Willoughby |

|   |   |   | Director, President, Secretary, |
|--------|--------|--------|---------------------------------|
|   |   |   | Principal Financial Officer and |
|   |   |   | Principal Accounting Officer    |