| 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                                        |   |
|      | Balance Sheets                                              |   |
|      | - March 31, 2011 and December 31, 2010                      | 1      |
|      | Statements of Operations and Accumulated Losses             |   |
|      | - for the three months ended March 31, 2011 and 2010        | 2      |
|      | Statements of Cash Flows                                    |   |
|      | - for the three months ended March 31, 2011 and 2010        | 3      |
|      | Notes to Financial Statements                               |   |
|      | - March 31, 2011 and 2010                                   | 4      |
|      |                                                        |   |
| Item 2.   | Management's Discussion and Analysis of Financial Condition |   |
|      | and Results of Operations                                   | 11     |
|      |                                                        |   |
| Item 4.   | Controls and Procedures                                     | 12     |
|      |                                                        |   |
|      |                                                        |   |
| Part II   | OTHER INFORMATION                                           |   |
|      |                                                        |   |
| Item 1.   | Legal Proceedings                                           | 13     |
|      |                                                        |   |
| Item 5.   | Other Information                                           | 13     |
|      |                                                        |   |
| Item 6.   | Exhibits                                                    | 13     |
|      |                                                        |   |
| Signature |                                                        | 14     |

----

|                                                                 |   | March 31,   |      |   | December 31, |   |
|----------------------------------------------------------------------|--------|-------------|-----------|--------|--------------|--------|
|                                                                 |   | 2011        |      |   | 2010         |   |
|                                                                 |   | (Unaudited) |      |   |         |   |
|                                                                 |   |        |      |   |         |   |
| Investments in partnerships                                          |   | $           | 1,088,685 |   |         | $      | 1,058,968 |   |
| Investment in partnerships held for sale or transfer                 |   |        | 2,452,758 |   |         |   | 2,348,551 |   |
| Cash and cash equivalents                                            |   |        | 4,217,313 |   |         |   | 4,359,494 |   |
| Acquisition fees, principally paid to related parties,               |   |        |      |   |         |   |   |   |
| net of accumulated amortization of $50,810 and $50,324, respectively |   |        | 26,949    |   |         |   | 27,435 |   |
| Property purchase costs,                                             |   |        |      |   |         |   |   |   |
| net of accumulated amortization of $74,446 and $74,111, respectively |   |        | 18,645    |   |         |   | 18,981 |   |
| Other assets                                                         |   |        | 2,117     |   |         |   | 2,911 |   |
|                                                                 |   |        |      |   |         |   |   |   |
| Total assets                                                         |   | $           | 7,806,467 |   |         | $      | 7,816,340 |   |
|                                                                 |   |        |      |   |         |   |   |   |

| Due on investments in partnerships      |   | $      | 1,340,000   |   |   | $      | 1,340,000   |   |
|-----------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|
| Accrued interest payable                |   |   | 6,873,074   |   |   |   | 6,755,717   |   |
| Accounts payable and accrued expenses   |   |   | 95,354      |   |   |   | 87,985      |   |
|                                    |   |   |        |   |   |   |        |   |
| Total liabilities                       |   |   | 8,308,428   |   |   |   | 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                      |   |   | (43,222,757 | )      |   |   | (43,088,158 | )      |
|                                    |   |   |        |   |   |   |        |   |
| Total partners' capital (deficit)       |   |   | (501,961    | )      |   |   | (367,362    | )      |
|                                    |   |   |        |   |   |   |        |   |
| Total liabilities and partners' deficit |   | $      | 7,806,467   |   |   | $      | 7,816,340   |   |

----

|                                                                          |   | For the three months ended |        |
|-------------------------------------------------------------------------------|--------|----------------------------|-------------|
|                                                                          |   | March 31,                  |        |
|                                                                          |   | 2011                       |        |   | 2010 |   |
|                                                                          |   |                       |        |   |   |   |
| Share of income from partnerships                                             |   | $                          | 247,004     |   |   | $ | 90,752 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Other revenue and  expenses:                                        |   |                       |        |   |   |   |   |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Revenue:                                                                      |   |                       |        |   |   |   |   |   |
| Interest and other                                                            |   |                       | 1,708       |   |   |   | 6,011 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
|                                                                          |   |                       | 1,708       |   |   |   | 6,011 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Expenses:                                                                     |   |                       |        |   |   |   |   |   |
| General and administrative                                                    |   |                       | 56,247      |   |   |   | 106,268 |   |
| Interest                                                                      |   |                       | 117,357     |   |   |   | 165,515 |   |
| Management fee                                                                |   |                       | 93,750      |   |   |   | 93,750 |   |
| Professional fees                                                             |   |                       | 115,136     |   |   |   | 108,250 |   |
| Amortization of deferred costs                                                |   |                       | 821         |   |   |   | 1,014 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
|                                                                          |   |                       | 383,311     |   |   |   | 474,797 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Total other revenue and expenses                                              |   |                       | (381,603    | ) |   |   | (468,786 | ) |
|                                                                          |   |                       |        |   |   |   |   |   |
| Loss before gain on disposition of investment                                 |   |                       |        |   |   |   |   |   |
| in partnerships                                                               |   |                       | (134,599    | ) |   |   | (378,034 | ) |
|                                                                          |   |                       |        |   |   |   |   |   |
| Gain on disposition of investment in partnerships,                            |   |                       |        |   |   |   |   |   |
| net of disposition fee                                                        |   |                       | --          |   |   |   | 1,048,769 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Net (loss) income                                                             |   |                       | (134,599    | ) |   |   | 670,735 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Accumulated losses, beginning of period                                       |   |                       | (43,088,158 | ) |   |   | (50,351,311 | ) |
|                                                                          |   |                       |        |   |   |   |   |   |
| Accumulated losses, end of period                                             |   | $                          | (43,222,757 | ) |   | $ | (49,680,576 | ) |
|                                                                          |   |                       |        |   |   |   |   |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Net (loss) income allocated to General Partners (1.51%)                       |   | $                          | (2,032      | ) |   | $ | 10,128 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Net (loss) income allocated to Initial and Special                            |   |                       |        |   |   |   |   |   |
| Limited Partners (1.49%)                                                      |   | $                          | (2,006      | ) |   | $ | 9,994 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Net (loss) income allocated to Additional Limited Partners (97%)              |   | $                          | (130,561    | ) |   | $ | 650,613 |   |
|                                                                          |   |                       |        |   |   |   |   |   |
| Net (loss) income per unit of  Additional Limited Partner Interest, |   |                       |        |   |   |   |   |   |
| based on 73,337 units outstanding                                             |   | $                          | (1.78       | ) |   | $ | 8.87 |   |

----

|                                                    |   | For the three months ended |      |
|---------------------------------------------------------|--------|----------------------------|-----------|
|                                                    |   | March 31,                  |      |
|                                                    |   | 2011                       |      |   | 2010 |   |
|                                                    |   |                       |      |   |   |   |
| Cash flows from operating activities:                   |   |                       |      |   |   |   |
| Net (loss) income                                       |   | $                          | (134,599  | ) |   | $ | 670,735 |   |
|                                                    |   |                       |      |   |   |   |   |   |
| Adjustments to reconcile net (loss) income to net cash  |   |                       |      |   |   |   |   |   |
| used in operating activities:                           |   |                       |      |   |   |   |   |   |
| Share of income from partnerships                       |   |                       | (247,004  | ) |   |   | (90,752 | ) |
| Amortization of deferred costs                          |   |                       | 821       |   |   |   | 1,014 |   |
| Gain on disposition of investment in partnerships,      |   |                       |      |   |   |   |   |   |
| net of disposition fees                                 |   |                       | --        |   |   |   | (1,048,769 | ) |
|                                                    |   |                       |      |   |   |   |   |   |
| Changes in assets and liabilities:                      |   |                       |      |   |   |   |   |   |
| Decrease in other assets                                |   |                       | 794       |   |   |   | -- |   |
| Increase in accrued interest payable                    |   |                       | 117,357   |   |   |   | 165,515 |   |
| Increase in accounts payable and accrued expenses       |   |                       | 7,369     |   |   |   | 33,888 |   |
|                                                    |   |                       |      |   |   |   |   |   |
| Net cash used in operating activities                   |   |                       | (255,262  | ) |   |   | (268,369 | ) |
|                                                    |   |                       |      |   |   |   |   |   |
| Cash flows from investing activities:                   |   |                       |      |   |   |   |   |   |
|                                                    |   |                       |      |   |   |   |   |   |
| Receipt of distributions from local partnerships        |   |                       | 113,081   |   |   |   | 61,298 |   |
| 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               |   |                       | 113,081   |   |   |   | 1,117,141 |   |
|                                                    |   |                       |      |   |   |   |   |   |
| Net (decrease) increase in cash and cash equivalents    |   |                       | (142,181  | ) |   |   | 848,772 |   |
|                                                    |   |                       |      |   |   |   |   |   |
| Cash and cash equivalents, beginning of period          |   |                       | 4,359,494 |   |   |   | 5,660,470 |   |
|                                                    |   |                       |      |   |   |   |   |   |
| Cash and cash equivalents, end of period                |   | $                          | 4,217,313 |   |   | $ | 6,509,242 |   |

----

----

| PROPERTY              | CITY          | STATE | UNITS |
|-----------------------|---------------|-------|-------|
| Fairways              | Naperville    | IL    | 210   |
| Mary Allen Tower West | Galesburg     | IL    | 154   |
| Northridge Park       | Salinas       | CA    | 104   |
| Tradewinds            | Traverse City | MI    | 122   |
| Westport Village      | Freeport      | IL    | 121   |

----

|                                      |   | For the three months ended |     |   |
|-------------------------------------------|--------|----------------------------|----------|--------|
|                                      |   | March 31,                  |     |   |
|                                      |   | 2011                       |     |   | 2010 |   |   |
|                                      |   | Equity                     |     |   |   |   |   |  Equity |   |   |   |
|                                      |   | Method (a)                 |     |   | Suspended (b) |   |   | Method (a) | Suspended (c) |   |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |
| Number of Local Partnerships              |   |                       | 2        |   |   |   | 3 |   |   |   | 2 |   |   |   | 5 |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                  |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                                    |   | $                          | 438,869  |   |   | $ | 987,252 |   |   | $ | 390,807 |   |   | $ | 1,710,571 |   |
| Other                                     |   |                       | 31,966   |   |   |   | 57,078 |   |   |   | 28,094 |   |   |   | 55,911 |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                             |   |                       | 470,835  |   |   |   | 1,044,330 |   |   |   | 418,901 |   |   |   | 1,766,482 |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                 |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                                 |   |                       | 287,214  |   |   |   | 605,017 |   |   |   | 309,224 |   |   |   | 1,082,433 |   |
| Interest                                  |   |                       | --       |   |   |   | 175,767 |   |   |   | 592 |   |   |   | 406,179 |   |
| Depreciation and amortization             |   |                       | 47,268   |   |   |   | 207,418 |   |   |   | 79,331 |   |   |   | 337,830 |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                            |   |                       | 334,482  |   |   |   | 988,202 |   |   |   | 389,147 |   |   |   | 1,826,442 |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                         |   | $                          | 136,353  |   |   | $ | 56,128 |   |   | $ | 29,754 |   |   | $ | (59,960 | ) |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution                         |   | $                          | --       |   |   | $ | 113,081 |   |   | $ | -- |   |   | $ | 61,298 |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded                |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| as income                                 |   |                       | --       |   |   |   | 113,081 |   |   |   | -- |   |   |   | 61,298 |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership's share of Local              |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Partnership net income |   |                       | 133,923  |   |   |   | -- |   |   |   | 29,454 |   |   |   | -- |   |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of income from partnerships         |   |                       | $247,004 |   |   |   | $90,752 |   |   |
|                                      |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |

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

----

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

|                 |      | Accrued Interest |     |
|----------------------|-----------|------------------|----------|
|                 |      | as of            |     |
| Property             | Principal | March 31, 2011   | Maturity |
|                 |      |             |     |
| Westport Village (1) | $840,000  | $2,962,804       | 09/01/99 |

----

----

----

----

| 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 |

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

----

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

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

| 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. |
|        |   |                                                                                                                                                                                    |
| 99          |   | Press Release dated March 31, 2011.                                                                                                                                                     |

----

|          |   | CAPITAL REALTY INVESTORS-IV LIMITED                                                                                                                                                                                                                                                                                                                                                                                                                 |
|---------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|          |   |     PARTNERSHIP                                                                                      |
|          |   | (Registrant)                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|          |   | by:    C.R.I., Inc.                                                                   |
|          |   | Managing General Partner                                                                                                                                                                                                                                                                                                                                                                                                                            |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| June 21, 2011 |   | by:     /s/ H. William Willoughby                                                                                                                                                                                            |
| DATE          |   | H. William Willoughby                                                                                                                                                                                                                                                                                                                                                                                                                               |
|          |   | Director, President, Secretary,                                                                                                                                                                                                                                                                                                                                                                                                                     |
|          |   | Principal Financial Officer and                                                                                                                                                                                                                                                                                                                                                                                                                     |
|          |   | Principal Account Officer                                                                                                                                                                                                                                                                                                                                                                                                                           |