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

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

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

----

|      |                                                         | Page   |
|-----------|--------------------------------------------------------------|--------|
|      |                                                         |   |
| Part I    | FINANCIAL INFORMATION                                        |   |
|      |                                                         |   |
| Item 1.   | Financial Statements                                         |   |
|      | Consolidated Balance Sheets                                  |   |
|      | - June 30, 2011 and December 31, 2010                        | 1      |
|      | Consolidated Statements of Operations and Accumulated Losses |   |
|      | - for the three and six months ended June 30, 2011 and 2010  | 2      |
|      | Consolidated Statements of Cash Flows                        |   |
|      | - for the six months ended June 30, 2011 and 2010            | 3      |
|      | Notes to Financial Statements                                |   |
|      | - June 30, 2011 and 2010                                     | 4      |
|      |                                                         |   |
| Item 2.   | Management's Discussion and Analysis of Financial Condition  | 11     |
|      | and Results of Operations                                    |   |
|      |                                                         |   |
| 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     |

----

|                                                                 |   | June 30, |      |   | December 31, |   |
|----------------------------------------------------------------------|--------|----------|-----------|--------|--------------|--------|
|                                                                 |   | 2011     |      |   | 2010         |   |
|                                                                 |   |     |      |   |         |   |
| Investments in partnerships                                          |   | $        | 1,110,918 |   |         | $      | 1,058,968 |   |
| Investment in partnerships held for sale or transfer                 |   |     | 2,589,786 |   |         |   | 2,348,551 |   |
| Cash and cash equivalents                                            |   |     | 4,006,062 |   |         |   | 4,359,494 |   |
| Acquisition fees, principally paid to related parties,               |   |     |      |   |         |   |   |   |
| net of accumulated amortization of $51,296 and $50,324, respectively |   |     | 26,463    |   |         |   | 27,435 |   |
| Property purchase costs,                                             |   |     |      |   |         |   |   |   |
| net of accumulated amortization of $74,781 and $74,111, respectively |   |     | 18,311    |   |         |   | 18,981 |   |
| Other assets                                                         |   |     | 324,725   |   |         |   | 2,911 |   |
|                                                                 |   |     |      |   |         |   |   |   |
| Total assets                                                         |   | $        | 8,076,265 |   |         | $      | 7,816,340 |   |
|                                                                 |   |     |      |   |         |   |   |   |

| Due on investments in partnerships                |   | $      | 1,340,000   |   |   | $      | 1,340,000   |   |
|---------------------------------------------------|--------|--------|-------------|--------|--------|--------|-------------|--------|
| Accrued interest payable                          |   |   | 6,990,431   |   |   |   | 6,755,717   |   |
| Accounts payable and accrued expenses             |   |   | 111,924     |   |   |   | 87,985      |   |
|                                              |   |   |        |   |   |   |        |   |
| Total liabilities                                 |   |   | 8,442,355   |   |   |   | 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                                |   |   | (43,086,886 | )      |   |   | (43,088,158 | )      |
|                                              |   |   |        |   |   |   |        |   |
| Total partners' capital (deficit)                 |   |   | (366,090    | )      |   |   | (367,362    | )      |
|                                              |   |   |        |   |   |   |        |   |
| Total liabilities and partners' capital (deficit) |   | $      | 8,076,265   |   |   | $      | 7,816,340   |   |

----

|                                     |   | For the three months ended |        |   | For the six months ended |   |
|------------------------------------------|--------|----------------------------|-------------|--------|--------------------------|--------|
|                                     |   | June 30,                   |        |   | June 30,                 |   |
|                                     |   | 2011                       |        |   | 2010                     |   |   | 2011 |   |   | 2010 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |
| Share of income from partnerships        |   | $                          | 461,731     |   |                     | $      | 192,291 |   |   | $ | 708,735 |   |   | $ | 283,043 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Other revenue and  expenses:   |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                 |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Interest                                 |   |                       | 3,496       |   |                     |   | 7,642 |   |   |   | 5,204 |   |   |   | 13,653 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       | 3,496       |   |                     |   | 7,642 |   |   |   | 5,204 |   |   |   | 13,653 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Gain on disposition of investment in     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| partnerships, net of disposition fee     |   |                       | --          |   |                     |   | 554,825 |   |   |   | -- |   |   |   | 1,603,593 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| General and administrative               |   |                       | 83,739      |   |                     |   | 94,455 |   |   |   | 139,986 |   |   |   | 200,723 |   |
| Interest                                 |   |                       | 117,357     |   |                     |   | 165,515 |   |   |   | 234,714 |   |   |   | 331,030 |   |
| Management fee                           |   |                       | 93,750      |   |                     |   | 93,750 |   |   |   | 187,500 |   |   |   | 187,500 |   |
| Professional fees                        |   |                       | 33,689      |   |                     |   | 30,750 |   |   |   | 148,825 |   |   |   | 139,000 |   |
| Amortization of deferred costs           |   |                       | 821         |   |                     |   | 1,014 |   |   |   | 1,642 |   |   |   | 2,027 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       | 329,356     |   |                     |   | 385,484 |   |   |   | 712,667 |   |   |   | 860,280 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Total other revenue and expenses         |   |                       | (325,860    | )      |                     |   | (377,842 | ) |   |   | (707,463 | ) |   |   | (846,627 | ) |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Income (loss) before gain on disposition |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| of investment in partnership             |   |                       | 135,871     |   |                     |   | (185,551 | ) |   |   | 1,272 |   |   |   | (563,584 | ) |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income                               |   |                       | 135,871     |   |                     |   | 369,274 |   |   |   | 1,272 |   |   |   | 1,040,009 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated losses, beginning of period  |   |                       | (43,222,757 | )      |                     |   | (49,680,576 | ) |   |   | (43,088,158 | ) |   |   | (50,351,311 | ) |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Accumulated losses, end of period        |   | $                          | (43,086,886 | )      |                     | $      | (49,311,302 | ) |   | $ | (43,086,886 | ) |   | $ | (49,311,302 | ) |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income allocated                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| to General Partners (1.51%)              |   | $                          | 2,052       |   |                     | $      | 5,576 |   |   | $ | 19 |   |   | $ | 15,704 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income allocated                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| to Initial and Special                   |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Limited Partners (1.49%)                 |   | $                          | 2,024       |   |                     | $      | 5,502 |   |   | $ | 19 |   |   | $ | 15,496 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income allocated                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| to Additional Limited Partners (97%)     |   | $                          | 131,795     |   |                     | $      | 358,196 |   |   | $ | 1,234 |   |   | $ | 1,008.809 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net income per unit of                   |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Additional Limited Partner Interest,     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| based on 73,337 units outstanding        |   | $                          | 1.85        |   |                     | $      | 4.88 |   |   | $ | .02 |   |   | $ | 13.76 |   |
|                                     |   |                       |        |   |                     |   |   |   |   |   |   |   |   |   |   |   |

----

|                                                    |   | For the six months ended |      |
|---------------------------------------------------------|--------|--------------------------|-----------|
|                                                    |   | June 30,                 |      |
|                                                    |   | 2011                     |      |   | 2010 |   |
|                                                    |   |                     |      |   |   |   |
| Cash flows from operating activities:                   |   |                     |      |   |   |   |
| Net income                                              |   | $                        | 1,272     |   |   | $ | 1,040,009 |   |
|                                                    |   |                     |      |   |   |   |   |   |
| Adjustments to reconcile net income to net cash         |   |                     |      |   |   |   |   |   |
| used in operating activities:                           |   |                     |      |   |   |   |   |   |
| Share of income from partnerships                       |   |                     | (708,735  | ) |   |   | (283,043 | ) |
| Gain on disposition of investment in partnerships,      |   |                     |      |   |   |   |   |   |
| net of disposition fees                                 |   |                     | --        |   |   |   | (1,603,593 | ) |
| Amortization of deferred costs                          |   |                     | 1,642     |   |   |   | 2,027 |   |
|                                                    |   |                     |      |   |   |   |   |   |
| Changes in assets and liabilities:                      |   |                     |      |   |   |   |   |   |
| Decrease in other assets                                |   |                     | 1,588     |   |   |   | -- |   |
| Increase in accrued interest payable                    |   |                     | 234,714   |   |   |   | 331,030 |   |
| Increase in accounts payable and accrued expenses       |   |                     | 23,939    |   |   |   | 49,097 |   |
|                                                    |   |                     |      |   |   |   |   |   |
| Net cash used in operating activities                   |   |                     | (445,580  | ) |   |   | (464,473 | ) |
|                                                    |   |                     |      |   |   |   |   |   |
| Cash flows from investing activities:                   |   |                     |      |   |   |   |   |   |
| Receipt of distributions from partnerships              |   |                     | 92,148    |   |   |   | 128,932 |   |
| 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               |   |                     | 92,148    |   |   |   | 1,184,775 |   |
|                                                    |   |                     |      |   |   |   |   |   |
|                                                    |   |                     |      |   |   |   |   |   |
| Net (decrease) increase in cash and cash equivalents    |   |                     | (353,432  | ) |   |   | 720,302 |   |
|                                                    |   |                     |      |   |   |   |   |   |
| Cash and cash equivalents, beginning of period          |   |                     | 4,359,494 |   |   |   | 5,660,470 |   |
|                                                    |   |                     |      |   |   |   |   |   |
| Cash and cash equivalents, end of period                |   | $                        | 4,006,062 |   |   | $ | 6,380,772 |   |
|                                                    |   |                     |      |   |   |   |   |   |
|                                                    |   |                     |      |   |   |   |   |   |
| Significant non-cash activities:                        |   |                     |      |   |   |   |   |   |
| Distribution receivable included in investment          |   |                     |      |   |   |   |   |   |
| in partnerships                                         |   | $                        | 323,402   |   |   | $ | -- |   |
|                                                    |   |                     |      |   |   |   |   |   |
|                                                    |   |                     |      |   |   |   |   |   |

----

----

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

----

|                                       |   | For the three months ended |     |
|--------------------------------------------|--------|----------------------------|----------|
|                                       |   | June 30,                   |     |
|                                       |   | 2011                       |     |   | 2010 |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                       |   |                       | Equity   |   |   |   |   |   |   |   | Equity |   |   |   |   |   |
|                                       |   |                       | Method   |   |   |   | Suspended |   |   |   | Method |   |   |   | Suspended |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Number of Local Partnerships               |   |                       | 2        | (a) |   |   | 3 | (b) |   |   | 2 | (a) |   |   | 5 | (c) |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                   |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                                     |   | $                          | 462,745  |   |   | $ | 1,104,215 |   |   | $ | 442,950 |   |   | $ | 1,530,000 |   |
| Other                                      |   |                       | 44,023   |   |   |   | 39,655 |   |   |   | 9,915 |   |   |   | 58,845 |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                              |   |                       | 506,768  |   |   |   | 1,143,870 |   |   |   | 452,865 |   |   |   | 1,588,845 |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                  |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                                  |   |                       | 297,214  |   |   |   | 519,090 |   |   |   | 242,638 |   |   |   | 1,017,322 |   |
| Interest                                   |   |                       | --       |   |   |   | 175,767 |   |   |   | 592 |   |   |   | 406,179 |   |
| Depreciation and amortization              |   |                       | 47,268   |   |   |   | 207,418 |   |   |   | 79,331 |   |   |   | 337,830 |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                             |   |                       | 344,482  |   |   |   | 902,275 |   |   |   | 322,561 |   |   |   | 1,761,331 |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                          |   | $                          | 162,286  |   |   | $ | 241,595 |   |   | $ | 130,304 |   |   | $ | (172,486 | ) |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution (return of distribution) |   | $                          | --       |   |   | $ | (20,933 | ) |   | $ | -- |   |   | $ | 63,304 |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded                 |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| as income                                  |   | $                          | --       |   |   | $ | 302,469 |   |   | $ | -- |   |   | $ | 63,304 |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership's share of Local               |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Partnership net income  |   |                       | 159,262  |   |   |   | -- |   |   |   | 128,987 |   |   |   | -- |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of income from partnerships          |   |                       | $461,731 |   |   |   | $192,291 |   |
|                                       |   |                       |     |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

|                                      |   | For the six months ended |     |
|-------------------------------------------|--------|--------------------------|----------|
|                                      |   | June 30,                 |     |
|                                      |   | 2011                     |     |   | 2010 |   |
|                                      |   | Equity                   |     |   |   |   |   | Equity |   |   |   |   |
|                                      |   | Method                   |     |   | Suspended |   |   | Method |   |   | Suspended |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |
| Number of Local Partnerships              |   |                     | 2        | (a) |   |   | 3 | (b) |   |   | 2 | (a) |   |   | 5 | (c) |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Revenue:                                  |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Rental                                    |   | $                        | 901,614  |   |   | $ | 2,091,467 |   |   | $ | 833,757 |   |   | $ | 3,240,572 |   |
| Other                                     |   |                     | 75,989   |   |   |   | 96,733 |   |   |   | 38,007 |   |   |   | 114,757 |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total revenue                             |   |                     | 977,603  |   |   |   | 2,188,200 |   |   |   | 871,764 |   |   |   | 3,355,329 |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Expenses:                                 |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Operating                                 |   |                     | 584,428  |   |   |   | 1,124,107 |   |   |   | 551,861 |   |   |   | 2,099,755 |   |
| Interest                                  |   |                     | --       |   |   |   | 351,534 |   |   |   | 1,183 |   |   |   | 812,358 |   |
| Depreciation and amortization             |   |                     | 94,536   |   |   |   | 414,836 |   |   |   | 158,662 |   |   |   | 675,661 |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total expenses                            |   |                     | 678,964  |   |   |   | 1,890,477 |   |   |   | 711,706 |   |   |   | 3,587,774 |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Net income (loss)                         |   | $                        | 298,639  |   |   | $ | 297,723 |   |   | $ | 160,058 |   |   | $ | (232,445 | ) |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution                         |   | $                        | --       |   |   | $ | 415,550 |   |   | $ | -- |   |   | $ | 124,602 |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Cash distribution recorded as income      |   | $                        | --       |   |   | $ | 415,550 |   |   | $ | -- |   |   | $ | 124,602 |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Partnership’s share of Local        |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Partnership net income |   |                     | 293,185  |   |   |   | -- |   |   |   | 158,441 |   |   |   | -- |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Share of income from partnerships         |   |                     | $708,735 |   |   |   | $283,043 |   |
|                                      |   |                     |     |   |   |   |   |   |   |   |   |   |   |   |   |   |

----

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

|                 |      | Accrued Interest |     |
|----------------------|-----------|------------------|----------|
|                 |      | as of            |     |
| Property             | Principal | June 30, 2011    | Maturity |
|                 |      |             |     |
| Westport Village (1) | $840,000  | $2,991,885       | 09/01/99 |

----

----

----

----

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

----

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

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

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

| 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. |

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|            |   | CAPITAL REALTY INVESTORS-IV LIMITED                                                                                                                                                                                                                                                                                                                                                                                                                 |
|-----------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|            |   |     PARTNERSHIP                                                                                      |
|            |   | (Registrant)                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|            |   | by:    C.R.I., Inc.                                                                   |
|            |   | Managing General Partner                                                                                                                                                                                                                                                                                                                                                                                                                            |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|            |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| August 26, 2011 |   | by:     /s/ H. William Willoughby                                                                                                                                                                                            |
| DATE            |   | H. William Willoughby                                                                                                                                                                                                                                                                                                                                                                                                                               |
|            |   | Director, President, Secretary,                                                                                                                                                                                                                                                                                                                                                                                                                     |
|            |   | Principal Financial Officer and                                                                                                                                                                                                                                                                                                                                                                                                                     |
|            |   | Principal Account Officer                                                                                                                                                                                                                                                                                                                                                                                                                           |