REITBERGER, POLLEKOFF & KOZAK, P.C.
8133 Leesburg Pike
Suite 550
Vienna, VA  22182

                          INDEPENDENT AUDITORS' REPORT

To the Partners
Asbury Tower Associates Limited Partnership

We have audited the accompanying  statements of assets and liabilities of Asbury
Tower  Associates  Limited  Partnership,  NJHFA  Project  No.:  61 (a New Jersey
limited  partnership),  as of  December  31,  2001  and  2000,  and the  related
statements of operations,  partners' deficit,  and cash flows for the years then
ended.  These financial  statements are the  responsibility of the Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America,  Government Auditing  Standards,  issued by the
Comptroller  General of the United States,  and the New Jersey  Housing  Finance
Agency Policies and Procedures Manual.  Those standards require that we plan and
perform the audit to obtain  reasonable  assurance  about  whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

As described in Note A1, these financial  statements were prepared in conformity
with the accounting  practices prescribed or permitted by the New Jersey Housing
Finance  Agency,  and are not intended to be a presentation  in conformity  with
accounting principles generally accepted in the United States of America.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Asbury Tower Associates Limited
Partnership as of December 31, 2001 and 2000, and the results of its operations,
the changes in partners' deficit and cash flows for the years then ended, on the
basis of accounting described in Note A1.

Our  audits  were  made for the  purpose  of  forming  an  opinion  on the basic
financial  statements taken as a whole for the years ended December 31, 2001 and
2000. The  supplemental  information on pages 17 through 23 is presented for the
purposes  of  additional  analysis  and  is not a  required  part  of the  basic
financial  statements.  Such  information  has been  subjected  to the  auditing
procedures  applied in the audit of the basic  financial  statements and, in our
opinion,  is fairly  stated in all  material  respects  in relation to the basic
financial statements taken as a whole.


<PAGE>








In accordance with Government  Auditing  Standards,  we have also issued reports
dated January 14, 2002 on our  consideration of Asbury Tower Associates  Limited
Partnership's internal controls and on its compliance with specific requirements
applicable   to   major   HUD   programs,    affirmative    fair   housing   and
non-discrimination   and  laws  and  regulations  applicable  to  the  financial
statements.

This report is intended  solely for the information and use of the management of
Asbury Tower Associates Limited  Partnership and the New Jersey Mortgage Housing
Finance Agency and should not be used for any other purpose.

We  certify  that we have met the  licensing  requirements  of the  State of New
Jersey.


                                            Reitberger, Pollekoff & Kozak, P.C.

Vienna, Virginia
January 14, 2002
Lead Auditor: Robert A. Kozak               EIN:  54-1639552




<PAGE>



BDO SEIDMAN, LLP

INDEPENDENT AUDITORS' REPORT


To the Partners
Campbell Terrace Associates
Chicago, Illinois

We have audited the accompanying  balance sheets of Campbell Terrace  Associates
(a Limited  Partnership)  (IHDA  Development No. ML-178) as of December 31, 2001
and 2000, and the related statements of income,  partners' equity and cash flows
for the years then ended.  These financial  statements are the responsibility of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in  the  United  States  and  Government  Auditing  Standards,   issued  by  the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Campbell Terrace Associates as
of December 31, 2001 and 2000,  and the results of its operations and cash flows
for the years then ended,  in conformity with  accounting  principles  generally
accepted in the United States.

In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs,  issued by the U.S.  Department of Housing and
Urban Development, Office of the Inspector General, we have also issued a report
dated  January 25, 2002 on our  consideration  of Campbell  Terrace  Associates'
internal  control and reports  dated  January  25, 2002 on its  compliance  with
specific   requirements   applicable  to  major  HUD   programs,   and  specific
requirements  applicable to Fair Housing and  Non-Discrimination.  Those reports
are an  integral  part of an  audit  performed  in  accordance  with  Government
Auditing  Standards  and  should  be read in  conjunction  with  this  report in
considering the results of our audits.



<PAGE>



Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial  statements taken as a whole. The accompanying  supplemental  material
shown on Pages 20 through 24 is presented  for purposes of  additional  analysis
and is not a required part of the basic financial statements of Campbell Terrace
Associates.  Such  information  has been  subjected to the  auditing  procedures
applied in the audit of the basic financial  statements and, in our opinion,  is
fairly  stated in all  material  respects  in  relation  to the basic  financial
statements taken as a whole.





Certified Public Accountants


/s/ BDO Seidman, LLP




Chicago, Illinois
January 25, 2002



<PAGE>



CARBIS, WALKER AND ASSOCIATES, LLP
2599 Wilmington Road
New Castle, PA  16105
(724) 658-1565


                          INDEPENDENT AUDITORS' REPORT


To the Partners
Canonsburg Housing Associates
Washington, Pennsylvania

         We have  audited  the  accompanying  balance  sheets of the  Canonsburg
Housing Associates Project No. R-169-8E, a limited  partnership,  as of December
31, 2001 and 2000, and the related  statements of income,  partners' equity, and
cash  flows for each of the two years in the period  ended  December  31,  2001.
These financial  statements are the responsibility of the Project's  management.
Our responsibility is to express an opinion on these financial  statements based
on our audits.

         We conducted our audits in accordance with auditing standards generally
accepted  in the  United  States of  America  and the  standards  applicable  to
financial  audits  contained in "Government  Auditing  Standards"  issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in all material  respects,  the  financial  position of the  Canonsburg
Housing Associates  Project No. R-169-8E,  as of December 31, 2001 and 2000, and
the results of its operations,  changes in partners' equity,  and its cash flows
for each of the two years in the period ended  December 31, 2001,  in conformity
with accounting principles generally accepted in the United States of America.

         In accordance  with the "Government  Auditing  Standards," we have also
issued our report dated January 17, 2002, on our  consideration of the Project's
internal  control over financial  reporting and our tests of its compliance with
certain provisions of laws, regulations,  contracts,  and grants. That report is
an integral part of an audit performed in accordance with  "Government  Auditing
Standards" and should be read in conjunction with this report in considering the
results of our audits.

         Our audits were  conducted for the purpose of forming an opinion on the
basic financial  statements  taken as a whole.  The  accompanying  supplementary
information  listed in the table of contents is  presented  for the  purposes of
additional analysis and is not a required part of the basic financial statements
of the Canonsburg Housing Associates Project No. R-169-8E.  Such information has
been  subjected  to the auditing  procedures  applied in the audits of the basic
financial  statements  and, in our opinion,  is fairly  stated,  in all material
respects, in relation to the basic financial statements taken as a whole.


Carbis, Walker and Associates, Certified Public Accountants

New Castle, Pennsylvania
January 17, 2002


<PAGE>




                          INDEPENDENT AUDITORS' REPORT


To the Partners
Char House Highrise Associates
Washington, Pennsylvania

         We have  audited  the  accompanying  balance  sheets of the Char  House
Highrise Associates Project No. R-170-8E, a limited partnership,  as of December
31, 2001 and 2000, and the related  statements of income,  partners' equity, and
cash  flows for each of the two years in the period  ended  December  31,  2001.
These financial  statements are the responsibility of the Project's  management.
Our responsibility is to express an opinion on these financial  statements based
on our audits.

         We conducted our audits in accordance with auditing standards generally
accepted  in the  United  States of  America  and the  standards  applicable  to
financial  audits  contained in "Government  Auditing  Standards"  issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in all  material  respects,  the  financial  position of the Char House
Highrise  Associates  Project No. R-170-8E as of December 31, 2001 and 2000, and
the results of its operations,  changes in partners' equity,  and its cash flows
for each of the two years in the period ended  December 31, 2001,  in conformity
with accounting principles generally accepted in the United States of America.

         In accordance with "Government Auditing Standards," we have also issued
our report  dated  January  17,  2002,  on our  consideration  of the  Project's
internal  control over  financial  reporting  and our tests of  compliance  with
certain provisions of laws, regulations, contracts and grants. That report is an
integral part of an audit  performed in  accordance  with  "Government  Auditing
Standards" and should be read in conjunction with this report in considering the
results of our audits.

         Our audits were  conducted for the purpose of forming an opinion on the
basic financial  statements  taken as a whole.  The  accompanying  supplementary
information  listed in the table of contents is  presented  for the  purposes of
additional analysis and is not a required part of the basic financial statements
of Char House Highrise  Associates  Project No.  R-170-8E.  Such information has
been  subjected  to the auditing  procedures  applied in the audits of the basic
financial  statements  and, in our opinion,  is fairly  stated,  in all material
respects, in relation to the basic financial statements taken as a whole.



/s/ Carbis Walker & Associates, LLP
Certified Public Accountants


New Castle, Pennsylvania
January 17, 2002





<PAGE>



VIRCHOW KRAUSE & COMPANY, LLP
PO Box 7398
Madison, WI  53707
(608) 240-2354

                          INDEPENDENT AUDITORS' REPORT


To the Partners
Chippewa County Housing Partners
Middleton, Wisconsin


We have  audited the  accompanying  balance  sheets of Chippewa  County  Housing
Partners  as of  December  31,  2001 and 2000,  and the  related  statements  of
operations and partners' capital and cash flows for the years then ended.  These
financial  statements are the  responsibility of the company's  management.  Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of Chippewa  County  Housing
Partners as of December 31, 2001 and 2000, and the results of its operations and
cash flows for the years then ended in  conformity  with  accounting  principles
generally accepted in the United States of America.

In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs  issued by the U.S.  Department  of Housing and
Urban  Development,  we have also issued a report dated January 18, 2002, on our
consideration of the partnership's  internal control,  and reports dated January
18, 2002, on its compliance with specific  requirements  applicable to the major
and nonmajor programs, and specific requirements  applicable to Fair Housing and
Non-Discrimination.  Those reports are an integral part of an audit performed in
accordance with Government  Auditing Standards and should be read in conjunction
with this report in considering the results of our audit.

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information provided, as
identified  in the table of contents,  is presented  for purposes of  additional
analysis  and is not a required  part of the basic  financial  statements.  Such
information has been subjected to the auditing  procedures  applied in the audit
of the basic financial  statements and, in our opinion,  is fairly stated in all
material  respects  in  relation to the basic  financial  statements  taken as a
whole.


                                            VIRCHOW, KRAUSE & COMPANY, LLP



Madison, Wisconsin
January 18, 2002


<PAGE>




                             D'ARATA & COMPANY, LLP
                              1230 DELAWARE AVENUE
                             BUFFALO, NEW YORK 14209
                                 (716) 842-3900





                          INDEPENDENT AUDITOR=S REPORT



To the Partners
Clarkson Associates of Wellington Woods
Limited Partnership
Brockport, New York

We have  audited  the  accompanying  consolidated  balance  sheets  of  Clarkson
Associates  of  Wellington  Woods  Limited  Partnership  (a  Partnership)  as of
December 31, 2001 and 2000,  and the related  statements  of income and retained
earnings,  and cash flows for the years then ended.  These financial  statements
are the responsibility of Company=s management. Our responsibility is to express
an opinion on these statements based on our audits.

We conducted our audits in accordance with generally accepted auditing standards
and  Government  Auditing  Standards  issued by the  Comptroller  General of the
United States.  Those  standards  require that we plan and perform the audits to
obtain reasonable  assurance about whether the financial  statements are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the overall  financial  statements
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  except for the effects of the matter discussed in the preceding
paragraph,  the  financial  referred to above  present  fairly,  in all material
respects,  the financial  position of Clarkson  Associates  of Wellington  Woods
Limited  Partnership  as of December  31, 2001 and 2000,  and the results of its
operations and cash flows for the years then ended in conformity  with generally
accepted accounting principles.

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial  statements taken as a whole.  The  accompanying  schedules of surplus
cash,  available  distributions  and income and  expenses on pages 14 and 15 are
presented for purposes of additional analysis and are not a required part of the
basic financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.







January 25, 2002


<PAGE>
                            ABDO, EICK & MEYERS, LLP
                            7241 Ohms Lane, Suite 200
                          Minneapolis, Minnesota 55439
                                 (952) 835-9090

INDEPENDENT AUDITOR'S REPORT

To the Partners
Clearfield Hills II Limited Partnership
Clearfield, Utah


We have audited the  accompanying  balance sheets of Clearfield Hills II Limited
Partnership  (the  Partnership) as of December 31, 2001 and 2000 and the related
statements of  operations,  changes in partners'  deficit and cash flows for the
years then ended.  These  financial  statements  are the  responsibility  of the
Partnership's  management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the  United  States of  America.  Those  standards  require  that we plan and
perform the audits to obtain  reasonable  assurance  about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of the Partnership as of December
31, 2001 and 2000,  and the results of its operations and its cash flows for the
years then ended in conformity with accounting  principles generally accepted in
the United States of America.

Our  audits  were  made for the  purpose  of  forming  an  opinion  on the basic
financial  statements taken as a whole. The supplemental  information  (shown on
pages 10-13) is presented  for the purpose of  additional  analysis and is not a
required  part of the basic  financial  statements.  Such  information  has been
subjected to the auditing procedures applied in the audit of the basic financial
statements  and, in our opinion,  is fairly  stated in all material  respects in
relation to the basic financial statements taken as a whole.





January 22, 2002                                       ABDO, EICK & MEYERS, LLP
Minneapolis, Minnesota                             Certified Public Accountants




<PAGE>
MARKS, PANETH AND SHRON, LLP
622 Third Avenue
New York, NY  10017
(212) 503-6380

                          Independent Auditors' Report



To the Partners of
Crescent Gardens Associates


We have audited the accompanying  Balance Sheets of Crescent Gardens  Associates
(a Limited Partnership) FHA Project No. 053-35201-PM-PAH-L8,  as of December 31,
2001 and 2000, and the related  statements of Profit and Loss,  Partners' Equity
and Cash Flows for each of the two years in the period ended  December 31, 2001.
These  financial   statements  are  the   responsibility  of  the  Partnership's
management.  Our  responsibility  is to express  an  opinion on these  financial
statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Crescent Gardens Associates as
of December  31, 2001 and 2000,  and the results of its  operations,  changes in
partners'  equity  and its cash  flows for each of the two  years in the  period
ended  December 31, 2001 in  conformity  with  accounting  principles  generally
accepted in the United States of America.

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The supporting data (shown on pages 13 to
15) is presented for the purposes of  additional  analysis and is not a required
part of the basic  financial  statements of Crescent  Gardens  Associates.  Such
information has been subjected to the auditing  procedures applied in the audits
of the basic financial statements,  and, in our opinion, is fairly stated in all
material  respects  in  relation to the basic  financial  statements  taken as a
whole.

In accordance with Government Auditing  Standards,  we have also issued a report
dated  January  17,  2002  on our  consideration  of the  Partnerships  internal
controls  and reports  dated  January 17, 2002 on its  compliance  with laws and
regulations.




Marks Paneth & Shron LLP

January 17, 2002




<PAGE>


                          INDEPENDENT AUDITORS' REPORT


To the Partners
Diakonia Associates Limited Partnership

         We have audited the accompanying  balance sheet of Diakonia  Associates
Limited  Partnership,  R.I.H.M.F.C.  Project No.  R143-H023-022,  as of June 30,
2001, and the related  statements of operations,  partners' equity (deficit) and
cash  flows  for  the  year  then  ended.  These  financial  statements  are the
responsibility of the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

         We conducted our audit in accordance with auditing standards  generally
accepted in the United  States of America  and  Government  Auditing  Standards,
issued by the Comptroller General of the United States.  Those standards require
that we plan and perform the audit to obtain reasonable  assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audit provides a reasonable basis for our opinion.

         As described in note A to the financial  statements,  the partnership's
financial statements have been prepared on the basis of accounting and reporting
practices  prescribed by the U.S.  Department  of Housing and Urban  Development
(HUD). These prescribed  practices are a comprehensive basis of accounting other
than accounting principles generally accepted in the United States of America.

         In our opinion,  the  financial  statements  referred to above  present
fairly, in all material respects,  the financial position of Diakonia Associates
Limited Partnership as of June 30, 2001, and the results of its operations,  the
changes in partners' equity (deficit) and cash flows for the year then ended, on
the basis of accounting described in note A.

                                      - 3 -



<PAGE>


         As discussed in note G to the financial statements, there is a contract
to purchase the property.

         Our audit was made for the  purpose  of forming an opinion on the basic
financial statements taken as a whole. The supplemental  information on pages 19
through  25 is  presented  for  purposes  of  additional  analysis  and is not a
required  part of the basic  financial  statements.  Such  information  has been
subjected to the auditing procedures applied in the audit of the basic financial
statements  and, in our opinion,  is fairly  stated in all material  respects in
relation to the basic financial statements taken as a whole.

         In accordance with Government  Auditing Standards and the "Consolidated
Audit  Guide for Audits of HUD  Programs,"  we have also  issued  reports  dated
August  16,  2001  on  our   consideration   of  Diakonia   Associates   Limited
Partnership's  internal control and on its compliance with specific requirements
applicable  to  R.I.H.M.F.C  programs and fair  housing and  non-discrimination.
Those  reports are an integral  part of an audit  performed in  accordance  with
Government Auditing Standards and should be read in conjunction with this report
in considering the results of our audit.

/s/ Reznick Fedder & Silverman


Bethesda, Maryland                           Taxpayer Identification Number:
August 16, 2001                                 52-1088612

Lead Auditor: Renee G. Scruggs


<PAGE>



                          INDEPENDENT AUDITORS' REPORT


To the Partners
Diakonia Associates Limited Partnership

         We have audited the accompanying  balance sheet of Diakonia  Associates
Limited  Partnership,  R.I.H.M.F.C.  Project No.  R143-H023-022,  as of June 30,
2000, and the related  statements of operations,  partners' equity (deficit) and
cash  flows  for  the  year  then  ended.  These  financial  statements  are the
responsibility of the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

         We  conducted  our audit in  accordance  with  auditing  standards  and
Government Auditing  Standards,  issued by the Comptroller General of the United
States.  Those  standards  require  that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

         As described in note A to the financial  statements,  the partnership's
financial statements have been prepared on the basis of accounting and reporting
practices  prescribed by the U.S.  Department  of Housing and Urban  Development
(HUD). These prescribed  practices are a comprehensive basis of accounting other
than accounting principles generally accepted in the United States of America.

         In our opinion,  the  financial  statements  referred to above  present
fairly, in all material respects,  the financial position of Diakonia Associates
Limited  Partnership  as of June 30,  2000,  and the results of its  operations,
changes in partners' equity (deficit) and cash flows for the year then ended, in
conformity with generally accepted accounting principles.



<PAGE>

         Our audit was made for the  purpose  of forming an opinion on the basic
financial statements taken as a whole. The supplemental  information on pages 18
through  27 is  presented  for  purposes  of  additional  analysis  and is not a
required  part of the basic  financial  statements.  Such  information  has been
subjected to the auditing procedures applied in the audit of the basic financial
statements  and, in our opinion,  is fairly  stated in all material  respects in
relation to the basic financial statements taken as a whole.

         In accordance with Government  Auditing Standards and the "Consolidated
Audit  Guide for Audits of HUD  Programs,"  we have also  issued  reports  dated
September  8,  2000  on  our  consideration  of  Diakonia   Associates   Limited
Partnership's  internal control and on its compliance with specific requirements
applicable  to  R.I.H.M.F.C  programs and fair  housing and  non-discrimination.
Those  reports are an integral  part of an audit  performed in  accordance  with
Government Auditing Standards and should be read in conjunction with this report
in considering the results of our audit.

/s/ Reznick Fedder & Silverman


Bethesda, Maryland                                  Federal Employer
September 8, 2000                                   Identification Number:
                                                      52-1088612

Lead Auditor: Renee G. Scruggs



<PAGE>
                                               SUBY, VON HADEN, ASSOCIATES, S.C.
                                                   CERTIFIED PUBLIC ACCOUNTANTS

                          INDEPENDENT AUDITORS' REPORT

To the Partners
Galesburg Housing Partners
(A Wisconsin General Partnership)
Madison, Wisconsin

We have audited the accompanying  balance sheet of HUD Project No. IL06-8023-001
of Galesburg Housing Partners (A Wisconsin  General  Partnership) as of December
31, 2001, and the related  statements of loss,  partners' deficit and cash flows
for the year then ended.  These financial  statements are the  responsibility of
the  partnership's  management.  Our  responsibility is to express an opinion on
these  financial  statements  based on our audit.  The  financial  statements of
Pebble Valley Housing  Partners  Limited  Partnership as of and for the year end
December 31, 2000, were audited by other  accountants whose report dated January
12, 2001, expressed an unqualified opinion on those statements.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of Galesburg Housing Partners as
of December 31, 2001,  and the results of its  operations,  changes in partners'
capital  and cash flows for the year then ended in  conformity  with  accounting
principles generally accepted in the United States of America.

In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs  issued by the U.S.  Department  of Housing and
Urban  Development,  we have also issued a report dated January 16, 2002, on our
consideration of Galesburg Housing Partners' internal control; and reports dated
January 17, 2002 on its  compliance  with  specific  requirements  applicable to
major HUD  programs,  and specific  requirements  applicable to Fair Housing and
Non- Discrimination. Those reports are an integral part of an audit performed in
accordance  with  U.S.  Government  Auditing  Standards  and  should  be read in
conjunction with this report in considering the results of our audit.

January 16, 2002
Suby, Von Haden & Associates, S.C.

Lead auditor: Glen E. Weyenberg, CPA
Title: Principal
ID #39-1203191
E-mail: wyenbergg@sva.com


<PAGE>

ACCOUNTANTS AND MANAGEMENT CONSULTANTS
Grant Thornton LLP
The US Member Firm of
Grant Thornton International

                              REPORT OF INDEPENDENT
                          CERTIFIED PUBLIC ACCOUNTANTS



Partners
Galesburg Housing Partners

We have audited the accompanying balance sheets of Galesburg Housing Partners (a
Wisconsin general partnership), HUD Project No. IL06-8023-001 as of December 31,
2000 and 1999, and the related statements of earnings, partners' equity and cash
flows  for  the  years  then  ended.   These   financial   statements   are  the
responsibility of the partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United States of America.  Those  standards  require
that we plan and perform the audit to obtain reasonable  assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Galesburg Housing Partners, HUD
Project No.  IL06-8023-001  as of December 31, 2000 and 1999, and the results of
its operations and its cash flows for the years then ended,  in conformity  with
accounting principles generally accepted in the United States of America.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated  January 12, 2001 on our  consideration  of  Galesburg  Housing  Partners'
internal controls and on its compliance with laws and regulations. Those reports
are an  integral  part of an  audit  performed  in  accordance  with  Government
Auditing  Standards  and  should  be read in  conjunction  with  this  report in
considering the results of our audit.

/s/ Grant Thornton LLP


Madison, Wisconsin
January 12, 2001



<PAGE>
                           Ziner, Kennedy & Lehan LLP



                          INDEPENDENT AUDITORS' REPORT

To the Partners of
Glenridge Development Company

         We have audited the accompanying balance sheet of Glenridge Development
Company (a Maine  limited  partnership)  (Project  No.022-44026  LPD-RAP)  as of
December 31, 2001 and the related  statements  of changes in  partners'  equity,
income and cash flows for the year then ended.  These  financial  statements are
the  responsibility  of the  Glenridge  Development  Company's  management.  Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

         We conducted our audit in accordance with auditing standards  generally
accepted in the United  States of America  and  Government  Auditing  Standards,
issued by the Comptroller General of the United States.  Those standards require
that we plan and perform the audit to obtain reasonable  assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audit provides a reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in  all  material   respects,   the  financial  position  of  Glenridge
Development  Company as of December 31, 2001, and the results of its operations,
its cash flows and its  changes in  partners'  equity for the year then ended in
conformity with accounting principles generally accepted in the United States of
America.

         In accordance with Government  Auditing  Standards and the Consolidated
Audit Guide for Audits of HUD Programs issued by the U.S.  Department of Housing
and Urban  Development,  we have also issued a report dated February 6, 2002, on
our  consideration  of  Glenridge  Development  Company's  internal  control and
reports dated  February 6, 2002 on its  compliance  with  specific  requirements
applicable to major HUD programs,  and specific requirements  applicable to Fair
Housing and Non-  Discrimination.  The report are an  integral  part of an audit
performed in accordance with Government Auditing Standards and should be read in
conjunction with this report in considering the results of our audit.


Ziner, Kennedy & Lehan LLP

February 6, 2002
Boston, Massachusetts



<PAGE>

                           Ziner, Kennedy & Lehan LLP



                          INDEPENDENT AUDITORS' REPORT

To the Partners of
Glenridge Development Company

         We have audited the accompanying balance sheet of Glenridge Development
Company (a Maine  limited  partnership)  (Project  No.022-44026  LPD-RAP)  as of
December 31, 2000 and the related  statements  of changes in  partners'  equity,
income and cash flows for the year then ended.  These  financial  statements are
the  responsibility  of the  Glenridge  Development  Company's  management.  Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

         We conducted our audit in accordance with generally  accepted  auditing
standards and Government Auditing  Standards,  issued by the Comptroller General
of the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in  all  material   respects,   the  financial  position  of  Glenridge
Development  Company as of December 31, 2000, and the results of its operations,
its cash flows and its  changes in  partners'  equity for the year then ended in
conformity with accounting principles.

         In accordance with Government  Auditing  Standards and the Consolidated
Audit Guide for Audits of HUD Programs issued by the U.S.  Department of Housing
and Urban Development,  we have also issued a report dated March 9, 2001, on our
consideration of Glenridge  Development  Company's  internal control and reports
dated March 9, 2001 on its compliance with specific  requirements  applicable to
major HUD  programs,  and specific  requirements  applicable to Fair Housing and
Non-  Discrimination.  The report are an integral part of an audit  performed in
accordance with Government  Auditing Standards and should be read in conjunction
with this report in considering the results of our audit.


Ziner, Kennedy & Lehan LLP

March 9, 2001
Quincy, Massachusetts



<PAGE>

ASHER & COMPANY, LTD.
1845 Walnut Street
Philadelphia, PA  19103


                          INDEPENDENT AUDITORS' REPORT

THE PARTNERS
HARBORVIEW APARTMENTS ASSOCIATES
MARLTON, NEW JERSEY

     We have audited the  accompanying  balance sheets of HARBORVIEW  APARTMENTS
ASSOCIATES (A LIMITED PARTNERSHIP), HUD PROJECT NO. 056-35019-LD, as of December
31, 2001 and 2000,  and the related  statements of loss,  Partners'  capital and
cash flows for the year ended December 31, 2001. These financial  statements are
the  responsibility of the Partnership's  management.  Our  responsibility is to
express an opinion on these financial statements based on our audits.

     We conducted our audits in accordance  with  auditing  standards  generally
accepted in the United  States of America  and  Government  Auditing  Standards,
issued by the Comptroller General of the United States.  Those standards require
that we plan and perform the audit to obtain reasonable  assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

     In our opinion,  the financial statements referred to above present fairly,
in all material respects, the balance sheets of HARBORVIEW APARTMENTS ASSOCIATES
(A LIMITED PARTNERSHIP),  HUD PROJECT NO. 056-35019-LD,  as of December 31, 2001
and 2000, and the results of its  operations,  changes in its Partners'  capital
and its cash flows for the year ended  December 31,  2001,  in  conformity  with
accounting principles generally accepted in the United States of America.

Our audit was made for the purpose of forming an opinion on the basic  financial
statements  taken as a whole.  The  accompanying  supplementary  information  is
presented for purposes of additional  analysis and is not a required part of the
basic financial statements.  Such information has been subjected to the auditing
procedures  applied in the audit of the basic  financial  statements and, in our
opinion,  is fairly  stated in all  material  respects  in relation to the basic
financial statements taken as a whole.


<PAGE>
PAGE TWO
THE PARTNERS
HARBORVIEW APARTMENTS ASSOCIATES




         In accordance with Government  Auditing  Standards and the Consolidated
Audit Guide for Audits of HUD Programs, issued by the U.S. Department of Housing
and Urban  Development,  we have also issued a report dated  January 17, 2002 on
our consideration of HARBORVIEW APARTMENTS  ASSOCIATES' (A LIMITED PARTNERSHIP),
HUD PROJECT NO.  056-35019-LD,  internal  control and reports  dated January 17,
2002 on its  compliance  with  specific  requirements  applicable  to major  HUD
programs   and   specific   requirements   applicable   to  fair   housing   and
non-discrimination.  Those  reports are an integral  part of an audit  performed
with Government  Auditing  Standards and should be read in conjunction with this
report in considering the results of our audit.




                                                          ASHER & COMPANY, Ltd.

PHILADELPHIA, PENNSYLVANIA
JANUARY 17, 2002




<PAGE>

                          Independent Auditors' Report



To the Partners
Highland Village Associates


We have audited the accompanying balance sheet of Highland Village Associates (A
Limited  Partnership),  MHFA Project No. 71-143-N, at December 31, 2001 and 2000
and the related statements of income, changes in partners' equity and cash flows
for the years then ended.  These financial  statements are the responsibility of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and GOVERNMENT AUDITING STANDARDS, issued by the
Comptroller  General of the United States.  These standards require that we plan
and  perform  the  audits to  obtain  reasonable  assurance  about  whether  the
financial  statements  are free of  material  misstatements.  An audit  includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Highland Village Associates (A
Limited  Partnership)  at  December  31,  2001 and 2000 and the  results  of its
operations  and its cash  flows  for the years  then  ended in  conformity  with
accounting principles generally accepted in the United States of America.

In accordance with GOVERNMENT AUDITING  STANDARDS,  we have also issued a report
dated January 25, 2002, on our  consideration  of Highland  Village  Associates'
internal  control,  a report dated January 25, 2002, on its compliance with laws
and  regulations,  and a report dated January 25, 2002, on its  compliance  with
specific requirements applicable to major HUD programs.



                                                       PANNELL KERR FORSTER, PC



January 25, 2002



<PAGE>





                          INDEPENDENT AUDITORS' REPORT


To the Partners
Jewish Federation Associates
  Limited Partnership

         We have audited the  accompanying  balance sheets of Jewish  Federation
Associates Limited Partnership as of December 31, 2001 and 2000, and the related
statements  of profit  and loss,  partners'  equity and cash flows for the years
then  ended.   These  financial   statements  are  the   responsibility  of  the
partnership's  management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.  Those standards  require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly, in all material  respects,  the financial  position of Jewish Federation
Associates Limited Partnership as of December 31, 2001 and 2000, and the results
of its operations,  the changes in partners' equity and cash flows for the years
then ended, in conformity with accounting  principles  generally accepted in the
United States of America.

                                                /S/ REZNICK FEDDER & SILVERMAN


Bethesda, Maryland
January 21, 2002



<PAGE>


                          INDEPENDENT AUDITORS' REPORT



To the Partners
Lakes of Northdale Limited Partnership

         We have audited the  accompanying  balance sheets of Lakes of Northdale
Limited Partnership as of December 31, 2001 and 2000, and the related statements
of operations,  partners' deficit and cash flows for the years then ended. These
financial statements are the responsibility of the partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

         We conducted our audits in accordance with auditing standards generally
accepted in the United States of America.  Those standards  require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly, in all material  respects,  the financial position of Lakes of Northdale
Limited  Partnership  as of December  31, 2001 and 2000,  and the results of its
operations,  the changes in partners'  deficit and cash flows for the years then
ended, in conformity with accounting principles generally accepted in the United
States of America.

         As discussed in note G to the financial  statements,  the partnership's
partners  have entered into an  agreement to sell their  respective  partnership
interests to an unrelated third party.




<PAGE>



Our  audits  were  made for the  purpose  of  forming  an  opinion  on the basic
financial statements taken as a whole. The supplemental  information on pages 15
and 16 is presented  for purposes of  additional  analysis and is not a required
part of the basic financial  statements.  Such information has been subjected to
the auditing procedures applied in the audits of the basic financial  statements
and, in our opinion,  is fairly  stated in all material  respects in relation to
the basic financial statements taken as a whole.


                                                /S/ REZNICK FEDDER & SILVERMAN

Bethesda, Maryland
January 23, 2002, except for
    note G as to which the date
    is March 19, 2002



<PAGE>



                          INDEPENDENT AUDITORS' REPORT


To the Partners
Liberty Tower Associates
Washington, Pennsylvania

         We have audited the  accompanying  balance  sheets of the Liberty Tower
Associates Project No. R-653- 8E, a limited partnership, as of December 31, 2001
and 2000, and the related statements of income, partners' equity, and cash flows
for each of the two years in the period ended December 31, 2001. These financial
statements   are  the   responsibility   of  the   Project's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

         We conducted our audits in accordance with auditing standards generally
accepted  in the  United  States of  America  and the  standards  applicable  to
financial  audits  contained in "Government  Auditing  Standards"  issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly, in all material  respects,  the financial  position of the Liberty Tower
Associates  Project  No.  R-653-8E,  as of December  31, 2001 and 2000,  and the
results of its operations,  changes in partners' equity,  and its cash flows for
each of the two years in the period ended December 31, 2001, in conformity  with
accounting principles generally accepted in the United States of America.

         In accordance with "Government Auditing Standards," we have also issued
our report  dated  January  17,  2002,  on our  consideration  of the  Project's
internal  control over financial  reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts and grants. That report is an
integral part of an audit  performed in  accordance  with  "Government  Auditing
Standards" and should be read in conjunction with this report in considering the
results of our audits.

         Our audits were  conducted for the purpose of forming an opinion on the
basic financial  statements  taken as a whole.  The  accompanying  supplementary
information  listed in the table of contents is  presented  for the  purposes of
additional analysis and is not a required part of the basic financial statements
of the Liberty Tower Associates Project No. R-653-8E.  Such information has been
subjected  to the  auditing  procedures  applied  in  the  audits  of the  basic
financial  statements  and, in our opinion,  is fairly  stated,  in all material
respects, in relation to the basic financial statements taken as a whole.


/s/ Carbis Walker & Associates, LLP
Certified Public Accountants

New Castle, Pennsylvania
January 17, 2002




<PAGE>




REITBERGER, POLLEKOFF & KOZAK, P.C.
8133 Leesburg Pike
Suite 550
Vienna, VA  22182

                          INDEPENDENT AUDITORS' REPORT


To the Partners
Lihue II Associates
c/o CRI, Inc.
11200 Rockville Pike
Rockville, MD  20852

We have  audited  the  accompanying  balance  sheet of Lihue  II  Associates  (a
Washington  Limited  Partnership)  USDA-RD  Project No.  61-003-911214829  as of
December  31,  2001,  and the  related  statements  of  operations,  changes  in
partners'  deficit,  and cash  flows for the year then  ended.  These  financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and Government Auditing Standards, issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of  Lihue II  Associates  (a
Washington  Limited  Partnership)  USDA-RD  Project No. 61-003-  911214829 as of
December  31,  2001,  and the results of its  operations,  changes in  partners'
deficit,  and cash flows for the year then ended,  in conformity with accounting
principles generally accepted in the United States of America.

In accordance with Government Auditing  Standards,  we have also issued a report
dated February 10, 2002 on our  consideration  of Lihue II Associates'  internal
control  structure and a report dated February 10, 2002 on its  compliance  with
laws and regulations.


                                            Reitberger, Pollekoff & Kozak, P.C.

Vienna, Virginia
February 10, 2002
Lead Auditor:  Robert A. Kozak              EIN: 54-1639552


<PAGE>


                          INDEPENDENT AUDITORS' REPORT



To the Partners
Lihue II Associates
c/o CRI, Inc.
11200 Rockville Pike
Rockville, MD  20852

We have  audited  the  accompanying  balance  sheet of Lihue  II  Associates  (a
Washington  Limited  Partnership)  USDA-RD  Project No.  61-003-911214829  as of
December  31,  2000,  and the  related  statements  of  operations,  changes  in
partners'  deficit,  and cash  flows for the year then  ended.  These  financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audit.

We conducted our audit in accordance with generally  accepted auditing standards
and Government  Auditing  Standards,  issued by the  Comptroller  General of the
United  States.  Those  standards  require that we plan and perform the audit to
obtain reasonable  assurance about whether the financial  statements are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of  Lihue II  Associates  (a
Washington  Limited  Partnership)  USDA-RD  Project No. 61-003-  911214829 as of
December  31,  2000,  and the results of its  operations,  changes in  partners'
deficit,  and cash flows for the year then ended,  in conformity  with generally
accepted accounting principles.

In accordance with Government Auditing  Standards,  we have also issued a report
dated January 28, 2001 on our  consideration  of Lihue II  Associates'  internal
control  structure  and a report dated January 28, 2001 on its  compliance  with
laws and regulations.



                                            Reitberger, Pollekoff & Kozak, P.C.


Vienna, Virginia
January 28, 2001





<PAGE>

                          INDEPENDENT AUDITORS' REPORT


                          INDEPENDENT AUDITORS' REPORT


To the Partners                                                January 23, 2002
Madison Square Limited Dividend Housing Association


         We have  audited  the  accompanying  balance  sheets of Madison  Square
Limited Dividend Housing  Association (a Michigan  Limited  Partnership),  as of
December 31, 2001, 2000 and 1999, and the related statements of profit and loss,
changes in  partners'  deficit  and cash flows for the years then  ended.  These
financial statements are the responsibility of the partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

         We conducted our audits in accordance with auditing standards generally
accepted  in the United  States of America  and  Government  Auditing  Standards
issued by the Comptroller General of the United States.  Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in all material  respects,  the  financial  position of Madison  Square
Limited Dividend Housing  Association as of December 31, 2001, 2000 and 1999 and
the results of its  operations  and its cash flows for the years then ended,  in
conformity with accounting principles generally accepted in the United States of
America.

         Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is presented
for  purposes of  additional  analysis  and is not a required  part of the basic
financial  statements.  Such  information  has been  subjected  to the  auditing
procedures  applied in the audits of the basic financial  statements and, in our
opinion,  is fairly presented in all material  respects in relation to the basic
financial statements taken as a whole.


                                                Maner, Costerisan & Ellis, P.C.



<PAGE>

                                               SUBY, VON HADEN, ASSOCIATES, S.C.
                                                   CERTIFIED PUBLIC ACCOUNTANTS

                          INDEPENDENT AUDITORS' REPORT

To the Partners
Naperville Housing Partners
(An Illinois General Partnership)
Madison, Wisconsin

We have audited the  accompanying  balance  sheet of IHDA Project No.  ML-177 of
Naperville Housing Partners (An Illinois General Partnership) as of December 31,
2001, and the related  statements of loss,  partners' deficit and cash flows for
the year then ended.  These financial  statements are the  responsibility of the
partnership's  management.  Our responsibility is to express an opinion on these
financial  statements  based on our audit.  The  financial  statements of Pebble
Valley Housing Partners Limited  Partnership as of and for the year end December
31, 2000, were audited by other accountants whose report dated January 11, 2001,
expressed an unqualified opinion on those statements.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Naperville Housing Partners as
of December 31, 2001,  and the results of its  operations,  changes in partners'
capital  and cash flows for the year then ended in  conformity  with  accounting
principles generally accepted in the United States of America.

In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs  issued by the U.S.  Department  of Housing and
Urban  Development,  we have also issued a report dated January 28, 2002, on our
consideration of Naperville  Housing  Partners'  internal  control;  and reports
dated January 28, 2002 on its compliance with specific  requirements  applicable
to major HUD programs, and specific requirements  applicable to Fair Housing and
Non-Discrimination.  Those reports are an integral part of an audit performed in
accordance  with  U.S.  Government  Auditing  Standards  and  should  be read in
conjunction with this report in considering the results of our audit.

January 28, 2002
Suby, Von Haden & Associates, S.C.

Lead auditor: Glen E. Weyenberg, CPA
Title: Principal
ID #39-1203191
Phone number: (608) 831-8181




<PAGE>

ACCOUNTANTS AND MANAGEMENT CONSULTANTS
Grant Thornton LLP
The US Member Firm of
Grant Thornton International

                              REPORT OF INDEPENDENT
                          CERTIFIED PUBLIC ACCOUNTANTS



Partners
Naperville Housing Partners


We have audited the accompanying  balance sheets of Naperville  Housing Partners
(an Illinois  limited  partnership),  IHDA Project No. ML-177 as of December 31,
2000 and 1999,  and the related  statements  of  earnings,  deficit in partners'
equity and cash flows for the years then ended.  These financial  statements are
the  responsibility of the partnership's  management.  Our  responsibility is to
express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United  States of America and the  Illinois  Housing
Development  Authority's Financial Reporting and Audit Guidelines for Mortgagors
of Multi-Family  Housing  Developments.  Those standards and guidelines  require
that we plan and perform the audit to obtain reasonable  assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Naperville Housing Partners,
IHDA Project No. ML-177 as of December 31, 2000 and 1999, and the results of its
operations  and its cash  flows for the years then  ended,  in  conformity  with
accounting principles generally accepted in the United States of America.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated  January 11, 2001 on our  consideration  of Naperville  Housing  Partners'
internal controls and on its compliance with laws and regulations. Those reports
are an  integral  part of an  audit  performed  in  accordance  with  Government
Auditing  Standards  and  should  be read in  conjunction  with  this  report in
considering the results of our audit.

/s/ Grant Thornton LLP

Madison, Wisconsin
January 11, 2001




<PAGE>




ERNST & YOUNG      Ernst & Young LLP                  Phone: (317) 681-7000
                   111 Monument Circle, Suite 2600    Fax:     (317) 681-7216
                   P.O. Box 44972                     www.ey.com
                   Indianapolis, Indiana  46204-2094


Report of Independent Auditors

To the Partners
Natick Associates

We have audited the accompanying  balance sheet of Natick Associates,  a limited
partnership--RIHMFC Project Number R143-H023-020 as of November 30, 2001 and the
related  statements  of changes of profit  and loss,  partners'  equity and cash
flows for the year then ended. These financial statements are the responsibility
of the Partnership's management.  Our responsibility is to express an opinion on
these financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the  United  States  and the  standards  of  financial  audits  contained  in
Government  Auditing  Standards issued by the Comptroller  General of the United
States.  Those  standards  require  that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of Natick  Associates  as of
November 30, 2001,  and the results of its operations and its cash flows for the
year then ended in conformity with accounting  principles  generally accepted in
the United States.

In accordance with Government  Auditing Standards we have also issued our report
dated  February 22, 2002, on our  consideration  of the  Partnership's  internal
control over financial  reporting and our tests of its  compliance  with certain
provisions of laws,  regulations and contracts.  That report is an integral part
of an audit  performed in  accordance  with  Government  Auditing  Standards and
should be read in conjunction with this report in considering the results of our
audit.

Our audit was  conducted  for the purpose of forming an opinion on the financial
statements  taken as a whole. The supporting data listed on the contents page is
presented for purposes of additional  analysis and is not a required part of the
financial  statements.  Such data has been subjected to the auditing  procedures
applied in the audit of the financial  statements and, in our opinion, is fairly
stated, in all material respects,  in relation to the financial statements taken
as a whole.

Ernst & Young LLP
February 22, 2002



<PAGE>

                          INDEPENDENT AUDITORS' REPORT


To the Partners
Natick Associates

         We have audited the accompanying  balance sheet of Natick Associates as
of November 30, 2000, and the related statements of operations, partners' equity
(deficit) and cash flows for the year then ended. These financial statements are
the  responsibility of the partnership's  management.  Our  responsibility is to
express an opinion on these financial statements based on our audit.

         We conducted our audit in accordance with generally  accepted  auditing
standards and Government Auditing  Standards,  issued by the Comptroller General
of the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

         As described in note A to the financial  statements,  the partnership's
financial statements have been prepared on the basis of accounting and reporting
practices  prescribed by the U.S.  Department  of Housing and Urban  Development
(HUD). These prescribed  practices are a comprehensive basis of accounting other
than generally accepted accounting principles.

     In our opinion,  the financial statements referred to above present fairly,
in all material  respects,  the  financial  position of Natick  Associates as of
November  30,  2000,  and the results of its  operations,  changes in  partners'
equity  (deficit)  and cash  flows  for the year  then  ended,  on the  basis of
accounting  described  in  note  A.  As  discussed  in  note G to the  financial
statements, there is a letter of intent to purchase the property.

         Our audit was made for the  purpose  of forming an opinion on the basic
financial statements taken as a whole. The supplemental  information on pages 20
through  28 is  presented  for  purposes  of  additional  analysis  and is not a
required  part of the basic  financial  statements.  Such  information  has been
subjected to the auditing procedures applied in the audit of the basic financial
statements  and, in our opinion,  is fairly  stated in all material  respects in
relation to the basic financial statements taken as a whole.

<PAGE>

         In accordance with Government  Auditing Standards and the "Consolidated
Audit  Guide for Audits of HUD  Programs,"  we have also  issued  reports  dated
December 27, 2000 on our  consideration of Natick  Associates'  internal control
and on its  compliance  with  specific  requirements  applicable  to major Rhode
Island Housing and Mortgage  Finance  Corporation  programs and fair housing and
non- discrimination. Those reports are an integral part of an audit performed in
accordance with Government  Auditing Standards and should be read in conjunction
with this report in considering the results of our audit.

         This report is intended solely for the information and use of the audit
committee,  management,  others within the  organization,  and the Department of
Housing and Urban  Development  and is not intended to be and should not be used
by anyone other than these specified parties.



         /s/ Reznick Fedder & Silverman


Bethesda, Maryland
December 27, 2000


<PAGE>



Reitberger, Pollekoff & Kozak, P.C.
8133 Leesburg Pike
Suite 550
Vienna, VA  22182


                          INDEPENDENT AUDITORS' REPORT


To the Partners
Northridge Park Limited Partnership

We have  audited the  accompanying  balance  sheets of  Northridge  Park Limited
Partnership  as of December  31, 2001 and 2000,  and the related  statements  of
operations,  partners'  deficit,  and cash flows for the years then ended. These
financial statements are the responsibility of the management of Northridge Park
Limited  Partnership.  Our  responsibility  is to  express  an  opinion on these
financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position of  Northridge  Park  Limited
Partnership as of December 31, 2001 and 2000, and the results of its operations,
the changes in partners' deficit and its cash flows for the years then ended, in
conformity with accounting principles generally accepted in the United States of
America.

Our audit was  conducted  for the  purpose  of  forming  an opinion on the basic
financial  statements  taken  as a  whole.  The  supplementary  data on pages 22
through  28 is  presented  for  purposes  of  additional  analysis  and is not a
required  part of the basic  financial  statements.  Such  information  has been
subjected to the auditing procedures applied in the audit of the basic financial
statements  and, in our opinion,  is fairly  stated in all material  respects in
relation to the financial statements taken as a whole.


<PAGE>


In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs,  we have also issued reports dated January 15,
2002, on our  consideration  of Northridge  Park Limited  Partnership'  internal
controls and on its compliance  with specific  requirements  applicable to major
HUD programs,  laws and regulations  applicable to the financial  statements and
specific requirements applicable to affirmative fair housing.


                                           Reitberger, Pollekoff & Kozak, P.C.


Vienna, Virginia
January 15, 2002
Lead Auditor:  Robert A. Kozak             EIN: 54-1639552





<PAGE>




REITBERGER, POLLEKOFF & KOZAK, P.C.
8133 Leesburg Pike
Suite 550
Vienna, VA  22182

                          INDEPENDENT AUDITORS' REPORT

TO THE PARTNERS
PILGRIM TOWER EAST ASSOCIATES
PASADENA, CALIFORNIA

We have audited the accompanying balance sheets of Pilgrim Tower East Associates
(A California Limited Partnership),  C.H.F.A. Project No.: 750175 as of December
31,  2001 and 2000 and the  related  statements  of profit  and loss,  partners'
equity  (deficit)  and cash  flows for the years  then  ended.  These  financial
statements  are  the  responsibility  of  the  Partnership's   management.   Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America,  Government Auditing  Standards,  issued by the
Comptroller General of the United States, the Consolidated Audit Guide issued by
the U.S.  Department of Housing and Urban  Development,  Office of the Inspector
General and California  Housing  Finance Agency  "Audited  Financial  Statements
Handbook for  Multifamily  Rental  Housing  Financed by the  California  Housing
Finance  Agency." Those standards  require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial position of Pilgrim Tower East Associates
C.H.F.A.  Project No.:  750175 as of December 31, 2001 and 2000, and the results
of its operations,  changes in partners' equity (deficit) and cash flows for the
years then ended in conformity with accounting  principles generally accepted in
the United States of America.

Our  audits  were  made for the  purpose  of  forming  an  opinion  on the basic
financial  statements  taken as a whole. The supporting data on pages 15 through
19 is presented for purposes of  additional  analysis and is not a required part
of the basic  financial  statements.  Such data has been  subjected to the audit
procedures  applied in the audit of the basic  financial  statements and, in our
opinion,  is fairly  stated in all  material  respects  in relation to the basic
financial statements taken as a whole.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated January 17, 2002 on our  consideration  of Pilgrim Tower East  Associates'
internal  control  structure and on its  compliance  with specific  requirements
applicable to the financial statements.

                                            Reitberger, Pollekoff & Kozak, P.C.

Vienna, Virginia
January 17, 2002
LEAD AUDITOR:  ROBERT A. KOZAK              EIN:  54-1639552



<PAGE>



Reitberger, Pollekoff & Kozak, P.C.
8133 Leesburg Pike
Suite 550
Vienna, VA  22182

                          INDEPENDENT AUDITORS' REPORT

TO THE PARTNERS
PILGRIM TOWER NORTH ASSOCIATES
PASADENA, CALIFORNIA

We have audited the accompanying balance sheet of Pilgrim Tower North Associates
(a California Limited Partnership), F.H.A. Project No.: 122-44601 as of December
31, 2001 and the related  statements  of profit and loss,  partners'  equity and
cash  flows  for  the  year  then  ended.  These  financial  statements  are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards  generally accepted
in the United States of America and Government Auditing Standards, issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.  An audit includes examining, on
a test basis,  evidence  supporting the amounts and disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audit  provides  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Pilgrim Tower North Associates
F.H.A.  Project No.:  122-44601 as of December 31, 2001,  and the results of its
operations,  changes in partners'  equity and cash flows for the year then ended
in conformity with accounting principles generally accepted in the United States
of America.

Our audit was made for the purpose of forming an opinion on the basic  financial
statements  taken as a whole.  The  supporting  data on Pages 14  through  16 is
presented for purposes of additional  analysis and is not a required part of the
basic financial statements. Such data has been subjected to the audit procedures
applied in the audit of the basic financial  statements and, in our opinion,  is
fairly  stated in all  material  respects  in  relation  to the basic  financial
statements taken as a whole.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated January 17, 2002 on our  consideration of Pilgrim Tower North  Associates'
internal  control  structure and on its  compliance  with specific  requirements
applicable  to  major  HUD  programs,  affirmative  fair  housing,  and laws and
regulations applicable to the financial statements.


                                           Reitberger, Pollekoff & Kozak, P.C.
Vienna, Virginia
January 17, 2002
Lead Auditor:  Robert A. Kozak             EIN:  54-1639552



<PAGE>

                          INDEPENDENT AUDITORS' REPORT

TO THE PARTNERS
PILGRIM TOWER NORTH ASSOCIATES
PASADENA, CALIFORNIA

We have audited the accompanying balance sheet of Pilgrim Tower North Associates
(a California Limited Partnership), F.H.A. Project No.: 122-44601 as of December
31, 2000 and the related  statements  of profit and loss,  partners'  equity and
cash  flows  for  the  year  then  ended.  These  financial  statements  are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted our audit in accordance with generally  accepted auditing standards
and Government  Auditing  Standards,  issued by the  Comptroller  General of the
United  States.  Those  standards  require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audit  provides a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects,  the financial position of Pilgrim Tower North Associates
F.H.A.  Project No.:  122-44601 as of December 31, 2000,  and the results of its
operations,  changes in partners'  equity and cash flows for the year then ended
in conformity with generally accepted accounting principles.

Our audit was made for the purpose of forming an opinion on the basic  financial
statements  taken as a whole.  The  supporting  data on Pages 14  through  16 is
presented for purposes of additional  analysis and is not a required part of the
basic financial statements. Such data has been subjected to the audit procedures
applied in the audit of the basic financial  statements and, in our opinion,  is
fairly  stated in all  material  respects  in  relation  to the basic  financial
statements taken as a whole.

In accordance with Government  Auditing  Standards,  we have also issued reports
dated January 9, 2001 on our  consideration  of Pilgrim Tower North  Associates'
internal  control  structure and on its  compliance  with specific  requirements
applicable  to  major  HUD  programs,  affirmative  fair  housing,  and laws and
regulations applicable to the financial statements.


/s/ Reitberger, Pollekoff & Kozak, P.C.

Vienna, Virginia
January 9, 2001
Lead Auditor:  Robert A. Kozak                               EIN:  54-1639552


<PAGE>



VIRCHOW KRAUSE & COMPANY, LLP
PO Box 7398
Madison, WI  53707
(608) 240-2354

                          INDEPENDENT AUDITORS' REPORT


To the Partners
Riverview Manor Company Limited Partnership
Middleton, Wisconsin


We have  audited the  accompanying  balance  sheets of Riverview  Manor  Company
Limited Partnership as of December 31, 2001 and 2000, and the related statements
of  operations  and  partners'  capital and cash flows for the years then ended.
These financial  statements are the responsibility of the company's  management.
Our responsibility is to express an opinion on these financial  statements based
on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America and Government  Auditing Standards issued by the
Comptroller  General of the United States.  Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement.  An audit includes examining, on a
test basis,  evidence  supporting  the amounts and  disclosures in the financial
statements.  An audit also includes assessing the accounting principles used and
significant  estimates  made by  management,  as well as evaluating  the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Riverview Manor Company Limited
Partnership  as of December 31, 2001 and 2000, and the results of its operations
and cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States of America.

In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs  issued by the U.S.  Department  of Housing and
Urban  Development,  we have also issued a report dated January 18, 2002, on our
consideration of the partnership's  internal control,  and reports dated January
18, 2002, on its compliance with specific  requirements  applicable to the major
and nonmajor programs, and specific requirements  applicable to Fair Housing and
Non-Discrimination.  Those reports are an integral part of an audit performed in
accordance with Government  Auditing Standards and should be read in conjunction
with this report in considering the results of our audit.

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information provided, as
identified  in the table of contents,  is presented  for purposes of  additional
analysis  and is not a required  part of the basic  financial  statements.  Such
information has been subjected to the auditing  procedures  applied in the audit
of the basic financial  statements and, in our opinion,  is fairly stated in all
material  respects  in  relation to the basic  financial  statements  taken as a
whole.


                                                VIRCHOW, KRAUSE & COMPANY, LLP



Madison, Wisconsin
January 18, 2002



<PAGE>
                          MAYER, HOFFMAN, MCCANN, L.C.
                                420 NICHOLS ROAD
                              KANSAS CITY, MO 64112
                                  (816)968-1900


                          INDEPENDENT AUDITORS' REPORT

To the Partners

SHAWNEE HEIGHTS, L.P.

We have audited the  accompanying  balance  sheet of Shawnee  Heights,  L.P., (a
limited  partnership),  as of May 30, 2001, and the related statements of profit
and loss,  changes in  partners'  equity,  and cash  flows for the  period  from
January  1, 2001  through  May 30,  2001.  These  financial  statements  are the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audit.

We conducted  our audit in  accordance  with U.S.  generally  accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audit provides a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Shawnee Heights, L.P. as of May
30, 2001,  and the results of its  operations  and its cash flows for the period
from  January 1, 2001  through May 30, 2001 in  conformity  with U.S.  generally
accepted accounting principles.

The  accompanying  financial  statements  have been  prepared  assuming that the
Partnership  will continue as a going  concern.  As discussed in Note (5) to the
financial  statements,  subsequent  to May 30, 2001,  the  Partnership  sold its
apartment  complex  which  was  the  sole  revenue  source  of the  Partnership.
Accordingly,  there is substantial  doubt about the Partnership  continuing as a
going concern.


/s/ Mayer, Hoffman, McCann, L.C.


June 15, 2001





<PAGE>


                          INDEPENDENT AUDITORS' REPORT

To the Partners
SHAWNEE HEIGHTS, L.P.

We have audited the accompanying  balance sheets of Shawnee  Heights,  L.P., HUD
Project No. 084- 44151-LDP (a limited partnership),  as of December 31, 2000 and
1999,  and the  related  statements  of profit and loss,  changes  in  partners'
equity,  and cash flows for the years ended  December 31,  2000,  1999 and 1998.
These financial  statements are the responsibility of the Project's  management.
Our responsibility is to express an opinion on these financial  statements based
on our audits.

We conducted our audits in accordance with generally accepted auditing standards
and Government  Auditing  Standards,  issued by the  Comptroller  General of the
United States.  Those  standards  require that we plan and perform the audits to
obtain reasonable  assurance about whether the financial  statements are free of
material  misstatement.  An audit includes examining,  on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Shawnee Heights,  L.P. as of
December 31, 2000 and 1999, and the results of its operations and its cash flows
for the  years  ended  December  31,  2000,  1999  and 1998 in  conformity  with
generally accepted accounting principles.

In accordance  with Government  Auditing  Standards and the  Consolidated  Audit
Guide for Audits of HUD Programs  issued by the U.S.  Department  of Housing and
Urban  Development,  we have also issued a report dated  January 11, 2001 on our
consideration of Shawnee Heights, L.P.'s internal control structure, and reports
dated January 11, 2001, on its compliance with specific requirements  applicable
to major HUD programs and specific  requirements  applicable to Affirmative Fair
Housing and Non-Discrimination.


/s/ Mayer Hoffman McCann L.C.

January 11, 2001
Kansas City, Missouri



<PAGE>
                          PHILIP ROOTBERG & COMPANY LLP
                               SOUTH WACKER DRIVE
                                   Suite 1800
                                CHICAGO, IL 60606


                          Independent Auditor's Report


To the Partners
Southwest Development Company


We have audited the accompanying balance sheet of Southwest  Development Company
(a limited  partnership)  - IHDA  Project No.  ML-21 as of December 31, 2001 and
2000, and the related statements of partners' capital, operations and cash flows
for the years then ended.  These financial  statements are the responsibility of
the  Partnership's  management.  Our  responsibility is to express an opinion on
these financial statements based on our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards and Government Auditing  Standards,  issued by the Comptroller General
of the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material respects, the financial position of Southwest Development Company -
IHDA Project No. ML-21 as of December 31, 2001 and 2000,  and the results of its
operations,  partners'  capital  and its cash  flows for the years then ended in
conformity with U.S. generally accepted accounting principles.

In  accordance  with  Government  Auditing   Standards,   the  Illinois  Housing
Development  Authority=s Financial Reporting and Audit Guidelines for Mortgagors
of Multifamily Housing  Developments and the Consolidated Audit Guide for Audits
of HUD Programs issued by the U.S.  Department of Housing and Urban Development,
we have also issued a report dated January 22, 2002, on our consideration of the
Partnership's  internal  control and a report  dated  January 22,  2002,  on its
compliance with laws and  regulations.  Those reports are an integral part of an
audit performed in accordance with Government  Auditing  Standards and should be
read in conjunction with this report in considering the results of our audits.


<PAGE>




Our  audits  were  made for the  purpose  of  forming  an  opinion  on the basic
financial statements taken as a whole. The accompanying  supplemental  schedules
listed on the  preceding  contents page are presented for purposes of additional
analysis to comply with HUD/IHDA  reporting  requirements and are not a required
part of the basic financial  statements.  Such information has been subjected to
the auditing procedures applied in the audits of the basic financial  statements
and, in our opinion,  is fairly  stated in all material  respects in relation to
the basic financial statements taken as a whole.



/s/ Philip Rootberg


Chicago, Illinois
January 22, 2002



<PAGE>
                          PHILIP ROOTBERG & COMPANY LLP
                               2SOUTH WACKER DRIVE
                               2SOUTH WACKER DRIVE
                         Suite 1800 2SOUTH WACKER DRIVE
                      CHICAGO, IL 60606 2SOUTH WACKER DRIVE
                               2SOUTH WACKER DRIVE

                          Independent Auditor's Report



To the Partners
Thornwood House Associates

We have audited the accompanying  balance sheet of Thornwood House Associates (a
limited  partnership) - IHDA Project No. ML-56 as of December 31, 2001 and 2000,
and the related statements of partners'  capital,  operations and cash flows for
the years then ended.  These financial  statements are the responsibility of the
Partnership's  management.  Our responsibility is to express an opinion on these
financial statements based on our audits.

We conducted  our audits in accordance  with U.S.  generally  accepted  auditing
standards and Government Auditing  Standards,  issued by the Comptroller General
of the United States. Those standards require that we plan and perform the audit
to obtain reasonable  assurance about whether the financial  statements are free
of material misstatement. An audit includes examining, on a test basis, evidence
supporting  the amounts and  disclosures in the financial  statements.  An audit
also includes assessing the accounting principles used and significant estimates
made by  management,  as well as  evaluating  the  overall  financial  statement
presentation.  We believe  that our audits  provide a  reasonable  basis for our
opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Thornwood House Associates -
IHDA Project No. ML-56 as of December 31, 2001 and 2000,  and the results of its
operations,  partners'  capital  and its cash  flows for the years then ended in
conformity with U.S. generally accepted accounting principles.

In  accordance  with  Government  Auditing   Standards,   the  Illinois  Housing
Development  Authority=s Financial Reporting and Audit Guidelines for Mortgagors
of Multifamily Housing  Developments and the Consolidated Audit Guide for Audits
of HUD Programs issued by the U.S.  Department of Housing and Urban Development,
we have also issued a report dated January 24, 2002, on our consideration of the
Partnership's  internal  control and a report  dated  January 24,  2002,  on its
compliance with laws and  regulations.  Those reports are an integral part of an
audit performed in accordance with Government  Auditing  Standards and should be
read in conjunction with this report in considering the results of our audits.


<PAGE>


Our  audits  were  made for the  purpose  of  forming  an  opinion  on the basic
financial statements taken as a whole. The accompanying  supplemental  schedules
listed on the  preceding  contents page are presented for purposes of additional
analysis to comply with HUD/IHDA  reporting  requirements and are not a required
part of the basic financial  statements.  Such information has been subjected to
the auditing procedures applied in the audits of the basic financial  statements
and, in our opinion,  is fairly  stated in all material  respects in relation to
the basic financial statements taken as a whole.



/s/ Philip Rootberg


Chicago, Illinois
January 24, 2002



<PAGE>
                          INDEPENDENT AUDITORS' REPORT


                          INDEPENDENT AUDITORS' REPORT


To the Partners                                               February 11, 2002
Tradewinds West Limited Dividend Housing Association


         We have audited the  accompanying  balance  sheets of  Tradewinds  West
Limited Dividend Housing  Association (a Michigan  Limited  Partnership),  as of
December 31, 2001, 2000 and 1999, and the related statements of profit and loss,
changes in  partners'  deficit  and cash flows for the years then  ended.  These
financial statements are the responsibility of the partnership's management. Our
responsibility  is to express an opinion on these financial  statements based on
our audits.

         We conducted our audits in accordance with auditing standards generally
accepted  in the United  States of America  and  Government  Auditing  Standards
issued by the Comptroller General of the United States.  Those standards require
that we plan and perform the audits to obtain reasonable assurance about whether
the financial  statements are free of material  misstatement.  An audit includes
examining,  on a test basis,  evidence supporting the amounts and disclosures in
the  financial  statements.  An audit also  includes  assessing  the  accounting
principles  used  and  significant  estimates  made  by  management,  as well as
evaluating the overall  financial  statement  presentation.  We believe that our
audits provide a reasonable basis for our opinion.

         In our opinion,  the  financial  statements  referred to above  present
fairly,  in all material  respects,  the financial  position of Tradewinds  West
Limited Dividend Housing  Association as of December 31, 2001, 2000 and 1999 and
the results of its  operations  and its cash flows for the years then ended,  in
conformity with accounting principles generally accepted in the United States of
America.

         Our audits were made for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental information is presented
for  purposes of  additional  analysis  and is not a required  part of the basic
financial  statements.  Such  information  has been  subjected  to the  auditing
procedures  applied in the audits of the basic financial  statements and, in our
opinion,  is fairly presented in all material  respects in relation to the basic
financial statements taken as a whole.


                                                 Maner, Costerisan & Ellis, P.C.

[


<PAGE>




INDEPENDENT AUDITORS' REPORT


To the Partners
Valley View Associates
(An Illinois Limited Partnership)
Rockford, Illinois

We have audited the  accompanying  balance sheets of Valley View  Associates (an
Illinois Limited  Partnership),  Illinois Housing  Development  Authority (IHDA)
Project No. ML-43 as of December 31, 2001 and 2000,  and the related  statements
of operations,  partners' deficit, and cash flows for each of the three years in
the  period  ended  December  31,  2001.  These  financial  statements  are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America,  Government Auditing  Standards,  issued by the
Comptroller  General of the United  States,  the  Consolidated  Audit  Guide for
Audits of HUD Programs (the Guide), issued by the U.S. Department of Housing and
Urban  Development,  Office of the Inspector  General in August,  1997,  and the
Illinois  Housing   Development   Authority's   Financial  Reporting  and  Audit
Guidelines for Mortgagors of Multifamily Housing Developments issued in October,
1997.  Those  standards  require  that we plan and  perform  the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all material  respects,  the financial  position of Valley View  Associates  (an
Illinois Limited  Partnership) at December 31, 2001 and 2000, and the results of
its operations  and the changes in partners'  deficit and cash flows for each of
the three years in the period ended  December 31, 2001 in conformity  accounting
principles generally accepted in the United States of America.

In accordance with Government Auditing  Standards,  the Consolidated Audit Guide
for Audits of HUD Programs  issued by the U.S.  Department  of Housing and Urban
Development,   and  the  Illinois  Housing  Development   Authority's  Financial
Reporting  and  Audit   Guidelines  for   Mortgagors  of   Multifamily   Housing
Developments  we have  also  issued  reports  dated  January  23,  2002,  on our
consideration of Valley View Associates' internal control structure,  compliance
with specific requirements applicable to major (HUD/IHDA)-Assisted programs, and
specific requirements applicable to affirmative fair housing.


                                                       /s/ Charles W. Isely
Rockford, Illinois
January 23, 2002




<PAGE>


INDEPENDENT AUDITORS' REPORT


To the Partners
Westport Associates
(An Illinois Limited Partnership)
Rockford, Illinois

We have  audited the  accompanying  balance  sheets of Westport  Associates  (an
Illinois Limited  Partnership),  Illinois Housing  Development  Authority (IHDA)
Project No. ML-45, as of December 31, 2001 and 2000, and the related  statements
of operations,  partners' deficit, and cash flows for each of the three years in
the  period  ended  December  31,  2001.  These  financial  statements  are  the
responsibility of the Partnership's management. Our responsibility is to express
an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted
in the United States of America,  Government  Auditing  Standards  issued by the
Comptroller  General of the United  States,  the  Consolidated  Audit  Guide for
Audits of HUD Programs (the Guide), issued by the U.S. Department of Housing and
Urban  Development,  Office of the  Inspector  General in  August,  1997 and the
Illinois  Housing   Development   Authority's   Financial  Reporting  and  Audit
Guidelines for Mortgagors of Multifamily Housing Developments issued in October,
1997.  Those  standards  require  that we plan and  perform  the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our opinion,  the financial  statements  referred to above present fairly, in
all  material  respects,  the  financial  position  of Westport  Associates  (an
Illinois Limited  Partnership) at December 31, 2001 and 2000, and the results of
its operations  and the changes in partners'  deficit and cash flows for each of
the three  years in the  period  ended  December  31,  2001 in  conformity  with
accounting principles generally accepted in the United States of America.

In accordance with Governmental Auditing Standards, the Consolidated Audit Guide
for Audits of HUD Programs  issued by the U.S.  Department  of Housing and Urban
Development,   and  the  Illinois  Housing  Development   Authority's  Financial
Reporting  and  Audit   Guidelines  for   Mortgagors  of   Multifamily   Housing
Developments,  we have also  issued  reports  dated  January  22,  2002,  on our
consideration of Westports  Associates'  internal control structure,  compliance
with specific requirements applicable to major (HUD/IHDA)-assisted programs, and
specific requirements applicable to affirmative fair housing.


                                                           /s/ Charles W. Isely
January 22, 2002