<PAGE>
                                                                               .
                                                                               .
                                                                               .

Exhibit 21.1

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
107-145 WEST 135TH STREET ASSOCIATES LIMITED PARTNERSHIP                  NY
1133 15TH STREET THREE ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP         MD
1133 15TH STREET TWO ASSOCIATES (A MARYLAND LIMITED PARTNERSHIP)          MD
1133 FIFTEENTH STREET ASSOCIATES                                          DC
1133 FIFTEENTH STREET FOUR ASSOCIATES (A MARYLAND LIMITED PARTNERSHIP)    MD
1212 SOUTH MICHIGAN LLC                                                   IL
2020 BRUCKNER ASSOCIATES LIMITED PARTNERSHIP                              NY
2900 VAN NESS ASSOCIATES                                                  DC
341 HOUSING CORP.                                                         NY
3971 E. BIJOU ASSOCIATES, A COLORADO LIMITED PARTNERSHIP                  CO
5 MILE LIMITED PARTNERSHIP                                                MI
62ND STREET JOINT VENTURE                                                 IL
62ND STREET LIMITED PARTNERSHIP                                           IL
630 EAST LINCOLN AVENUE ASSOCIATES LIMITED PARTNERSHIP                    NY
7400 ROOSEVELT INVESTORS                                                  PA
8503 WESTHEIMER PARTNERS, LTD. A TEXAS LIMITED PARTNERSHIP                TX
A & G PROPERTIES, LLC                                                     DC
ABBOTT ASSOCIATES LIMITED PARTNERSHIP                                     NY
ABINGTON CORPORATION                                                      MD
ABINGTON II CORPORATION                                                   MD
ABINGTON II-OXFORD ASSOCIATES, L.P.                                       IN
ABINGTON-OXFORD ASSOCIATES L.P.                                           IN
ACADEMY GARDENS ASSOCIATES LIMITED PARTNERSHIP                            NY
ADIRONDACK APARTMENTS SARANAC ASSOCIATES LIMITED PARTNERSHIP              NY
ADVANCED AFFORDABLE MILL, LTD.                                            FL
AIC REIT PROPERTIES LLC                                                   DE
AIMCO 1582 FIRST AVENUE, LLC                                              DE
AIMCO 173 EAST 90TH STREET, LLC                                           DE
AIMCO 237 NINTH AVENUE, LLC                                               DE
AIMCO 240 WEST 73RD STREET CO-OWNER, LLC                                  DE
AIMCO 240 WEST 73RD STREET, LLC                                           DE
AIMCO 306 EAST 89TH STREET, LLC                                           DE
AIMCO 311/313 EAST 73RD STREET, LLC                                       DE
AIMCO 322 EAST 61ST STREET, LLC                                           DE
AIMCO 452 EAST 78TH STREET PROPERTY, LLC                                  DE
AIMCO 510 EAST 88TH STREET PROPERTY, LLC                                  DE
AIMCO 514 EAST 88TH STREET, LLC                                           DE
AIMCO 88TH STREET/SECOND AVENUE PROPERTIES, LLC                           DE
AIMCO ANCHORAGE, L.P.                                                     DE
AIMCO ANGELES GP, LLC                                                     DE
AIMCO ANTIOCH, L.L.C.                                                     DE
AIMCO ARBOR STATION TWO, L.P.                                             DE
AIMCO ARBOR STATION, L.P.                                                 DE
AIMCO ARBORS, L.L.C.                                                      DE
AIMCO ARVADA HOUSE, LLC                                                   DE
AIMCO ASSOCIATED PROPERTIES, LP                                           DE
AIMCO ASSURANCE LTD.                                                      BD
AIMCO ATRIUMS OF PLANTATION, L.P.                                         DE
AIMCO BAY CLUB II, L.P.                                                   DE
</TABLE>

                                    1 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AIMCO BAY CLUB, L.P.                                                      DE
AIMCO BEAU JARDIN, L.P.                                                   DE
AIMCO BEECH LAKE, L.L.C.                                                  DE
AIMCO BELMONT, LLC                                                        DE
AIMCO BENT TREE III, L.P.                                                 DE
AIMCO BERCADO SHORES, L.L.C.                                              DE
AIMCO BILTMORE, LLC                                                       DE
AIMCO BOLTON NORTH, L.L.C.                                                DE
AIMCO BOSTON LOFTS, L.P.                                                  DE
AIMCO BRADFORD, L.L.C.                                                    DE
AIMCO BRE I, LLC                                                          DE
AIMCO BRE II, LLC                                                         DE
AIMCO BREAKERS, L.P.                                                      DE
AIMCO BRIARWOOD, L.L.C.                                                   DE
AIMCO BRIDGEWATER, L.P.                                                   DE
AIMCO BRITTANY, L.L.C.                                                    DE
AIMCO BROKERAGE SERVICES, INC.                                            MD
AIMCO BROOK RUN, L.L.C.                                                   DE
AIMCO BROOKSIDE, L.L.C.                                                   DE
AIMCO BROOKSIDE/TUSTIN, L.L.C.                                            DE
AIMCO BROOKVILLE, L.L.C.                                                  DE
AIMCO BROOKWOOD, L.P.                                                     DE
AIMCO BURGUNDY PARK, L.P.                                                 DE
AIMCO CALHOUN CLUB, L.L.C.                                                DE
AIMCO CALHOUN, INC.                                                       DE
AIMCO CALHOUN, L.L.C.                                                     DE
AIMCO CAMERON VILLAS, L.L.C.                                              DE
AIMCO CANTERBURY GREEN, L.L.C.                                            DE
AIMCO CANYON OAKS, L.P.                                                   DE
AIMCO CAPITAL GP I, LLC                                                   DE
AIMCO CAPITAL MANAGEMENT II, LLC                                          DE
AIMCO CAPITAL TAX CREDIT FUND I, LIMITED PARTNERSHIP                      CA
AIMCO CAPITAL TAX CREDIT FUND II, LLC                                     DE
AIMCO CAPITAL TAX CREDIT FUND IV, LLC                                     DE
AIMCO CAPITAL TAX CREDIT FUND V, LLC                                      DE
AIMCO CAPITAL TAX CREDIT I, INC.                                          CA
AIMCO CAPITAL TAX CREDIT MANAGEMENT II, LLC                               DE
AIMCO CAPITAL, INC.                                                       DE
AIMCO CARLOS BEE, L.L.C.                                                  DE
AIMCO CASA ANITA, L.P.                                                    DE
AIMCO CASTLE COURT APARTMENTS - FALL RIVER, LLC                           DE
AIMCO CEDAR CREEK, L.P.                                                   DE
AIMCO CHATHAM HARBOR, L.L.C.                                              DE
AIMCO CHELSEA LAND, L.L.C.                                                DE
AIMCO CHELSEA MEMBER, L.L.C.                                              DE
AIMCO CHELSEA RIDGE, L.L.C.                                               DE
AIMCO CHESAPEAKE, L.P.                                                    DE
AIMCO CITRUS GROVE, L.P.                                                  DE
AIMCO CITRUS SUNSET, L.P.                                                 DE
AIMCO CK PROPERTIES, LLC                                                  DE
</TABLE>

                                    2 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AIMCO COBBLE CREEK, L.P.                                                  DE
AIMCO COLONIAL CREST, L.L.C.                                              DE
AIMCO COLONY, L.P.                                                        DE
AIMCO COLORADO RESIDENTIAL GROUP, INC.                                    CO
AIMCO COLUMBUS AVE., LLC                                                  DE
AIMCO COPPERCHASE, L.P.                                                   DE
AIMCO COPPERFIELD, L.P.                                                   DE
AIMCO COUNTRY CLUB HEIGHTS, LLC                                           DE
AIMCO COUNTRY LAKES, L.L.C.                                               IL
AIMCO COVINGTON POINTE, L.P.                                              DE
AIMCO CROSSINGS AT BELLE, L.P.                                            DE
AIMCO CROSSINGS, LP                                                       DE
AIMCO CROWS NEST, L.P.                                                    DE
AIMCO CUTLER GP, L.L.C.                                                   DE
AIMCO CUTLER RIVERSIDE, L.L.C.                                            DE
AIMCO CYPRESS LANDING, L.L.C.                                             DE
AIMCO DEBALIVIERE PLACE I, L.P.                                           DE
AIMCO DEERFIELD II, L.P.                                                  DE
AIMCO DEERFIELD, L.P.                                                     DE
AIMCO DORAL OAKS, L.P.                                                    DE
AIMCO ELM CREEK, L.P.                                                     DE
AIMCO EQUITY SERVICES, INC.                                               VA
AIMCO EVERGREEN, L.P.                                                     DE
AIMCO FALL RIVER II, L.L.C.                                               DE
AIMCO FALL RIVER, L.L.C.                                                  DE
AIMCO FIELDCREST, L.P.                                                    DE
AIMCO FONDREN COURT, L.P.                                                 DE
AIMCO FOX CREST, L.L.C.                                                   DE
AIMCO FOXCHASE, L.P.                                                      DE
AIMCO GALLERIA OFFICE, L.P.                                               DE
AIMCO GARDENS GP LLC                                                      DE
AIMCO GLEN HOLLOW, L.L.C.                                                 DE
AIMCO GLENBROOK, L.P.                                                     DE
AIMCO GP LA, L.P.                                                         DE
AIMCO GRANADA, L.L.C.                                                     DE
AIMCO GREENS OF NAPERVILLE, L.L.C.                                        DE
AIMCO GREENS, L.L.C.                                                      DE
AIMCO GREENSPRING, L.P.                                                   DE
AIMCO GREENTREE, L.P.                                                     DE
AIMCO GROUP, L.P.                                                         DE
AIMCO HAMPTON HILL, L.P.                                                  DE
AIMCO HANOVER SQUARE/DIP, L.L.C.                                          DE
AIMCO HARBOR RIDGE II, L.L.C.                                             DE
AIMCO HARBOR RIDGE III, L.L.C.                                            DE
AIMCO HASTINGS GREEN, L.P.                                                DE
AIMCO HASTINGS PLACE, L.P.                                                DE
AIMCO HAVERHILL, L.L.C.                                                   DE
AIMCO HEATHER RIDGE, L.P.                                                 DE
AIMCO HERITAGE PARK, L.P.                                                 DE
AIMCO HICKORY RIDGE, L.L.C.                                               DE
</TABLE>

                                    3 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AIMCO HICKORY RIDGE, L.P.                                                 DE
AIMCO HIGHLAND PARK, L.P.                                                 DE
AIMCO HOLDINGS, L.P.                                                      DE
AIMCO HUNTER'S CROSSING, L.P.                                             DE
AIMCO HUNTERS GLEN, L.P.                                                  DE
AIMCO HUNTERS RUN, L.L.C.                                                 DE
AIMCO HYDE PARK TOWER, L.L.C.                                             DE
AIMCO INDEPENDENCE GREEN, L.L.C.                                          DE
AIMCO INTERMEDIARY, LP                                                    DE
AIMCO IPLP, L.P.                                                          DE
AIMCO IVANHOE, L.P.                                                       DE
AIMCO JACQUES-MILLER, L.P.                                                DE
AIMCO JV PORTFOLIO #1, LLC                                                DE
AIMCO KEY TOWERS, L.P.                                                    DE
AIMCO LAKE CASTLETON ARMS, L.L.C.                                         DE
AIMCO LAKEHAVEN TWO, L.P.                                                 DE
AIMCO LAKEHAVEN, L.P.                                                     DE
AIMCO LAKESIDE MANOR, L.P.                                                DE
AIMCO LANDMARK, L.P.                                                      DE
AIMCO LATROBE, L.L.C.                                                     DE
AIMCO LAVALLE, L.L.C.                                                     DE
AIMCO LINCOLN PLACE APARTMENTS G.P., L.L.C.                               DE
AIMCO LINCOLN PLACE APARTMENTS, L.P.                                      DE
AIMCO LJ TUCSON, L.P.                                                     DE
AIMCO LOFTS HOLDINGS, L.P.                                                DE
AIMCO LORING TOWERS, LLC                                                  DE
AIMCO LOS ARBOLES, L.P.                                                   DE
AIMCO LP LA, LP                                                           DE
AIMCO LT, L.P.                                                            DE
AIMCO MAPLE BAY, L.L.C.                                                   DE
AIMCO MAYFAIR VILLAGE, L.P.                                               DE
AIMCO MEADOWS AT ANDERSON MILL, L.P.                                      DE
AIMCO MERRILL HOUSE, L.L.C.                                               DE
AIMCO MESA RIDGE, L.L.C.                                                  DE
AIMCO MICHIGAN MEADOWS HOLDINGS, L.L.C.                                   DE
AIMCO MICHIGAN MEADOWS, L.L.C.                                            DE
AIMCO MOUNTAIN VIEW, L.L.C.                                               DE
AIMCO N.P. LOFTS, L.P.                                                    DE
AIMCO NET LESSEE (BAYBERRY HILL), LLC                                     DE
AIMCO NET LESSEE (GEORGETOWN), LLC                                        DE
AIMCO NET LESSEE (MARLBORO), LLC                                          DE
AIMCO NET LESSEE (WATERFORD VILLAGE), LLC                                 DE
AIMCO NET LESSEE 1582 FIRST AVENUE, LLC                                   DE
AIMCO NET LESSEE 237 NINTH AVENUE, LLC                                    DE
AIMCO NET LESSEE 322 EAST 61ST STREET, LLC                                DE
AIMCO NET LESSEE 514 EAST 88TH STREET, LLC                                DE
AIMCO NON-ECONOMIC MEMBER, LLC                                            DE
AIMCO NORTH ANDOVER, L.L.C.                                               DE
AIMCO NORTHPOINT, L.L.C.                                                  DE
AIMCO NORTHVIEW HARBOR, L.L.C.                                            DE
</TABLE>

                                    4 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>

AIMCO OAK FALLS, L.P.                                                     DE
AIMCO OAK FOREST I, L.L.C.                                                DE
AIMCO OAK FOREST II, L.L.C.                                               DE
AIMCO OAKBROOK, L.L.C.                                                    DE
AIMCO OAKWOOD MIAMI, LLC                                                  DE
AIMCO OAKWOOD, L.L.C.                                                     DE
AIMCO OCEAN OAKS, L.L.C.                                                  DE
AIMCO OLD FARM, L.L.C.                                                    DE
AIMCO OLD ORCHARD, L.L.C.                                                 DE
AIMCO OLDE TOWN WEST III, L.P.                                            DE
AIMCO OP ACQUISITION, L.P.                                                DE
AIMCO PARK AT CEDAR LAWN, L.P.                                            DE
AIMCO PARK COLONY, L.L.C.                                                 DE
AIMCO PARK ESPLANADE, L.L.C.                                              DE
AIMCO PARK TOWNHOMES, L.P.                                                DE
AIMCO PARKWAYS GP, LLC                                                    DE
AIMCO PAVILION PRESERVATION GP, L.L.C.                                    DE
AIMCO PAVILION, G.P., L.L.C.                                              DE
AIMCO PAVILION, L.P., L.L.C.                                              DE
AIMCO PEPPERMILL PLACE, L.P.                                              DE
AIMCO PHEASANT RIDGE, L.L.C.                                              DE
AIMCO PINE SHADOWS, L.L.C.                                                DE
AIMCO PINEBROOK, L.P.                                                     DE
AIMCO PINES, L.P.                                                         DE
AIMCO PLACID LAKE, L.P.                                                   DE
AIMCO PLEASANT HILL, LLC                                                  DE
AIMCO PROPERTIES FINANCE PARTNERSHIP, L.P.                                DE
AIMCO PROPERTIES HOLDINGS, L.L.C.                                         DE
AIMCO PROPERTIES, L.P.                                                    DE
AIMCO RAMBLEWOOD, L.L.C.                                                  DE
AIMCO RANDAL CROSSING, L.P.                                               DE
AIMCO RECOVERY FUND, L.P.                                                 DE
AIMCO RIDGECREST, L.P.                                                    DE
AIMCO RIO CANCION, L.P.                                                   DE
AIMCO RIVER CLUB, LLC                                                     DE
AIMCO RIVERSIDE PARK, L.L.C.                                              DE
AIMCO ROSECROFT MEWS, L.P.                                                DE
AIMCO ROYAL CREST - NASHUA, L.L.C.                                        DE
AIMCO ROYAL GARDENS, L.L.C.                                               DE
AIMCO ROYAL GARDENS, L.P.                                                 DE
AIMCO SAN BRUNO APARTMENT PARTNERS, L.P.                                  DE
AIMCO SAN MARINA, L.P.                                                    DE
AIMCO SANDALWOOD, L.P.                                                    DE
AIMCO SANDPIPER, L.P.                                                     DE
AIMCO SAWGRASS, L.P.                                                      DE
AIMCO SEASIDE POINT, L.P.                                                 DE
AIMCO SELECT PROPERTIES, L.P.                                             DE
AIMCO SEVEN SPRINGS, L.P.                                                 DE
AIMCO SH, L.L.C.                                                          DE
AIMCO SH, L.P.                                                            DE
</TABLE>

                                    5 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AIMCO SHADOWOOD, LLC                                                      DE
AIMCO SIGNATURE POINT APARTMENTS, L.P.                                    DE
AIMCO SIGNATURE POINT, L.P.                                               DE
AIMCO SILVER RIDGE, L.L.C.                                                DE
AIMCO SOMERSET LAKES, L.L.C.                                              DE
AIMCO SOUTHRIDGE, L.P.                                                    DE
AIMCO STAFFORD STUDENT APARTMENTS GP, LLC                                 DE
AIMCO STEEPLECHASE, L.P.                                                  DE
AIMCO STIRLING COURT, L.P.                                                DE
AIMCO STONE POINTE, L.L.C.                                                DE
AIMCO STONERIDGE, L.L.C.                                                  DE
AIMCO SUNBURY, L.P.                                                       DE
AIMCO SUNCREEK, LLC                                                       DE
AIMCO SUNDOWN, L.P.                                                       DE
AIMCO SUNSET ESCONDIDO, L.L.C.                                            DE
AIMCO SUNSET ESCONDIDO, L.P.                                              DE
AIMCO SUNSET VILLAGE, L.L.C.                                              DE
AIMCO SUNSET VILLAGE, L.P.                                                DE
AIMCO SWISS VILLAGE, L.P.                                                 DE
AIMCO TALBOT WOODS, LLC                                                   DE
AIMCO TAMARAC PINES, LLC                                                  DE
AIMCO TIMBERMILL, L.P.                                                    DE
AIMCO TOR, L.L.C.                                                         DE
AIMCO TOWNSHIP AT HIGHLANDS, L.P.                                         DE
AIMCO TREE CARE DIVISION, LLC                                             DE
AIMCO TRINITY, L.P.                                                       DE
AIMCO TURTLE CREEK GP, LLC                                                DE
AIMCO TURTLE CREEK, L.P.                                                  DE
AIMCO TUSTIN, L.P.                                                        DE
AIMCO TWIN LAKE TOWERS, L.P.                                              DE
AIMCO UNIVERSITY WOODS II, L.L.C.                                         DE
AIMCO UNIVERSITY WOODS III, L.L.C.                                        DE
AIMCO UT, L.P.                                                            DE
AIMCO VANTAGE POINTE, L.L.C.                                              DE
AIMCO VENEZIA A, LLC                                                      DE
AIMCO VENEZIA B, LLC                                                      DE
AIMCO VENEZIA, LLC                                                        DE
AIMCO VERDES ASSOCIATES, L.L.C.                                           DE
AIMCO VERDES DEL ORIENTE, L.L.C.                                          DE
AIMCO VILLA ASSOCIATES, L.L.C.                                            DE
AIMCO VILLA DE GUADALUPE, L.L.C.                                          DE
AIMCO VILLA DEL SOL, L.L.C.                                               DE
AIMCO VILLA LA PAZ, L.P.                                                  DE
AIMCO VILLAGE CREEK AT BROOKHILL, LLC                                     DE
AIMCO VILLAGE CROSSING, L.L.C.                                            DE
AIMCO VILLAGE GP, L.L.C.                                                  DE
AIMCO VILLAGE, L.P.                                                       DE
AIMCO VISTA DEL LAGOS, L.L.C.                                             DE
AIMCO WALDEN, L.L.C.                                                      DE
AIMCO WALNUT SPRINGS, L.P.                                                DE
</TABLE>

                                    6 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AIMCO WARWICK, L.L.C.                                                     DE
AIMCO WASHINGTON SQUARE WEST GP, LLC                                      DE
AIMCO WEATHERLY, L.P.                                                     DE
AIMCO WELLSPRINGS, L.L.C.                                                 DE
AIMCO WEST TRAILS, L.P.                                                   DE
AIMCO WESTCHASE MIDRISE, L.P.                                             DE
AIMCO WEXFORD VILLAGE II, L.L.C.                                          DE
AIMCO WEXFORD VILLAGE, L.L.C.                                             DE
AIMCO WHISPERING PINES, L.L.C.                                            DE
AIMCO WHITEFIELD PLACE, LLC                                               DE
AIMCO WILLIAMSBURG, L.L.C.                                                DE
AIMCO WIMBLEDON SQUARE, L.L.C.                                            DE
AIMCO WINDGATE, L.L.C.                                                    DE
AIMCO WINDWARD, L.P.                                                      DE
AIMCO WINTER GARDEN, LLC                                                  DE
AIMCO WOODFIELD, L.L.C.                                                   DE
AIMCO WOODHILL, L.P.                                                      DE
AIMCO WOODHILLS, L.L.C.                                                   DE
AIMCO WOODLAND RIDGE, L.P.                                                DE
AIMCO WOODLANDS, L.L.C.                                                   DE
AIMCO WOODRIDGE, L.L.C.                                                   DE
AIMCO WOODS OF BURNSVILLE, L.L.C.                                         DE
AIMCO WOODWAY OFFICE, L.P.                                                DE
AIMCO YORKTOWN, L.P.                                                      DE
AIMCO/AKRON ONE, L.L.C.                                                   DE
AIMCO/ALLENTOWN, L.L.C.                                                   DE
AIMCO/ALLVIEW, L.L.C.                                                     DE
AIMCO/APOLLO, L.L.C.                                                      DE
AIMCO/AUGUSTA, L.L.C.                                                     DE
AIMCO/BEACH, L.L.C.                                                       DE
AIMCO/BEACON HILL, L.L.C.                                                 DE
AIMCO/BEACON HILL, L.P.                                                   DE
AIMCO/BETHESDA EMPLOYEE, L.L.C.                                           DE
AIMCO/BETHESDA GP, L.L.C.                                                 DE
AIMCO/BETHESDA HOLDINGS ACQUISITIONS, INC.                                DE
AIMCO/BETHESDA HOLDINGS, INC.                                             DE
AIMCO/BETHESDA II, L.L.C.                                                 DE
AIMCO/BETHESDA WILLIAMSBURG, L.L.C.                                       DE
AIMCO/BEVILLE, L.L.C.                                                     DE
AIMCO/BLOSSOMTREE, L.L.C.                                                 DE
AIMCO/BLOSSOMTREE, L.P.                                                   DE
AIMCO/BLUFFS, L.L.C.                                                      DE
AIMCO/BOARDWALK FINANCE L.P.                                              DE
AIMCO/BOARDWALK, L.P.                                                     DE
AIMCO/BRANDERMILL, L.L.C.                                                 DE
AIMCO/BRANDON, L.L.C.                                                     DE
AIMCO/BRANDYWINE, L.P.                                                    DE
AIMCO/BRANT ROCK I, L.P.                                                  DE
AIMCO/BRANT ROCK, L.P.                                                    DE
AIMCO/CANYON OAKS L.P.                                                    DE

</TABLE>

                                    7 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AIMCO/CASSELBERRY, L.L.C.                                                 DE
AIMCO/CHARLESTON, L.L.C.                                                  DE
AIMCO/CHICKASAW, L.L.C.                                                   DE
AIMCO/CHIMNEYTOP, L.L.C.                                                  DE
AIMCO/COLD HARBOR GP, LLC                                                 DE
AIMCO/COLONEL I, L.P.                                                     DE
AIMCO/COLONNADE, L.L.C.                                                   DE
AIMCO/COLONNADE, L.P.                                                     DE
AIMCO/CONTINENTAL PLAZA LIMITED GP, LLC                                   DE
AIMCO/CYPRESS LANDING, L.L.C.                                             DE
AIMCO/DFW APARTMENT INVESTORS GP, LLC                                     DE
AIMCO/DFW RESIDENTIAL INVESTORS GP, LLC                                   DE
AIMCO/DUNLOP TOBACCO ASSOCIATES GP, LLC                                   DE
AIMCO/EASTON FALLS, L.P.                                                  DE
AIMCO/EVERGREEN, L.P.                                                     DE
AIMCO/FARMINGDALE, L.L.C.                                                 DE
AIMCO/FOOTHILLS, L.L.C.                                                   DE
AIMCO/FOOTHILLS, L.P.                                                     DE
AIMCO/FOX VALLEY, L.L.C.                                                  DE
AIMCO/FOXTREE, L.L.C.                                                     DE
AIMCO/FOXTREE, L.P.                                                       DE
AIMCO/FREEDOM PLACE, L.L.C.                                               DE
AIMCO/FREEDOM PLACE, L.P.                                                 DE
AIMCO/GALLERIA PARK ASSOCIATES GP, LLC                                    DE
AIMCO/GLENBROOK, L.P.                                                     DE
AIMCO/GREENSBORO, L.L.C.                                                  DE
AIMCO/GREENTREE, L.P.                                                     DE
AIMCO/GREENVILLE, L.L.C.                                                  DE
AIMCO/GROVETREE, L.L.C.                                                   DE
AIMCO/GROVETREE, L.P.                                                     DE
AIMCO/HIDDENTREE, L.L.C.                                                  DE
AIMCO/HIDDENTREE, L.P.                                                    DE
AIMCO/HIL, L.L.C.                                                         DE
AIMCO/HILLSBOROUGH APARTMENTS PARTNERS, L.P.                              DE
AIMCO/HOLLIDAY ASSOCIATES GP, LLC                                         DE
AIMCO/ISLANDTREE, L.L.C.                                                  DE
AIMCO/ISLANDTREE, L.P.                                                    DE
AIMCO/KETTERING, L.L.C.                                                   DE
AIMCO/KINGS, L.L.C.                                                       DE
AIMCO/KIRKMAN, L.L.C.                                                     DE
AIMCO/LAKE RIDGE, L.L.C.                                                  DE
AIMCO/LAKERIDGE CALIFORNIA, L.L.C.                                        DE
AIMCO/LANTANA, L.L.C.                                                     DE
AIMCO/LAUREL, L.L.C.                                                      DE
AIMCO/LEXINGTON, L.L.C.                                                   DE
AIMCO/MIDDLETOWN, L.L.C.                                                  DE
AIMCO/MINNEAPOLIS ASSOCIATES GP, LLC                                      DE
AIMCO/MONTECITO, L.P.                                                     DE
AIMCO/NASHUA, L.L.C.                                                      DE
AIMCO/NCHP HOLDINGS, INC.                                                 DE
</TABLE>

                                    8 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AIMCO/NEW WFA ASSOCIATES PARTNER, LLC                                     DE
AIMCO/NEWPORT, L.L.C.                                                     DE
AIMCO/NHP PARTNERS, L.P.                                                  DE
AIMCO/NHP PROPERTIES, INC.                                                DE
AIMCO/NORTH WOODS, L.L.C.                                                 DE
AIMCO/NORTHPOINT APARTMENTS PARTNERS, L.P.                                DE
AIMCO/OCALA, L.L.C.                                                       DE
AIMCO/OLDE MILL INVESTORS GP, LLC                                         DE
AIMCO/OLMOS I, L.P.                                                       DE
AIMCO/OLMOS, L.P.                                                         DE
AIMCO/ONE LINWOOD ASSOCIATES GP, LLC                                      DE
AIMCO/ORCHIDTREE, L.L.C.                                                  DE
AIMCO/ORCHIDTREE, L.P.                                                    DE
AIMCO/OTC, L.L.C.                                                         DE
AIMCO/OTC, L.P.                                                           DE
AIMCO/PALM AIRE, L.L.C.                                                   DE
AIMCO/PALM BEACH, L.L.C.                                                  DE
AIMCO/PAM PROPERTIES, L.P.                                                DE
AIMCO/PARK TOWNE PLACE ASSOCIATES GP, LLC                                 DE
AIMCO/PENN-SQUARE, L.L.C.                                                 DE
AIMCO/PINE CREEK, L.L.C.                                                  DE
AIMCO/PINE CREEK, L.P.                                                    DE
AIMCO/PINELLAS, L.L.C.                                                    DE
AIMCO/POLO PARK I, L.P.                                                   DE
AIMCO/POLO PARK, INC.                                                     DE
AIMCO/QUAILTREE, L.L.C.                                                   DE
AIMCO/RALS, L.P.                                                          DE
AIMCO/RAVENSWORTH ASSOCIATES GP, LLC                                      DE
AIMCO/RIVERCREST, L.L.C.                                                  DE
AIMCO/RIVERSIDE PARK ASSOCIATES GP, LLC                                   DE
AIMCO/RUNAWAY BAY, L.L.C.                                                 DE
AIMCO/SA, L.L.C.                                                          DE
AIMCO/SALEM, L.L.C.                                                       DE
AIMCO/SAN BRUNO, L.L.C.                                                   DE
AIMCO/SAND CASTLES I. L.P.                                                DE
AIMCO/SAND CASTLES, L.P.                                                  DE
AIMCO/SAND PEBBLE I, L.P.                                                 DE
AIMCO/SAND PEBBLE, L.P.                                                   DE
AIMCO/SCHAUMBURG, L.L.C.                                                  DE
AIMCO/SHADETREE, L.L.C.                                                   DE
AIMCO/SHADETREE, L.P.                                                     DE
AIMCO/SHADOW LAKE, L.L.C.                                                 DE
AIMCO/SHADOW LAKE, L.P.                                                   DE
AIMCO/SHANNON MANOR APARTMENTS PARTNERS, L.P.                             DE
AIMCO/SILKTREE, L.L.C.                                                    DE
AIMCO/SILKTREE, L.P.                                                      DE
AIMCO/SOUTHRIDGE, L.L.C.                                                  DE
AIMCO/SOUTHWEST PARKWAY GP, LLC                                           DE
AIMCO/SPARTANBURG, L.L.C.                                                 DE
AIMCO/SPRINGHILL LAKE INVESTORS GP, LLC                                   DE
</TABLE>

                                    9 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AIMCO/STANDPOINT VISTA GP, LLC                                            DE
AIMCO/STONEGATE, L.P.                                                     DE
AIMCO/SURREY OAKS I, L.P.                                                 DE
AIMCO/SURREY OAKS, L.P.                                                   DE
AIMCO/SWAP, L.L.C.                                                        DE
AIMCO/TALL TIMBERS I, L.P.                                                DE
AIMCO/TALL TIMBERS, L.P.                                                  DE
AIMCO/TEAL POINTE, L.P.                                                   DE
AIMCO/TEXAS APARTMENT INVESTORS GP, LLC                                   DE
AIMCO/THE HILLS I, L.P.                                                   DE
AIMCO/THE HILLS, L.P.                                                     DE
AIMCO/THREE WFA GP, LLC                                                   DE
AIMCO/THREE WFA LP, LLC                                                   DE
AIMCO/TIDEWATER, L.L.C.                                                   DE
AIMCO/TIMBERTREE, L.L.C.                                                  DE
AIMCO/TIMBERTREE, L.P.                                                    DE
AIMCO/TRAVIS ONE, L.P.                                                    DE
AIMCO/VILLA LADERA, L.P.                                                  DE
AIMCO/WAI ASSOCIATES GP, LLC                                              DE
AIMCO/WAI ASSOCIATES LP, LLC                                              DE
AIMCO/WATERFORD, L.P.                                                     DE
AIMCO/WELLSPRINGS, L.L.C.                                                 DE
AIMCO/WESTRIDGE, L.L.C.                                                   DE
AIMCO/WICKERTREE, L.L.C.                                                  DE
AIMCO/WICKERTREE, L.P.                                                    DE
AIMCO/WIGI MEADOW WOOD GP, LLC                                            DE
AIMCO/WIGI-STRATFORD GP, LLC                                              DE
AIMCO/WILDFLOWER I, L.P.                                                  DE
AIMCO/WILDFLOWER, L.P.                                                    DE
AIMCO/WILLIAMS COVE, L.P.                                                 DE
AIMCO/WINDSOR LANDING, L.L.C.                                             DE
AIMCO/WINDSOR LANDING, L.P.                                               DE
AIMCO/WINROCK-HOUSTON GP, LLC                                             DE
AIMCO/WINTHROP GROWTH INVESTORS 1 GP, LLC                                 DE
AIMCO/WINTHROP TEXAS INVESTORS GP, LLC                                    DE
AIMCO/WOODHOLLOW I, L.P.                                                  DE
AIMCO/WOODHOLLOW, L.P.                                                    DE
AIMCO/WOODLANDS-TYLER, L.P.                                               DE
AIMCO/WYDEWOOD I, L.P.                                                    DE
AIMCO/WYDEWOOD, L.P.                                                      DE
AIMCO/YORKTREE, L.L.C.                                                    DE
AIMCO/YORKTREE, L.P.                                                      DE
AIP II GEORGETOWN, L.L.C.                                                 MA
AIP IV GP LIMITED PARTNERSHIP                                             SC
AJ ONE LIMITED PARTNERSHIP                                                DE
AJ TWO LIMITED PARTNERSHIP                                                DE
AKRON NURSING-OXFORD LIMITED PARTNERSHIP                                  MD
AKRON ONE RETIREMENT-OXFORD LIMITED PARTNERSHIP                           MD
ALASKA HOUSE ASSOCIATES                                                   WA
ALEXANDER PLACE APARTMENTS, A LOUISIANA PARTNERSHIP IN COMMENDAM          LA
</TABLE>

                                    10 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
ALGONQUIN TOWER LIMITED PARTNERSHIP                                       CT
ALL HALLOWS ASSOCIATES, L.P.                                              CA
ALLENTOWN TOWNE HOUSE LIMITED PARTNERSHIP                                 PA
ALLENTOWN-OXFORD ASSOCIATES LIMITED PARTNERSHIP                           MD
ALLIANCE TOWERS LIMITED PARTNERSHIP                                       OH
ALLISON VILLAGE ASSOCIATES                                                CO
ALLVIEW-OXFORD LIMITED PARTNERSHIP                                        MD
ALMS HILL II LIMITED PARTNERSHIP                                          OH
ALPINE COMPANY                                                            MI
ALPINE II CO., LTD.                                                       MI
AMARILLO NORTHWEST VILLAGE, LTD.                                          TX
AMBASSADOR APARTMENTS, L.P.                                               DE
AMBASSADOR CRM FLORIDA PARTNERS LIMITED PARTNERSHIP                       DE
AMBASSADOR FLORIDA PARTNERS LIMITED PARTNERSHIP                           DE
AMBASSADOR I, L.P.                                                        IL
AMBASSADOR II JV GP, LLC                                                  DE
AMBASSADOR II JV, L.P.                                                    DE
AMBASSADOR III, L.P.                                                      DE
AMBASSADOR IV, L.P.                                                       DE
AMBASSADOR IX, L.P.                                                       DE
AMBASSADOR TEXAS PARTNERS, L.P.                                           DE
AMBASSADOR V, INC.                                                        DE
AMBASSADOR V, L.P.                                                        DE
AMBASSADOR VI, L.P.                                                       DE
AMBASSADOR VII, L.P.                                                      DE
AMBASSADOR VIII, L.P.                                                     DE
AMBASSADOR X, L.P.                                                        DE
AMBASSADOR XI, L.P.                                                       DE
AMHERST LIMITED PARTNERSHIP                                               NY
ANCHORAGE PARTNERS, A TEXAS LIMITED PARTNERSHIP                           TX
ANDERSON MILL ASSOCIATES                                                  IL
ANDERSON OAKS LIMITED PARTNERSHIP                                         WA
ANGELES ACCEPTANCE POOL, L.P.                                             DE
ANGELES EASTGATE JOINT VENTURE, A CALIFORNIA LIMITED PARTNERSHIP          CA
ANGELES INCOME PROPERTIES, LTD. 6                                         CA
ANGELES INCOME PROPERTIES, LTD. II                                        CA
ANGELES INCOME PROPERTIES, LTD. III                                       CA
ANGELES INCOME PROPERTIES, LTD. IV                                        CA
ANGELES OPPORTUNITY PROPERTIES LTD GP LP                                  CA
ANGELES OPPORTUNITY PROPERTIES, LTD., A CALIFORNIA LIMITED PARTNERSHIP    CA
ANGELES PARTNERS IX                                                       CA
ANGELES PARTNERS VII                                                      CA
ANGELES PARTNERS X                                                        CA
ANGELES PARTNERS X GP LIMITED PARTNERSHIP                                 SC
ANGELES PARTNERS XI                                                       CA
ANGELES PARTNERS XI GP LIMITED PARTNERSHIP                                SC
ANGELES PARTNERS XII                                                      CA
ANGELES PARTNERS XII GP LIMITED PARTNERSHIP                               SC
ANGELES PARTNERS XIV                                                      CA
ANGLERS MANOR ASSOCIATES LIMITED PARTNERSHIP                              IL
</TABLE>

                                    11 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
ANTELOPE VALLEY APARTMENTS LIMITED PARTNERSHIP                            CA
ANTIOCH APARTMENTS, LTD.                                                  OH
ANTIOCH PRESERVATION, L.P.                                                DE
ANTON SQUARE, LTD.                                                        AL
AP XI FOX RUN GP, L.L.C.                                                  SC
AP XII ASSOCIATES GP, L.L.C.                                              SC
AP XII ASSOCIATES LIMITED PARTNERSHIP                                     SC
APARTMENT ASSOCIATES, LTD.                                                TX
APARTMENT CCG 17, L.L.C.                                                  SC
APARTMENT CCG 17, L.P.                                                    CA
APARTMENT CREEK 17A LLC                                                   CO
APARTMENT CRK 17, L.P.                                                    CA
APARTMENT INVESTMENT AND MANAGEMENT COMPANY                               MD
APARTMENT LDG 17, L.P.                                                    CA
APARTMENT LODGE 17, L.L.C.                                                SC
APARTMENT LODGE 17, L.P.                                                  CA
APARTMENT LODGE 17A LLC                                                   CO
API/AREC PARTNERS, LTD., A CALIFORNIA LIMITED PARTNERSHIP                 CA
APOLLO-OXFORD ASSOCIATES LIMITED PARTNERSHIP                              MD
APTEK MAINTENANCE SERVICES LLC                                            DE
APTEK MANAGEMENT COMPANY LLC                                              DE
ARC II/AREMCO PARTNERS, LTD., A CALIFORNIA LIMITED PARTNERSHIP            CA
ARGUS LAND COMPANY, INC.                                                  AL
ARIZONA DEVELOPMENT PARTNERS, A MASSACHUSETTS LIMITED PARTNERSHIP         MA
ARLINGTON PLAZA LIMITED PARTNERSHIP                                       IL
ARMITAGE COMMONS ASSOCIATES                                               IL
ARROWHEAD APARTMENTS LIMITED PARTNERSHIP                                  VA
ARROWSMITH, LTD.                                                          TX
ARVADA HOUSE LIMITED  PARTNERSHIP                                         CO
ARVADA HOUSE PRESERVATION LIMITED PARTNERSHIP                             CO
ASHLAND MANOR LIMITED PARTNERSHIP                                         OH
ASHLAND TOWNE SQUARE-REO, L.P.                                            TX
ASHLEY WOODS, L.L.C.                                                      SC
ASHVILLE EQUITY LIMITED PARTNERSHIP                                       OH
ASPEN POINT, L.P.                                                         DE
ASPEN RIDGE ASSOCIATES, LTD.                                              TX
ASPEN-STRATFORD APARTMENT COMPANY C                                       NJ
ASPEN-STRATFORD APARTMENTS COMPANY B                                      NJ
ASSISTED MANAGEMENT, L.L.C.                                               DE
ATHENS ARMS ASSOCIATES LIMITED PARTNERSHIP                                GA
ATHENS GARDENS, LTD.                                                      OH
ATHENS STATION, LTD.                                                      OH
ATLANTA ASSOCIATES LIMITED PARTNERSHIP                                    MA
ATLANTA SHALLOWFORD ASSOCIATES LIMITED PARTNERSHIP                        GA
ATLANTIC IX, L.L.C.                                                       MI
ATRIUM ASSOCIATES, LTD.                                                   FL
ATRIUM VILLAGE ASSOCIATES                                                 IL
ATRIUMS OF PLANTATION JV GP, LLC                                          DE
ATRIUMS OF PLANTATION JV, L.P.                                            DE
AUDOBON PARK ASSOCIATES                                                   NJ
</TABLE>

                                    12 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
AUGUSTA-OXFORD ASSOCIATES LIMITED PARTNERSHIP                             MD
AUTUMN CHASE-REO, L.P.                                                    TX
AUTUMN WOODS ASSOCIATES LIMITED PARTNERSHIP                               TX
AVON DEVELOPMENT COMPANY                                                  PA
AVONDALE SIESTA POINTE APARTMENTS LIMITED PARTNERSHIP                     FL
BAISLEY PARK ASSOCIATES LIMITED PARTNERSHIP                               NY
BALCOR/SPORTVEST-II                                                       IL
BALDWIN OAKS ELDERLY, LTD.                                                NJ
BALDWIN TOWERS ASSOCIATES                                                 PA
BANGOR HOUSE PROPRIETARY LIMITED PARTNERSHIP                              ME
BANNEKER, BENJAMIN PLAZA ASSOCIATES                                       PA
BANNING VILLA                                                             CA
BANNOCK ARMS SECOND LIMITED PARTNERSHIP                                   CA
BARNESBORO ASSOCIATES, A PENNSYLVANIA LIMITED PARTNERSHIP                 PA
BARNETT PLAZA, LTD.                                                       OH
BARRINGTON PARK-REO, L.P.                                                 TX
BASSWOOD MANOR LIMITED PARTNERSHIP                                        TX
BAY PARC PLAZA APARTMENTS, L.P.                                           DE
BAYBERRY HILL, L.L.C.                                                     DE
BAYHEAD VILLAGE ASSOCIATES, L.P.                                          IN
BAYVIEW HUNTERS POINT APARTMENTS, L.P.                                    CA
BAYWOOD APARTMENTS, LTD.                                                  AL
BAYWOOD PARTNERS, LTD.                                                    AL
BEACH-OXFORD ASSOCIATES LIMITED PARTNERSHIP                               MD
BEAUTIFUL VILLAGE REDEVELOPMENT COMPANY LIMITED PARTNERSHIP               NY
BEDFORD HOUSE, LTD.                                                       OH
BELLAIR MANOR, LTD.                                                       OH
BELLERIVE ASSOCIATES LIMITED PARTNERSHIP                                  MO
BELLMIRE LIMITED PARTNERSHIP                                              SC
BENNINGTON SQUARE ASSOCIATES, L.P.                                        TX
BENSALEM GARDENS ASSOCIATES LIMITED PARTNERSHIP                           PA
BENT TREE III CORPORATION                                                 MD
BENT TREE III-OXFORD ASSOCIATES LIMITED PARTNERSHIP                       MD
BENT TREE II-OXFORD ASSOCIATES LIMITED PARTNERSHIP                        IN
BENT TREE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                           IN
BENT TREE-OXFORD PARTNERS, L.P.                                           DE
BERKELEY GARDENS LIMITED PARTNERSHIP                                      MD
BERKLEY LIMITED PARTNERSHIP                                               VA
BETHEL COLUMBUS CORPORATION                                               MD
BETHEL COLUMBUS-OXFORD ASSOCIATES LIMITED PARTNERSHIP                     MD
BETHLEHEM DEVELOPMENT COMPANY                                             PA
BEVERLY APARTMENTS, A SOUTH CAROLINA LIMITED PARTNERSHIP                  SC
BEVILLE-ISLAND CLUB APARTMENTS PARTNERS, L.P.                             DE
BEVILLE-OXFORD LIMITED PARTNERSHIP                                        MD
BEXLEY HOUSE GP, L.L.C.                                                   SC
BEXLEY HOUSE, L.P.                                                        DE
BIG WALNUT, L.P.                                                          DE
BILTMORE APARTMENTS, LTD.                                                 OH
BIRCHFIELD ASSOCIATES                                                     PA
BLAKEWOOD PROPERTIES ASSOCIATES                                           GA
</TABLE>

                                    13 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
BLANCHARD APARTMENTS ASSOCIATES LIMITED PARTNERSHIP                       WA
BLOOMSBURG ELDERLY ASSOCIATES                                             PA
BLUE ASH-OXFORD ASSOCIATES LIMITED PARTNERSHIP                            MD
BOCA WEST SHOPPING CENTER ASSOCIATES, LTD.                                FL
BOLTON NORTH PRESERVATION LIMITED PARTNERSHIP                             DE
BOYNTON ASSOCIATES, LTD.                                                  FL
BOYNTON OVERLOOK-OXFORD ASSOCIATES, L.P.                                  IN
BOYNTON SANDPIPER LIMITED PARTNERSHIP                                     FL
BRAESVIEW PARTNERSHIP                                                     TX
BRANCHWOOD TOWERS LIMITED PARTNERSHIP                                     MD
BRANDEMERE-REO, L.P.                                                      TX
BRANDERMILL-OXFORD ASSOCIATES LIMITED PARTNERSHIP                         MD
BRANDON-OXFORD ASSOCIATES LIMITED PARTNERSHIP                             MD
BRANT ROCK CONDOMINIUMS JV GP, LLC                                        DE
BRANT ROCK CONDOMINIUMS JV, L.P.                                          DE
BRENTWOOD MANOR, LTD.                                                     MO
BRIAR BAY APARTMENTS ASSOCIATES, LTD.                                     TX
BRIARCLIFFE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                         MI
BRIARWOOD APARTMENTS                                                      AR
BRIARWOOD MEMBER, INC.                                                    DE
BRIDGEWATER PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                   TX
BRIGHTON CREST, L.P.                                                      SC
BRIGHTON GP, L.L.C.                                                       SC
BRIGHTON MEADOWS ASSOCIATES, AN INDIANA LIMITED PARTNERSHIP               IN
BRIGHTWOOD MANOR ASSOCIATES                                               PA
BRINTON MANOR NO. 1 ASSOCIATES                                            PA
BRINTON TOWERS ASSOCIATES                                                 PA
BRISTOL PARTNERS, L.P.                                                    TX
BRITTANY POINT AP VIII, L.P.                                              SC
BROAD RIVER PROPERTIES, L.L.C.                                            DE
BROADLEAF MANOR ASSOCIATES, LIMITED PARTNERSHIP                           NV
BROADMOOR APARTMENTS ASSOCIATES LTD. PARTNERSHIP                          SC
BROADWAY ASSOCIATES                                                       RI
BROADWAY GLEN ASSOCIATES                                                  MA
BRONSON PLACE APARTMENTS, LLC                                             DE
BROOK RUN ASSOCIATES, L.P.                                                IL
BROOKDALE LAKES LIMITED PARTNERSHIP                                       IL
BROOKSIDE APARTMENTS ASSOCIATES                                           PA
BROOKVIEW APARTMENTS COMPANY LIMITED                                      AL
BROOKWOOD LIMITED PARTNERSHIP                                             IL
BRUNSWICK VILLAGE URBAN RENEWAL LIMITED PARTNERSHIP                       NJ
BUCKHANNON MANOR ASSOCIATES LIMITED PARTNERSHIP                           WV
BUCKINGHAM APARTMENTS LIMITED PARTNERSHIP                                 CA
BUCKINGHAM HALL ASSOCIATES LIMITED PARTNERSHIP                            NY
BUENA VISTA APARTMENTS, LTD.                                              OK
BUFFALO VILLAGE ASSOCIATES LIMITED PARTNERSHIP                            NY
BURGUNDY COURT ASSOCIATES, L.P.                                           DE
BURKE II - OXFORD ASSOCIATES LIMITED PARTNERSHIP                          VA
BURKE-OXFORD ASSOCIATES, A LIMITED PARTNERSHIP                            VA
BURKESHIRE COMMONS JV GP, LLC                                             DE
</TABLE>

                                    14 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
BURKESHIRE COMMONS JV, L.P.                                               DE
BURKSHIRE COMMONS APARTMENTS PARTNERS, L.P.                               DE
BURNSVILLE APARTMENTS LIMITED PARTNERSHIP                                 MN
BUTTERNUT CREEK ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION           MI
BUYERS ACCESS LLC                                                         DE
CABELL ASSOCIATES OF LAKEVIEW, A VIRGINIA LIMITED PARTNERSHIP             VA
CACHE CREEK PARTNERS, L.P.                                                CA
CALHOUN BUILDERS, INC.                                                    LA
CALIFORNIA SQUARE II LIMITED PARTNERSHIP                                  KY
CALIFORNIA SQUARE LIMITED PARTNERSHIP                                     KY
CALMARK HERITAGE PARK II LIMITED PARTNERSHIP                              CA
CALMARK HERITAGE PARK LIMITED PARTNERSHIP                                 CA
CALMARK INVESTORS, LTD., A CALIFORNIA LIMITED PARTNERSHIP                 CA
CALMARK/FORT COLLINS, LTD.                                                CA
CALMARK/MRA, LTD.                                                         IL
CALVERT CITY, LTD.                                                        OH
CALVERTON ASSOCIATES LIMITED PARTNERSHIP                                  MD
CALVERTON CONSTRUCTION CO LIMITED PARTNERSHIP                             MD
CAMARILLO-ROSEWOOD ASSOCIATES LIMITED PARTNERSHIP                         CA
CAMBRIDGE HEIGHTS APARTMENTS LIMITED PARTNERSHIP                          MS
CAMBRIDGE MANOR CORPORATION                                               CT
CAMERON/OA CORPORATION                                                    MD
CAMERON-OXFORD ASSOCIATES II, LIMITED PARTNERSHIP                         IN
CAMERON-OXFORD ASSOCIATES, L.P.                                           IN
CAMERON-OXFORD CORPORATION                                                MD
CAMPBELL HEIGHTS ASSOCIATES LIMITED PARTNERSHIP                           DC
CAMPECHE LIMITED PARTNERSHIP                                              TX
CANTERBURY GARDENS ASSOCIATES LIMITED PARTNERSHIP                         MI
CANTERBURY LIMITED PARTNERSHIP                                            IN
CANTERBURY SERVICES LLC                                                   DE
CAPE COD PARTNERSHIP                                                      TX
CAPITAL GROUP I LIMITED PARTNERSHIP                                       VA
CAPITAL HEIGHTS ASSOCIATES LIMITED PARTNERSHIP                            WV
CAPITAL PARK LIMITED PARTNERSHIP                                          OH
CAPITOL HILL ASSOCIATES                                                   CO
CAPTIVA CLUB JV GP, LLC                                                   DE
CAPTIVA CLUB JV, LLC                                                      DE
CARDINAL WOODS APARTMENTS, LTD., A CALIFORNIA LIMITED PARTNERSHIP         CA
CAROLINA ASSOCIATES LIMITED PARTNERSHIP                                   WA
CAROLINE ARMS LIMITED PARTNERSHIP                                         FL
CAROLINE ASSOCIATES I, A LIMITED  PARTNERSHIP                             MO
CARPENTER-OXFORD ASSOCIATES II LIMITED PARTNERSHIP                        MD
CARPENTER-OXFORD ASSOCIATES LIMITED PARTNERSHIP                           MD
CARPENTER-OXFORD, L.L.C.                                                  MD
CARRIAGE APX, A MICHIGAN LIMITED PARTNERSHIP                              MI
CARRIAGE HOUSE APARTMENTS LIMITED PARTNERSHIP                             TX
CARROLLWOOD LAKESIDE NORTH PARTNERS, LTD.                                 FL
CARTER ASSOCIATES LIMITED PARTNERSHIP                                     MA
CASA DE LAS HERMANITAS LIMITED PARTNERSHIP                                CA
CASA DEL MAR ASSOCIATES LIMITED PARTNERSHIP                               FL
</TABLE>

                                    15 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
CASCADE ASSOCIATES LIMITED PARTNERSHIP                                    WA
CASDEN PROPERTIES LLC                                                     DE
CASSELBERRY INVESTORS, L.L.C.                                             MD
CASSELBERRY-OXFORD ASSOCIATES LIMITED PARTNERSHIP                         MD
CASSELBERRY-OXFORD II LIMITED PARTNERSHIP                                 MD
CASTLE PARK ASSOCIATES LIMITED PARTNERSHIP                                MD
CASTLE ROCK JOINT VENTURE                                                 TX
CASTLEWOOD ASSOCIATES, L.P.                                               IA
CAYUGA VILLAGE ASSOCIATES LIMITED PARTNERSHIP                             NY
CB ASSOCIATES                                                             FL
CB L-2 B ASSOCIATES                                                       FL
CB L-2 C ASSOCIATES                                                       FL
CC OFFICE ASSOCIATES                                                      CA
CCIP INDIAN CREEK VILLAGE, L.L.C.                                         DE
CCIP KNOLLS, L.L.C.                                                       DE
CCIP LOFT, L.L.C.                                                         DE
CCIP PALM LAKE, L.L.C.                                                    DE
CCIP PLANTATION GARDENS, L.L.C.                                           DE
CCIP REGENCY OAKS, L.L.C.                                                 DE
CCIP SILVERADO, L.L.C.                                                    DE
CCIP SILVERADO, L.P.                                                      DE
CCIP SOCIETY PARK EAST, L.L.C.                                            DE
CCIP SOCIETY PARK, L.L.C.                                                 DE
CCIP STERLING, L.L.C.                                                     DE
CCIP STERLING, L.P.                                                       PA
CCIP TATES CREEK VILLAGE, L.L.C.                                          DE
CCIP/2 CANYON CREST, L.L.C.                                               DE
CCIP/2 HIGHCREST, L.L.C.                                                  DE
CCIP/2 VILLAGE BROOKE, L.L.C.                                             DE
CCIP/2 WINDEMERE, L.L.C.                                                  DE
CCIP/2 WINDEMERE, L.P.                                                    DE
CCP IV ASSOCIATES, LTD.                                                   TX
CCP/IV APARTMENTS GP, L.L.C.                                              SC
CCP/IV CITADEL GP, L.L.C.                                                 SC
CCP/IV NOB HILL GP, L.L.C.                                                SC
CCP/IV RESIDENTIAL GP, L.L.C.                                             SC
CCP/VI SPRINGDALE GP, L.L.C.                                              SC
CEDAR TREE INVESTORS LIMITED PARTNERSHIP                                  KS
CEDAR TREE, L.L.C.                                                        SC
CENTENNIAL/FT. WAYNE ASSOCIATES, L.P.                                     IN
CENTER CITY ASSOCIATES                                                    PA
CENTER SQUARE ASSOCIATES                                                  PA
CENTRAL COURT LIMITED PARTNERSHIP                                         SC
CENTRAL PARK TOWERS II LIMITED PARTNERSHIP                                KS
CENTRAL PARK TOWERS LIMITED PARTNERSHIP                                   KS
CENTRAL WOODLAWN LIMITED PARTNERSHIP                                      IL
CENTRAL WOODLAWN REHABILITATION JOINT VENTURE                             IL
CENTURY 23 SUNNYMEAD, L.P.                                                CA
CENTURY HILLCREST APARTMENT INVESTORS, L.P.                               CA
CENTURY LAKESIDE PLACE, L.P.                                              TX
</TABLE>

                                    16 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
CENTURY PENSION INCOME FUND XXIII, A CALIFORNIA LIMITED PARTNERSHIP       CA
CENTURY PENSION INCOME FUND XXIV, A CALIFORNIA LIMITED PARTNERSHIP        CA
CENTURY PROPERTIES FUND XI                                                CA
CENTURY PROPERTIES FUND XIV L.P.                                          CA
CENTURY PROPERTIES FUND XIX                                               CA
CENTURY PROPERTIES FUND XV                                                CA
CENTURY PROPERTIES FUND XVI                                               CA
CENTURY PROPERTIES FUND XVII                                              CA
CENTURY PROPERTIES FUND XVIII                                             CA
CENTURY PROPERTIES FUND XX                                                CA
CENTURY PROPERTIES GROWTH FUND XXII, A CALIFORNIA LIMITED PARTNERSHIP     CA
CENTURY ST. CHARLESTON, LIMITED PARTNERSHIP                               NV
CENTURY STONEY GREENS, L.P.                                               CA
CENTURY TORREY PINES, LIMITED PARTNERSHIP                                 NV
CHANTILLY PARTNERS LIMITED PARTNERSHIP                                    VA
CHANTILLY-OXFORD ASSOCIATES LIMITED PARTNERSHIP                           MD
CHAPEL HILL, LIMITED PARTNERSHIP                                          TN
CHAPEL HOUSING LIMITED PARTNERSHIP                                        MD
CHARLES STREET ASSOCIATES LIMITED PARTNERSHIP                             CT
CHARLESTON-OXFORD ASSOCIATES LIMITED PARTNERSHIP                          MD
CHARLESTON-OXFORD II ASSOCIATES LIMITED PARTNERSHIP                       MD
CHARNEY ASSOCIATES LIMITED  PARTNERSHIP                                   WA
CHATEAU GARDENS LIMITED PARTNERSHIP                                       CA
CHEEK ROAD LIMITED PARTNERSHIP                                            NC
CHELSEA PLACE, LIMITED PARTNERSHIP                                        TN
CHELSEA RENAISSANCE L.P.                                                  KS
CHESAPEAKE APARTMENTS JV GP, LLC                                          DE
CHESAPEAKE APARTMENTS JV, L.P.                                            DE
CHESAPEAKE LANDING APARTMENTS PARTNERS, L.P.                              DE
CHESAPEAKE-OXFORD ASSOCIATES L.P.                                         IN
CHESAPEAKE-OXFORD COUNTY ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP       MD
CHESTERFIELD HOUSING ASSOCIATES LIMITED PARTNERSHIP                       SC
CHESTNUT HILL ASSOCIATES LIMITED PARTNERSHIP                              DE
CHESWICK-OXFORD ASSOCIATES, L.P.                                          IN
CHEYENNE WOODS, L.L.C.                                                    SC
CHICKASAW-OXFORD ASSOCIATES LIMITED PARTNERSHIP                           MD
CHIDESTER PLACE LIMITED DIVIDEND HOUSING ASSOCIATION                      MI
CHILDRESS MANOR APARTMENTS                                                TX
CHIMNEY RIDGE ASSOCIATES, L.P.                                            TX
CHIMNEYS-OXFORD ASSOCIATES L.P.                                           IN
CHIMNEYTOP-OXFORD ASSOCIATES L.P.                                         IN
CHRISTOPHER COURT HOUSING COMPANY LIMITED PARTNERSHIP                     NY
CHURCH STREET ASSOCIATES LIMITED PARTNERSHIP                              IL
CHURCHVIEW GARDENS LIMITED PARTNERSHIP                                    PA
CIDER MILL ASSOCIATES, A PENNSYLVANIA LIMITED PARTNERSHIP                 PA
CIMARRON ACQUISITION, L.P.                                                MO
CINCINNATI CORPORATION                                                    MD
CINCINNATI-OXFORD ASSOCIATES LIMITED PARTNERSHIP                          MD
CITRUS GROVE JV GP, LLC                                                   DE
CITRUS GROVE JV, L.P.                                                     DE
</TABLE>

                                    17 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
CITRUS PARK ASSOCIATES, LTD.                                              FL
CITRUS SUNSET JV GP, LLC                                                  DE
CITRUS SUNSET JV, LLC                                                     DE
CITY HEIGHTS DEVELOPMENT COMPANY                                          PA
CITY LINE ASSOCIATES LIMITED PARTNERSHIP                                  VA
CITY TERRACE ASSOCIATES LIMITED PARTNERSHIP                               NY
CLAY COURTS ASSOCIATES LIMITED PARTNERSHIP                                MD
CLAYTON ASSOCIATES LIMITED PARTNERSHIP                                    WA
CLEAR LAKE LAND PARTNERS, LTD.                                            TX
CLINTON MANOR, A LIMITED PARTNERSHIP                                      SC
CLOVER RIDGE EAST LIMITED PARTNERSHIP                                     IL
CLOVERLANE FOUR CORPORATION                                               MD
CLOVERLANE FOUR-OXFORD LIMITED PARTNERSHIP                                MD
CLOVERLANE III CORPORATION                                                MD
CLOVERLANE III-OXFORD ASSOCIATES LIMITED PARTNERSHIP                      MD
CLUB APARTMENT ASSOCIATES LIMITED PARTNERSHIP                             NC
COACHLIGHT APARTMENTS CO.                                                 MI
COASTAL COMMONS LIMITED PARTNERSHIP                                       SC
COATESVILLE TOWERS                                                        PA
COBBLE CREEK ASSOCIATES LLC                                               NY
COLCHESTER STAGE II COMPANY                                               MI
COLD HARBOR PARTNERSHIP, A VIRGINIA LIMITED PARTNERSHIP                   VA
COLLEGE HEIGHTS LIMITED PARTNERSHIP                                       MS
COLLEGE PARK APARTMENTS, A LIMITED PARTNERSHIP                            PA
COLLEGE PARK ASSOCIATES LIMITED PARTNERSHIP                               DC
COLLEGE TRACE APARTMENTS, LTD.                                            FL
COLONEL I-OXFORD LIMITED PARTNERSHIP                                      MD
COLONIAL CREST LIMITED PARTNERSHIP                                        IL
COLONIAL TERRACE I ASSOCIATES LIMITED PARTNERSHIP                         GA
COLONIAL TERRACE II ASSOCIATES LIMITED PARTNERSHIP                        GA
COLONY APARTMENTS COMPANY, LTD.                                           AL
COLONY HOUSE APARTMENTS, LTD.                                             CA
COLONY OF SPRINGDALE ASSOCIATES, LTD.                                     TX
COLONY-REO, L.P.                                                          TX
COLUMBUS COURT LIMITED PARTNERSHIP                                        SC
COLUMBUS III-OXFORD ASSOCIATES LIMITED PARTNERSHIP                        MD
COLUMBUS SQUARE ASSOCIATES I LIMITED PARTNERSHIP                          MO
COLUMBUS SQUARE ASSOCIATES II LIMITED PARTNERSHIP                         MO
COMBINED PROPERTIES LIMITED PARTNERSHIP                                   WA
COMMENCEMENT TERRACE ASSOCIATES                                           WA
COMMUNITY CIRCLE II, LTD.                                                 OH
COMMUNITY CIRCLE, LTD.                                                    OH
COMMUNITY DEVELOPERS OF HIGH POINT LIMITED PARTNERSHIP                    NC
COMMUNITY DEVELOPERS OF PRINCEVILLE LIMITED PARTNERSHIP                   NC
CONCAP CITADEL ASSOCIATES, LTD.                                           TX
CONCAP HOLDINGS, INC.                                                     TX
CONCAP STRATFORD ASSOCIATES, LTD.                                         TX
CONCAP VILLAGE GREEN ASSOCIATES, LTD.                                     TX
CONCORD HOUSES ASSOCIATES                                                 MA
CONGRESS MANAGEMENT COMPANY LIMITED PARTNERSHIP                           MA
</TABLE>

                                    18 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
CONGRESS PARK ASSOCIATES                                                  DC
CONGRESS PARK ASSOCIATES II                                               DC
CONGRESS REALTY COMPANIES LIMITED PARTNERSHIP                             MA
CONIFER 116                                                               WA
CONIFER MEDFORD                                                           OR
CONNECTICUT COLONY ASSOCIATES LIMITED PARTNERSHIP                         GA
CONSOLIDATED CAPITAL EQUITY PARTNERS L.P.                                 CA
CONSOLIDATED CAPITAL EQUITY PARTNERS/TWO L.P.                             CA
CONSOLIDATED CAPITAL GROWTH FUND                                          CA
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES                             CA
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/2                           CA
CONSOLIDATED CAPITAL INSTITUTIONAL PROPERTIES/3                           CA
CONSOLIDATED CAPITAL PROPERTIES III                                       CA
CONSOLIDATED CAPITAL PROPERTIES IV                                        CA
CONSOLIDATED CAPITAL PROPERTIES V                                         CA
CONSOLIDATED CAPITAL PROPERTIES VI                                        CA
CONTINENTAL APARTMENTS                                                    MI
CONTINENTAL PLAZA ASSOCIATES LIMITED PARTNERSHIP                          CT
CONTINENTAL PLAZA LIMITED PARTNERSHIP                                     IL
COOPER RIVER PROPERTIES, L.L.C.                                           DE
COOPER'S POINTE CPGF 22, L.P.                                             DE
COPPER CHASE APARTMENTS JV GP, LLC                                        DE
COPPER CHASE APARTMENTS JV, L.P.                                          DE
COPPER CHASE ASSOCIATES                                                   IL
COPPER CHASE PARTNERS L.P.                                                IL
COPPER MILL CPGF 22, L.P.                                                 DE
COPPERFIELD APARTMENTS JV GP, LLC                                         DE
COPPERFIELD APARTMENTS JV, L.P.                                           TX
COPPERSTONE LIMITED PARTNERSHIP                                           MD
COPPERWOOD II LIMITED                                                     TX
COPPERWOOD LIMITED PARTNERSHIP                                            TX
CORAL PALM JOINT VENTURE                                                  CA
CORINTH SQUARE ASSOCIATES                                                 KS
CORNERS APARTMENTS IV LIMITED PARTNERSHIP, THE                            SC
COTTONWOOD APARTMENTS                                                     CA
COTTONWOOD PARK HOUSING PARTNERS, A COLORADO LIMITED PARTNERSHIP          CO
COUCH-OXFORD ASSOCIATES LIMITED PARTNERSHIP                               MD
COUCH-OXFORD, L.L.C.                                                      MD
COUNTRY BROOK-OXFORD ASSOCIATES                                           IL
COUNTRY LAKES ASSOCIATES TWO LIMITED PARTNERSHIP                          IL
COUNTRY VILLA ASSOCIATES, L.P.                                            IN
COUNTRYBROOK ASSOCIATES, L.P.                                             OH
COURTYARD-OXFORD ASSOCIATES L.P.                                          IN
COVENTRY SQUARE APARTMENTS JV GP, LLC                                     DE
COVENTRY SQUARE APARTMENTS JV, L.P.                                       TX
CPF 16 WOODS OF INVERNESS GP, L.L.C.                                      SC
CPF MISTY WOODS GP, L.L.C.                                                SC
CPGF 22 COOPER'S POINTE GP, L.L.C.                                        SC
CPGF 22 COPPER MILL GP, L.L.C.                                            SC
CPGF 22 FOUR WINDS GP, L.L.C.                                             SC
</TABLE>

                                    19 of 54
<PAGE>

<TABLE>
<CAPTION>
                            ENTITY NAME                                  STATE
                            -----------                                  -----
<S>                                                                      <C>
CPGF 22 HAMPTON GREENS GP, L.L.C.                                         SC
CPGF 22 PLANTATION CREEK GP, L.L.C.                                       SC
CPGF 22 STONEY CREEK GP, L.L.C                                            SC
CPGF 22 WOOD CREEK GP, L.L.C.                                             SC
CRA INVESTORS, LTD.                                                       TX
CREEKSIDE GARDENS INVESTMENT COMPANY                                      CO
CREEKSIDE INVESTMENT COMPANY                                              ID
CREEKVIEW ASSOCIATES                                                      PA
CRESTWOOD ASSOCIATES, L.P.                                                AZ
CROSLAND HOUSING ASSOCIATES LIMITED PARTNERSHIP                           SC
CROSS CREEK LIMITED PARTNERSHIP                                           GA
CROSSINGS OF BELLEVUE JV GP, LLC                                          DE
CROSSINGS OF BELLEVUE JV, L.P.                                            DE
CROWS NEST PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                    TX
CUMBERLAND COURT ASSOCIATES                                               PA
CUTLER CANAL ASSOCIATES, LTD                                              FL
CYPRESS GARDENS LIMITED PARTNERSHIP                                       CA
CYPRESS LANDING ASSOCIATES                                                IL
CYPRESS LANDING LIMITED PARTNERSHIP                                       IL
D & B HOUSING OPPORTUNITIES LIMITED PARTNERSHIP IV                        MO
DALLAS GLEN OAKS ASSOCIATES, L.P.                                         TX
DALLAS-OXFORD ASSOCIATES LIMITED PARTNERSHIP                              MD
DAMEN COURT ASSOCIATES LIMITED PARTNERSHIP                                IL
DANIEL LAKE APTS. LIMITED PARTNERSHIP                                     MS
DARBY TOWNHOUSES ASSOCIATES                                               PA
DARBY TOWNHOUSES LIMITED PARTNERSHIP                                      PA
DARBY TOWNHOUSES PRESERVATION GENERAL PARTNER, L.L.C.                     DE
DARBY TOWNHOUSES PRESERVATION, LP                                         PA
DARBYTOWN DEVELOPMENT ASSOCIATES LIMITED PARTNERSHIP                      VA
DAVIDSON DIVERSIFIED REAL ESTATE I, L.P.                                  DE
DAVIDSON DIVERSIFIED REAL ESTATE II, L.P.                                 DE
DAVIDSON DIVERSIFIED REAL ESTATE III GP, L.P.                             DE
DAVIDSON DIVERSIFIED REAL ESTATE III, L.P.                                DE
DAVIDSON GP, L.L.C.                                                       SC
DAVIDSON GROWTH PLUS GP LIMITED PARTNERSHIP                               DE
DAVIDSON GROWTH PLUS, L.P.                                                DE
DAVIDSON III GP LIMITED PARTNERSHIP                                       SC
DAVIDSON INCOME GP LIMITED PARTNERSHIP                                    DE
DAVIDSON INCOME REAL ESTATE, L.P.                                         DE
DAVIDSON IRE ASSOCIATES, L.P.                                             SC
DAWSON SPRINGS, LTD.                                                      OH
DAYCO I CORPORATION                                                       MD
DAYTON III CORPORATION                                                    MD
DAYTON III-OXFORD ASSOCIATES LIMITED PARTNERSHIP                          MD
DAYTON IV-OXFORD LIMITED PARTNERSHIP                                      MD
DAYTONA VILLAGE, LTD                                                      OH
DBI PARKER HOUSE LIMITED PARTNERSHIP                                      MD
DBL AIRPORT VALLEY LIMITED PARTNERSHIP                                    AZ
DBL PROPERTIES CORPORATION                                                NY
DECATUR ARMS, LIMITED PARTNERSHIP                                         NV
</TABLE>

                                    20 of 54
<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
DECATUR MEADOWS HOUSING PARTNERS, L.P.                                                   MS
DEERCROSS-OXFORD ASSOCIATES, L.P.                                                        IN
DEERFIELD APARTMENTS, L.L.C.                                                             SC
DELAVAN MATURE ADULT HOUSING, L.L.C.                                                     WI
DELCAR-S, LTD.                                                                           TX
DELCAR-T LIMITED PARTNERSHIP                                                             TX
DELHAVEN MANOR, LTD.                                                                     MS
DELTA SQUARE-OXFORD LIMITED PARTNERSHIP                                                  MD
DELTA SQUARE-OXFORD, L.L.C.                                                              MD
DENNY PLACE LIMITED PARTNERSHIP                                                          CA
DESHLER APARTMENTS ASSOCIATES LIMITED PARTNERSHIP                                        NY
DESOTO ESTATES, LP                                                                       LA
DFW APARTMENT INVESTORS LIMITED PARTNERSHIP                                              DE
DFW RESIDENTIAL INVESTORS LIMITED PARTNERSHIP                                            DE
DIAKONIA ASSOCIATES                                                                      RI
DILLON PLACE ASSOCIATES LIMITED PARTNERSHIP                                              CT
DIP LIMITED PARTNERSHIP                                                                  VA
DIP LIMITED PARTNERSHIP II                                                               VA
DIP LIMITED PARTNERSHIP III                                                              VA
DISCOVERY LIMITED PARTNERSHIP                                                            MD
DIVERSIFIED EQUITIES, LIMITED                                                            TN
D-O ASSOCIATES, L.L.C.                                                                   MD
DORAL GARDEN ASSOCIATES                                                                  PA
DORAL LIMITED PARTNERSHIP                                                                PA
DOUGLAS STREET LANDINGS, LTD.                                                            TX
DOWNING APARTMENTS, A LIMITED PARTNERSHIP                                                OK
DOYLE ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION                                    MI
DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES II LIMITED PARTNERSHIP                     NY
DREXEL BURNHAM LAMBERT REAL ESTATE ASSOCIATES III                                        NY
DRUID HILLS APARTMENTS LIMITED PARTNERSHIP                                               SC
DUKE MANOR ASSOCIATES                                                                    PA
DUNLOP TOBACCO ASSOCIATES LIMITED PARTNERSHIP                                            MD
DUQUESNE ASSOCIATES NO. 1                                                                PA
DUTTON PARTNERS                                                                          MD
DUTTON-OXFORD LIMITED PARTNERSHIP                                                        MD
EAGLE'S NEST PARTNERSHIP                                                                 TX
EAST CENTRAL TOWERS ASSOCIATES LIMITED PARTNERSHIP                                       IN
EAST HAMPTON LIMITED PARTNERSHIP                                                         GA
EAST HAVEN REAL ESTATE ASSOCIATES LIMITED PARTNERSHIP                                    MA
EAST WINDSOR 255 LIMITED PARTNERSHIP                                                     DE
EASTGATE APARTMENTS, A LIMITED PARTNERSHIP                                               IA
EASTGREEN, LIMITED PARTNERSHIP                                                           TN
EASTON TERRACE I ASSOCIATES LIMITED PARTNERSHIP                                          TX
EASTON TERRACE II ASSOCIATES LIMITED PARTNERSHIP                                         TX
EASTRIDGE APARTMENTS A LIMITED PARTNERSHIP                                               PA
EASTRIDGE ASSOCIATES                                                                     PA
ECHELON TOWERS, LTD.                                                                     NJ
ECO VILLAGE, LTD                                                                         OH
EDEN-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                               MD
EDGEWOOD ASSOCIATES                                                                      WA
</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
EDGEWOOD HOUSING ASSOCIATES, L.P.                                                        GA
EDGEWOOD II ASSOCIATES LIMITED PARTNERSHIP                                               GA
EDGEWOOD, A LIMITED PARTNERSHIP                                                          AR
EDMOND ESTATES LIMITED PARTNERSHIP                                                       AL
EIGHTH SPRINGHILL LAKE LIMITED PARTNERSHIP                                               MD
EL CAZADOR LIMITED PARTNERSHIP                                                           CA
EL CORONADO APTS., LTD.                                                                  TX
ELDERLY HOUSING ASSOCIATES LIMITED PARTNERSHIP                                           MD
ELKHART TOWN AND COUNTRY LIMITED PARTNERSHIP                                             IN
ELM CREEK LIMITED PARTNERSHIP                                                            IL
ELMS COMMON ASSOCIATES                                                                   CT
ELMWOOD LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP                         MI
EMORY GROVE ASSOCIATES LIMITED PARTNERSHIP                                               MD
EMORY GROVE LIMITED PARTNERSHIP                                                          MD
ENGLISH MANOR JOINT VENTURE                                                              TX
ENGLISH MANOR PARTNERS, A TEXAS LIMITED PARTNERSHIP                                      TX
ESBRO LIMITED PARTNERSHIP                                                                AZ
EUSTIS APARTMENTS, LTD.                                                                  FL
EVEREST WINGFIELD, L.P.                                                                  KS
EVERETT SQUARE PLAZA ASSOCIATES                                                          MA
EVERGREEN CLUB LIMITED PARTNERSHIP                                                       MA
FAIRBURN AND GORDON ASSOCIATES II LIMITED PARTNERSHIP                                    GA
FAIRBURN AND GORDON ASSOCIATES LIMITED PARTNERSHIP                                       GA
FAIRFAX ASSOCIATES LIMITED PARTNERSHIP                                                   VA
FAIRFIELD ONE-OXFORD LIMITED PARTNERSHIP                                                 MD
FAIRLAWN GREEN ACQUISITION, L.P.                                                         KS
FAIRMEADOWS LIMITED PARTNERSHIP                                                          TX
FAIRMONT #1 LIMITED PARTNERSHIP                                                          DC
FAIRMONT #2 LIMITED PARTNERSHIP                                                          DC
FAIRVIEW GARDENS LIMITED PARTNERSHIP                                                     SC
FAIRWIND ASSOCIATES, LTD.                                                                WA
FAIRWOOD ASSOCIATES                                                                      CA
FARMINGDALE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                        IL
FAYETTE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                            MD
FAYETTE-OXFORD CORPORATION                                                               MD
FEDERAL SQUARE VILLAGE LIMITED PARTNERSHIP                                               CO
FERNCLIFF LIMITED PARTNERSHIP                                                            VA
FERNWOOD LTD., LIMITED PARTNERSHIP                                                       MA
FIELD ASSOCIATES                                                                         RI
FIFTH SPRINGHILL LAKE LIMITED PARTNERSHIP                                                MD
FILLMORE INVESTORS LIMITED, A LIMITED PARTNERSHIP                                        VA
FILLMORE PLACE APARTMENTS LIMITED PARTNERSHIP                                            AZ
FINLAY INTERESTS 2, LTD.                                                                 FL
FINLAY INTERESTS MT 2, LTD.                                                              FL
FIRST ALEXANDRIA ASSOCIATES LIMITED PARTNERSHIP                                          VA
FIRST SPRINGHILL LAKE LIMITED PARTNERSHIP                                                MD
FISH CREEK PLAZA, LTD                                                                    OH
FISHERMAN'S LANDING APARTMENTS LIMITED PARTNERSHIP                                       FL
FISHERMAN'S LANDING JV GP, LLC                                                           DE
FISHERMAN'S LANDING JV, L.P.                                                             DE
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
FISHERMAN'S VILLAGE-OXFORD ASSOCIATES, L.P.                                              IN
FISHERMAN'S WHARF APARTMENTS PARTNERS, L.P.                                              DE
FISHERMAN'S WHARF PARTNERS, A TEXAS LIMITED PARTNERSHIP                                  TX
FISHWIND CORPORATION                                                                     MD
FLATBUSH NSA  ASSOCIATES LIMITED PARTNERSHIP                                             NY
FLORENCE GARDENS DEVELOPMENT CO., LIMITED PARTNERSHIP                                    CA
FLORIDA HOUSE - OXFORD ASSOCIATES                                                        IL
FMI LIMITED PARTNERSHIP                                                                  PA
FONDREN COURT PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                                TX
FOOTHILL CHIMNEY ASSOCIATES LIMITED PARTNERSHIP                                          GA
FOOTHILL GARDENS (CALIFORNIA), LIMITED PARTNERSHIP                                       CA
FOREST APARTMENTS ASSOCIATES LIMITED PARTNERSHIP                                         OH
FOREST GARDENS ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                                MD
FOREST GREEN LIMITED PARTNERSHIP                                                         FL
FOREST PARK ELDERLY ASSOCIATES LIMITED PARTNERSHIP                                       MO
FOREST PARK SOUTH, LTD.                                                                  FL
FORT CARSON ASSOCIATES LIMITED PARTNERSHIP                                               CO
FORT COLLINS COMPANY, LTD., A CALIFORNIA LIMITED PARTNERSHIP                             CA
FOUNTAIN PLACE-OXFORD ASSOCIATES, L.P.                                                   IN
FOUR QUARTERS HABITAT APARTMENTS ASSOCIATES, LTD.                                        FL
FOUR WINDS CPGF 22, L.P.                                                                 DE
FOURTH SPRINGHILL LAKE LIMITED PARTNERSHIP                                               MD
FOX GROWTH PARTNERS, A CALIFORNIA LIMITED PARTNERSHIP                                    CA
FOX PARTNERS                                                                             CA
FOX PARTNERS II                                                                          CA
FOX PARTNERS III                                                                         CA
FOX PARTNERS IV                                                                          CA
FOX PARTNERS IX                                                                          CA
FOX PARTNERS V                                                                           CA
FOX PARTNERS VIII                                                                        CA
FOX REALTY INVESTORS                                                                     CA
FOX REALTY PARTNERS '77, LTD.                                                            CA
FOX RUN AP XI, L.P.                                                                      SC
FOX RUN APARTMENTS, LTD.                                                                 TX
FOX STRATEGIC HOUSING INCOME PARTNERS, A CALIFORNIA LIMITED PARTNERSHIP                  CA
FOX VALLEY TWO-OXFORD LIMITED PARTNERSHIP                                                MD
FOX VALLEY-OXFORD LIMITED PARTNERSHIP                                                    MD
FOXFIRE APARTMENTS V LIMITED PARTNERSHIP                                                 SC
FOXFIRE ASSOCIATES LIMITED PARTNERSHIP                                                   SC
FOXFIRE LIMITED DIVIDEND HOUSING ASSOCIATION                                             MI
FOXWOOD II-REO, L.P.                                                                     TX
FRANKLIN CHANDLER ASSOCIATES                                                             PA
FRANKLIN CHAPEL HILL ASSOCIATES                                                          PA
FRANKLIN EAGLE ROCK ASSOCIATES                                                           PA
FRANKLIN HOUSING ASSOCIATES (A DELAWARE LIMITED PARTNERSHIP)                             DE
FRANKLIN NEW YORK AVENUE ASSOCIATES                                                      PA
FRANKLIN PARK LIMITED PARTNERSHIP                                                        PA
FRANKLIN PHEASANT RIDGE ASSOCIATES                                                       PA
FRANKLIN PINERIDGE ASSOCIATES                                                            PA
FRANKLIN RIDGEWOOD ASSOCIATES                                                            PA
</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
FRANKLIN SQUARE SCHOOL ASSOCIATES LIMITED PARTNERSHIP                                    MD
FRANKLIN VICTORIA ASSOCIATES I                                                           TX
FRANKLIN WOOD SONG ASSOCIATES                                                            PA
FRANKLIN WOODS ASSOCIATES                                                                PA
FRANKLIN WOODS LTD                                                                       OH
FRAZIER PARK APARTMENTS LIMITED PARTNERSHIP                                              CA
FREDERICKSBURG-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                     MD
FREELAND ASSOCIATES, LTD.                                                                PA
FREEMAN EQUITIES, LIMITED                                                                TN
FRIENDSET HOUSING COMPANY LIMITED PARTNERSHIP                                            NY
FRIENDSHIP COURT LIMITED PARTNERSHIP                                                     SC
FRIO HOUSING, LTD.                                                                       TX
FRP LIMITED PARTNERSHIP                                                                  PA
G.P. MUNICIPAL HOLDINGS, L.L.C.                                                          DE
G.W. CARVER LIMITED                                                                      FL
GADSDEN TOWERS, LTD.                                                                     AL
GALION LIMITED PARTNERSHIP                                                               OH
GALLERIA OFFICE PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                              TX
GALLERIA PARK ASSOCIATES LIMITED PARTNERSHIP                                             MA
GARDEN COURT ASSOCIATES                                                                  CA
GARDENVIEW-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                         MI
GARFIELD HILL ASSOCIATES LIMITED PARTNERSHIP                                             DC
GARY MANOR ASSOC. LIMITED PARTNERSHIP                                                    IN
GATE MANOR APARTMENTS, LTD., A TENNESSEE LIMITED PARTNERSHIP                             TN
GATES MILLS I LIMITED PARTNERSHIP                                                        OH
GATEWAY VILLAGE ASSOCIATES                                                               MI
GATEWAY-OXFORD ASSOCIATES LIMITED PARTNERSHIP.                                           MD
GENESEE GARDENS ASSOCIATES LIMITED PARTNERSHIP                                           NY
GEORGETOWN 20Y APARTMENTS, L.L.C.                                                        DE
GEORGETOWN AIP II, L.P.                                                                  SC
GEORGETOWN OF COLUMBUS ASSOCIATES, L.P.                                                  DE
GEORGETOWN WOODS LAND DEVELOPMENT, LP                                                    IN
GLADYS HAMPTON HOUSES ASSOCIATES LIMITED PARTNERSHIP                                     NY
GLEN HOLLOW LIMITED PARTNERSHIP                                                          IL
GLENBROOK LIMITED PARTNERSHIP                                                            MA
GLENDALE TERRACE LIMITED PARTNERSHIP                                                     SC
GLENOAKS TOWNHOMES LIMITED PARTNERSHIP                                                   CA
GLENS, A LIMITED PARTNERSHIP THE                                                         SC
GLENWOOD-OXFORD HOUSING ASSOCIATION LIMITED PARTNERSHIP                                  IN
GOLDEN APARTMENTS I, LIMITED PARTNERSHIP                                                 NV
GOLDEN APARTMENTS II, LIMITED PARTNERSHIP                                                NV
GOLER METROPOLITAN APARTMENTS LIMITED PARTNERSHIP                                        NC
GOOSE HOLLOW VILLAGE LIMITED PARTNERSHIP                                                 OR
GOTHAM APARTMENTS, LIMITED PARTNERSHIP                                                   MO
GOVERNORS PARK APARTMENTS VII LIMITED PARTNERSHIP                                        SC
GOVERNOURS ASSOCIATES, L.P.                                                              DE
GP REAL ESTATE SERVICES II INC.                                                          DE
GP SERVICES II, INC.                                                                     SC
GP SERVICES II-B, INC.                                                                   DE
GP-OP PROPERTY MANAGEMENT, LLC                                                           DE
</TABLE>

                                    24 of 54
<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
GRANADA AIPL6, A TEXAS LIMITED PARTNERSHIP                                               TX
GRANDLAND REALTY ASSOCIATES                                                              GA
GRANDVIEW APARTMENTS, A LIMITED PARTNERSHIP                                              AR
GRANDVIEW HOMES LIMITED PARTNERSHIP                                                      CA
GREAT BASIN ASSOCIATES LIMITED PARTNERSHIP, II                                           NV
GREAT BASIN ASSOCIATES LIMITED PARTNERSHIP, IV                                           NV
GREAT SOUTHWEST GP, L.L.C.                                                               SC
GREAT SOUTHWEST INDUSTRIAL, L.P.                                                         SC
GREATER HARTFORD ASSOCIATES LIMITED PARTNERSHIP                                          CT
GREATER RICHMOND COMMUNITY DEVELOPMENT CORPORATION #1 AND ASSOCIATES                     CA
GREATER RICHMOND COMMUNITY DEVELOPMENT CORPORATION #2 AND ASSOCIATES                     CA
GREEN MOUNTAIN MANOR LIMITED PARTNERSHIP                                                 CO
GREENBRIAR-OXFORD ASSOCIATES L.P.                                                        IN
GREENFAIR TOWER II CALIFORNIA LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP      CA
GREENFAIR-DCW CALIFORNIA LIMITED  PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP          CA
GREENFIELD APARTMENTS LIMITED PARTNERSHIP                                                VA
GREENFIELD LIMITED PARTNERSHIP                                                           VA
GREENSBORO-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                         MD
GREENSPRING-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                        MD
GREENTREE ASSOCIATES                                                                     IL
GREENVILLE ARMS, A LIMITED PARTNERSHIP                                                   SC
GREENVILLE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                         MD
GREENVILLE-OXFORD II ASSOCIATES LIMITED PARTNERSHIP                                      MD
GREENWOOD VILLA APARTMENTS,  LTD.                                                        KY
GRIFFITH LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP                           CA
GROSVENOR HOUSE ASSOCIATES LIMITED PARTNERSHIP                                           MD
GROSVENOR HOUSE TWO LIMITED PARTNERSHIP                                                  MD
GROVE PARK VILLAS, LTD.                                                                  FL
GSSW WOODS ON THE FAIRWAY-REO, L.P.                                                      TX
GSSW-REO CONFEDERATE RIDGE, L.P.                                                         MS
GSSW-REO DALLAS, L.P.                                                                    TX
GSSW-REO LIMITED PARTNERSHIP, II (SC)                                                    SC
GSSW-REO PEBBLE CREEK, L.P.                                                              TX
GSSW-REO PROVIDENCE PLACE, LIMITED PARTNERSHIP                                           TX
GSSW-REO TIMBERLINE LIMITED PARTNERSHIP                                                  TX
GULF COAST HOLDINGS, LTD.                                                                AL
GULF COAST PARTNERS, LTD.                                                                CA
GULFGATE PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                                     TX
GULFPORT APARTMENTS, LTD., LIMITED PARTNERSHIP                                           MS
GULFWAY LIMITED PARTNERSHIP                                                              TX
GWYNEDD-OXFORD LIMITED PARTNERSHIP                                                       PA
H.R.H. PROPERTIES I, LTD.                                                                OH
HAILI ASSOCIATES                                                                         HI
HAINES ASSOCIATES LIMITED PARTNERSHIP                                                    WA
HAINLIN MILL APARTMENTS ASSOCIATES, LTD.                                                 FL
HALLS MILL, LTD.                                                                         AL
HAMLIN ESTATES LIMITED PARTNERSHIP                                                       CA
HAMPTON GREENS CPGF 22, L.P.                                                             DE
HAMPTON HILL APARTMENTS JV GP, LLC                                                       DE
HAMPTON HILL APARTMENTS JV, L.P.                                                         TX
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
HARBOR LANDING AP XI, L.P.                                                               SC
HARBOR RIDGE II ASSOCIATES LIMITED PARTNERSHIP                                           OH
HARBOR RIDGE III ASSOCIATES LIMITED PARTNERSHIP                                          OH
HARLAN ASSOCIATES, LTD.                                                                  MO
HAROLD APARTMENTS ASSOCIATES LIMITED PARTNERSHIP                                         NY
HAROLD HOUSE LIMITED PARTNERSHIP                                                         FL
HARRIS PARK LIMITED PARTNERSHIP                                                          NY
HASTINGS GREEN PARTNERS, LTD. A TEXAS LIMITED PARTNERSHIP                                TX
HASTINGS PLACE APARTMENTS JV GP, LLC                                                     DE
HASTINGS PLACE APARTMENTS JV, L.P.                                                       TX
HATILLO HOUSING ASSOCIATES                                                               MA
HAWTHORNE PLAZA ASSOCIATES LIMITED PARTNERSHIP                                           MO
HC/OAC, L.L.C.                                                                           MD
HCW GENERAL PARTNER, LIMITED PARTNERSHIP                                                 TX
HCW PENSION REAL ESTATE FUND LIMITED PARTNERSHIP                                         MA
HEATHERWOOD-REO, L.P.                                                                    TX
HEIGHTS ASSOCIATES LIMITED PARTNERSHIP                                                   NY
HEMET ESTATES LIMITED PARTNERSHIP                                                        CA
HEMINGWAY HOUSING ASSOCIATES LIMITED PARTNERSHIP                                         SC
HENRIETTA-OXFORD LIMITED PARTNERSHIP, A MARYLAND LIMITED PARTNERSHIP                     MD
HERITAGE PARK II INC.                                                                    DE
HERITAGE PARK INC.                                                                       DE
HERITAGE SQUARE, LTD.                                                                    TX
HERITAGE VILLAGE LIMITED PARTNERSHIP                                                     CT
HHP L.P.                                                                                 DE
HIBBEN FERRY I APARTMENT PARTNERS, L.P.                                                  DE
HIBBEN FERRY RECREATION, INC.                                                            SC
HICKORY HEIGHTS APARTMENTS, A LIMITED PARTNERSHIP                                        SC
HICKORY RIDGE ASSOCIATES, LTD.                                                           FL
HIGHLAND PARK PARTNERS                                                                   IL
HIGHLANDS VILLAGE II, LTD.                                                               FL
HIGHLAWN PLACE LIMITED PARTNERSHIP                                                       WV
HIGHRIDGE ASSOCIATES, L.P.                                                               DE
HILLCREST GREEN APARTMENTS, LTD.                                                         OK
HILLCRESTE PROPERTIES INC.                                                               DE
HILLSBOROUGH-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                       MD
HILLSDALE ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION                                MI
HILLSIDE VILLAGE ASSOCIATES                                                              PA
HILLTOP APARTMENTS ASSOCIATES                                                            PA
HILLTOP APARTMENTS,  PHASE II LIMITED PARTNERSHIP                                        MO
HILLTOP APARTMENTS, PHASE I LIMITED PARTNERSHIP                                          MO
HILLTOP LIMITED PARTNERSHIP                                                              NC
HIMBOLA MANOR - PARTNERSHIP SERVICES, INC. LTD., A PARTNERSHIP                           LA
HINTON HOUSE ASSOCIATES LIMITED PARTNERSHIP                                              WV
HISTORIC PROPERTIES INC.                                                                 DE
HIVIEW GARDENS DEVELOPMENT COMPANY                                                       PA
HOLLIDAYSBURG LIMITED PARTNERSHIP                                                        PA
HOLLOWS ASSOCIATES LIMITED PARTNERSHIP                                                   NY
HOLLY POINT ASSOCIATES, A KENTUCKY LIMITED PARTNERSHIP                                   KY
HOLLYBUSH GARDENS ASSOCIATES                                                             NJ
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
HOMECORP INVESTMENTS, LTD.                                                               AL
HOME-OXFORD CORPORATION                                                                  MD
HOSPITALITY INNS JACKSONVILLE, LTD. II                                                   FL
HOSPITALITY INNS PENSACOLA, LTD.                                                         FL
HOSPITALITY INNS PENSACOLA, LTD. II                                                      FL
HOSPITALITY PARTNERS II, A CALIFORNIA LIMITED PARTNERSHIP                                CA
HOSPITALITY PENSACOLA PARTNERS, LTD., A CALIFORNIA LIMITED PARTNERSHIP                   CA
HOUSING ASSISTANCE OF MT. DORA, LTD.                                                     FL
HOUSING ASSISTANCE OF ORANGE CITY, LTD.                                                  FL
HOUSING ASSISTANCE OF SEBRING, LTD.                                                      FL
HOUSING ASSISTANCE OF VERO BEACH, LTD.                                                   FL
HOUSING INVESTORS LIMITED                                                                CA
HOUSING PARTNERSHIP INVESTMENTS LIMITED                                                  CA
HOUSING PROGRAMS CORPORATION II                                                          DE
HOUSING PROGRAMS LIMITED, A CALIFORNIA LIMITED PARTNERSHIP                               CA
HOUSTON PINES, A CALIFORNIA LIMITED PARTNERSHIP                                          CA
HRHP PARTNERS, L.P.                                                                      DE
HUDSON STREET APARTMENTS LIMITED PARTNERSHIP                                             CA
HUDSON TERRACE ASSOCIATES LIMITED PARTNERSHIP                                            NY
HUNT CLUB ASSOCIATES, LTD.                                                               TX
HUNT CLUB PARTNERS, L.L.C.                                                               MD
HUNT CLUB/SADDLEBROOK L.L.C.                                                             MD
HUNTERS CREEK JV GP, LLC                                                                 DE
HUNTERS CREEK JV, LLC                                                                    DE
HUNTERS GLEN (PHASE I) AP XII LIMITED PARTNERSHIP                                        SC
HUNTERS GLEN AP XII LIMITED PARTNERSHIP                                                  SC
HUNTERS GLEN JV GP, LLC                                                                  DE
HUNTERS GLEN JV, L.P.                                                                    DE
HUNTERS GLEN PHASE I GP, L.L.C                                                           SC
HUNTERS GLEN PHASE V GP, L.L.C.                                                          SC
HUNTERS RUN PARTNERS, LTD.                                                               GA
HURBELL I LIMITED PARTNERSHIP                                                            NC
HURBELL II LIMITED PARTNERSHIP                                                           SC
HURBELL III LIMITED PARTNERSHIP                                                          NC
HURBELL IV LTD.                                                                          AL
HYATTSVILLE HOUSING ASSOCIATES LIMITED PARTNERSHIP                                       MD
HYATTSVILLE PROPERTIES LIMITED PARTNERSHIP                                               MD
HYDE PARK APARTMENTS LIMITED PARTNERSHIP                                                 MO
IDA TOWER                                                                                PA
INDIAN VALLEY I LIMITED PARTNERSHIP                                                      OH
INDIAN VALLEY II LIMITED PARTNERSHIP                                                     OH
INDIAN VALLEY III LIMITED PARTNERSHIP                                                    OH
INDIANA MORTGAGE & INVESTMENT CO INC                                                     IN
INGRAM SQUARE APARTMENTS, LTD.                                                           TX
INNSBROOK TWO-OXFORD LIMITED PARTNERSHIP                                                 MD
INSIGNIA RELATED, INC.                                                                   DE
INTERNATIONAL HOUSE LTD.                                                                 NC
INTOWN WEST ASSOCIATES LIMITED PARTNERSHIP                                               CT
INVESTORS FIRST-STAGED EQUITY L.P.                                                       DE
IPLP ACQUISITION I LLC                                                                   DE
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
IPLP MIDRISE, L.L.C.                                                                     DE
IPT I LLC                                                                                DE
IRONMAN HOUSING ASSOCIATION                                                              OK
ISLP, LIMITED PARTNERSHIP                                                                DE
ISTC CORPORATION                                                                         DE
IVANHOE ASSOCIATES LIMITED PARTNERSHIP                                                   PA
IVANHOE CORP.                                                                            MA
J M PROPERTY INVESTORS 1984, L.P.                                                        DE
J M PROPERTY INVESTORS 1985, L.P.                                                        DE
J.W. ENGLISH SWISS VILLAGE PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                   TX
J.W. ENGLISH, CAMELOT APARTMENTS, A TEXAS LIMITED PARTNERSHIP                            TX
J.W. ENGLISH, FONDREN COURT PARTNERS, A TEXAS LIMITED PARTNERSHIP                        TX
JACARANDA-OXFORD LIMITED PARTNERSHIP                                                     MD
JACARANDA-OXFORD, L.L.C.                                                                 MD
JACQUES-MILLER ASSOCIATES                                                                TN
JACQUES-MILLER INCOME FUND L.P. - II                                                     DE
JACQUES-MILLER, INC.                                                                     TN
JAMES-OXFORD LIMITED PARTNERSHIP                                                         MD
JAMESTOWN VILLAGE ASSOCIATES                                                             PA
JARDINES DE MAYAGUEZ  LIMITED PARTNERSHIP                                                MD
JENNY LIND HALL                                                                          MO
JENNY LIND HALL SECOND LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP             CA
JERSEY PARK ASSOCIATES LIMITED PARTNERSHIP                                               VA
JFK ASSOCIATES LIMITED PARTNERSHIP                                                       NC
JMA EQUITIES, L.P.                                                                       DE
JOHNSON COURT LIMITED PARTNERSHIP                                                        SC
JOHNSTON SQUARE ASSOCIATES                                                               MD
JOHNSTON SQUARE ASSOCIATES LIMITED PARTNERSHIP                                           MD
JOHNSTOWN/CONSOLIDATED INCOME PARTNERS, A CALIFORNIA LIMITED PARTNERSHIP                 CA
JOHNSTOWN/CONSOLIDATED INCOME PARTNERS/2, A CALIFORNIA LIMITED PARTNERSHIP               CA
JUPITER-I, L.P.                                                                          DE
JUPITER-II, L.P.                                                                         DE
JVL SIXTEEN LIMITED PARTNERSHIP                                                          MO
KALMIA APARTMENTS LIMITED PARTNERSHIP                                                    SC
KEMAR TOWNHOUSE ASSOCIATES, L.P.                                                         IN
KENDALL TOWNHOME INVESTORS, LTD.                                                         FL
KENNEDY BOULEVARD ASSOCIATES                                                             PA
KENNEDY BOULEVARD ASSOCIATES II, L.P.                                                    PA
KENNEDY BOULEVARD ASSOCIATES III, L.P.                                                   PA
KENNEDY BOULEVARD ASSOCIATES IV, L.P.                                                    PA
KENNEDY BOULEVARD I GP, L.L.C.                                                           SC
KENNEDY BOULEVARD II GP, L.L.C                                                           SC
KENNEDY BOULEVARD III GP, L.L.C.                                                         SC
KENNEDY HOMES LIMITED PARTNERSHIP                                                        FL
KENNETH ARMS                                                                             CA
KENNETH COURT LIMITED PARTNERSHIP                                                        SC
KENOSHA GARDENS ASSOCIATES LIMITED PARTNERSHIP OF WISCONSIN                              WI
KENTON DEVELOPMENT CO.                                                                   MO
KENTON VILLAGE, LTD.                                                                     OH
KENTON-OXFORD ASSOCIATES, L.P.                                                           IN
</TABLE>

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<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
KENYON HOUSE CO.                                                                         WA
KERN VILLA LIMITED PARTNERSHIP                                                           CA
KETTERING-OXFORD ASSOCIATES L.P.                                                         IN
KEY PARKWAY WEST ASSOCIATES LIMITED PARTNERSHIP                                          MD
KEY PARKWAY WEST II ASSOCIATES LIMITED PARTNERSHIP                                       MD
KIMBERLY ASSOCIATES LIMITED PARTNERSHIP                                                  MD
KIMBERTON APARTMENTS ASSOCIATES LIMITED PARTNERSHIP                                      DE
KINARD LIMITED PARTNERSHIP                                                               SC
KING TOWERS ASSOCIATES LIMITED PARTNERSHIP                                               OH
KING-BELL ASSOCIATES LIMITED PARTNERSHIP                                                 OR
KINGS ROW ASSOCIATES                                                                     NJ
KINGS-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                              MD
KINGSTON GREENE ASSOCIATES LTD                                                           OH
KINSEY-OXFORD ASSOCIATES, L.P.                                                           OH
KIRKMAN-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                            MD
KNOLLCREST APARTMENTS LIMITED PARTNERSHIP                                                TN
KOHLER GARDENS APARTMENTS                                                                CA
KONA PLUS ASSOCIATES LIMITED PARTNERSHIP                                                 WA
KOOLAU HOUSING ASSOCIATES                                                                HI
L.M. ASSOCIATES LIMITED PARTNERSHIP                                                      OH
LA BROADCAST CENTER GP LLC                                                               DE
LA CANYON TERRACE GP LLC                                                                 DE
LA CANYON TERRACE LP                                                                     DE
LA CENTINELA GP LLC                                                                      DE
LA CENTINELA LLC                                                                         DE
LA COLINA PARTNERS, LTD.                                                                 CA
LA COLINA RANCH APARTMENTS, LTD.                                                         TX
LA CREEKSIDE GP LLC                                                                      DE
LA CREEKSIDE LP                                                                          DE
LA CRESCENT GARDENS GP LLC                                                               DE
LA CRESCENT GARDENS LP                                                                   DE
LA HILLCRESTE APARTMENTS LLC                                                             DE
LA HILLCRESTE GP LLC                                                                     DE
LA HILLCRESTE LP                                                                         DE
LA HILLCRESTE MEZZANINE MEMBER LLC                                                       DE
LA INDIAN OAKS GP LLC                                                                    DE
LA INDIAN OAKS LP                                                                        DE
LA JOLLA PARTNERSHIP                                                                     TX
LA LAKES GP LLC                                                                          DE
LA LAKES LP                                                                              DE
LA LOMA ASSOCIATES LIMITED PARTNERSHIP                                                   CA
LA MALIBU CANYON GP LLC                                                                  DE
LA MALIBU CANYON LP                                                                      DE
LA NEW HAVEN PLAZA LP                                                                    DE
LA PARK LA BREA A LLC                                                                    DE
LA PARK LA BREA C LLC                                                                    DE
LA PARK LA BREA LLC                                                                      DE
LA TOPANGA GP LLC                                                                        DE
LA TOPANGA LP                                                                            DE
LA VISTA ASSOCIATES                                                                      CA
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
LAC PROPERTIES GP I LIMITED PARTNERSHIP                                                  DE
LAC PROPERTIES GP I LLC                                                                  DE
LAC PROPERTIES GP II LIMITED PARTNERSHIP                                                 DE
LAC PROPERTIES GP III LIMITED PARTNERSHIP                                                DE
LAC PROPERTIES OPERATING PARTNERSHIP, L.P.                                               DE
LAC PROPERTIES SUB LLC                                                                   DE
LAFAYETTE LIMITED PARTNERSHIP                                                            IL
LAFAYETTE MANOR ASSOCIATES LIMITED PARTNERSHIP                                           VA
LAFAYETTE SQUARE ASSOCIATES                                                              TN
LAFAYETTE TERRACE ASSOCIATES                                                             IL
LAFAYETTE TOWNE ELDERLY LTD.                                                             MO
LAFAYETTE TOWNE FAMILY LTD.                                                              MO
LAING VILLAGE, LIMITED PARTNERSHIP                                                       SC
LAKE AVENUE ASSOCIATES L.P.                                                              OH
LAKE AVENUE OFFICES, LTD.                                                                CA
LAKE AVENUE PARTNERS, LTD.                                                               CA
LAKE CROSSING LIMITED PARTNERSHIP                                                        GA
LAKE EDEN ASSOCIATES, L.P.                                                               DE
LAKE FOREST APARTMENTS                                                                   PA
LAKE JUNE VILLAGE II LIMITED PARTNERSHIP                                                 TX
LAKE MEADOWS GP, L.L.C.                                                                  SC
LAKE RIDGE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                         MD
LAKE WALES VILLAS, LTD.                                                                  FL
LAKEHAVEN ASSOCIATES ONE LIMITED PARTNERSHIP                                             IL
LAKEHAVEN ASSOCIATES TWO LIMITED PARTNERSHIP                                             IL
LAKEHAVEN I JV GP, LLC                                                                   DE
LAKEHAVEN I JV, L.P.                                                                     DE
LAKEHAVEN II JV GP, LLC                                                                  DE
LAKEHAVEN II JV, L.P.                                                                    DE
LAKELAND EAST LIMITED PARTNERSHIP                                                        CT
LAKERIDGE ASSOCIATES, A CALIFORNIA LIMITED PARTNERSHIP                                   CA
LAKERIDGE-ISLAND CLUB APARTMENTS PARTNERS, L.P.                                          DE
LAKESHORE LIMITED PARTNERSHIP                                                            SC
LAKESIDE INVESTORS, L.L.C.                                                               MD
LAKESIDE NORTH, L.L.C.                                                                   MD
LAKEVIEW ARMS ASSOCIATES LIMITED PARTNERSHIP                                             NY
LAKEVIEW VILLAS, LTD.                                                                    FL
LAKEWOOD AOPL, A TEXAS LIMITED PARTNERSHIP                                               TX
LANCASTER HEIGHTS MANAGEMENT CORP.                                                       CA
LANDAU APARTMENTS LIMITED PARTNERSHIP                                                    SC
LANDINGS CPF 16, L.P.                                                                    DE
LANDMARK APARTMENTS ASSOCIATES                                                           IL
LANSING-OXFORD LIMITED PARTNERSHIP                                                       MD
LANTANA-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                            MD
LARGO PARTNERS, L.L.C.                                                                   MD
LARGO/OAC, L.L.C.                                                                        MD
LAS AMERICAS HOUSING ASSOCIATES                                                          MA
LASALLE APARTMENTS, L.P.                                                                 CA
LASSEN ASSOCIATES                                                                        CA
LAUDERDALE TOWERS-REO, LIMITED PARTNERSHIP                                               TX
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
LAUDERHILL APARTMENT INVESTORS LIMITED PARTNERSHIP                                       OH
LAUREL GARDENS, A PARTNERSHIP IN COMMENDAM                                               LA
LAUREL-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                             MD
LAURENS VILLAS, A LIMITED PARTNERSHIP                                                    SC
LAWNDALE SQUARE-REO LIMITED PARTNERSHIP                                                  TX
LAZY HOLLOW PARTNERS                                                                     CA
LEE-HY MANOR ASSOCIATES LIMITED PARTNERSHIP                                              VA
LEE-OXFORD LIMITED PARTNERSHIP                                                           MD
LEMAY VILLAGE LIMITED PARTNERSHIP                                                        MO
LEWISBURG ASSOCIATES LIMITED PARTNERSHIP                                                 WV
LEWISBURG ELDERLY ASSOCIATES                                                             PA
LEXINGTON-OXFORD ASSOCIATES L.P.                                                         IN
LIMA-OXFORD ASSOCIATES, L.P.                                                             IN
LINCOLN MARINERS ASSOCIATES LIMITED                                                      CA
LINCOLN OCEANSIDE ASSOCIATES LIMITED PARTNERSHIP                                         CA
LINCOLN PARK ASSOCIATES LIMITED PARTNERSHIP                                              CO
LINCOLN PLUMMER VILLAGE ASSOCIATES LIMITED PARTNERSHIP                                   CA
LINDEN COURT ASSOCIATES LIMITED PARTNERSHIP                                              NY
LOCK HAVEN ELDERLY ASSOCIATES                                                            PA
LOCK HAVEN GARDENS ASSOCIATES                                                            PA
LOCUST HOUSE ASSOCIATES LIMITED PARTNERSHIP                                              MD
LOCUST PARK ASSOCIATES LIMITED PARTNERSHIP                                               MD
LONE STAR PROPERTIES LIMITED PARTNERSHIP                                                 TX
LONG CREEK-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                         MD
LONG MEADOW LIMITED PARTNERSHIP                                                          SC
LONGWOOD-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                           MD
LONGWOOD-OXFORD CORPORATION                                                              MD
LORING TOWERS APARTMENTS LIMITED PARTNERSHIP                                             MN
LORING TOWERS ASSOCIATES                                                                 MA
LORING TOWERS PRESERVATION LIMITED PARTNERSHIP                                           DE
LOST HILLS-OXFORD LIMITED PARTNERSHIP                                                    MD
LOUDOUN HOUSE LIMITED PARTNERSHIP                                                        VA
LUND-HILL ASSOCIATES LIMITED PARTNERSHIP                                                 WI
LYNCSTAR INTEGRATED COMMUNICATIONS LLC                                                   CO
LYNN-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                               MD
M & P DEVELOPMENT COMPANY                                                                PA
MADISON HILL LTD.                                                                        AL
MADISON PARK III ASSOCIATES                                                              MA
MADISON TERRACE ASSOCIATES                                                               IL
MADISONVILLE, LTD.                                                                       OH
MAE - SPI, L.P.                                                                          DE
MALLARDS OF WEDGEWOOD LIMITED PARTNERSHIP                                                WA
MANDARIN TRACE APARTMENTS, LTD.                                                          FL
MANGONIA RESIDENCE I, LTD.                                                               FL
MANOR GREEN LIMITED PARTNERSHIP                                                          WA
MANZANITA ARMS                                                                           CA
MAPLE HILL ASSOCIATES                                                                    PA
MAPLE PARK EAST LIMITED PARTNERSHIP                                                      CO
MAPLE PARK WEST LIMITED PARTNERSHIP                                                      CO
MARINER'S COVE JV GP, LLC                                                                DE
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
MARINER'S COVE JV, L.P.                                                                  DE
MARINETTE WOODS APARTMENTS ASSOCIATES LIMITED PARTNERSHIP                                WI
MARKET VENTURES, L.L.C.                                                                  DE
MASHPEE UNITED CHURCH VILLAGE PARTNERSHIP                                                MA
MASSANUTTEN MANOR-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                  MD
MAYER BEVERLY PARK LIMITED PARTNERSHIP                                                   CA
MAYER WARNER CENTER LTD., A CALIFORNIA LIMITED PARTNERSHIP                               CA
MAYFAIR MANOR LIMITED PARTNERSHIP                                                        AZ
MAYFAIR VILLAGE LIMITED PARTNERSHIP                                                      IN
MBRF HUNT CLUB GP, L.L.C.                                                                SC
MCCOLL HOUSING ASSOCIATES LIMITED PARTNERSHIP                                            SC
MCCOMBS PENSION INVESTMENT FUND LTD.                                                     CA
MCCOMBS REALTY PARTNERS, A CALIFORNIA LIMITED PARTNERSHIP                                CA
MCLEAN ASSOCIATES LIMITED PARTNERSHIP                                                    VA
MCLEOD FOUR-OXFORD LIMITED PARTNERSHIP                                                   FL
MCLEOD ONE-OXFORD LIMITED PARTNERSHIP                                                    FL
MCLEOD THREE-OXFORD LIMITED PARTNERSHIP                                                  FL
MCLEOD TWO-OXFORD LIMITED PARTNERSHIP                                                    FL
MEADOW LANE                                                                              WA
MEADOW WOOD ASSOCIATES                                                                   FL
MEADOWBROOK DRIVE LIMITED PARTNERSHIP                                                    IL
MEADOWOOD ASSOCIATES, LTD. LIMITED PARTNERSHIP                                           MD
MEADOWOOD TOWNHOUSES I LIMITED PARTNERSHIP                                               MD
MEADOWOOD TOWNHOUSES III LIMITED PARTNERSHIP                                             MD
MEADOWS APARTMENTS LIMITED PARTNERSHIP                                                   NV
MEADOWS APARTMENTS THE                                                                   SC
MEADOWS EAST.APTS LIMITED PARTNERSHIP                                                    NV
MEADOWS II, LTD.                                                                         AL
MEADOWS IV LTD.                                                                          MS
MEADOWS LIMITED PARTNERSHIP                                                              IL
MEADOWS PARTNERS IV, LTD.                                                                MS
MEADOWS PARTNERS, LTD.                                                                   MS
MELBOURNE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                          MD
MELBOURNE-OXFORD CORPORATION                                                             MD
MELROSE-OXFORD LIMITED PARTNERSHIP                                                       MD
MENLO LIMITED PARTNERSHIP                                                                AZ
MERCED COMMONS                                                                           CA
MERCED COMMONS II                                                                        CA
MERCHANTS MALL JOINT VENTURE                                                             TN
MERIDIAN MEADOWS - OXFORD LIMITED PARTNERSHIP                                            MI
MERIDIAN MEADOWS, L.L.C.                                                                 MD
MERIDIAN-REO, L.P.                                                                       TX
MESA BROADWAY PROPERTY LIMITED PARTNERSHIP                                               AZ
MESA RIDGE PARTNERSHIP                                                                   TX
MHO PARTNERS, LIMITED                                                                    FL
MIAMI COURT ASSOCIATES, LTD.                                                             FL
MIAMI ELDERLY ASSOCIATES LIMITED PARTNERSHIP                                             OH
MICHIGAN BEACH LIMITED PARTNERSHIP                                                       IL
MICHIGAN MEADOWS LIMITED PARTNERSHIP                                                     IN
MIDDLETOWN-OXFORD LIMITED PARTNERSHIP                                                    MD
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
MIDPARK DEVELOPMENT CO.                                                                  OH
MILL STREET ASSOCIATES LIMITED PARTNERSHIP                                               IL
MILLIKEN APARTMENTS                                                                      MA
MINNEAPOLIS ASSOCIATES II LIMITED PARTNERSHIP                                            MA
MINNEAPOLIS ASSOCIATES LIMITED PARTNERSHIP                                               MD
MINNEAPOLIS BUSINESS PARKS JOINT VENTURE                                                 SC
MIRAMAR HOUSING ASSOCIATES LIMITED PARTNERSHIP                                           DC
MISTY WOODS CPF 19, L.P.                                                                 DE
MONACO ARMS ASSOCIATES I, LTD.                                                           FL
MONACO ARMS ASSOCIATES II, LTD.                                                          FL
MONMOUTH ASSOCIATES LIMITED PARTNERSHIP                                                  WA
MONROE CORPORATION                                                                       MD
MONROE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                             MD
MONROEVILLE DEVELOPMENT CORP.                                                            MA
MONTBLANC GARDEN APARTMENTS ASSOCIATES                                                   MA
MONTBLANC HOUSING ASSOCIATES                                                             MA
MONTGOMERY PARTNERS, LTD.                                                                CA
MONTGOMERY REALTY COMPANY - 84                                                           CA
MONTGOMERY REALTY COMPANY-85                                                             CA
MONTICELLO MANAGEMENT I, L.L.C.                                                          DE
MONTICELLO MANOR, LTD.                                                                   TX
MONUMENT STREET LIMITED PARTNERSHIP                                                      MD
MORNINGSIDE HOUSING PHASE B ASSOCIATES LIMITED PARTNERSHIP                               NY
MORRISANIA TOWERS HOUSING COMPANY LIMITED PARTNERSHIP                                    NY
MORTON TOWERS APARTMENTS, L.P.                                                           DE
MOSS GARDENS LTD, A PARTNERSHIP IN COMMENDAM                                             LA
MOUNT CLARE-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                            MD
MOUNTAIN RUN, L.P.                                                                       DE
MRR LIMITED PARTNERSHIP                                                                  IL
MT PLEASANT ASSOCIATES LIMITED PARTNERSHIP                                               MA
MT. PLEASANT ASSOCIATES, L.P.                                                            DE
MULBERRY ASSOCIATES                                                                      PA
MULTI-BENEFIT REALTY FUND '87-1, A CALIFORNIA LIMITED PARTNERSHIP                        CA
MURPHY-BLAIR ASSOCIATES III, L.P.                                                        MO
MUSKE LIMITED PARTNERSHIP                                                                MI
NAISMITH HOLDINGS LLC                                                                    DE
NAPLES-OXFORD LIMITED PARTNERSHIP                                                        MD
NAPLES-OXFORD, L.L.C.                                                                    MD
NASHUA-OXFORD-BAY ASSOCIATES LIMITED PARTNERSHIP                                         MD
NATCHEZ, L.P.                                                                            MS
NATICK ASSOCIATES                                                                        RI
NATIONAL BOSTON LOFTS ASSOCIATES, LLLP                                                   CO
NATIONAL CORPORATE TAX CREDIT FUND II, A CALIFORNIA LIMITED PARTNERSHIP                  CA
NATIONAL CORPORATE TAX CREDIT FUND III, A CALIFORNIA LIMITED PARTNERSHIP                 CA
NATIONAL CORPORATE TAX CREDIT FUND IV, A CALIFORNIA LIMITED PARTNERSHIP                  CA
NATIONAL CORPORATE TAX CREDIT FUND IX, A CALIFORNIA LIMITED PARTNERSHIP                  CA
NATIONAL CORPORATE TAX CREDIT FUND V, A CALIFORNIA LIMITED PARTNERSHIP                   CA
NATIONAL CORPORATE TAX CREDIT FUND VI, A CALIFORNIA LIMITED PARTNERSHIP                  CA
NATIONAL CORPORATE TAX CREDIT FUND VII, A CALIFORNIA LIMITED PARTNERSHIP                 CA
NATIONAL CORPORATE TAX CREDIT FUND VIII, A CALIFORNIA LIMITED PARTNERSHIP                CA
</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
NATIONAL CORPORATE TAX CREDIT FUND X, A CALIFORNIA LIMITED PARTNERSHIP                   CA
NATIONAL CORPORATE TAX CREDIT FUND XI, A CALIFORNIA LIMITED PARTNERSHIP                  CA
NATIONAL CORPORATE TAX CREDIT FUND XII, A CALIFORNIA LIMITED PARTNERSHIP                 CA
NATIONAL CORPORATE TAX CREDIT FUND XIII, A CALIFORNIA LIMITED PARTNERSHIP                CA
NATIONAL CORPORATE TAX CREDIT FUND XIV, A CALIFORNIA LIMITED PARTNERSHIP                 CA
NATIONAL CORPORATE TAX CREDIT FUND, A CALIFORNIA LIMITED PARTNERSHIP                     CA
NATIONAL CORPORATE TAX CREDIT, INC.                                                      CA
NATIONAL CORPORATE TAX CREDIT, INC. II                                                   CA
NATIONAL CORPORATE TAX CREDIT, INC. III                                                  CA
NATIONAL CORPORATE TAX CREDIT, INC. IV                                                   CA
NATIONAL CORPORATE TAX CREDIT, INC. IX                                                   CA
NATIONAL CORPORATE TAX CREDIT, INC. VI                                                   CA
NATIONAL CORPORATE TAX CREDIT, INC. VII                                                  CA
NATIONAL CORPORATE TAX CREDIT, INC. VIII                                                 CA
NATIONAL CORPORATE TAX CREDIT, INC. X                                                    CA
NATIONAL CORPORATE TAX CREDIT, INC. XI                                                   CA
NATIONAL CORPORATE TAX CREDIT, INC. XII                                                  CA
NATIONAL CORPORATE TAX CREDIT, INC. XIII                                                 CA
NATIONAL CORPORATE TAX CREDIT, INC. XIV                                                  CA
NATIONAL HOUSING PARTNERSHIP ACCEPTANCE CORPORATION-A                                    DE
NATIONAL HOUSING PARTNERSHIP REALTY FUND I, A MARYLAND LIMITED PARTNERSHIP               MD
NATIONAL HOUSING PARTNERSHIP REALTY FUND III (A MARYLAND LIMITED PARTNERSHIP)            MD
NATIONAL HOUSING PARTNERSHIP REALTY FUND IV (A MARYLAND LIMITED PARTNERSHIP)             MD
NATIONAL HOUSING PARTNERSHIP REALTY FUND TWO (A MARYLAND LIMITED PARTNERSHIP)            MD
NATIONAL HOUSING PARTNERSHIP RESI ASSOCIATES I LIMITED PARTNERSHIP                       Dc
NATIONAL PARTNERSHIP CREDIT FACILITY CORP.                                               CA
NATIONAL PARTNERSHIP EQUITIES, INC.                                                      CA
NATIONAL PARTNERSHIP INVESTMENTS ASSOCIATES II                                           CA
NATIONAL PARTNERSHIP INVESTMENTS CORP.                                                   CA
NATIONAL PARTNERSHIP MANAGEMENT CORP.                                                    CA
NATIONAL PINETREE LIMITED PARTNERSHIP                                                    NC
NATIONAL PROPERTY INVESTORS 4                                                            CA
NATIONAL PROPERTY INVESTORS 5                                                            CA
NATIONAL PROPERTY INVESTORS 6                                                            CA
NATIONAL PROPERTY INVESTORS 7                                                            CA
NATIONAL PROPERTY INVESTORS 8, A CALIFORNIA LIMITED PARTNERSHIP                          CA
NATIONAL PROPERTY INVESTORS III                                                          CA
NATIONAL REAL ESTATE EXCHANGE CORPORATION                                                DE
NATIONAL TAX CREDIT INVESTORS II, A CALIFORNIA LIMITED PARTNERSHIP                       CA
NATIONAL TAX CREDIT MANAGEMENT CORP. I                                                   CA
NATIONAL TAX CREDIT PARTNERS, L.P.                                                       CA
NATIONAL TAX CREDIT, INC.                                                                CA
NATIONAL TAX CREDIT, INC. II                                                             CA
NEVADA SUNRISE GARDENS, LIMITED PARTNERSHIP                                              CA
NEW BALTIMORE TOWERS, A MICHIGAN LIMITED PARTNERSHIP                                     MI
NEW CASTLE - OXFORD ASSOCIATES L.P.                                                      IN
NEW HAVEN ASSOCIATES LIMITED PARTNERSHIP                                                 MA
NEW HORIZONS ASSOCIATES, LTD.                                                            FL
NEW LAKE MEADOWS, L.P.                                                                   SC
NEW SHELTER V LIMITED PARTNERSHIP                                                        DE
</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
NEW SNOWDEN VILLAGE I, L.P.                                                              DE
NEW TIMBER RIDGE GP LIMITED PARTNERSHIP                                                  DE
NEW VISTAS APARTMENTS ASSOCIATES                                                         IL
NEW VISTAS APARTMENTS ASSOCIATES PHASE II                                                IL
NEW WEST 111TH STREET HOUSING COMPANY LIMITED PARTNERSHIP                                NY
NEW WEST 111TH STREET TWO ASSOCIATES LIMITED PARTNERSHIP                                 NY
NEWBERRY ARMS LIMITED PARTNERSHIP                                                        SC
NEWINGTON-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                          MD
NEWPORT-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                            MD
NEWTON HILL LIMITED PARTNERSHIP                                                          OH
NHP A&R SERVICES, INC.                                                                   VA
NHP ALHAMBRA ASSOCIATES LIMITED PARTNERSHIP                                              DE
NHP ALHAMBRA LIMITED PARTNERSHIP                                                         DE
NHP BAYSHORE ASSOCIATES L.P.                                                             DE
NHP BAYSHORE L.P.                                                                        DE
NHP COUNTRY GARDENS LIMITED PARTNERSHIP                                                  VA
NHP COUNTRY GARDENS, INC.                                                                VA
NHP EMPLOYEE LIMITED PARTNERSHIP                                                         DC
NHP HOLLYMEAD ASSOCIATES L.P.                                                            DE
NHP HOLLYMEAD L.P.                                                                       DE
NHP INVESTMENT PARTNERS I, A LIMITED PARTNERSHIP                                         MD
NHP INVESTMENT PARTNERS III, A LIMITED  PARTNERSHIP                                      MD
NHP KINGSTON ASSOCIATES L.P.                                                             DE
NHP KINGSTON L.P.                                                                        DE
NHP MAINTENANCE SERVICES COMPANY                                                         VA
NHP MANAGEMENT COMPANY                                                                   DC
NHP MATTAPONY, L.P.                                                                      DE
NHP MID-ATLANTIC PARTNERS ONE L.P.                                                       DE
NHP MID-ATLANTIC PARTNERS THREE L.P.                                                     DE
NHP MID-ATLANTIC PARTNERS TWO L.P.                                                       DE
NHP PARK VILLAGE ASSOCIATES LIMITED PARTNERSHIP                                          DE
NHP PARK VILLAGE LIMITED PARTNERSHIP                                                     DE
NHP PARKWAY ASSOCIATES L.P.                                                              DE
NHP PARKWAY L.P.                                                                         DE
NHP PARTNERS LLC                                                                         DE
NHP PARTNERS TWO LIMITED PARTNERSHIP                                                     DE
NHP PARTNERS TWO LLC                                                                     DE
NHP PEMBROKE COURTS ASSOCIATES L.P.                                                      DE
NHP PUERTO RICO MANAGEMENT COMPANY                                                       DE
NHP RAMBLEWOOD ASSOCIATES L.P.                                                           DE
NHP RAMBLEWOOD L.P.                                                                      DE
NHP RETIREMENT HOUSING, INC.                                                             DE
NHP RHP-II ASSIGNOR CORPORATION                                                          DE
NHP SOUTHEAST PARTNERS, L.P.                                                             DE
NHP TROPICAL GARDENS LIMITED PARTNERSHIP                                                 DE
NHP VENTURE CORPORATION                                                                  DE
NHP VILLAS ASSOCIATES TWO L.P.                                                           DE
NHP VILLAS L.P.                                                                          DE
NHP WINDSOR CROSSING ASSOCIATES L.P.                                                     DE
NHP WINDSOR CROSSING L.P.                                                                DE
</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
NHP WOODSHIRE ASSOCIATES L.P.                                                            DE
NHP/CONGRESS MANAGEMENT LIMITED PARTNERSHIP                                              VA
NHP/HG TEN, L.P.                                                                         DE
NHP/HS THREE, L.P.                                                                       DE
NHP/PRC MANAGEMENT COMPANY LLC                                                           DE
NHP-HDV FOURTEEN, INC.                                                                   DE
NHP-HDV SEVENTEEN, INC.                                                                  DE
NHP-HDV TEN, INC.                                                                        DE
NHP-HDV TWELVE, INC.                                                                     DE
NHP-HG SIX, INC.                                                                         VA
NHP-HG, INC.                                                                             VA
NHP-HS THREE, INC.                                                                       DE
NHPMN MANAGEMENT, L.P.                                                                   DE
NHPMN MANAGEMENT, LLC                                                                    DE
NHPMN STATE MANAGEMENT, INC.                                                             DE
NHPMN-GP, INC.                                                                           DE
NICHOLS TOWNEHOMES,LTD.                                                                  OH
NINTH SPRINGHILL LAKE LIMITED PARTNERSHIP                                                MD
NOB HILL VILLA APARTMENTS ASSOCIATES, L.P.                                               TN
NORCO ASSOCIATES                                                                         PA
NORMANDIE AVENUE LIMITED PARTNERSHIP                                                     CA
NORTH GATE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                         IN
NORTH LAKE TERRACE ASSOCIATES LIMITED PARTNERSHIP                                        TX
NORTH OMAHA HOMES                                                                        NE
NORTH PARK ASSOCIATES LIMITED PARTNERSHIP                                                WV
NORTH POINT OXFORD CORPORATION                                                           MD
NORTH POINT-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                        MD
NORTH RIVER VILLAGE III LIMITED PARTNERSHIP                                              SC
NORTH WASHINGTON PARK ESTATES                                                            IL
NORTH WOODS-OXFORD ASSOCIATES, L.P.                                                      IN
NORTHBROOK APARTMENTS, LTD.                                                              MS
NORTHERN STATES PROPERTIES LIMITED PARTNERSHIP                                           WA
NORTHGATE LIMITED, L.P.                                                                  DE
NORTHGATE VILLAGE LIMITED PARTNERSHIP                                                    GA
NORTHPOINT APARTMENTS PARTNERS, L.P.                                                     DE
NORTHPOINT PRESERVATION LIMITED PARTNERSHIP                                              DE
NORTHVIEW HARBOR LIMITED PARTNERSHIP                                                     IL
NORTHWEST TERRACE ASSOCIATES LIMITED PARTNERSHIP                                         TX
NORTHWIND FOREST LIMITED PARTNERSHIP                                                     MI
NOVA ASSOCIATES LIMITED PARTNERSHIP                                                      WA
NP BANK LOFTS ASSOCIATES, L.P.                                                           CO
NPI PROPERTY MANAGEMENT CORPORATION                                                      FL
NPI-AP MANAGEMENT, L.P.                                                                  DE
NPI-CL MANAGEMENT L.P.                                                                   DE
OA '77 CAMERON, L.L.C.                                                                   MD
OA79 PARTNERS, L.P.                                                                      DE
OA80 PARTNERS, L.P.                                                                      DE
OA81 PARTNERS, L.P.                                                                      DE
OA82 PARTNERS, L.P.                                                                      DE
OA83 PARTNERS, L.P.                                                                      DE
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
OAC L.L.C.                                                                               MD
OAC LIMITED PARTNERSHIP                                                                  MD
OAK FALLS CONDOMINIUMS JV GP, LLC                                                        DE
OAK FALLS CONDOMINIUMS JV, L.P.                                                          TX
OAK FOREST ASSOCIATES LIMITED PARTNERSHIP                                                OH
OAK FOREST II ASSOCIATES LIMITED PARTNERSHIP                                             OH
OAK FOREST III ASSOCIATES                                                                OH
OAK HILL APARTMENTS ASSOCIATES                                                           NC
OAK HOLLOW SOUTH ASSOCIATES                                                              PA
OAK PARK-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                           MI
OAK RUN GP, L.L.C.                                                                       SC
OAK RUN, L.P.                                                                            SC
OAK WOODS ASSOCIATES                                                                     IL
OAKBROOK INVESTORS LIMITED PARTNERSHIP                                                   MI
OAKCREST TERRACE ASSOCIATES LIMITED PARTNERSHIP                                          MD
OAKHAVEN APARTMENTS, LIMITED PARTNERSHIP                                                 MS
OAKLAND CITY WEST END ASSOCIATES LIMITED PARTNERSHIP                                     GA
OAKLAND COMPANY                                                                          SC
OAKLAND VILLAGE TOWNHOUSE ASSOCIATES LIMITED PARTNERSHIP                                 VA
OAKWOOD ASSOCIATES OF OHIO LIMITED PARTNERSHIP                                           OH
OAKWOOD LIMITED PARTNERSHIP                                                              MI
OAMCO I, L.L.C.                                                                          DE
OAMCO II, L.L.C.                                                                         DE
OAMCO III, L.L.C.                                                                        DE
OAMCO IV, L.L.C.                                                                         DE
OAMCO IX, L.L.C.                                                                         DE
OAMCO V, L.L.C.                                                                          DE
OAMCO VI, L.L.C.                                                                         DE
OAMCO VII, L.L.C.                                                                        DE
OAMCO VIII, L.L.C.                                                                       DE
OAMCO X, L.L.C.                                                                          DE
OAMCO XI, L.L.C.                                                                         DE
OAMCO XII, L.L.C.                                                                        DE
OAMCO XIII, L.L.C.                                                                       DE
OAMCO XIV, L.L.C.                                                                        DE
OAMCO XIX, L.L.C.                                                                        DE
OAMCO XIX, L.P.                                                                          DE
OAMCO XV, L.L.C.                                                                         DE
OAMCO XVI, L.L.C.                                                                        DE
OAMCO XVII, L.L.C.                                                                       DE
OAMCO XVIII, L.L.C.                                                                      DE
OAMCO XVIII, L.P.                                                                        DE
OAMCO XX, L.L.C.                                                                         DE
OAMCO XX, L.P.                                                                           DE
OAMCO XXI, L.L.C.                                                                        DE
OAMCO XXI, L.P.                                                                          DE
OAMCO XXII, L.L.C.                                                                       DE
OAMCO XXIII, L.L.C.                                                                      DE
OAMCO XXIV, L.L.C.                                                                       DE
OAMCO XXV, L.L.C.                                                                        DE
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
OAMCO XXVI, L.L.C.                                                                       DE
OAMCO XXVIII LIMITED PARTNERSHIP                                                         MD
OAMCO XXX LIMITED PARTNERSHIP                                                            MD
OCALA PLACE, LTD.                                                                        FL
OCALA-OXFORD LIMITED PARTNERSHIP                                                         MD
O'DEA INVESTMENT COMPANY                                                                 CA
OFA PARTNERS                                                                             PA
O'FALLON ASSOCIATES OF ILLINOIS LIMITED PARTNERSHIP                                      MO
OHA ASSOCIATES                                                                           IL
OKEMOS STATION-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                     MI
OLD FARM ASSOCIATES                                                                      PA
OLD ORCHARD LIMITED PARTNERSHIP                                                          IL
OLDE MILL INVESTORS LIMITED PARTNERSHIP                                                  DE
OLDE TOWNE ASSOCIATES, L.P.                                                              IN
OLIVER ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                                        MD
ONE LINWOOD ASSOCIATES, LTD.                                                             DC
ONE LYTLE PLACE APARTMENTS PARTNERS, L.P.                                                DE
ONE LYTLE PLACE, AN OHIO LIMITED PARTNERSHIP                                             OH
ONE WEST CONWAY ASSOCIATES LIMITED PARTNERSHIP                                           MD
OP PROPERTY MANAGEMENT, L.P.                                                             DE
OP PROPERTY MANAGEMENT, LLC                                                              DE
OPA LOCKA ASSOCIATES, LTD.                                                               FL
OPPORTUNITY ASSOCIATES 1991 L.P.                                                         IN
OPPORTUNITY ASSOCIATES 1994, L.P.                                                        IN
ORANGE CITY VILLAS II, LTD.                                                              FL
ORANGE VILLAGE ASSOCIATES                                                                PA
ORANGEBURG MANOR                                                                         GA
ORCHARD MEWS ASSOCIATES LIMITED PARTNERSHIP                                              MD
ORCHARD PARK ASSOCIATES JOINT VENTURE                                                    SC
ORLANDO-LAKE CONWAY LIMITED PARTNERSHIP                                                  CT
ORP ACQUISITION PARTNERS LIMITED PARTNERSHIP                                             MD
ORP ACQUISITION, INC.                                                                    MD
ORP CORPORATION I                                                                        MD
ORP CORPORATION II                                                                       MD
ORP CORPORATION III                                                                      MD
ORP CORPORATION IV                                                                       MD
ORP FOUR LIMITED PARTNERSHIP                                                             MD
ORP I ASSIGNOR CORPORATION                                                               MD
ORP ONE L.L.C.                                                                           MD
ORP THREE L.L.C.                                                                         MD
ORP TWO L.L.C.                                                                           MD
OTC APARTMENTS LIMITED PARTNERSHIP                                                       FL
OTEF II ASSIGNOR CORPORATION                                                             MD
OTEF II ASSOCIATES LIMITED PARTNERSHIP                                                   MD
OUTLETS GP, L.L.C.                                                                       SC
OVERBROOK PARK, LTD.                                                                     OH
OVERLOOK APARTMENTS ASSOCIATES, LTD.                                                     GA
OXFORD APARTMENTS, LTD.                                                                  AL
OXFORD ASSOCIATES '76 LIMITED PARTNERSHIP                                                IN
OXFORD ASSOCIATES '77 LIMITED PARTNERSHIP                                                IN
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
OXFORD ASSOCIATES '78 LIMITED PARTNERSHIP                                                IN
OXFORD ASSOCIATES '79 LIMITED PARTNERSHIP                                                IN
OXFORD ASSOCIATES '80 LIMITED PARTNERSHIP                                                IN
OXFORD ASSOCIATES '81 LIMITED PARTNERSHIP                                                IN
OXFORD ASSOCIATES '82 LIMITED PARTNERSHIP                                                IN
OXFORD ASSOCIATES '83 LIMITED PARTNERSHIP                                                IN
OXFORD ASSOCIATES '84 LIMITED PARTNERSHIP                                                MD
OXFORD ASSOCIATES '85 LIMITED PARTNERSHIP                                                MD
OXFORD ASSOCIATES '86 LIMITED PARTNERSHIP                                                MD
OXFORD BETHESDA I LIMITED PARTNERSHIP                                                    MD
OXFORD BETHESDA II LIMITED PARTNERSHIP                                                   MD
OXFORD CONSTRUCTION SERVICES INC                                                         IN
OXFORD CORPORATION                                                                       IN
OXFORD DEVELOPMENT CORPORATION                                                           IN
OXFORD DEVELOPMENT ENTERPRISES INC                                                       IN
OXFORD ENGINEERING SERVICES INC                                                          IN
OXFORD EQUITIES CORPORATION II                                                           DE
OXFORD FUND I LIMITED PARTNERSHIP                                                        MD
OXFORD FUND II LIMITED PARTNERSHIP                                                       MD
OXFORD GENERAL PARTNERS CORPORATION                                                      DE
OXFORD HOLDING CORPORATION                                                               MD
OXFORD INVESTMENT CORPORATION                                                            MD
OXFORD INVESTMENT II CORPORATION                                                         MD
OXFORD MANAGEMENT COMPANY INC                                                            IN
OXFORD MANAGERS I LIMITED PARTNERSHIP                                                    MD
OXFORD MANAGERS II LIMITED PARTNERSHIP                                                   MD
OXFORD MANAGERS IIIA LIMITED PARTNERSHIP                                                 MD
OXFORD MORTGAGE & INVESTMENT CORPORATION                                                 IN
OXFORD MULTIPLE EQUITIES FOR GROWTH & APPRECIATION LIMITED PARTNERSHIP                   MD
OXFORD NOTE ACQUISITION CORPORATION                                                      DE
OXFORD OAKS INVESTORS, LIMITED PARTNERSHIP                                               OK
OXFORD PARTNERS I LIMITED PARTNERSHIP                                                    IN
OXFORD PARTNERS II LIMITED PARTNERSHIP                                                   MD
OXFORD PARTNERS III LIMITED PARTNERSHIP                                                  MD
OXFORD PARTNERS V LIMITED PARTNERSHIP                                                    MD
OXFORD PARTNERS X, L.L.C.                                                                MD
OXFORD PLACE ASSOCIATES                                                                  RI
OXFORD PROPERTIES CORPORATION                                                            IN
OXFORD PROPERTY ADVISORS CORPORATION                                                     MD
OXFORD PUBLIC FUNDS CORPORATION                                                          MD
OXFORD REAL ESTATE HOLDINGS CORPORATION                                                  MD
OXFORD REALTY ADVISERS CORPORATION                                                       MD
OXFORD REALTY FINANCIAL GROUP, INC.                                                      MD
OXFORD REALTY SERVICES CORP.                                                             DE
OXFORD RESIDENTIAL PROPERTIES I CORPORATION                                              MD
OXFORD RESIDENTIAL PROPERTIES I LIMITED PARTNERSHIP                                      MD
OXFORD RETIREMENT SERVICES, INC.                                                         MD
OXFORD TAX EXEMPT FUND I CORPORATION                                                     MD
OXFORD TAX EXEMPT FUND II CORPORATION                                                    MD
OXFORD TAX EXEMPT FUND II LIMITED PARTNERSHIP                                            MD
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
OXFORD-COLUMBIA ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                               MD
OXFORD-KIRKWOOD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                               MD
OXPARC 1994, L.L.C.                                                                      MD
OXPARC 1995, L.L.C.                                                                      MD
OXPARC 1996, L.L.C.                                                                      MD
OXPARC 1997, L.L.C.                                                                      MD
OXPARC 1998, L.L.C.                                                                      MD
OXPARC 1999, L.L.C.                                                                      MD
OXPARC 2000, L.L.C.                                                                      MD
P&R INVESTMENT SERVICES                                                                  WA
P.A.C. LAND II LIMITED PARTNERSHIP                                                       OH
PACIFIC COAST PLAZA                                                                      CA
PACIFIC COAST VILLA LIMITED PARTNERSHIP                                                  CA
PALACE VIEW HOUSING LIMITED PARTNERSHIP                                                  CT
PALM AIRE-ISLAND CLUB APARTMENTS PARTNERS, L.P.                                          DE
PALM AIRE - ISLAND CLUB APARTMENTS, L.P.                                                 DE
PALM AIRE-OXFORD LIMITED PARTNERSHIP                                                     MD
PALM BEACH-OXFORD LIMITED PARTNERSHIP                                                    MD
PALM HOUSE LIMITED PARTNERSHIP                                                           OH
PALM LAKE ASSOCIATES, LTD.                                                               FL
PALM SPRINGS SENIOR CITIZENS COMPLEX LIMITED PARTNERSHIP                                 CA
PALMER SQUARE APARTMENTS ASSOCIATES                                                      IL
PANORAMA CITY I LIMITED PARTNERSHIP                                                      CA
PANORAMA CITY II LIMITED PARTNERSHIP                                                     CA
PANORAMA PARK APARTMENTS LIMITED PARTNERSHIP                                             CA
PARC CHATEAU SECTION I ASSOCIATES L.P.                                                   GA
PARC CHATEAU SECTION II ASSOCIATES (L.P.)                                                GA
PARHAM-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                                 MD
PARK ASSOCIATES, L.P.                                                                    MO
PARK AVENUE WEST I LIMITED PARTNERSHIP                                                   OH
PARK AVENUE WEST II LIMITED PARTNERSHIP                                                  OH
PARK CREEK LIMITED PARTNERSHIP                                                           CO
PARK MANOR, OREG. LTD.                                                                   OR
PARK MEADOWS ACQUISITION, L.P.                                                           MO
PARK MEADOWS MANAGEMENT, LLC                                                             DE
PARK NORTH-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                             MD
PARK RUN APARTMENTS, LTD.                                                                TX
PARK TOWNE PLACE ASSOCIATES LIMITED PARTNERSHIP                                          DE
PARKER HOUSE ASSOCIATES LIMITED PARTNERSHIP                                              MD
PARKVIEW APARTMENTS,  A LIMITED PARTNERSHIP                                              SC
PARKVIEW ARMS ASSOCIATES I LIMITED PARTNERSHIP                                           OH
PARKVIEW ARMS ASSOCIATES II LIMITED PARTNERSHIP                                          OH
PARKVIEW DEVELOPMENT CO.                                                                 MN
PARKWAYS ASSOCIATES LIMITED PARTNERSHIP                                                  IL
PARKWAYS PRESERVATION, L.P.                                                              DE
PARTNERS LIQUIDATING TRUST                                                               DE
PARTNERSHIP FOR HOUSING LIMITED                                                          CA
PARTNERSHIP FUNDING GROUP, L.P.                                                          DE
PAVILION ASSOCIATES                                                                      PA
PAVILION PRESERVATION, L.P.                                                              DE
</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
PEBBLE POINT CORPORATION                                                                 MD
PEBBLE POINT-OXFORD ASSOCIATES, L.P.                                                     IN
PELHAM PLACE GP LIMITED PARTNERSHIP                                                      SC
PELHAM PLACE, L.P.                                                                       SC
PENDLETON RIVERSIDE APARTMENTS OREG.  LTD.                                               OR
PENN HALL ASSOCIATES LIMITED PARTNERSHIP                                                 WA
PENNBROOK APARTMENTS ASSOCIATES                                                          MI
PENNSYLVANIA ASSOCIATES                                                                  PA
PENVIEW ASSOCIATES, L.P.                                                                 NY
PEPPERMILL PLACE APARTMENTS JV GP, LLC                                                   DE
PEPPERMILL PLACE APARTMENTS JV, L.P.                                                     TX
PEPPERMILL VILLAGE-OXFORD ASSOCIATES L.P.                                                IN
PEPPERTREE ASSOCIATES                                                                    CA
PEPPERTREE VILLAGE OF AVON PARK, LIMITED                                                 FL
PERSHING WATERMAN PHASE I LIMITED  PARTNERSHIP                                           MO
PETERSBURG EAST SECTION 1, L.P.                                                          VA
PFG SHAREHOLDER, INC.                                                                    DE
PHILIPPI TOWERS LIMITED PARTNERSHIP                                                      WV
PHILLIPS VILLAGE ASSOCIATES, L.P.                                                        CA
PHOENIX BROADWAY ASSOCIATES LIMITED PARTNERSHIP                                          AZ
PHOENIX VINEYARD LIMITED PARTNERSHIP                                                     AZ
PICKWICK PLACE AP XII, L.P.                                                              SC
PINE BLUFF ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                                    MD
PINE HAVEN APARTMENTS, LTD. A TEXAS LIMITED PARTNERSHIP                                  TX
PINE LAKE TERRACE ASSOCIATES L.P.                                                        CA
PINE TREE APARTMENTS, LTD.                                                               FL
PINEHAVEN VILLAS APARTMENTS, A LIMITED PARTNERSHIP                                       SC
PINELLAS-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                           MD
PINERIDGE ASSOCIATES, L.P.                                                               MO
PINERIDGE MANAGEMENT, INC.                                                               CA
PINETREE ASSOCIATES                                                                      PA
PINEWOOD PARK APARTMENTS, A LIMITED PARTNERSHIP                                          SC
PINEWOOD PLACE APARTMENTS ASSOCIATES LIMITED PARTNERSHIP                                 OH
PINEWOOD, LTD.                                                                           GA
PINEY BRANCH ASSOCIATES LIMITED PARTNERSHIP                                              MD
PITTSFIELD NEIGHBORHOOD ASSOCIATES                                                       MA
PLACE ONE LIMITED PARTNERSHIP                                                            VA
PLACID LAKE ASSOCIATES, LTD.                                                             FL
PLAINS VILLAGE, LTD.                                                                     TX
PLAINVIEW APARTMENTS, L.P.                                                               SC
PLANTATION CREEK CPGF 22, L.P.                                                           DE
PLANTATION PARTNERS, LTD.                                                                FL
PLEASANT HILL PRESERVATION, L.P.                                                         TX
PLEASANT VALLEY APARTMENTS LIMITED PARTNERSHIP                                           TX
PLUMLY TOWNEHOMES, LTD.                                                                  OH
PLYMOUTH ASSOCIATES LIMITED PARTNERSHIP                                                  MD
POINT JAMES APARTMENTS LIMITED PARTNERSHIP                                               SC
POINT JAMES APARTMENTS PARTNERS, L.P.                                                    DE
POINT VILLAGE, LTD.                                                                      OH
POINT WEST ASSOCIATES LIMITED PARTNERSHIP                                                GA
</TABLE>

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<PAGE>

<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
POINT WEST LIMITED PARTNERSHIP                                                           KS
PORTAGE ASSOCIATES LIMITED PARTNERSHIP                                                   MI
PORTERWOOD-REO, L.P.                                                                     TX
PORTFOLIO PROPERTIES EIGHT ASSOCIATES LIMITED PARTNERSHIP                                DC
PORTFOLIO PROPERTIES FIFTEEN ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                  MD
PORTFOLIO PROPERTIES FIVE ASSOCIATES LIMITED PARTNERSHIP                                 DC
PORTFOLIO PROPERTIES TWELVE ASSOCIATES LIMITED PARTNERSHIP                               DC
PORTLAND PLAZA LIMITED PARTNERSHIP                                                       KY
PORTNER PLACE ASSOCIATES LIMITED PARTNERSHIP                                             DC
POST RIDGE ASSOCIATES, LTD., LIMITED PARTNERSHIP                                         TN
POST STREET ASSOCIATES LIMITED PARTNERSHIP                                               NY
PREFERRED PROPERTIES FUND 80                                                             CA
PRIDE GARDENS LIMITED PARTNERSHIP                                                        MS
PRIME ASPEN LIMITED PARTNERSHIP                                                          TX
PRIME H.C. LIMITED PARTNERSHIP                                                           TX
PRIMECREST, L.P.                                                                         TX
PRINCE STREET TOWERS LIMITED PARTNERSHIP                                                 PA
PROPERTY ASSET MANAGEMENT SERVICES-CALIFORNIA, LLC                                       CA
PROPERTY ASSET MANAGEMENT, LLC, LIMITED LIABILITY COMPANY                                CO
PUEBLO LIMITED PARTNERSHIP                                                               CO
PULLMAN WHEELWORKS ASSOCIATES I                                                          IL
PW I ASSOCIATES LIMITED PARTNERSHIP                                                      MO
PW III ASSOCIATES LIMITED PARTNERSHIP                                                    MO
PW IV ASSOCIATES LIMITED PARTNERSHIP                                                     MO
PW V ASSOCIATES LIMITED PARTNERSHIP                                                      MO
PW VI ASSOCIATES LIMITED PARTNERSHIP                                                     MO
PYNCHON PARTNERS I LIMITED PARTNERSHIP                                                   MA
PYNCHON PARTNERS II LIMITED PARTNERSHIP                                                  MA
QUAIL RUN ASSOCIATES, L.P.                                                               DE
QUAIL RUN IV LIMITED PARTNERSHIP                                                         SC
QUAIL WOODS APARTMENTS PARTNERS, L.P.                                                    DE
QUAIL WOODS DEVELOPERS LIMITED PARTNERSHIP                                               NC
QUEEN'S COURT JOINT VENTURE                                                              TN
QUEENSGATE II ASSOCIATES, LIMITED PARTNERSHIP                                            OH
QUEENSTOWN APARTMENTS LIMITED PARTNERSHIP                                                MD
QUINCY AFFORDABLE HOUSING L.P.                                                           IL
QUINT PROPERTIES LIMITED PARTNERSHIP                                                     SC
QUIVIRA MANAGEMENT, INC.                                                                 CA
QUIVIRA PLACE ASSOCIATES, L.P.                                                           KS
RAINTREE GP INC.                                                                         DE
RAINTREE GP, L.L.C.                                                                      SC
RAINTREE MEADOWS LTD., A CALIFORNIA LIMITED PARTNERSHIP                                  CA
RAINTREE PENSACOLA, L.P.                                                                 SC
RAMBLEWOOD LIMITED PARTNERSHIP                                                           MI
RAMBLEWOOD RESIDENTIAL JV GP, LLC                                                        DE
RAMBLEWOOD RESIDENTIAL JV, LLC                                                           DE
RAMBLEWOOD SERVICES LLC                                                                  DE
RANCHO TOWNHOUSES ASSOCIATES                                                             CA
RANCHOARMS                                                                               CA
RANDOL CROSSING INVESTORS                                                                IL
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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
RANDOL CROSSING PARTNERS, AN ILLINOIS LIMITED PARTNERSHIP                                IL
RANGER APARTMENTS, LTD.                                                                  TX
RAVENSWORTH ASSOCIATES LIMITED PARTNERSHIP                                               MA
RC ASSOCIATES                                                                            IL
REAL ESTATE ASSOCIATES LIMITED                                                           CA
REAL ESTATE ASSOCIATES LIMITED II                                                        CA
REAL ESTATE ASSOCIATES LIMITED III                                                       CA
REAL ESTATE ASSOCIATES LIMITED IV                                                        CA
REAL ESTATE ASSOCIATES LIMITED V                                                         CA
REAL ESTATE ASSOCIATES LIMITED VI                                                        CA
REAL ESTATE EQUITY PARTNERS INC.                                                         DE
REAL ESTATE EQUITY PARTNERS, L.P.                                                        DE
RED RIVER ESTATES, LP                                                                    LA
REDDMAN CORPORATION                                                                      MD
REDDMAN-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                            MD
REEDY RIVER PROPERTIES, L.L.C.                                                           DE
REFLECTIONS APARTMENTS PARTNERS, L.P.                                                    DE
REGENCY PARTNERS LIMITED PARTNERSHIP                                                     OH
REGISTRY SQUARE LIMITED PARTNERSHIP                                                      MO
RELATED/ADVANCE CAPITAL, LTD.                                                            FL
RENAISSANCE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                        MD
RESIDENTIAL ASSOCIATES LIMITED                                                           CA
RESIDUAL EQUITIES, L.P.                                                                  DE
RETIREMENT MANOR ASSOCIATES                                                              CA
RI-15 LIMITED PARTNERSHIP                                                                DC
RICHLIEU ASSOCIATES                                                                      PA
RIDGE CARLTON ASSOCIATES LIMITED PARTNERSHIP                                             MA
RIDGECREST APARTMENTS, L.P.                                                              DE
RIDGECREST ASSOCIATES                                                                    IL
RIDGEWOOD TOWERS ASSOCIATES                                                              IL
RIDING CLUB, L.P.                                                                        DE
RIVER FRONT APARTMENTS LIMITED PARTNERSHIP                                               PA
RIVER HILL, LIMITED PARTNERSHIP                                                          TN
RIVER LOFT APARTMENTS LIMITED PARTNERSHIP                                                PA
RIVER LOFT ASSOCIATES LIMITED PARTNERSHIP                                                MA
RIVER OAKS ASSOCIATES                                                                    TX
RIVER REACH COMMUNITY SERVICES ASSOCIATION, INC.                                         FL
RIVER WOOD ASSOCIATES, L.P.                                                              IN
RIVER WOODS ASSOCIATES LIMITED PARTNERSHIP                                               IL
RIVERCREEK APARTMENTS LIMITED PARTNERSHIP                                                SC
RIVERCREST APARTMENTS, L.P.                                                              SC
RIVERPOINT ASSOCIATES                                                                    RI
RIVER'S EDGE ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION LIMITED PARTNERSHIP         MI
RIVERSIDE PARK ASSOCIATES LIMITED PARTNERSHIP                                            DE
RIVERVIEW II ASSOCIATES LIMITED PARTNERSHIP                                              NY
ROCKVILLE ASSOCIATES, LTD.                                                               OH
ROCKWELL LIMITED PARTNERSHIP                                                             TX
ROCKY CREEK LIMITED PARTNERSHIP                                                          OH
ROEBERN, LTD.                                                                            OH
ROLLING MEADOWS OF ADA, LTD.                                                             OK
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
ROOSEVELT GARDENS APARTMENTS II LIMITED PARTNERSHIP                                      SC
ROOSEVELT GARDENS LIMITED PARTNERSHIP                                                    SC
ROSEWOOD APARTMENTS CORPORATION                                                          CA
ROSWELL-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                            MD
ROSWELL-OXFORD LIMITED PARTNERSHIP                                                       MD
ROUND BARN MANOR ASSOCIATES                                                              IL
ROWLAND HEIGHTS II LIMITED PARTNERSHIP                                                   CA
ROYAL COAST APARTMENTS ASSOCIATES, LTD.                                                  FL
ROYAL CREST ESTATES (MARLBORO(, L.L.C.                                                   DE
ROYAL DE LEON APARTMENTS, LTD.                                                           FL
ROYAL SHORE ASSOCIATES LIMITED PARTNERSHIP                                               HI
ROYAL TOWERS LIMITED PARTNERSHIP                                                         MO
RUFFIN ROAD ASSOCIATES LIMITED PARTNERSHIP                                               VA
RUNAWAY BAY II CORPORATION                                                               MD
RUNAWAY BAY II-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                     MD
RUNAWAY BAY-OXFORD ASSOCIATES L.P.                                                       IN
RUSCOMBE GARDENS LIMITED PARTNERSHIP                                                     MD
RUTHERFORD PARK TOWNHOUSES ASSOCIATES                                                    PA
S.A. APARTMENTS, LTD.                                                                    AL
SAGEWOOD MANOR ASSOCIATES, LIMITED PARTNERSHIP                                           NV
SAGINAW VILLAGE LIMITED PARTNERSHIP                                                      OR
SAHF II LIMITED PARTNERSHIP                                                              DE
SALEM ARMS OF AUGUSTA LIMITED PARTNERSHIP                                                SC
SALEM COURTHOUSE, L.P.                                                                   SC
SALEM GP, L.L.C.                                                                         SC
SALEM MANOR OREG. LTD.                                                                   OR
SALEM-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                              MD
SAN BRUNO-OXFORD LIMITED PARTNERSHIP                                                     MD
SAN JOSE LIMITED PARTNERSHIP                                                             TX
SAN JUAN APARTMENTS                                                                      CA
SAN JUAN DEL CENTRO LIMITED PARTNERSHIP                                                  CO
SAN JUAN DEL CENTRO, LLC                                                                 DE
SANDWICH APARTMENTS ASSOCIATES II LIMITED PARTNERSHIP                                    IL
SANDY SPRINGS ASSOCIATES, LIMITED                                                        GA
SANS SOUCI-REO LIMITED PARTNERSHIP                                                       TX
SAVOY COURT ASSOCIATES LIMITED PARTNERSHIP                                               MO
SCANDIA ASSOCIATES L.P.                                                                  IN
SCHAUMBURG-OXFORD LIMITED PARTNERSHIP                                                    MD
SCHUMAKER GLEN ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                                MD
SCOTCH ASSOCIATES LIMITED PARTNERSHIP                                                    PA
SCOTCH LANE ASSOCIATES                                                                   PA
SEASIDE POINT PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                                TX
SEASONS APARTMENTS, L.L.C.                                                               TX
SEASONS APARTMENTS, L.P.                                                                 DE
SEATTLE ROCHESTER AVENUE ASSOCIATES LIMITED PARTNERSHIP                                  NY
SECOND SPRINGHILL LAKE LIMITED PARTNERSHIP                                               MD
SECURED INCOME L.P.                                                                      DE
SECURITY MANAGEMENT INC.                                                                 WA
SECURITY PROPERTIES                                                                      WA
SECURITY PROPERTIES 73                                                                   WA
</TABLE>

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<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
SECURITY PROPERTIES 74                                                                   WA
SECURITY PROPERTIES 74 II                                                                WA
SECURITY PROPERTIES 74 III                                                               WA
SECURITY PROPERTIES 74-A                                                                 WA
SECURITY PROPERTIES 75                                                                   WA
SECURITY PROPERTIES 76                                                                   WA
SECURITY PROPERTIES 77                                                                   WA
SECURITY PROPERTIES 77A                                                                  WA
SECURITY PROPERTIES 78                                                                   WA
SECURITY PROPERTIES 78A                                                                  WA
SECURITY PROPERTIES 79                                                                   WA
SECURITY PROPERTIES 79-II                                                                WA
SECURITY PROPERTIES 80                                                                   WA
SECURITY PROPERTIES 81                                                                   WA
SECURITY PROPERTIES 81-A                                                                 WA
SECURITY PROPERTIES FHA LIMITED PARTNERSHIP                                              MT
SEMINOLE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                           MD
SEMINOLE-OXFORD CORPORATION                                                              MD
SENCIT F/G LIGHTHOUSE ASSOCIATES                                                         NJ
SENCIT F/G METROPOLITAN ASSOCIATES                                                       NJ
SENCIT NEW YORK AVENUE ASSOCIATES                                                        NJ
SENCIT TOWNE HOUSE LIMITED PARTNERSHIP                                                   PA
SENCIT-ATLANTIC CITY COMPANY                                                             NJ
SENCIT-JACKSONVILLE COMPANY, LTD.                                                        FL
SENCIT-KELLY TOWNSHIP ASSOCIATES                                                         PA
SENCIT-LEBANON COMPANY                                                                   PA
SENCIT-SELINSGROVE ASSOCIATES                                                            PA
SENIOR CHATEAU, LTD.                                                                     OH
SERRAMONTE PLAZA, A CALIFORNIA LIMITED PARTNERSHIP                                       CA
SEVENTH SPRINGHILL LAKE LIMITED PARTNERSHIP                                              MD
SH PARTNERS, L.P.                                                                        DE
SHADELAND MILLS ASSOCIATES L.P.                                                          IN
SHAKER SQUARE, L.P.                                                                      DE
SHANNON MANOR APARTMENTS, A LIMITED PARTNERSHIP                                          SC
SHARON WOODS, L.P.                                                                       DE
SHARP-LEADENHALL ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                              MD
SHARP-MASSACHUSETTS INVESTMENT LIMITED PARTNERSHIP                                       DE
SHELTER I GP LIMITED PARTNERSHIP                                                         DE
SHELTER III GP LIMITED PARTNERSHIP                                                       SC
SHELTER IV GP LIMITED PARTNERSHIP                                                        SC
SHELTER PROPERTIES I LIMITED PARTNERSHIP                                                 SC
SHELTER PROPERTIES II LIMITED PARTNERSHIP                                                SC
SHELTER PROPERTIES III LIMITED PARTNERSHIP                                               SC
SHELTER PROPERTIES IV LIMITED PARTNERSHIP                                                SC
SHELTER PROPERTIES V LIMITED PARTNERSHIP                                                 SC
SHELTER PROPERTIES VI LIMITED PARTNERSHIP                                                SC
SHELTER PROPERTIES VII LIMITED PARTNERSHIP                                               SC
SHELTER V GP LIMITED PARTNERSHIP                                                         DE
SHELTER V GP-SC LIMITED PARTNERSHIP                                                      SC
SHELTER VII GP LIMITED PARTNERSHIP                                                       SC
</TABLE>

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<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
SHERATON TOWERS LIMITED PARTNERSHIP                                                      NC
SHERMAN TERRACE ASSOCIATES                                                               PA
SHOREVIEW APARTMENTS, L.P.                                                               CA
SIERRA MEADOWS,L.P.                                                                      CA
SIGNATURE POINT JOINT VENTURE                                                            TX
SIGNATURE POINT PARTNERS, LTD.                                                           TX
SINGLETON-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                          MD
SITE 10 COMMUNITY ALLIANCE ASSOCIATES LIMITED PARTNERSHIP                                NY
SIXTH SPRINGHILL LAKE LIMITED PARTNERSHIP                                                MD
SLEEPY HOLLOW APARTMENTS, A LIMITED PARTNERSHIP                                          AR
SLEEPY-SOUTHMONT LIMITED PARTNERSHIP, A MARYLAND LIMITED PARTNERSHIP                     MD
SMP 2002, L.L.C.                                                                         DE
SMP 2003, L.L.C.                                                                         DE
SMP 2004, L.L.C.                                                                         DE
SMP 2005, L.L.C.                                                                         DE
SMP 2006, L.L.C.                                                                         DE
SMP 2007, L.L.C.                                                                         DE
SNAP IV LIMITED PARTNERSHIP                                                              GA
SNI DEVELOPMENT COMPANY LIMITED PARTNERSHIP                                              NY
SNOWDEN GP, L.L.C.                                                                       SC
SNOWDEN VILLAGE ASSOCIATES, L.P.                                                         DE
SNOWDEN VILLAGE GP LIMITED PARTNERSHIP                                                   DE
SOMERSET-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                           MI
SOUTH BRITTANY OAKS, L.P.                                                                DE
SOUTH HIAWASSEE VILLAGE, LTD.                                                            FL
SOUTH LA MANCHA, L.P.                                                                    DE
SOUTH LANDMARK PROPERTIES, L.P.                                                          TX
SOUTH MILL ASSOCIATES                                                                    PA
SOUTH MOUNTAIN TERRACE A LIMITED PARTNERSHIP                                             AZ
SOUTH PARK APARTMENTS LIMITED PARTNERSHIP                                                OH
SOUTH PORT APARTMENTS, A CALIFORNIA LIMITED PARTNERSHIP                                  CA
SOUTH PORT CCPIV, L.L.C.                                                                 SC
SOUTH WINDRUSH PROPERTIES, L.P.                                                          TX
SOUTHBAY VILLAS LIMITED PARTNERSHIP                                                      CA
SOUTHMONT APARTMENTS, A LIMITED PARTNERSHIP                                              AR
SOUTHRIDGE APARTMENTS LIMITED PARTNERSHIP                                                TX
SOUTHRIDGE ASSOCIATES                                                                    IL
SOUTHRIDGE INVESTORS                                                                     IL
SOUTHRIDGE-OXFORD LIMITED PARTNERSHIP                                                    MD
SOUTHWARD LIMITED PARTNERSHIP                                                            TX
SOUTHWEST AFFORDABLE HOUSING FUND LIMITED PARTNERSHIP                                    DE
SOUTHWEST ASSOCIATES, L.P.                                                               DE
SOUTHWEST PARKWAY , LTD.                                                                 TX
SOUTHWEST PARKWAY HOLDINGS, INC.                                                         TX
SP MID TERM INCOME FUND, LTD.                                                            WA
SP PROPERTIES 1982 LIMITED PARTNERSHIP                                                   WA
SP PROPERTIES 1983 LIMITED PARTNERSHIP                                                   WA
SP PROPERTIES 1983 TWO LIMITED PARTNERSHIP                                               WA
SP PROPERTIES 1984 LIMITED PARTNERSHIP                                                   WA
SPARTANBURG-OXFORD LIMITED PARTNERSHIP                                                   MD
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<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
SPRING BRIGHT LIMITED PARTNERSHIP                                                        MD
SPRING MEADOW LIMITED PARTNERSHIP                                                        MA
SPRINGDALE WEST                                                                          CA
SPRINGFIELD FACILITIES, LLC                                                              MD
SPRINGFIELD LIMITED PARTNERSHIP                                                          TX
SPRINGHILL COMMERCIAL LIMITED PARTNERSHIP                                                MD
SPRINGHILL LAKE INVESTORS LIMITED PARTNERSHIP                                            MD
SPRUCE LIMITED PARTNERSHIP                                                               PA
SPYGLASS-OXFORD ASSOCIATES L.P.                                                          IN
ST. GEORGE VILLAS LIMITED PARTNERSHIP                                                    SC
ST. JOSEPH LIMITED PARTNERSHIP                                                           MD
ST. MARY'S-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                         MD
ST. NICHOLAS ASSOCIATES LIMITED PARTNERSHIP                                              NY
STAFFORD APARTMENTS, LLC                                                                 MD
STAFFORD STUDENT APARTMENTS, L.P.                                                        DE
STANBRIDGE LIMITED PARTNERSHIP                                                           SC
STANDART WOODS ASSOCIATES LIMITED PARTNERSHIP                                            DE
STANDPOINT VISTA ASSOCIATES                                                              SC
STANDPOINT VISTA LIMITED PARTNERSHIP                                                     MD
STAUNTON HEIGHTS LIMITED PARTNERSHIP                                                     SC
STEEPLECHASE (AILKEN) LIMITED PARTNERSHIP                                                SC
STEEPLECHASE JV GP, LLC                                                                  DE
STEEPLECHASE JV, LLC                                                                     DE
STERLING CREST JOINT VENTURE                                                             TN
STERLING VILLAGE LIMITED PARTNERSHIP                                                     CA
STEWARTOWN ASSOCIATES LIMITED PARTNERSHIP                                                MD
STIRLING COURT APARTMENTS JV GP, LLC                                                     DE
STIRLING COURT APARTMENTS JV, L.P.                                                       TX
STOCK ISLAND LIMITED PARTNERSHIP                                                         FL
STONE HOLLOW-REO, L.P.                                                                   TX
STONE POINTE VILLAGE LIMITED PARTNERSHIP                                                 IN
STONECREEK/WATERS LANDING L.L.C.                                                         MD
STONEGATE PARK APARTMENTS, LTD.                                                          TX
STONEY CREEK CPGF 22, L.P.                                                               DE
STONEY GREENS, L.L.C.                                                                    SC
STONYBROOK APARTMENTS ASSOCIATES LTD. PARTNERSHIP                                        SC
STOREY MANOR ASSOCIATES LIMITED PARTNERSHIP                                              IL
STRATFORD PLACE INVESTORS LIMITED PARTNERSHIP                                            DE
STRATFORD VILLAGE REALTY TRUST                                                           MA
STRAWBRIDGE SQUARE APARTMENTS PARTNERS, L.P.                                             DE
STRAWBRIDGE SQUARE ASSOCIATES LIMITED PARTNERSHIP                                        VA
STURBROOK INVESTORS, LTD.                                                                CA
STUYVESANT LIMITED DIVIDEND HOUSING ASSOCIATION                                          MI
SUBSIDIZED HOUSING PARTNERS                                                              CA
SUGAR BUSH-OXFORD ASSOCIATES L.P.                                                        IN
SUGARBERRY APARTMENTS CORPORATION                                                        CA
SUMMERSONG TOWNHOUSES LIMITED PARTNERSHIP                                                CO
SUMMERWALK NPI III, L.P.                                                                 SC
SUMMERWALK PROPERTIES, L.L.C.                                                            MD
SUN LAKE JV GP, LLC                                                                      DE
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
SUN LAKE JV, LTD.                                                                        FL
SUN TERRACE ASSOCIATES                                                                   AZ
SUNBURY DOWNS APARTMENTS JV GP, LLC                                                      DE
SUNBURY DOWNS APARTMENTS JV, L.P.                                                        TX
SUNLAND TERRACE LIMITED PARTNERSHIP                                                      CA
SUNNYCREST MANOR ASSOCIATES L.P.                                                         IN
SUNRISE ASSOCIATES LIMITED PARTNERSHIP                                                   IL
SUNSET PLAZA APARTMENTS                                                                  MS
SUNSET SILVER BOW APARTMENTS                                                             MT
SUNTREE-OXFORD ASSOCIATES LIMITED DIVIDEND HOUSING ASSOCIATION                           MI
SUSQUEHANNA VIEW LIMITED PARTNERSHIP                                                     PA
SUTTON PLACE CCPV, LP                                                                    SC
SWIFT CREEK APARTMENTS, A LIMITED PARTNERSHIP                                            SC
SYCAMORE CREEK ASSOCIATES, L.P.                                                          DE
TAHF II LIMITED PARTNERSHIP                                                              DE
TAMARAC PINES II LIMITED PARTNERSHIP                                                     TX
TAMARAC PINES LIMITED PARTNERSHIP                                                        TX
TAMARAC PINES PRESERVATION, LP                                                           TX
TARA BRIDGE LIMITED PARTNERSHIP                                                          GA
TAUNTON GREEN ASSOCIATES                                                                 MA
TAUNTON II ASSOCIATES                                                                    MA
TEB MUNICIPAL TRUST II                                                                   NY
TERRA II LIMITED DIVIDEND HOUSING ASSOCIATION                                            MI
TERRACE GARDENS LIMITED PARTNERSHIP, A CALIFORNIA LIMITED PARTNERSHIP                    CA
TERRACE INVESTORS LIMITED PARTNERSHIP                                                    TX
TEXAS AFFORDABLE HOUSING INVESTMENT FUND I LIMITED PARTNERSHIP                           NC
TEXAS APARTMENT INVESTORS                                                                DE
TEXAS CHEYENNE VILLAGE APARTMENTS LIMITED PARTNERSHIP                                    TX
TEXAS OPPORTUNITY PARTNERS - SERIES I LIMITED PARTNERSHIP                                DE
TEXAS RESIDENTIAL INVESTORS LIMITED PARTNERSHIP                                          DE
THC - GINZA JOINT VENTURE                                                                HI
THE BILTMORE LTD.                                                                        OH
THE BLUFFS DEVELOPMENT LIMITED PARTNERSHIP                                               IN
THE CROSSINGS II LIMITED PARTNERSHIP                                                     GA
THE FONDREN COURT JOINT VENTURE                                                          TX
THE HOUSTON RECOVERY FUND JV GP, LLC                                                     DE
THE HOUSTON RECOVERY FUND JV, L.P.                                                       TX
THE NATIONAL HOUSING PARTNERSHIP                                                         DC
THE NATIONAL HOUSING PARTNERSHIP II TRUST                                                NY
THE NEW FAIRWAYS, L.P.                                                                   DE
THE NORTH WASHINGTON PARK PARTNERSHIP                                                    IL
THE OAK PARK PARTNERSHIP LIMITED PARTNERSHIP                                             IL
THE PARK AT CEDAR LAWN, LTD., A TEXAS LIMITED PARTNERSHIP                                TX
THE PARKSIDE PARTNERSHIP                                                                 IL
THE ROGERS PARK PARTNERSHIP, LTD.                                                        IL
THE TERRACES ASSOCIATES L.P.                                                             IN
THE TWENTYNINE PALMS LIMITED PARTNERSHIP                                                 CA
THE VILLAGE OF KAUFMAN, LTD.                                                             TX
THE WOODLANDS LIMITED                                                                    MI
THE WOODS ASSOCIATES                                                                     IL
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
THIRD SPRINGHILL LAKE LIMITED PARTNERSHIP                                                MD
THREE FOUNTAINS LIMITED                                                                  MI
THREE WINTHROP LIMITED PARTNERSHIP                                                       MD
TIDEWATER-OXFORD LIMITED PARTNERSHIP                                                     MD
TIFFANY REHAB ASSOCIATES, L.P.                                                           MO
TIMBER RIDGE JV GP, LLC                                                                  DE
TIMBER RIDGE JV, L.P.                                                                    DE
TIMBERLAKE APARTMENTS LIMITED PARTNERSHIP                                                TX
TIMBERWOODS ASSOCIATES LIMITED PARTNERSHIP                                               SC
TIMUQUANA PARK APARTMENTS, LTD.                                                          FL
TINKER CREEK LIMITED PARTNERSHIP                                                         VA
TOMPKINS TERRACE ASSOCIATES LIMITED PARTNERSHIP                                          NY
TORRIES CHASE ACQUISITION, L.P.                                                          KS
TOWER OF DAVID LIMITED PARTNERSHIP                                                       SD
TOWN & COUNTRY CLUB APARTMENTS                                                           MT
TOWN NORTH, A LIMITED PARTNERSHIP                                                        AR
TOWN ONE - PHASE II LIMITED PARTNERSHIP                                                  SD
TOWN ONE LIMITED PARTNERSHIP                                                             SD
TOWNSHIP AT HIGHLANDS LLC                                                                DE
TOWNSHIP AT HIGHLANDS PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                        TX
TOWNVIEW TOWERS I PARTNERSHIP, LTD.                                                      TN
TRAIL RIDGE APARTMENTS LIMITED PARTNERSHIP                                               KS
TRAILS GP LIMITED PARTNERSHIP, THE                                                       SC
TRAILS, L.P., THE                                                                        SC
TRAVIS ONE-OXFORD LIMITED PARTNERSHIP                                                    MD
TREESLOPE APARTMENTS, A LIMITED PARTNERSHIP                                              SC
TRIANON, LTD., LIMITED PARTNERSHIP                                                       NC
TRINITY APARTMENTS JV GP, LLC                                                            DE
TRINITY APARTMENTS JV, L.P.                                                              DE
TRINITY HILLS VILLAGE LIMITED PARTNERSHIP                                                TN
TRINITY PLACE COMMUNITY URBAN REDEVELOPMENT CORPORATION                                  OH
TRINITY TOWERS - 14TH STREET ASSOCIATES LIMITED PARTNERSHIP                              DC
TRINITY-OXFORD ASSOCIATES L.P.                                                           IN
TRINITY-OXFORD CORPORATION                                                               MD
TRI-PROPERTIES ASSOCIATES LIMITED PARTNERSHIP                                            SC
TUJUNGA GARDENS LIMITED PARTNERSHIP                                                      CA
TUMAST ASSOCIATES                                                                        CA
TURNBUERRY-REO, L.P.                                                                     TX
TWIN GABLES ASSOCIATES LIMITED PARTNERSHIP                                               OH
TWIN LAKE APARTMENTS, LLC                                                                DE
TWIN TOWER ASSOCIATES                                                                    CT
TWO BRIDGES ASSOCIATES LIMITED PARTNERSHIP                                               NY
TWO WINTHROP LIMITED PARTNERSHIP                                                         MD
TYEE ASSOCIATES                                                                          AK
U. S. REALTY PARTNERS LIMITED PARTNERSHIP                                                DE
U.S. SHELTER LIMITED PARTNERSHIP                                                         SC
UNDERWOOD ASSOCIATES LIMITED PARTNERSHIP                                                 CT
UNDERWOOD-OXFORD ASSOCIATES LIMITED PARTNERSHIP ONE                                      CT
UNITED FRONT HOMES                                                                       MA
UNITED HANDICAP FEDERATION ASSOCIATES, LIMITED PARTNERSHIP                               MN
</TABLE>

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<TABLE>
<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
UNITED HOUSE ASSOCIATES                                                                  PA
UNITED HOUSING PARTNERS - ELMWOOD, LTD.                                                  AL
UNITED HOUSING PARTNERS CUTHBERT LIMITED PARTNERSHIP                                     GA
UNITED HOUSING PARTNERS MORRISTOWN LIMITED PARTNERSHIP                                   TN
UNITED HOUSING PARTNERS-CARBONDALE, L.P.                                                 TN
UNITED INVESTORS GROWTH PROPERTIES (A MISSOURI LIMITED PARTNERSHIP)                      MO
UNITED INVESTORS GROWTH PROPERTIES II (A MISSOURI LIMITED PARTNERSHIP)                   MO
UNITED INVESTORS INCOME PROPERTIES (A MISSOURI LIMITED PARTNERSHIP)                      MO
UNITED INVESTORS INCOME PROPERTIES II (A MISSOURI LIMITED PARTNERSHIP)                   MO
UNITED REDEVELOPMENT ASSOCIATES LIMITED PARTNERSHIP                                      NY
UNIVERSITY PLAZA ASSOCIATES                                                              PA
UNIVERSITY WOODS II ASSOCIATES LIMITED PARTNERSHIP                                       OH
UNIVERSITY WOODS III ASSOCIATES LIMITED PARTNERSHIP                                      OH
UPTOWN VILLAGE, LIMITED                                                                  OH
URBANA VILLAGE, LTD.                                                                     OH
URBANIZACION MARIA LOPEZ HOUSING COMPANY LIMITED PARTNERSHIP                             NY
VAN NUYS ASSOCIATES LIMITED PARTNERSHIP                                                  MA
VANTAGE 78 LTD PARTNERSHIP                                                               NC
VERDES DEL ORIENTE                                                                       CA
VERDES DEL ORIENTE PRESERVATION, L.P.                                                    CA
VICTORIA ARMS APARTMENTS LIMITED PARTNERSHIP                                             MO
VICTORY SQUARE APARTMENTS LIMITED PARTNERSHIP                                            OH
VILLA DE GUADALUPE ASSOCIATES                                                            CA
VILLA DE GUADALUPE PRESERVATION, L.P.                                                    CA
VILLA DEL NORTE ASSOCIATES                                                               TX
VILLA DEL NORTE II ASSOCIATES                                                            TX
VILLA DEL SOL ASSOCIATES LIMITED PARTNERSHIP                                             CA
VILLA LA PAZ JV GP, LLC                                                                  DE
VILLA LA PAZ JV, L.P.                                                                    De
VILLA LIMITED PARTNERSHIP, THE                                                           WI
VILLA NOVA, LIMITED PARTNERSHIP                                                          TN
VILLAGE CIRCLE APARTMENTS LIMITED PARTNERSHIP                                            TX
VILLAGE EAST TOWERS LIMITED PARTNERSHIP                                                  MO
VILLAGE GREEN APARTMENTS COMPANY, LTD.                                                   AL
VILLAGE GROVE, LTD.                                                                      CA
VILLAGE OAKS-OXFORD ASSOCIATES, A MARYLAND LIMITED PARTNERSHIP                           MD
VILLAGE PARK II LIMITED PARTNERSHIP                                                      TX
VILLAGE SOUTH ASSOCIATES                                                                 OH
VINEVILLE TOWERS ASSOCIATES LIMITED PARTNERSHIP                                          GA
VIRGINIA APARTMENTS, LIMITED PARTNERSHIP                                                 NV
VISTA APX, A TEXAS LIMITED PARTNERSHIP                                                   TX
VISTA DEL LAGOS JOINT VENTURE                                                            AZ
VISTA PARK CHINO LIMITED PARTNERSHIP                                                     CA
VISTAS DE SAN JUAN ASSOCIATES LIMITED  PARTNERSHIP                                       MA
VISTULA HERITAGE VILLAGE LIMITED PARTNERSHIP                                             OH
VMS APARTMENT PORTFOLIO ASSOCIATES II                                                    CA
VMS APARTMENT PORTFOLIO ASSOCIATES III                                                   CA
VMS NATIONAL PROPERTIES                                                                  IL
VMS NATIONAL RESIDENTIAL PORTFOLIO I                                                     IL
VMS NATIONAL RESIDENTIAL PORTFOLIO II                                                    IL
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<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
WAI ASSOCIATES LIMITED PARTNERSHIP                                                       TX
WAICO APARTMENTS ASSOCIATES LIMITED PARTNERSHIP                                          WI
WAICO PHASE II ASSOCIATES LIMITED PARTNERSHIP                                            WI
WALDEN JOINT VENTURE LIMITED PARTNERSHIP                                                 MD
WALDEN MEMBER, INC.                                                                      DE
WALDEN OAKS ASSOCIATES LIMITED PARTNERSHIP                                               IL
WALHALLA GARDENS LIMITED PARTNERSHIP                                                     SC
WALMSLEY TERRACE ASSOCIATES LIMITED PARTNERSHIP                                          VA
WALNUT HILLS ASSOCIATES, LTD. I                                                          OH
WALNUT SPRINGS ASSOCIATES                                                                IL
WALNUT SPRINGS JV GP, LLC                                                                DE
WALNUT SPRINGS JV, L.P.                                                                  DE
WALNUT SPRINGS LIMITED PARTNERSHIP                                                       IL
WALTON-PERRY LIMITED                                                                     MI
WARNER CENTER INC.                                                                       DE
WARNER CENTER/MGP INC.                                                                   DE
WASCO ARMS                                                                               CA
WASHINGTON CHINATOWN ASSOCIATES LIMITED PARTNERSHIP                                      DC
WASHINGTON MANOR LIMITED PARTNERSHIP                                                     TX
WASHINGTON PLAZA, OREG., LTD.                                                            OR
WASHINGTON SQUARE WEST PRESERVATION, L.P.                                                DE
WASH-WEST PROPERTIES                                                                     PA
WATERFORD APARTMENTS JV GP, LLC                                                          DE
WATERFORD APARTMENTS JV, L.P.                                                            TX
WATERFORD SQUARE APARTMENTS, LTD., A CALIFORNIA LIMITED PARTNERSHIP                      CA
WATERFORD VILLAGE, L.L.C.                                                                DE
WATERGATE II ASSOCIATES                                                                  NY
WATERMANS CROSSING ASSOCIATES, L.P.                                                      DE
WATERS LANDING PARTNERS, L.L.C.                                                          MD
WATERS TOWERS ASSOCIATES LIMITED PARTNERSHIP                                             MD
WAYCROSS, L.P.                                                                           GA
WAYNESBORO LIMITED PARTNERSHIP                                                           MS
WC NOTE HOLDINGS, L.P.                                                                   DE
WEDGEWOOD CLUB ESTATES LIMITED PARTNERSHIP                                               WA
WEST LAKE ARMS LIMITED PARTNERSHIP                                                       DE
WEST OAK VILLAGE LIMITED PARTNERSHIP                                                     OK
WEST VIRGINIAN MANOR ASSOCIATES LIMITED PARTNERSHIP                                      WV
WESTBRIDGE APARTMENTS LIMITED PARTNERSHIP                                                SC
WESTBURY LIMITED PARTNERSHIP                                                             MD
WESTCHASE MIDRISE OFFICE PARTNERS, LTD.                                                  TX
WESTCHESTER-OXFORD LIMITED PARTNERSHIP                                                   MI
WESTCHESTER-OXFORD, L.L.C.                                                               MD
WESTERN HILLS ASSOCIATES LLC                                                             NY
WESTGATE (SPARTANBURG) LIMITED PARTNERSHIP                                               SC
WESTGATE APARTMENTS                                                                      GA
WESTGATE APARTMENTS LIMITED PARTNERSHIP                                                  MN
WESTLAKE EAST ASSOCIATES LIMITED PARTNERSHIP                                             OH
WESTMINISTER PROPERTIES, LTD.                                                            WA
WESTMINSTER ASSOCIATES LIMITED PARTNERSHIP                                               MD
WESTMINSTER COMMONS ASSOCIATES LIMITED PARTNERSHIP                                       VA
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<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
WESTMINSTER LIMITED PARTNERSHIP                                                          MD
WESTRIDGE-OXFORD LIMITED PARTNERSHIP                                                     MD
WESTWICK II LIMITED PARTNERSHIP                                                          MS
WESTWOOD TERRACE SECOND LIMITED PARTNERSHIP                                              IL
WF-AC TAX CREDIT FUND I, L.P.                                                            DE
WF-AC TAX CREDIT FUND I, LLC                                                             DE
WHISPERING PINES AIP 6 LIMITED PARTNERSHIP                                               SC
WHITE CLIFF APARTMENTS LIMITED PARTNERSHIP                                               OH
WHITEFIELD PLACE LIMITED PARTNERSHIP                                                     TX
WHITEFIELD PLACE PRESERVATION, LP                                                        TX
WICKFORD ASSOCIATES LIMITED PARTNERSHIP                                                  NC
WIGAR LIMITED PARTNERSHIP                                                                MO
WILDER RICHMAN HISTORIC PROPERTIES II, L.P.                                              DE
WILDER RICHMAN HISTORIC PROPERTIES, L.P.                                                 DE
WILDERNESS TRAIL, LTD.                                                                   OH
WILKES TOWERS LIMITED PARTNERSHIP                                                        NC
WILLIAMSBURG EAST-REO, L.P.                                                              TX
WILLIAMSBURG INVESTORS LIMITED PARTNERSHIP                                               IN
WILLIAMSBURG LIMITED PARTNERSHIP                                                         IL
WILLIAMSBURG SOUTH APARTMENTS, A LIMITED PARTNERSHIP                                     SC
WILLIAMSBURG-OXFORD LIMITED PARTNERSHIP                                                  MD
WILLOW CREEK, L.P.                                                                       DE
WILLOW PARK ASSOCIATES, L.P.                                                             TX
WILLOW WOOD LIMITED PARTNERSHIP                                                          CA
WIND DRIFT CORPORATION                                                                   MD
WIND DRIFT-OXFORD ASSOCIATES, L.P.                                                       IN
WINDGATE MEMBER, INC.                                                                    DE
WINDING BROOK ASSOCIATES                                                                 IN
WINDRIDGE-OXFORD ASSOCIATES LIMITED PARTNERSHIP                                          MD
WINDSOR APARTMENTS LIMITED PARTNERSHIP                                                   DE
WINDSOR CROSSINGS LIMITED PARTNERSHIP                                                    NJ
WINDSOR HILLS I, L.P.                                                                    DE
WINNSBORO ARMS LIMITED PARTNERSHIP                                                       SC
WINROCK-HOUSTON ASSOCIATES LIMITED PARTNERSHIP                                           DE
WINROCK-HOUSTON LIMITED PARTNERSHIP                                                      DE
WINTER GARDEN PRESERVATION, L.P.                                                         MO
WINTER PARK ASSOCIATES LIMITED PARTNERSHIP                                               DE
WINTHROP APARTMENT INVESTOR 2 LIMITED PARTNERSHIP                                        MD
WINTHROP APARTMENT INVESTORS LIMITED PARTNERSHIP                                         MD
WINTHROP GROWTH INVESTORS I LIMITED PARTNERSHIP                                          MA
WL/OAC, L.L.C.                                                                           MD
WMOP PARTNERS, L.P.                                                                      DE
WOLF RIDGE, LTD.                                                                         AL
WOLLASTON MANOR ASSOCIATES                                                               MA
WOOD CREEK CPGF 22, L.P.                                                                 DE
WOODBERRY FOREST-REO, L.P.                                                               TX
WOODCREST APARTMENTS, LTD.                                                               OK
WOODCREST APARTMENTS, LTD.                                                               TX
WOODFIELD MEMBER, INC.                                                                   DE
WOODHAVEN ASSOCIATES, A VIRGINIA LIMITED PARTNERSHIP                                     VA
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<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
WOODHAVEN SUBSIDIARY ASSOCIATES, L.P.                                                    MD
WOODHILL ASSOCIATES                                                                      IL
WOODHILL JV GP, LLC                                                                      DE
WOODHILL JV, L.P.                                                                        DE
WOODLAKE ASSOCIATES                                                                      WA
WOODLAND APARTMENTS, A LIMITED PARTNERSHIP                                               SC
WOODLAND COOS BAY LTD.                                                                   OR
WOODLAND HILLS-OXFORD ASSOCIATES                                                         MI
WOODLAND RIDGE ASSOCIATES                                                                IL
WOODLAND RIDGE II PARTNERS LIMITED PARTNERSHIP                                           IL
WOODLAWN VILLAGE ASSOCIATES, L.P.                                                        DE
WOODMARK LIMITED PARTNERSHIP                                                             VA
WOODMERE ASSOCIATES, L.P.                                                                DE
WOODRIDGE ASSOCIATES LIMITED PARTNERSHIP                                                 OH
WOODS EDGE CORPORATION                                                                   MD
WOODS EDGE-OXFORD ASSOCIATES, L.P.                                                       IN
WOODS MORTGAGE ASSOCIATES                                                                PA
WOODS OF INVERNESS CPF 16, L.P.                                                          DE
WOODSHIRE JV GP, LLC                                                                     DE
WOODSHIRE JV, L.P.                                                                       DE
WOODSIDE VILLAGE                                                                         AK
WOODSIDE VILLAS OF ARCADIA, LTD.                                                         FL
WOODWAY OFFICE PARTNERS, LTD., A TEXAS LIMITED PARTNERSHIP                               TX
WORCESTER EPISCOPAL HOUSING COMPANY LIMITED PARTNERSHIP                                  MA
WRC-87A CORPORATION                                                                      DE
WYCKFORD COMMONS, L.P.                                                                   DE
WYNTRE BROOKE ASSOCIATES                                                                 PA
YACHT CLUB AT BRICKELL, LLC                                                              FL
YADKIN ASSOCIATES LIMITED PARTNERSHIP                                                    NC
YORKTOWN TOWERS ASSOCIATES                                                               IL
YORKTREE JV GP, LLC                                                                      DE
YORKTREE JV, L.P.                                                                        DE
YOUNG ISRAEL-CANOGA PARK, A CALIFORNIA LIMITED PARTNERSHIP                               CA
ZICKLER ASSOCIATES LIMITED PARTNERSHIP                                                   IN
ZIMCO I L.L.C.                                                                           MD
ZIMCO I LIMITED PARTNERSHIP                                                              MD
ZIMCO II L.L.C.                                                                          MD
ZIMCO II LIMITED PARTNERSHIP                                                             MD
ZIMCO III LIMITED PARTNERSHIP                                                            MD
ZIMCO IV LIMITED PARTNERSHIP                                                             MD
ZIMCO IX  L.L.C.                                                                         MD
ZIMCO V L.L.C.                                                                           MD
ZIMCO VI L.L.C.                                                                          MD
ZIMCO VII L.L.C.                                                                         MD
ZIMCO VIII L.L.C.                                                                        MD
ZIMCO X  L.L.C.                                                                          MD
ZIMCO XI  L.L.C.                                                                         MD
ZIMCO XII L.L.C.                                                                         MD
ZIMCO XIII  L.L.C.                                                                       MD
ZIMCO XIV L.L.C.                                                                         MD
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<CAPTION>
                                   ENTITY NAME                                           STATE
                                   -----------                                           -----
<S>                                                                                      <C>
ZIMCO XIX L.L.C.                                                                         MD
ZIMCO XV L.L.C.                                                                          MD
ZIMCO XVI L.L.C.                                                                         MD
ZIMCO XVII L.L.C.                                                                        MD
ZIMCO XVIII L.L.C.                                                                       MD
ZIMCO XX L.L.C.                                                                          MD
ZIMCO XXI L.L.C.                                                                         MD
ZIMCO XXII L.L.C.                                                                        MD
ZIMCO XXIII L.L.C.                                                                       MD
ZIMCO XXIV L.L.C.                                                                        MD
ZIMCO XXIX L.L.C.                                                                        MD
ZIMCO XXV L.L.C.                                                                         MD
ZIMCO XXVI L.L.C.                                                                        MD
ZIMCO XXVII L.L.C.                                                                       MD
ZIMCO XXVIII L.L.C.                                                                      MD
ZIMCO XXX L.L.C.                                                                         MD
ZIMCO XXXI L.L.C.                                                                        MD
ZIMCO XXXII LIMITED PARTNERSHIP                                                          MD
ZIMCO XXXIII L.L.C.                                                                      MD
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