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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
X QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
- ------
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2002
OR
- ------ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
Commission File Number 0-20638
PATRIOT TAX CREDIT PROPERTIES L.P.,
-----------------------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3519080
- -------------------------------- -------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
625 Madison Avenue, New York, New York 10022
- ---------------------------------------- ----------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212)421-5333
N/A
-----------------------------
Former name, former address and
former fiscal year, if changed since last report
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
---- -----
PART I - Financial Information
Item 1. Financial Statements
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION
============= =============
December 31, March 31,
2002 2002
------------- -------------
(Unaudited)
ASSETS
Investment in property:
Land $ 4,005,633 $ 4,005,633
Buildings and improvements 76,097,378 75,707,158
Accumulated depreciation (25,706,600) (24,091,263)
------------- ------------
Net investment in property 54,396,411 55,621,528
------------- ------------
Cash and cash equivalents 1,998,852 1,005,628
Cash and cash equivalents
held in escrow 1,487,002 1,681,511
Deferred financing costs, net
of accumulation of $3,645,525
and $3,433,205 1,718,197 1,879,582
Other assets 724,700 303,834
------------- ------------
Total assets $ 60,325,162 $ 60,492,083
============= ============
2
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL
CONDITION
============= =============
December 31, March 31,
2002 2002
------------- -------------
(Unaudited)
LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)
Liabilities:
Mortgage notes payable $ 45,408,523 $ 46,015,770
Accrued interest payable 2,190,377 2,040,908
Other accrued expenses
and liabilities 2,365,729 1,775,134
Due to Local General Partners and
affiliates of Local Partnerships 5,902,755 4,651,838
Development fees payable 1,151,510 1,151,510
Real estate taxes payable 274,679 81,878
Due to General Partner and
its affiliates 7,546,792 6,565,471
------------- ------------
Total liabilities 64,840,365 62,282,509
------------- ------------
Minority interest in local
partnerships (1,263,280) (606,601)
------------- ------------
PARTNERS' CAPITAL (DEFICIT)
Limited partners (38,125 BUC$
issued and outstanding) (3,984,385) (1,926,627)
General partner (1 BUC$
issued and outstanding) 732,462 742,802
------------- ------------
Total partners' capital (deficit) (3,251,923) (1,183,825)
------------- ------------
Total liabilities and partners'
capital (deficit) $ 60,325,162 $ 60,492,083
============= ============
See accompanying notes to consolidated financial statements.
3
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
============================ ============================
Three Months Ended Nine Months Ended
December 31, December 31,
---------------------------- ----------------------------
2002 2001* 2002 2001*
---------------------------- ----------------------------
Revenues
Rental income $ 2,388,703 $ 2,216,877 $ 7,107,123 $ 6,754,886
Other income 182,583 211,768 545,161 571,642
Interest income 4,683 10,474 12,808 22,446
------------ ------------ ------------ ------------
2,575,969 2,439,119 7,665,092 7,348,974
------------ ------------ ------------ ------------
Expenses
Interest 1,142,092 1,233,291 3,509,109 3,521,874
Depreciation and
amortization 604,737 606,577 1,827,657 1,831,048
Operating and other 205,776 214,281 578,203 594,193
Taxes and
insurance 291,175 285,394 898,134 862,692
Repairs and
maintenance 571,125 605,246 1,690,845 1,744,619
General and
administrative 521,681 499,677 1,440,822 1,372,854
Partnership
management fees 59,718 59,718 178,450 178,450
Property
management fees 89,400 82,591 266,342 258,049
------------ ------------ ------------ ------------
3,485,704 3,586,775 10,389,562 10,363,779
------------ ------------ ------------ ------------
Loss before minority
interest (909,735) (1,147,656) (2,724,470) (3,014,805)
Minority interest
in income of
local partnerships 246,561 275,394 656,372 765,470
------------ ------------ ------------ ------------
Net loss $ (663,174) $ (872,262) $ (2,068,098) $ (2,249,335)
============ ============ ============ ============
Net loss - limited
partners $ (659,858) $ (867,901) $ (2,057,758) $ (2,238,088)
============ ============ ============ ============
Number of
limited partnership
units outstanding 38,125 38,125 38,125 38,125
============ ============ ============ ============
Net loss per limited
partnership unit
$ (17.30) $ (22.76) $ (53.97) $ (58.70)
============ ============ ============ ============
* Reclassified for comparative purposes.
See Accompanying Notes to Consolidated Financial Statements.
4
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN
PARTNERS' CAPITAL (DEFICIT)
(Unaudited)
Limited General
Total Partners Partner BUC$
------------ ----------- --------- -------
Partners' capital
(deficit) April 1,
2002 $(1,183,825) $(1,926,627) $ 742,802 38,125
Net loss-Nine
Months ended
December 31, 2002 (2,068,098) (2,057,758) (10,340) 0
----------- ----------- --------- -------
Partners' capital
(deficit) -
December 31, 2002 $(3,251,923) $(3,984,385) $ 732,462 38,125
=========== =========== ========= =======
See accompanying notes to consolidated financial statements.
5
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
===========================
Nine Months Ended
December 31,
---------------------------
2002 2001*
---------------------------
Cash flows from operating activities:
Net loss $(2,068,098) $(2,249,335)
Adjustments to reconcile net loss
to net cash used in
operating activities:
Depreciation and amortization 1,827,657 1,831,048
Minority interest in loss of
local partnerships (656,372) (765,470)
Decrease (increase) in cash held
in escrow 194,509 (449,917)
Increase in real estate taxes payable 192,801 142,518
Increase in accrued interest payable 149,469 243,908
Increase in other assets (420,866) (183,004)
Increase in other liabilities 590,595 871,883
Increase (decrease) in partnership
management fees 178,450 (371,356)
Decrease in public funds
payable (37,877) (193,832)
Decrease in asset manage-
ment fee (9,525) (77,000)
----------- -----------
Total adjustments 2,008,841 1,048,778
----------- -----------
Net cash used in operating activities (59,257) (1,200,557)
----------- -----------
Cash flows from investing activities:
Investment in property (390,220) (397,316)
----------- -----------
Cash flows from financing activities:
Proceeds from mortgage notes 0 4,600,000
Payments of mortgage notes (607,247) (2,330,086)
Increase in deferred costs (50,935) (106,026)
Decrease in development fees payable 0 (299,199)
Distribution to minority interest (307) 0
Advances from General Partner 850,273 353,487
Advances from local limited partner 728,415 350,000
6
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(continued)
===========================
Nine Months Ended
December 31,
---------------------------
2002 2001*
---------------------------
Increase in due to Local General
Partners and affiliates of Local
Partnerships, General Partner and
its affiliates 589,240 56,523
Decrease in due to Local General
Partners and affiliates of Local
Partnerships, General Partner and
its affiliates (66,738) (475,647)
----------- -----------
Net cash provided by
financing activities 1,442,701 2,149,052
----------- -----------
Net increase in cash and
cash equivalents 993,224 551,179
Cash and cash equivalents at
beginning of period 1,005,628 667,371
----------- -----------
Cash and cash equivalents at
end of period $ 1,998,852 $ 1,218,550
=========== ===========
Supplemental disclosure of
cash flow information:
Non-cash financing activity:
Interest paid $ 3,359,640 $ 3,277,966
=========== ===========
* Reclassified for comparative purposes.
See accompanying notes to consolidated financial statements.
7
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
NOTES ON CONSOLIDATED FINANCIAL
STATEMENTS
DECEMBER 31, 2002
(Unaudited)
Note 1 - General
The consolidated financial statements include the accounts of Patriot Tax Credit
Properties L.P. ("the Partnership") and 8 subsidiary partnerships
("subsidiaries", "subsidiary partnerships" or "Local Partnerships") in which the
Partnership is a Limited Partner. Through the rights of the Partnership and/or
an affiliate of a General Partner, which affiliate has a contractual obligation
to act on behalf of the Partnership, to remove the general partner of the Local
Partnerships and to approve certain major operating and financial decisions, the
Partnership has a controlling financial interest in the Local Partnerships.
The Partnership's fiscal quarter ends December 31. All subsidiaries have fiscal
quarters ending September 30 in order to allow adequate time for the
subsidiaries' financial statements to be prepared and consolidated. Accounts of
the subsidiaries have been adjusted for intercompany transactions from October 1
through December 31. Occupancy rates are as of September 30, 2002.
All intercompany accounts and transactions have been eliminated in
consolidation.
The books and records of the Partnership are maintained on the accrual basis of
accounting in accordance with accounting principles generally accepted in the
United States of America. In the opinion of the General Partner of the
Partnership, the accompanying unaudited financial statements contain all
adjustments (consisting only of normal recurring adjustments) necessary to
present fairly the financial position of the Partnership as of December 31,
2002, the results of operations for the three and nine months ended December 31,
2002 and 2001 and cash flows for the nine months ended December 31, 2002 and
2001. However, the operating results and cash flows for the nine months ended
December 31, 2002 may not be indicative of the results for the year.
Certain information and note disclosures normally included in financial
statements prepared in accordance with accounting principles generally accepted
in the United States of America have been omitted or condensed. These condensed
financial statements should be read in conjunction with the financial statements
8
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
NOTES ON CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2002
(Unaudited)
and notes thereto included in the Partnership's Annual Report on Form 10-K for
the year ended March 31, 2002.
Note 2 - Related Parties
The General Partner and its affiliates have performed and will continue to
perform services for the Partnership which include, but are not limited to:
accounting and financial management; registrar, transfer and assignment
functions; asset management; investor communications; and printing and other
administrative services. The General Partner and its affiliates receive
Partnership management fees and reimbursements for general and administrative
costs incurred in connection with these services, the amount of which is limited
by the provisions of the Partnership Agreement. The costs and expenses incurred
to the General Partner were:
====================== =====================
Three Months Ended Nine Months Ended
December 31, December 31,
---------------------- ---------------------
2002 2001 2002 2001
---------------------- ---------------------
Partnership Manage-
ment fees (a) $ 59,718 $ 59,718 $178,450 $178,450
Property Management
fees 26,337 24,948 79,013 74,846
Local administrative
fees 5,062 5,062 15,187 15,187
General and
administrative 15,581 16,469 58,284 43,708
Interest (b) 113,665 163,554 340,997 328,888
-------- -------- -------- --------
$220,363 $269,751 $671,931 $641,079
======== ======== ======== ========
(a) A Partnership management fee for managing the affairs of the Partnership
equal to 0.375% of invested assets is payable from operations and reserves to
the General Partner and its affiliates. Partnership management fees owed to the
9
PATRIOT TAX CREDIT PROPERTIES L.P.
(a limited partnership)
AND SUBSIDIARIES
NOTES ON CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2002
(Unaudited)
General Partner amounting to approximately $605,000 and $427,000 were accrued
and unpaid as of December 31, 2002 and March 31, 2002, respectively.
As of December 31, 2002, the properties owned by five of the Local Partnerships
are managed by a local general partner ("Local General Partner") or its
affiliates and one Local Partnership is managed by an affiliate of the General
Partner and Local General Partner.
(b) During the nine months ended December 31, 2002, the General Partner and its
affiliates advanced $981,321 to the Partnership and as of December 31, 2002 and
March 31, 2002, total advances outstanding are $7,546,792 and $6,565,471,
respectively. The advances are unsecured, bear interest at prime +2% and are due
on demand.
Without the General Partner's continued allowance of accrual without payment of
certain fees, expense reimbursements and advances the Partnership will not be in
a position to meet its financial obligations. The General Partner and its
affiliates have agreed to support the Partnership's operating expenses for the
foreseeable future.
10
Item 2. Management's Discussion and Analysis of Financial Condition and Results
of Operations
Liquidity and Capital Resources
- -------------------------------
The Partnership invested in eight Local Partnerships that are owners of
affordable multi-family residential complexes. The Local Partnerships are
operated in accordance with the rules and regulations of Section 42 of the
Internal Revenue Code in order to protect the housing tax credits authorized
thereby (the "Housing Tax Credits"). The Partnership's primary source of funds
is rental revenues, which is fully utilized at the property level. As of
December 31, 2002, there was approximately $342,000 in working capital reserves
available to fund Partnership level expenses. The Partnership is dependent upon
the support of the General Partner and certain of its affiliates in order to
meet its obligations at the Partnership level. The General Partner and these
affiliates have agreed to continue such support for the foreseeable future.
Without the General Partner's continued allowance of accrual without payment of
certain fees, expense reimbursements and advances the Partnership will not be in
a position to meet its obligations.
For the nine months ended December 31, 2002, cash and cash equivalents of the
Partnership and its eight Local Partnerships increased approximately $993,000.
The increase is primarily attributable to advances from General Partner
($850,000), advances from its Class C local limited partner ($728,000) and a net
increase in due to Local General Partners and affiliates of Local Partnerships,
General Partner and its affiliates ($523,000) which exceeded payments of
mortgage notes ($607,000), cash used in operating activities ($59,000), an
increase in deferred costs ($51,000) and investment in property ($390,000).
Included in adjustments to reconcile the net loss to cash used in operating
activities is depreciation and amortization of approximately $1,828,000.
Summer Creek Villas Local Partnership ("Summer Creek Villas")
- -------------------------------------------------------------
Summer Creek Villas has experienced lower than expected economic occupancy
levels over the course of the last several years, which has resulted in
recurring losses from operations and has adversely affected the liquidity of
Summer Creek Villas. Despite an increase in rent levels during 2001, Summer
Creek Villas' operations are impeded by its inability to raise rents
sufficiently to pay for its operating and debt costs. Summer Creek Villas has
been unable to obtain maximum rents as potential residents are restricted based
on county median income levels, which limit the maximum income that a
11
prospective resident can earn. Summer Creek Villas has been obligated, since
1996, to repay significant amounts of principal on its mortgage.
Effective January 1, 1999, Summer Creek Villas entered into a funding agreement
with its Class C local limited partner which provides for a series of loans to
be made to Summer Creek Villas in each of the years 1999, 2000, 2001 and 2002,
in amounts not to exceed $2,000,000 in the aggregate. In addition, effective
September 9, 2002, Summer Creek Villas entered into a second funding agreement
with its Class C local limited partner which provides for an additional series
of loans to be made to Summer Creek Villas in each of the years 2002, 2003 and
2004, in amounts not to exceed $1,500,000 in the aggregate. Additional loans
from the Partnership (which is the Class A limited partner) are expected to be
obtained in accordance with the loans to be provided under the funding
agreement. Loans made through December 31, 2002 to fund operating deficits total
$9,606,675 and are comprised of $6,975,325 from the Partnership (which was
eliminated in consolidation) and $2,631,350 from the Class C local limited
partner. Management of Summer Creek Villas plans to request additional funding
from its partners (including the Partnership) in the coming year.
Summer Creek Villas' ability to continue its operations is dependent upon
management achieving the plans described in Form 10-K and above. The
accompanying consolidated financial statements do not include any adjustments
that might result from the outcome of this uncertainty. Any adjustments would be
limited solely to Summer Creek Villas' financial statements.
Critical Accounting Policies
- ----------------------------
The financial statements are prepared in accordance with accounting principles
generally accepted in the United States of America, which requires the
Partnership to make certain estimates and assumptions. A summary of significant
accounting policies is disclosed in Note 2 to the financial statements which are
included in the Partnership's annual report on Form 10-K for the year ended
March 31, 2002. The following section is a summary of certain aspects of those
accounting policies that may require subjective or complex judgments and are
most important to the portrayal of the Partnership's financial condition and
results of operations. The Partnership believes that there is a low probability
that the use of different estimates or assumptions in making these judgments
12
would result in materially different amounts being reported in the financial
statements.
o The Partnership consolidates its subsidiaries and eliminates
intercompany transactions.
o If the carrying value of a property exceeds the estimated amounts
recoverable through future operations on an undiscounted basis, the
Partnership records a property at the lower of its carrying value or
its estimated fair value.
Results of Operations
- ---------------------
Results of operations for the Local Partnerships consolidated herein are for the
three and nine month periods ended December 31, 2002. Information disclosed
below with respect to each Local Partnership is consistent with this method of
presentation.
Rental income increased approximately $172,000 and $352,000 for the three and
nine months ended December 31, 2002 as compared to the corresponding periods in
2001, primarily due to rental rate increases.
Other income decreased approximately $29,000 and $26,000 for the three and nine
months ended December 31, 2002 as compared to the corresponding periods in 2001,
primarily due to a decrease in redecorating fees and termination fees received
at Summer Creek Villas in 2001.
Interest income decreased approximately $6,000 and $10,000 for the three and
nine months ended December 31, 2002 as compared to the corresponding periods in
2001, primarily due to a decrease in interest income in 2002 at the Local
Partnerships as a result of lower interest rates.
Total expenses remained fairly consistent with a decrease of approximately 3%
and an increase of less than 1% for the three and nine months ended December 31,
2002 as compared to the corresponding periods in 2001.
13
Property Information
- --------------------
Occupancies at the properties were as follows:
September 30,
------------------------
2002 2001
------------------------
Property
Hubbard's Ridge 93% 97%
Cutler Canal II 99 98
Diamond Street 98 96
Papillion Heights 98 94
Hill Top Homes 85 94
Summer Creek Villas 87 89
Brookland Park Plaza 93 99
Compton Townhouses 100 100
(Occupancies are calculated by dividing occupied units by total available
units.)
The Partnership holds a 66.5% interest in Summer Creek Villas, a 98% interest in
Hubbard's Ridge, Hill Top Homes and Compton Townhouses and a 98.99% interest in
Cutler Canal II, Diamond Street, Papillion Heights and Brookland Park Plaza.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
None
Item 4 Controls and Procedures
The Chief Executive Officer and Chief Financial Officer of RCC Partners 96,
L.L.C., the General Partner of Patriot Tax Credit Plus L.P. (the "Partnership"),
has evaluated the Partnership's disclosure controls and procedures relating to
the Partnership's quarterly report on Form 10-Q for the period ending December
31, 2002 as filed with the Securities and Exchange Commission and has judged
such controls and procedures to be effective as of December 31, 2002 (the
"Evaluation Date").
There have been no significant changes in the internal controls or in other
factors that could significantly affect internal controls relating to the
Partnership since the Evaluation Date.
14
PART II. OTHER INFORMATION
Item 1. Legal Proceedings - None
Item 2. Changes in Securities and Use of Proceeds - None
Item 3. Defaults Upon Senior Securities - None
Item 4. Submission of Matters to a Vote of Security Holders - None
Item 5. Other Information - None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits:
Description:
3.1 Amendment to Certificate of Limited Partnership dated October 1,
1997 (3)
4.1 Agreement of Limited Partnership as adopted on May 3, 1989 and
Amendments thereto dated May 25, 1989 and December21, 1989 (1)
4.2 Amendment Number 1 to Prudential-Bache Tax Credit Properties L.P.
Amended and Restated Agreement of Limited Partnership, dated October 1, 1997 (3)
10.1Form of Purchase and Sale Agreement pertaining to the
Partnership's Acquisition of Local Partnership Interests (2)
10.2Form of Amended and Restated Agreement of Local Limited
Partnership of Local Partnerships (2)
99.1Certification Pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(1) Filed as an exhibit to Pre-Effective Amendment No. 1 to Form
S-11 Registration Statement (No. 33-28571) (the "Registration Statement") and
incorporated herein by reference.
(2) Filed as an exhibit to Pre-Effective Amendment No. 2 to Form
S-11 Registration Statement and incorporated herein by reference.
15
(3) Filed as an exhibit to Registrant's Current Report on Form
8-K dated October 1, 1997 and incorporated herein by reference.
(b) Reports on Form 8-K - None.
16
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
PATRIOT TAX CREDIT PROPERTIES L.P.
(Registrant)
By: RCC PARTNERS 96, L.L.C.,
General Partner
Date: February 12, 2003
By: /s/ Alan P. Hirmes
------------------
Alan P. Hirmes
Member, President and Chief
Executive and Financial Officer
Date: February 12, 2003
By: /s/ Glenn F. Hopps
------------------
Glenn F. Hopps
Treasurer and
Chief Accounting Officer
CERTIFICATION
I, Alan P. Hirmes, Chief Executive Officer and Chief Financial Officer of RCC
Partners 96 L.L.C. (the "General Partner"), the General Partner of Patriot Tax
Credit Plus L.P. (the "Partnership"), hereby certify that:
1. I have reviewed this quarterly report on Form 10-Q for the period
ending December 31, 2002 of the Partnership;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements made, in light of the
circumstances under which such statements were made, not misleading
with respect to the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the Partnership as of, and for, the periods presented in
this quarterly report;
4. I am responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-14 and 15-d-14)
for the Partnership and I have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the Partnership is made known to me,
particularly during the period in which this quarterly report was
being prepared;
b) evaluated the effectiveness of the Partnership's disclosure
controls and procedures as of December 31, 2002 (the "Evaluation
Date"); and
c) presented in this quarterly report my conclusions about the
effectiveness of the disclosure controls and procedures based on my
evaluation as of the Evaluation Date;
5. I have disclosed, based on my most recent evaluation, to the
Partnership's auditors and to the members of the General Partner:
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the Partnership's ability to
record, process, summarize and report financial data and have
identified for the Partnership's auditors any material weaknesses in
internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the Partnership's
internal controls; and
6. I have indicated in this quarterly report whether or not there were
significant changes in internal controls or in other factors that
could significantly affect internal controls subsequent to the date of
our most recent evaluation, including any corrective actions with
regard to significant deficiencies and material weaknesses.
By: /s/ Alan P. Hirmes
------------------
Alan P. Hirmes
Chief Executive Officer and
Chief Financial Officer
February 12, 2003
Exhibit 99.1
CERTIFICATION PURSUANT TO
18.U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Patriot Tax Credit Properties L.P.
(the "Partnership") on Form 10-Q for the period ending December 31, 2002 as
filed with the Securities and Exchange Commission on the date hereof (the
"Report"), I, Alan P. Hirmes, Chief Executive Officer and Chief Financial
Officer of RCC Partners 96, L.L.C., the General Partner of the Partnership,
certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906
of the Sarbanes-Oxley Act of 2002, that:
(1) The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all
material respects, the financial condition and result of operations of the
Partnership.
By: /s/ Alan P. Hirmes
------------------
Alan P. Hirmes
Chief Executive Officer and Chief Financial Officer
February 12, 2003