FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2002
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ________ to ___________
Commission file number: 333-67670
WNC HOUSING TAX CREDIT FUND VI, L.P., Series 9
WNC HOUSING TAX CREDIT FUND VI, L.P., Series 10
California 33-0974533
33-0974362
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3158 Redhill Avenue, Suite 120
Costa Mesa, CA 92626
(Address of principal executive offices)
(714) 662-5565
(Telephone number)
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
--------- ----
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
INDEX TO FORM 10-Q
For the Quarter Ended June 30, 2002
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Balance Sheets,
June 30, 2002 and March 31, 2002.................................3
Statements of Operations
For the three months ended June 30, 2002 ........................4
Statement of Partners' Equity (Deficit)
For the three months ended June 30, 2002 ........................5
Statements of Cash Flows
For the three months ended June 30, 2002 .......................6
Notes to Financial Statements....................................7
Item 2. Management's Discussion and Analysis of Financial
Condition ......................................................12
Item 3. Quantitative and Qualitative Disclosures About Market Risks.....13
Series 10
Series 10 currently has no assets or liabilities and has had no operations.
Accordingly no financial information is included herein for Series 10.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings...............................................13
Item 6. Exhibits and Reports on Form 8-K................................13
Signatures...............................................................14
Certification Pursuant To 18 U.S.C. Section 1350.........................15
2
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
BALANCE SHEETS
ASSETS June 30, 2002 March 31, 2002
------------- --------------
(unaudited)
Cash and cash equivalents $ 2,497,909 $ 1,221,805
Investments in limited partnerships, net (Note 2) 3,674,142 173,781
Subscriptions and interest receivable 440,840 364,026
------------------------ ------------------------
$ 6,612,891 $ 1,759,612
======================== ========================
LIABILITIES AND PARTNERS' EQUITY
Liabilities:
Accrued fees and expenses due to
General Partner and affiliates (Note 3) $ 144,195 $ 228,940
Other liabilities - 6,900
Notes payables to limited partnerships (Note 4) 2,453,577 -
------------------------ ------------------------
Total liabilities 2,597,772 235,840
------------------------ ------------------------
Commitments and contingencies
Partners' equity (deficit):
General partner (272) 92
Limited Partners (25,000 units authorized
and 4,797 and 1,933 units issued and
outstanding at June 30 and March 31, 2002) 4,015,391 1,523,680
------------------------ ------------------------
Total partners' equity 4,015,119 1,523,772
------------------------ ------------------------
$ 6,612,891 $ 1,759,612
======================== ========================
See accompanying notes to financial statements
3
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
STATEMENT OF OPERATIONS
For the Three Months Ended June 30, 2002
(unaudited)
Interest income $ 7,219
------------------------------------
Operating expenses:
Amortization (Note 2) 2,095
Asset management fees (Note 3) 11,230
Legal and accounting 240
Other 1
------------------------------------
Total operating expenses 13,566
------------------------------------
Loss from operations (6,347)
Equity in gains of
limited partnerships (Note 2) 3,664
------------------------------------
Net loss $ (2,683)
====================================
Net loss allocated to:
General Partner $ (3)
====================================
Limited Partners $ (2,680)
====================================
Net loss per limited
partner unit $ (1)
====================================
Outstanding weighted limited
partner units 3,365
====================================
See accompanying notes to financial statements
4
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
STATEMENT OF PARTNERS' EQUITY (DEFICIT)
For the Three Months Ended June 30, 2002
(unaudited)
General Limited
Partner Partners Total
--------------- ---------------- ------------------
Partners' equity at March 31, 2002 $ 92 $ 1,523,680 $ 1,523,772
Sales of Limited Partnerships units,
net of discounts of $350 - 2,863,650 2,863,650
Less Limited Partnership units issued for
promissory notes receivable - (8,500) (8,500)
Offering expenses (361) (360,759) (361,120)
Net loss (3) (2,680) (2,683)
--------------- ---------------- ------------------
Partners' equity (deficit) at June 30, 2002 $ (272) $ 4,015,391 $ 4,015,119
=============== ================ ==================
See accompanying notes to financial statements
5
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
STATEMENT OF CASH FLOWS
For the Three Months Ended June 30, 2002
(unaudited)
Cash flows from operating activities:
Net loss $ (2,683)
Adjustments to reconcile net loss to net
cash used in operating activities:
Amortization 2,095
Equity in gains of limited partnerships (3,664)
Change in accrued fees and expenses due to
General Partner and affiliates, net 10,056
------------------------
Net cash provided by operating activities 5,804
------------------------
Cash flows from investing activities:
Investments in limited partnerships, net (3,235,910)
Notes Payable 2,453,577
Capitalized acquisition fees (262,882)
Acquisition fees payable 14,000
Acquisition costs payable 4,000
------------------------
Net cash used in investing activities (1,027,215)
------------------------
Cash flows from financing activities:
Sales of limited partner units 2,863,650
Capital contributions receivable (8,500)
Subscriptions receivable (76,500)
Offering expenses (361,120)
Offering expenses payable (120,015)
------------------------
Net cash provided by financing activities 2,297,515
------------------------
Net increase in cash and cash equivalents 1,276,104
Cash and cash equivalents, beginning of period 1,221,805
------------------------
Cash and cash equivalents, end of period $ 2,497,909
========================
SUPPLEMENTAL DISCLOSURE OF CASH FLOW
INFORMATION:
Taxes paid $ 800
========================
During the three months ended June 30, 2002, the Partnership sold
limited partnership units for promissory notes totaling $8,500.
See accompanying notes to financial statements
6
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
NOTES TO FINANCIAL STATEMENTS
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- --------------------------------------------------------------------
General
- -------
The accompanying condensed unaudited financial statements have been prepared in
accordance with accounting principles generally accepted in the United States of
America for interim financial information and with the instructions to Form 10-Q
for quarterly reports under Section 13 or 15(d) of the Securities Exchange Act
of 1934. Accordingly, they do not include all of the information and footnotes
required by accounting principles generally accepted in the United States of
America for complete financial statements. In the opinion of management, all
adjustments (consisting of normal recurring accruals) considered necessary for a
fair presentation have been included. Operating results for the three months
ended June 30, 2002 are not necessarily indicative of the results that may be
expected for the fiscal year ending March 31, 2003. For further information,
refer to the financial statements and footnotes thereto included in the
Partnership's annual report on Form 10-K for the fiscal year ended March 31,
2002.
Organization
- ------------
WNC Housing Tax Credit Fund VI, L.P., Series 9, (a California Limited
Partnership) (the "Partnership") was formed on July 17, 2001 under the laws of
the state of California and has not commenced operations. The Partnership was
formed to invest primarily in other limited partnerships (the "Local Limited
Partnerships") which own and operate multi-family housing complexes (the
"Housing Complexes") that are eligible for low income housing tax credits. The
local general partners (the "Local General Partners") of each Local Limited
Partnership will retain responsibility for maintaining, operating and managing
the Housing Complex.
WNC Housing Tax Credit Fund, VI, L.P., Series 10 ("Series 10") currently has no
assets or liabilities and has had no operations. Accordingly, no financial
information is included herein for Series 10.
WNC & Associates, Inc. ("Associates") is the general partner of the Partnership
(the "General Partner"). The chairman and president own substantially all of the
outstanding stock of Associates. The business of the Partnership is conducted
primarily through Associates as the Partnership has no employees of its own.
The financial statements include only activity relating to the business of the
Partnership, and does not give effect to any assets that the partners may have
outside of their interests in the Partnership, or to any obligations, including
income taxes, of the partners.
The Partnership shall continue in full force and effect until December 31, 2062
unless terminated prior to that date, pursuant to the partnership agreement or
law.
The Partnership agreement authorized the sale of up to 25,000 units at $1,000
per Unit ("Units"). As of June 30, 2002, 4,797 Units, representing subscriptions
in the amount of $4,707,000, had been accepted. The General Partner has a 0.1%
interest in operating profits and losses, taxable income and losses, in cash
available for distribution from the Partnership and tax credits of the
Partnership. The limited partners will be allocated the remaining 99.9% interest
in proportion to their respective investments.
After the limited partners have received proceeds from a sale or refinancing
equal to their capital contributions and their return on investment (as defined
in the Partnership Agreement) and the General Partner has received proceeds
equal to its capital contribution and a subordinated disposition fee (as
described in Note 3) from the remainder, any additional sale or refinancing
proceeds will be distributed 90% to the limited partners (in proportion to their
respective investments) and 10% to the General Partner.
7
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
NOTES TO FINANCIAL STATEMENTS
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
- -------------------------------------------------------------------------------
Risks and Uncertainties
- -----------------------
The Partnership's investments in Local Limited Partnerships are subject to the
risks incident to the management and ownership of low-income housing and to the
management and ownership of multi-unit residential real estate. Some of these
risks are that the low income housing credit could be recaptured and that
neither the Partnership's investments nor the Housing Complexes owned by the
Local Limited Partnerships will be readily marketable. To the extent the
HousingComplexes receive government financing or operating subsidies, they may
be subject to one or more of the following risks: difficulties in obtaining
tenants for the Housing Complexes: difficulties in obtaining rent increases;
limitations on cash distributions; limitations on sales or refinancing of
Housing Complexes; limitations on transfers of Local Limited Partnership
Interests: limitations on removal of Local General Partners; limitations on
subsidy programs; and possible changes in applicable regulations. The Housing
Complexes are or will be subject to mortgage indebtedness. If a Local Limited
Partnership does not makes its mortgage payments, the lender could foreclose
resulting in a loss of the Housing Complex and low income housing credits. As a
limited partner of the Local Limited Partnerships, the Partnership will have
very limited rights with respect to management of the Local Limited
Partnerships, and will rely totally on the Local General Partners of the Local
Limited Partnerships for management of the Local Limited Partnerships. The value
of the Partnership's investments will be subject to changes in national and
local economic conditions, including unemployment conditions, which could
adversely impact vacancy levels, rental payment defaults and operating expenses.
This, in turn, could substantially increase the risk of operating losses for the
Housing Complexes and the Partnership. In addition, each Local Limited
Partnership is subject to risks relating to environmental hazards and natural
disasters which might be uninsurable. Because the Partnership's operations will
depend on these and other factors beyond the control of the General Partner and
the Local General Partners, there can be no assurance that the anticipated low
income housing credits will be available to Limited Partners.
In addition Limited Partners are subject to risks in that the rules governing
the low income housing credit are complicated, and the use of credits can be
limited. The only material benefit from an investment in Units may be the low
income housing credits. There are limits in the transferability of Units, and it
is unlikely that a market for Units will develop. All management decisions will
be made by the General Partner.
Method of Accounting for Investments in Limited Partnerships
- ------------------------------------------------------------
The Partnership intends to account for its investments in limited partnerships
using the equity method of accounting, whereby the Partnership will adjust its
investment balance for its share of the Local Limited Partnership's results of
operations and for any distributions received. The accounting policies of the
Local Limited Partnerships are expected to be consistent with those of the
Partnership. Costs incurred by the Partnership in acquiring the investments will
be capitalized as part of the investment and amortized over 30 years.
Offering Expenses
- -----------------
Offering expenses are expected to consist of underwriting commissions, legal
fees, printing, filing and recordation fees, and other costs incurred in
connection with the selling of limited partnership interests in the Partnership.
The General Partner is obligated to pay all offering and organization costs
excluding selling commissions and dealer manager fees. Offering expenses will be
reflected as a reduction of limited partners' capital and amounted to $360,120
as of June 30, 2002. .
8
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
NOTES TO FINANCIAL STATEMENTS
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 1 - ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, continued
- -------------------------------------------------------------------------------
Use of Estimates
- ----------------
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the date of
the financial statements, and the reported amounts of revenues and expenses
during the reporting period. Actual results could materially differ from those
estimates.
Cash and Cash Equivalents
- -------------------------
The Partnership considers all highly liquid investments with remaining maturity
of three months or less when purchased to be cash equivalents. As of June 30,
2002 and March 31, 2002, the Partnership had no cash equivalents.
Concentration of Credit Risk
- ----------------------------
At June 30, 2002, the Partnership maintained a cash balance at a certain
financial institution in excess of the maximum federally insured amounts.
Net Loss Per Limited Partner Unit
- ---------------------------------
Net loss per limited partner unit is calculated pursuant to Statement of
Financial Accounting Standards No. 128, Earnings Per Share. Net loss per unit
includes no dilution and is computed by dividing loss available to limited
partners by the weighted average number of units outstanding during the period.
Calculation of diluted net income per unit is not required.
Reporting Comprehensive Income
- ------------------------------
The Statement of Financial Accounting Standards ("SFAS") No. 130, Reporting
Comprehensive Income established standards for the reporting and display of
comprehensive income (loss) and its components in a full set of general-purpose
financial statements. The Partnership had no items of other comprehensive income
for all the periods presented, as defined by SFAS No. 130.
New Accounting Pronouncement
- ----------------------------
In October 2001, the FASB issued Statement of Financial Accounting Standards No.
144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS
144"), which addresses accounting and financial reporting for the impairment or
disposal of long-lived assets. SFAS 144 is effective for fiscal years beginning
after December 15, 2001, and generally, is to be applied prospectively. The
Partnership does not expect SFAS 144 to have a material impact on its financial
position or results of operations.
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS
- --------------------------------------------
As of June 30, 2002, the Partnership has acquired limited partnership interests
in 5 Local Limited Partnerships, each of which owns one Housing Complex
consisting of an aggregate of 209 apartment units. As of June 30, 2002,
construction or rehabilitation of four of the Housing Complexes were still in
process. The respective general partners of the Local Limited Partnerships
manage the day-to-day operations of the entities. Significant Local Limited
Partnership business decisions require approval from the Partnership. The
Partnership, as a limited partner, is generally entitled to 99.9%, as specified
in the Local Limited Partnership agreements, of the operating profits and
losses, taxable income and losses and tax credits of the Local Limited
Partnerships.
9
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
NOTES TO FINANCIAL STATEMENTS
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 2 - INVESTMENTS IN LIMITED PARTNERSHIPS, continued
- -------------------------------------------------------
Equity in losses of the Local Limited Partnerships is recognized in the
financial statements until the related investment account is reduced to a zero
balance. Losses incurred after the investment account is reduced to zero are not
recognized. If the Local Limited Partnerships report net income in future years,
the Partnership will resume applying the equity method only after its share of
such net income equals the share of net losses not recognized during the
period(s) the equity method was suspended.
Distributions received by limited partners are accounted for as a reduction of
the investment balance. Distributions received after the investment has reached
zero are recognized as income. As of June 30, 2002, no investment accounts in
Local Limited Partnerships had reached a zero balance.
The following is a summary of the equity method activity of the investments in
local limited partnerships as of:
June 30, 2002 March 31, 2001
--------------------- ------------------
Investments in limited partnerships, beginning of
period $ 173,781 $ -
Capital contributions paid, net 3,235,910 -
Capitalized acquisition fees and costs 262,882 173,970
Equity in loss of limited partnership 3,664 -
Amortization of capitalized acquisition fees and costs (2,095) (189)
--------------------- ------------------
Investments in limited partnerships, end of period $ 3,674,142 $ 173,781
===================== ==================
NOTE 3 - RELATED PARTY TRANSACTIONS
- -----------------------------------
The Partnership has no officers, employees, or directors. However, under the
terms of the Partnership Agreement the Partnership is obligated to the General
Partner or its affiliates for the following fees:
(a) Acquisition fees of 7% of the gross proceeds from the sale of Units as
compensation for services rendered in connection with the acquisition of
Local Limited Partnerships. As of June 30, 2002, the Partnership incurred
acquisition fees of $335,790. Accumulated amortization of these capitalized
costs was $2,110 and $147 as of June 30, 2002 and March 31, 2002,
respectively.
(b) Acquisition costs of 2% of the gross proceeds from the sale of Units as
full reimbursement of costs incurred by the General Partner in connection
with the acquisition of Local Limited Partnerships. As of June 30, 2002,
the Partnership incurred acquisition costs of $95,940. Accumulated
amortization of these capitalized costs was $153 and $42 as of June 30,
2002 and March 31, 2002, respectively.
(c) An annual asset management fee not to exceed 0.5% of the invested assets
(defined as the Partnership's capital contributions plus reserves of the
Partnership of up to 5% of gross proceeds plus its allocable percentage of
the mortgage debt encumbering the housing complexes) of the Local Limited
Partnerships. Management fees of $11,230 incurred during the three months
ended June 30, 2002.
(d) A subordinated disposition fee in an amount equal to 1% of the sales price
of real estate sold. Payment of this fee is subordinated to the limited
partners receiving a return on investment (as defined in the Partnership
Agreement) and is payable only if the General Partner or its affiliates
render services in the sales effort.
10
WNC HOUSING TAX CREDIT FUND VI, L.P., SERIES 9
(A California Limited Partnership)
(A Development-Stage Enterprise)
NOTES TO FINANCIAL STATEMENTS
For the Quarter Ended June 30, 2002
(unaudited)
NOTE 3 - RELATED PARTY TRANSACTIONS, continued
Accrued fees and expenses due to the General Partner and affiliates consisted of
the following as of:
June 30, 2002 March 31, 2002
--------------------- ---------------------
Acquisition fees payable $ 43,120 $ 29,120
Acquisition costs payable 12,320 8,320
Organization, offering, and selling costs payable 24,640 16,640
Commissions payable 45,955 173,970
Asset management fees payable 11,230 -
Reimbursements for expenses paid by the
General Partner or an affiliate 6,930 890
--------------------- ---------------------
Total $ 144,195 $ 228,940
===================== =====================
NOTE 4 - PAYABLES TO LIMITED PARTNERSHIPS
- -----------------------------------------
Payables to limited partnerships amounting to $2,453,577 at June 30, 2002 and $0
at March 31, 2002 represent amounts, which are due at various times based on
conditions specified in the respective limited partnership agreements. These
contributions are payable in installments and are generally due upon the limited
partnerships achieving certain development and operating benchmarks (generally
within two years of the Partnership's initial investment).
NOTE 5 - INCOME TAXES
- ---------------------
No provision for income taxes will be recorded in the financial statements as
any liability for income taxes is the obligation of the partners of the
Partnership.
NOTE 6 - SUBSCRIPTIONS AND NOTES RECEIVABLE
- -------------------------------------------
As of June 30, 2002, the Partnership had received subscriptions for 4,797 units
which included subscriptions receivable of $440,500 and promissory notes of
$160,000, of which $440,500 of the subscription receivables were collected and
$0 of the promissory notes were collected after June 30, 2001 and prior to the
issuance of these financial statements, leaving an unpaid balance of $160,000.
Limited partners who subscribed for ten or more units of limited partner
interests ($10,000) could elect to pay 50% of the purchase price in cash upon
subscription and the remaining 50% by the delivery of a promissory note payable,
together with interest at a rate equal to the three month treasury bill rate as
of the date of execution of the promissory note, due no later than 13 months
after the subscription date.
NOTE 7 - COMMITMENTS AND CONTINGENCIES
- --------------------------------------
From July 1, 2002 to August 2, 2002, the Partnership acquired two Local Limited
Partnership interests which required capital contributions of $1,320,436. Of
this amount, $996,730 has been contributed to the Local Limited Partnerships
during the period from July 1, 2002 to August 2, 2002.
NOTE 8 - SUBSEQUENT EVENTS
- --------------------------
From July 1, 2002 to August 2, 2002, the Partnership received subscriptions for
additional 491 Units, for which it has received $200,000.
11
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
With the exception of the discussion regarding historical information,
"Management's Discussion and Analysis of Financial Condition and Results of
Operations" and other discussions elsewhere in this Form 10-Q contain
forward-looking statements. Such statements are based on current expectations
subject to uncertainties and other factors, which may involve known and unknown
risks that could cause actual results of operations to differ materially from
those projected or implied. Further, certain forward-looking statements are
based upon assumptions about future events, which may not prove to be accurate.
Risks and uncertainties inherent in forward-looking statements include, but are
not limited to, our future cash flows and ability to obtain sufficient
financing, level of operating expenses, conditions in the low income housing tax
credit property market and the economy in general, as well as legal proceedings.
Historical results are not necessarily indicative of the operating results for
any future period.
Subsequent written and oral forward looking statements attributable to us or
persons acting on our behalf are expressly qualified in their entirety by
cautionary statements in this Form 10-Q and in other reports we filed with the
Securities and Exchange Commission. The following discussion should be read in
conjunction with the Consolidated Financial Statements and the Notes thereto
included elsewhere in this filing.
Financial Condition
The Partnership's assets at June 30, 2002 consisted primarily of $2,498,000 in
cash, $441,000 in subscriptions receivable, and aggregate investments in the
five Local Limited Partnerships of $3,674,000. Liabilities at June 30, 2001
primarily consisted of $2,454,000 due to limited partnerships and $144,000 in
advances and other payables due to the General Partner or affiliates.
Results of Operations
It is not expected that any of the local limited partnerships will generate cash
from operations sufficient to provide distributions to investors in any
significant amount. Cash from operations, if any, would first be used to meet
operating expenses of the Partnerships. Operating expenses include the asset
management fee.
Investments in local limited partnerships are not readily marketable. Such
investments may be affected by adverse general economic conditions, which in
turn, could substantially increase the risk of operating losses for the
apartment complexes, the local limited partnerships and the Partnership. These
problems may result from a number of factors, many of which cannot be
controlled. Nevertheless, WNC & Associates, Inc. anticipates that capital raised
from the sale of the Units will be sufficient to fund the Partnership's future
investment commitments and proposed operations.
The capital needs and resources of the Partnership are expected to undergo major
changes during its first several years of operations as a result of the
completion of its offering of Units and its acquisition of investments.
Thereafter, The Partnership' capital needs and resources are expected to be
relatively stable.
12
Item 3: Quantitative and Qualitative Disclosures Above Market Risks
Not Applicable
Part II. Other Information
Item 1. Legal Proceedings
None
Item 6. Exhibits and Reports on Form 8-K
None
13
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.
WNC HOUSING TAX CREDIT FUND VI, L.P., Series 10
- -----------------------------------------------
(Registrant)
By: WNC & Associates, Inc., General Partner
By: /s/ Wilfred N. Cooper, Jr.
-------------------------
Wilfred N. Cooper, Jr., President
Chief Operating Officer of WNC & Associates, Inc.
Date: August 2, 2002
By: /s/ Thomas J. Riha
Thomas J. Riha, Vice President
Chief Financial Officer of WNC & Associates, Inc.
Date: August 2, 2002
14
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 on Form 10-Q of WNC Housing Tax Credit
fund VI, L.P., Series 10 (the "Partnership") for the period ended June 30, 2002
as filed with the Securities and Exchange Commission on the date hereof (the
"Report"), and pursuant to 18 U.S.C., section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley Act of 2002, I, Wilfred N. Cooper, Sr.,
Chairman and Chief Executive Officer of WNC & Associates, Inc., general partner
[of the general partner] of the Partnership, hereby certify 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.
/s/WILFRED N. COOPER, SR.
- -------------------------
Wilfred N. Cooper, Sr.
Chairman and Chief Executive Officer of WNC & Associates, Inc.
August 2, 2002
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 on Form 10-Q of WNC Housing Tax Credit
fund VI, L.P., Series 10 (the "Partnership") for the period ended June 30, 2002
as filed with the Securities and Exchange Commission on the date hereof (the
"Report"), and pursuant to 18 U.S.C., section 1350, as adopted pursuant to
section 906 of the Sarbanes-Oxley Act of 2002, I, Thomas J. Riha, Chief
Financial Officer of WNC & Associates, Inc., general partner [of the general
partner] of the Partnership, hereby certify 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.
/s/THOMAS J. RIHA
- -----------------
Thomas J. Riha
Chief Financial Officer of WNC & Associates, Inc.
August 2, 2002
15