Washington, D.C. 20549

 

FORM 10-K

 

ý        ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the fiscal year ended March 31, 2002 or

 

o        TRANSITION REPORT PERSUANT TO SECTION 13 OR 15 (D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from            to           

 

Commission file number          0-26200

 

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

(Exact name of registrant as specified in its charter)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

Securities registered pursuant to Section 12(g) of the Act:

 

Beneficial Assignee Certificates

 

(Title of Class)

 

Indicate by check mark whether the Fund (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 twelve months (or for such shorter period that the Fund was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                              YES         ý            NO          o

 

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 or Regulation S-K ( 229.405 of this chapter) is not contained  herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.            ý

 

 

 

DOCUMENTS INCORPORATED BY REFERENCE

 

The following documents of the Fund are incorporated by reference:

 

 

 

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

Form 10-K ANNUAL REPORT FOR THE YEAR ENDED MARCH 31, 2002

 

TABLE OF CONTENTS

 

PART I
Item 1.	Business
Item 2.	Properties
Item 3.	Legal Proceedings
Item 4.	Submission of Matters to a Vote of Security Holders
PART II
Item 5.	Market for the Fund’s Limited Partnership Interests and Related Partnership Matters
Item 6.	Selected Financial Data
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 8.	Financial Statements and Supplementary Data
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
PART III
Item 10.	Directors and Executive Officers of the Fund
Item 11.	Executive Compensation
Item 12.	Security Ownership of Certain Beneficial Owners and Management
Item 13.	Certain Relationships and Related Transactions
PART IV
Item 14.	Exhibits, Financial Statement Schedules, and Reports on Form 8-K
	Signatures

 

 

PART I

 

Item 1.                Business

 

Organization

 

Boston Capital Tax Credit Fund IV L.P. (the “Fund”) is a limited partnership formed under the Delaware Revised Uniform Limited Partnership Act as of October 5, 1993.  Effective as of June 1, 2001 there was a restructuring, and as a result, the Fund’s general partner was reorganized as follows.  The General Partner of the Fund continues to be Boston Capital Associates IV L.P., a Delaware limited partnership.  The general partner of the General Partner is now BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation.  John P. Manning is the principal of Boston Capital Partners, Inc.  The limited partner of the General Partner is Capital Investment Holdings, a general partnership whose partners are certain officers and employees of Boston Capital Partners, Inc., and its affiliates.  The Assignor Limited Partner is BCTC IV Assignor Corp., a Delaware corporation which is now wholly-owned by John P. Manning.

 

The Assignor Limited Partner was formed for the purpose of serving in that capacity for the Fund and will not engage in any other business. Units of beneficial interest in the Limited Partnership Interest of the Assignor Limited Partner will be assigned by the Assignor Limited Partner by means of beneficial assignee certificates (“BACs”) to investors and investors will be entitled to all the rights and economic benefits of a Limited Partner of the Fund including rights to a percentage of the income, gains, losses, deductions, credits and distributions of the Fund.

 

A Registration Statement on Form S-11 and the related prospectus, as supplemented (the “Prospectus”) were filed with the Securities and Exchange Commission and became effective December 16, 1993 in connection with a public offering (“Offering”) in one or more series of a minimum of 250,000 BACs and a maximum of 30,000,000 BACs at $10 per BAC.  On April 18, 1996 an amendment to Form S-11, which registered an additional 10,000,000 BACs for sale to the public in one or more series, became effective. On April 2, 1998 an amendment to Form S-11, which registered an additional 25,000,000 BACs for sale to the public in one or more series, became effective. On August 31, 1999 an amendment to Form S-11, which registered an additional 8,000,000 BACs for sale to the public became effective.  On July 26, 2000 an amendment to Form S-11, which registered an additional 7,500,000 BACs for sale to the public became effective. On July 23, 2001 an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public became effective.  As of March 31, 2002, subscriptions had been received and accepted by the General Partner in Series 20, Series 21, Series 22, Series 23, Series 24, Series 25, Series 26, Series 27, Series 28, Series 29, Series 30, Series 31, Series 32, Series 33, Series 34, Series 35, Series 36, Series 37, Series 38, Series 39, Series 40, Series 41 and Series 42 for 68,029,269 BAC’s representing capital contributions of $679,959,770.

 

The Offering, including information regarding the issuance of BACs in series, is described on pages 144 to 149 of the Prospectus, as supplemented, under the caption “The Offering”, which is incorporated herein by reference.

 

1

 

Description of Business

 

The Fund’s principal business is to invest as a limited partner in other limited partnerships (the “Operating Partnerships”) each of which will own or lease and will operate an Apartment Complex exclusively or partially for low- and moderate-income tenants.  Each Operating Partnership in which the Fund will invest will own Apartment Complexes which are completed, newly-constructed, under construction or rehabilitation, or to-be constructed or rehabilitated, and which are expected to receive Government Assistance.  Each Apartment Complex is expected to qualify for the low-income housing tax credit under Section 42 of the Code (the “Federal Housing Tax Credit”), thereby providing tax benefits over a period of ten to twelve years in the form of tax credits which investors may use to offset income, subject to certain strict limitations, from other sources.  Certain Apartment Complexes may also qualify for the historic rehabilitation tax credit under Section 48 of the Code (the “Rehabilitation Tax Credit”).  The Federal Housing Tax Credit and the Government Assistance programs are described on pages 64 to 88 of the Prospectus, as supplemented, under the captions “Tax Credit Programs” and “Government Assistance Programs,” which is incorporated herein by reference.  Section 236 (f) (ii) of the National Housing Act, as amended, in Section 101 of the Housing and Urban Development Act of 1965, as amended, each provide for the making by HUD of rent supplement payments to low income tenants in properties which receive other forms of federal assistance such as Tax Credits.  The payments for each tenant, which are made directly to the owner of their property, generally are in such amounts as to enable the tenant to pay rent equal to 30% of the adjusted family income.  Some of the Apartment Complexes in which the Partnership has invested are receiving such rent supplements from HUD.  HUD has been in the process of converting rent supplement assistance to assistance paid not to the owner of the Apartment Complex, but directly to the individuals.  At this time, the Partnership is unable to predict whether Congress will continue rent supplement programs payable directly to owners of the Apartment Complex.

 

As of March 31, 2002 the Fund had invested in 24 Operating Partnerships on behalf of Series 20, 14 Operating Partnership on behalf of Series 21, 29 Operating Partnerships on behalf of Series 22, 22 Operating Partnerships on behalf of Series 23, 23 Operating Partnerships on behalf of Series 24, 22 Operating Partnerships on behalf of Series 25, 45 Operating Partnerships on behalf of Series 26, 16 Operating Partnerships on behalf of Series 27, 26 Operating Partnerships on behalf of Series 28, 22 Operating Partnerships on behalf of Series 29, 20 Operating Partnerships on behalf of Series 30, 27 Operating Partnerships on behalf of Series 31, 17 Operating Partnerships on behalf of Series 32, 10 Operating Partnerships on behalf of Series 33, 14 Operating Partnerships on behalf of Series 34, 11 Operating Partnerships on behalf of Series 35, 11 Operating Partnerships on behalf of Series 36, 7 Operating Partnerships on behalf of Series 37, 10 Operating Partnerships on behalf of Series 38, 9 Operating Partnerships on behalf of Series 39 and 15 Operating Partnerships on behalf of Series 40, 11 Operating Partnerships on behalf of Series 41 and 2 Operating Partnerships on behalf of Series 42.  A description of these Operating Partnerships is set forth in Item 2 herein.

 

 

2

 

The business objectives of the Fund are to:

(1)                                  provide current tax benefits to Investors in the form of Federal Housing Tax Credits and in limited instances, a small amount of Rehabilitation Tax Credits, which an Investor may apply, subject to certain strict limitations, against the investor’s federal income tax liability from active, portfolio and passive income;

(2)                                  preserve and protect the Fund’s capital and provide capital appreciation and cash distributions through increases in value of the Fund’s investments and, to the extent applicable, equity buildup through periodic payments on the mortgage indebtedness with respect to the Apartment Complexes.

(3)                                  provide tax benefits in the form of passive losses which an Investor may apply to offset his passive income (if any); and

(4)                                  provide cash distributions (except with respect to the Fund’s investment in certain Non-Profit Operating Partnerships) from Capital Transaction proceeds.  The Operating Partnerships intend to hold the Apartment Complexes for appreciation in value.  The Operating Partnerships may sell the Apartment Complexes after a period of time if financial conditions in the future make such sales desirable and if such sales are permitted by government restrictions.

 

The business objectives and investment policies of the Fund are described more fully on pages 49 to 61 of the Prospectus, as supplemented, under the caption “Investment Objectives and Acquisition Policies,” which is incorporated herein by reference.

 

Employees

 

The Fund does not have any employees.  Services are performed by the General Partner and its affiliates and agents retained by them.

 

Item 2.    Properties

 

The Fund has acquired a Limited Partnership interest in 407 Operating Partnerships in 23 series, identified in the table set forth below.  The Apartment Complex owned by the Operating Partnership is eligible for the Federal Housing Tax Credit.  Initial occupancy of a unit in each Apartment Complex which initially complied with the Minimum Set-Aside Test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the Rent Restriction Test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to hereinafter as “Qualified Occupancy.”  The Operating Partnership and the respective Apartment Complex is described more fully in the Prospectus.  The General Partner believes that there is adequate casualty insurance on the properties.

 

Please refer to Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for a more detailed discussion of operational difficulties experienced by certain of the Operating Partnerships.

 

3

 

Boston Capital Tax Credit Fund IV L.P. - Series 20

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Ashbury Apartments		Sioux Falls, SD		48		$	1,174,146		4/94		6/94		100	%	$	806,117
Bennetts Pointe Apts.		Bennetsville, SC		32		1,333,699			3/94		8/94		100	%	281,100
Bradley Manor		Bradley, AR		25		793,121			8/94		3/95		100	%	182,044
Breeze Cove Apts.		Port Washington, WI		64		2,674,251			5/94		10/94		100	%	2,601,494
Cascades Commons Apts.		Sterling, VA		320		14,387,928			6/94		10/95		100	%	7,132,820
Clarksville Estates		Clarksville, MO		32		689,275			6/94		9/94		100	%	142,639
Club Goldenrod II, Apartments		Orlando, FL		220		7,251,910			4/94		6/95		100	%	3,681,417
College Greene Senior Apts		N. Chili, NY		110		3,727,860			3/95		8/95		100	%	1,918,496
Concordia Manor I		St. Croix, VI		22		1,456,072			8/94		7/95		100	%	490,034
Coushatta Seniors II Apartments		Coushatta, LA		24		707,877			5/94		3/94		100	%	175,182
East Douglas Apartment		Bloomington, IL		51		2,119,080			7/94		12/95		100	%	1,281,690
Edison Lane Apartments		Edison, GA		24		715,134			9/94		10/95		100	%	204,561
Evergreen Hills Apts.		Macedon, NY		72		2,754,409			8/94		1/95		100	%	693,966
Fairoaks Lane Apts.		Rincon, GA		44		1,405,721			7/94		5/95		100	%	339,284
Floral Acres II		Waggaman, LA		32		1,026,311			5/94		8/94		100	%	228,457
Forest Glen Village		Vidalia, GA		46		1,321,933			7/94		2/95		100	%	378,777
Gardenview Apartments		Pasedena, TX		309		5,035,305			6/94		9/95		100	%	2,261,021
Harrisonburg, Seniors pts.		Harrisonburg, LA		24		683,054			5/94		1/94		100	%	176,621
Hillside Apartments		Cynthiana, KY		48		796,049			10/94		4/95		100	%	643,850
Kristine Apartments		Bakersfield, CA		60		1,286,850			10/94		10/94		100	%	311,675
Northfield Apts.		Jackson, MS		120		2,863,971			6/94		8/95		100	%	3,273,126
Parkside Apartments		Avondale, AZ		54		662,454			12/94		1/94		100	%	282,547
Riverview Apartments		Franklinton, LA		47		1,685,752			4/94		10/94		100	%	370,000
Shady Lane Senior Apts.		Winnfield, LA		32		936,466			5/94		10/93		100	%	197,200

 

4

 

Boston Capital Tax Credit Fund IV L.P. - Series 21

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Atlantic City Apts.		Atlantic City, NJ		153		$	5,175,000		9/94		10/95		100	%	$	2,500,000
Black River Run		Black River Falls, WI		48		1,207,451			10/94		12/94		100	%	350,531
Cattaraugus Manor		Cattaraugus, NY		24		1,087,704			8/94		4/95		100	%	263,711
Creekside at Tasker’s Chance		Frederick, MD		120		4,804,510			10/94		9/95		100	%	2,471,093
Forest Glen at Sully Station		Centreville, VA		118		5,800,847			11/94		9/95		100	%	2,649,450
Fort Halifax		Winslow, ME		24		1,125,719			9/94		1/95		100	%	389,085
Havelock Manor Apts.		Havelock, NC		60		1,834,533			12/94		10/95		100	%	347,557
Holly Village		Buchanan, GA		24		710,114			8/94		6/95		100	%	205,400
Liveoak Village		Union Springs, AL		24		758,830			10/94		7/95		100	%	176,953
Lookout Ridge Apts.		Covington, KY		30		633,681			12/94		12/94		100	%	763,038
Pinedale Apartments II		Menomonie, WI		60		1,355,307			10/94		12/94		100	%	869,798
Pumphouse Crossing II Apartments		Chippewa, WI		48		1,239,152			10/94		12/94		100	%	692,840
The Woods Apartments		Campton, NH		20		1,019,644			8/94		10/94		100	%	269,500
Tower View Apartments		Tower City, PA		25		1,120,036			11/94		5/95		100	%	268,863

 

5

 

Boston Capital Tax Credit Fund IV L.P. - Series 22

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Albemarle Village		Hertford, NC		36		$	1,431,305		1/95		9/94		100	%	$	321,628
Apple Village		Edmond, OK		160		3,814,430			11/94		3/96		100	%	1,572,166
Bayou Crossing		Riverview, FL		290		8,651,693			11/94		1/96		100	%	2,854,036
Bellwood Gardens		Ford City, PA		28		1,240,063			6/95		9/95		100	%	308,152
Black River Run Apts.		Black River Falls, WI		48		1,207,451			3/95		12/94		100	%	395,279
Clarendon Court		Summerton, SC		40		1,440,499			10/94		4/95		100	%	340,737
Club II Goldenrod		Orlando, FL		220		7,251,910			3/95		6/95		100	%	2,106,975
Cobblestone Apartments		Fuquay, NC		33		1,406,530			1/95		5/94		100	%	326,054
Concordia Manor II		St. Croix, VI		20		1,485,076			1/95		11/95		100	%	259,444
Concordia Manor III		St. Croix, VI		20		1,475,423			2/95		12/95		100	%	264,007
Drakes Branch Elderly		Drakes Branch, VA		32		1,258,430			1/95		6/95		100	%	232,722
Elks Towers Apartments		Litchfield, IL		27		823,176			10/95		12/96		100	%	749,156
Fonda Terrace		Fonda, NY		24		1,019,160			12/94		10/94		100	%	259,387
Highland House		Boston, MA		14		715,700			12/96		5/97		100	%	571,829
Kimbark 1200 Apts.		Longmont, CO		48		1,970,618			9/95		12/95		100	%	321,843
Kingsway Apartments		Swedsboro, NJ		36		1,806,248			7/95		6/95		100	%	46,290
Lake City Apartments		Lake City, PA		44		1,164,125			8/98		6/98		100	%	240,900
Lake Street Apartments		Girard, PA		32		1,351,794			4/95		9/95		100	%	342,369
Lost Tree Apartments		Branson, MO		88		1,569,567			4/95		6/95		100	%	474,948
Maplewood Apartments		Sacramento, KY		12		432,147			8/95		9/95		100	%	110,881
Marksville Square		Marksville, LA		32		954,843			1/95		1/96		100	%	268,848
Neshoba County		Philadelphia, MS		25		844,462			7/95		8/95		100	%	251,411
Philadelphia Square		Philadelphia, MS		16		540,455			7/95		8/95		100	%	149,950
Quankey Hills		Halifax, NC		24		1,004,898			1/95		3/95		100	%	200,496
Richmond Square		Richmond, MO		32		862,633			12/94		2/95		100	%	818,770
Salem Wood Apartments		Salemburg, NC		24		947,884			1/95		12/94		100	%	181,355
The Birches		Old Orchard Beach,  ME		88		2,800,000			1/95		3/96		100	%	1,514,512
Troy Villa Apartments		Troy, MO		64		1,889,332			12/94		6/95		100	%	1,810,416
Twin City Villa		Festus, MO		40		1,404,571			1/95		11/95		100	%	679,176

 

6

 

Boston Capital Tax Credit Fund IV L.P. - Series 23

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Apple Village		Edmond, OK		160		$	3,814,430		11/94		3/96		100	%	$	1,572,166
Bayou Crossing		Riverview, FL		290		8,651,693			4/95		1/96		100	%	4,281,054
Concordia Manor II		St. Croix, VI		20		1,485,076			1/95		11/95		100	%	259,445
Concordia Manor III		St. Croix, VI		20		1,475,423			2/95		12/95		100	%	264,007
Columbia Commons		Hempstead, NY		37		1,055,635			5/95		5/95		100	%	1,501,605
Country Hill Apts. Ph II		Cedar Rapids, IA		92		2,028,912			8/95		6/96		100	%	1,981,495
Great Pines Apts.		Hurleyville, NY		26		1,161,216			7/95		12/95		100	%	340,835
Heatheridge Estates **		Barling, AR		17		783,479			7/95		11/95		100	%	748,240
Ithaca Apts. I		Ithaca, MI		28		649,142			11/95		7/95		100	%	164,008
Kimbark 1200 Apts.		Longmont, CO		48		1,970,618			9/95		12/95		100	%	965,530
La Pensione K Apts.		Sacramento, CA		129		2,465,502			9/95		12/96		100	%	2,650,580
Mathis Apartments		Mathis, TX		32		904,747			1/95		1/95		100	%	219,045
Mid City Apartments		Jersey City, NJ		58		2,849,466			9/95		6/94		100	%	113,679
Orange Grove Seniors		Orange Grove, TX		24		662,903			5/95		2/95		100	%	104,728
Philmont Terrace		Philmont, LA		32		1,485,799			5/95		5/95		100	%	370,750
Riverview Apartments		St. Louis, MO		42		1,136,933			8/95		12/95		100	%	1,160,308
South Hills Apartments		Bellevue, NE		72		1,842,676			6/95		2/96		100	%	1,686,354
St. Peters Villa		St. Peters, MO		54		1,791,981			7/95		3/96		100	%	1,495,685
The Birches		Old Orchard Beach,ME		88		2,800,000			1/95		3/96		100	%	1,399,532
Twin City Villa		Festus, MO		40		1,404,571			2/95		11/95		100	%	679,176
Village Woods Est.		Kansas City, KS		45		1,562,068			5/95		12/95		100	%	1,704,928
Vinsett Estates**		Van Buren, AR		10		**			7/95		11/95		100	%
Woodland Hills		Roland, OK		10		299,874			7/95		6/95		100	%	274,540

 

**   Two properties which make up one Operating Partnership named Barlee Properties L.P. with 27 units.  Entire mortgage balance and contributions are listed with Heatheridge Estates.

 

7

 

Boston Capital Tax Credit Fund IV L.P. - Series 24

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Autumn Ridge Apartments		Shenandoah, VA		34		$	1,529,720		7/96		1/97		100	%	$	319,466
Brooks Summit		Blue Ridge, GA		36		1,109,809			12/95		11/96		100	%	223,280
Brownsville Apartments		Brownsville, TN		36		1,194,686			9/95		9/95		100	%	267,091
Century East Apts. IV		Bismark, ND		24		618,084			8/95		8/95		100	%	399,962
Century East Apts. V		Bismark, ND		24		618,084			11/95		9/95		100	%	399,962
Centenary Towers Apts.		St. Louis, MO		100		2,515,000			5/97		12/97		100	%	679,577
Cooper’s Crossing		Irving, TX		93		3,526,678			6/96		12/95		100	%	848,708
Edenfield Apartments		Millen, GA		48		1,264,964			1/96		12/96		100	%	314,827
Elm Street Apartments		Yonkers, NY		35		1,838,993			1/96		1/96		100	%	407,601
Heritage Glen Apts.		Coolidge, AZ		28		1,125,644			4/96		4/96		100	%	373,388
Lake Apts I		Fargo, ND		24		599,133			8/95		7/95		100	%	399,962
Lakeway Apts		Zwolle, LA		32		862,637			11/95		4/96		100	%	110,902
Laurelwood Park Apts.		High Point, NC		100		2,333,853			2/96		10/96		100	%	2,120,403
Madison Park IV		Boston, MA		143		7,553,209			5/96		3/97		97	%	1,155,884
New Hilltop Apartments		Laurens, SC		72		1,683,361			11/95		11/95		100	%	450,039
North Hampton Pl.		Columbia, MO		36		775,710			11/95		3/96		100	%	1,002,996
Northfield Housing, L.P.		Jackson, MS		5		187,616			12/96		9/96		100	%	217,266
Pahrump Valley Apts.		Pahrump, NV		32		1,387,689			7/96		7/96		100	%	335,225
Park Meadow Apartments		Gaylord, MI		80		1,816,594			9/95		4/97		100	%	1,753,158
Shadowcreek Apartments		Overton, NV		24		1,220,160			6/96		9/96		100	%	361,320
Stanton Village Apts.		Stanton, TN		40		1,204,938			9/95		9/95		100	%	279,730
Woodlands Apartments		Elko, NV		24		1,129,322			11/95		9/95		100	%	269,867
Wyandotte Apartments		Los Angeles, CA		73		3,287,085			4/96		2/97		100	%	952,329

 

8

 

Boston Capital Tax Credit Fund IV L.P. - Series 25

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Dogwood Park Apts.		Athens, GA		127		$	2,559,756		12/95		10/96		100	%	$	3,538,760
Dunlap Acres		West Point, MS		50		1,114,578			9/96		4/96		100	%	522,160
Century East II Apts.		Bismark, ND		24		531,582			8/96		6/96		100	%	371,183
Clarke Manor Apts.		Pokamoke City, MD		30		1,215,580			2/96		4/96		100	%	440,107
Hannah Heights Apts.		Ethel, MS		28		809,118			6/96		12/96		100	%	321,584
Heartland Green Cave		Horse Cave, KY		24		842,189			5/96		11/96		100	%	270,132
Hurricane Hills		Hurricane, UT		49		1,248,559			9/96		4/97		100	%	2,242,394
Laurelwood Park Apts.		High Point, NC		100		2,333,853			2/96		10/96		100	%	946,539
Lenox Ave. Apts.		Manhattan, NY		18		525,522			10/96		9/97		100	%	903,792
Madison Park IV		Boston, MA		143		7,553,209			5/96		3/97		97	%	2,054,904
Main Everett Apts.		New Rochelle, NY		11		610,814			6/96		1/97		100	%	782,852
Maple Hill		New Haven, CT		32		1,021,377			2/97		2/98		100	%	199,951
Mary Ryder Home		St. Louis, MO		48		137,392			1/97		6/96		100	%	1,591,573
Osborne Apts.		White Plains, NY		7		421,844			6/96		12/96		100	%	522,325
Rose Square		Connellsville, PA		11		387,827			10/96		2/97		100	%	278,209
Rosewood Estates, II		Bladenboro, NC		16		677,221			9/96		12/96		100	%	124,304
Sandstone Village		Great Falls, MT		48		1,201,105			11/95		8/96		100	%	1,295,623
Shannon Rentals		Shannon, MS		48		1,257,356			4/96		1/97		100	%	324,990
Smith House		Roxbury, MA		132		1,949,522			4/96		3/97		100	%	1,008,690
Sutton Place		Indianopolis, IN		360		6,025,000			11/96		10/97		100	%	647,751
Washington Arms		Dayton, OH		93		1,759,207			2/96		2/95		100	%	203,859
Wyandotte Apts.		Los Angeles, CA		73		3,287,085			4/96		2/97		100	%	1,315,122

 

9

 

Boston Capital Tax Credit Fund IV L.P. - Series 26

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Academy Apts.		West Point, VA		32		$	1,159,273		4/97		3/98		100	%	$	263,722
Bradley Estates Phase I		Meriden, CT		74		2,014,280			2/97		12/97		100	%	671,336
Bradley Estates Phase II		Meriden, CT		42		1,181,713			2/97		12/97		100	%	486,861
Brookhaven Apts.		Shrevport, LA		35		1,031,726			2/97		1/97		100	%	573,912
Butler Estates		Leesville, LA		10		168,616			8/96		10/96		100	%	77,627
Calgory Apts. I		Bismark, ND		24		619,570			2/96		12/95		100	%	414,507
Calgory Apts. II		Bismark,  ND		24		621,343			2/96		12/95		100	%	414,507
Calgory Apts. III		Bismark, ND		24		617,620			2/96		12/95		100	%	414,507
Cameron Apts.		Cameron, LA		40		751,338			8/96		10/96		100	%	475,965
Country Edge Apts.		Fargo, ND		48		1,056,876			7/97		12/97		100	%	1,128,587
Devonshire II Apts.		London, OH		28		767,474			1/97		12/96		100	%	182,070
Devonshire West Apts.		W. Jefferson, OH		19		532,970			1/97		1/97		100	%	126,983
East Park II Apts.		Dilworth, MN		24		559,673			8/96		8/96		100	%	525,631
Edgewood Park Apts.		Milledgeville, GA		61		1,500,000			5/96		1/97		100	%	1,477,023
Edgewood Estates Apts.		Edgewood, TX		22		610,537			6/97		11/96		100	%	173,436
Esche Street SRO		Trenton, NJ		104		2,355,473			4/97		5/98		100	%	3,734,928
Grandview Apartments		Fargo, ND		36		1,145,542			8/96		8/96		100	%	1,069,522
Grayson Manor		Independence, VA		32		1,054,607			3/98		11/98		100	%	656,156
Hallman Court Apts.		Rochester, NY		77		9,154,670			1/99		7/00		100	%	283,873
Hanover Apts.		Ashland, VA		40		1,274,389			11/97		4/98		100	%	295,538
Hanover Towers Apts.		Meriden, CT		100		4,717,692			2/97		11/97		100	%	1,065,649
Hazeltine Apts.		Los Angeles, CA		35		1,397,272			6/96		1/97		100	%	951,693
Holly Heights Apts.		Bowling Green, KY		30		1,278,631			5/97		8/97		100	%	362,738
Lake Apts. IV		Fargo, ND		24		630,416			2/96		12/95		100	%	414,507
Lake Apts. V		Fargo, ND		24		604,179			2/96		12/95		100	%	414,507
Lauderdale County Properties		Meriden, MS		48		1,125,138			12/98		5/99		100	%	444,136
Liberty Village Apts.		Liberty, NY		32		1,734,657			1/97		5/97		100	%	437,448
Little Valley Est.		Little Valley, NY		24		1,144,789			1/97		4/97		100	%	284,257
Maxton Green Apts.		Maxton, NC		32		962,981			9/96		12/96		100	%	263,281
Madison Apartments		Miami Beach, FL		17		1,100,694			3/96		6/97		100	%	881,664
Mason Manor Apts.		Mason, TN		24		925,652			2/96		1/96		100	%	229,775
Mosby Forest Apts.		Littleton, NC		24		699,068			10/96		10/96		100	%	496,753
New Hope Bailey Apts.		De Ridder, LA		40		820,545			8/96		9/96		100	%	455,212
Nordhoff Apts.		North Hills, CA		38		1,973,350			9/96		7/97		100	%	1,756,175
Park Ridge Apartments		Jackson, TN		136		5,000,000			11/98		12/99		100	%	835,861
Powell Valley Village		Jonesville, VA		34		747,632			3/98		12/98		100	%	1,423,248
Southwind Apts. A LDHA		Jennings, LA		36		838,317			8/96		12/96		100	%	428,742
T.R. Bobb Apts.		New Iberia, LA		30		679,001			8/96		12/96		100	%	428,742
Timmons - Ville Green Apts.		Timmonsville, SC		32		1,065,842			10/96		2/97		100	%	292,587
Tremont Station Apartments		Tremont, PA		24		1,042,666			5/96		11/96		100	%	349,889
Village Estates Apts.		Victoria, VA		32		1,152,235			4/97		10/98		100	%	270,204
Village Green Apts.		Gloucester, VA		32		1,145,831			4/97		11/97		100	%	229,902
Warrensburg Heights		Warrensburg, MO		28		1,109,663			12/96		11/96		100	%	308,825
Westside Apts.		Salem, AR		29		1,036,514			8/96		10/96		100	%	265,020
The Willows Apts.		Smithville, TX		32		804,102			5/96		5/96		100	%	209,768

 

10

 

Boston Capital Tax Credit Fund IV L.P. - Series 27

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
AHAB Rental Units Phase II		Springfield, MO		17		$	480,285		6/97		11/97		100	%	$	578,458
Angelou Court Apts.		New York, NY		23		998,130			10/97		8/99		100	%	1,599,299
Canisteo Manor		Canisteo,  NY		24		890,406			4/98		4/98		100	%	621,857
The Casa Rosa		San Juan, PR		97		901,117			9/97		4/98		100	%	1,232,936
Forest Glen At Sulluy Station Phase II Atps.		Centreville, VA		119		6,547,880			8/96		6/97		100	%	1,339,550
Harrison  Heights Apts.		Harrisonville, MO		48		1,283,142			1/98		12/96		100	%	245,516
Harbor Towers Apts.		Meriden, CT		202		11,717,638			2/97		11/97		100	%	2,895,280
Holly Heights Apts.		Storm Lake, IA		32		494,185			4/97		8/98		100	%	614,058
Lake Apts. II		Fargo, ND		24		599,307			1/97		12/95		100	%	396,024
Magnolia Place Apts.		Gautier, MS		40		873,890			11/97		1/98		100	%	800,027
Northrock Apts.		Topeka, KS		76		2,580,636			5/00		5/00		100	%	610,365
Park Crest  Apts.		Sherwood, AR		216		9,200,000			11/99		6/99		100	%	115,311
Pear Village Apts.		Leitchfile, KY		16		501,495			8/96		2/97		100	%	488,822
Randolph  Village		Silver Spring, MD		130		5,458,835			9/96		8/97		100	%	2,240,075
Summer Hill Sr. Apts.		Wayne, NJ		164		9,203,547			11/96		4/98		100	%	2,337,000
Sunday Sun Apts.		Bowling Green, KY		30		886,169			10/96		12/96		100	%	714,938

 

11

 

Boston Capital Tax Credit Fund IV L.P. - Series 28

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
1374 Boston Road L.P.		New York, NY		15		$	525,676		2/97		6/97		100	%	$	522,065
Ashberry Manor Apts.		Bardstown, KY		24		638,803			2/97		3/97		100	%	561,330
Bienville III Apts.		Ringold, LA		32		958,233			2/97		2/97		100	%	349,186
Blanchard Apts.		Blanchard, LA		32		908,983			7/97		7/97		100	%	307,218
Chandler Village Apts		Chandler, OK		32		904,955			4/97		7/97		100	%	255,639
Cottonwood Apts.		Cottonwood, LA		24		733,535			7/97		7/97		100	%	248,058
Cottonwood Apts.		Holly Grove, AR		24		929,842			2/97		4/97		100	%	254,856
Evangeline Apts.		Lake Arthur, LA		32		968,897			11/97		1/98		100	%	366,284
Fairway Apts. II		Marlette, MI		48		1,043,952			12/96		3/97		100	%	255,353
Falcon Pointe Apts.		Rosenburg, TX		102		3,089,842			4/98		10/99		100	%	3,191,142
Jackson Place Apts.		Jackson, LA		40		1,003,488			7/97		10/97		100	%	983,615
Mapelwood Apts.		Winnfield, LA		40		908,123			3/98		8/98		100	%	922,119
Milton Village Apts.		Milton, NY		32		1,167,648			2/97		6/97		100	%	1,192,184
Neighborhood Restorations VII		West Philadelphia, PA		72		2,235,691			2/98		2/98		100	%	3,809,335
Park Plaza I & II		West Memphis, AR		128		2,979,850			12/97		11/96		100	%	553,954
Park Village Apts.		Athens, TN		80		1,199,088			10/98		6/99		100	%	1,992,486
Pin Oak Village		Bowie, MD		110		9,025,780			11/97		1/96		100	%	3,804,585
Southern Villa Apts.		Russellville, KY		32		1,337,287			11/97		4/98		100	%	323,500
Randolph Village		Silver Spring, MD		130		5,799,295			12/97		8/97		100	%	909,471
Sand Lane Manor  Apts.		Henderson, KY		24		672,076			8/97		4/98		100	%	556,478
Senior Suites of Chicago		Chicago, IL		84		4,087,580			12/97		12/98		100	%	3,176,031
Sumner House		Hartford, CT		79		1,122,346			1/98		7/98		100	%	2,010,966
Terraceview Townhomes Apts.		Litchfield  MN		22		718,485			7/97		10/97		100	%	726,402
Tilghman Square		Dunn, NC		20		782,981			11/97		10/97		100	%	307,605
Wellston Village Apts.		Wellston,  OK		14		373,886			4/97		8/97		100	%	107,258
Yale Village Apts.		Yale, OK		8		197,545			2/98		7/98		100	%	69,341

 

12

 

Boston Capital Tax Credit Fund IV L.P. - Series 29

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
The Arbor Park Apts.		Jackson, MS		160		$	5,640,000		12/96		6/98		100	%	$	2,809,826
The Arbors		Richmond, VA		85		2,897,605			7/97		11/98		100	%	2,480,576
Barrington Cove Apts.		Barrington, RI		60		2,056,615			4/97		5/97		100	%	4,264,830
Bent  Tree Apts.		Jacksboro, TX		24		600,002			12/97		1/98		100	%	161,552
Colonial Apts.		Poplarville, MS		16		393,267			10/97		7/97		100	%	86,039
Dogwood Apts.		Appomattox, VA		48		1,367,104			10/98		5/99		100	%	637,151
Emerald Trace Apts.		Ruston, LA		48		1,319,333			8/98		4/99		100	%	981,089
Edgewood Apts.		Baker, LA		72		1,978,174			3/97		9/98		100	%	1,856,539
Glenbrook Apts.		Saint Jo, TX		24		507,604			12/97		3/97		100	%	145,871
Harbor Pointe Apts.		Benton Harbor, MI		84		1,552,320			1/99		10/99		100	%	3,209,292
The Lincoln Hotel		San Diego, CA		41		797,847			2/97		7/97		100	%	676,576
Lombard  Heights Apts.		Springfield, MO		24		975,293			10/98		7/98		100	%	302,808
Lutkin Bayou Apts.		Drew, MS		36		822,161			11/97		6/97		100	%	192,283
Nacogdoches Plaza Apts.		Nacodgoches, TX		70		1,516,830			4/97		3/98		100	%	2,793,695
Newcastle Apts.		Collins, MS		36		680,779			9/97		6/98		100	%	194,259
Park Crest Apts.		Sherwood, AZ		216		9,200,000			2/98		6/99		100	%	3,199,520
Palmetto Place Apts.		Benton, LA		40		1,100,303			10/98		4/99		100	%	1,153,878
Pecan Hill Apts.		Bryson, TX		16		382,347			8/97		1/98		100	%	110,600
Regency Apts.		Poplarville, MS		16		456,431			10/97		7/97		100	%	102,419
Rhome Apts.		Rhome, TX		24		511,697			12/97		2/97		100	%	160,551
Westfield Apts.		Welsh, LA		40		794,275			11/97		8/98		100	%	918,605
Willow Point Apts. III		Jackson, MS		120		4,250,000			12/96		2/98		100	%	2,035,596

 

13

 

Boston Capital Tax Credit Fund IV L.P. - Series 30

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Byam Village		Waterbury, CT		46		$	1,169,920		2/97		2/98		100	%	$	426,008
Country Estates Apts.		Farmville, VA		24		890,644			3/98		7/99		100	%	223,562
Emerald Trace II Apts		Ruston, LA		24		411,468			7/98		12/98		100	%	717,594
Farewell Mills Apts.		Lisbon, ME		27		782,129			8/97		3/98		100	%	662,864
Hillside Terrace Apts.		Poughkeepsie, NY		64		1,803,744			4/99		7/00		100	%	488,093
Lakewood Apts.		Clarksville, VA		52		1,544,445			3/98		10/99		100	%	394,349
Lone Oak Apts.		Graham, TX		64		1,518,562			8/97		9/98		100	%	408,634
Mesa Grande Apts.		Carlsbad, NM		72		1,974,130			2/98		12/98		100	%	2,160,782
Millwood Park Apts.		Douglasville, GA		172		8,291,842			12/98		11/99		100	%	631,257
New River  Gardens		Radford, VA		48		1,466,244			10/98		5/99		100	%	637,321
Nocona Terrace Apts.		Nocona, TX		36		828,909			8/97		12/98		100	%	249,394
Northgate Apts.		Bryant, AR		20		654,628			4/99		11/99		100	%	826,491
Park Trace Apts.		Jackson, TN		84		1,629,674			11/97		3/99		100	%	3,353,303
Pine Forest Apts.		Dahlgren, VA		40		1,870,544			3/98		2/99		100	%	503,181
Riverbend Apts.		Swanzey, NH		24		617,771			7/97		2/98		100	%	1,321,798
Royal Crest Apts.		Bowie, TX		48		1,116,907			8/97		10/98		100	%	337,545
Broadway Place Apts.		Hobbs, NM		32		775,825			2/98		12/98		100	%	1,837,527
Trinity Life Gardens		Pueblo, CO		44		1,302,418			4/99		12/99		100	%	1,924,806
Western Trails Apts.		Council Bluffs, IA		30		926,617			7/98		6/99		100	%	912,827
Whistle Stop Apts.		Gentry, AR		27		703,040			9/97		5/98		100	%	726,507

 

14

 

Boston Capital Tax Credit Fund IV L.P. - Series 31

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Bent Tree Apts.		San Angelou, TX		112		$	2,671,787		12/97		7/99		100	%	$	3,521,950
Brittney Square  Apts.		Bowling Green,  KY		20		626,354			7/98		7/98		100	%	629,917
Canton Manor Apts.		Canton, MS		32		812,778			11/97		7/98		100	%	271,306
Canton Village Apts.		Canton, MS		42		1,132,530			11/97		7/98		100	%	363,557
Double Springs Manor II Apts.		Bowling Green,  KY		25		393,627			9/98		3/99		100	%	985,432
Eagles Ridge Terrace		Decatur, TX		89		1,824,969			12/97		5/98		100	%	467,063
Elmwood Apts.		Ellisville, MS		32		661,754			12/97		6/98		100	%	243,483
Giles Apts.		Amelia, VA		16		718,661			3/98		2/99		100	%	178,711
Henderson Terrace Apts.		Bridgeport, TX		24		522,834			11/97		9/98		100	%	120,846
Hurricane Hills		Hurricane, UT		28		781,674			9/97		8/98		100	%	2,000,271
Madison Height Apts.		Canton, MS		80		2,239,812			11/97		7/98		100	%	786,614
Lakeview Court		City of Little Elm, TX		24		446,156			11/97		1/99		100	%	83,390
Mesquite Trails		Jacksboro, TX		35		684,905			11/97		11/98		100	%	193,766
Munjoy South Townhouse  Apts.		Portland, ME		140		3,720,918			9/97		10/98		100	%	706,503
Nottoway Manor		Blackstone, VA		28		861,611			3/98		4/99		100	%	214,977
Parktowne Apts.		Cleveland, TN		84		1,578,799			11/97		6/98		100	%	3,363,097
Park Ridge Apts.		McKee, KY		22		888,060			10/97		5/98		100	%	338,464
Pilot Point Apts.		Pilot Point, VA		40		769,175			11/97		2/99		100	%	142,680
Plantation Ridge		Sugar Hill, GA		218		12,790,000			5/98		5/99		100	%	1,974,354
Riverbend Apts.		Bedford, ME		28		784,261			10/97		7/98		100	%	1,578,561
Roth Village		Mechanicsburg, PA		61		2,158,615			10/97		9/98		100	%	2,664,992
Royal Estates Apts.		Canton, MS		32		838,932			11/97		7/98		100	%	282,525
Silver Creek Apts.		Flat Rock, MI		112		3,358,756			3/98		8/99		100	%	4,235,275
Springs Manor Apts.		Rawls Spring, MS		32		827,365			12/97		6/98		100	%	328,693
Summerdale Commons Phase II		Atlanta, GA		108		3,752,139			12/98		4/99		100	%	2,496,904
Windsor Hills Apts.		Ferris, TX		16		454,287			5/00		9/00		100	%	68,564
Windsor Park Apts.		Jackson, MS		279		7,500,000			11/97		3/99		100	%	2,346,847

 

15

 

Boston Capital Tax Credit Fund IV L.P. - Series 32

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Carriage Pointe Apts.		Old Bridge, NJ		18		$	7,594,997		1/98		1/97		100	%	$	3,051,011
Chardonnay Apts.		Oklahoma City, OK		14		77,888			1/98		1/97		100	%	393,700
Cogic  Village Apts.		Benton Harbor, MI		136		2,406,922			4/98		7/99		100	%	6,669,762
Courtside Apts.		Cottonwood, AZ		44		903,154			6/98		7/98		100	%	1,667,188
Clear  Creek Apts.		N. Manchester, IN		64		1,611,547			7/98		9/99		100	%	1,884,358
Columbia Luxar		Dallas, TX		125		3,575,101			8/98		12/99		100	%	3,947,106
Colony Park Apts.		Pearl, MS		192		8,000,000			6/98		12/99		100	%	2,911,900
Gilette Manor		Sayreville, NJ		100		**			1/98		1992		100	%	**
Hallman Court Apts.		Rochester, NY		77		9,154,670			1/99		7/00		100	%	232,259
Martinsville Apts.		Shelbyville, KY		125		278,029			8/99		2/00		100	%	345,791
Parkside Plaza Apts		New York, NY		39		1,324,092			7/99		5/01		100	%	2,457,425
Park  Ridge Apts.		Jackson, TN		136		5,000,000			11/98		12/99		100	%	1,637,102
Park  Village Apts.		Athens, TN		80		1,199,088			10/98		6/99		100	%	1,503,103
Pearlwood Apts.		Pearl, MS		40		954,603			2/98		5/98		100	%	745,648
Rose Villa Apts.		Ganado, TX		8		219,873			5/01		11/01		100	%	39,451
Pecan Manor Apts.		Natchitoches, LA		40		780,577			7/98		10/98		100	%	1,501,914
Pineridge Apts.		Franklinton, LA		40		799,881			7/98		1/99		100	%	1,497,889
Sterling Creek Apts.		Independence, MO		48		921,989			5/98		5/00		100	%	1,973,594
Woodhaven Apts.		S. Brunswick, NJ		80		**			1/98		1995		100	%	**

 

 

**   3 properties which make up one Operating Partnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP.

 

16

 

Boston Capital Tax Credit Fund IV L.P. - Series 33

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Bradford Park Apts.		Southhaven,, MS		208		$	9,790,000		10/98		12/99		100	%	$	302,884
Bradford Square North Apts.		Jefferson City, TN		50		1,055,961			10/98		9/99		100	%	1,456,415
Carriage Pointe Apts.		Old Bridge, NJ		18		7,594,997			3/98		1/97		100	%	3,051,011
Columbia Luxar		Dallas, TX		125		3,575,101			8/98		12/99		100	%	3,947,106
Foxridge Apts.		Durham, NC		92		3,087,360			3/98		7/99		100	%	3,103,038
Gilette Manor		Sayreville, NJ		100		**			1/98		1992		100	%	**
Harbor Pointe		Benton Harbor, MI		84		1,554,989			1/99		10/99		100	%	1,157,091
Merchant Court		Dallas, GA		192		6,038,352			10/98		12/99		100	%	2,422,226
Northrock Apts.		Topeka, KS		76		2,580,636			5/99		5/00		100	%	1,133,534
Stearns- Assisted		Millinocket, ME		20		435,500			12/99		3/01		100	%	674,885
Stonewall Retirement Village		Stonewall, LA		40		883,152			7/98		1/99		100	%	1,495,966
Woodhaven Apts.		S. Brunswick, NJ		80		**			1/98		1995		100	%	**

 

**           3 properties which make up one Operating Partnership named FFLM Associates LP with 194 units.  Entire mortgage balance and capital contributions paid reported with Carriage Pointe Apartments LP.

 

17

 

Boston Capital Tax Credit Fund IV L.P. - Series 34

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq Date		Const Comp		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Abby Ridge Apts.		Elizabethtown, KY		24		$	484,663		2/00		1/00		100	%	$	1,577,723
Allsion Apts.		Mt. Washington, KY		24		899,586			11/98		1/99		100	%	850,013
Belmont Affordable Housing Two Apts.		Philadelphia, PA		20		518,496			1/99		12/99		100	%	1,820,797
Boerne Creekside Apts.		Boerne, TX		71		2,041,181			11/98		6/00		100	%	2,303,497
Bradford Park Apts.		Southaven, MS		208		9,790,000			3/99		12/99		100	%	2,868,684
Hillside Club Apts.		Bear Creek Township, MI		55		1,683,730			10/98		12/99		100	%	2,087,333
Howard Park Apts		Florida City, FL		16		379,144			4/99		12/99		100	%	588,986
Kerrville Meadows Apts.		Kerrville, TX		72		1,594,379			11/98		4/00		100	%	2,329,758
Merchant Court Apts.		Dallas, GA		192		6,038,352			10/98		12/99		100	%	4,718,773
Millwood Park Apts.		Douglasville, GA		172		8,291,842			12/98		11/99		100	%	1,215,874
Northwood Homes		Leitchfield, KY		24		798,554			4/99		6/99		100	%	1,185,712
Romeo Village Apts.		Montour Falls, NY		24		1,021,520			10/98		4/99		100	%	753,362
Summer Park Apts.		Jackson, MS		216		10,550,000			10/99		6/00		100	%	1,106,814
Washington Courtyards		Houston, TX		74		2,839,880			8/99		8/00		100	%	1,434,087

 

18

 

Boston Capital Tax Credit Fund IV L.P. - Series 35

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Ashton Cove Apts.		Kingsland, GA		72		$	1,980,014		1/00		4/00		100	%	$	2,557,680
Autumn Park		Dickson, TN		104		5,000,000			4/99		12/99		100	%	1,463,162
Brazoswood Apts.		Clute, TX		72		1,995,833			7/99		7/00		100	%	2,550,000
Columbia Woods Townhomes		Newman, GA		120		4,392,252			10/00		U/C		24	%*	1,310,103
Country Walk Apts.		Mulvane, KS		68		2,018,643			12/98		11/99		100	%	1,923,697
Cypress Pointe Retirement Apts.		Casa Grande, AZ		104		2,756,788			4/99		3/00		100	%	2,474,048
Garden Gates Apts. II		New Caney, TX		32		862,641			3/99		3/00		100	%	1,060,537
Hillside Terrace Apts.		Poughkeepsie, NY		64		1,803,744			4/99		7/00		100	%	3,579,349
Riverwalk Apt. Homes Phase II		Sheboygan, WI		20		418,744			12/98		7/99		100	%	1,354,092
Washington Courtyards		Houston, TX		74		2,839,880			8/99		8/00		100	%	600,079
Wedgewood Park Apts.		Evans, GA		180		5,467,628			12/99		8/00		100	%	3,229,037

 

*  Property was in lease-up phase as of March 31, 2002.

U/C=Property was under construction as of March 31, 2002.

 

19

 

Boston Capital Tax Credit Fund IV L.P. - Series 36

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Annadale Apts.		Fresno, CA		222		$	10,970,799		1/00		6/90		100	%	$	548,563
Ashton Ridge		Jackson, MI		144		2,666,108			2/00		12/00		100	%	1,429,301
Farmington Meadows		Aloha, OR		69		3,465,276			8/99		11/99		100	%	530,154
Nowata Village		Nowata, OK		28		1,260,453			8/99		2/00		100	%	330,497
Paris Place		Paris, KY		32		1,271,424			6/00		9/00		100	%	930,412
Riverview Bend Apts.		Cystal City, MO		94		3,353,333			11/99		3/00		100	%	1,207,600
Senior Suites Of Chicago Washington Heights		Chicago, IL		85		3,393,781			12/99		11/00		100	%	2,220,659
Valleyview Estates Apts.		Branson West, MO		32		478,400			11/99		5/00		100	%	1,306,789
Wedgewood Park Apts.		Evans, GA		180		5,467,628			12/99		8/00		100	%	3,229,037
Willowbrook Apts.		Lafayette, LA		40		1,071,920			6/99		9/99		100	%	1,200,789
Wingfield Apts.		Kinder, LA		40		686,728			6/99		7/99		100	%	1,645,817

 

20

 

Boston Capital Tax Credit Fund IV L.P. - Series 37

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Ashton Ridge Apts.		Jackson, MS		144		$	2,666,108		02/00		12/00		100	%	$	5,999,913
Baldwin Villas		Pontiac, MI		65		7,974,106			10/99		7/01		100	%	-0-
Columbia Woods Townhomes		Newnan, GA		120		4,392,252			10/00		U/C		24	%*	3,285,137
Senior Suites of Washington Heights		Chicago, IL		85		3,393,781			12/99		11/00		100	%	2,220,659
Silver Pond Apts.		Wallingford, CT		160		4,445,897			6/00		12/01		97	%*	1,263,543
Stearns Assisted Apts.		Millinocket, ME		20		435,500			12/99		3/01		100	%	1,404,884
Summer Park		Jackson, MS		216		10,550,000			10/99		6/00		100	%	2,379,767

 

*  Property was in lease-up phase as of March 31, 2002.

U/C=Property was under construction as of March 31, 2002.

 

21

 

Boston Capital Tax Credit Fund IV L.P. - Series 38

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Andover Crossing Apts.		Andover, KS		80		$	2,675,861		5/00		12/00		100	%	$	1,772,874
Arbors at Eagle Crest Apts.		Mount Pleasant, MI		120		1,788,563			12/00		10/01		81	%*	3,229,621
Bristow Place Apts.		Bristow, OK		28		1,242,143			6/01		12/00		100	%	480,963
Columbia Creek Apts.		Woodstock, GA		172		5,278,781			8/01		11/01		46	%*	2,795,601
Cushing Place Apts.		Cushing, OK		24		1,107,945			3/00		10/00		100	%	423,200
Hammond Place Apts.		Hammond, LA		40		495,490			3/00		4/00		100	%	1,706,341
Shoreham Apts.		Houston, TX		120		2,990,000			4/00		7/01		100	%	5,220,350
Vanderbilt Apts.		Edna, TX		12		332,192			5/01		10/01		100	%	87,244
Whitley Park Apts.		Whitley City, KY		21		914,026			6/00		6/00		100	%	302,339
Willowbrook II Apts.		Lafayette, LA		40		991,424			3/00		5/00		100	%	1,247,680

 

*=Property was in lease-up phase as of March 31, 2002.

 

22

 

Boston Capital Tax Credit Fund IV L.P. - Series 39

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Capital Contributions Paid Through 3/31/02
Arbors at Eagle Crest Apts.		Mount Pleasant, MI		120		$	1,788,563		12/00		10/01		81	%*	$	3,229,621
Arbors at Ironwood Apts.		Mishawaka, IN		88		1,819,785			7/00		9/01		100	%	2,668,084
Austin Acres Atps.		Hopkinsville, KY		32		871,910			11/00		9/01		100	%	1,094,641
Columbia Creek Apts.		Woodstock, GA		172		5,278,781			8/01		11/01		46	%*	2,909,708
Daystar Village Apts.		Bowling Green, KY		32		817,028			2/01		1/01		100	%	1,105,387
Hillview  Apts.		Leitchfield, KY		34		923,167			5/01		12/01		100	%	234,280
Pine Grove Community		Gouverneur, NY		48		1,752,528			12/00		10/01		48	%*	2,538,730
Tally-Ho Apts.		Campti, CA		26		584,072			6/01		12/01		100	%	485,057
Timber Trails Apts.		Pineville, LA		32		824,651			6/01		7/01		100	%	499,829

 

*Property was in lease-up phase as of March 31, 2002.

 

23

 

Boston Capital Tax Credit Fund IV L.P. - Series 40

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01		Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Arbors @ Ironwood Apts. II		Mishawaka, IN		40		903,000		2/01		11/01		100	%	1,705,970
Baldwin Villas Apts.		Pontiac, MI		65		7,974,106		8,01		7/01		100	%	-0-
Carlyle Apts.		Aberdeen, SD		44		939,802		2/01		6/01		82	%*	1,155,282
Center Place Apts.		Center, TX		32		789,018		08/01		10/01		100	%	328,070
Eagle Place Apts.		Azle, TX		60		829,749		10/01		U/C		37	%*	499,634
Londontown Homes Apts.		London, KY		24		612,000		2/01		6/01		100	%	1,826,790
Mason’s Point Apts.		Hopkinsville, KY		41		-0-		06/01		U/C		N/A		1,276,864
Meadowside Apts.		Milo, NY		40		963,226		05/01		12/01		100	%	841,707
Northrock Apts. II		Topeka, KS		60		1,242,583		07/01		U/C		N/A		1,103,199
Oakland Apts.		Oakdale, LA		46		1,252,977		2/01		7/01		100	%	652,333
Parkview Apts.		Springfield, MA		25		1,403,581		2/01		2/02		100	%	977,208
Sedgewick Sundance Apts.		Sedgewick, KS		24		540,000		09/01		10/01		58	%*	1,114,271
Southbrook Humes Apts.		Kily, KY		24		558,000		04/01		11/01		100	%	1,498,969
Shalom Plaza Apts.		Kansas City, MO		126		3,893,135		08/01		11/01		100	%	1,177,635
Western Gardens Apts.		Dequincey, LA		48		1,300,631		2/01		7/01		100	%	668,442

 

U/C=Property was under construction as of March 31, 2002.

*Property was in lease-up phase as of March 31, 2002.

 

24

 

Boston Capital Tax Credit Fund IV L.P. - Series 41

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name		Location		Units		Mortgage Balance as of 12/31/01			Acq. Date		Const Comp.		Qualified Occupancy 3/31/02		Cap Con paid thru 3/31/02
Bienville Apts.		Ringhold, LA		32		$	818,871		12/01		11/01		100	%	$	366,366
Breezewood Villas I		Frederiksted, VI		12		543,950			10/01		U/C		N/A		345,475
Brookstone Place II Apts.		Port Huron, MI		72		2,500,000			8/01		U/C		N/A		1,902,782
Harbor Point II Apts.		Benton Township, MI		72		1,292,466			8/01		U/C		N/A		805,382
Hollywood Palms Apts.		San Diego, CA		94		-0-			3/02		U/C		N/A		-0-
Marina Woods Apts.		Halfmoon, NY		32		693,760			7/01		U/C		N/A		696,934
Marwood Senior Apts.		Upper Marlboro, MD		155		4,098,984			7/01		U/C		N/A		345,351
Meadowside Apts.		Milo, NY		40		963,226			5/01		12/01		100	%	841,707
Red Hill Apts. I		Farmerville, LA		32		841,779			11/01		6/01		100	%	386,921
Southpark Apts. II		Newton, KS		60		1,737,846			9/01		U/C		N/A		1,270,774
Sunshine Village Apts.		Elizabethtown, KY		32		-0-			3/02		U/C		N/A		-0-

 

U/C=Property was under construction as of March 31, 2002.

 

25

 

Boston Capital Tax Credit Fund IV L.P. - Series 42

 

PROPERTY PROFILE AS OF MARCH 31, 2002

 

Property Name

Location

Units

Mortgage Balance as of 12/31/01

Acq. Date

Const Comp.

Qualified Occupancy 3/31/02

Cap Con paid thru 3/31/02

Lynelle Landing Apts.

Charleston, WV

56

-0-

3/02

U/C

N/A

$

589,525

Strawberry Lane Apts.

Clayton, NY

71

-0-

3/02

U/C

N/A

-0-

 

U/C=Property was under construction as of March 31, 2002.

 

26

 

Item 3.	Legal Proceedings
	None.
Item 4.	Submission of Matters to a Vote of Security Holders
	None.

 

27

PART II

 

Item 5.    Market for the Fund’s Interests and Related Fund Matters

 

                                                (a)                                  Market Information

The Fund is classified as a limited partnership and thus has no common stock.  There is no established public trading market for the BACs and it is not anticipated that any public market will develop.

 

                                                (b)                                 Approximate number of security holders

As of March 31, 2002, the Fund has 36,780 BAC holders for an aggregate of 68,029,269 BACs, at a subscription price of $10 per BAC, received and accepted.

 

The BACs were issued in series.  Series 20 consists of 2,382 investors holding 3,866,700 BACs, Series 21 consists of 1,193 investors holding 1,892,700 BACs, Series 22 consists of 1,658 investors holding 2,564,400 BACs, Series 23 consists of 2,137 investors holding 3,336,727 BACs, Series 24 consists of 1,309 investors holding 2,169,878 BACs, Series 25 consists of 1,859 investors holding 3,026,109 BACs, Series 26 consists of 2,375 investors holding 3,995,900 BACs, Series 27 consists of 1,408 investors holding 2,460,700 BACs, Series 28 consists of 2,147 investors holding 4,000,738 BACs, Series 29 consists of 2,341 investors holding 3,991,800 BACs, Series 30 consists of 1,404 investors holding 2,651,000 BACs, Series 31 consists of 2,170 investors holding 4,417,857 BACs, Series 32 consists of 2,408 investors holding 4,754,198 BACs, Series 33 consists of 1,294 investors holding 2,636,533 BACs, Series 34 consists of 1,780 investors holding 3,529,319 BACs, Series 35 consists of 1,704 investors holding 3,300,463 BACs, Series 36 consists of 1,034 investors holding 2,106,837 BACs, Series 37 consists of 1,150 investors holding 2,512,500 BACs, Series 38 consists of 1,245 investors holding 2,543,100 BACs, Series 39 consists of 1,015 investors holding 2,292,152 BACs, Series 40 consists of 1,121 investors holding 2,630,256 BACs, Series 41 consists of 1,418 investors holding 2,891,626 and Series 42 consists of 228 investors holding 457,776 BACs at March 31, 2002

 

                                                (c)                                  Dividend history and restriction

The Fund has made no distributions of Net Cash Flow to its BAC Holders from its inception, October 5, 1993 through March 31, 2002. 

 

The Fund Agreement provides that Profits, Losses and Credits will be allocated each month to the holder of record of a BAC as of the last day of such month.  Allocation of Profits, Losses and Credits among BAC Holders will be made in proportion to the number of BACs held by each BAC Holder.

 

Any distributions of Net Cash Flow or Liquidation, Sale or Refinancing Proceeds will be made within 180 days of the end of the annual period to which they relate.  Distributions will be made to the holders of record of a BAC as of the last day of each month in the ratio which (i) the BACs held by such Person on the last day of the calendar month bears to (ii) the aggregate number of BACs outstanding on the last day of such month.

 

28

 

Fund allocations and distributions are described on pages 99 to 101 of the Prospectus, as supplemented, under the caption “Sharing Arrangements:  Profits, Credits, Losses, Net Cash Flow and Residuals”, which is incorporated herein by reference.

 

During the year ended March 31, 1999, the Fund made a return of equity distribution to the Series 27 Limited Partners in the amount of $275,000.  During the year ended March 31, 2000 the Fund made a return of equity distribution to the Series 29 Limited Partners in the amount of $238,040.  The distributions were the result of certain Operating Partnerships not achieving their projected tax credits.

 

29

 

Item 6.    Selected Financial Data

 

The information set forth below presents selected financial data of the Fund. This financial information represents a weighted average over the entire Fund and does not represent the actual results for any particular series. Additional detailed financial information is set forth in the audited financial statements listed in Item 14 hereof.  Selected financial data for year and periods ended March 31,

 

Operations		2002			2001			2000			1999			1998
Interest & Other Income		$	926,439		$	2,478,585		$	3,089,965		$	4,604,150		$	4,007,240
Share of Loss of Operating Partnerships		(30,093,432		)	(27,258,366		)	(22,255,032		)	(16,178,884		)	(12,821,176		)
Operating Expenses		(7,077,762		)	(6,872,178		)	(7,491,481		)	(5,902,620		)	(4,654,485		)
Net Income (Loss)		$	(36,244,755	)	$	(31,651,959	)	$	(26,656,548	)	$	(17,477,354	)	$	(13,468,421	)
Net Income (Loss) per BAC		$	(.54	)	$	(.52	)	$	(.47	)	$	(.36	)	$	(.36	)

 

Balance Sheet		2002			2001			2000			1999			1998
Total Assets		$	493,374,022		$	477,547,823		$	478,148,369		$	456,501,585		$	386,072,953
Total Liabilities		$	57,057,109		$	53,445,738		$	62,060,171		$	79,434,074		$	79,763,815
Partners’ Capital		$	436,315,913		$	424,102,085		$	416,088,198		$	377,067,511		$	306,309,138
Other Data
Tax Credits per BAC for the Investors Tax Year, the Twelve Months Ended December 31, 2001, 2000, 1999, 1998, and 1997		$	.97		$	.96		$	.78		$	.71		$	.61

 

30

 

Item 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Liquidity

 

The Fund’s primary source of funds is the proceeds of its Public Offering.  Other sources of liquidity will include (i) interest earned on capital contributions held pending investment or on working capital reserves (ii) cash distributions from operations of the Operating Partnerships in which the Fund has and will invest and (iii) a line of credit.  All sources of liquidity are available to meet the obligations of the Fund.  The Fund does not anticipate significant cash distributions in the long or short term from operations of the Operating Partnerships.

 

The Fund has entered into a line of credit financing agreement with Fleet National Bank whereby the Fund can borrow up to $40 million for up to 90 days to meet short-term cash needs required for the investment in certain Operating Partnerships.  Under the terms of the agreement, the Fund pledges their interest in a particular Operating Partnership in order to draw funds from the line.  The repayment of any draws is anticipated to be made once the Fund has received sufficient investor proceeds.  Repayments on the line are tied to specific Operating Partnerships, which are then released as collateral by the bank.

 

The Fund invests in short-term tax-exempt municipal bonds to decrease the amount of taxable interest income that flows through to it’s investors.  The Fund anticipates that the investments it purchases will be held to maturity, but periodically the Fund must sell investments to meet certain obligations.  Many of the investments sold during the years ended March 31, 2001 and 2002 were yielding coupon rates higher than market rates.  A premature sale of these investments may have resulted in realized losses, but when combined with the higher coupon yields the resulting actual yields were consistent with market rates.  In selecting investments to purchase and sell, the general partner and it’s advisors stringently monitor the ratings of the investments, thereby maximizing safety of principal.

 

Capital Resources

 

The Fund is offering BACs in a Public Offering originally declared effective by the Securities and Exchange Commission on December 16, 1993.  The Fund received and accepted subscriptions for $679,959,770 representing 68,029,269 BACs from investors admitted as BAC Holders in Series 20 through 42 of the Fund.  As of March 31, 2002 the Fund is continuing to offer BACs in Series 42.

 

(Series 20).  The Fund commenced offering BACs in Series 20 on January 21, 1994.  The Fund received and accepted subscriptions for $38,667,000 representing 3,866,700 BACs from investors admitted as BAC Holders in Series 20.  Offers and sales of BACs in Series 20 were completed and the last of the BACs in Series 20 were issued by the Fund on June 24, 1994.

 

During the fiscal year ended March 31, 2002, none of Series 20 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 20 had been used to invest in 24 Operating Partnerships in an aggregate amount of $28,614,472 and the Fund had completed payment of all installments of its capital contributions to 23 of the Operating Partnerships. Series 20 has outstanding contributions payable to one operating partnership

 

31

 

in the amount of $388,026 as of March 31, 2002. Of the amount outstanding, $252,771 has been advanced to the Operating Partnership.  The advance will be converted to capital and the remaining contributions of $135,255 will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

 

(Series 21).  The Fund commenced offering BACs in Series 21 on July 5, 1994.  The Fund received and accepted subscriptions for $18,927,000 representing 1,892,700 BACs from investors admitted as BAC Holders in Series 21.  Offers and sales of BACs in Series 21 were completed and the last of the BACs in Series 21 were issued by the Fund on September 30, 1994.

 

During the fiscal year ended March 31, 2002, none of Series 21 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 21 had been used to invest in 14 Operating Partnerships in an aggregate amount of $13,872,728 and the Fund had completed payment of all installments of its capital contributions to 11 of the Operating Partnerships. Series 21 has outstanding contributions payable to 3 operating partnerships in the amount of $641,543 as of March 31, 2002, all of which has been loaned to the Operating Partnerships.  The loans will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 22).  The Fund commenced offering BACs in Series 22 on October 12, 1994.  The Fund received and accepted subscriptions for $25,644,000 representing 2,564,400 BACs from investors admitted as BAC Holders in Series 22.  Offers and sales of BACs in Series 22 were completed and the last of the BACs in Series 22 were issued by the Fund on December 28, 1994.

 

During the fiscal year ended March 31, 2002, $51,114 of Series 22 net offering were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 22 had been used to invest in 29 Operating Partnerships in an aggregate amount of $18,758,748 and the Fund had completed payment of all installments of its capital contributions to 25 of the Operating Partnerships. Series 22 has outstanding contributions payable to 4 operating partnerships in the amount of $487,655 as of March 31, 2002. Of the amount outstanding, $450,981 has been loaned to the Operating Partnerships.  The loans will be converted to capital and the remaining contributions of $36,674 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 23).  The Fund commenced offering BACs in Series 23 on January 10, 1995.  The Fund received and accepted subscriptions for $33,366,000 representing 3,336,727 BACs from investors admitted as BAC Holders in Series 23.  Offers and Sales of BACs in Series 23 were completed and the last of the BACs in Series 23 were issued by the Fund on June 23, 1995.

 

During the fiscal year ended March 31, 2002, none of Series 23 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 23 had been used to invest in 22 Operating Partnerships in an aggregate amount of $24,352,278 and the Fund had completed payment of all installments of its capital contributions to 19 of the Operating Partnerships. Series 23 has outstanding contributions payable of $117,796 as of March 31,

 

32

 

2002 to 3 operating partnerships, all of which has been advanced or loaned to the Operating Partnerships.  The advances and loans will be converted to capital when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 24).  The Fund commenced offering BACs in Series 24 on June 9, 1995.  The Fund received and accepted subscriptions for $21,697,000 representing 2,169,878 BACs from investors admitted as BAC Holders in Series 24.  Offers and Sales of BACs in Series 24 were completed and the last of the BACs in Series 24 were issued by the Fund on September 22, 1995.

 

During the fiscal year ended March 31, 2002, none of Series 24 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 24 had been used to invest in 23 Operating Partnerships in an aggregate amount of $14,662,750 and the Fund had completed payment of all installments of its capital contributions to 17 of the Operating Partnerships. Series 24 has outstanding contributions payable to 6 operating partnerships in the amount of  $1,214,204 as of March 31, 2002.  Of the amount outstanding, $1,093,337 has been advanced or loaned to the Operating Partnerships.  The advances and loans will be converted to capital and the remaining contributions of $120,867 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 25).  The Fund commenced offering BACs in Series 25 on September 30, 1995.  The Fund received and accepted subscriptions for $30,248,000 representing 3,026,109 BACs from investors admitted as BAC Holders in Series 25.  Offers and Sales of BACs in Series 25 were completed and the last of the BACs in Series 25 were issued by the Fund on December 29, 1995.

 

During the fiscal year ended March 31, 2002, the Fund used $21,500 of Series 25 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 25 had been used to invest in 22 Operating Partnerships in an aggregate amount of $22,461,222 and the Fund had completed payment of all installments of its capital contributions to 14 of the Operating Partnerships. Series 25 has outstanding contributions payable to 8 Operating Partnerships in the amount of $2,073,892 as of March 31, 2002. Of the amount outstanding, $1,671,965 has been advanced or loaned to some of the Operating Partnerships. The advances and loans will be converted to capital and the remaining contributions of $401,927 will be released when Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 26).  The Fund commenced offering BACs in Series 26 on January 18, 1996.  The Fund received and accepted $39,959,000 representing 3,995,900 BACs from investors admitted as BAC Holders in Series 26. Offers and sales of BACs in Series 26 were completed and the last of the BACS in Series 26 were issued by the Fund on June 14, 1996.

 

During the fiscal year ended March 31, 2002, none of Series 26 net offering proceeds were used to pay installments of its capital contributions to the Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 26 had been used to invest in 45 Operating Partnerships in an aggregate amount of $29,390,860 and the Fund had completed payment of all installments of its capital contributions to 32 of the Operating Partnerships.

 

33

 

Series 26 has outstanding contributions payable to 13 Operating Partnerships in the amount of $2,197,433, as of March 31, 2002.  Of the amount outstanding, $2,072,239 has been advanced or loaned to some of the Operating Partnerships. In addition, $30,031 has been funded into escrow accounts on behalf of other Operating Partnerships.  The advances and loans will be converted to capital and the remaining contributions of $95,163, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 27).  The Fund commenced offering BACs in Series 27 on June 17, 1996. The Fund received and accepted $24,607,000 representing 2,460,700 BACs from investors admitted as BAC Holders in Series 27. Offers and sales of BACs in Series 27 were completed and the last of the BACS in Series 27 were issued by the Fund on September 27, 1996.

 

During the fiscal year ended March 31, 2002, the Fund used $147,217 of Series 27 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 27 had been used to invest in 16 Operating Partnerships in an aggregate amount of $17,881,544 and the Fund had completed payment of all installments of its capital contributions to 11 of the Operating Partnerships. Series 27 has outstanding contributions payable to 5 operating partnerships in the amount of $156,389 as of March 31, 2002.  Of the amount outstanding, $6,500 has been advanced to one of the Operating Partnerships.  The advance will be converted to capital and the remaining contributions of $149,889 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 28).  The Fund commenced offering BACs in Series 28 on September 30, 1996.  The Fund received and accepted $39,999,000 representing 4,000,738 BACs from investors admitted as BAC Holders in Series 28. Offers and sales of BACs in Series 28 were completed and the last of the BACS in Series 28 were issued by the Fund on January 31, 1997.

 

During the fiscal year ended March 31, 2002, the Fund used $596,003 of Series 28 net offering proceeds to pay installments of its capital contributions to 2 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 28 had been used to invest in 26 Operating Partnerships in an aggregate amount of $29,211,996 and the Fund had completed payment of all installments of its capital contributions to 22 of the Operating Partnerships. Series 28 has outstanding contributions payable to 4 operating partnerships in the amount of $148,783 as of March 31, 2002.  The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 29).  The Fund commenced offering BACs in Series 29 on February 10, 1997.  The Fund received and accepted $39,918,000 representing 3,991,800 BACs from investors admitted as BAC Holders in Series 29.  Offer and sales of BACs in Series 29 were completed on June 20, 1997.

 

During the fiscal year ended March 31, 2002, the Fund used $283,919 of Series 29 net offering proceeds to pay installments of its capital contributions to 5 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 29 had been used to invest in 22 Operating Partnerships in an aggregate amount of $29,137,877 and the Fund had completed payment of all

34

 

installments of its capital contributions to 17 of the Operating Partnerships. Series 29 has outstanding contributions payable to 5 operating partnerships in the amount of  $304,770 as of March 31, 2002. Of the amount outstanding, $20,935 has been loaned to one of the Operating Partnerships.  The loan will be converted to capital and the remaining contributions of $283,835 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 30).  The Fund commenced offering BACs in Series 30 on June 23, 1997. The Fund received and accepted $26,490,750 representing 2,651,000 BACs from investors admitted as BAC Holders in Series 30.  Offer and sales of BACs in Series 30 were completed on September 10, 1997.

 

During the fiscal year ended March 31, 2002, the Fund used $451,620 of Series 30 net offering proceeds to pay installments of its capital contributions to 5 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 30 had been used to invest in 20 Operating Partnerships in an aggregate amount of $19,462,437, and the Fund had completed payment of all installments of its capital contributions to 13 of the Operating Partnerships. Series 30 has outstanding contributions payable to 7 operating partnerships in the amount of  $528,451 as of March 31, 2002.  Of the amount outstanding, $341,749 has been advanced or loaned to one of the Operating Partnerships.  The advances and loans will be converted to capital and the remaining contributions of $186,702 will be released when Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 31).  The Fund commenced offering BACs in Series 31 on September 11, 1997.  The Fund had received and accepted $44,057,750 representing 4,417,857 BACs from investors admitted as BAC Holders in Series 31.  Offer and sales of BACs in Series 31 were completed on January 18, 1998.

 

During the fiscal year ended March 31, 2002, the Fund used $327,137 of Series 31 net offering proceeds to pay installments of its capital contributions to 1 Operating Partnership.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 31 had been used to invest in 27 Operating Partnerships in an aggregate amount of $32,188,856 and the Fund had completed payment of all installments of its capital contributions to 18 of the Operating Partnerships. Series 31 has outstanding contributions payable to 9 Operating Partnerships in the amount of $1,030,019 as of March 31, 2002.  Of the amount outstanding, $615,674 has been advanced or loaned to some of the Operating Partnerships.  In addition, $25,000 has been funded into an escrow account on behalf of one of the Operating Partnerships.  The advances and loans will be converted to capital and the remaining contributions of $389,345, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 32).  The Fund commenced offering BACs in Series 32 on January 19, 1998.  The Fund had received and accepted $47,431,000 representing 4,754,198 BACs from investors admitted as BAC Holders in Series 32.  Offer and sales of BACs in Series 32 were completed on June 23, 1998.

 

During the fiscal year ended March 31, 2002, the Fund used $237,421 of Series 32 net offering proceeds to pay installments of its capital contributions to 3 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 32 had been used to invest in 17 Operating Partnerships in an aggregate amount of $33,947,052 and the Fund had completed payment of all installments of its capital contributions to 8 of the Operating Partnerships.

 

35

 

Series 32 has outstanding contributions payable to 9 Operating Partnerships in the amount of  $1,074,248 as of March 31, 2002.  Of the amount outstanding, $534,571 has been advanced or loaned to some of the Operating Partnerships.  In addition, $125,000 has been funded into escrow accounts on behalf of another other Operating Partnership.  The loans will be converted to capital and the remaining contributions of $414,677, as well as the escrowed funds, will be released when Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 1999, the Fund had purchased assignments in Bradley Phase I of Massachusetts LLC, Bradley Phase II of Massachusetts LLC, Byam Village of Massachusetts LLC, Hanover Towers of Massachusetts LLC, Harbor Towers of Massachusetts LLC and Maple Hill of Massachusetts LLC.  Under the terms of the Assignments of Membership Interests dated December 1, 1998 the series is entitled to certain profits, losses, tax credits, cash flow, proceeds from capital transactions and capital account as defined in the individual Operating Agreements.  The Fund utilized $1,092,847 of Series 32 net offering proceeds to invest in Operating Partnerships for this investment.  These investments are reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

 

(Series 33).  The Fund commenced offering BACs in Series 33 on June 22, 1998. The Fund received and accepted $26,362,000 representing 2,636,533 BACs from investors admitted as BAC Holders in Series 33.  Offer and sales of BACs in Series 33 were completed on September 21, 1998.

 

During the fiscal year ended March 31, 2002, the Fund used $852,865 of Series 33 net offering proceeds to pay installments of its capital contributions to 5 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 33 had been used to invest in 10 Operating Partnerships in an aggregate amount of $19,593,000 and the Fund had completed payment of all installments of its capital contributions to 6 of the Operating Partnerships. Series 33 has outstanding contributions payable to 4 Operating Partnerships in the amount of $751,366 as of March 31, 2002.  Of the amount outstanding, $74,635 has been loaned or advanced to one of the Operating Partnerships.  In addition, $125,000 has been funded into an escrow account on behalf of another Operating Partnership.  The loans and advances will be converted to capital and the remaining contributions of $551,731, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 34).  The Fund commenced offering BACs in Series 34 on September 22, 1998.  The Fund had received and accepted $35,273,000 representing 3,529,319 BACs from investors admitted as BAC Holders in Series 34.  Offer and sales of BACs in Series 34 were completed on February 11, 1999.

 

During the fiscal year ended March 31, 2002, the Fund used $240,787 of Series 34 net offering proceeds to pay installments of its capital contributions to 4 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 34 had been used to invest in 14 Operating Partnerships in an aggregate amount of $25,738,977 and the Fund had completed payment of all installments of its capital contributions to 7 of the Operating Partnerships. Series 34 has outstanding contributions payable 7 Operating Partnerships in the amount of $807,004 as of March 31, 2002. Of the amount outstanding, $654,702 has been loaned or advanced to one of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $152,302, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

36

 

(Series 35).  The Fund commenced offering BACs in Series 35 on February 22, 1999.  The Fund received and accepted $33,002,000 representing 3,300,463 BACs from investors admitted as BAC Holders in Series 35. Offer and sales of BACs in Series 35 were completed on June 28, 1999.

 

During the fiscal year ended March 31, 2002, the Fund used $84,860 of Series 35 net offering proceeds to pay installments of its capital contributions to 1 Operating Partnership.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 35 had been used to invest in 11 Operating Partnerships in an aggregate amount of $23,971,853 and the Fund had completed payment of all installments of its capital contributions 3 of the Operating Partnerships.  Series 35 has outstanding contributions payable to 8 Operating Partnerships in the amount of $1,716,237 as of March 31, 2002.  Of the amount outstanding, $817,708 has been loaned or advanced to some of the Operating Partnerships.  In addition, $10,855 has been funded into an escrow account on behalf of another Operating Partnership.  The loans and advances will be converted to capital and the remaining contributions of $887,674, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 36).  The Fund commenced offering BACs in Series 36 on June 22, 1999. The Fund received and accepted $21,068,375 representing 2,106,837 BACs from investors admitted as BAC Holders in Series 36. Offer and sales of BACs in Series 36 were completed on September 28, 1999.

 

During the fiscal year ended March 31, 2002, the Fund used $314,424 of Series 36 net offering proceeds to pay installments of its capital contributions to 4 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 36 had been used to invest in 11 Operating Partnerships in an aggregate amount of $15,273,148, and the Fund had completed payment of all installments of its capital contributions to 8 of the Operating Partnerships. Series 36 has outstanding contributions payable to 3 Operating Partnerships in the amount of $680,429 as of March 31, 2002.  Of the amount outstanding, $657,998 has been loaned or advanced to some of the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $22,431, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

(Series 37).  The Fund commenced offering BACs in Series 37 on October 29, 1999.  The Fund received and accepted $25,125,000 representing 2,512,500 BACs from investors admitted as BAC Holders in Series 37. Offer and sales of BACs in Series 37 were completed on January 28, 2000.

 

During the fiscal year ended March 31, 2002, the Fund used $2,129,525 of Series 37 net offering proceeds to pay installments of its capital contributions to 4 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 37 had been used to invest in 7 Operating Partnerships in an aggregate amount of $18,719,332 and the Fund had completed payment of all installments of its capital contributions to 3 of the Operating Partnerships.  Series 37 has outstanding contributions payable to 4 Operating Partnerships in the amount of $2,165,429 as of March 31, 2002. Of the amount outstanding, $1,798,152 has been loaned or advanced to some of the Operating Partnerships.  The loan and advances will be converted to capital and the remaining contributions of $367,277 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

37

 

(Series 38).  The Fund commenced offering BACs in Series 38 on February 1, 2000.  The Fund received and accepted $25,431,000 representing 2,543,100 BACs from investors admitted as BAC Holders in Series 38.  Offer and sales of BACs in Series 38 were completed on July 31, 2000.

 

During the fiscal year ended March 31, 2002, the Fund used $3,062,065 of Series 38 net offering proceeds to pay initial and additional installments of its capital contributions to 6 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 38 had been used to invest in 10 Operating Partnerships in an aggregate amount of $18,609,449 and the Fund had completed payment of all installments of its capital contributions to 5 of the Operating Partnerships.  Series 38 has outstanding contributions payable to 5 Operating Partnerships in the amount of $1,232,066 as of March 31, 2002.  The remaining contributions of will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 2002, the Fund used $420,296 of Series 38 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or opearting apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

 

(Series 39).  The Fund commenced offering BACs in Series 39 on August 1, 2000. The Fund received and accepted $22,921,000 representing 2,292,152 BACs from investors admitted as BAC Holders in Series 39. Offer and sales of BACs in Series 39 were completed on January 31, 2001.

 

During the fiscal year ended March 31, 2002, the Fund used $5,441,684 of Series 39 net offering proceeds to pay initial and additional installments of its capital contributions to 9 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 39 had been used to invest in 9 Operating Partnerships in an aggregate amount of $17,115,495 and the Fund had completed payment of all installments of its capital contributions to 3 of the Operating Partnerships.  Series 39 has outstanding contributions payable to 6 Operating Partnerships in the amount of $2,065,285 as of March 31, 2002. Of the amount outstanding, $882,215 has been funded into an escrow account on behalf of one of the Operating Partnerships.  The remaining contributions of $1,183,070, as well as the escrowed funds, will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 2002, the Fund used $192,987 of Series 39 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

 

38

 

(Series 40).  The Fund commenced offering BACs in Series 40 on February 1, 2001.  The Fund received and accepted $26,269,250 representing 2,630,256 BACs from investors admitted as BAC Holders in Series 40.  Offer and sales of BACs in Series 40 were completed on July 31, 2002.

 

During the fiscal year ended March 31, 2002, the Fund used $12,506,389 of Series 40 net offering proceeds to pay initial and additional installments of its capital contributions to 14 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 40 had been used to invest in 15 Operating Partnerships in an aggregate amount of $18,309,476, and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships.  Series 40 has outstanding contributions payable to the Operating Partnerships in the amount of $3,449,417 as of March 31, 2002.  Of the amount outstanding, $407,802 has been loaned to some of the Operating Partnerships.  The loans will be converted to capital and the remaining contributions of $3,041,615 will be released when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

During the fiscal year ended March 31, 2002, the Fund used $578,755 of Series 40 net offering proceeds to acquire 5 limited partnership equity interest in limited liability companies, which are the general partners of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability companies.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

 

(Series 41).  The Fund commenced offering BACs in Series 41 on August 1, 2001. The Fund received and accepted $28,916,260 representing 2,891,626 BACs from investors admitted as BAC Holders in Series 41. Offer and sales of BACs in Series 41 were completed on January 31, 2002.

 

During the fiscal year ended March 31, 2002, the Fund used $7,156,939 of Series 41 net offering proceeds pay initial and additional installments of its capital contributions to 9 Operating Partnerships.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 39 had been used to invest in 11 Operating Partnerships in an aggregate amount of $19,880,902 and the Fund had not completed payment of all installments of its capital contributions to any of the Operating Partnerships.  Series 41 has outstanding contributions payable to 11 Operating Partnerships in the amount of $12,919,212 as of March 31, 2002.  Of the amount outstanding, $5,540,466 has been advanced or loaned to the Operating Partnerships.  Of the total loans outstanding $3,010,000 has been funded from the line of credit facility.  In addition $470,389 has been funded into an escrow account on behalf of another operating partnership.  The loan and advances will be converted to capital and the remaining contributions of $6,908,357 will be released, and the line of credit repaid, when the Operating Partnerships have achieved the conditions set forth in their partnership agreements.

 

39

 

During the fiscal year ended March 31, 2002, the Fund used $195,248 of Series 41 net offering proceeds to acquire a limited partnership equity interest in a limited liability company, which is the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.  The series is entitled to a percentage of the profits, losses and tax credits of the limited liability company.  The investment is reported in the Investment in Operating Limited Partnerships line item on the balance sheet.

 

(Series 42).  The Fund commenced offering BACs in Series 42 on February 1, 2002.  The Fund received and accepted $4,577,760 representing 457,776 BACs from investors admitted as BAC Holders in Series 42 as of March 31, 2002. The Fund is currently continuing to offer BACs in Series 42.

 

During the fiscal year ended March 31, 2002, the Fund used $589,525 of Series 42 net offering proceeds and the line of credit facility to pay initial installments of its capital contributions to 1 Operating Partnership.  As of March 31, 2002 proceeds from the offer and sale of BACs in Series 42 had been used to invest in 2 Operating Partnerships in an aggregate amount of $2,664,585, and the Fund had not completed payment of all installments of its capital contributions to either of the Operating Partnerships.  Series 42 has outstanding contributions payable to the Operating Partnerships in the amount of $2,075,060 as of March 31, 2002.  Series 42 utilized net offering proceeds and the line of credit facility to fund $1,399,074 into an escrow account on behalf of one of the Operating Partnerships in which it has invested.  Series 42 also utilized the line of credit facility to fund a loan in the amount of $1,290,000 to an operating partnership in which it intends to invest.  The line of credit advances will be repaid from additional net offering proceed collections.

 

Results of Operations

 

The Fund incurs a fund management fee to the General Partner and/or its affiliates in an amount equal to 0.5% of the aggregate cost of the Apartment Complexes owned by the Operating Partnerships, less the amount of certain partnership management and reporting fees paid by the Operating Partnerships. The annual fund management fee incurred for the fiscal years ended March 31, 2002 and 2001 was $4,762,222 and $4,759,655, respectively. The amount is anticipated to increase in subsequent fiscal years as additional Operating Partnerships are acquired.

 

The Fund’s investment objectives do not include receipt of significant cash flow distributions from the Operating Partnerships in which it has invested or intends to invest.  The Fund’s investments in Operating Partnerships have been and will be made principally with a view towards realization of Federal Housing Tax Credits for allocation to its partners and BAC holders.

 

As funds are utilized by the individual series for payment of fund management fees, operating expenses and capital contributions to the Operating Partnerships, it is anticipated that the combination of the “cash and cash equivalents” and “investments available for sale” amounts for each series will decrease.  As a result of the reduction, it is expected that interest income reported by each series will begin to decrease after the first full year of operations.  Occasionally the Fund will make interest-bearing loans to certain Operating Partnerships against contributions due for release at a later date.

 

40

 

(Series 20).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 24 Operating Partnerships at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $1,918,054 and $1,957,529, respectively in passive income tax losses that were passed through to the investors and also provided $1.33 for both years in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 20 was $14,695,373 and $16,738,536, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $2,387,830 and $2,366,381, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss for Series 20 will remain relatively consistent in future years since the series has finished acquiring Operating Partnerships and they are all fully operational.

 

Breeze Cove Limited Partnership (Breeze Cove Apartments) operates significantly below breakeven due to high operating expenses, low occupancy, poor tenant rental collections and high debt.  As of January 1, 2002, the property management company was replaced with Oakbrook Corporation, which improved tenant collections.  The management company’s marketing plan includes newspaper advertising and improving relationships with local officials, churches, employers, and agencies that could provide tenant referrals.  The new management company has improved the screening of new tenants and has processed evictions for those who were not paying and/or complying with the rules and regulations.  Operating expenses are expected to increase in the first half of 2002, due to deferred maintenance related to the relatively large number of turnovers that have resulted from cleaning up tenancy.  By the end of the year however, the property’s expenses should begin to decrease to a normal level.  Once the property is stabilized, there is expected to be a cost savings from the cost efficiencies associated with sharing personnel with other properties managed by Oakbrook Corporation in the Port Washington area. Operating expenses for 2001 declined by 10% versus 2000, however this was mostly due to deferral of bad debt expense to 2002.  The Investment Limited Partner and the Operating General Partner, an affiliate of the Investment Limited Partner, continue to explore alternatives to refinance the first mortgage on the property.  The Operating General Partner and Investment Limited Partner have both contributed toward funding operating deficits as needed.  The property is not expected to break even until the debt is restructured.  Advances will be repaid with out interest if proceeds from refinancing, cash flow or proceeds from the sale of the property become available.  The mortgage, property taxes, insurance, and accounts payable are current as of March 31, 2002.

 

Effective November 28, 2000, East Douglas Apartments Limited Partnership (East Douglas Apartments) retained Van Rooy Properties for property management.  Several occupancy and financial issues have been addressed since the management agent change.  The average occupancy through May 2002 was 96%.  In the fourth quarter of 2001 the Operating Partnership petitioned HUD and IHDA to increase rents which had fallen below market level due to failures on the part of the previous property management company to secure annual rent

 

41

 

increases.  IHDA denied the request to increase rents and the Partnership is currently working on an appeal.  The Operating General Partner is currently negotiating a transfer of General Partner interest to the current management company.  The management company will not accept the General Partner interest until there is a resolution to the rent increase appeal and the property can sustain breakeven operations.  The mortgage, property taxes, insurance, and accounts payable are current as of May 31, 2002.

 

(Series 21).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100% and 99.9%, respectively.  The series had a total of 14 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2000 and 1999, the series, in total, generated $1,626,653 and $1,763,608, respectively, in passive income tax losses that were passed through to the investors and also provided $1.21 for both years in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 21 was $2,929,817 and $5,713,575, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $2,967,656 and $1,087,400, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships, and the fund management fee. The increase in net loss is primarily due to an impairment loss reported by Atlantic City Housing Urban Renewal Associates L.P.  Additional detail on this operating partnership is provided below. . It is anticipated that future net losses will be more consistent with the amount reported in the fiscal year 2001.

 

Atlantic City Housing Urban Renewal Associates L.P. (Atlantic City Apartments) continued to operate below breakeven for the first quarter of 2002.  The Operating Partnership will continue to show deficits with respect to operational issues for the foreseeable future.  As a result the Operating Partnership filed for protection under Chapter 11 of the Bankruptcy Code in June of 2001.  The Operating General Partner is currently working to develop a restructuring plan that is acceptable to the court and major creditors.  It is expected that the plan will be completed in the third quarter of 2002.  The bankruptcy court has authorized a cash collateral account to ensure the payment of the property operating expenses.  Occupancy for the first quarter of 2002 decreased to 86%. The City of Atlantic City has not approved nor will approve any further rental of the vacant units until safety code violations are addressed. The Operating General Partner is diligently working toward resolving these but has limited capital with which to complete the required repairs.  It is expected that a local non-profit organization will assume the roll of General Partner and will oversee a million dollar renovation of the four building complex. The Fund would remain as the Investment Limited Partner. The non-profit has development experience and the ability to obtain low interest loans for capital improvements. The size and complexity of the transaction has slowed the ability to finalize the deal structure, however the Operating General Partner continues to work toward a resolution.

 

42

 

Centrum Fairfax LP (Forest Glen at Sully Station) experienced low occupancy in 2001, which resulted in negative cash flow.  The average occupancy was 78% for 2001, however, by the end of the first quarter of 2002 physical occupancy increased to 83%.  The property must operate at least 90% physical occupancy in order to sustain breakeven operations  Manangment anticipates 90% physical occupancy by October of 2002.  Reasons for low occupancy were attributable to personnel issues and lack of sales and occupancy focus.  The property has addressed these issues by making several personnel changes and increasing the leasing and occupancy focus through additional promotion, lead follow-up, advertising, monthly appreciation events, family and resident referral program, and improved signage and banners.  The property is in excellent physical condition.  The Operating General Partners have been funding operating deficits in accordance with the Partnership Agreement.  The mortgage, taxes, insurance and payables are current.

 

(Series 22).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had total of 29 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $1,869,136 and $1,591,968, respectively, in passive income tax losses that were passed through to the investors and also provided $1.26 for both years, in tax credit per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 22 was $11,087,299 and $12,526,478, respectively.  The decrease is primarily a result of the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $1,693,382 and $1,484,651, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee. It is anticipated that the net loss will remain relatively consistent in future years as the series has finished acquiring Operating Partnerships and all are reporting stable operations.

 

(Series 23). As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 22 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $2,076,947 and $1,805,859, respectively, in passive income tax losses that were passed through to investors and also provided $1.31 for both years in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 23 was $17,726,828 and $19,119,494, respectively.   The decrease is a result of the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

43

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $1,634,244 and $1,380,939, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee.  It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and they are fully operational.

 

(Series 24).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100% and 99.9%, respectively.  The series had a total of 23 properties at March 31, 2002. Out of the total, 22 were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $1,357,571 and $1,769,510, respectively, in passive income tax losses that were passed through to investors and also provided $1.28 and $1.27, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 24 was $9,240,905 and $10,964,312, respectively.  The decrease is primarily the result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The decrease is also due in part to the removal of one of the Operating Partnerships, Los Lunas Apartments Limited. Further detail on Los Lunas Apartments is provided below.

 

For the years ended March 31, 2002 and 2001 the net loss of the Series was $2,001,698 and $1,777,302, respectively.  The increase is primarily the result of the operations of Los Lunas Apartments.  Further detail on the Operating Partnership is provided below.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee.  It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and they are fully operational.

 

Elm Street Associates Limited Partnership (Elm Street Apartments) is located in Yonkers, New York.  The neighborhood has been a difficult one in which to operate due in part to high crime.  Almost all tenants have some public subsidy, making this a very management-intensive property.  Poor tenancy has resulted in ongoing operating deficits.  Management issues, including poor rent collections and deferred maintenance, continue to plague the property.  Evergreen Management took over management of the property in October 1999, but they were not successful in sustaining improved operations.  Evergreen was replaced by Apartment and Investment Management Company (AIMCO) on January 1, 2001.

 

Physical occupancy at the property dropped as low as 80% during the first five months of the year, but is on the upswing as management has identified tenants for all previously vacant units.  The drop in occupancy is related to an effort to aggressively pursue delinquent rents and to evict non-paying tenants.  AIMCO is belatedly addressing these issues, which have been longstanding problems, but now appears to be on a path that will lead to a more stable and more reliable tenancy.

 

44

 

Revenues during 2002 have been badly eroded by bad debt expense relating to rents reported during 2001, so that average economic occupancy through May was only 62%.  Reported rental revenues, exclusive of bad debt, have averaged more than $23,500 per month for the year.  Collections are expected to increase as occupancy firms. Physical occupancy has averaged 84% through April.

 

The Partnership Agreement requires the current Operating General Partner to fund up to $400,000 in operating deficits under its guaranty.  According to the audited 2001 financial statement, the General Partner has funded approximately $315,000 under that guarantee.

 

Negotiations are ongoing with Westhab, Inc. on the possibility of assuming the Operating General Partner and property management roles at Elm Street, and with the first mortgage lender (CPC), on restructuring the first mortgage loan.  The negotiations are interrelated, as CPC will only restructure the loan in the context of a change in the General Partner.

 

The Investment General Partner continues to work diligently on a mutually acceptable loan restructure that will both reduce the outstanding loan balance and result in a lower monthly loan payment that the property can sustain.

 

Los Lunas Apartments Limited (Hillridge Apartments) continues to suffer from low rents in the market, and excessive mortgage debt. As a result, the property has been operating below break-even.  Due to negative cash flow, debt service payments fell behind and the New Mexico Mortgage Finance Authority (NMFA) issued a notice of default to the Operating General Partner. The Investment General Partner removed the Operating General Partner, as he was unable to effectively deal with the mortgage default. The mortgage lender placed the property in receivership in 2000 at which time Monarch Properties was appointed as the new managing agent without Investment Partnership consent.  In December 1, 2000 the New Mexico Mortgage Finance Authority accelerated the mortgage for reason of non-payment. As a result of the mortgage acceleration the New Mexico Mortgage Finance Authority filed form 8823 with the Internal Revenue Service indicating certain instances of non-compliance with the IRS Section 42 code and regulations.  Various debt restructure proposals made by the Investment General Partner during 2001 were rejected by NMFA/HUD.  On November 2, 2001, the Investment General Partner made a proposal to restructure the debt through a negotiated plan of reorganization under chapter 11 of the United States Bankruptcy Code.  The Investment General Partner requested NMFA’s forbearance on foreclosure action in consideration of its proposal.

 

The proposal was subsequently rejected by the NMFA and on December 7, 2001, the court entered a Summary Judgement and Order of Foreclosure.  A foreclosure sale was scheduled for January 11, 2002.  Although, the Investment General Partner continued to negotiate with the NMFA and explore all possible options to avert foreclosure, the foreclosure sale was ultimately held and NMFA succeeded in taking back the property on January 11, 2002.  The foreclosure would result in a recapture by the Internal Revenue Service of a portion of the credits previously taken, estimated to be in the amount of $.173 per BAC.

 

The Investment General Partner is in the midst of completing a rescission of the property in order to avoid recapture associated with the foreclosure, which occurred in January.  The rescission (unforeclosure) would be accomplished whereby a new General Partner will step in and assume control of

 

45

 

the property.  As a result of the above actions, the property would be transferred to a new investment entity, and future tax benefits after 2001, estimated to be $.081, will flow to the new entity, but recapture would be avoided.

 

North Hampton Place Limited Partnership (North Hampton Place), located in Columbia, Missouri, operated below breakeven during the first quarter of 2002. The main reason for its continuing cash expenditure is low occupancy, which averaged 69% for the quarter, and large debt service payments. The property has suffered from its location in rural Missouri, lying on the outskirts of Columbia and off of any public transportation routes. In addition, the property lies outside of the Columbia school district, further deterring possible tenants from moving to the property. Current management is marketing the property to possible tenants through newspapers, churches and civic groups.  In addition, the management company is currently lobbying the Columbia County school board to include the property in its district.  Management believes the occupancy issue will continue to be a problem unless the city eventually incorporates the property into its city limits. The property’s mortgage, taxes and insurance were all current as of March 31, 2002.

 

(Series 25).  As of March 31, 2002 and 2000, the average Qualified Occupancy for the series was 99.9%.  The series had a total of 22 properties at March 31, 2002.  Out of the total, 21 were at 100% qualified occupancy.

 

For the tax year ended December 31, 2001 and 2000, the series, in total, generated $1,707,535 and $1,857,885, respectively in passive income tax losses that were passed through to investors and also provided $1.24 and $1.25, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 25 was $16,265,562 and $17,559,746, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $1,557,890 and $1,540,858, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee.  It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and they are fully operational.

 

Sutton Place Apartments, L.P. (Sutton Place Apartments) owns and operates a 360 unit complex in Indianapolis, Indiana. The property has operated with an average occupancy rate of 97% for the first four months of the year, compared to an average of 93% for the year ended December 31, 2001.  Management believes that stability in the office staff and maintenance staff will result in continued high occupancy and continuing economic gains as well.  Economic occupancy through April has been 95%.

 

The property suffers from high maintenance expenses as a result of tenant abuse and high unit turnover. The area continues to experience heavy crime, which has contributed to the unit turnover.  On October 5, 2001, a triple

 

46

 

murder occurred within a unit. The General Partner has assessed the impact from the incident and has determined it will be minimal.  The management company will be meeting with the local police and the city commissioner to determine if there is anything additional the property can do to improve security. At this time the property hires uniformed and off duty police officers as security.  The cost of the improved security will be partly funded from grants received for crime prevention and other on-site programs. The Operating General Partner continues to fund operating deficits, and the Investment Limited Partner continues to monitor this property.

 

(Series 26).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 45 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $2,711,648 and $2,351,130, respectively, in passive income tax losses that were passed through to investors and also provided $1.18 for both years in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 26 was $24,785,250 and $26,630,528, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $2,264,403 and $2,419,997, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships, the fund management fee and interest income. It is anticipated that the net loss will be relatively consistent in future years as the series has finished acquiring Operating Partnerships and they are fully operational.

 

On October 18, 2000, A.V.A. Limited Partnership (Hanover Apartments), a property consisting of five buildings and forty units, sustained major fire damage.  One building containing eight units was deemed uninhabitable due to the fire.  All units have been repaired and are occupied with tax credit qualified residents. The property has been reimbursed for the loss of rental income and the repair work.

 

(Series 27).  As of March 31, 2002 and 2001 the average Qualified Occupancy for the series was 100%.  The series had a total of 16 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $1,221,646 and $1,336,189 respectively, in passive income tax losses that were passed through to investors and also provided $1.14 and $1.13, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 27 was $15,447,161 and $15,763,571, respectively.  The balance was affected by the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

47

 

For the year ended March 31, 2002 and 2001, the net loss of the series was $598,368 and $864,778, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee.  The improved operations were mainly the result of cancellation of debt income reported by one of the Operating Partnerships.  It is anticipated that the net loss will begin to stabilize in future years as the Operating Partnerships stabilize operations.

 

Centrum-Fairfax II Limited Partnership’s (Forest Glen at Sulley Station Phase II) operations remained stable in the first quarter of 2002. The average annual physical occupancy was 93% in 2001. In the first quarter of 2002, physical occupancy increased to 95%.  The property’s occupancy has stabilized and the property can sustain operations. Centrum Management LLC, an affiliate of the Operating General Partner, and the management agent, continues to use various marketing and sales initiatives to maintain the high physical occupancy levels.  The mortgage, insurance and real estate tax payments are current.

 

Holly Heights Limited Partnership (Holly Heights Apartments) continues to incur operating deficits due to high tenant turnover. Occupancy decreased to 75% for the first quarter of 2002 from 90% for the fourth quarter 2001.  The town economy is poor and the residents are very transient.  Management will continue to use rental concessions until occupancy has stabilized. In researching the occupancy issue it was brought to the Investment Limited Partners attention that an audit by the state agency discovered issues of non-compliance.  The Investment Limited Partner is diligently working to resolve all issues and will continue to closely monitor the property. The mortgage, taxes, insurance and payables are current.

 

(Series 28).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 26 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $2,512,925 and $2,612,438, respectively, in passive income tax losses that were passed through to investors and also provided $1.05 and $1.04, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 28 was $26,355,147 and $27,883,913, respectively.  The decrease is a result the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the year ended March 31, 2002 and 2001 the net loss of the series was $1,802,088 and $1,950,767, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships, the fund management fee and interest income.  It is anticipated that operations will be relatively consistent in future years as series had finished acquiring Operating Partnerships and they are all reporting stable operations.

 

(Series 29).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 22 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000 the series, in total, generated $2,674,479 and $2,979,549, respectively in passive income tax losses that were passed through to investors and also provided $1.08 for both years in tax credits per BAC to the investors.

 

48

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 29 was $24,490,660 and $26,617,342, respectively.  The decrease is a result the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the year ended March 31, 2002 and 2001, the net loss of the series was $2,421,150 and $2,369,982, respectively.  The major components of these amounts are the Fund’s share of losses from Operating Partnerships and the fund management fee. It is anticipated that operations will be relatively consistent in future years as series had finished acquiring Operating Partnerships and they are all reporting stable operations.

 

(Series 30).  As of March 31, 2002 and 2001 the average Qualified Occupancy for the series was 100%.  The series had a total of 20 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $1,747,744 and $1,853,885, respectively, in passive income tax losses that were passed through to investors and also provided $1.06 and $1.03, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 30 was $17,826,875 and $18,947,341, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $1,298,251 and $1,283,833, respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the Fund management fee. It is anticipated that operations will be relatively consistent in future years as series had finished acquiring Operating Partnerships and they are all reporting stable operations.

 

(Series 31).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 27 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $3,159,272 and $3,869,500, respectively, in passive income tax losses to pass through to the investors and also provided $1.03 for both years in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 31 was $27,720,981 and $29,919,423, respectively.  The decrease is a result the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The amount was also affected by the acquisition of one additional operating partnership.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $2,489,687 and $2,979,270, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the fund

 

49

 

management fee.  The improved operations were mainly the result of a decrease in interest expense and depreciation reported by one of the Operating Partnerships in the current fiscal year.  It is anticipated that operations will stabilize in future years as the series has finished acquiring operating partnerships, and construction and lease-up is complete for all of the partnerships.

 

(Series 32).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 17 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $3,065,920 and $2,874,195, respectively, in passive income tax losses that were passed through to investors, and also provided $1.02 and $.89, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 32 was $32,959,161 and $35,003,481, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The balance was also affected by the acquisition of one additional operating partnership.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $2,429,115 and $2,821,938, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the fund management fee.  It is anticipated that the net loss will stabilize in future years as the series has finished acquiring Operating Partnerships and construction and lease-up are complete for all of the partnerships.

 

FFLM Associates is an Operating Partnership which purchased the Investment Limited Partner interest in Carriage Pointe Investors, LP, Sayerville Housing Investors LP, and Woodhaven at South Brunswick LP in 1998.  Carriage Pointe Investors, LP historically has suffered from negative cash flow, high payables, and under-funded replacement reserves.  Several options were considered in recent months to improve the performance of the Partnership, including the replacement of the General Partner and refinancing the first mortgage.  Neither of these options was viable.  The Operating General Partner continues to fund all operating deficits and the first mortgage lender is content to leave the loan in place.  The property’s first quarter operations significantly improved over the prior year.  The property occupancy was 100% and there was positive cash flow; however, payables remain high.  The Investment General Partner will continue to address open issues for Carriage Pointe with the Operating General Partners.

 

Martinsville I, Ltd. (Martinsville Apartments) is a 13-unit property located in Shelbyville, Kentucky. The property had positive cash flow for the first quarter of 2002 with an average occupancy of 90%.  The Operating General Partner has refused to settle outstanding issues related to construction cost overruns. In addition, a lawsuit has been filed against the Operating General Partner, the construction company and the Operating Partnership by unpaid construction vendors. Both the Operating General Partner and the Investment Limited Partner have engaged legal counsel to resolve these issues.  Legal counsel for the Investment Limited Partner sent out Notices of Partnership Agreement Defaults to the Operating General Partner and Guarantors.  However,

 

50

 

the Operating General Partner’s position has not changed, and he is unwilling to meet the financial resolution outlined in the Default Letter.  IRS Form 8609s are expected soon.  Upon receipt the Investment Limited Partner will engage in settlement discussions with the General Partner to bring outstanding matters to closure.

 

(Series 33).  As of March 31, 2002 and 2001 the average Qualified Occupancy for the series was 100%.  The series had a total of 10 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $1,600,955 and $1,675,644 in passive income tax losses that were passed through to investors, and also provided $1.03 and $.94, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 33 was $18,625,977 and $19,646,067, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the Series was $1,259,944 and $1,384,134, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the fund management fee.  It is anticipated that operations will be relatively consistent in future years as series had finished acquiring Operating Partnerships and they are all reporting stable operations.

 

FFLM Associates is an Operating Partnership which purchased the Investment Limited Partner interest in Carriage Pointe Investors, LP, Sayerville Housing Investors LP, and Woodhaven at South Brunswick LP in 1998.  Carriage Pointe Investors, LP historically has suffered from negative cash flow, high payables, and under-funded replacement reserves.  Several options were considered in recent months to improve the performance of the Partnership, including the replacement of the General Partner and refinancing the first mortgage.  Neither of these options was viable.  The Operating General Partner continues to fund all operating deficits and the first mortgage lender is content to leave the loan in place.  The property’s first quarter operations significantly improved over the prior year.  The property occupancy was 100% and there was positive cash flow; however, payables remain high.  The Investment General Partner will continue to address open issues for Carriage Pointe with the Operating General Partners.

 

(Series 34).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 100%.  The series had a total of 14 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $2,343,979 and $2,935,093, respectively in passive income tax losses that were passed through to investors, and also provided $.98 and $.79, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 34 was $23,851,276 and $25,611,061, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method.

 

51

 

By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the Series was $2,113,249 and $2,424,494.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships and the fund management fee. It is anticipated that operations will stabilize in future years as the series has finished acquiring Operating Partnerships and construction and lease-up are complete for all of the partnerships.

 

(Series 35).  As of March 31, 2002 and 2001 the average Qualified Occupancy for the series was 93.1% and 94.7%, respectively.  The series had a total of 11 properties at March 31, 2002. Out of the total, 10 properties were at 100% qualified occupancy and 1 property with multiple buildings had some buildings in initial lease-up and some still under construction.

 

For the tax year ended December 31, 2001 and 2000 the series, in total, generated $1,614,496 and $2,465,610, respectively in passive income tax losses that were passed through to investors and also provided $.88 and $.40, respectively in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 35 was $20,932,858 and $22,009,700, respectively.  Investments in Operating Partnerships was effected by the acquisition of one additional Operating Partnership and by the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001 the net loss of the series was $1,211,672 and $2,106,038.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee,  amortization of acquisition costs and interest income. It is anticipated that the net loss will fluctuate in future years until construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations.

 

(Series 36).  As of March 31, 2002 and 2001 the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties at March 31, 2002, all of which were at 100% qualified occupancy.

 

For the tax years ended December 31, 2001 and 2000 the series, in total, generated $503,717 and $1,791,872, respectively in passive income tax losses that were passed through to investors and also provided $.99 and $.64, respectively in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 36 was $13,473,738 and $14,753,049, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the year ended March 31, 2002 and 2001, the net loss of the series was $1,529,736 and $693,060, respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and amortization of acquisition costs. The increase in net loss is primarily the result of a significant increase in interest expense reported by

 

52

 

one of the Operating Partnerships to correct for understated interest in prior years.  It is anticipated that operations will stabilize in future years as the series has finished acquiring Operating Partnerships and construction and lease-up are complete for all of the partnerships.

 

Annadale Housing Partners (Annadale Apartments) has historically reported net losses due to operational issues associated with the property.  As a result of efforts by the management company operations have improved significantly.  Rental increases combined with better rent collections, increased rental revenues by $99,860 (11.3%) in 2001.  This combined with stabilized operating expenses allowed the property to operate above breakeven.  Occupancy remains stable at 89% through the first quarter of 2002.  In accordance with the loan agreements, the property continues to fund capital improvements from operations.  A welfare tax exemption was approved in 2001, and the Partnership received a refund of $29,982 in January 2002.  If operations continue to demonstrate improvement, we will no longer continue to report on this Partnerhsip.

 

(Series 37).  As of March 31, 2002 and 2001 the average Qualified Occupancy for the series was 88.7% and 67.7%, respectively.  The series had a total of 7 properties at March 31, 2002.  Out of the total, 5 were at 100% qualified occupancy and 1 was in initial lease-up.  The series also had 1 property with multiple buildings, some of which were under construction and some of which were in lease-up at March 31, 2002.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $932,687 and $226,711, respectively in passive income tax losses that were passed through to investors.  The series also provided $.71 and $.14, respectively, in tax credits per BAC to the investors.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 37 was $17,469,596 and $18,470,074, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the years ended March 31, 2002 and 2001, the net loss of the series was $1,051,460 and $315,863, respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee, amortization of acquisition costs and interest income. It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships, they become fully leased-up, and stabilize operations.

 

(Series 38).  As of March 31, 2002 and 2001, the average Qualified Occupancy for the series was 92.7% and 100%, respectively.  The series had a total of 10 properties at March 31, 2002.  Out of the total, 8 were at 100% qualified occupancy and 2 were in initial lease-up.

 

For the tax years ended December 31, 2001 and 2000, the series, in total, generated $1,712,857 and $145,959 in passive income tax losses that were passed through to investors.  The series also provided tax credits to the investors of $.42 for 2001 and between $.08 and $.13 for 2000, depending on the investors’ date of admission.

 

53

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 38 was $17,632,089 and $18,847,690, respectively.  The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The balance was also affected by the acquisition of one additional Operating Partnership in the current fiscal year.

 

For the year ended March 31, 2002 and for the period ended March 31, 2001, the net loss of the series was $1,405,509 and $145,973, respectively.  The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and interest income.  It is anticipated that the net loss will fluctuate in future years until the Operating Partnerships become fully leased-up and stabilize operations.

 

(Series 39).  As of March 31, 2002 the average Qualified Occupancy for the series was 86.1% and 31.2%, respectively.  The series had a total of 9 properties at March 31, 2002.  Out of the total, 6 were at 100% qualified occupancy, and 3 were in initial lease up.

 

For the tax year ended December 31, 2001 and 2000 the series, in total, generated $1,257,903 and $74,893 in passive income that was passed through to investors. The series also provided $.22 in tax credits per bac to the investors for the tax year 2001.  The series did not generate any tax credits per BAC for the calendar year 2000, therefore, there is no comparative information to report.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 39 was $16,095,151 and $16,411,959, respectively. The decrease is a result of the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.  The balance was also affected by the acquisition of two additional Operating Partnerships in the current fiscal year.

 

For the year ended March 31, 2002 and for the period ended March 31, 2002 the net loss of the series was $1,126,847 and $142,837, respectively. The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and interest income.  It is anticipated that the net loss will fluctuate in future years until the Operating Partnerships become fully leased-up and stabilize operations.

 

(Series 40).  As of March 31, 2002 the average Qualified Occupancy for the series was 92.5%.  The series had a total of 15 properties at March 31, 2002. Out of the total, 10 were at 100% qualified occupancy, and 2 were in initial lease up. The series also had 2 properties that were still under construction, and one property with multiple buildings some of which were under construction and some of which were in lease-up at March 31, 2002.  Since all of the properties were under construction as of March 31, 2001, there is no comparative information to report.

 

54

 

For the tax year ended December 31, 2001 the series, in total, generated $642,925 in passive income tax losses that were passed through to investors.  The series also provided tax credits to the investors.  Below is a summary of tax credits per BAC by month of admission.

 

 

The series had not admitted any investors as of December 31, 2000, therefore, it does not have any comparative information to report.

 

As of March 31, 2002 and 2001, Investments in Operating Partnerships for Series 40 was $18,540,930 and $7,777,666, respectively.  The increase is a result of the Fund acquiring 9 additional interests in Operating Partnerships. Investments in Operating Partnerships was also affected by the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the year ended March 31, 2002 and for the period ended March 31, 2002 the net loss of the series was $597,386 and $111,464, respectively.  The major component of this amount is organization expenses. The major components of these amounts are the Fund’s share of loss from Operating Partnerships, the fund management fee and interest income. It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.

 

(Series 41)  As of March 31, 2002 the average Qualified Occupancy for the series was 100%.  The series had a total of 11 properties at March 31, 2002.  Out of the total 3 were at 100% qualified occupancy and 8 were still under construction.  Since all of the properties acquired subsequent to March 31, 2001 there is no comparative information to report.

 

For the tax year ended December 31, 2001 the series, in total, generated $642,925 in passive income that was passed through to investors, and generated less than $.004 in tax credits per BAC the investors.  The series had not admitted any investors as of December 31, 2000, therefore, it does not have comparative information to report.

 

As of March 31, 2002, Investments in Operating Partnerships for Series 41 was $20,029,680.  The amount is a result of the Fund acquiring 11 interests in Operating Partnerships.  Investments in Operating Partnerships, was also affected by the way the Fund accounts for such investments, the equity method. By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the period ended March 31, 2002 the net loss of the series was $283,923.  The major components of this amount are the Fund’s share of loss from

 

55

 

Operating Partnerships, the fund management fee and organization expenses.  It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.

 

Since Series 41 did not commence operations until after March 31, 2001, it does not have any comparative information to report.

 

(Series 42).  As of March 31, 2002 the series had a total of 2 properties both of which were still under construction.

 

The series had not admitted any investors as of December 31, 2001,  therefore, it had no passive income tax losses or tax credits to pass through to the investors for the tax years ended December 31, 2001 or 2000.

 

As of March 31, 2002, Investments in Operating Partnerships for Series 40 was $2,675,537.  The amount is a result of the Fund acquiring 2 interests in Operating Partnerships.  In the future, Investments in Operating Partnerships, will also be affected by the way the Fund accounts for such investments, the equity method.  By using the equity method the Fund adjusts its investment cost for its share of each Operating Partnership’s results of operations and for any distributions received or accrued.

 

For the period ended March 31, 2002 the net loss of the series was $110,267.  The major component of this amount is organization expenses.  It is anticipated that the net loss will increase in future years until the series finishes acquiring Operating Partnerships, construction is completed on the Operating Partnerships and they become fully leased-up and stabilize operations.

 

Since Series 42 did not commence operations until after March 31, 2001, it does not have any comparative information to report.

 

56

 

Recent Accounting Statements Not Yet Adopted

 

In August 2001, the Financial Accounting Standards Board issued SFAS No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets”.  SFAS No. 144 provides accounting guidance for financial accounting and reporting of impairment or disposal of long-lived assets.  SFAS No.144 supercedes SFAS No. 121, “Accounting for the Impairment of Long-Lived Assts and for Long-Lived Assets to be Disposed Of”.  SFAS No. 144 is effective for fiscal years beginning after December 15, 2001.  The Managing General Partner does not anticipate that its adoption will have a material effect on the financial position or results of the operation of the partnership.

 

Item 7A.               Quantitative and Qualitative Disclosure About Market Risk

 

                                                      Not Applicable

 

Item 8.                         Financial Statements and Supplementary Data

 

The information required by this item is contained in Part IV, Item 14 of this Annual Report on Form 10-K.

 

Item 9.                         Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

 

                                                      None.

 

 

57

 

PART III

 

Item 10.                   Directors and Executive Officers of the Registrant

 

                                                      (a), (b), (c), (d) and (e)

 

The Partnership has no directors or executives officers of its own.  The following biographical information is presented for the partners of the General Partners and affiliates of those partners (including Boston Capital Partners, Inc. (“Boston Capital”)) with principal responsibility for the Partnership’s affairs.

 

John P. Manning, age 54, is Co-Founder, President and Chief Executive Officer of Boston Capital Corporation where he is primarily responsible for strategic planning and busi­ness development. In addition to his respon­sibilities at Boston Capital, Mr. Manning is a proactive leader in the industry. He served in 1990 as a member of the Mitchell-Danforth Task Force to review and reform the Low Income Housing Tax Credit. He was the founding President of the Affordable Housing Tax Credit Coalition, is a former member of the Board of the National Leased Housing Association and sits on the Advisory Board of the publication Housing and Development Reporter. During the 1980s he served as a member of the Massachusetts Housing Policy Committee, as an appointee of the Governor of Massachusetts.  In addition, Mr. Manning has testified before the U.S. House Ways and Means Committee and the U.S. Senate Finance Committee on the critical role of the private sector in the success of the Low Income Housing Tax Credit Pro­gram.  In 1996, President Clinton appointed him to the President’s Advisory Committee on the Arts at the John F. Kennedy Center for the Performing Arts. In 1998, President Clinton also appointed Mr. Manning to the President’s Export Council, which is the premier com­mittee comprised of major corporate CEOs to advise the President in matters of foreign trade.  Mr. Manning is also a member of the Board of Directors of the John F. Kennedy Presi­dential Library in Boston, and is a member of the Advi­sory Board of the Woodrow Wilson Insti­tute for International Scholars in Washington, D.C.  Mr. Manning is a graduate of Boston College.

 

Richard J. DeAgazio, age 57, is Executive Vice President of Boston Capital Corporation, Inc. and is President of Boston Capital Services, Inc., Boston Capital’s NASD registered broker/dealer.  Mr. DeAgazio formerly served on the national Board of Governors of the National Association of Securities Dealers (NASD).  He recently served as a member of the National Adjudicatory Council of the NASD.  He was the Vice Chairman of the NASD’s District 11 Committee, and served as Chair­man of the NASD’s Statutory Disqualification Subcommittee of the National Business Conduct Committee.  He also served on the NASD State Liaison Committee and the Direct Participation Program Committee.  He is a founder and past President of the National Real Estate Investment Association, past President of the Real Estate Securities and Syndication Institute (Massachusetts Chapter) and the Real Estate Investment Association.  Prior to joining Boston Capital in 1981, Mr. DeAgazio was the Senior Vice President and

 

58

 

Director of the Brokerage Division of Dresdner Securities (USA), Inc, an international invest­ment banking firm owned by four major European banks, and was a Vice President of Burgess & Leith/Advest.  He has been a member of the Boston Stock Exchange since 1967.  He is on the Board of Directors of Cognistar Corporation.  He is a leader in the community and serves on the Board of Trustees of Bunker Hill Community College, the Business Leaders Council of the Boston Symphony, the Board of Trustees of Junior Achievement of Northern New England, the Board of Advisors of the Ron Burton Training Village and is on the Board of Corporators of Northeastern University.  He graduated from Northeastern University.

 

Kevin P. Costello, age 56, is Executive Vice President in charge of corporate invest­ments for Boston Capital Partners, Inc. and serves on the firm’s Operating Committee.  He is responsible for all corporate investment activity and has spent over twenty years in the real estate syndication and investment business.  Mr. Costello’s prior responsibilities at Boston Capital have involved the management of the Acquisitions Department and the structuring and distribution of conventional and tax credit private placements.  Prior to joining Boston Capital in 1987, he held senior manage­ment executive positions in companies associated with real estate syndication as well as in the medical electronics industry.  Mr. Costello graduated from Stonehill College and received his MBA with honors from Rutgers’ Graduate School of Business Administration.

 

Jeffrey H. Goldstein, age 41, is Chief Operating Officer for Boston Capital Partners, Inc.  Mr. Goldstein is a former member of the Board of Directors of the Council for Affordable and Rural Housing and formerly served as Chairman of the Finance Committee. Prior to joining Boston Capital in 1990, Mr. Goldstein was Manager of Finance for A.J. Lane & Co., a real estate development firm, served as Manager for Home­owner Financial Services, a financial consulting firm, and was an analyst responsible for budgeting and forecasting for the New York City Counsel-Finance Division.  He graduated from the University of Colorado and received his MBA from Northeastern University.

 

59

 

(f)                                                Involvement in certain legal proceedings.

 

                                                      None.

 

(g)                                           Promoters and control persons.

 

                                                      None.

 

Item 11.                   Executive Compensation

 

                                                      (a), (b), (c), (d) and (e)

 

The Fund has no officers or directors.  However, under the terms of the Amended and Restated Agreement and Certificate of Limited Partnership of the Fund, the Fund has paid or accrued obligations to the General Partner and its affiliates for the following fees during the 2002 fiscal year:

 

1.  An annual fund management fee based on .5 percent of the aggregate cost of all Apartment Complexes acquired by the Operating Partnerships has been accrued or paid to Boston Capital Asset Management Limited Partnership. The annual fund management fees charged to operations for the year ended March 31, 2002 was $4,762,222.

 

2.  The Fund has reimbursed an affiliate of the General Partner a total of $568,259 for amounts charged to operations during the year ended March 31, 2002.  The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.

 

3.  The Fund has reimbursed affiliates of the General Partner a total of $344,785 for amounts charged to syndication during the year ended March 31, 2002.  The reimbursement includes, but may not be limited to postage, printing, travel, and overhead allocations.

 

4.  The General Partner has the right to charge acquisition fees and expenses in connection with the purchase of Operating Partnership interests.  During the 2002 fiscal year, the Fund accrued or paid $4,868,090 of acquisition fees and expenses to the General Partner or its affiliates.

 

5.  Dealer Manager fees of $1,123,247 were accrued or paid to Boston Capital Services, Inc. during the 2002 fiscal year in respect to the sale of units.

 

Item 12.                                                  Security Ownership of Certain Beneficial Owners and Management

 

(a)                             Security ownership of certain beneficial owners. 

 

As of March 31, 2002, 68,029,269 BACs had been issued.  No person is known to own beneficially in excess of 5% of the outstanding BACs in any of the series.

 

60

 

(b)                                 Security ownership of management.

 

The General Partner has a 1% interest in all Profits, Losses,Credits and distributions of the Fund.  The Fund’s response to Item 12(a) is incorporated herein by reference. 

 

(c)                                  Changes in control.

 

There exists no arrangement known to the Fund the operation of which may at a subsequent date result in a change in control of the Fund.  There is a provision in the Limited Partnership Agreement which allows, under certain circumstances, the ability to change control. 

 

Item 13.                                                       Certain Relationships and Related Transactions

 

(a)                                  Transactions with management and others.

 

The Fund has no officers or directors.  However, under the terms of the public offering, various kinds of compensation and fees are payable to the General Partner and its Affiliates during the organization and operation of the Fund. Additionally, the General Partner will receive distributions from the partnership if there is cash available for distribution or residual proceeds as defined in the Fund Agreement.  The amounts and kinds of compensation and fees are described on page 43 of the Prospectus, as supplemented, under the caption “Compensation and Fees”, which is incorporated herein by reference.  See Note B of Notes to Financial Statements in Item 14 of this Annual Report on Form 10-K for amounts accrued or paid to the General Partner and its affiliates for the period April 1, 1995 through March 31, 2002.

 

(b)                                 Certain business relationships. 

 

The Fund response to Item 13(a) is incorporated herein by reference.

 

(c)                                  Indebtedness of management. 

 

None.

 

(d)                                 Transactions with promoters. 

 

Not applicable.

 

61

 

PART IV

 

Item 14.                                                       Exhibits, Financial Statement Schedules, and Reports on Form 8-K

(a) 1 & 2                                                   Financial Statements and Financial Statement Schedules

 

                                                                                                Independent Auditors’ Report

 

                                                                                                Balance Sheets, March 31, 2002 and 2001

 

                                                                                                Statements of Operations for the years or periods ended March 31, 2002, 2001 and 2000

 

                                                                                                Statements of Changes in Partners’ Capital for the years or periods ended March 31, 2002, 2001 and 2000

 

                                                                                                Statements of Cash Flows for the years or periods ended MARCH 31, 2002, 2001, and 2000

 

                                                                                                Notes to Financial Statements, March 31, 2002, 2001 and 2000

 

                                                                                                Schedule III — Real Estate and Accumulated Depreciation Notes to Schedule III

                                                                                               

                                                                                                Schedules not listed are omitted because of the absence of the conditions under which they are required or because the information is included in the financial statements or the notes thereto.

                                                                                               

(a) 3.                                                                      Exhibits (listed according to the number assigned in the table in Item 601 of Regulation S-K)

 

Exhibit No. 3 - Organization Documents.

 

a.                                       Certificate of Limited Partnership of Boston Capital Tax Credit Fund IV L.P.  (Incorporated by reference from Exhibit 3 to the Fund’s Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993.

 

Exhibit No. 4 - Instruments defining the rights of security holders, including indentures.

 

a.                                       Agreement of Limited Partnership of Boston Capital Tax Credit Fund IV L.P.  (Incorporated by reference from Exhibit 4 to the Fund’s Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993.

 

62

 

Exhibit No. 10 - Material contracts.

 

a.                                       Beneficial Assignee Certificate.  (Incorporated by reference from Exhibit 10A to the Fund’s Registration Statement No. 33-70564 on Form S-11 as filed with the Securities and Exchange Commission on October 19, 1993

 

Exhibit No. 13 - Financial Statements.

 

Exhibit No. 28 - Additional exhibits.

 

a.                                       Agreement of Limited Partnership of Better Homes for Havelock Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).

 

b.                                      Agreement of Limited Partnership of Cynthiana Properties Limited (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 1, 1995).

 

c.                                       Agreement of Limited Partnership of North Hampton Place Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on October 13, 1995).

 

d.                                      Agreement of Limited Partnership of Brook Summitt Apartments, LP (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 29, 1996).

 

e.                                       Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

 

f.                                         Agreement of Limited Partnership of Smith House II Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

 

g.                                      Agreement of Limited Partnership of New Madison Park IV Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 11, 1997).

 

h.                                      Agreement of Limited Partnership of M.R.H.,L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on February 14, 1997).

 

i.                                          Agreement of Limited Partnership of 352 Lenox Associates, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on December 16, 1997).

 

63

 

j.                                          Agreement of Limited Partnership of Decro Nordoff, L.P. (Incorporated by reference from Registrant’s current  report on Form 8-K  as filed with the Securities and Exchange Commission on December 16, 1997).

 

k.                                       Agreement of Limited Partnership of Hurricane Hills, L.C.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

 

l.                                          Agreement of Limited Partnership of Main Everett Housing, L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

 

m.                                    Agreement of Limited Partnership of Mokapoke Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 25, 1997).

 

n.                                      Agreement of Limited Partnership of Autumn Ridge Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

o.                                      Agreement of Limited Partnership of Century East Apartments II Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

p.                                      Agreement of Limited Partnership of Coolidge-Pinal II Associates (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

q.                                      Agreement of Limited Partnership of Dublin Housing Associates Phase II (Incorporated by reference from Registrant’s current report on Form K as filed with the Securities and Exchange Commission on March 26, 1997).

 

r.                                         Agreement of Limited Partnership of East Park Apartments II Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

s.                                       Agreement of Limited Partnership of Edenfield Place Apartments, L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

t.                                         Agreement of Limited Partnership of Ethel Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

64

 

u.                                      Agreement of Limited Partnership of Los Lunas Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

v.                                      Agreement of Limited Partnership of New Devonshire West, Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

w.                                    Agreement of Limited Partnership of Northfield Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

x.                                        Agreement of Limited Partnership of Ohio Investors Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

y.                                      Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

z.                                        Agreement of Limited Partnership of Overton Associates Limited Partnership(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

aa.                                 Agreement of Limited Partnership of Pahrump Valley Investors (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

ab.                                Agreement of Limited Partnership of Osborne Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

ac.                                 Agreement of Limited Partnership of Shannon Housing, L.P. (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

ad.                                Agreement of Limited Partnership of Sutton Place Apartments (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

ae.                                 Agreement of Limited Partnership of West Point Housing, L.P.(Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 26, 1997).

 

65

 

af.                                   Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

 

ag.                                Agreement of Limited Partnership of Laurelwood Park Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

 

ah.                                Agreement of Limited Partnership of Jeremy Associates Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

 

ai.                                    Agreement of Limited Partnership of Roxbury Housing Veterans Limited Partnership (Incorporated by reference from Registrant’s current report on Form 8-K as filed with the Securities and Exchange Commission on March 27, 1997).

 

aj.                                    Agreement of Limited Partnership of Elm Street Associates, L.P. (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 7, 1997.)

 

ak.                                 Agreement of Limited Partnership of Brookhaven Apartments Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 21, 1997.)

 

al.                                    Agreement of Limited Partnership of Maple Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 16, 1997.)

 

am.                              Agreement of Limited Partnership of Byam Limited Partnership (incorporated by reference from Registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)

 

an.                                Agreement of Limited Partnership of Harbor Limited Partnership (incorporated by reference from registrants current report on form  8-k as filed with the Securities and Exchange Commission on July 22, 1997.)

 

ao.                                Agreement of Limited Partnership of Bradley Phase II Limited Partnership (incorporated by Reference from registrants current report on form 8-K as filed with the Securities and Exchange Commission on July 22, 1997.)

 

ap.                                Agreement of Limited Partnership of Butler Street/Hanover Towers Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)

 

66

 

aq.                                Agreement of Limited Partnership of Bradley Phase I Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 22, 1997.)

 

ar.                                   Agreement of Limited Partnership of 1374 Boston Road Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)

 

as.                                 Agreement of Limited Partnership of Centenary Housing Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)

 

at.                                   Agreement of Limited Partnership of Lake Apartments II Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 5, 1997.)

 

au.                                Agreement of Limited Partnership of AHAB Project One, LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on August 8, 1997.)

 

av.                                Agreement of Limited Partnership of Grandview Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 23, 1998.)

 

aw.                              Agreement of Limited Partnership of Angelou Associates, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 23, 1998.)

 

ax.                                  Agreement of Limited Partnership of Country Edge Apartments I Limited Partnership(incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 24, 1998.)

 

ay.                                Agreement of Limited Partnership of Sumner House Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 27, 1998.)

 

az.                                  Agreement of Limited Partnership of Magnolia Place Apartments Partnerships (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)

 

67

 

ba.                                Agreement of Limited Partnership of Edgewood Apartments Partnership incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)

 

bb.                               Agreement of Limited Partnership of Harrisonville Heights L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)

 

bc.                                Agreement of Limited Partnership of Neighborhood Restorations Limited Partnership VII incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on April 30, 1998.)

 

bd.                               Agreement of Limited Partnership of Escher SRO Project, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on May 1, 1998.)

 

be.                                Agreement of Limited Partnership of Silver Creek/MHT Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on June 30, 1999.)

 

bf.                                  Agreement of Limited Partnership of Meridian Housing Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on June 30, 1999.)

 

bg.                               Agreement of Limited Partnership of Southaven Partners I, L.P. (incorporated by reference from registrants current report on form 8-j as filed with the Securities and Exchange on July 27, 1999.)

 

bh.                               Agreement of Limited Partnership of Athens Partners, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on July 27, 1999.)

 

bi.                                   Agreement of Limited Partnership of Pearl Partners, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on November 30, 1999.)

 

bj.                                   Agreement of Limited Partnership of Harbor Pointe/MHT Limited Dividend Housing Association Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on December 28,1999.)

 

bk.                                Agreement of Limited Partnership of Level Creek Partners, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on December 29, 1999.)

 

68

 

bm.                             Agreement of Limited Partnership of Lake City Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on February 3, 2000.)

 

bn.                               Agreement of Limited Partnership of Pine Ridge Apartments Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange on on February 9, 2000.)

 

bo.                               Agreement of Limited Partnership of Pecan Manor Apartments Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on February 10, 2000.)

 

bp.                               Agreement of Limited Partnership of Pyramid Four Limited Partnership (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on February 16, 2000.)

 

bq.                               Agreement of Limited Partnership of Lombard Partners, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on January 26, 2000.)

 

br.                                  Agreement of Limited Partnership of Belmont Affordable Housing II LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on September 29, 2000.)

 

bs.                                Agreement of Limited Partnership of Jackson Bond LP (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on September 29, 2000.)

 

bt.                                  Agreement of Limited Partnership of Fort Bend NHC, L.P. (incorporated by reference from registrants current report on form 8-k as filed with the Securities and Exchange Commission on September 29, 2000.)

 

Exhibit No. 99 - Independent Auditors’ Reports of Operating Partnerships

 

Exhibit No. 99 - Schedule III and Notes to Schedule III

 

(b)   Reports on Form 8-K

 

Report on Form 8-K dated February 1, 1995, concerning the Partnership’s investment in Better Homes for Havelock Limited Partnership filed with the commission on February 1, 1995.

 

Report on Form 8-K dated February 1, 1995, concerning the Partnership’s investment in Cynthiana Properties Limited filed with the commission on February 1, 1995.

 

Report on Form 8-K dated October 13, 1995, concerning the Partnership’s investment in North Hampton Place Limited Partnership filed with the commission on October 13, 1995.

 

69

 

Report on Form 8-K dated February 29, 1996, concerning the Partnership’s investment in Brook Summit Apartments, LP filed with the commission on February 29, 1996.

 

Report on Form 8-K dated December 16, 1996, concerning the Partnership’s investment in New Madison Park IV Limited Partnership  filed with the commission on December 16, 1996.

 

Report on Form 8-K dated December 16, 1996, concerning the Partnership’s investment in Smith House II Limited Partnership filed with the commission on December 16, 1996.

 

Report on Form 8-K dated February 11, 1997, concerning the Partnership’s investment in Pear Village Limited Partnership filed with the commission on February 11, 1997.

 

Report on Form 8-K dated February 14, 1997, concerning the Partnership’s investment in M.R.H., L.P.  filed with the commission on February 14, 1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’s investment in 352 Lennox Associates, L.P. filed with the commission on March 25, 1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’s investment in Decro Nordhoff, L.P. filed with the commission on March 25, 1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’s investment in Hurricane Hills, L.C. filed with the commission on March 25, 1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’s investment in Main Everett Housing, L.P. filed with the commission on March 25, 1997.

 

Report on Form 8-K dated March 25, 1997, concerning the Partnership’s investment in Mokapoke Limited Partnership filed with the commission on March 25, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Autumn Ridge Limited Partnership filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Century East Apartments II Limited Partnership filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Coolidge-Pinal II Associates filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Dublin Housing Associates, Phase II filed with the commission on March 26, 1997.

 

70

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in East Park Apartments II Limited Partnership filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Edenfield Place Apartments, L.P. filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Ethel Housing, L.P. filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Los Lunas Limited Partnership filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in New Devonshire West, Limited Partnership filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Northfield Housing L.P. filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Ohio Investors Limited Partnership filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Osborne Housing, L.P. filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Overton Associates Limited Partnership filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Pahrump Valley Investors filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Shannon Housing, L.P. filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in Sutton Place Apartments, L.P. filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 26, 1997, concerning the Partnership’s investment in West Point Housing, L.P. filed with the commission on March 26, 1997.

 

Report on Form 8-K dated March 27, 1997, concerning the Partnership’s investment in Jeremy Associates Limited Partnership filed with the commission on March 27, 1997.

 

71

 

Report on Form 8-K dated March 27, 1997, concerning the Partnership’s investment in Laurelwood Park Limited Partnership filed with the commission on March 27, 1997.

 

Report on Form 8-K dated March 27, 1997, concerning the Partnership’s investment in Roxbury Housing Veterans Limited Partnership filed with the commission on March 27, 1997.

 

Report on Form 8-K dated April 7, 1997, concerning the Partnership’s investment in Elm Street Associates, L.P. filed with the commission on April 7, 1997.

 

Report on Form 8-K dated May 21, 1997, concerning the Partnership’s investment in Brookhaven Apartments Partnership filed with the commission on July 22, 1997.

 

Report on Form 8-K dated July 16, 1997, concerning the Partnership’s investment in Maple Limited Partnership filed with the commission on July 16, 1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’s investment in Bradley Phase I Limited Partnership filed with the commission on July 22, 1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’s investment in Bradley Phase II Limited Partnership filed with the commission on July 22, 1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’s investment in Butler Street/Hanover Towers Limited Partnership filed with the commission on July 22, 1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’s investment in Byam Limited Partnership filed with the commission on July 22, 1997.

 

Report on Form 8-K dated July 22, 1997, concerning the Partnership’s investment in Harbor Limited Partnership filed with the commission on July 22, 1997.

 

Report on Form 8-K dated August 5, 1997, concerning the Partnership’s investment in 1374 Boston Road Limited Partnership filed with the commission on August 5, 1997.

 

Report on Form 8-K dated August 5, 1997, concerning the Partnership’s investment in Centenary Housing Limited Partnership filed with the commission on August 5, 1997.

 

Report on Form 8-K dated August 5, 1997, concerning the Partnership’s investment in Lake Apartments II Limited Partnership filed with the commission on August 5, 1997.

 

Report on Form 8-K dated August 8, 1997, concerning the Partnership’s investment in AHAB Project One, LP filed with the commission on August 8, 1997.

 

72

 

Report on Form 8-K dated April 23, 1998, concerning the Partnership’s investment in Grandview Limited Partnership filed with the commission on April 23, 1998.

 

Report on Form 8-K dated April 23, 1998, concerning the Partnership’s investment in Angelou Associates, L.P. filed with the commission on April 23, 1998.

 

Report on Form 8-K dated April 24, 1998, concerning the Partnership’s investment in Country Edge Apartments I Limited Partnership filed with the commission on April 24, 1998.

 

Report on Form 8-K dated April 27, 1998, concerning the Partnership’s investment in Sumner House Limited Partnership filed with the commission on April 27, 1998.

 

Report on Form 8-K dated April 30, 1998, concerning the Partnership’s investment in Magnolia Place Apartments Partnership filed with the commission on April 30, 1998.

 

Report on Form 8-K dated April 30, 1998, concerning the Partnership’s investment in Edgewood Apartments Partnership filed with the commission on April 30, 1998.

 

Report on Form 8-K dated April 30, 1998, concerning the Partnership’s investment in Harrisonville Heights L.P. filed with the commission on April 30, 1998.

 

Report on Form 8-K dated April 30, 1998, concerning the Partnership’s investment in Neighborhood Restorations Limited Partnership VII filed with the commission on April 30, 1998.

 

Report on Form 8-K dated May 1, 1998, concerning the Partnership’s investment in Escher SRO Project LP filed with the commission on May 1, 1998.

 

Report on Form 8-K dated June 30, 1999 concerning the Partnership’s investment in Silver Creek/MHT Limited Partnership filed with the commission on June 30, 1999.

 

Report on Form 8-K dated June 30, 1999 concerning the Partnership’s investment in Meridian Housing Limited Partnership filed with the commission on June 30, 1999.

 

Report on Form 8-K dated July 27, 1999 concerning the Partnership’s investment in Southaven Partners I, L.P. filed with the commission on July 27, 1999.

 

Report on Form 8-K dated July 27, 1999 concerning the Partnership’s investment in Athens Partners, L.P. filed with the commission on July 27, 1999.

 

Report on Form 8-K dated November 30, 1999 concerning the Partnership’s investment in Pearl Partners, L.P. filed with the commission on November 30, 1999.

 

73

 

Report on Form 8-K dated December 28, 1999 concerning the Partnership’s investment in Harbor Pointe MHT Limited Dividend Housing Association Limited Partnership filed with the commission on December 28, 1999.

 

Report on Form 8-K dated December 29, 1999 concerning the Partnership’s investment in Level Creek Partners, L.P. filed with the commission on December 29, 1999.

 

Report on Form 8-K dated January 26, 2000 concerning the Partnership’s investment in Lombard Partners, L.P. filed with the commission on January 26, 2000.

 

Report on Form 8-K dated February 3, 2000 concerning the Partnership’s investment in Lake City Limited Partnership filed with the commission on February 3, 2000.

 

Report on Form 8-K dated February 9, 2000 concerning the Partnership’s investment in Pineridge Apartments Partnership filed with the commission on February 9, 2000.

 

Report on Form 8-K dated February 10, 2000 concerning the Partnership’s investment in Pecan Manor Apartments Partnership filed with the commission on February 10, 2000.

 

Report on Form 8-K dated February 16, 2000 concerning the Partnership’s investment in Pyramid Four Limited Partnership filed with the commission on February 16, 2000.

 

Report on Form 8-K dated September 29, 2000 concerning the Partnership’s investment in Pineridge Apartments Partnership filed with the commission on September 29, 2000.

 

Report on Form 8-K dated September 29, 2000 concerning the Partnership’s investment in Pecan Manor Apartments Partnership filed with the commission on September 29, 2000.

 

Report on Form 8-K dated September 29, 2000 concerning the Partnership’s investment in Pyramid Four Limited Partnership filed with the commission on September 29, 2000.

 

(c)                                  Exhibits

 

The list of exhibits required by Item 601 of Regulation S-K is included in Item (a)(3).

 

(d)                                 Financial Statement Schedules

 

See Item (a) 1 and 2 above. 

 

(e)                                  Independent Auditors’ Reports for Operating Partnerships.

See Item (a) 3 above. 

 

 

74

 

SIGNATURES

 

Pursuant to the requirements of Section 13 of the Securities Exchange Act of 1934, the Fund has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	Boston Capital Tax Credit Fund IV L.P.
	By:	Boston Capital Associates IV L.P.
		General Partner
	By:	BCA Associates Limited Partnership
		General Partner
	By:	C&M Management, Inc.
		General Partner
Date:  July 15, 2002		By:	/s/ John P. Manning
			John P. Manning

 

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Fund and in the capacities and on the dates indicated:

 

DATE:		SIGNATURE:		TITLE:
July 15, 2002		/s/ John P. Manning		Director, President (Principal Executive Officer), C&M Management, Inc.; Director, President (Principal Executive Officer) BCTC IV Assignor Corp.
		John P. Manning

 

75