Item 1.     Financial Statements.

CENTURY PROPERTIES FUND XIV

CONSOLIDATED STATEMENT OF NET ASSETS IN LIQUIDATION

(Liquidation Basis)

(Unaudited)

(In thousands)

September 30, 2011

See Accompanying Notes to Consolidated Financial Statements

CENTURY PROPERTIES FUND XIV

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS IN LIQUIDATION

(Liquidation Basis)

(Unaudited)

(In thousands)

For the Period From August 1, 2011 to September 30, 2011

See Accompanying Notes to Consolidated Financial Statements

CENTURY PROPERTIES FUND XIV

CONSOLIDATED BALANCE SHEET

                                   (In thousands)

December 31, 2010

See Accompanying Notes to Consolidated Financial Statements

CENTURY PROPERTIES FUND XIV

CONSOLIDATED STATEMENTS OF DISCONTINUED OPERATIONS

(Unaudited)

(In thousands, except per unit data)

See Accompanying Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)/NET ASSETS IN LIQUIDATION

(Unaudited)

(In thousands)

See Accompanying Notes to Consolidated Financial Statements

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

See Accompanying Notes to Consolidated Financial Statements

Note A – Basis of Presentation

As of July 31, 2011, Century Properties Fund XIV (the “Partnership” or “Registrant”) adopted the liquidation basis of accounting due to the sale of its remaining investment property (as discussed in “Note D – Disposition of Investment Property”).

As a result of the decision to liquidate the Partnership, the Partnership changed its basis of accounting for its consolidated financial statements at July 31, 2011 to the liquidation basis of accounting. Consequently, assets have been valued at estimated net realizable value and liabilities are presented at their estimated settlement amounts, including estimated costs associated with carrying out the liquidation of the Partnership. The valuation of assets and liabilities necessarily requires many estimates and assumptions and there are substantial uncertainties in carrying out the liquidation. The actual realization of assets and settlement of liabilities could be higher or lower than amounts indicated and is based upon the managing general partner’s estimates as of the date of the consolidated financial statements.

The accompanying unaudited consolidated financial statements of the Partnership have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. The consolidated balance sheet at December 31, 2010 has been derived from the audited financial statements at that date but does not include all the information and disclosures required by generally accepted accounting principles for complete financial statements. In the opinion of the managing general partner, all adjustments (consisting of normal recurring items) considered necessary for a fair presentation have been included. For further information, refer to the consolidated financial statements and footnotes thereto included in the Partnership's Annual Report on Form 10-K for the fiscal year ended December 31, 2010.

The Partnership’s general partners are Fox Capital Management Corporation, a California corporation (“FCMC” or the “Managing General Partner”), and Fox Realty Investors (“FRI”), a California general partnership. The Managing General Partner and the managing general partner of FRI are subsidiaries of Apartment Investment and Management Company ("Aimco"), a publicly traded real estate investment trust. The Managing General Partner estimates that the liquidation process will be completed by June 30, 2012.  Because the success in realization of assets and the settlement of liabilities is based on the Managing General Partner’s best estimates, the liquidation period may be shorter than projected or it may be extended beyond the projected period.

The accompanying consolidated statements of discontinued operations for the one month and seven months ended July 31, 2011 and the three and nine months ended September 30, 2010 reflect the operations of Sun River Apartments as discontinued operations and the balance sheet at December 31, 2010 reflects the assets and liabilities of Sun River Apartments as held for sale as a result of the property’s sale to a third party on July 21, 2011 (as discussed in “Note D”).

At July 31, 2011 and December 31, 2010, the Partnership had outstanding 64,806 limited partnership units.

Certain reclassifications have been made to the 2010 balances to conform to the 2011 presentation.

The Partnership’s management evaluated subsequent events through the time this Quarterly Report on Form 10-Q was filed.

Note B – Adjustment to Liquidation Basis of Accounting

At July 31, 2011, in accordance with the liquidation basis of accounting, assets were adjusted to their estimated net realizable value and liabilities were adjusted to their estimated settlement amount. The net adjustment required to convert to the liquidation basis of accounting was a decrease in net assets of approximately $52,000, which is included in the Consolidated Statement of Changes in Partners’ Capital (Deficit)/Net Assets in Liquidation.

Note C – Transactions with Affiliated Parties

The Partnership has no employees and depends on the Managing General Partner and its affiliates for the management and administration of all Partnership activities. The Partnership Agreement provides for certain payments to affiliates for services and reimbursement of certain expenses incurred by affiliates on behalf of the Partnership.

Affiliates of the Managing General Partner received 5% of gross receipts from the Partnership's property as compensation for providing property management services. The Partnership paid to such affiliates approximately $71,000 and $92,000 for the period from January 1 through July 31, 2011 and the nine months ended September 30, 2010, respectively, which are included in operating expenses.

Affiliates of the Managing General Partner charged the Partnership for reimbursement of accountable administrative expenses amounting to approximately $43,000 and $41,000 for the period from January 1 through July 31, 2011 and the nine months ended September 30, 2010, respectively, which are included in general and administrative expenses.

Pursuant to the Partnership Agreement, for managing the affairs of the Partnership, the Managing General Partner is entitled to receive a Partnership management fee equal to 10% of the Partnership's adjusted cash from operations as distributed.  No such fees were earned or paid to the Managing General Partner during the period from January 1 through July 31, 2011 and the nine months ended September 30, 2010, as there were no distributions from operations.

AIMCO Properties, L.P., an affiliate of the Managing General Partner, had made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. During the period from January 1 to July 31, 2011 and the nine months ended September 30, 2010, AIMCO Properties, L.P., advanced approximately $120,000 and $33,000, respectively, to the Partnership to assist with the payment of real estate taxes and to fund operating expenses at Sun River Apartments. These advances accrued interest at the prime rate plus 2%. Interest expense for the period from January 1 to July 31, 2011 and the nine months ended September 30, 2010 was approximately $4,000 and less than $1,000, respectively. During the period from January 1 to July 31, 2011 and the nine months ended September 30, 2010, the Partnership repaid approximately $238,000 and $33,000, respectively, of the outstanding advances and accrued interest. At December 31, 2010, the amount of the outstanding advances and accrued interest was approximately $114,000 and was included in due to affiliates. At July 31, 2011 and September 30, 2011, there were no advances or associated accrued interest due to AIMCO Properties, L.P.

The Partnership insured its property up to certain limits through coverage provided by Aimco which is generally self-insured for a portion of losses and liabilities related to workers’ compensation, property casualty, general liability and vehicle liability.  The Partnership insured its property above the Aimco limits through insurance policies obtained by Aimco from insurers unaffiliated with the Managing General Partner. During the period from January 1 through July 31, 2011, the Partnership was charged by Aimco and its affiliates approximately $15,000 for hazard insurance coverage and fees associated with policy claims administration. The Partnership was charged by Aimco and its affiliates approximately $38,000 for insurance coverage and fees associated with policy claims administration during the year ended December 31, 2010.

Note D – Disposition of Investment Property

On July 21, 2011, the Partnership sold Sun River Apartments, its sole investment property, to a third party for a total sales price of $18,700,000 less a repair credit of $100,000. The net proceeds realized by the Partnership were approximately $18,353,000 after payment of closing costs of approximately $247,000. The Partnership used approximately $10,403,000 to repay the mortgages encumbering the property. The Partnership recognized a gain during the one month and seven months ended July 31, 2011 of approximately $15,506,000 as a result of the sale. In addition, the Partnership recognized a loss on extinguishment of debt, during the one month and seven months ended July 31, 2011 of approximately $2,746,000 as a result of the write off of unamortized loan costs and payment of prepayment penalties of approximately $2,561,000.

Note E – Distributions

The Partnership distributed the following amounts during the period from January 1 through July 31, 2011 and the nine months ended September 30, 2010 (in thousands, except per unit data):

Results of Operations

As of July 31, 2011, the Partnership adopted the liquidation basis of accounting due to the sale of its remaining investment property, Sun River Apartments, on July 21, 2011. Prior to adopting the liquidation basis of accounting, the Partnership’s net income was approximately $12,587,000 and $12,385,000 for the one month and seven months ended July 31, 2011, respectively, compared to net loss of approximately $117,000 and $308,000 for the three and nine months ended September 30, 2010, respectively. The increase in net income for both periods is due to the gain from sale of discontinued operations in 2011 and an increase in the recognition of casualty gain, partially offset by a decrease in total revenues and an increase in total expenses.

On July 21, 2011, the Partnership sold Sun River Apartments, its sole investment property, to a third party for a total sales price of $18,700,000 less a repair credit of $100,000. The net proceeds realized by the Partnership were approximately $18,353,000 after payment of closing costs of approximately $247,000. The Partnership used approximately $10,403,000 to repay the mortgages encumbering the property. The Partnership recognized a gain during the one month and seven months ended July 31, 2011 of approximately $15,506,000 as a result of the sale. In addition, the Partnership recognized a loss on extinguishment of debt, during the one month and seven months ended July 31, 2011 of approximately $2,746,000 as a result of the write off of unamortized loan costs and payment of prepayment penalties of approximately $2,561,000.

Excluding the impact of the gain from sale of discontinued operations, the Partnership’s loss from discontinued operations for the one month and seven months ended July 31, 2011 was approximately $2,919,000 and $3,121,000 respectively, compared to losses of approximately $117,000 and $308,000 for the three and nine months ended September 30, 2010, respectively. The increase in loss from discontinued operations for both periods is due to a decrease in total revenues and an increase in total expenses, partially offset by an increase in the recognition of casualty gain. Total revenues decreased for both periods as a result of the sale of the Partnership’s remaining investment property, Sun River Apartments, on July 21, 2011 (as discussed above). Total expenses increased for both periods due to the recognition of loss on extinguishment of debt in 2011 (as discussed above) and an increase in general and administrative expenses, partially offset by decreases in operating, depreciation, interest and property tax expenses as a result of the sale of the Partnership’s remaining investment property, Sun River Apartments (as discussed above).

In October 2009, Sun River Apartments sustained damages of approximately $18,000 as a result of a water line break. No apartment units were damaged. During the nine months ended September 30, 2010, the Partnership recognized a casualty gain of approximately $8,000 as a result of the receipt of insurance proceeds of approximately $8,000. The damaged assets were fully depreciated.

In October 2010, Sun River Apartments sustained damages of approximately $23,000 as a result of wind and hail damage. No apartment units were damaged. During the one month and seven months ended July 31, 2011, the Partnership recognized a casualty gain of approximately $23,000 as a result of the receipt of insurance proceeds of approximately $23,000. The damaged assets were fully depreciated.

Liquidity and Capital Resources

The Partnership expects to liquidate during 2012 due to the sale of its remaining investment property, Sun River Apartments.

At July 31, 2011, the Partnership had cash and cash equivalents of approximately $384,000 compared to approximately $103,000 at December 31, 2010. Cash and cash equivalents increased approximately $281,000 due to approximately $18,238,000 of cash provided by investing activities, partially offset by approximately $17,794,000 and $163,000 of cash used in financing and operating activities, respectively. Cash provided by investing activities consisted of net proceeds from the sale of Sun River Apartments and insurance proceeds received, partially offset by property improvements and replacements. Cash used in financing activities consisted of payments on mortgage notes payable, repayment of mortgage notes payable, distributions to partners, repayment of advances from an affiliate, and payment of prepayment penalties, partially offset by advances received from an affiliate.

AIMCO Properties, L.P., an affiliate of the Managing General Partner, had made available to the Partnership a credit line of up to $150,000 per property owned by the Partnership. During the period from January 1 to July 31, 2011 and the nine months ended September 30, 2010, AIMCO Properties, L.P., advanced approximately $120,000 and $33,000, respectively, to the Partnership to assist with the payment of real estate taxes and to fund operating expenses at Sun River Apartments. These advances accrued interest at the prime rate plus 2%. Interest expense for the period from January 1 to July 31, 2011 and the nine months ended September 30, 2010 was approximately $4,000 and less than $1,000, respectively. During the period from January 1 to July 31, 2011 and the nine months ended September 30, 2010, the Partnership repaid approximately $238,000 and $33,000, respectively, of the outstanding advances and accrued interest. At December 31, 2010, the amount of the outstanding advances and accrued interest was approximately $114,000 and was included in due to affiliates. At July 31, 2011 and September 30, 2011, there were no advances or associated accrued interest due to AIMCO Properties, L.P.

During the seven months ended July 31, 2011, the Partnership completed approximately $138,000 of capital improvements at Sun River Apartments, consisting primarily of appliance and floor covering replacements, roof replacement and air conditioning unit upgrades. These improvements were funded from operations. On July 21, 2011, the Partnership sold Sun River Apartments to a third party.

In accordance with the liquidation basis of accounting, at July 31, 2011, assets were adjusted to their estimated net realizable value and liabilities were adjusted to their estimated settlement amount. The net adjustment required to convert to the liquidation basis of accounting was a decrease in net assets of approximately $52,000, which is included in the Consolidated Statements of Changes in Partners’ Capital / Net Assets in Liquidation.

During the period from August 1 through September 30, 2011, net assets in liquidation decreased by approximately $4,000 primarily due to the reduction in settlement of estimated liabilities during August and September 2011.

The statement of net assets in liquidation as of September 30, 2011 includes approximately $65,000 of costs that the Managing General Partner estimates will be incurred during the remaining period of liquidation, based on the assumption that the liquidation process will be completed by June 30, 2012. Because the settlement of liabilities is based on the Managing General Partner’s best estimates, the liquidation period may be shorter or extended beyond the liquidation period.

The Partnership distributed the following amounts during the period from January 1 through July 31, 2011 and the nine months ended September 30, 2010 (in thousands, except per unit data):

Critical Accounting Policies and Estimates

The consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States which require the Partnership to make estimates and assumptions. The Partnership believes that of its significant accounting policies, the following may involve a higher degree of judgment and complexity.

Impairment of Long-Lived Asset

Investment property was recorded at cost, less accumulated depreciation, unless the carrying amount of the asset was not recoverable.  If events or circumstances indicated that the carrying amount of the property would not be recoverable, the Partnership made an assessment of its recoverability by comparing the carrying amount to the Partnership’s estimate of the undiscounted future cash flows, excluding interest charges, of the property. If the carrying amount exceeded the estimated aggregate undiscounted future cash flows, the Partnership recognized an impairment loss to the extent the carrying amount exceeded the estimated fair value of the property.

Real property investment is subject to varying degrees of risk.  Several factors may have adversely affected the economic performance and value of the Partnership’s investment property. These factors included, but were not limited to, general economic climate; competition from other apartment communities and other housing options; local conditions, such as loss of jobs or an increase in the supply of apartments that might adversely affect apartment occupancy or rental rates; changes in governmental regulations and the related cost of compliance; increases in operating costs (including real estate taxes) due to inflation and other factors, which may not have been offset by increased rents; changes in tax laws and housing laws, including the enactment of rent control laws or other laws regulating multi-family housing; and changes in interest rates and the availability of financing.  Any adverse changes in these and other factors could have caused an impairment of the Partnership’s asset.

Revenue Recognition

The Partnership generally leased apartment units for twelve-month terms or less. The Partnership offered rental concessions during particularly slow months or in response to heavy competition from other similar complexes in the area. Rental income attributable to leases, net of any concessions, was recognized on a straight-line basis over the term of the lease. The Partnership evaluated all accounts receivable from residents and established an allowance, after the application of security deposits, for accounts greater than 30 days past due on current tenants and all receivables due from former tenants.

Assets Held for Sale

Item 4.     Controls and Procedures.

(a)   Disclosure Controls and Procedures.

The Partnership’s management, with the participation of the principal executive officer and principal financial officer of the Managing General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, has evaluated the effectiveness of the Partnership’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and principal financial officer of the Managing General Partner, who are the equivalent of the Partnership’s principal executive officer and principal financial officer, respectively, have concluded that, as of the end of such period, the Partnership’s disclosure controls and procedures are effective.

(b)   Changes in Internal Control Over Financial Reporting.

There has been no change in the Partnership’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting.

Item 6.     Exhibits.

See Exhibit Index.

The agreements included as exhibits to this Form 10-Q contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the other parties to the applicable agreement and:

• should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

• have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

• may apply standards of materiality in a way that is different from what may be viewed as material to an investor; and

• were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.

Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. The Partnership acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this Form 10-Q not misleading. Additional information about the Partnership may be found elsewhere in this Form 10-Q and the Partnership’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.

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

EXHIBIT INDEX

Exhibit Number    Description of Exhibit

3.4               Agreement of Limited Partnership, incorporated by reference to Exhibit A to the Prospectus of the Partnership dated September 11, 1978, and thereafter supplemented, included in the Partnership's Registration Statement on Form S-11 (Reg. No. 2-61526).

10.13             Purchase and Sale Contract, dated May 10, 2011, between Century Sun River, Limited Partnership, an Arizona limited partnership and Holland Acquisition Co, LLC, a Washington limited liability company. (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated May 10, 2011).

10.14             First Amendment to Purchase and Sale Contract, dated June 9, 2011, between Century Sun River, Limited Partnership, an Arizona limited partnership and Sun River Village, L.P., a Delaware limited partnership. (Incorporated by reference to the Registrant’s Current Report on Form 8-K dated June 9, 2011).

31.1              Certification of equivalent of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2              Certification of equivalent of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a)/15d-14(a), as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1              Certification of the equivalent of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101               XBRL (Extensible Business Reporting Language). The following materials from Century Properties Fund XIV’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2011, formatted in XBRL: (i) consolidated statement of net assets in liquidation, (ii) consolidated statement of changes in net assets in liquidation, (iii) consolidated balance sheet, (iv) consolidated statements of discontinued operations, (v) consolidated statement of changes in partners’ capital (deficit)/net assets in liquidation, (vi) consolidated statements of cash flows, and (vii) notes to consolidated financial statements. (1)

(1)               As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.