BF Garden Tax Credit Fund IV L.P. - FORM 10-Q

Attached files

file	filename
EXCEL - IDEA: XBRL DOCUMENT - BF Garden Tax Credit Fund IV L.P.	Financial_Report.xls
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b41214cert906jpm.htm
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b41214cert906mnt.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b41214cert302jpm.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b41214cert302mnt.htm

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

(X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934.

For the quarterly period ended December 31, 2014
or
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 0-26200

BOSTON CAPITAL TAX CREDIT FUND IV L.P.
(Exact name of registrant as specified in its charter)

Delaware	04-3208648
(State or other jurisdiction	(I.R.S. Employer
of incorporation or organization)	Identification No.)

One Boston Place, Suite 2100, Boston, Massachusetts 02108
(Address of principal executive offices) (Zip Code)

(617) 624-8900

(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ý

No 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes ý

No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act (check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer 	Smaller reporting company ý

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes 

No ý

BOSTON CAPITAL TAX CREDIT FUND IV L.P.

QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 2014

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets			3-30
		Condensed Statements of Operations Three and Nine Months			31-86
		Condensed Statements of Changes in Partners' Capital (Deficit)			87-96
		Condensed Statements of Cash Flows			97-124
		Notes to Condensed Financial Statements			125-160

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			161-241

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			242

	Item 4. Controls and Procedures			242

PART II OTHER INFORMATION

	Item 1. Legal Proceedings			243

	Item 1A. Risk Factors			243

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			243

	Item 3. Defaults Upon Senior Securities			243

	Item 4. Mine Safety Disclosures			243

	Item 5. Other Information			243

	Item 6. Exhibits			243

	Signatures			244

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


			December 31, 2014				March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$		4,547,778		$		5,328,701

OTHER ASSETS
Cash and cash equivalents			19,383,611				12,797,054
Notes receivable			22,790				22,790
Acquisition costs, net			150,282				200,376
Other assets			281,681				180,417

	$		24,386,142		$		18,529,338




LIABILITIES

Accounts payable and accrued expenses		$		222,863		$		160,120
Accounts payable affiliates (Note C)			51,153,049				50,042,235
Capital contributions payable			619,106				664,260

			51,995,018				50,866,615


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,569,146 and 83,626,246 outstanding as of December, 2014 and March 31, 2014, respectively.			(20,166,565)				(24,847,683)
General Partner			(7,442,311)				(7,489,594)

			(27,608,876)				(32,337,277)

	$		24,386,142		$		18,529,338

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 20


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		324,710		204,785
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	324,710	$	204,785




LIABILITIES

Accounts payable and accrued expenses	$	9,000	$	-
Accounts payable affiliates (Note C)		1,496,449		1,488,111
Capital contributions payable		-		-

		1,505,449		1,488,111


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,857,700 and 3,864,700 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(860,680)		(962,241)
General Partner		(320,059)		(321,085)

		(1,180,739)		(1,283,326)

	$	324,710	$	204,785

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 21


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		131,345		116,749
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		3,000		3,000

	$	134,345	$	119,749




LIABILITIES

Accounts payable and accrued expenses	$	5,000	$	5,000
Accounts payable affiliates (Note C)		1,426,064		1,383,089
Capital contributions payable		-		-

		1,431,064		1,388,089


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,888,200 outstanding as of December 31, 2014 and March 31, 2014.		(1,121,801)		(1,093,706)
General Partner		(174,918)		(174,634)

		(1,296,719)		(1,268,340)

	$	134,345	$	119,749

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 22


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		125,587		98,564
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	125,587	$	98,564




LIABILITIES

Accounts payable and accrued expenses	$	3,750	$	-
Accounts payable affiliates (Note C)		2,796,762		2,892,033
Capital contributions payable		9,352		9,352

		2,809,864		2,901,385


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,560,800 and 2,561,400 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(2,438,350)		(2,555,709)
General Partner		(245,927)		(247,112)

		(2,684,277)		(2,802,821)

	$	125,587	$	98,564

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 23


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		159,736		118,542
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	159,736	$	118,542




LIABILITIES

Accounts payable and accrued expenses	$	3,750	$	-
Accounts payable affiliates (Note C)		2,189,031		2,549,950
Capital contributions payable		-		-

		2,192,781		2,549,950


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,333,227 and 3,336,227 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(1,727,868)		(2,122,247)
General Partner		(305,177)		(309,161)

		(2,033,045)		(2,431,408)

	$	159,736	$	118,542

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		812,995		890,715
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	812,995	$	890,715




LIABILITIES

Accounts payable and accrued expenses	$	3,000	$	3,000
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		3,000		3,000


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,169,878 issued and 2,162,378 and 2,168,878 outstanding as of December 31, 2014 and March 31, 2014, respectively.		987,192		1,064,135
General Partner		(177,197)		(176,420)

		809,995		887,715

	$	812,995	$	890,715

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 25


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		3,820,188		2,550,061
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		1,250		1,250

	$	3,821,438	$	2,551,311




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		-		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,024,509 and 3,025,609 outstanding as of December 31, 2014 and March 31, 2014, respectively.		4,040,668		2,783,242
General Partner		(219,230)		(231,931)

		3,821,438		2,551,311

	$	3,821,438	$	2,551,311

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		3,012,761		2,510,330
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	3,012,761	$	2,510,330




LIABILITIES

Accounts payable and accrued expenses	$	19,960	$	4,960
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		1,127		1,293

		21,087		6,253


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,990,700 and 3,995,200 outstanding as of December 31, 2014 and March 31, 2014, respectively.		3,302,010		2,819,289
General Partner		(310,336)		(315,212)

		2,991,674		2,504,077

	$	3,012,761	$	2,510,330

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,079,820		1,049,687
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		6,500

	$	1,079,820	$	1,056,187




LIABILITIES

Accounts payable and accrued expenses	$	52	$	-
Accounts payable affiliates (Note C)		-		44,238
Capital contributions payable		-		10,020

		52		54,258


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,459,700 and 2,460,700 outstanding as of December 31, 2014 and March 31, 2014, respectively.		1,275,418		1,198,357
General Partner		(195,650)		(196,428)

		1,079,768		1,001,929

	$	1,079,820	$	1,056,187

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 28


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		5,318,053		515,862
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		1,250		2,817

	$	5,319,303	$	518,679




LIABILITIES

Accounts payable and accrued expenses	$	8,855	$	7,500
Accounts payable affiliates (Note C)		-		706,182
Capital contributions payable		6,000		40,968

		14,855		754,650


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,998,738 and 3,999,738 outstanding as of December 31, 2014 and March 31, 2014, respectively.		5,595,152		110,137
General Partner		(290,704)		(346,108)

		5,304,448		(235,971)

	$	5,319,303	$	518,679

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 29


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		514,618		224,155
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	514,618	$	224,155




LIABILITIES

Accounts payable and accrued expenses	$	14,448	$	-
Accounts payable affiliates (Note C)		3,784,578		3,583,859
Capital contributions payable		8,235		8,235

		3,807,261		3,592,094


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,989,500 and 3,991,300 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(2,921,070)		(2,995,613)
General Partner		(371,573)		(372,326)

		(3,292,643)		(3,367,939)

	$	514,618	$	224,155

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 30


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		308,632		253,948
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		500		500

	$	309,132	$	254,448




LIABILITIES

Accounts payable and accrued expenses	$	9,000	$	-
Accounts payable affiliates (Note C)		1,807,174		1,690,813
Capital contributions payable		127,396		127,396

		1,943,570		1,818,209


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,643,000 and 2,651,000 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(1,391,037)		(1,321,067)
General Partner		(243,401)		(242,694)

		(1,634,438)		(1,563,761)

	$	309,132	$	254,448

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 31


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		452,710		852,580
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		25,000		25,000

	$	477,710	$	877,580




LIABILITIES

Accounts payable and accrued expenses	$	3,000	$	2,257
Accounts payable affiliates (Note C)		2,836,987		3,212,781
Capital contributions payable		66,294		66,294

		2,906,281		3,281,332


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,409,757 and 4,415,757 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(2,025,027)		(2,000,456)
General Partner		(403,544)		(403,296)

		(2,428,571)		(2,403,752)

	$	477,710	$	877,580

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 32


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		285,034		310,949
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	285,034	$	310,949




LIABILITIES

Accounts payable and accrued expenses	$	645	$	-
Accounts payable affiliates (Note C)		3,221,857		3,085,965
Capital contributions payable		3,486		3,486

		3,225,988		3,089,451


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,748,198 and 4,751,198 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(2,505,181)		(2,344,354)
General Partner		(435,773)		(434,148)

		(2,940,954)		(2,778,502)

	$	285,034	$	310,949

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 33


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		185,078		194,920
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	185,078	$	194,920




LIABILITIES

Accounts payable and accrued expenses	$	3,403	$	3,403
Accounts payable affiliates (Note C)		2,033,942		1,941,386
Capital contributions payable		69,154		69,154

		2,106,499		2,013,943


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,635,533 outstanding as of December 31, 2014 and March 31, 2014.		(1,676,427)		(1,575,053)
General Partner		(244,994)		(243,970)

		(1,921,421)		(1,819,023)

	$	185,078	$	194,920

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 34


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		237,690		299,036
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	237,690	$	299,036




LIABILITIES

Accounts payable and accrued expenses	$	3,000	$	3,000
Accounts payable affiliates (Note C)		4,036,490		3,900,829
Capital contributions payable		-		-

		4,039,490		3,903,829


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,523,219 and 3,528,319 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(3,463,392)		(3,268,355)
General Partner		(338,408)		(336,438)

		(3,801,800)		(3,604,793)

	$	237,690	$	299,036

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 35


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		214,036		278,190
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	214,036	$	278,190




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,358,734		2,257,174
Capital contributions payable		-		-

		2,358,734		2,257,174


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,295,763 and 3,298,763 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(1,841,226)		(1,677,169)
General Partner		(303,472)		(301,815)

		(2,144,698)		(1,978,984)

	$	214,036	$	278,190

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 36


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		415,802		448,179
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	415,802	$	448,179




LIABILITIES

Accounts payable and accrued expenses	$	131,000	$	131,000
Accounts payable affiliates (Note C)		1,157,657		1,108,351
Capital contributions payable		-		-

		1,288,657		1,239,351


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,102,504 and 2,104,504 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(685,463)		(604,597)
General Partner		(187,392)		(186,575)

		(872,855)		(791,172)

	$	415,802	$	448,179

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 37


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		323,320		305,167
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	323,320	$	305,167




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,300,795		2,147,147
Capital contributions payable		138,438		138,438

		2,439,233		2,285,585


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,512,500 outstanding as of December 31, 2014 and March 31, 2014. respectively.		(1,879,190)		(1,745,050)
General Partner		(236,723)		(235,368)

		(2,115,913)		(1,980,418)

	$	323,320	$	305,167

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 38


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		272,465		236,887
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	272,465	$	236,887




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,840,132		1,716,832
Capital contributions payable		-		-

		1,840,132		1,716,832


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,543,100 outstanding as of December 31, 2014 and March 31, 2014. respectively.		(1,333,706)		(1,246,861)
General Partner		(233,961)		(233,084)

		(1,567,667)		(1,479,945)

	$	272,465	$	236,887

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 39


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		161,560		144,094
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	161,560	$	144,094




LIABILITIES

Accounts payable and accrued expenses	$	5,000	$	-
Accounts payable affiliates (Note C)		1,650,499		1,547,899
Capital contributions payable		-		-

		1,655,499		1,547,899


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,291,151 and 2,292,151 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(1,282,558)		(1,193,325)
General Partner		(211,381)		(210,480)

		(1,493,939)		(1,403,805)

	$	161,560	$	144,094

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 40


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		80,445		96,711
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	80,445	$	96,711




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,987,301		2,828,348
Capital contributions payable		102		102

		2,987,403		2,828,450


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,628,756 and 2,630,256 outstanding as of December 31, 2014 and March 31, 2014, respectively.		(2,652,945)		(2,479,478)
General Partner		(254,013)		(252,261)

		(2,906,958)		(2,731,739)

	$	80,445	$	96,711

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 41


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		153,294		167,428
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		1,218		1,218

	$	154,512	$	168,646




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,233,113		3,054,940
Capital contributions payable		100		100

		3,233,213		3,055,040


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,891,626 outstanding as of December, 31 2014 and March 31, 2014.		(2,798,745)		(2,608,361)
General Partner		(279,956)		(278,033)

		(3,078,701)		(2,886,394)

	$	154,512	$	168,646

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 42


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		315,027		266,762
Notes receivable		22,790		22,790
Acquisition costs, net		-		-
Other assets		51,003		51,003

	$	388,820	$	340,555




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,257,998		2,071,473
Capital contributions payable		73,433		73,433

		2,331,431		2,144,906


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,744,262 outstanding as of December, 31 2014 and March 31, 2014.		(1,682,246)		(1,545,369)
General Partner		(260,365)		(258,982)

		(1,942,611)		(1,804,351)

	$	388,820	$	340,555

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 43


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	164,639	$	178,330

OTHER ASSETS
Cash and cash equivalents		321,530		303,384
Notes receivable		-		-
Acquisition costs, net		150,282		200,376
Other assets		104,989		85,341

	$	741,440	$	767,431




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,778,313		2,548,228
Capital contributions payable		99,265		99,265

		2,877,578		2,647,493


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,637,987 outstanding as of December, 31 2014 and March 31, 2014.		(1,793,255)		(1,539,740)
General Partner		(342,883)		(340,322)

		(2,136,138)		(1,880,062)

	$	741,440	$	767,431

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 44


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		7,582		38,362
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		89,683		-

	$	97,265	$	38,362




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,907,961		1,642,751
Capital contributions payable		-		-

		1,907,961		1,642,751


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,701,973 outstanding as of December, 31 2014 and March 31, 2014.		(1,555,141)		(1,350,897)
General Partner		(255,555)		(253,492)

		(1,810,696)		(1,604,389)

	$	97,265	$	38,362

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 45


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	1,738,981	$	2,004,492

OTHER ASSETS
Cash and cash equivalents		107,498		126,153
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		-		-

	$	1,846,479	$	2,130,645




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,687,235		1,463,025
Capital contributions payable		16,724		16,724

		1,703,959		1,479,749


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 4,014,367 outstanding as of December, 31 2014 and March 31, 2014.		494,757		998,049
General Partner		(352,237)		(347,153)

		142,520		650,896

	$	1,846,479	$	2,130,645

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 46


		December 31, 2014		March 31, 2014


ASSETS
INVESTMENTS IN OPERATING PARTNERSHIPS
(Note D)	$	2,644,158	$	3,145,879

OTHER ASSETS
Cash and cash equivalents		242,095		194,854
Notes receivable		-		-
Acquisition costs, net		-		-
Other assets		3,788		3,788

	$	2,890,041	$	3,344,521




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,363,977		1,176,831
Capital contributions payable		-		-

		1,363,977		1,176,831


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,979,998 and 2,980,998 outstanding as of December 31, 2014 and March 31, 2014, respectively.		1,773,546		2,408,756
General Partner		(247,482)		(241,066)

		1,526,064		2,167,690

	$	2,890,041	$	3,344,521

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

		2014		2013

Income
Interest income	$	12,147	$	31,253
Other income		58,399		59,634

		70,546		90,887



Share of income (loss) from Operating Partnerships (Note D)		1,263,569		4,074,927


Expenses
Professional fees		25,300		27,008
Fund management fee, net (Note C)		780,037		1,157,801
Amortization		16,698		111,667
General and administrative expenses		152,871		202,513

		974,906		1,498,989


NET INCOME (LOSS)	$	359,209	$	2,666,825




Net income (loss) allocated to assignees	$	355,616	$	2,640,156




Net income (loss) allocated to general partner	$	3,593	$	26,669




Net income (loss) per BAC	$	.00	$	.03

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 20

		2014		2013

Income
Interest income	$	92	$	230
Other income		64		-

		156		230



Share of income (loss) from Operating Partnerships (Note D)		70,580		539,000


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		(102,505)		20,295
Amortization		-		-
General and administrative expenses		6,064		9,217

		(95,850)		30,086


NET INCOME (LOSS)	$	166,586	$	509,144




Net income (loss) allocated to assignees	$	164,920	$	504,053




Net income (loss) allocated to general partner	$	1,666	$	5,091




Net income (loss) per BAC	$	.04	$	.13

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 21

		2014		2013

Income
Interest income	$	85	$	82
Other income		-		-

		85		82



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		14,325		15,552
Amortization		-		-
General and administrative expenses		4,216		5,204

		19,132		21,330


NET INCOME (LOSS)	$	(19,047)	$	(21,248)




Net income (loss) allocated to assignees	$	(18,857)	$	(21,036)




Net income (loss) allocated to general partner	$	(190)	$	(212)




Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 22

		2014		2013

Income
Interest income	$	37	$	57
Other income		-		-

		37		57



Share of income (loss) from Operating Partnerships (Note D)		166,896		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		(4,385)		16,995
Amortization		-		-
General and administrative expenses		4,980		7,005

		1,186		24,574


NET INCOME (LOSS)	$	165,747	$	(24,517)




Net income (loss) allocated to assignees	$	164,090	$	(24,272)




Net income (loss) allocated to general partner	$	1,657	$	(245)




Net income (loss) per BAC	$	.06	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 23

		2014		2013

Income
Interest income	$	61	$	63
Other income		-		-

		61		63



Share of income (loss) from Operating Partnerships (Note D)		426,346		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		(37,779)		22,679
Amortization		-		-
General and administrative expenses		5,881		8,628

		(31,307)		31,881


NET INCOME (LOSS)	$	457,714	$	(31,818)




Net income (loss) allocated to assignees	$	453,137	$	(31,500)




Net income (loss) allocated to general partner	$	4,577	$	(318)




Net income (loss) per BAC	$	.14	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 24

		2014		2013

Income
Interest income	$	624	$	218
Other income		-		-

		624		218



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		15,849		19,092
Amortization		-		-
General and administrative expenses		4,974		6,594

		21,414		26,260


NET INCOME (LOSS)	$	(20,790)	$	(26,042)




Net income (loss) allocated to assignees	$	(20,582)	$	(25,782)




Net income (loss) allocated to general partner	$	(208)	$	(260)




Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 25

		2014		2013

Income
Interest income	$	2,882	$	1,288
Other income		-		16

		2,882		1,304



Share of income (loss) from Operating Partnerships (Note D)		73,529		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		5,384		11,127
Amortization		-		-
General and administrative expenses		5,327		8,012

		11,302		19,713


NET INCOME (LOSS)	$	65,109	$	(18,409)




Net income (loss) allocated to assignees	$	64,458	$	(18,225)




Net income (loss) allocated to general partner	$	651	$	(184)




Net income (loss) per BAC	$	.02	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 26

		2014		2013

Income
Interest income	$	1,408	$	642
Other income		841		-

		2,249		642



Share of income (loss) from Operating Partnerships (Note D)		61,014		471,941


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		7,579		46,723
Amortization		-		-
General and administrative expenses		7,371		11,177

		15,541		58,474


NET INCOME (LOSS)	$	47,722	$	414,109




Net income (loss) allocated to assignees	$	47,245	$	409,968




Net income (loss) allocated to general partner	$	477	$	4,141




Net income (loss) per BAC	$	.01	$	.10

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 27

		2014		2013

Income
Interest income	$	904	$	512
Other income		-		-

		904		512



Share of income (loss) from Operating Partnerships (Note D)		4,376		2,199,875


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		34,397		38,319
Amortization		-		-
General and administrative expenses		5,149		7,063

		40,137		45,956


NET INCOME (LOSS)	$	(34,857)	$	2,154,431




Net income (loss) allocated to assignees	$	(34,508)	$	2,132,887




Net income (loss) allocated to general partner	$	(349)	$	21,544




Net income (loss) per BAC	$	(.01)	$	.87

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 28

		2014		2013

Income
Interest income	$	4,153	$	466
Other income		85		85

		4,238		551



Share of income (loss) from Operating Partnerships (Note D)		93,494		889,495


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		33,326		63,612
Amortization		-		-
General and administrative expenses		6,440		9,338

		40,357		73,524


NET INCOME (LOSS)	$	57,375	$	816,522




Net income (loss) allocated to assignees	$	56,801	$	808,357




Net income (loss) allocated to general partner	$	574	$	8,165




Net income (loss) per BAC	$	.01	$	.20

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 29

		2014		2013

Income
Interest income	$	150	$	70
Other income		768		-

		918		70



Share of income (loss) from Operating Partnerships (Note D)		278,493		344,556


Expenses
Professional fees		4,332		1,744
Fund management fee, net (Note C)		26,215		68,008
Amortization		-		-
General and administrative expenses		6,808		9,356

		37,355		79,108


NET INCOME (LOSS)	$	242,056	$	265,518




Net income (loss) allocated to assignees	$	239,635	$	262,863




Net income (loss) allocated to general partner	$	2,421	$	2,655




Net income (loss) per BAC	$	.06	$	.07

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 30

		2014		2013

Income
Interest income	$	166	$	174
Other income		-		-

		166		174



Share of income (loss) from Operating Partnerships (Note D)		21,630		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		(10,476)		38,787
Amortization		-		-
General and administrative expenses		5,590		6,899

		(4,295)		46,260


NET INCOME (LOSS)	$	26,091	$	(46,086)




Net income (loss) allocated to assignees	$	25,830	$	(45,625)




Net income (loss) allocated to general partner	$	261	$	(461)




Net income (loss) per BAC	$	.01	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 31

		2014		2013

Income
Interest income	$	144	$	181
Other income		-		15,000

		144		15,181



Share of income (loss) from Operating Partnerships (Note D)		187,701		15,000


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		50,518		68,868
Amortization		-		-
General and administrative expenses		7,164		9,932

		58,273		79,374


NET INCOME (LOSS)	$	129,572	$	(49,193)




Net income (loss) allocated to assignees	$	128,276	$	(48,701)




Net income (loss) allocated to general partner	$	1,296	$	(492)




Net income (loss) per BAC	$	.03	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 32

		2014		2013

Income
Interest income	$	83	$	26,020
Other income		6,000		3,439

		6,083		29,459



Share of income (loss) from Operating Partnerships (Note D)		27,180		3,428


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		49,136		49,722
Amortization		-		-
General and administrative expenses		6,622		9,628

		56,349		59,924


NET INCOME (LOSS)	$	(23,086)	$	(27,037)




Net income (loss) allocated to assignees	$	(22,855)	$	(26,767)




Net income (loss) allocated to general partner	$	(231)	$	(270)




Net income (loss) per BAC	$	(.00)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,

(Unaudited)

Series 33

		2014		2013

Income
Interest income	$	125	$	147
Other income		-		-

		125		147



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		30,852		30,852
Amortization		-		-
General and administrative expenses		4,777		5,903

		36,220		37,329


NET INCOME (LOSS)	$	(36,095)	$	(37,182)




Net income (loss) allocated to assignees	$	(35,734)	$	(36,810)




Net income (loss) allocated to general partner	$	(361)	$	(372)




Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 34

		2014		2013

Income
Interest income	$	90	$	24
Other income		9,605		-

		9,695		24



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		876		742
Fund management fee, net (Note C)		61,887		61,649
Amortization		-		-
General and administrative expenses		5,760		7,246

		68,523		69,637


NET INCOME (LOSS)	$	(58,828)	$	(69,613)




Net income (loss) allocated to assignees	$	(58,240)	$	(68,917)




Net income (loss) allocated to general partner	$	(588)	$	(696)




Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 35

		2014		2013

Income
Interest income	$	68	$	71
Other income		4,019		28,229

		4,087		28,300



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		50,520		13,721
Amortization		-		-
General and administrative expenses		5,515		6,855

		56,626		21,150


NET INCOME (LOSS)	$	(52,539)	$	7,150




Net income (loss) allocated to assignees	$	(52,014)	$	7,078




Net income (loss) allocated to general partner	$	(525)	$	72




Net income (loss) per BAC	$	(.02)	$	.00

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 36

		2014		2013

Income
Interest income	$	264	$	159
Other income		3,415		-

		3,679		159



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		28,120		23,882
Amortization		-		-
General and administrative expenses		4,554		5,480

		33,265		29,936


NET INCOME (LOSS)	$	(29,586)	$	(29,777)




Net income (loss) allocated to assignees	$	(29,290)	$	(29,479)




Net income (loss) allocated to general partner	$	(296)	$	(298)




Net income (loss) per BAC	$	(.01)	$	(.01)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 37

		2014		2013

Income
Interest income	$	166	$	180
Other income		9,862		-

		10,028		180



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		1,512		574
Fund management fee, net (Note C)		43,216		51,216
Amortization		-		-
General and administrative expenses		4,565		5,512

		49,293		57,302


NET INCOME (LOSS)	$	(39,265)	$	(57,122)




Net income (loss) allocated to assignees	$	(38,872)	$	(56,551)




Net income (loss) allocated to general partner	$	(393)	$	(571)




Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 38

		2014		2013

Income
Interest income	$	74	$	70
Other income		23,590		8,000

		23,664		8,070



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		38,100		41,100
Amortization		-		-
General and administrative expenses		4,887		5,899

		43,578		47,573


NET INCOME (LOSS)	$	(19,914)	$	(39,503)




Net income (loss) allocated to assignees	$	(19,715)	$	(39,108)




Net income (loss) allocated to general partner	$	(199)	$	(395)




Net income (loss) per BAC	$	(.01)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 39

		2014		2013

Income
Interest income	$	78	$	79
Other income		-		-

		78		79



Share of income (loss) from Operating Partnerships (Note D)		29,999		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		34,200		34,200
Amortization		-		-
General and administrative expenses		4,474		5,502

		39,265		40,276


NET INCOME (LOSS)	$	(9,188)	$	(40,197)




Net income (loss) allocated to assignees	$	(9,096)	$	(39,795)




Net income (loss) allocated to general partner	$	(92)	$	(402)




Net income (loss) per BAC	$	(.00)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 40

		2014		2013

Income
Interest income	$	19	$	18
Other income		-		-

		19		18



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		50,004		46,779
Amortization		-		-
General and administrative expenses		5,350		5,972

		55,945		53,325


NET INCOME (LOSS)	$	(55,926)	$	(53,307)




Net income (loss) allocated to assignees	$	(55,367)	$	(52,774)




Net income (loss) allocated to general partner	$	(559)	$	(533)




Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 41

		2014		2013

Income
Interest income	$	116	$	109
Other income		-		169

		116		278



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		57,476		57,646
Amortization		-		-
General and administrative expenses		5,921		7,506

		63,988		65,726


NET INCOME (LOSS)	$	(63,872)	$	(65,448)




Net income (loss) allocated to assignees	$	(63,233)	$	(64,794)




Net income (loss) allocated to general partner	$	(639)	$	(654)




Net income (loss) per BAC	$	(.02)	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 42

		2014		2013

Income
Interest income	$	90	$	87
Other income		150		-

		240		87



Share of income (loss) from Operating Partnerships (Note D)		-		(20,631)


Expenses
Professional fees		4,119		574
Fund management fee, net (Note C)		51,644		42,271
Amortization		-		17,290
General and administrative expenses		5,927		7,226

		61,690		67,361


NET INCOME (LOSS)	$	(61,450)	$	(87,905)




Net income (loss) allocated to assignees	$	(60,836)	$	(87,026)




Net income (loss) allocated to general partner	$	(614)	$	(879)




Net income (loss) per BAC	$	(.02)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 43

		2014		2013

Income
Interest income	$	108	$	123
Other income		-		-

		108		123



Share of income (loss) from Operating Partnerships (Note D)		(5,328)		(47,291)


Expenses
Professional fees		591		574
Fund management fee, net (Note C)		74,405		53,706
Amortization		16,698		16,698
General and administrative expenses		6,690		8,734

		98,384		79,712


NET INCOME (LOSS)	$	(103,604)	$	(126,880)




Net income (loss) allocated to assignees	$	(102,568)	$	(125,611)




Net income (loss) allocated to general partner	$	(1,036)	$	(1,269)




Net income (loss) per BAC	$	(.03)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 44

		2014		2013

Income
Interest income	$	3	$	21
Other income		-		4,696

		3		4,717



Share of income (loss) from Operating Partnerships (Note D)		-		(41,993)


Expenses
Professional fees		674		9,200
Fund management fee, net (Note C)		63,657		71,175
Amortization		-		70,700
General and administrative expenses		4,845		5,947

		69,176		157,022


NET INCOME (LOSS)	$	(69,173)	$	(194,298)




Net income (loss) allocated to assignees	$	(68,481)	$	(192,355)




Net income (loss) allocated to general partner	$	(692)	$	(1,943)




Net income (loss) per BAC	$	(.03)	$	(.07)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 45

		2014		2013

Income
Interest income	$	25	$	45
Other income		-		-

		25		45



Share of income (loss) from Operating Partnerships (Note D)		(49,202)		(143,250)


Expenses
Professional fees		1,376		2,118
Fund management fee, net (Note C)		60,069		87,443
Amortization		-		4,454
General and administrative expenses		7,375		9,385

		68,820		103,400


NET INCOME (LOSS)	$	(117,997)	$	(246,605)




Net income (loss) allocated to assignees	$	(116,817)	$	(244,139)




Net income (loss) allocated to general partner	$	(1,180)	$	(2,466)




Net income (loss) per BAC	$	(.03)	$	(.06)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended December 31,
(Unaudited)

Series 46

		2014		2013

Income
Interest income	$	132	$	117
Other income		-		-

		132		117



Share of income (loss) from Operating Partnerships (Note D)		(123,139)		(135,203)


Expenses
Professional fees		591		576
Fund management fee, net (Note C)		54,303		62,382
Amortization		-		2,525
General and administrative expenses		5,645		7,293

		60,539		72,776


NET INCOME (LOSS)	$	(183,546)	$	(207,862)




Net income (loss) allocated to assignees	$	(181,711)	$	(205,783)




Net income (loss) allocated to general partner	$	(1,835)	$	(2,079)




Net income (loss) per BAC	$	(.06)	$	(.07)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

		2014		2013

Income
Interest income	$	33,226	$	40,846
Other income		539,031		630,736

		572,257		671,582



Share of income (loss) from Operating Partnerships (Note D)		7,987,793		7,393,379


Expenses
Professional fees		603,752		616,713
Fund management fee, net (Note C)		2,837,339		3,069,602
Amortization		50,094		335,002
General and administrative expenses		340,464		413,066

		3,831,649		4,434,383


NET INCOME (LOSS)	$	4,728,401	$	3,630,578




Net income (loss) allocated to assignees	$	4,681,118	$	3,594,274




Net income (loss) allocated to general partner	$	47,283	$	36,304




Net income (loss) per BAC	$	.06	$	.04

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 20

		2014		2013

Income
Interest income	$	359	$	470
Other income		64		689

		423		1,159



Share of income (loss) from Operating Partnerships (Note D)		70,580		722,000


Expenses
Professional fees		19,131		17,139
Fund management fee, net (Note C)		(64,512)		59,168
Amortization		-		-
General and administrative expenses		13,797		18,066

		(31,584)		94,373


NET INCOME (LOSS)	$	102,587	$	628,786




Net income (loss) allocated to assignees	$	101,561	$	622,498




Net income (loss) allocated to general partner	$	1,026	$	6,288




Net income (loss) per BAC	$	.03	$	.16

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 21

		2014		2013

Income
Interest income	$	249	$	256
Other income		859		7,372

		1,108		7,628



Share of income (loss) from Operating Partnerships (Note D)		-		79,000


Expenses
Professional fees		13,766		13,509
Fund management fee, net (Note C)		5,924		44,604
Amortization		-		-
General and administrative expenses		9,797		11,674

		29,487		69,787


NET INCOME (LOSS)	$	(28,379)	$	16,841




Net income (loss) allocated to assignees	$	(28,095)	$	16,673




Net income (loss) allocated to general partner	$	(284)	$	168




Net income (loss) per BAC	$	(.01)	$	.01

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 22

		2014		2013

Income
Interest income	$	108	$	262
Other income		284		5,683

		392		5,945



Share of income (loss) from Operating Partnerships (Note D)		166,896		-


Expenses
Professional fees		17,703		27,274
Fund management fee, net (Note C)		19,534		47,605
Amortization		-		-
General and administrative expenses		11,507		14,464

		48,744		89,343


NET INCOME (LOSS)	$	118,544	$	(83,398)




Net income (loss) allocated to assignees	$	117,359	$	(82,564)




Net income (loss) allocated to general partner	$	1,185	$	(834)




Net income (loss) per BAC	$	.05	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 23

		2014		2013

Income
Interest income	$	143	$	213
Other income		7,590		-

		7,733		213



Share of income (loss) from Operating Partnerships (Note D)		426,346		-


Expenses
Professional fees		17,281		20,399
Fund management fee, net (Note C)		5,177		64,539
Amortization		-		-
General and administrative expenses		13,258		16,977

		35,716		101,915


NET INCOME (LOSS)	$	398,363	$	(101,702)




Net income (loss) allocated to assignees	$	394,379	$	(100,685)




Net income (loss) allocated to general partner	$	3,984	$	(1,017)




Net income (loss) per BAC	$	.12	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 24

		2014		2013

Income
Interest income	$	1,873	$	1,055
Other income		1,870		972

		3,743		2,027



Share of income (loss) from Operating Partnerships (Note D)		-		1,544,276


Expenses
Professional fees		24,231		22,764
Fund management fee, net (Note C)		45,192		(33,891)
Amortization		-		-
General and administrative expenses		12,040		13,697

		81,463		2,570


NET INCOME (LOSS)	$	(77,720)	$	1,543,733




Net income (loss) allocated to assignees	$	(76,943)	$	1,528,296




Net income (loss) allocated to general partner	$	(777)	$	15,437




Net income (loss) per BAC	$	(.04)	$	.70

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 25

		2014		2013

Income
Interest income	$	7,752	$	3,376
Other income		10,178		11,155

		17,930		14,531



Share of income (loss) from Operating Partnerships (Note D)		1,295,124		-


Expenses
Professional fees		15,382		19,079
Fund management fee, net (Note C)		14,367		31,019
Amortization		-		-
General and administrative expenses		13,178		15,758

		42,927		65,856


NET INCOME (LOSS)	$	1,270,127	$	(51,325)




Net income (loss) allocated to assignees	$	1,257,426	$	(50,812)




Net income (loss) allocated to general partner	$	12,701	$	(513)




Net income (loss) per BAC	$	.42	$	(.02)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 26

		2014		2013

Income
Interest income	$	3,765	$	1,235
Other income		4,023		5,834

		7,788		7,069



Share of income (loss) from Operating Partnerships (Note D)		543,180		2,601,619


Expenses
Professional fees		34,053		40,074
Fund management fee, net (Note C)		12,629		(18,744)
Amortization		-		-
General and administrative expenses		16,689		20,609

		63,371		41,939


NET INCOME (LOSS)	$	487,597	$	2,566,749




Net income (loss) allocated to assignees	$	482,721	$	2,541,082




Net income (loss) allocated to general partner	$	4,876	$	25,667




Net income (loss) per BAC	$	.12	$	.64

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 27

		2014		2013

Income
Interest income	$	2,686	$	884
Other income		-		34,750

		2,686		35,634



Share of income (loss) from Operating Partnerships (Note D)		237,896		2,508,394


Expenses
Professional fees		41,631		19,849
Fund management fee, net (Note C)		108,830		94,683
Amortization		-		-
General and administrative expenses		12,282		14,167

		162,743		128,699


NET INCOME (LOSS)	$	77,839	$	2,415,329




Net income (loss) allocated to assignees	$	77,061	$	2,391,176




Net income (loss) allocated to general partner	$	778	$	24,153




Net income (loss) per BAC	$	.03	$	.97

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 28

		2014		2013

Income
Interest income	$	9,853	$	1,086
Other income		264,302		252,850

		274,155		253,936



Share of income (loss) from Operating Partnerships (Note D)		5,376,218		939,495


Expenses
Professional fees		24,080		26,614
Fund management fee, net (Note C)		71,693		93,210
Amortization		-		-
General and administrative expenses		14,181		17,937

		109,954		137,761


NET INCOME (LOSS)	$	5,540,419	$	1,055,670




Net income (loss) allocated to assignees	$	5,485,015	$	1,045,113




Net income (loss) allocated to general partner	$	55,404	$	10,557




Net income (loss) per BAC	$	1.37	$	.26

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 29

		2014		2013

Income
Interest income	$	482	$	192
Other income		1,700		11,177

		2,182		11,369



Share of income (loss) from Operating Partnerships (Note D)		278,493		344,656


Expenses
Professional fees		31,123		25,426
Fund management fee, net (Note C)		159,324		196,907
Amortization		-		-
General and administrative expenses		14,932		18,222

		205,379		240,555


NET INCOME (LOSS)	$	75,296	$	115,470




Net income (loss) allocated to assignees	$	74,543	$	114,315




Net income (loss) allocated to general partner	$	753	$	1,155




Net income (loss) per BAC	$	.02	$	.03

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 30

		2014		2013

Income
Interest income	$	496	$	529
Other income		1,522		1,522

		2,018		2,051



Share of income (loss) from Operating Partnerships (Note D)		21,630		-


Expenses
Professional fees		19,809		20,755
Fund management fee, net (Note C)		62,448		107,473
Amortization		-		-
General and administrative expenses		12,068		13,952

		94,325		142,180


NET INCOME (LOSS)	$	(70,677)	$	(140,129)




Net income (loss) allocated to assignees	$	(69,970)	$	(138,728)




Net income (loss) allocated to general partner	$	(707)	$	(1,401)




Net income (loss) per BAC	$	(.03)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 31

		2014		2013

Income
Interest income	$	979	$	536
Other income		926		16,232

		1,905		16,768



Share of income (loss) from Operating Partnerships (Note D)		187,701		15,000


Expenses
Professional fees		27,513		26,614
Fund management fee, net (Note C)		171,699		205,690
Amortization		-		-
General and administrative expenses		15,213		18,223

		214,425		250,527


NET INCOME (LOSS)	$	(24,819)	$	(218,759)




Net income (loss) allocated to assignees	$	(24,571)	$	(216,571)




Net income (loss) allocated to general partner	$	(248)	$	(2,188)




Net income (loss) per BAC	$	(.01)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 32

		2014		2013

Income
Interest income	$	318	$	26,457
Other income		8,278		13,439

		8,596		39,896



Share of income (loss) from Operating Partnerships (Note D)		39,180		3,428


Expenses
Professional fees		20,392		18,749
Fund management fee, net (Note C)		175,092		167,000
Amortization		-		-
General and administrative expenses		14,744		17,841

		210,228		203,590


NET INCOME (LOSS)	$	(162,452)	$	(160,266)




Net income (loss) allocated to assignees	$	(160,827)	$	(158,663)




Net income (loss) allocated to general partner	$	(1,625)	$	(1,603)




Net income (loss) per BAC	$	(.03)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,

(Unaudited)

Series 33

		2014		2013

Income
Interest income	$	386	$	445
Other income		2,777		6,686

		3,163		7,131



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		14,856		14,364
Fund management fee, net (Note C)		79,886		79,417
Amortization		-		-
General and administrative expenses		10,819		12,321

		105,561		106,102


NET INCOME (LOSS)	$	(102,398)	$	(98,971)




Net income (loss) allocated to assignees	$	(101,374)	$	(97,981)




Net income (loss) allocated to general partner	$	(1,024)	$	(990)




Net income (loss) per BAC	$	(.04)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 34

		2014		2013

Income
Interest income	$	272	$	57
Other income		15,875		50,668

		16,147		50,725



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		18,448		20,759
Fund management fee, net (Note C)		181,961		184,308
Amortization		-		-
General and administrative expenses		12,745		14,561

		213,154		219,628


NET INCOME (LOSS)	$	(197,007)	$	(168,903)




Net income (loss) allocated to assignees	$	(195,037)	$	(167,214)




Net income (loss) allocated to general partner	$	(1,970)	$	(1,689)




Net income (loss) per BAC	$	(.06)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 35

		2014		2013

Income
Interest income	$	271	$	223
Other income		10,324		33,179

		10,595		33,402



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		16,373		16,329
Fund management fee, net (Note C)		147,560		109,843
Amortization		-		-
General and administrative expenses		12,376		13,998

		176,309		140,170


NET INCOME (LOSS)	$	(165,714)	$	(106,768)




Net income (loss) allocated to assignees	$	(164,057)	$	(105,700)




Net income (loss) allocated to general partner	$	(1,657)	$	(1,068)




Net income (loss) per BAC	$	(.05)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 36

		2014		2013

Income
Interest income	$	857	$	663
Other income		8,169		13,182

		9,026		13,845



Share of income (loss) from Operating Partnerships (Note D)		25,054		-


Expenses
Professional fees		15,532		16,967
Fund management fee, net (Note C)		89,950		84,837
Amortization		-		-
General and administrative expenses		10,281		11,686

		115,763		113,490


NET INCOME (LOSS)	$	(81,683)	$	(99,645)




Net income (loss) allocated to assignees	$	(80,866)	$	(98,649)




Net income (loss) allocated to general partner	$	(817)	$	(996)




Net income (loss) per BAC	$	(.04)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 37

		2014		2013

Income
Interest income	$	490	$	540
Other income		24,632		24,920

		25,122		25,460



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		15,094		13,359
Fund management fee, net (Note C)		135,130		133,259
Amortization		-		-
General and administrative expenses		10,393		11,747

		160,617		158,365


NET INCOME (LOSS)	$	(135,495)	$	(132,905)




Net income (loss) allocated to assignees	$	(134,140)	$	(131,576)




Net income (loss) allocated to general partner	$	(1,355)	$	(1,329)




Net income (loss) per BAC	$	(.05)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 38

		2014		2013

Income
Interest income	$	215	$	217
Other income		50,984		51,871

		51,199		52,088



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		16,035		15,174
Fund management fee, net (Note C)		111,985		111,401
Amortization		-		-
General and administrative expenses		10,901		12,343

		138,921		138,918


NET INCOME (LOSS)	$	(87,722)	$	(86,830)




Net income (loss) allocated to assignees	$	(86,845)	$	(85,962)




Net income (loss) allocated to general partner	$	(877)	$	(868)




Net income (loss) per BAC	$	(.03)	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 39

		2014		2013

Income
Interest income	$	233	$	233
Other income		3,500		5,246

		3,733		5,479



Share of income (loss) from Operating Partnerships (Note D)		29,999		-


Expenses
Professional fees		15,300		14,819
Fund management fee, net (Note C)		98,400		93,900
Amortization		-		-
General and administrative expenses		10,166		11,617

		123,866		120,336


NET INCOME (LOSS)	$	(90,134)	$	(114,857)




Net income (loss) allocated to assignees	$	(89,233)	$	(113,708)




Net income (loss) allocated to general partner	$	(901)	$	(1,149)




Net income (loss) per BAC	$	(.04)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 40

		2014		2013

Income
Interest income	$	57	$	60
Other income		2,252		225

		2,309		285



Share of income (loss) from Operating Partnerships (Note D)		-		-


Expenses
Professional fees		19,645		21,404
Fund management fee, net (Note C)		146,437		141,573
Amortization		-		-
General and administrative expenses		11,446		12,893

		177,528		175,870


NET INCOME (LOSS)	$	(175,219)	$	(175,585)




Net income (loss) allocated to assignees	$	(173,467)	$	(173,829)




Net income (loss) allocated to general partner	$	(1,752)	$	(1,756)




Net income (loss) per BAC	$	(.07)	$	(.07)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 41

		2014		2013

Income
Interest income	$	345	$	343
Other income		10,795		4,812

		11,140		5,155



Share of income (loss) from Operating Partnerships (Note D)		-		52,000


Expenses
Professional fees		24,293		29,190
Fund management fee, net (Note C)		166,542		160,281
Amortization		-		-
General and administrative expenses		12,612		15,866

		203,447		205,337


NET INCOME (LOSS)	$	(192,307)	$	(148,182)




Net income (loss) allocated to assignees	$	(190,384)	$	(146,700)




Net income (loss) allocated to general partner	$	(1,923)	$	(1,482)




Net income (loss) per BAC	$	(.07)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 42

		2014		2013

Income
Interest income	$	265	$	324
Other income		50,424		38,021

		50,689		38,345



Share of income (loss) from Operating Partnerships (Note D)		-		(107,413)


Expenses
Professional fees		30,539		28,256
Fund management fee, net (Note C)		146,031		132,843
Amortization		-		51,870
General and administrative expenses		12,379		17,551

		188,949		230,520


NET INCOME (LOSS)	$	(138,260)	$	(299,588)




Net income (loss) allocated to assignees	$	(136,877)	$	(296,592)




Net income (loss) allocated to general partner	$	(1,383)	$	(2,996)




Net income (loss) per BAC	$	(.05)	$	(.11)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 43

		2014		2013

Income
Interest income	$	321	$	367
Other income		49,645		35,555

		49,966		35,922



Share of income (loss) from Operating Partnerships (Note D)		(13,691)		(246,350)


Expenses
Professional fees		27,784		29,987
Fund management fee, net (Note C)		200,509		180,747
Amortization		50,094		50,094
General and administrative expenses		13,964		17,829

		292,351		278,657


NET INCOME (LOSS)	$	(256,076)	$	(489,085)




Net income (loss) allocated to assignees	$	(253,515)	$	(484,194)




Net income (loss) allocated to general partner	$	(2,561)	$	(4,891)




Net income (loss) per BAC	$	(.07)	$	(.13)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 44

		2014		2013

Income
Interest income	$	12	$	219
Other income		584		4,696

		596		4,915



Share of income (loss) from Operating Partnerships (Note D)		-		(102,513)


Expenses
Professional fees		19,163		36,453
Fund management fee, net (Note C)		176,715		167,408
Amortization		-		212,100
General and administrative expenses		11,025		13,546

		206,903		429,507


NET INCOME (LOSS)	$	(206,307)	$	(527,105)




Net income (loss) allocated to assignees	$	(204,244)	$	(521,834)




Net income (loss) allocated to general partner	$	(2,063)	$	(5,271)




Net income (loss) per BAC	$	(.08)	$	(.19)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 45

		2014		2013

Income
Interest income	$	75	$	257
Other income		7,474		-

		7,549		257



Share of income (loss) from Operating Partnerships (Note D)		(265,124)		(533,952)


Expenses
Professional fees		39,709		38,144
Fund management fee, net (Note C)		195,809		257,770
Amortization		-		13,362
General and administrative expenses		15,283		19,843

		250,801		329,119


NET INCOME (LOSS)	$	(508,376)	$	(862,814)




Net income (loss) allocated to assignees	$	(503,292)	$	(854,186)




Net income (loss) allocated to general partner	$	(5,084)	$	(8,628)




Net income (loss) per BAC	$	(.13)	$	(.21)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Nine Months Ended December 31,
(Unaudited)

Series 46

		2014		2013

Income
Interest income	$	364	$	347
Other income		-		-

		364		347



Share of income (loss) from Operating Partnerships (Note D)		(431,689)		(426,261)


Expenses
Professional fees		24,886		23,263
Fund management fee, net (Note C)		173,027		172,752
Amortization		-		7,576
General and administrative expenses		12,388		15,678

		210,301		219,269


NET INCOME (LOSS)	$	(641,626)	$	(645,183)




Net income (loss) allocated to assignees	$	(635,210)	$	(638,731)




Net income (loss) allocated to general partner	$	(6,416)	$	(6,452)




Net income (loss) per BAC	$	(.21)	$	(.21)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)


		Assignees		General Partner		Total


Partners' capital (deficit) April 1, 2014	$	(24,847,683)	$	(7,489,594)	$	(32,337,277)

Net income (loss)		4,681,118		47,283		4,728,401


Partners' capital (deficit), December 31, 2014	$	(20,166,565)	$	(7,442,311)	$	(27,608,876)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 20
Partners' capital (deficit) April 1, 2014	$	(962,241)	$	(321,085)	$	(1,283,326)

Net income (loss)		101,561		1,026		102,587


Partners' capital (deficit), December 31, 2014	$	(860,680)	$	(320,059)	$	(1,180,739)

		Assignees		General Partner		Total

Series 21
Partners' capital (deficit) April 1, 2014	$	(1,093,706)	$	(174,634)	$	(1,268,340)

Net income (loss)		(28,095)		(284)		(28,379)


Partners' capital (deficit), December 31, 2014	$	(1,121,801)	$	(174,918)	$	(1,296,719)

		Assignees		General Partner		Total

Series 22
Partners' capital (deficit) April 1, 2014	$	(2,555,709)	$	(247,112)	$	(2,802,821)

Net income (loss)		117,359		1,185		118,544


Partners' capital (deficit), December 31, 2014	$	(2,438,350)	$	(245,927)	$	(2,684,277)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 23
Partners' capital (deficit) April 1, 2014	$	(2,122,247)	$	(309,161)	$	(2,431,408)

Net income (loss)		394,379		3,984		398,363


Partners' capital (deficit), December 31, 2014	$	(1,727,868)	$	(305,177)	$	(2,033,045)

		Assignees		General Partner		Total

Series 24
Partners' capital (deficit) April 1, 2014	$	1,064,135	$	(176,420)	$	887,715

Net income (loss)		(76,943)		(777)		(77,720)


Partners' capital (deficit), December 31, 2014	$	987,192	$	(177,197)	$	809,995

		Assignees		General Partner		Total

Series 25
Partners' capital (deficit) April 1, 2014	$	2,783,242	$	(231,931)	$	2,551,311

Net income (loss)		1,257,426		12,701		1,270,127


Partners' capital (deficit), December 31, 2014	$	4,040,668	$	(219,230)	$	3,821,438

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 26
Partners' capital (deficit) April 1, 2014	$	2,819,289	$	(315,212)	$	2,504,077

Net income (loss)		482,721		4,876		487,597


Partners' capital (deficit), December 31, 2014	$	3,302,010	$	(310,336)	$	2,991,674

		Assignees		General Partner		Total

Series 27
Partners' capital (deficit) April 1, 2014	$	1,198,357	$	(196,428)	$	1,001,929

Net income (loss)		77,061		778		77,839


Partners' capital (deficit), December 31, 2014	$	1,275,418	$	(195,650)	$	1,079,768

		Assignees		General Partner		Total

Series 28
Partners' capital (deficit) April 1, 2014	$	110,137	$	(346,108)	$	(235,971)

Net income (loss)		5,485,015		55,404		5,540,419


Partners' capital (deficit), December 31, 2014	$	5,595,152	$	(290,704)	$	5,304,448

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 29
Partners' capital (deficit) April 1, 2014	$	(2,995,613)	$	(372,326)	$	(3,367,939)

Net income (loss)		74,543		753		75,296


Partners' capital (deficit), December 31, 2014	$	(2,921,070)	$	(371,573)	$	(3,292,643)

		Assignees		General Partner		Total

Series 30
Partners' capital (deficit) April 1, 2014	$	(1,321,067)	$	(242,694)	$	(1,563,761)

Net income (loss)		(69,970)		(707)		(70,677)


Partners' capital (deficit), December 31, 2014	$	(1,391,037)	$	(243,401)	$	(1,634,438)

		Assignees		General Partner		Total

Series 31
Partners' capital (deficit) April 1, 2014	$	(2,000,456)	$	(403,296)	$	(2,403,752)

Net income (loss)		(24,571)		(248)		(24,819)


Partners' capital (deficit), December 31, 2014	$	(2,025,027)	$	(403,544)	$	(2,428,571)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 32
Partners' capital (deficit) April 1, 2014	$	(2,344,354)	$	(434,148)	$	(2,778,502)

Net income (loss)		(160,827)		(1,625)		(162,452)


Partners' capital (deficit), December 31, 2014	$	(2,505,181)	$	(435,773)	$	(2,940,954)

		Assignees		General Partner		Total

Series 33
Partners' capital (deficit) April 1, 2014	$	(1,575,053)	$	(243,970)	$	(1,819,023)

Net income (loss)		(101,374)		(1,024)		(102,398)


Partners' capital (deficit), December 31, 2014	$	(1,676,427)	$	(244,994)	$	(1,921,421)

		Assignees		General Partner		Total

Series 34
Partners' capital (deficit) April 1, 2014	$	(3,268,355)	$	(336,438)	$	(3,604,793)

Net income (loss)		(195,037)		(1,970)		(197,007)


Partners' capital (deficit), December 31, 2014	$	(3,463,392)	$	(338,408)	$	(3,801,800)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 35
Partners' capital (deficit) April 1, 2014	$	(1,677,169)	$	(301,815)	$	(1,978,984)

Net income (loss)		(164,057)		(1,657)		(165,714)


Partners' capital (deficit), December 31, 2014	$	(1,841,226)	$	(303,472)	$	(2,144,698)

		Assignees		General Partner		Total

Series 36
Partners' capital (deficit) April 1, 2014	$	(604,597)	$	(186,575)	$	(791,172)

Net income (loss)		(80,866)		(817)		(81,683)


Partners' capital (deficit), December 31, 2014	$	(685,463)	$	(187,392)	$	(872,855)

		Assignees		General Partner		Total

Series 37
Partners' capital (deficit) April 1, 2014	$	(1,745,050)	$	(235,368)	$	(1,980,418)

Net income (loss)		(134,140)		(1,355)		(135,495)


Partners' capital (deficit), December 31, 2014	$	(1,879,190)	$	(236,723)	$	(2,115,913)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 38
Partners' capital (deficit) April 1, 2014	$	(1,246,861)	$	(233,084)	$	(1,479,945)

Net income (loss)		(86,845)		(877)		(87,722)


Partners' capital (deficit), December 31, 2014	$	(1,333,706)	$	(233,961)	$	(1,567,667)

		Assignees		General Partner		Total

Series 39
Partners' capital (deficit) April 1, 2014	$	(1,193,325)	$	(210,480)	$	(1,403,805)

Net income (loss)		(89,233)		(901)		(90,134)


Partners' capital (deficit), December 31, 2014	$	(1,282,558)	$	(211,381)	$	(1,493,939)

		Assignees		General Partner		Total

Series 40
Partners' capital (deficit) April 1, 2014	$	(2,479,478)	$	(252,261)	$	(2,731,739)

Net income (loss)		(173,467)		(1,752)		(175,219)


Partners' capital (deficit), December 31, 2014	$	(2,652,945)	$	(254,013)	$	(2,906,958)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 41
Partners' capital (deficit) April 1, 2014	$	(2,608,361)	$	(278,033)	$	(2,886,394)

Net income (loss)		(190,384)		(1,923)		(192,307)


Partners' capital (deficit), December 31, 2014	$	(2,798,745)	$	(279,956)	$	(3,078,701)

		Assignees		General Partner		Total

Series 42
Partners' capital (deficit) April 1, 2014	$	(1,545,369)	$	(258,982)	$	(1,804,351)

Net income (loss)		(136,877)		(1,383)		(138,260)


Partners' capital (deficit), December 31, 2014	$	(1,682,246)	$	(260,365)	$	(1,942,611)

		Assignees		General Partner		Total

Series 43
Partners' capital (deficit) April 1, 2014	$	(1,539,740)	$	(340,322)	$	(1,880,062)

Net income (loss)		(253,515)		(2,561)		(256,076)


Partners' capital (deficit), December 31, 2014	$	(1,793,255)	$	(342,883)	$	(2,136,138)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Nine Months Ended December 31, 2014
(Unaudited)

		Assignees		General Partner		Total

Series 44
Partners' capital (deficit) April 1, 2014	$	(1,350,897)	$	(253,492)	$	(1,604,389)

Net income (loss)		(204,244)		(2,063)		(206,307)


Partners' capital (deficit), December 31, 2014	$	(1,555,141)	$	(255,555)	$	(1,810,696)

		Assignees		General Partner		Total

Series 45
Partners' capital (deficit) April 1, 2014	$	998,049	$	(347,153)	$	650,896

Net income (loss)		(503,292)		(5,084)		(508,376)


Partners' capital (deficit), December 31, 2014	$	494,757	$	(352,237)	$	142,520

		Assignees		General Partner		Total

Series 46
Partners' capital (deficit) April 1, 2014	$	2,408,756	$	(241,066)	$	2,167,690

Net income (loss)		(635,210)		(6,416)		(641,626)


Partners' capital (deficit), December 31, 2014	$	1,773,546	$	(247,482)	$	1,526,064

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	4,728,401	$	3,630,578
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		50,094		335,002
Distributions from Operating Partnerships		70,419		55,034
Share of (income) loss from Operating Partnerships		(7,987,793)		(7,393,379)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		62,743		53,383
Decrease (Increase) in other assets		(107,764)		(184,807)
(Decrease) Increase in accounts payable affiliates		1,110,814		(1,450,103)


Net cash (used in) provided by operating activities		(2,073,086)		(4,954,292)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		(374,399)
Proceeds from the disposition of Operating Partnerships		8,659,643		9,427,839


Net cash (used in) provided by investing activities		8,659,643		9,053,440



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		6,586,557		4,099,148


Cash and cash equivalents, beginning		12,797,054		10,156,227


Cash and cash equivalents, ending	$	19,383,611	$	14,255,375

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	69,485


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	6,500	$	902

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 20

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	102,587	$	628,786
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(70,580)		(722,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		9,000		(11,667)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		8,338		(120,195)


Net cash (used in) provided by operating activities		49,345		(225,076)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		70,580		722,000


Net cash (used in) provided by investing activities		70,580		722,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		119,925		496,924


Cash and cash equivalents, beginning		204,785		158,143


Cash and cash equivalents, ending	$	324,710	$	655,067

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 21

		2014		2013


Cash flows from operating activities:
Net income (loss)	$	(28,379)	$	16,841
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(79,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		5,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		42,975		(30,720)


Net cash (used in) provided by operating activities		14,596		(87,879)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		79,000


Net cash (used in) provided by investing activities		-		79,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		14,596		(8,879)


Cash and cash equivalents, beginning		116,749		128,750


Cash and cash equivalents, ending	$	131,345	$	119,871

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 22

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	118,544	$	(83,398)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(166,896)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,750		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(95,271)		(37,770)


Net cash (used in) provided by operating activities		(139,873)		(121,168)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		166,896		-


Net cash (used in) provided by investing activities		166,896		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		27,023		(121,168)


Cash and cash equivalents, beginning		98,564		223,347


Cash and cash equivalents, ending	$	125,587	$	102,179

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 23

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	398,363	$	(101,702)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(426,346)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,750		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(360,919)		49,139


Net cash (used in) provided by operating activities		(385,152)		(52,563)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		426,346		-


Net cash (used in) provided by investing activities		426,346		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		41,194		(52,563)


Cash and cash equivalents, beginning		118,542		172,186


Cash and cash equivalents, ending	$	159,736	$	119,623

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 24

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(77,720)	$	1,543,733
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(1,544,276)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		20,000
Decrease (Increase) in other assets		-		3,422
(Decrease) Increase in accounts payable affiliates		-		(2,468,363)


Net cash (used in) provided by operating activities		(77,720)		(2,445,484)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		1,544,276


Net cash (used in) provided by investing activities		-		1,544,276



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(77,720)		(901,208)


Cash and cash equivalents, beginning		890,715		1,726,961


Cash and cash equivalents, ending	$	812,995	$	825,753

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 25

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	1,270,127	$	(51,325)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(1,295,124)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		4,022
Decrease (Increase) in other assets		-		7,726
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(24,997)		(39,577)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		1,295,124		618,889


Net cash (used in) provided by investing activities		1,295,124		618,889



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,270,127		579,312


Cash and cash equivalents, beginning		2,550,061		1,984,103


Cash and cash equivalents, ending	$	3,820,188	$	2,563,415

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 26

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	487,597	$	2,566,749
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(543,180)		(2,601,619)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		15,000		27,500
Decrease (Increase) in other assets		-		4,363
(Decrease) Increase in accounts payable affiliates		-		(499,347)


Net cash (used in) provided by operating activities		(40,583)		(502,354)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		543,014		2,601,619


Net cash (used in) provided by investing activities		543,014		2,601,619



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		502,431		2,099,265


Cash and cash equivalents, beginning		2,510,330		271,051


Cash and cash equivalents, ending	$	3,012,761	$	2,370,316

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 27

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	77,839	$	2,415,329
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(237,896)		(2,508,394)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		52		2,500
Decrease (Increase) in other assets		-		733
(Decrease) Increase in accounts payable affiliates		(44,238)		(204,260)


Net cash (used in) provided by operating activities		(204,243)		(294,092)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		234,376		2,508,394


Net cash (used in) provided by investing activities		234,376		2,508,394



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		30,133		2,214,302


Cash and cash equivalents, beginning		1,049,687		230,059


Cash and cash equivalents, ending	$	1,079,820	$	2,444,361

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	6,500	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 28

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	5,540,419	$	1,055,670
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(5,376,218)		(939,495)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		1,355		7,500
Decrease (Increase) in other assets		1,567		733
(Decrease) Increase in accounts payable affiliates		(706,182)		(49,091)


Net cash (used in) provided by operating activities		(539,059)		75,317


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		5,341,250		939,495


Net cash (used in) provided by investing activities		5,341,250		939,495



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		4,802,191		1,014,812


Cash and cash equivalents, beginning		515,862		386,279


Cash and cash equivalents, ending	$	5,318,053	$	1,401,091

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,

(Unaudited)

Series 29

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	75,296	$	115,470
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(278,493)		(344,656)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		14,448		17,500
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		200,719		115,311


Net cash (used in) provided by operating activities		11,970		(96,375)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		278,493		342,694


Net cash (used in) provided by investing activities		278,493		342,694



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		290,463		246,319


Cash and cash equivalents, beginning		224,155		82,084


Cash and cash equivalents, ending	$	514,618	$	328,403

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 30

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(70,677)	$	(140,129)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(21,630)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		9,000		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		116,361		116,361


Net cash (used in) provided by operating activities		33,054		(23,768)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		21,630		-


Net cash (used in) provided by investing activities		21,630		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		54,684		(23,768)


Cash and cash equivalents, beginning		253,948		269,758


Cash and cash equivalents, ending	$	308,632	$	245,990

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 31

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(24,819)	$	(218,759)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(187,701)		(15,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		743		5,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(375,794)		248,846


Net cash (used in) provided by operating activities		(587,571)		20,087


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		187,701		15,000


Net cash (used in) provided by investing activities		187,701		15,000


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(399,870)		35,087


Cash and cash equivalents, beginning		852,580		233,992


Cash and cash equivalents, ending	$	452,710	$	269,079

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 32

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(162,452)	$	(160,266)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(39,180)		(3,428)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		645		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		135,892		204,183


Net cash (used in) provided by operating activities		(65,095)		40,489


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		(100,590)
Proceeds from the disposition of Operating Partnerships		39,180		3,428


Net cash (used in) provided by investing activities		39,180		(97,162)


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(25,915)		(56,673)


Cash and cash equivalents, beginning		310,949		337,905


Cash and cash equivalents, ending	$	285,034	$	281,232

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	69,485


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 33

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(102,398)	$	(98,971)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		92,556		92,556


Net cash (used in) provided by operating activities		(9,842)		(6,415)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(9,842)		(6,415)


Cash and cash equivalents, beginning		194,920		201,600


Cash and cash equivalents, ending	$	185,078	$	195,185

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 34

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(197,007)	$	(168,903)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		135,661		203,403


Net cash (used in) provided by operating activities		(61,346)		34,500


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(61,346)		34,500


Cash and cash equivalents, beginning		299,036		63,811


Cash and cash equivalents, ending	$	237,690	$	98,311

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 35

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(165,714)	$	(106,768)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		101,560		156,309


Net cash (used in) provided by operating activities		(64,154)		49,541


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(64,154)		49,541


Cash and cash equivalents, beginning		278,190		101,782


Cash and cash equivalents, ending	$	214,036	$	151,323

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 36

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(81,683)	$	(99,645)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(25,054)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		912
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		49,306		(900,640)


Net cash (used in) provided by operating activities		(57,431)		(999,373)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		25,054		-


Net cash (used in) provided by investing activities		25,054		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(32,377)		(999,373)


Cash and cash equivalents, beginning		448,179		1,437,216


Cash and cash equivalents, ending	$	415,802	$	437,843

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 37

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(135,495)	$	(132,905)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		153,648		153,648


Net cash (used in) provided by operating activities		18,153		20,743


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		18,153		20,743


Cash and cash equivalents, beginning		305,167		287,786


Cash and cash equivalents, ending	$	323,320	$	308,529

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 38

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(87,722)	$	(86,830)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		123,300		123,300


Net cash (used in) provided by operating activities		35,578		36,470


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		35,578		36,470


Cash and cash equivalents, beginning		236,887		175,521


Cash and cash equivalents, ending	$	272,465	$	211,991

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 39

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(90,134)	$	(114,857)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(29,999)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		5,000		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		102,600		102,600


Net cash (used in) provided by operating activities		(12,533)		(12,257)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		29,999		-


Net cash (used in) provided by investing activities		29,999		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		17,466		(12,257)


Cash and cash equivalents, beginning		144,094		142,890


Cash and cash equivalents, ending	$	161,560	$	130,633

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 40

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(175,219)	$	(175,585)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		158,953		160,774


Net cash (used in) provided by operating activities		(16,266)		(14,811)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-

		-		-
Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(16,266)		(14,811)


Cash and cash equivalents, beginning		96,711		92,145


Cash and cash equivalents, ending	$	80,445	$	77,334

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 41

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(192,307)	$	(148,182)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		-
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(52,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		1,667
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		178,173		126,341


Net cash (used in) provided by operating activities		(14,134)		(72,174)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		52,000


Net cash (used in) provided by investing activities		-		52,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(14,134)		(20,174)


Cash and cash equivalents, beginning		167,428		147,099


Cash and cash equivalents, ending	$	153,294	$	126,925

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 42

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(138,260)	$	(299,588)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		51,870
Distributions from Operating Partnerships		-		2,505
Share of (income) loss from Operating Partnerships		-		107,413
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		186,525		136,525


Net cash (used in) provided by operating activities		48,265		(1,275)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		48,265		(1,275)


Cash and cash equivalents, beginning		266,762		259,722


Cash and cash equivalents, ending	$	315,027	$	258,447

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 43

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(256,076)	$	(489,085)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		50,094		50,094
Distributions from Operating Partnerships		-		19,470
Share of (income) loss from Operating Partnerships		13,691		246,350
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		(19,648)		(12,240)
(Decrease) Increase in accounts payable affiliates		230,085		230,085


Net cash (used in) provided by operating activities		18,146		44,674


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		(21,847)
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		(21,847)



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		18,146		22,827


Cash and cash equivalents, beginning		303,384		244,501


Cash and cash equivalents, ending	$	321,530	$	267,328

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 44

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(206,307)	$	(527,105)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		212,100
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		102,513
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(21,551)
Decrease (Increase) in other assets		(89,683)		(45,764)
(Decrease) Increase in accounts payable affiliates		265,210		224,343


Net cash (used in) provided by operating activities		(30,780)		(55,464)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		(251,962)
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		(251,962)



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(30,780)		(307,426)


Cash and cash equivalents, beginning		38,362		342,053


Cash and cash equivalents, ending	$	7,582	$	34,627

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	902

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 45

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(508,376)	$	(862,814)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		13,362
Distributions from Operating Partnerships		387		20,578
Share of (income) loss from Operating Partnerships		265,124		533,952
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(5,000)
Decrease (Increase) in other assets		-		(143,780)
(Decrease) Increase in accounts payable affiliates		224,210		229,413


Net cash (used in) provided by operating activities		(18,655)		(214,289)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		1,044


Net cash (used in) provided by investing activities		-		1,044



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,655)		(213,245)


Cash and cash equivalents, beginning		126,153		274,823


Cash and cash equivalents, ending	$	107,498	$	61,578

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended December 31,
(Unaudited)

Series 46

		2014		2013


Cash flows from operating activities:

Net income (loss)	$	(641,626)	$	(645,183)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Amortization		-		7,576
Distributions from Operating Partnerships		70,032		12,481
Share of (income) loss from Operating Partnerships		431,689		426,261
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		187,146		187,146


Net cash (used in) provided by operating activities		47,241		(11,719)


Cash flows from investing activities:

Capital contributions paid to Operating Partnerships		-		-
Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		47,241		(11,719)


Cash and cash equivalents, beginning		194,854		180,660


Cash and cash equivalents, ending	$	242,095	$	168,941

Supplemental schedule of noncash investing and financing activities:

	The Fund applied notes receivable and advances to its capital contribution obligation to Operating Partnerships.	$	-	$	-


	The Fund has decreased other assets and decreased its capital contribution obligation to Operating Partnerships for tax credits not generated by the Operating Partnerships.	$	-	$	-

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
December 31, 2014
(Unaudited)

NOTE A - ORGANIZATION

Boston Capital Tax Credit Fund IV L.P. (the "Fund") was organized under the laws of the State of Delaware as of October 5, 1993, for the purpose of acquiring, holding, and disposing of limited partnership interests in operating partnerships which will acquire, develop, rehabilitate, operate and own newly constructed, existing or rehabilitated low-income apartment complexes ("Operating Partnerships"). 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 of the Fund is BCA Associates Limited Partnership, a Massachusetts limited partnership, whose sole general partner is C&M Management, Inc., a Massachusetts corporation and whose limited partners are Herbert F. Collins and John P. Manning. Mr. Manning is the principal of Boston Capital Partners, Inc. The limited partner of the general partner of the Fund is Capital Investment Holdings, a general partnership whose partners are various 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.

Pursuant to the Securities Act of 1933, the Fund filed a Form S-11 Registration Statement with the Securities and Exchange Commission, effective December 16, 1993, which covered the offering (the "Public Offering") of the Fund's beneficial assignee certificates ("BACs") representing assignments of units of the beneficial interest of the limited partnership interest of the assignor limited partner. The Fund registered 30,000,000 BACs at $10 per BAC for sale to the public in one or more series. 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 in one or more series, 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 in one or more series, became effective. On July 24, 2001, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public in one or more series, became effective. On July 24, 2002, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective. On July 1, 2003, an amendment to Form S-11, which registered an additional 7,000,000 BACs for sale to the public, became effective.

Below is a summary of the BACs sold and total equity raised, by series, as of the date of this filing:

Series	Closing Date	BACs Sold	Equity Raised
Series 20	June 24, 1994	3,866,700	$38,667,000
Series 21	December 31, 1994	1,892,700	$18,927,000
Series 22	December 28, 1994	2,564,400	$25,644,000
Series 23	June 23, 1995	3,336,727	$33,366,000
Series 24	September 22, 1995	2,169,878	$21,697,000
Series 25	December 29, 1995	3,026,109	$30,248,000
Series 26	June 25, 1996	3,995,900	$39,959,000
Series 27	September 17, 1996	2,460,700	$24,607,000
Series 28	January 29, 1997	4,000,738	$39,999,000

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE A - ORGANIZATION (continued)

Series	Closing Date	BACs Sold	Equity Raised
Series 29	June 10, 1997	3,991,800	$39,918,000
Series 30	September 10, 1997	2,651,000	$26,490,750
Series 31	January 18, 1998	4,417,857	$44,057,750
Series 32	June 23, 1998	4,754,198	$47,431,000
Series 33	September 21, 1998	2,636,533	$26,362,000
Series 34	February 11, 1999	3,529,319	$35,273,000
Series 35	June 28, 1999	3,300,463	$33,004,630
Series 36	September 28, 1999	2,106,838	$21,068,375
Series 37	January 28, 2000	2,512,500	$25,125,000
Series 38	July 31, 2000	2,543,100	$25,431,000
Series 39	January 31, 2001	2,292,151	$22,921,000
Series 40	July 31, 2001	2,630,256	$26,269,256
Series 41	January 31, 2002	2,891,626	$28,916,260
Series 42	July 31, 2002	2,744,262	$27,442,620
Series 43	December 31, 2002	3,637,987	$36,379,870
Series 44	April 30, 2003	2,701,973	$27,019,730
Series 45	September 16, 2003	4,014,367	$40,143,670
Series 46	December 19, 2003	2,980,998	$29,809,980

The Fund concluded its public offering of BACs in the Fund on December 19, 2003.

NOTE B - ACCOUNTING AND FINANCIAL REPORTING POLICIES

The condensed financial statements herein as of December 31, 2014 and for the three and nine months then ended have been prepared by the Fund, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. The Fund accounts for its investments in Operating Partnerships using the equity method, whereby the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. Costs incurred by the Fund in acquiring the investments in the Operating Partnerships are capitalized to the investment account.

The Fund's accounting and financial reporting policies are in conformity with generally accepted accounting principles and include adjustments in interim periods considered necessary for a fair presentation of the results of operations. Such adjustments are of a normal recurring nature. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to these rules and regulations. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Fund's Annual Report on Form 10-K for the fiscal year ended March 31, 2014.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

Amortization

Acquisition costs were amortized on the straight-line method over 27.5 years. As of March 31, 2014 and 2013, an impairment loss of $1,139,623 and $147,078, respectively, was recorded and the lives of the remaining acquisition costs were reassessed to be 3 years.

Accumulated amortization of acquisition costs by Series as of December 31, 2014 and 2013, are as follows:

	2014	2013
Series 42	$ -	$ 121,030
Series 43	183,678	116,886
Series 44	-	1,343,299
Series 45	-	31,178
Series 46	-	7,576
	$ 183,678	$1,619,969

The annual amortization for deferred acquisition costs for the years ending December 31, 2015, 2016 and 2017 is estimated to be $66,792, $66,792, and $16,698, respectively.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS

The Fund has entered into several transactions with various affiliates of the general partner of the Fund, including Boston Capital Holdings Limited Partnership, Boston Capital Securities, Inc., and Boston Capital Asset Management Limited Partnership as follows:

An annual fund management fee of .5 percent of the aggregate cost of all apartment complexes owned by the Operating Partnerships has been accrued to Boston Capital Asset Management Limited Partnership. Since reporting fees collected by the various series were added to reserves and not paid to Boston Capital Asset Management Limited Partnership, the amounts accrued are not net of reporting fees received. The fund management fees accrued for the quarters ended December 31, 2014 and 2013, are as follows:

	2014	2013
Series 20	$ 19,446	$ 20,361
Series 21	14,325	15,552
Series 22	15,615	16,995
Series 23	20,721	22,679
Series 24	16,683	19,926
Series 25	6,284	11,877
Series 26	35,712	49,191
Series 27	37,593	48,694
Series 28	40,026	68,418
Series 29	66,906	74,877
Series 30	38,787	38,787
Series 31	76,254	82,592
Series 32	65,436	68,544
Series 33	30,852	30,852
Series 34	61,887	64,149
Series 35	50,520	50,520
Series 36	33,120	33,120
Series 37	51,216	51,216
Series 38	41,100	41,100
Series 39	34,200	34,200
Series 40	50,004	50,004
Series 41	59,391	59,391
Series 42	62,175	62,175
Series 43	76,695	76,695
Series 44	63,657	71,175
Series 45	70,800	90,939
Series 46	62,382	62,382
	$1,201,787	$1,316,411

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the nine months ended December 31, 2014 and 2013 are as follows:

	2014	2013
Series 20	$ 50,000	$ 189,402
Series 21	-	79,000
Series 22	142,116	90,375
Series 23	426,346	18,900
Series 24	50,049	2,540,169
Series 25	21,727	35,631
Series 26	120,863	661,918
Series 27	168,894	364,802
Series 28	847,453	258,775
Series 29	-	131,631
Series 31	604,556	-
Series 32	62,000	1,449
Series 34	50,000	-
Series 35	50,000	-
Series 36	50,054	1,000,000
Series 41	-	52,000
Series 42	-	50,000
Series 45	-	50,442
	$2,644,058	$5,524,494

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At December 31, 2014 and 2013, the Fund has limited partnership interests in 321 and 369 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at December 31, 2014 and 2013 are as follows:

	2014	2013
Series 20	4	8
Series 21	4	4
Series 22	6	9
Series 23	9	11
Series 24	7	8
Series 25	4	7
Series 26	19	24
Series 27	7	10
Series 28	12	19
Series 29	10	17
Series 30	12	16
Series 31	20	24
Series 32	12	14
Series 33	8	8
Series 34	12	13
Series 35	10	10
Series 36	9	9

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS (continued)

Series 37	7	7
Series 38	10	10
Series 39	9	9
Series 40	16	16
Series 41	19	19
Series 42	21	21
Series 43	23	23
Series 44	8	9
Series 45	28	29
Series 46	15	15
	321	369

Under the terms of the Fund's investment in each Operating Partnership, the Fund is required to make capital contributions to the Operating Partnerships. These contributions are payable in installments over several years upon each Operating Partnership achieving specified levels of construction and/or operations. The contributions payable at December 31, 2014 and 2013, are as follows:

	2014	2013
Series 22	$ 9,352	$ 9,352
Series 26	1,127	1,293
Series 27	-	10,020
Series 28	6,000	40,968
Series 29	8,235	8,235
Series 30	127,396	127,396
Series 31	66,294	66,294
Series 32	3,486	3,486
Series 33	69,154	69,154
Series 37	138,438	138,438
Series 40	102	102
Series 41	100	100
Series 42	73,433	73,433
Series 43	99,265	99,265
Series 45	16,724	16,724
	$619,106	$664,260

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the nine months ended December 31, 2014 the Fund disposed of fourty Operating Partnerships. The Fund also received additional proceeds from one operating limited partnership that was disposed of in the prior year in the amount of $25,054. A summary of the dispositions by Series for December 31, 2014 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition

Series 20	4	-	$	70,580	$	70,580
Series 22	1	1		166,896		166,896
Series 23	-	2		426,346		426,346
Series 25	2	-		1,295,124		1,295,124
Series 26	3	2		543,014		543,180
Series 27	3	-		234,376		237,896
Series 28	7	-		5,341,250		5,376,218
Series 29	7	-		278,493		278,493
Series 30	4	-		21,630		21,630
Series 31	2	-		187,701		187,701
Series 32	2	-		39,180		39,180
Series 36	-	-		25,054		25,054
Series 39	-	-		29,999		29,999
Total	35	5	$	8,659,643	$	8,698,297

* Fund proceeds from disposition does not include the following amounts which were due to writeoffs of capital contribution payables of $166, $3,520 and $34,968, for Series 26, Series 27, and Series 28, respectively.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the nine months ended December 31, 2013 the Fund disposed of thirty Operating Partnership. The Fund also had a partial disposition of one Operating Partnership. A summary of the dispositions by Series for December 31, 2013 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Partnership Proceeds from Disposition *		Gain on Disposition

Series 20	3	-	$	722,000	$	722,000
Series 21	1	-		79,000		79,000
Series 22	1	-		-		-
Series 24	2	3		1,544,276		1,544,276
Series 25	-	-		618,889		-
Series 26	1	6		2,601,619		2,601,619
Series 27	2	1		2,508,394		2,508,394
Series 28	1	-		939,495		939,495
Series 29	2	2		342,694		344,656
Series 31	1	-		15,000		15,000
Series 32	1	-		3,428		3,428
Series 41	1	-		52,000		52,000
Series 44	-	1		-		-
Series 45	1	-		1,044		1,044
Total	17	13	$	9,427,839	$	8,810,912

* Fund proceeds from disposition include $618,889 recorded as a receivable as of March 31, 2013, for Series 25. Proceeds from disposition does not include $1,962 which was due to a writeoff of capital contribution payable for Series 29.

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

The Fund's fiscal year ends March 31st for each year, while all the Operating Partnerships' fiscal years are the calendar year. Pursuant to the provisions of each Operating Partnership Agreement, financial results for each of the Operating Partnerships are provided to the Fund within 45 days after the close of each Operating Partnership's quarterly period. Accordingly, the current financial results available for the Operating Partnerships are for the nine months ended September 30, 2014.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

		2014	2013

Revenues
	Rental	$ 84,528,316	$ 96,775,255
	Interest and other	2,606,962	2,880,833
		87,135,278	99,656,088

Expenses
	Interest	15,228,667	18,485,614
	Depreciation and amortization	24,157,120	28,740,657
	Operating expenses	57,109,285	63,677,809
		96,495,072	110,904,080

NET LOSS		$ (9,359,794)	$(11,247,992)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (9,266,195)	$(11,135,514)

Net loss allocated to other Partners		$ (93,599)	$ (112,478)

* Amounts include $(8,555,691) and $(9,717,981) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

The Fund accounts for its investments using the equity method of accounting. Under the equity method of accounting, the Fund adjusts its investment cost for its share of each Operating Partnership's results of operations and for any distributions received or accrued. However, the Fund recognizes individual operating losses only to the extent of capital contributions. Excess losses are suspended for use in future years to offset excess income.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 20

		2014	2013
Revenues
	Rental	$ 1,126,789	$ 1,613,365
	Interest and other	39,437	47,810
		1,166,226	1,661,175

Expenses
	Interest	206,097	304,573
	Depreciation and amortization	314,858	410,115
	Operating expenses	893,788	1,237,697
		1,414,743	1,952,385

NET LOSS		$ (248,517)	$ (291,210)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (246,032)	$ (288,298)

Net loss allocated to other Partners		$ (2,485)	$ (2,912)

* Amounts include $(246,032) and $(288,298) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 21

		2014	2013
Revenues
	Rental	$1,383,390	$ 1,420,425
	Interest and other	17,805	17,811
		1,401,195	1,438,236

Expenses
	Interest	379,112	391,381
	Depreciation and amortization	245,466	255,973
	Operating expenses	825,426	793,317
		1,450,004	1,440,671

NET LOSS		$ (48,809)	$ (2,435)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (48,321)	$ (2,411)

Net loss allocated to other Partners		$ (488)	$ (24)

* Amounts include $(48,321) and $(2,411) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 22

		2014	2013
Revenues
	Rental	$ 1,092,137	$ 1,317,171
	Interest and other	25,007	29,434
		1,117,144	1,346,605

Expenses
	Interest	178,309	221,714
	Depreciation and amortization	247,965	307,676
	Operating expenses	766,413	1,005,560
		1,192,687	1,534,950

NET LOSS		$ (75,543)	$ (188,345)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (74,788)	$ (186,462)

Net loss allocated to other Partners		$ (755)	$ (1,883)

* Amounts include $(74,788) and $(186,462) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 23

		2014	2013
Revenues
	Rental	$ 2,258,175	$ 2,304,215
	Interest and other	86,400	87,030
		2,344,575	2,391,245

Expenses
	Interest	324,093	378,293
	Depreciation and amortization	481,712	516,305
	Operating expenses	1,667,454	1,807,637
		2,473,259	2,702,235

NET LOSS		$ (128,684)	$ (310,990)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (127,396)	$ (307,879)

Net loss allocated to other Partners		$ (1,288)	$ (3,111)

* Amounts include $(127,396) and $(307,879) for 2014 and 2013, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 24

		2014	2013
Revenues
	Rental	$ 866,217	$ 1,240,112
	Interest and other	15,078	26,262
		881,295	1,266,374

Expenses
	Interest	103,898	164,731
	Depreciation and amortization	247,426	367,577
	Operating expenses	661,395	891,845
		1,012,719	1,424,153

NET LOSS		$ (131,424)	$ (157,779)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (130,110)	$ (156,201)

Net loss allocated to other Partners		$ (1,314)	$ (1,578)

* Amounts include $(130,110) and $(156,201) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 25

		2014	2013
Revenues
	Rental	$ 705,170	$ 990,490
	Interest and other	17,671	19,601
		722,841	1,010,091

Expenses
	Interest	114,272	161,238
	Depreciation and amortization	154,334	231,048
	Operating expenses	510,224	700,334
		778,830	1,092,620

NET LOSS		$ (55,989)	$ (82,529)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (55,429)	$ (81,704)

Net loss allocated to other Partners		$ (560)	$ (825)

* Amounts include $(55,429) and $(81,704) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 26

		2014	2013
Revenues
	Rental	$ 2,421,312	$ 3,703,623
	Interest and other	53,260	147,975
		2,474,572	3,851,598

Expenses
	Interest	345,108	596,996
	Depreciation and amortization	738,393	1,123,521
	Operating expenses	1,859,339	2,668,090
		2,942,840	4,388,607

NET LOSS		$ (468,268)	$ (537,009)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (463,585)	$ (531,639)

Net loss allocated to other Partners		$ (4,683)	$ (5,370)

* Amounts include $(463,585) and $(531,639) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 27

		2014	2013
Revenues
	Rental	$ 3,219,944	$ 3,750,599
	Interest and other	53,825	51,588
		3,273,769	3,802,187

Expenses
	Interest	688,139	794,729
	Depreciation and amortization	713,428	877,750
	Operating expenses	1,987,064	2,165,755
		3,388,631	3,838,234

NET LOSS		$ (114,862)	$ (36,047)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (113,713)	$ (35,687)

Net loss allocated to other Partners		$ (1,149)	$ (360)

* Amounts include $(113,713) and $(35,687) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 28

		2014	2013
Revenues
	Rental	$ 2,925,832	$ 5,116,918
	Interest and other	64,124	104,188
		2,989,956	5,221,106

Expenses
	Interest	364,909	786,405
	Depreciation and amortization	930,537	1,439,859
	Operating expenses	2,078,136	3,364,407
		3,373,582	5,590,671

NET LOSS		$ (383,626)	$ (369,565)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (379,790)	$ (365,869)

Net loss allocated to other Partners		$ (3,836)	$ (3,696)

* Amounts include $(379,790) and $(365,869) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 29

		2014	2013
Revenues
	Rental	$ 3,722,622	$ 5,180,534
	Interest and other	133,297	147,493
		3,855,919	5,328,027

Expenses
	Interest	679,203	904,271
	Depreciation and amortization	1,215,896	1,699,327
	Operating expenses	2,586,209	3,478,206
		4,481,308	6,081,804

NET LOSS		$ (625,389)	$ (753,777)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (619,135)	$ (746,239)

Net loss allocated to other Partners		$ (6,254)	$ (7,538)

* Amounts include $(619,135) and $(746,239) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 30

		2014	2013
Revenues
	Rental	$ 3,192,127	$ 3,414,053
	Interest and other	55,254	68,890
		3,247,381	3,482,943

Expenses
	Interest	384,121	450,721
	Depreciation and amortization	662,354	786,745
	Operating expenses	2,585,846	2,722,588
		3,632,321	3,960,054

NET LOSS		$ (384,940)	$ (477,111)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (381,091)	$ (472,340)

Net loss allocated to other Partners		$ (3,849)	$ (4,771)

* Amounts include $(381,091) and $(472,340) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 31

		2014	2013
Revenues
	Rental	$ 6,725,282	$ 7,449,157
	Interest and other	405,417	277,703
		7,130,699	7,726,860

Expenses
	Interest	906,655	1,086,482
	Depreciation and amortization	1,874,447	2,183,640
	Operating expenses	4,775,906	5,006,692
		7,557,008	8,276,814

NET LOSS		$ (426,309)	$ (549,954)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (422,046)	$ (544,454)

Net loss allocated to other Partners		$ (4,263)	$ (5,500)

* Amounts include $(422,046) and $(544,454) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 32

		2014	2013
Revenues
	Rental	$ 3,988,072	$ 4,360,111
	Interest and other	129,477	160,277
		4,117,549	4,520,388

Expenses
	Interest	752,380	836,418
	Depreciation and amortization	1,518,849	1,589,992
	Operating expenses	2,694,721	2,940,274
		4,965,950	5,366,684

NET LOSS		$ (848,401)	$ (846,296)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (839,917)	$ (837,833)

Net loss allocated to other Partners		$ (8,484)	$ (8,463)

* Amounts include $(839,917) and $(837,833) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 33

		2014	2013
Revenues
	Rental	$ 2,123,488	$ 2,100,677
	Interest and other	73,152	92,338
		2,196,640	2,193,015

Expenses
	Interest	424,090	444,559
	Depreciation and amortization	677,718	667,600
	Operating expenses	1,355,246	1,308,069
		2,457,054	2,420,228

NET LOSS		$ (260,414)	$ (227,213)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (257,810)	$ (224,941)

Net loss allocated to other Partners		$ (2,604)	$ (2,272)

* Amounts include $(257,810) and $(224,941) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 34

		2014	2013
Revenues
	Rental	$ 3,485,018	$ 4,320,147
	Interest and other	105,571	135,796
		3,590,589	4,455,943

Expenses
	Interest	509,906	636,784
	Depreciation and amortization	1,126,273	1,408,564
	Operating expenses	2,350,903	2,888,848
		3,987,082	4,934,196

NET LOSS		$ (396,493)	$ (478,253)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (392,528)	$ (473,470)

Net loss allocated to other Partners		$ (3,965)	$ (4,783)

* Amounts include $(392,528) and $(473,470) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 35

		2014	2013
Revenues
	Rental	$ 3,328,568	$ 3,321,007
	Interest and other	120,067	111,336
		3,448,635	3,432,343

Expenses
	Interest	588,697	601,131
	Depreciation and amortization	1,066,886	1,065,218
	Operating expenses	2,034,729	2,058,703
		3,690,312	3,725,052

NET LOSS		$ (241,677)	$ (292,709)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (239,260)	$ (289,782)

Net loss allocated to other Partners		$ (2,417)	$ (2,927)

* Amounts include $(239,260) and $(289,782) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 36

		2014	2013
Revenues
	Rental	$ 2,155,046	$ 2,226,451
	Interest and other	46,180	54,862
		2,201,226	2,281,313

Expenses
	Interest	396,753	422,755
	Depreciation and amortization	697,265	681,862
	Operating expenses	1,514,535	1,486,517
		2,608,553	2,591,134

NET LOSS		$ (407,327)	$ (309,821)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (403,254)	$ (306,723)

Net loss allocated to other Partners		$ (4,073)	$ (3,098)

* Amounts include $(403,254) and $(306,723) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 37

		2014	2013
Revenues
	Rental	$ 3,324,764	$ 3,425,506
	Interest and other	81,492	89,176
		3,406,256	3,514,682

Expenses
	Interest	529,618	534,400
	Depreciation and amortization	1,152,618	1,186,940
	Operating expenses	2,535,651	2,482,082
		4,217,887	4,203,422

NET LOSS		$ (811,631)	$ (688,740)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (803,515)	$ (681,853)

Net loss allocated to other Partners		$ (8,116)	$ (6,887)

* Amounts include $(803,515) and $(681,853) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 38

		2014	2013
Revenues
	Rental	$ 2,845,162	$ 2,742,355
	Interest and other	76,509	64,713
		2,921,671	2,807,068

Expenses
	Interest	536,192	545,786
	Depreciation and amortization	760,700	791,171
	Operating expenses	1,925,633	1,776,638
		3,222,525	3,113,595

NET LOSS		$ (300,854)	$ (306,527)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (297,845)	$ (303,462)

Net loss allocated to other Partners		$ (3,009)	$ (3,065)

* Amounts include $(297,845) and $(303,462) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 39

		2014	2013
Revenues
	Rental	$ 2,083,504	$ 2,051,267
	Interest and other	73,611	74,127
		2,157,115	2,125,394

Expenses
	Interest	373,445	381,191
	Depreciation and amortization	584,386	658,304
	Operating expenses	1,498,867	1,419,540
		2,456,698	2,459,035

NET LOSS		$ (299,583)	$ (333,641)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (296,587)	$ (330,305)

Net loss allocated to other Partners		$ (2,996)	$ (3,336)

* Amounts include $(296,587) and $(330,305) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 40

		2014	2013
Revenues
	Rental	$ 3,105,312	$ 3,077,919
	Interest and other	172,029	74,743
		3,277,341	3,152,662

Expenses
	Interest	601,716	680,754
	Depreciation and amortization	1,017,484	989,733
	Operating expenses	2,074,246	2,119,148
		3,693,446	3,789,635

NET LOSS		$ (416,105)	$ (636,973)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (411,944)	$ (630,603)

Net loss allocated to other Partners		$ (4,161)	$ (6,370)

* Amounts include $(411,944) and $(630,603) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 41

		2014	2013
Revenues
	Rental	$ 4,306,456	$ 4,184,645
	Interest and other	123,671	109,707
		4,430,127	4,294,352

Expenses
	Interest	922,181	875,912
	Depreciation and amortization	1,088,288	1,676,222
	Operating expenses	2,689,541	2,391,198
		4,700,010	4,943,332

NET LOSS		$ (269,883)	$ (648,980)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (267,184)	$ (642,490)

Net loss allocated to other Partners		$ (2,699)	$ (6,490)

* Amounts include $(267,184) and $(642,490) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 42

		2014	2013
Revenues
	Rental	$ 4,744,893	$ 4,642,261
	Interest and other	183,231	151,839
		4,928,124	4,794,100

Expenses
	Interest	918,112	962,345
	Depreciation and amortization	1,246,081	1,308,459
	Operating expenses	2,905,856	2,799,018
		5,070,049	5,069,822

NET LOSS		$ (141,925)	$ (275,722)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (140,506)	$ (272,965)

Net loss allocated to other Partners		$ (1,419)	$ (2,757)

* Amounts include $(140,506) and $(165,552) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 43

		2014	2013
Revenues
	Rental	$ 5,790,207	$ 5,716,863
	Interest and other	158,764	178,429
		5,948,971	5,895,292

Expenses
	Interest	1,023,421	1,102,099
	Depreciation and amortization	1,671,650	1,712,649
	Operating expenses	3,514,228	3,372,052
		6,209,299	6,186,800

NET LOSS		$ (260,328)	$ (291,508)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (257,725)	$ (288,593)

Net loss allocated to other Partners		$ (2,603)	$ (2,915)

* Amounts include $(244,034) and $(42,243) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 44

		2014	2013
Revenues
	Rental	$ 4,445,309	$ 5,846,657
	Interest and other	124,497	211,036
		4,569,806	6,057,693

Expenses
	Interest	1,217,198	1,776,274
	Depreciation and amortization	1,144,382	1,725,913
	Operating expenses	2,494,479	3,431,350
		4,856,059	6,933,537

NET LOSS		$ (286,253)	$ (875,844)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (283,390)	$ (867,086)

Net loss allocated to other Partners		$ (2,863)	$ (8,758)

* Amounts include $(283,390) and $(764,573) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 45

		2014	2013
Revenues
	Rental	$ 5,054,228	$ 7,151,010
	Interest and other	116,481	191,009
		5,170,709	7,342,019

Expenses
	Interest	818,545	1,511,863
	Depreciation and amortization	1,515,556	2,080,236
	Operating expenses	3,469,402	4,598,368
		5,803,503	8,190,467

NET LOSS		$ (632,794)	$ (848,448)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (626,466)	$ (839,964)

Net loss allocated to other Partners		$ (6,328)	$ (8,484)

* Amounts include $(361,342) and $(304,968) for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Nine Months Ended September 30,
(Unaudited)

Series 46

		2014	2013
Revenues
	Rental	$ 4,109,292	$ 4,107,717
	Interest and other	55,655	155,660
		4,164,947	4,263,377

Expenses
	Interest	942,497	931,809
	Depreciation and amortization	1,062,168	998,258
	Operating expenses	2,854,048	2,763,876
		4,858,713	4,693,943

NET LOSS		$ (693,766)	$ (430,566)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (686,828)	$ (426,261)

Net loss allocated to other Partners		$ (6,938)	$ (4,305)

* Amounts include $(255,139) and $- for 2014 and 2013, respectively, of net loss not recognized under the equity method of accounting.

Boston Capital Tax Credit Fund IV L.P.

NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
December 31, 2014

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2014 is expected to differ from its loss for financial reporting purposes. This is primarily due to accounting differences in depreciation incurred by the Operating Partnerships and also differences between the equity method of accounting and the IRS accounting methods.

NOTE F - INCOME TAXES

The Fund has elected to be treated as a pass-through entity for income tax purposes and, as such, is not subject to income taxes. Rather, all items of taxable income, deductions and tax credits are passed through to and are reported by its owners on their respective income tax returns. The Fund's federal tax status as a pass-through entity is based on its legal status as a partnership. Accordingly, the Fund is not required to take any tax positions in order to qualify as a pass-through entity. The Fund is required to file and does file tax returns with the Internal Revenue Service and other taxing authorities. Accordingly, these financial statements do not reflect a provision for income taxes and the Fund has no other tax positions, which must be considered for disclosure. Income tax returns filed by the Fund are subject to examination by the Internal Revenue Service for a period of three years. While no income tax returns are currently being examined by the Internal Revenue Service, tax years since 2010 remain open.

NOTE G - SUBSEQUENT EVENTS

Subsequent to December 31, 2014, the Fund has entered into an agreement to sell or transfer the interest in twelve operating limited partnerships. The estimated sale or transfer price and other terms for the dispositions of the operating limited partnerships has been determined. The estimated proceeds to be received for the operating limited partnerships are $1,632,510. The estimated gain on the sale or transfer of the operating limited partnerships are $1,341,695 and is expected to be recognized in the fourth quarter of fiscal year ending March 31, 2015.

Item 2. Management's Discussions and Analysis of Financial Condition and
Results of Operations

This Management's Discussion and Analysis of Financial Condition and Results of Operations contains forward-looking statements including our intentions, hopes, beliefs, expectations, strategies and predictions of our future activities, or other future events or conditions. These statements are "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbors created by these acts. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including, for example, the factors identified in Part I, Item 1A. "Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2014. Although we believe that the assumptions underlying these forward-looking statements are reasonable, any of the assumptions could be inaccurate, and there can be no assurance that the forward-looking statements included in this Report will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of this information should not be regarded as a representation by us or any other person that our objectives and plans will be achieved.

Liquidity

The Fund's primary source of funds was the proceeds of its Public Offering. Other sources of liquidity include (i) interest earned on capital contributions unpaid for the nine months ended December 31, 2014 or on working capital reserves, (ii) cash distributions from operations of the Operating Partnerships in which the Fund has invested and (iii) proceeds received from the dispositions of the Operating Partnership that are returned to fund reserves. These sources of liquidity, along with the Fund's working capital reserve, are available to meet the obligations of the Partnership. The Fund does not anticipate significant cash distributions from operations of the Operating Partnerships.

The Fund is currently accruing the fund management fee. Fund management fees accrued during the quarter ended December 31, 2014 were $1,201,787 and total fund management fees accrued as of December 31, 2014 were $49,686,873. During the nine months ended December 31, 2014, $2,644,058 of the accrued fund management fees were paid. Pursuant to the Partnership Agreement, these liabilities will be deferred until the Fund receives proceeds from sales of the Operating Partnerships that will be used to satisfy these liabilities. The Fund's working capital and sources of liquidity coupled with affiliated party liability accruals allow sufficient levels of liquidity to meet the third party obligations of the Fund. The Fund is currently unaware of any trends that would create insufficient liquidity to meet future third party obligations of the Fund.

Liquidity (continued)

As of December 31, 2014, an affiliate of the general partner of the Fund advanced a total of $1,466,176 to the Fund to pay some operating expenses of the Fund, and to make advances and/or loans to Operating Partnerships. These advances are included in Accounts payable affiliates. During the nine months ended December 31, 2014, $94,990 was advanced to the Fund from an affiliate of the general partner. The advances made in the nine months ended, as well as the total advances made as of December 31, 2014, are as follows:

	Current
	Period	Total

Series 33	$ -	54,660
Series 34	-	133,578
Series 39	-	220,455
Series 40	8,941	368,570
Series 41	-	359,757
Series 42	-	221,615
Series 44	74,239	86,734
Series 45	11,810	20,807
	$94,990	$1,466,176

All payables to affiliates will be paid, without interest, from available cash flow or the proceeds of sales or refinancing of the Fund's interests in Operating Partnerships.

Capital Resources

The Fund offered BACs in the Public Offering declared effective by the Securities and Exchange Commission on December 16, 1993. The Fund received $38,667,000, $18,927,000, $25,644,000, $33,366,000, $21,697,000, $30,248,000, $39,959,000, $24,607,000, $39,999,000, $39,918,000, $26,490,750, $44,057,750, $47,431,000, $26,362,000, $35,273,000, $33,004,630, $21,068,375, $25,125,000, $25,431,000, $22,921,000, $26,629,250, $28,916,260, $27,442,620, $27,442,620, $36,379,870, $27,019,730, $40,143,670 and $29,809,980 representing 3,866,700, 1,892,700, 2,564,400, 3,336,727, 2,169,878, 3,026,109, 3,995,900, 2,460,700, 4,000,738, 3,991,800, 2,651,000, 4,417,857, 4,754,198, 2,636,533, 3,529,319, 3,300,463, 2,106,837, 2,512,500, 2,543,100, 2,292,152, 2,630,256, 2,891,626, 2,744,262, 3,637,987, 2,701,973, 4,014,367 and 2,908,998 BACs from investors admitted as BAC Holders 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, Series 42, Series 43, Series 44, Series 45 and Series 46, respectively, as of December 31, 2014.

Series 20

The Fund commenced offering BACs in Series 20 on January 21, 1994. Offers and sales of BACs in Series 20 were completed on June 24, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $27,693,970. Series 20 has since sold its interest in 20 of the Operating Partnerships and 4 remain.

Prior to the quarter ended December 31, 2014, Series 20 had released all payments of its capital contributions to the Operating Partnerships.

Series 21

The Fund commenced offering BACs in Series 21 on July 5, 1994. Offers and sales of BACs in Series 21 were completed on September 30, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $13,872,728. Series 21 has since sold its interest in 10 of the Operating Partnerships and 4 remain.

Prior to the quarter ended December 31, 2014, Series 21 had released all payments of its capital contributions to the Operating Partnerships.

Series 22

The Fund commenced offering BACs in Series 22 on October 12, 1994. Offers and sales of BACs in Series 22 were completed on December 28, 1994. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 29 Operating Partnerships in the amount of $18,758,748. Series 22 has since sold its interest in 23 of the Operating Partnerships and 6 remain.

During the quarter ended December 31, 2014, Series 22 did not record any releases of capital contributions. Series 22 has outstanding contributions payable to 2 Operating Partnerships in the amount of $9,352 as of December 31, 2014. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 23

The Fund commenced offering BACs in Series 23 on January 10, 1995. Offers and sales of BACs in Series 23 were completed on June 23, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $24,352,278. Series 23 has since sold its interest in 13 of the Operating Partnerships and 9 remain.

Prior to the quarter ended December 31, 2014, Series 23 had released all payments of its capital contributions to the Operating Partnerships.

Series 24

The Fund commenced offering BACs in Series 24 on June 9, 1995. Offers and sales of BACs in Series 24 were completed on September 22, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 24 Operating Partnerships in the amount of $15,796,309. Series 24 has since sold its interest in 17 of the Operating Partnerships and 7 remain.

Prior to the quarter ended December 31, 2014, Series 24 had released all payments of its capital contributions to the Operating Partnerships.

Series 25

The Fund commenced offering BACs in Series 25 on September 30, 1995. Offers and sales of BACs in Series 25 were completed on December 29, 1995. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $22,324,539. Series 25 has since sold its interest in 18 of the Operating Partnerships and 4 remain.

Prior to the quarter ended December 31, 2014, Series 25 had released all payments of its capital contributions to the Operating Partnerships.

Series 26

The Fund commenced offering BACs in Series 26 on January 18, 1996. Offers and sales of BACs in Series 26 were completed on June 14, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 45 Operating Partnerships in the amount of $29,401,215. Series 26 has since sold its interest in 26 of the Operating Partnerships and 19 remain.

During the quarter ended December 31, 2014, Series 26 did not record any releases of capital contributions. Series 26 has outstanding contributions payable to 1 Operating Partnership in the amount of $1,127, as of December 31, 2014. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 27

The Fund commenced offering BACs in Series 27 on June 17, 1996. Offers and sales of BACs in Series 27 were completed on September 27, 1996. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $17,881,574. Series 27 has since sold its interest in 9 of the Operating Partnerships and 7 remain.

During the quarter ended December 31, 2014, Series 27 did not record any releases of capital contributions. Series 27 has released all payments of its capital contributions to the Operating Partnerships.

Series 28

The Fund commenced offering BACs in Series 28 on September 30,1996. Offers and sales of BACs in Series 28 were completed on January 31, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 26 Operating Partnership in the amount of $29,281,983. Series 28 has since sold its interest in 14 of the Operating Partnerships and 12 remain.

During the quarter ended December 31, 2014, Series 28 did not record any releases of capital contributions. Series 28 has outstanding contributions payable to 1 Operating Partnership in the amount of $6,000 as of December 31, 2014. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 29

The Fund commenced offering BACs in Series 29 on February 10, 1997. Offers and sales of BACs in Series 29 were completed on June 20, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 22 Operating Partnerships in the amount of $29,137,877. Series 29 has since sold its interest in 12 of the Operating Partnerships and 10 remain.

During the quarter ended December 31, 2014, Series 29 did not record any releases of capital contributions. Series 29 has outstanding contributions payable to 2 Operating Partnerships in the amount of $8,235 as of December 31, 2014. The remaining contributions will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 30

The Fund commenced offering BACs in Series 30 on June 23, 1997. Offers and sales of BACs in Series 30 were completed on September 10, 1997. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 20 Operating Partnerships in the amount of $19,497,869. Series 30 has since disposed of its interest in 8 of the Operating Partnerships and 12 remain.

During the quarter ended December 31, 2014, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 4 Operating Partnerships in the amount of $127,396 as of December 31, 2014. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 31

The Fund commenced offering BACs in Series 31 on September 11, 1997. Offers and sales of BACs in Series 31 were completed on January 18, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 27 Operating Partnerships in the amount of $32,569,100. Series 31 has since disposed of its interest in 7 of the Operating Partnerships and 20 remain.

During the quarter ended December 31, 2014, Series 31 did not record any releases of capital contributions. Series 31 has outstanding contributions payable to 3 Operating Partnerships in the amount of $66,294 as of December 31, 2014. Of the amount outstanding, $25,000 has been funded into an escrow account on behalf of one Operating Partnership. The escrowed funds will be converted to capital and the remaining contributions of $41,294 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 32

The Fund commenced offering BACs in Series 32 on January 19, 1998. Offers and sales of BACs in Series 32 were completed on June 23, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 17 Operating Partnerships in the amount of $34,129,677. Series 32 has since sold its interest in 5 of the Operating Partnerships and 12 remain. The series has also purchased membership interests 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. In December 2010, the investment general partner sold its membership interests and a gain on the sale of the membership interests has been recorded in the amount of $499,998 as of December 31, 2010. Under the terms of these Assignments of Membership Interests dated December 1, 1998, the series is entitled to various profits, losses, tax credits, cash flow, proceeds from capital transactions and capital accounts as defined in the individual Operating Partnership Agreements. The series utilized $1,092,847 of funds available to invest in Operating Partnerships for this investment.

During the quarter ended December 31, 2014, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 2 Operating Partnerships in the amount of $3,486 as of December 31, 2014. The remaining contributions will be released when Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 33

The Fund commenced offering BACs in Series 33 on June 22, 1998. Offers and sales of BACs in Series 33 were completed on September 21, 1998. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $19,594,100. Series 33 has since sold its interest in 2 of the Operating Partnerships and 8 remain.

During the quarter ended December 31, 2014, Series 33 did not record any releases of capital contributions. Series 33 has outstanding contributions payable to 2 Operating Partnerships in the amount of $69,154 as of December 31, 2014. The remaining contributions 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. Offers and sales of BACs in Series 34 were completed on February 11, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 14 Operating Partnerships in the amount of $25,738,978. Series 34 has since sold its interest in 2 of the Operating Partnerships and 12 remain.

Prior to the quarter ended December 31, 2014, Series 34 had released all payments of its capital contributions to the Operating Partnerships.

Series 35

The Fund commenced offering BACs in Series 35 on February 22, 1999. Offers and sales of BACs in Series 35 were completed on June 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $24,002,391. Series 35 has since sold its interest in 1 of the Operating Partnerships and 10 remain.

Prior to the quarter ended December 31, 2014, Series 35 had released all payments of its capital contributions to the Operating Partnerships.

Series 36

The Fund commenced offering BACs in Series 36 on June 22, 1999. Offers and sales of BACs in Series 36 were completed on September 28, 1999. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 11 Operating Partnerships in the amount of $15,277,041. Series 36 has since sold its interest in 2 of the Operating Partnerships and 9 remain.

Prior to the quarter ended December 31, 2014, Series 36 had released all payments of its capital contributions to the Operating Partnerships.

Series 37

The Fund commenced offering BACs in Series 37 on October 29, 1999. Offers and sales of BACs in Series 37 were completed on January 28, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 7 Operating Partnerships in the amount of $18,735,142.

During the quarter ended December 31, 2014, Series 37 did not record any releases of capital contributions. Series 37 has outstanding contributions payable to 1 Operating Partnership in the amount of $138,438 as of December 31, 2014. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 38

The Fund commenced offering BACs in Series 38 on February 1, 2000. Offers and sales of BACs in Series 38 were completed on July 31, 2000. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $18,612,287. In addition, the Fund committed and used $420,296 of Series 38 net offering proceeds to acquire a membership 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.

Prior to the quarter ended December 31, 2014, Series 38 had released all payments of its capital contributions to the Operating Partnerships.

Series 39

The Fund commenced offering BACs in Series 39 on August 1, 2000. Offers and sales of BACs in Series 39 were completed on January 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 9 Operating Partnerships in the amount of $17,115,492 as of December 31, 2014. In addition, the Fund committed and used $192,987 of Series 39 net offering proceeds to acquire a membership 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.

Prior to the quarter ended December 31, 2014, Series 39 had released all payments of its capital contributions to the Operating Partnerships.

Series 40

The Fund commenced offering BACs in Series 40 on February 1, 2001. Offers and sales of BACs in Series 40 were completed on July 31, 2001. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 16 Operating Partnerships in the amount of $19,030,772 as of December 31, 2014. In addition, the Fund committed and used $578,755 of Series 40 net offering proceeds to acquire a membership interest in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes.

During the quarter ended December 31, 2014, Series 40 did not record any releases of capital contributions. Series 40 has outstanding contributions payable to 1 Operating Partnership in the amount of $102 as of December 31, 2014. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 41

The Fund commenced offering BACs in Series 41 on August 1, 2001. Offers and sales of BACs in Series 41 were completed on January 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $21,278,631. In addition, the Fund committed and used $195,249 of Series 41 net offering proceeds to acquire a membership 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. Series 41 has since sold its interest in 4 of the Operating Partnerships and 19 remain.

During the quarter ended December 31, 2014, Series 41 did not record any releases of capital contributions. Series 41 has outstanding contributions payable to 1 Operating Partnership in the amount of $100 as of December 31, 2014. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 42

The Fund commenced offering BACs in Series 42 on February 1, 2002. Offers and sales of BACs in Series 42 were completed on July 31, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $20,661,120. Series 42 has since sold its interest in 2 of the Operating Partnerships and 21 remain.

During the quarter ended December 31, 2014, Series 42 did not record any releases of capital contributions. Series 42 has outstanding contributions payable to 2 Operating Partnerships in the amount of $73,433 as of December 31, 2014. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $9,757 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 43

The Fund commenced offering BACs in Series 43 on August 1, 2002. Offers and sales of BCAs in Series 43 were completed in June 30, 2002. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 23 Operating Partnerships in the amount of $26,326,543. The Fund also committed and used $805,160 of Series 43 net offering proceeds to acquire membership interests in limited liability companies, which are the general partner of other operating limited partnerships, which own or are constructing, rehabilitating or operating apartment complexes. In addition, the Fund committed and used $268,451 of Series 43 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.

During the quarter ended December 31, 2014, Series 43 did not record any releases of capital contributions. Series 43 has outstanding contributions payable to 2 Operating Partnerships in the amount of $99,265 as of December 31, 2014. Of the amount outstanding, $63,676 has been advanced or loaned to the Operating Partnerships. The loans and advances will be converted to capital and the remaining contributions of $35,589 will be released when the Operating Partnerships have achieved the conditions set forth in their respective partnership agreements.

Series 44

The Fund commenced offering BACs in Series 44 on January 14, 2003. Offers and sales of BACs in Series 44 were completed in April 30, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 10 Operating Partnerships in the amount of $20,248,519. In addition, the Fund committed and used $164,164 of Series 44 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. Series 44 has since sold its interest in 2 of the Operating Partnerships and 8 remain.

Prior to the quarter ended December 31, 2014, Series 44 had released all payments of its capital contributions to the Operating Partnerships.

Series 45

The Fund commenced offering BACs in Series 45 on July 1, 2003. Offers and sales of BACs in Series 45 were completed on September 16, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 31 Operating Partnerships in the amount of $30,232,512. In addition, the Fund committed and used $302,862 of Series 45 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. Series 45 has since sold its interest in 3 of the Operating Partnerships and 28 remain.

During the quarter ended December 31, 2014, Series 45 did not record any releases of capital contributions. Series 45 has outstanding contributions payable to 1 Operating Partnership in the amount of $16,724 as of December 31, 2014. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

Series 46

The Fund commenced offering BACs in Series 46 on September 23, 2003. Offers and sales of BACs in Series 46 were completed on December 19, 2003. The Fund has committed proceeds to pay initial and additional installments of capital contributions to 15 Operating Partnerships in the amount of $22,495,082. In addition, the Fund committed and used $228,691 of Series 46 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.

Prior to the quarter ended December 31, 2014, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of December 31, 2014 and 2013, the Fund held limited partnership interests in 321 and 369 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which 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 as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three and nine months ended December 31, 2014, are as follows:

	3 Months Gross Fund Management Fee	3 Months Asset Management and Reporting Fee	3 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 19,446	$121,951	$(102,505)
Series 21	14,325	-	14,325
Series 22	15,615	20,000	(4,385)
Series 23	20,721	58,500	(37,779)
Series 24	16,683	834	15,849
Series 25	6,284	900	5,384
Series 26	35,712	28,133	7,579
Series 27	37,593	3,196	34,397
Series 28	40,026	6,700	33,326
Series 29	66,906	40,691	26,215
Series 30	38,787	49,263	(10,476)
Series 31	76,254	25,736	50,518
Series 32	65,436	16,300	49,136
Series 33	30,852	-	30,852
Series 34	61,887	-	61,887
Series 35	50,520	-	50,520
Series 36	33,120	5,000	28,120
Series 37	51,216	8,000	43,216
Series 38	41,100	3,000	38,100
Series 39	34,200	-	34,200
Series 40	50,004	-	50,004
Series 41	59,391	1,915	57,476
Series 42	62,175	10,531	51,644
Series 43	76,695	2,290	74,405
Series 44	63,657	-	63,657
Series 45	70,800	10,731	60,069
Series 46	62,382	8,079	54,303
	$1,201,787	$421,750	$780,037

	9 Months Gross Fund Management Fee	9 Months Asset Management and Reporting Fee	9 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 58,338	$122,850	$ (64,512)
Series 21	42,975	37,051	5,924
Series 22	46,845	27,311	19,534
Series 23	65,427	60,250	5,177
Series 24	50,049	4,857	45,192
Series 25	21,727	7,360	14,367
Series 26	120,863	108,234	12,629
Series 27	124,656	15,826	108,830
Series 28	141,271	69,578	71,693
Series 29	200,719	41,395	159,324
Series 30	116,361	53,913	62,448
Series 31	228,762	57,063	171,699
Series 32	197,892	22,800	175,092
Series 33	92,556	12,670	79,886
Series 34	185,661	3,700	181,961
Series 35	151,560	4,000	147,560
Series 36	99,360	9,410	89,950
Series 37	153,648	18,518	135,130
Series 38	123,300	11,315	111,985
Series 39	102,600	4,200	98,400
Series 40	150,012	3,575	146,437
Series 41	178,173	11,631	166,542
Series 42	186,525	40,494	146,031
Series 43	230,085	29,576	200,509
Series 44	190,971	14,256	176,715
Series 45	212,400	16,591	195,809
Series 46	187,146	14,119	173,027
	$3,659,882	$822,543	$2,837,339

The Fund's investment objectives do not include receipt of significant cash 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.

Series 20

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 20 reflects a net loss from Operating Partnerships of $(248,517) and $(291,210), respectively, which includes depreciation and amortization of $314,858 and $410,115, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2014, the investment general partner transferred its interest in Northfield Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,609,616 and cash proceeds to the investment partnership of $121,186. Of the total proceeds received, $119,686 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In July 2013, the investment general partner transferred its interest in Edison Lane LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $683,032 and cash proceeds to the investment partnership of $84,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $79,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $79,000 as of September 30, 2013.

In July 2013, the investment general partner transferred its interests in Forest Glen Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,259,434 and cash proceeds to the investment partnerships of $107,333 and $53,667 for Series 20 and Series 41, respectively. Of the total proceeds received, $3,333 and $1,667 for Series 20 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $104,000 and $52,000 for Series 20 and Series 41, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $104,000 and $52,000 for Series 20 and Series 41, respectively, as of September 30, 2013.

In October 2013, the investment general partner transferred its interest in Ashbury Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $957,665 and cash proceeds to the investment partnership of $550,000. Of the total proceeds received, $11,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $539,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $539,000 as of December 31, 2013.

In December 2014, the investment general partner transferred its interest in Shady Lane Seniors Apartments, A Louisiana Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $858,917 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Harrisonburg Seniors Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $627,177 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Coushatta Seniors II Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $659,429 and cash proceeds to the investment partnership of $23,424. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,924 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,924 as of December 31, 2014.

Series 21

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 21 reflects a net loss from Operating Partnerships of $(48,809) and $(2,435), respectively, which includes depreciation and amortization of $245,466 and $255,973, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. The property is operating slightly above breakeven in 2014 due to high vacancy, high utility expenses, and insufficient rental rates. In 2014, the property negotiated a workout plan with the lender which temporarily suspended principle payments and management fees making cash flow available for deferred maintenance repairs including modernized elevators, new windows, new chillers, and a new roof. After the new chillers and windows are installed, they should lower the utility expenses. The new chillers and modernized elevators were installed in 2014. The new windows and new roof will be installed in 2015. The replacement reserve account and the tax and insurance escrows are being funded. As of December 31, 2014, the property was 96% occupied. The low income housing tax credit compliance period expires on December 31, 2019.

In July 2013, the investment general partner transferred its interest in Holly Village LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $673,765 and cash proceeds to the investment partnership of $84,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $79,000 were returned to cash reserves held by Series 21. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $79,000 as of September 30, 2013.

Series 22

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 22 reflects a net loss from Operating Partnerships of $(75,543) and $(188,345), respectively, which includes depreciation and amortization of $247,965 and $307,676, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Elks Tower Apartments, LP (Elks Tower Apartments) is a 27-unit property in Litchfield, Illinois. Through the fourth quarter of 2014, occupancy averaged 86% and operations remained below breakeven. Most of the 27 units are at the maximum rents allowed by Illinois Housing Development Authority (IHDA). In 2011, a new 40-unit IHDA low income housing tax credit property opened in close proximity to Elks Towers. Competition from this neighboring property, with its superior amenities, has adversely impacted occupancy and operations at the subject property. Historically, the operating general partner has funded deficits by accruing payments on the parking lot lease and an annual maintenance contract owed to a related entity. The operating general partner is currently working with the lender to extend the first mortgage that matured in November 2014 to July 2015, which would coincide with the maturity of the soft debt loan held by IHDA. The lender is accepting the monthly payments of debt service in lieu of default until the mortgage is extended or refinanced. The investment general partner will continue to work with the operating general partner to ensure the mortgage is extended, refinanced, or replaced. The mortgage, insurance, and real estate tax payments are current through December 31, 2014. The low income housing tax credit compliance period expired on December 31, 2011.

In January 2013, the investment general partner transferred 50% of its interest in Lake City LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $610,340 and no cash proceeds to the investment partnership. The remaining 50% investment limited partner interest in the Operating Partnership was transferred in February 2014 for the assumption of approximately $610,399 of the remaining outstanding mortgage balance and no cash proceeds to the investment partnership. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded.

In June 2013, the investment general partner transferred its interest in Roxbury Veterans Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,967,816 and no cash proceeds to the investment partnership. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded.

In December 2014, the investment general partner transferred its interest in Marksville Square Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $883,578 and cash proceeds to the investment partnership of $27,280. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $24,780 were returned to cash reserves held by Series 22. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $24,780 as of December 31, 2014.

In August 2014, the operating general partner of Kimbark 1200 Associates Limited Partnership entered into an agreement to sell the property to a third-party buyer and the transaction closed on December 12, 2014. The sales price of the property was $3,400,000, which included the outstanding mortgage balance of approximately $1,773,796 and cash proceeds to the investment partnerships of $162,866 and $488,596 for Series 22 and Series 23, respectively. Of the total proceeds received by the investment partnerships, $19,500 and $58,500 for Series 22 and Series 23, respectively, represents reporting fees due to an affiliate of the investment partnerships. Of the remaining proceeds, $1,250 and $3,750 for Series 22 and Series 23, respectively, will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $142,116 and $426,346 for Series 22 and Series 23, respectively, will be returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $142,116 and $426,346, as of December 31, 2014.

Series 23

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 23 reflects a net loss from Operating Partnerships of $(128,684) and $(310,990), respectively, which includes depreciation and amortization of $481,712 and $516,305, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Colonna Redevelopment Company (Colonna House) is a 36-unit development located in Hempstead, NY. On April 8, 2014 the investment general partner issued a default notice to the operating general partner and Class A Limited Partners outlining various deficiencies relative to required reporting to the investment limited partner as well as a change of management company without the consent of the investment general partner. It is the intent of the investment general partner to sell the property in cooperation with the Class A Limited Partners. During the third quarter of 2014 the Class A Limited Partners declined to purchase the investment limited partner's interest in Colonna House. As a result, both sides agreed to move forward with the dissolution of the operating partnership which requires the sale of the real property owned by Colonna House. In late September 2014, the investment general partner replaced the original operating general partner with an affiliate of the investment general partner. This action will allow for more control over the property sale process by the investment general partner. During the third quarter of 2014, the third party property management company agreed to be more transparent with the investment general partner and to provide timelier monthly reporting on property operations. Through December 2014, the property operated above breakeven with occupancy reported at 100% at quarter end. In the fourth quarter of 2014, the investment general partner will market the property for sale. Note that the 15-year compliance period for Colonna Redevelopment Company expired on December 31, 2009.

Village Woods Estates, LP (Village Woods Estates) is a 45-unit property located in Kansas City, KS. In 2013 and 2014 the property operated slightly below breakeven with 93% occupancy reported as of December 31, 2014. The 2014 deficit was funded by accruing a slightly higher level of payables in comparison with the 2013 ending audited balance. The deficit is largely attributed to an elevated recurring administrative expense level associated with the Operating Partnership filing a qualified contract to Kansas Housing, in 2013. In 2014 the application was approved and as of December 31, 2014, the property remains in the three year holdover period required before units are eligible for conversion to market rate. Mortgage, taxes and insurance payments were all current through December 31, 2014. On December 31, 2010, the low income tax credit compliance period expired with respect to Village Woods Estates, LP.

Halls Ferry Apartments LP (Riverview Apartments) is a 42-unit complex located in St. Louis, MO. Despite average physical occupancy of 90% in the third quarter of 2014, the property operated below breakeven due to low economic occupancy caused by a soft rental market and insufficient rental rates. Historically, the operating general partner had continued to fund operating deficits despite the expiration of the operating deficit guarantees and had advanced $146,810 to date. However, in the second quarter of 2014, the operating general partner indicated that he would not continue to support the operations due to financial constraints. As the result, the Operating Partnership was not able to pay its real estate taxes due to cash flow shortfalls. In August 2014, the investment general partner has been notified that the collector of the City of St. Louis has filed a lawsuit against the property and that lender had issued a notice of default due to delinquent real estate taxes. The lender promptly initiated a foreclosure action and the foreclosure sale occurred on August 29, 2014. On December 31, 2010, the 15-year low income housing tax credit compliance period expired with respect to Halls Ferry Apartments LP. A foreclosure sale occurring in 2014 would not result in any recapture or penalties because the property is beyond the compliance period. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain or loss on the foreclosure of the Operating Partnership has been recorded as of September 30, 2014.

Series 24

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 24 reflects a net loss from Operating Partnerships of $(131,424) and $(157,779), respectively, which includes depreciation and amortization of $247,426 and $367,577, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Commerce Parkway Limited Dividend Housing Associates (Park Meadows Apartments) is an 80-unit family property located in Gaylord, Michigan. The local market has suffered from a weak economy and significant job losses. In addition to the weak economy, there are two new LIHTC projects that recently opened in the market along with two others that are under construction. The two newly opened projects are located within three miles of Commerce Parkway and are contributing to the declining occupancy. In 2013, occupancy averaged 77% and the property operated below breakeven. In 2014, occupancy decreased to 65% before rebounding to 90% in August. The property ended 2014 at 89% occupied and operated below breakeven for the year. However, the increased occupancy has resulted in improved financial performance. The mortgage, taxes, and insurance are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Commerce Parkway Limited Dividend Housing Associates.

In November 2014, the operating general partner of Commerce Parkway Limited Dividend Housing Associates approved an agreement to sell the property to a non-affiliated entity and the transaction closed on January 30, 2015. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $1,313,275 and cash proceeds to the investment partnerships of $208,661 and $104,174 for Series 24 and Series 42, respectively. Of the total proceeds received by the investment partnerships, $78,039 and $38,961 for Series 24 and Series 42, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $3,335 and $1,665 for Series 24 and Series 42, respectively will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $127,287 and $63,548 for Series 24 and Series 42, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

In September 2013, the investment general partner transferred its interest in Elm Street Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,577,900 and no cash proceeds to the investment partnership. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership has been recorded.

New Hilltop Apartments, Phase II (Hilltop Apartments) is a 72-unit property located in Laurens, SC. Only twenty-one of the property's units have rental assistance, and the property has trouble competing with properties that offer more units with rental assistance. Management has implemented a comprehensive marketing and resident retention program to increase occupancy and find more qualified residents that will have a positive impact on the property. Fliers and postcards are continuously distributed to various employers, businesses, housing-related service agencies, and community organizations. Management has also added concessions and other incentives to improve occupancy. As the result of management's efforts, occupancy increased to 95% as of December 31, 2014. The property operated slightly above breakeven in the fourth quarter of 2014. The mortgage, real estate taxes, insurance, and payables to non-related entities are current. The operating general partner's guarantee expired at the end of 2010. On December 31, 2009, the 15-year low income housing tax credit compliance period expired with respect to New Hilltop Apartments, Phase II. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In March 2013, the operating general partner of Lake Apartments I LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $446,821 and cash proceeds to the investment partnership of $338,016. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $301,516 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $301,516 as of September 30, 2013.

In July 2013, the investment general partner transferred its interest in Brooks Summit Apartments, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,060,799 and cash proceeds to the investment partnership of $126,000. Of the total proceeds received, $2,240 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $118,760 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $118,760 as of September 30, 2013.

In July 2013, the operating general partner of Century East IV, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner] and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $483,585 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $24,330, which were returned to the cash reserves held by Series 24.

In July 2013, the operating general partner of Century East V, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner] and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $478,552 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $41,056, which were returned to the cash reserves held by Series 24.

In March 2014, the investment general partner transferred its interest in Pahrump Valley Investors, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,308,661 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $1,600 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,400 were returned to cash reserves held by Series 24. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $20,400 as of March 31, 2014. In addition, the investment general partner on behalf of the investment partnership entered into a residual receipt promissory note (the RRN) with the Operating Partnership for receipt of a residual payment. Under the terms of the RRN, if there is a capital transaction involving the property owned by the Operating Partnership at any time within six (6) years from the initial transfer date, there would be a residual payment distributable to the investment partnership in accordance with the Operating Partnership Agreement in effect at the date the investment limited partner transferred its interest.

Series 25

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 25 reflects a net loss from Operating Partnerships of $(55,989) and $(82,529), respectively, which includes depreciation and amortization of $154,334 and $231,048, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2013, the investment general partner transferred 50% of its interest in Rose Square LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $185,416 and no cash proceeds to the investment partnership. The remaining 50% investment limited partner interest in the Operating Partnership was transferred in February 2014 for the assumption of approximately $185,416 of the remaining outstanding mortgage balance and no cash proceeds to the investment partnership. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership was recorded.

In February 2013, the operating general partner of Century East II Apartments, Limited Partnership entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on March 28, 2013. The sales price of the property was $1,380,000, which included the outstanding mortgage balance of approximately $1,043,783 and cash proceeds to the investment partnership of $626,889. Of the total proceeds received by the investment partnership, $3,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $618,889 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $618,889 as of March 31, 2013. As the proceeds from the sale were not received until April 2013 a receivable for the gain on the sale was recorded as of March 31, 2013.

In October 2014, the investment general partner transferred its interest in Dublin Housing Associates, Phase II to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $633,541 and cash proceeds to the investment partnership of $78,529. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $73,529 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $73,529 as of December 31, 2014.

In April 2014, the investment general partner transferred its interest in Hurricane Hills, LC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $790,385 and cash proceeds to the investment partnership of $1,225,624. Of the total proceeds received, $4,029 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,221,595 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,221,595 as of June 30, 2014.

Series 26

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 26 reflects a net loss from Operating Partnerships of $(468,268) and $(537,009), respectively, which includes depreciation and amortization of $738,393 and $1,123,521, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Beckwood Manor One Limited Partnership (Westside Apartments) is a 28-unit senior property located in Salem, Arkansas. The property receives rental assistance for 100% of its units. In 2013, property operations were below breakeven with an average occupancy of 80%. Through December 2014, operations remained below breakeven while December occupancy finished at 61%. Management reports the property's occupancy issues result from its location, which is set back off the main road, resulting in poor visibility and exposure. A new management team was assigned to the property in 2014 and directional signs have been installed on main thorough fares in an effort to increase leasing traffic and offset the property's poor visibility. The property continues to utilize advertisements in local papers and distributes fliers to all surrounding communities. Various leasing incentives have also been offered to applicants. Operating deficits are funded through the accrual of related party management fees. The mortgage payments, taxes, insurance, and accounts payable are all current. The 15-year low income housing tax credit compliance period expired with respect to Beckwood Manor One on December 31, 2011.

Butler Estates A L.D.H.A. (Butler Estates Apartments) is a 10-unit property located in Leesville, Louisiana. Property operations through December of 2014 remained below breakeven due to low occupancy. Total 2014 expenses year-to-date have decreased compared to 2013, as management has minimally maintained the property. Occupancy averaged 52% in 2013 and decreased to 41% through December 2014. The operating general partner has indicated that they would like to shut down the property. There would be no impact on credits if the property were closed as the compliance period for the partnership has expired. The investment general partner is working with the operating general partner to determine the best process. A investment general partner site visit specialist conducted a site visit in March 2014 and discovered several deferred maintenance items. A follow up letter was sent to the operating general partner requesting repairs. The operating general partner responded by saying the Operating Partnership had insufficient funds to correct all the issues, but they will be addressed in order of importance to tenant safety. The investment general partner continues to monitor repairs and improvements as well as occupancy levels at the property. The balance sheet for the property showed little operating cash and considerable accounts payable; however, the payables were mainly due to affiliated entities. The operating general partner funds operating deficits by deferring affiliated management company fees. All real estate tax and insurance payments are current. There is no debt on the property that requires current payments. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Butler Estates A L.D.H.A.

In November 2014 the investment general partner transferred its interest in M.B. Apartments Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,608 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $27,292 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 will paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $208 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $208 as of December 31, 2014.

In March 2013, the operating general partner of Lake Apartments IV LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $490,926 and cash proceeds to the investment partnership of $184,675. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $148,175 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $148,175 as of September 30, 2013.

In March 2013, the operating general partner of Lake Apartments V LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $482,917 and cash proceeds to the investment partnership of $332,003. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $295,503 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $295,503 as of September 30, 2013.

T.R. Bobb Apartments Partnership, A L.D.H.A. (T.R. Bobb Apartments) is a 30-unit property in New Iberia, Louisiana. Through the fourth quarter of 2014, average occupancy was 90% and the property operated at breakeven. Outreach marketing included the distribution of fliers to local businesses and advertising in area newspapers. The property continues to offer a move-in incentive to encourage qualified applicants to lease. The operating general partner attributes the lack of qualified applicants to the location of the property, which is in a commercial area directly impacted by the weak economy. The investment general partner visited the property on March 14, 2013, and found the property in need of capital repairs including flooring, driveway repairs, and new signage. The operating general partner stated that the items would be budgeted for repair in 2014. However, the 2014 site visit which occurred on March 28 revealed that the maintenance issues still exist at the property. The investment general partner will continue to work with the operating general partner to ensure all the repairs are completed. The balance sheet for the property shows little operating cash and considerable accounts payable; however, the payables are mainly to affiliated entities. The operating general partner funds operating deficits by deferring affiliated management company fees. All mortgage, real estate tax, and insurance payments are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to T.R. Bobb Apartments Partnership, A L.D.H.A.

In November 2012, the investment general partners of Series 26, Series 32 and Series 45 transferred 50% of their respective interests in 200 East Avenue Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,118,291 and cash proceeds to the investment partnerships of $1,772, $1,449 and $5,442 for Series 26, Series 32 and Series 45, respectively. Of the total proceeds received $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $1,772, $1,449 and $442 were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The remaining 50% investment limited partner interests in the Operating Partnership was transferred in December 2013 for the assumption of approximately $4,118,291 of the remaining outstanding mortgage balance and cash proceeds of $4,191, $3,428 and $1,044 which were returned to cash reserves held by Series 26, Series 32 and Series 45, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $1,772, $1,449 and $442 for Series 26, Series 32 and Series 45, respectively, as of December 31, 2012. An additional gain on for the remaining 50% transfer of $4,191, $3,428 and $1,044 for Series 26, Series 32 and Series 45, respectively, was recorded as of December 31, 2013.

In July 2013, the operating general partner of Calgory Apartments I, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $454,702 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by -Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $69,787, which were returned to the cash reserves held by Series 26.

In July 2013, the operating general partner of Calgory Apartments II, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $475,078 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $31,859, which were returned to the cash reserves held by Series 26.

In July 2013, the operating general partner of Calgory Apartments III, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on September 3, 2013. The sales price of the property was $1,400,000, which included the outstanding mortgage balance of approximately $444,996 and cash proceeds to the investment partnership of $600,000. Of the total proceeds received by the investment partnership, $33,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $562,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $562,000 as of September 30, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $31,590, which were returned to the cash reserves held by Series 26.

In August 2013, the operating general partner of Country Edge Apartments LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on October 1, 2013. The sales price of the property was $2,000,000, which included the outstanding mortgage balance of approximately $776,729 and cash proceeds to the investment partnership of $475,000. Of the total proceeds received by the investment partnership, $2,250 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $467,750 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $467,750 as of December 31, 2013. In February 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $66,802, which were returned to the cash reserves held by Series 26.

In January 2015, the investment general partner transferred their respective interests in Jackson Bond, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,500,000 and cash proceeds to the investment partnerships of $34,325 and $67,229 for Series 26 and Series 32, respectively. Of the total proceeds received, $507 and $993 for Series 26 and Series 32, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $33,818 and $66,236 for Series 26 and Series 32, respectively, were returned to cash reserves held by Series 26 and Series 32, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

In February 2014, the operating general partner of East Park Apartments II, LP approved an agreement to sell the property to a third party buyer to and the transaction closed in June 2014. The sales price for the property is $850,000, which includes the outstanding mortgage balance of approximately $395,000 and cash proceeds to the investment partnership of $275,000. Of the proceeds received by the investment partnership, $34,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $235,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $235,500 as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $36,272, which were returned to the cash reserves held by Series 26.

In February 2014, the operating general partner of Grandview Apartments, LP approved an agreement to sell the property to a third party buyer and the transaction closed in June 2014. The sales price for the property is $1,700,000, which includes the outstanding mortgage balance of approximately $880,000 and cash proceeds to the investment partnership of $200,000. Of the proceeds received by the investment partnership, $34,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $160,500 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $160,500 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $166 was recorded as gain on the sale of the Operating Partnership as of June 30, 2014. In November 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $24,534, which were returned to the cash reserves held by Series 26.

In August 2014, the investment general partner transferred its interest in Grayson Manor Village to an entity affiliated to the operating general partner for its assumption of the outstanding mortgage balance of approximately $911,170 and cash proceeds to the investment partnership of $80,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $75,000 as of September 30, 2014.

In August 2014, the investment general partner transferred its interest in Powell Valley Village to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $537,427 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $1,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $11,000 were returned to cash reserves held by Series 26. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $11,000 as of September 30, 2014.

Series 27

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 27 reflects a net loss from Operating Partnerships of $(114,862) and $(36,047), respectively, which includes depreciation and amortization of $713,428 and $877,750, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2013, the operating general partner of Lake Apartments II LP approved an agreement to sell the property to an unaffiliated entity and the transaction closed on July 1, 2013. The sales price for the property was $1,000,000, which includes the outstanding mortgage balance of approximately $478,993 and cash proceeds to the investment partnership of $345,019. Of the total proceeds received by the investment partnership, $31,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of approximately $308,519 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $308,519 as of September 30, 2013.

In December 2014 the investment general partner transferred its interest in Kiehl Partners, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $7,493,472 and cash proceeds to the investment partnerships of $5,124 and $142,187 for Series 27 and Series 29, respectively. Of the total proceeds received, $696 and $19,304 for Series 27 and Series 29, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $52 and $1,448 for Series 27 and Series 29, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $4,376 and $121,435 for Series 27 and Series 29, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,376 and $121,435 for Series 27 and Series 29, respectively, as of December 31, 2014.

In August 2014, the investment general partner transferred its interest in C.R. Housing LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,847,909 and cash proceeds to the investment partnership of $15,000. The proceeds received of $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded. However, equity outstanding for the Operating Partnership in the amount of $1,338 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In October 2013, the investment general partner of Series 27 and Series 28 transferred their respective interests in Randolph Village Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,748,497 and cash proceeds to the investment partnerships of $2,200,250 and $893,301 for Series 27 and Series 28, respectively. Of the total proceeds received of $9,375 and $3,806 for Series 27 and Series 28, respectively, represents reporting fees due to an affiliate of the investment partnership. The remaining proceeds of approximately $2,190,875 and $889,495 for Series 27 and Series 28, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $2,190,875 and $889,495 for Series 27 and Series 28, respectively, as of December 31, 2013.

In December 2013, the investment general partner transferred its interest in Pear Village to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $472,820 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $1,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,000 as of December 31, 2013.

In June 2014, the investment general partner transferred its interest in AHAB Project I, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $389,876 and cash proceeds to the investment partnership of $235,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $230,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $230,000 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $2,182 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

Series 28

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 12 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 28 reflects a net loss from Operating Partnerships of $(383,626) and $(369,565), respectively, which includes depreciation and amortization of $930,537 and $1,439,859, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Jackson Place Apartments, L.P., A Louisiana Partnership (Jackson Place Apartments) is a 40-unit property in Jackson, Louisiana. Through the fourth quarter of 2014, occupancy averaged 74%, down from 79% in 2013. December 2014 occupancy was reported at 57%. Occupancy decreased due to tenants moving out because they could no longer pay rent. In spite of the low occupancy, operations remained above breakeven through the fourth quarter of 2014 due to tight expense management. Outreach marketing included the distribution of fliers to local businesses and advertising in area newspapers. The property continues to offer a move-in incentive to encourage qualified applicants to lease. The investment general partner visited the property on April 23, 2014, and found the property to be in good physical condition with only minor deferred maintenance items noted. Management responded by confirming that the items noted would be addressed. During the site visit management stated that crime and drug use were an issue at the property. The local police have located a substation near the property which has had a positive effect on the property. In January 2015, the operating general partner confirmed that crime is no longer a concern. The fourth quarter balance sheet showed insufficient cash to cover accounts payable; however, most of the payables are due to related party entities. All mortgage, real estate tax, and insurance payments are current. On December 31, 2017, the 15-year low income housing tax credit compliance period will expire with respect Jackson Place Apartments, L.P.

Maplewood Apartments Partnership (Maplewood Apartments) is a 40-unit property located in Winnfield, Louisiana. Through the fourth quarter of 2014 operations remained below breakeven with an average occupancy of 75%. Management markets the property by distributing fliers to local businesses and advertising in area newspapers. The property continues to offer a move-in incentive to encourage qualified applicants to lease. In September 2014, the property manager was fired because she was not cooperating with the housing agency; a new manager was hired that same month. The balance sheet showed considerable accounts payable, due mainly to affiliated entities, and minimal operating cash. The operating general partner has stated that operating deficits will be funded by deferring related party management fees and, if necessary, by advancing funds to the operating partnership. The investment general partner inspected the property in March 2014 and found it to be in good condition. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period for Maplewood Apartments Partnership expired on December 31, 2013.

In January 2015, the investment general partner transferred its interest in 1374 Boston Road Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $176,311 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $495,000 were returned to cash reserves held by Series 28 The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

In May 2013, the investment general partner transferred 49% of its interest in Sumner House LP to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $122,500. Of the total proceeds received, $65,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $50,000 were returned to cash reserves held by Series 28. The remaining 51% investment limited partner interest in the Operating Partnership was transferred on June 30, 2014 for cash proceeds of $133,450, which were returned to the cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $50,000 as of June 30, 2013, and $133,450 as of June 30, 2014.

In April 2014, the investment general partner transferred its interest in Pin Oak Elderly Associates LP to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $8,275,570 and cash proceeds to the investment partnership of $4,582,400. Of the total proceeds received, $17,628 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,966 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $4,560,806 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $4,560,806 as of June 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $25,000 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2014.

In April 2014, the investment general partner transferred its interest in Sand Lane Manor Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $650,168 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of $22,000 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $22,000 as of June 30, 2014.

In August 2014, the investment general partner transferred its interest in Neighborhood Restorations VII to an entity affiliated with the operating general partner resulting in cash proceeds to the investment partnership of $535,000. There was no existing mortgage debt encumbering the property. Of the total proceeds received, $3,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $531,500 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $531,500 as of September 30, 2014. In addition, equity outstanding for the Operating Partnership in the amount of $9,968 was recorded as gain on the sale of the Operating Partnership as of September 30, 2014.

In December 2014 the investment general partner transferred its interest in Blanchard Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $842,985 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Bienville III Apartments, A Louisiana Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $896,580 and cash proceeds to the investment partnership of $31,232. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,732 were returned to cash reserves held by Series 28. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $28,732 as of December 31, 2014.

In December 2014, the investment general partner transferred its interests in Athens Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,061,229 and cash proceeds to the investment partnerships of $42,585 and $32,125 for Series 28 and Series 32, respectively. Of the total proceeds received, $5,700 and $4,300 for Series 28 and Series 32, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $855 and $645 for Series 28 and Series 32, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $36,030 and $27,180 for Series 28 and Series 32, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $36,030 and $27,180 for Series 28 and Series 32, respectively, as of December 31, 2014.

Series 29

As of December 31, 2014 and 2013, the average Qualified Occupancy for the Series was 99.0%. The series had a total of 10 properties at December 31, 2014, of which 9 were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 29 reflects a net loss from Operating Partnerships of $(625,389) and $(753,777), respectively, which includes depreciation and amortization of $1,215,896 and $1,699,327, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2013, the operating general partner of Collins Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 4, 2013. The sales price of the property was $678,600, which included the outstanding mortgage balance of approximately $624,600 and cash proceeds to the investment partnership of $54,000. Of the total proceeds received by the investment partnership, $1,452 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $47,548 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $47,548 as of December 31, 2013. An additional gain of $1,962 was recorded on the sale as of December 31, 2013.

Lombard Partners, LP (Lombard Heights Apts.), located in Springfield, Missouri, operated below breakeven starting in 2005. The property suffered from ineffective management, which led to poor physical condition and low occupancy. Average occupancy was 72%, 47% and 70%, respectively, in 2005, 2006 and 2007. In the first quarter of 2007, the investment general partner learned that the property was five months in arrears on its mortgage and that the lender had issued a notice of default. The lender replaced on-site management with a third-party management company at the end of the second quarter of 2007. To stabilize the property, the lender depleted the replacement reserve account to fund unit turnovers, which improved occupancy to the mid-90%s. The investment general partner and the lender discussed a possible workout, which included replenishing the reserves and paying down the outstanding mortgage. In December 2007, the lender polled the bondholders for their preference in resolving the default. They were given the options of foreclosure sale, 18-month debt forbearance as part of a workout plan, or refinancing the property. On June 30, 2008 the lender notified the investment general partner that the bondholders had approved proceeding with a foreclosure sale. The property was sold on July 31, 2008 for $772,800. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment in the Operating Partnership to zero. Accordingly, no gain from the sale of the Operating Partnership has been recorded.

As a result of the foreclosure, the Operating Partnership lost remaining credits of $47,840. The investment general partner determined that the new owner was not going to continue to operate the property as a Section 42 property. As a result, the Operating Partnership also experienced recapture and interest of $199,516. This represents a loss of tax credits, and recapture and interest of $12 and $49, respectively, per 1,000 BACs. As a result, the investment general partner initiated legal action in 2008 against the guarantors under the Guaranty with a view to recovering the investment limited partner's losses. Counsel initially needed to resolve jurisdictional issues which ultimately allowed it to pursue the guarantors in Massachusetts. Note that the operating general partner's attorney withdrew as defendant's counsel in September 2009. While the individual guarantors had the option of representing themselves, the court ordered the operating general partner's ownership entity to obtain new counsel and file a notice of appearance by November 6, 2009, which it did not do. This failure to comply with the court order exposed the defendants to the risk of sanctions up to and including a default judgment. The investment general partner's counsel filed a motion for sanctions with the court in December 2009 that led to the scheduling of a court hearing on this matter in May 2010. In late May 2010, the court granted the investment general partner's motion for sanctions. The hearing on the sanctions occurred on January 31, 2011. On March 30, 2011 the court approved a damages judgment of $389,043, plus legal costs and interest of $29,726. This decision likely increased the chance of some recovery from the guarantors; however, the size of that recovery is difficult to predict since the guarantors' financial situation is unknown to the investment general partner.

As a follow up to the judgment rendered by the Massachusetts court, counsel for the investment general partner filed a motion "in aid of judgment" in mid-April 2011 requesting that the court authorize him to depose the defendants regarding their current financial situation and their ability to pay the aforementioned judgment. A ruling on this motion was expected by the end of the second quarter of 2011; however, that did not occur as a result of local Missouri counsel not filing the petition to register the judgment until October 6, 2011. In late December 2011, the attorney for the operating general partner and the guarantors filed a motion to quash the aforementioned deposition. This motion was subsequently withdrawn by the attorney for the guarantors on January 12, 2012. On February 28, 2012, new counsel for the operating general partner filed a motion in Missouri to quash the deposition and to stay enforcement of the Massachusetts judgment. On March 1, 2012, the Missouri Court approved the aforementioned motion. This sent the case back to the Massachusetts court to correct the original judgment. On May 21, 2012, the Massachusetts court denied the operating general partner's motion for relief from judgment and amended the judgment previously entered. At the end of the second quarter of 2012, counsel for the investment general partner was notified by counsel for the operating general partner that it intends to file an appeal of the May 21, 2012 ruling. On June 20, 2012, the Missouri court lifted its stay and authorized commencement of post-judgment discovery.

Counsel for the investment general partner took a deposition from the operating general partner on August 8, 2012 in an effort to ascertain whether the operating general partner has the financial capacity to pay the judgment and penalties that have been awarded to date. Based on information revealed during the deposition, it appears that the operating general partner has been depleting its assets via transfers of assets to various family members. Counsel for the investment general partner filed a petition in Missouri Circuit Court on October 30, 2012 arguing that the aforementioned asset transfers were fraudulent, notifying the transferees that the assets they received from the guarantors were transferred to them fraudulently, and requesting that the subject transfers be voided. In late December 2012, the guarantors filed a motion with the court denying that the conveyance of assets was fraudulent. Counsel for the investment general partner responded in early January 2013 by requesting documentation on the asset transfers and explanations from the guarantors as to why the transfers were not fraudulent in nature under the Missouri Uniform Fraudulent Transfer Act. The defendant filed an appeal of the judgment in Massachusetts Court on January 22, 2013, the last day permitted for filing such an appeal. On March 7, 2013, counsel for the investment general partner filed its appeal brief with the Massachusetts Court. The Appellate Court Hearing was held on September 17, 2013. On February 27, 2014, the Appellate Court ruled in favor of the plaintiff (i.e. the Investment Limited Partner) and re-affirmed the March 30, 2011 judgment. With this favorable ruling from the Massachusetts appellate judge, counsel for the plaintiff had planned on re-filing a motion in Missouri Court in the second quarter of 2014 to enforce the Massachusetts judgment; however, the plaintiff's local counsel (i.e. Missouri counsel) withdrew from the case in the second quarter of 2014 due to a conflict. A replacement local counsel was hired in late May 2014. The judgment and motion to lift the stay were filed in the Missouri Court in early October 2014. Once the order to lift the stay is approved by the Missouri Court, the discovery process and attempts to enforce and collect the judgment will resume. On January 6, 2015, the defendant's counsel confirmed that it was not contesting the judgment and motion to lift the stay, however, as of that date the Missouri Court had still not acted. Note that in September 2012, counsel for the investment general partner proposed a settlement equal to the judgment amount (waiving legal fees and interest penalties) to counsel for the operating general partner; this offer was rejected. To date, the parties remain unable to agree on the suitable size of a settlement.

In December 2014, the investment general partner transferred its interest in Bryson Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $304,849 and cash proceeds to the investment partnership of $41,978. Of the total proceeds received, $1,719 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $37,759 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $37,759 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Northfield Apartments III Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,250,000 and cash proceeds to the investment partnership of $15,000. Of the total proceeds received, $13,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

Westfield Apartments Partnership (Westfield Apartments) is a 40-unit property located in Welsh, Louisiana. Average occupancy in 2014 was 77% and property operations remained below breakeven. Management's marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. The property continues to offer a move-in incentive to encourage qualified applicants to lease. The local economy remains weak but new companies and employment opportunities are slowly returning to the area. The balance sheet shows considerable accounts payable, due mainly to affiliated entities, and minimal operating cash. The operating general partner has stated that any operating deficits will be funded by deferring related party management company fees and, if necessary, they will advance funds to the operating partnership. The investment general partner conducted a site visit in March 2014 and found the property to be in good condition. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period for Westfield Apartments Partnership expired on December 31, 2013.

In August 2013, the investment general partner transferred its interest in Barrington Cove, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,962,630 and cash proceeds to the investment partnership of $100. The proceeds of $100 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $100 as of September 30, 2013.

In December 2013, the operating general partner of Lutkin Bayou Apartments, LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 4, 2013. The sales price of the property was $852,474, which included the outstanding mortgage balance of approximately $762,474 and cash proceeds to the investment partnership of $90,000. Of the total proceeds received by the investment partnership, $917 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $84,083 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $84,083 as of December 31, 2013.

In December 2013, the investment general partner transferred its interest in Northway Drive, Ltd. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,189,577 and cash proceeds to the investment partnership of $222,963. Of the total proceeds received, $4,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $7,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $210,963 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $210,963 as of December 31, 2013.

In December 2014, the investment general partner transferred its interest in Jackson Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,755,000 and cash proceeds to the investment partnership of $3,000. Of the total proceeds received, $1,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Rhome Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,667 and cash proceeds to the investment partnership of $113,221. Of the total proceeds received, $1,175 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $109,546 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $109,546 as of December 31, 2014.

In December 2014 the investment general partner transferred its interest in Jacksboro Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $478,389 and cash proceeds to the investment partnership of $3,125. Of the total proceeds received, $625 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 29. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Glenbrook Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $394,599 and cash proceeds to the investment partnership of $13,453. Of the total proceeds received, $1,200 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,753 were returned to cash reserves held by Series 29. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $9,753 as of December 31, 2014.

Series 30

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 12 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 30 reflects a net loss from Operating Partnerships of $(384,940) and $(477,111), respectively, which includes depreciation and amortization of $662,354 and $786,745, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Bellwood Four LP (Whistle Stop Apartments) is a 28-unit property in Gentry, Arkansas. Occupancy has historically been an issue for the property. Annual occupancy averaged 84% in 2013. However, occupancy increased during 2014, finishing December at 96%. Occupancy issues have been caused by the loss of large employers in the area, onsite management changes, and the property's very rural location. A new onsite manager was assigned to the property in 2014 and has had a positive impact. Through December 2014, operations are slightly below breakeven. Management continues to run advertisements in local media outlets and to distribute fliers in adjacent towns in hopes of attracting qualified tenants. Management has an ongoing dialogue with the local Department of Housing and Urban Development office seeking new residents and aid for current residents who have difficulty paying rent. As a rental incentive, management continues to offer two months of free electricity. In an effort to minimize expenses, property management completes as many work orders as possible in-house. The Operating Partnership's $300,000 Arkansas Development Finance Authority loan was restructured and the maturity date extended from June 1, 2013 to April 1, 2018. Cash flow improved slightly as a result of the restructuring as the new loan terms are more favorable and have reduced annual debt service. The mortgage, real estate tax, and insurance payments are current. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Bellwood Four LP.

JMC, LLC (Farwell Mills Apts.) is a 27-unit property in Lisbon, ME. The property continued to operate below breakeven through the fourth quarter of 2014 due to high utility, maintenance, and legal expenses. Utility costs were high due to the severe cold weather experienced in December. Maintenance costs were high due to painting for unit turns, HVAC and plumbing repairs, snow removal, and contract services and supplies. The property was faced with legal costs due to an eviction and court ordered payment plans with current residents. As of December 31, 2014 occupancy was 96%. Average occupancy for the year was 97%. Tenant receivables rose significantly during the year due management's lack of focus on collection efforts. A new regional manager was assigned to the property in November 2014 to provide greater oversight and in an effort to enforce timely rental payments. The new manager is aggressively working through the court on structured payment plans. The operating general partner funds cash deficits by deferring fees owed to the affiliated management and maintenance companies. The investment general partner conducted a site visit in the third quarter of 2014 to evaluate the physical condition of the property and assess management. The property was in good physical condition with no deferred maintenance noted. All tax, insurance, and mortgage payments are current. The operating general partner's operating deficit guarantee, capped at $400,000, expired in July 2013. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to JMC, LLC.

Linden Partners II (Western Trails Apartments II) is a 30-unit property located in Council Bluffs, IA. In 2014 accounts payable have grown as the property has operated below breakeven, largely due to fluctuating occupancy and recurring maintenance expense requirements associated with the property's age. Occupancy dipped to an 84% average in the third quarter, then trended up to 100% reported as of December 31, 2014. Occupancy at the site has continued to be adversely impacted by newer competitive developments that offer superior amenities at similar or lower rent levels. Management has continued to market the property and offer attractive rental incentives including one month's free rent for new residents who sign a twelve month lease, offering to equip units with washers and dryers for all new residents and by implementing a reduction in the three bedroom unit rents, from $730 to $630 on six month leases. In the third quarter of 2014 an extension was granted for the property's first mortgage; the loan's new maturity date is September 1, 2016. The property's second mortgage, in the form of a soft HOME loan, matures in August of 2015. As of December 31, 2014, all tax, insurance, and debt payments were current. The low income housing tax credit compliance period expired on December 31, 2013.

In December 2014 the investment general partner transferred its interest in Nocona Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $592,788 and cash proceeds to the investment partnership of $35,230. Of the total proceeds received, $11,100 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,630 were returned to cash reserves held by Series 30. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $21,630 as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Madison Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,454,045 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $46,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Graham Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,228,988 and cash proceeds to the investment partnership of $3,975. Of the total proceeds received, $1,475 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 will be to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In December 2014, the investment general partner transferred its interest in Bowie Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,020 and cash proceeds to the investment partnership of $3,425. Of the total proceeds received, $925 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 30. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

Series 31

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 20 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 31 reflects a net loss from Operating Partnerships of $(426,309) and $(549,954), respectively, which includes depreciation and amortization of $1,874,447 and $2,183,640, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Canton Housing One, LP (Madison Heights Apartments) is an 80-unit property located in Canton, Mississippi. Occupancy was 54% as of December 31, 2014. The property continues to experience increased turnover primarily due to evictions for non-payment of rent and skips. Maintenance costs remain high due to turnover. Management has taken several measures in its effort to increase occupancy. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. Further, arrangements were made to employ a full-time manager at the site and extra personnel have been hired to turn vacancies. However, as a result of low occupancy and higher expenses, the property operated below breakeven in the fourth quarter of 2014. All mortgage, insurance, and tax payments are current. Despite the expiration of the operating deficit guaranty, the operating general partner continues to advance funds to cover deficits as needed. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Canton Housing One, LP.

Canton Housing Two (Canton Village Apartments) is a 42-unit property located in Canton, Mississippi. The property continues to experience increased turnover primarily due to evictions for non-payment of rent and skips. The struggle with vacancy is a direct reflection of economic conditions in Canton, where ongoing job losses have led to increased evictions and migration from the area. In addition, there were several gang-related incidents at or near the property in 2012. Because of the gang activity, management hired a police officer to patrol the site and is working with the local police department to ensure extra patrols and support for the property. The police officer stays at Canton Housing One, a nearby property. Management has also taken several measures in its effort to increase occupancy. Management continues to focus marketing efforts on internet advertising. They also perform outreach to the local HUD office, the Mississippi Housing Authority, and the Madison County housing agencies. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. As a result of the marketing efforts occupancy increased to 88% as of December 31, 2014 and the property operated slightly above breakeven in the fourth quarter. All mortgage, insurance, and tax payments are current. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Canton Housing Two, LP.

Canton Housing Three, LP (Royal Estate Apartments) is a 32-unit property located in Canton, Mississippi. The property experienced increased turnover in 2014 primarily due to evictions for non-payment of rent and skips and operated below breakeven. The struggle with vacancy is a direct reflection of economic conditions in Canton, where ongoing job losses have led to increased evictions and migration from the area. In addition, there were several gang-related incidents at or near the property in 2012. Because of the gang activity, management hired a police officer to patrol the site and is working with the local police department to ensure extra patrols and support for the property. The police officer stays at Canton Housing One, a nearby property. Management has also taken several measures which have resulted in increased occupancy in the first quarter 2014; however, occupancy continues to fluctuate. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. Occupancy was 69% as of December 31, 2014. As a result of low occupancy, the property operated below breakeven in the fourth quarter of 2014. Despite the expiration of the operating deficit guaranty, the operating general partner continues to advance funds to cover deficits as needed. All mortgage, insurance, and tax payments are current. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Canton Housing Three, LP.

Canton Housing Four, LP (Canton Manor Apartments) is a 32-unit property located in Canton, Mississippi. Occupancy was 72% as of December 31, 2014. The property continues to experience high turnover primarily due to evictions for non-payment of rent and skips. The continued struggle with vacancy is a direct reflection of economic conditions in Canton, where ongoing job losses have led to increased evictions and migration from the area. In addition, there were several gang-related incidents at or near the property in 2012. Because of the gang activity, management hired a police officer to patrol the site and is working with the local police department to ensure extra patrols and support for the property. The police officer stays at Canton Housing One, a nearby property. Management has also taken several measures in its effort to increase occupancy. Advertisements have been placed in the local newspapers and management is offering move-in rental concessions. As a result of low occupancy, the property operated below breakeven in the fourth quarter of 2014. All mortgage, insurance, and tax payments are current. Despite the expiration of the operating deficit guaranty, the operating general partner continues to advance funds to cover deficits as needed. On December 31, 2012, the 15-year low income housing tax credit compliance period expired with respect to Canton Housing Four, LP.

Riverbend Housing Associates, LP (Riverbend Estates) is a 28-unit development in Biddeford, ME. The property continued to operate below breakeven through the fourth quarter of 2014 as a result of high utility, maintenance, legal, and bad debt expenses. Although occupancy dropped to 85% in the second quarter, it improved to 100% as of December 31, 2014. The improvement in occupancy has been due to the new regional manager hired in November 2014. Utility costs were high during the fourth quarter due to the severe cold weather experienced in December. Maintenance expenses were also high due to required improvements, building supplies, and snow removal. Legal costs were high in the fourth quarter because of an eviction and pending court ordered payment plans with residents who are delinquent on their rent. The new regional manager has stated she is working with current residents on payment plans through the court to enforce timely payments and reduce bad debt. The investment general partner conducted a site visit in the third quarter of 2014 to assess the physical condition of the property and quality of management. The property showed signs of deferred maintenance. Management has confirmed that these issues were addressed in the fourth quarter. All tax, insurance, and mortgage payments are current. The operating general partner funds deficits by deferring fees owed to affiliated management and maintenance companies. On December 31, 2013, the 15-year low income housing tax credit compliance period expired with respect to Riverbend Housing Associates, LP.

Seagraves Apartments, L.P., A Texas Limited Partnership, (Western Hills Apartments) is a 16-unit family property in Ferris, Texas. Only 13 of the 16 units offer rental assistance and management has difficulty finding qualified applicants that can afford the rent on the three non-rental assisted units. Management continues to market the property through the approved Affirmative Fair Housing Marketing Plan. This plan consists of biannual information letters sent to local charity, church, and disability programs. Advertisements in local newspapers maintain exposure for the property and alert potential residents to specials being offered. A rent increase took effect on January 1, 2014, which will help achieve breakeven operations with only 13 units occupied. Occupancy is averaging 86% as of December 31, 2014, with operations above breakeven status. The balance sheet is weak with low operating cash and high payables. The operating general partner continues to fund deficits and all real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expired on December 31, 2014.

Pilot Point Apartments, LP (Pilot Point Apartments) is a 40-unit family property in Pilot Point, Texas. The property is located approximately 60 miles north of Dallas. Thirty-six of the units receive USDA/RD rental assistance. Historically, management has had difficulty finding qualified applicants for the four units without rental assistance. The property has operated below breakeven since 2012 due to high operating expenses and low occupancy. Occupancy has steadily improved throughout 2014, averaging 93% for the year. Management increased advertising in the local newspapers and managers from affiliated properties in the area are referring qualified applicants to Pilot Point. Through improved occupancy, increased rental revenue and lower expenses, the property has above breakeven operations for the year. Real estate taxes, insurance, and mortgage payments are current. The low income housing tax credit compliance period expired on December 31, 2013. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Pilot Point Apartments, LP subsequent to December 31, 2014.

In November 2013, the investment general partner transferred its interest in Brittney Square Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $651,868 and cash proceeds to the investment partnership of $20,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,000 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $15,000 as of December 31, 2013.

In January 2014, the investment general partner transferred its interest in Double Springs Manor II, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $263,863 and cash proceeds to the investment partnership of $100,000. Of the total proceeds received, $5,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $95,000 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $95,000 as of March 31, 2014.

In December 2014, the investment general partner transferred its interest in Windsor Park Partners Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $6,500,000 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 31. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the transfer of the Operating Partnership, net of the overhead and expense reimbursement, has been recorded as of December 31, 2014.

In March 2014, the investment general partner transferred its interest in Hurricane Hills II LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $548,850 and cash proceeds to the investment partnership of $516,813. Of the total proceeds received, $2,257 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $514,556 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $514,556 as of March 31, 2014.

Sencit Hampden Associates, LP (Roth Village) is a 61-unit property located in Mechanicsburg, PA. In 2013 occupancy averaged 100% but the property operated below breakeven largely as result of insufficient rental rates. The property continued to operate below breakeven through December 31, 2014, despite achieving 100% occupancy though out the entire year. Payables escalated 40% since the 2013 audit, but the majority are under 60 days past due and are primarily owed to a related party. The project has utilized $36,000 of replacement reserve withdrawals in 2014 to largely address concrete settling, ground erosion, hot water heater replacements and unit turnover costs. In the fourth quarter, $2,500 was used to replace windows and appliances. The investment general partner continues to encourage the operating general partner to work with the Pennsylvania Housing Authority to increase rents at the property that are governed under the Penn Homes Program limitations. As of December 31, 2014, tax and insurance payments were current. Mortgage payments have been made through December, 2014. However, there is a $9,000 balance in excess of 30 days due as the lender applied some of the recent principal and interest payments to underfunded tax and insurance escrow balances. Management has been making additional monthly payments in effort to eliminate the remaining unpaid principal and interest balance. There are no defaults to date. The low income housing tax credit compliance period for Sencit Hampden Associates, LP expired on December 31, 2012.

In December 2014, the investment general partner transferred its interest in Cleveland Partners to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,415,234 and cash proceeds to the investment partnership of $205,201. Of the total proceeds received, $16,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $187,701 were returned to cash reserves held by Series 31. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $187,701 as of December 31, 2014.

Series 32

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 12 properties at December 31, 2014, all of which were at 100% Qualified Occupancy

For the nine month periods ended December 31, 2014 and 2013, Series 32 reflects a net loss from Operating Partnerships of $(848,401) and $(846,296), respectively, which includes depreciation and amortization of $1,518,849 and $1,589,992, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Cogic Village LDHA Limited Partnership (Cogic Village Apartments) is a 136-unit family property located in Benton Harbor, MI. The property has operated below breakeven since 2012 due to the soft local employment market. Occupancy averaged 90% in 2012 and 2013. Management has indicated that the majority of employed prospective tenants are over income. Maintenance expenses have trended higher at the property and are related to turnover costs. Through December 2014, the property operated slightly below breakeven with occupancy averaging 92%. Occupancy trended upward after the end of the harsh 2013 winter and with the receipt of tax refunds by tenants; however, occupancy slipped through the summer, primarily due to job loss. The operating general partner is focused on refinancing the property to improve cash flow. The current mortgage matures December 31, 2016, with a balloon payment due at that time. The mortgage, tax, and insurance payments are current as of December 31, 2014. The tax credit compliance period expired December 31, 2013.

Indiana Development, LP (Clear Creek Apartments) is a 64-unit development, located in North Manchester, Indiana. In the years prior to 2008, the property operated considerably below breakeven as a result of low occupancy and incurred significant operating deficits. During that period, the operating general partner, who does not have an affiliated management company, employed five different management companies in search of one that could improve operations. In early 2008 in connection with a portfolio-wide debt restructuring, the operating general partner engaged a third party management company to manage its portfolio of LIHTC properties including Clear Creek Apartments. This management company moderately improved operations; however, effective November 1, 2013 the operating general partner engaged a different third party management company in an attempt to further improve property operations at Clear Creek Apartments and its other LIHTC properties which are located in Michigan. After the initial transition period, the new third party management company indicated that due to the unsatisfactory performance of the staff it would replace both the site manager and maintenance staff in the first quarter of 2014. As of January 2015, a new maintenance technician has been hired and is working out well; however, management has struggled to find a suitable permanent replacement site manager with the position having turned over several times in 2014. Occupancy dropped off in December 2013 and remained low at the end of 2014 due to unexpected move outs and the repeated turnover in the site manager position. Average occupancy was 82% in 2014, falling to 73% as of December 31, 2014, compared to 93% and 96% for 2013 and 2012, respectively. The local economy in northern Indiana remains weak; the unemployment rate in Wabash County, IN has ranged between 15.3% and 16.2% from the fourth quarter of 2013 through the fourth quarter of 2014. Rental rates have remained flat in recent years and are at a reduced level in order to compete with other properties in the sub-market. The property operated below breakeven in 2014 primarily due to an increase in vacancy loss as well as higher payroll and other contract expenses during the transition to new site staff. Negative operations have been financed by operating deficit advances from the operating general partner and affiliates, even though its operating deficit guaranty expired in June 2004. Operating deficit advances provided by the operating general partner totaled approximately $114,300 (unaudited) in 2014, and $22,841 and $52,907 in 2013 and 2012, respectively. The mortgage, tax and insurance payments are current as of December 31, 2014.

In September 2014, the investment general partner transferred its interest in Chardonnay Limited Partnership to an entity affiliated with the operating general partner for cash proceeds to the investment partnership of $15,000. The mortgage has been paid off. Of the total proceeds received, $3,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,000 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $12,000 as of September 30, 2014.

Mesquite Trails L.P. (Mesquite Trails) is a 36-unit project located in Jacksboro, TX. The property was rehabbed in 1997 and has historically operated above breakeven. Since 2013, due to the age of the property, numerous water leaks have been found in underground pipes that continue to cause utility expenses and repair costs to increase. Management reports that occupancy is strong, at 95% through year end 2014 but with operations below breakeven. The operating general partner continues to advance funds as needed. The mortgage, insurance and taxes payments are current. The low income housing tax credit compliance period expired on December 31, 2012.

Series 33

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 33 reflects a net loss from Operating Partnerships of $(260,414) and $(227,213), respectively, which includes depreciation and amortization of $677,718 and $667,600, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In January 2015, the investment general partners transferred its interest in Merchants Court, LLP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,231,808 and cash proceeds to the investment partnerships of $41,722 and $81,278 for Series 33 and Series 34, respectively. Of the total proceeds received, $41,213 and $80,287 for Series 33 and Series 34, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $509 and $991 for Series 33 and Series 34, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 33 and Series 34, respectively.

Stearns Assisted Housing Associates, LP (Stearns Assisted Housing) is a 20-unit senior property in Millinocket, ME. Despite strong occupancy of 100% as of December 31, 2014, the property continued to operate at a deficit through the fourth quarter of 2014 due to high utility and maintenance expenses. The high utility costs are directly related to the severe cold weather experienced in December, high fuel costs, an inefficient heating system, and the building's infrastructure. Maintenance expenses, inclusive of snow removal and elevator contract charges, were high in the fourth quarter. To offset the high expenses, management implemented a rent increase in 2013 which increased revenue by 8%. Despite the rent increase, the property still operated at a deficit in 2014. Management is evaluating whether another rent increase is feasible in 2015. The investment general partner conducted a site visit in the third quarter of 2014 to assess the physical condition of the property and the quality of management. The property was in good physical condition with only some minor asphalt repairs needed, which the operating general partner has stated will be completed in the spring of 2015. The maintenance person visits the property daily to address any ongoing operational issues, which has been effective in keeping the property in good condition. The operating general partner's operating deficit guaranty is unlimited in time and amount and he continues to fund deficits. The investment general partner was informed in January 2015 that the outstanding real estate taxes due to the Town of Millinocket were paid in full. The investment general partner confirmed with the Town of Millinocket there are no past due taxes and the tax lien has been removed. The mortgage, taxes, and insurance payments are current. The 15-year low income housing tax credit compliance period with respect to Stearns Assisted Housing Associates expires on December 31, 2015.

In January 2015, the investment general partner transferred its interest in Southaven Partners I, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,670,000 and cash proceeds to the investment partnerships of $53,220 and $504,062 for Series 33 and Series 34, respectively. Of the total proceeds received, $141 and $1,335 for Series 33 and Series 34, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $53,079 and $502,727 for Series 33 and Series 34, respectively, were returned to cash reserves held by Series 33 and Series 34, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution.

Series 34

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 12 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 34 reflects a net loss from Operating Partnerships of $(396,493) and $(478,253), respectively, which includes depreciation and amortization of $1,126,273 and $1,408,564, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Belmont Belmont Affordable Housing II, LP (Belmont Affordable Housing Two Apartments) is a 20-unit scattered site property in West Philadelphia, Pennsylvania. In 2013, the property operated below breakeven due to high operating expenses. Operating expenses increased approximately $22,000 from the prior year due to high maintenance costs. Despite repeated requests, no financial reporting has been received in 2014. Both the operating general partner and management company continue to be unresponsive to various requests and questions from the investment general partner. The investment general partner will continue to follow-up until the reporting improves. The first mortgage was paid off in December 2013 with only soft debt remaining; this has resulted in significant savings in debt service payments going forward. The investment general partner performed a site inspection in September 2014 and found the property to be in good condition. At the time of the inspection, the property was 95% occupied, with one unit vacant. The 15-year low income housing tax credit compliance period with respect to Belmont Affordable Housing II expired on December 31, 2013. The investment general partner is in the process of exploring various disposition opportunities consistent with the investment objectives of the investment partnership.

In January 2015, the investment general partner transferred its interest in HWY. 18 Partners, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $9,555,229 and cash proceeds to the investment partnerships of $8,837 and $19,002 for Series 34 and Series 37, respectively. Of the total proceeds received, $8,361 and $17,978 for Series 34 and Series 37, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the transfer. Of the remaining proceeds, $476 and $1,024 for Series 34 and Series 37, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 34 and Series 37, respectively.

RHP 96-I, LP (Hillside Club I Apartments) is a 56-unit property located in Petoskey, Michigan. In the years prior to 2008, Hillside Club I Apartments operated below breakeven as a result of low occupancy and incurred significant cash deficits. Also prior to 2008, the operating general partner, who does not have an affiliated management company, employed several third party management companies to manage the property. In early 2008, in connection with a portfolio-wide restructuring, the operating general partner hired a third party management company, who subsequently was able to make some modest improvements to property operations. Effective November 1, 2013 the operating general partner engaged a different third party management company in an attempt to further improve property operations. Average occupancy was 97% in 2014, compared to 92% reported for 2013 and 2012.

The local economy in northern Michigan suffered in 2008 - 2010 before starting to show some improvement beginning in 2011. Property operations have also improved recently. The property operated at about breakeven in 2014 as occupancy and rental rates increased. Comparatively, net cash flow expended from property operations totaled ($41,033) and ($10,586) in 2013 and 2012, respectively. In 2013, the property had higher maintenance expense and real estate taxes (further discussed below) offset by higher rental income. In 2012, the property experienced higher maintenance and bad debt expenses offset by higher rental income and lower real estate taxes. Negative operations were financed through increased payables and approximately $24,200 of operating deficit advances in 2013 from the operating general partner and its affiliate. Note that the operating general partner's unlimited operating deficit guarantee expired on July 31, 2003.

On December 6, 2010 the Operating Partnership received a formal default notice from the first mortgage lender indicating a mortgage payment deficiency of $40,426. The first mortgage lender continued to accept monthly mortgage payments through June 2011 during the period of the ongoing mortgage default. On May 11, 2011 the Operating Partnership received an event of default notice accelerating the full amount of the debt and triggering the accrual of default interest. In addition, the Operating Partnership's 2010 PILOT payment of $31,697 was due to the local taxing authority by June 15, 2011.

On June 30, 2011 the investment general partner provided a loan of $78,448 from fund reserves to the Operating Partnership. From these funds, $46,751 was paid to the first mortgage lender to cure the mortgage default, $20,000 was paid to the taxing authority for the outstanding 2010 PILOT charge, and $11,697 was withheld by the investment general partner and designated for use at a potential future refinancing of the mortgage note. The loan from the investment general partner bears interest at prime plus 1%, was due and payable from property cash flow by December 31, 2013, and is secured by the operating general partner's general partner interest in the Operating Partnership as well as cash flows from the general partnership interest in Hillside Club II LDHA LP, an unaffiliated entity that owns the adjacent, Phase II property. The investment general partner is currently in discussions with the operating general partner regarding the repayment of the principal and interest that are past due on the subject loan.

The PILOT for Hillside Club I Apartments expired on December 31, 2010, resulting in an increase in real estate taxes from $31,697 in 2010 to $66,898 in 2011. On February 1, 2012, the lender issued a notice of default to the Operating Partnership because the real estate tax escrow did not have sufficient funds to pay the initial installment due to the taxing authority on February 14, 2012 of approximately $52,000. The lender subsequently used replacement reserves and other funds to make a protective advance to pay the initial real estate tax installment. On March 30, 2012, the operating general partner reached an installment payment agreement with the lender to repay the amount of the protective advance at the default rate and replenish the replacement reserves. The last payment installment to repay the protective advance was made by the operating general partner to the lender on April 30, 2012. In addition, the operating general partner reached an agreement with the taxing authority to reduce the assessed value of the property so that real estate taxes were reduced to approximately $34,000 in 2012. Real estate taxes were subsequently increased to approximately $46,000 for 2013 and 2014. As of December 31, 2014, all mortgage, tax, and insurance payments are current. The 15-year low income housing tax credit compliance period with respect to RHP-I 96, LP expired on December 31, 2014.

Howard Park Limited Partnership (Howard Park Apartments) is a 16-unit family property in Florida City, FL. In 2007 the property was assessed incorrectly, resulting in high property taxes for years 2007 through 2009; property operations were unable to support the high real estate tax burden. The operating general partner was successful in reducing the property's assessed value for 2010 onward, but needed to provide a personal loan to pay the 2007 and 2008 taxes. The operating general partner should have made the personal loan to Howard Park but instead took out a loan. Improper monthly payments of principal and interest were made on the loan from the Operating Partnership during 2010 and 2011. This additional debt drove operations below breakeven despite high average occupancy.

A demand notice was sent to the operating general partner during the first quarter of 2012 requesting the return of the funds improperly paid out of the Operating Partnership toward the personal loan. The investment general partner also discussed the loan treatment with the auditors and the loan was properly reflected on the 2012 audit

Through December 31, 2014, occupancy was 94%, and the property operated below breakeven. The first mortgage matured on April 1, 2014. The operating general partner refinanced the property without consent of the investment general partner. The low income housing tax credit compliance period expired on December 31, 2014. All debt service insurance and real estate tax payments are current through December 31, 2014. The 2014 real estate taxes of $9,500 are paid in arrears, and come due the second quarter of 2015.

In March 2014, the investment general partner transferred its interest in Allison Limited, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $401,637 and cash proceeds to the investment partnership of $180,000. Of the total proceeds received $667 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $176,333 were returned to cash reserves held by Series 34. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $176,333 as of March 31, 2014.

Series 35

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 35 reflects a net loss from Operating Partnerships of $(241,677) and $(292,709), respectively, which includes depreciation and amortization of $1,066,886 and $1,065,218, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Woods, LP (Columbia Woods Townhomes) is a 120-unit family property located in Newnan, GA. The property has historically struggled with high operating expenses, resulting in below breakeven operations. Through the fourth quarter of 2014, the property continued to operate below breakeven due to concession loss, high operating expenses, and high debt payments. The property is located in a concession driven market, to compete effectively in the market management offers a $0 security deposit move-in special along with business and realtor referral fees of fifty dollars. Despite slight dips, the occupancy remained strong, averaging 95% year-to-date in 2014. The property continues to be marketed via rental websites, print advertising, outreach marketing to local businesses, and the Newnan Housing Authority. There were increases in real estate taxes, administrative expenses from a newly hired property manager in October, and repair expenses due to carpet and water heater replacements. However, the increases were offset by lower bad debt from improved market conditions and lower water/sewer expenses since the property had a water line leak in the prior year.

The operating general partner previously explored refinancing options that would lower the debt service on the property. However, the current loan includes a substantial yield maintenance premium which would be incurred upon early repayment and the lender is unwilling to negotiate this penalty. A refinance is therefore cost prohibitive. The balance sheet shows considerable accounts payable, due mainly to affiliated entities, and minimal operating cash. The operating general partner's obligation to fund deficits under the operating deficit guaranty has expired; however, the operating general partner continues to fund deficits and has affirmed its commitment to continue doing so. Real estate taxes, mortgage, and insurance payments are current. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

In January 2015, the investment general partner transferred its interest in Ashton Cove, Limited Partnership to entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,397,813 and cash proceeds to the investment partnership of $10,000. Of the total proceeds received, $8,500 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. There were no remaining cash proceeds to be returned to cash reserves held by Series 35.

Series 36

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 36 reflects a net loss from Operating Partnerships of $(407,327) and $(309,821), respectively, which includes depreciation and amortization of $697,265 and $681,862, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2012, the operating general partner of Aloha Housing LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on December 21, 2012. The sales price of the property was $5,500,000, which included the outstanding mortgage balance of approximately $1,749,703, a seller's note equal to $750,000 (which the investment limited partnership has a 50% ownership interest), and cash proceeds to the investment partnership of $1,324,272. Of the total proceeds received by the investment partnership, $77,000 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,242,272 were returned to cash reserves held by Series 36. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. The buyer executed a Post Transfer Compliance and Indemnity Agreement indemnifying Series 36 in the event of recapture. Note that the operating general partner wired an additional $131,000 from its share of the net sale proceeds to the investment general partner to be held as security for the Post Transfer Compliance and Indemnity Agreement. The $131,000 will be returned to the operating general partner approximately three years after the expiration of the compliance period assuming there is no event of recapture. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $1,242,272 as of December 31, 2012. In April 2014, the investment partnership received additional proceeds for its share of the Operating Partnership's cash accounts in the amount of $25,054, which were returned to the cash reserves held by Series 36.

Nowata Village, LP (Nowata Village Apartments) is a 28-unit property in Nowata, OK. The property has historically operated with low occupancy and below breakeven operations. The property operated slightly below breakeven in 2013 despite a small increase in occupancy due to completion of deferred maintenance items associated with updating units. Deferred maintenance items included floor and carpet replacements, new lighting, and new appliances. Expenses continued to trend high in 2014; however, the property is operating slightly above breakeven. The positive cash flow was primarily due to management's use of the replacement reserve to fund expenses. Major maintenance costs included the replacement of two roofs following storm damage in February and the replacement of all windows in July. The roof replacements were covered by insurance proceeds, net of a $10,000 deductible, while the windows were paid from a $29,000 withdrawal from the replacement reserve. Occupancy averaged 82% in the fourth quarter and 85% for the year. Occupancy is stalled as management has experienced difficulty filling the property's three vacant market units in a poor leasing environment. A site visit was completed in September 2013 and the property was found to be in good condition. The operating general partner continues to fund deficits as needed. The property's mortgage, real estate tax, and insurance payments are all current. The 15-year low income housing tax credit compliance period with respect to Nowata village LP expired on December 31, 2014.

Series 37

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 7 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 37 reflects a net loss from Operating Partnerships of $(811,631) and $(688,740), respectively, which includes depreciation and amortization of $1,152,618 and $1,186,940, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Baldwin Villas Limited Partnership (Baldwin Villas) is a 65-unit property located in Pontiac, MI. The project consists of three and four-bedroom single family rental homes, with a home ownership option available to qualifying tenants. Because the cost to build the project approximated the cost for a single-family development, construction of the project required a significant amount of debt. As a result, the rent structure required to support the project is high, with most tenants needing significant subsidies to afford the $900+/per month rents. Since the operating general partner does not have an affiliated property management company, the property has been managed since inception by third party property management agents. The property experienced a significant decline in operations and cash flow starting in the fourth quarter of 2006 and has struggled for a variety of reasons since then. Cash flow has been negative each year since 2007, including in 2014. As of December 31, 2014, Baldwin Villas had significant unpaid debt service obligations, accrued real estate taxes, and operating payables. It also has several deferred maintenance items that have not been addressed due to the property's weak operating cash flow and lack of reserves.

Since 2008, Baldwin Villas has had numerous monetary and technical defaults on its first mortgage debt. The Operating Partnership obtained the initial funding for this project from variable rate bonds issued by the state housing authority. These bonds were secured by an irrevocable letter of credit issued by a local bank. The letter of credit fee, which had been accruing at approximately $33,000 per quarter, totaled approximately $213,000 on August 30, 2011 when the letter of credit was drawn on and the bonds were redeemed at par. This event converted the original bond financing for the Operating Partnership to a traditional commercial real estate mortgage loan that became personally recourse to one of the principals of the operating general partner.

On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "Settlement Agreement") with the lender resulting in a new mortgage note (the "New Mortgage Note") being executed that is guaranteed by the operating general partner and its principals. Under the terms of the New Mortgage Note, the principal balance outstanding for the loan was confirmed at $4,809,749. In addition, there is a deferred amount owed to the bank for unpaid letter of credit fees and other bank costs (e.g. legal costs) of $459,856. The interest rate on the New Mortgage Note is prime plus 2%. The New Mortgage Note had a maturity date of June 30, 2013, and monthly installments of $35,000 that commenced on October 22, 2011. According to the Settlement Agreement, Baldwin Villas was also required to make $30,000 installment payments in August and September 2011 to pay down the principal balance of the New Mortgage Note, as well as pay the past due 2009, 2010 and 2011 real estate taxes based on an agreed upon payment schedule. In addition, one of the principals of the operating general partner was required to pay the lender an additional $400,000 toward the mortgage debt with two, $200,000 installment payments, one due on April 30, 2012 and the second one due on November 30, 2012. Furthermore, as part of the Settlement Agreement, Baldwin Villas provided the lender with "consent and confession judgments" through the Circuit Court of Oakland County, MI, which, in the event of a default under the Settlement Agreement, would allow the lender to appoint a receiver who would have the authority to sell the property. The Settlement Agreement was executed without the knowledge or consent of the investment general partner.

The operating general partner has an unlimited operating deficit guaranty to provide operating deficit advances to the Operating Partnership. In 2014, the operating general partner entered into an installment payment agreement with the local taxing authority to pay the 2011 outstanding real estate taxes, interest and penalties. As of December 31, 2014, approximately $74,900 of the amount owed for 2011 had been paid with approximately $61,700 remaining to be paid. In February 2013 and in February 2012, the operating general partner provided approximately $98,500 and $109,000, respectively, to pay in full the 2010 and 2009 outstanding real estate taxes, interest and penalties. In addition, in 2014, 2013 and 2012, the operating general partner provided approximately $18,000 (unaudited), $454,000, and $557,500, respectively, of operating deficit advances to Baldwin Villas primarily to satisfy certain required payment obligations of the New Mortgage Note and Settlement Agreement. From inception through December 31, 2014, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,344,400. As of December 31, 2014 certain required payments per the terms of the New Mortgage Note and Settlement Agreement had been made, others had not. The required $35,000 monthly installment payments for the New Mortgage Note and Settlement Agreement were made through September 2013; however, as of December 31, 2014, payment of the monthly installments were in arrears for over one year with the Operating Partnership making partial payments of approximately $18,000 each month since October 2013. In addition, the 2013, 2012 and 2011 real estate taxes and related interest and penalties, totaling approximately $73,800, $143,700 and $61,700, respectively, had not been paid as of December 31, 2014. The operating general partner indicated that the $200,000 installment payment outlined above and due on April 30, 2012 was paid; however, the $200,000 installment payment that was due on November 30, 2012 has not been paid. The operating general partner continues to negotiate with the lender on an exit strategy for the property (discussed further below). Despite several payment defaults per the terms of the New Mortgage Note and Settlement Agreement, the operating general partner reported that no default notice had been received from the lender by the Operating Partnership as of December 31, 2014.

Average occupancy at the property in 2014 was 82%, compared to 68% and 65% in 2013 and 2012, respectively. Occupancy steadily improved during 2014 reaching 95% as of December 31, 2014. The occupancy challenges at the property had been due in part to the continuing weakness in the local economy and limited job opportunities in the Pontiac area, as well as the lack of available capital to complete costly unit turns. However, since the $35,000 monthly installment payments required per the New Mortgage Note and Settlement Agreement have not been made in full since September 2013, the Operating Partnership has used the unpaid portion of the monthly mortgage payments to pay for unit turn costs. The reported unemployment rate in Pontiac, MI for November 2014 was 15.7% compared to 6.7% for the State of Michigan. In recent years Section 8 vouchers have again become available and as of December 31, 2014 approximately 60% of the property's rented units are occupied by Section 8 voucher holders.

The property has operated significantly below breakeven for the past several years. Operating expenses remain well above state averages due to the fact that the property consists of three and four-bedroom single-family houses. In 2008 - 2010, maintenance expenses were very high due to extremely costly unit turn expenses for these single-family houses. During 2011 and 2012 maintenance expenses declined due to lower occupancy, less cash flow and limited capital from the operating general partner to address the property's maintenance needs. In 2014 and 2013, management addressed the deferred maintenance in some vacant units making them rent ready with operating deficit advances of approximately $7,100 and $65,000, respectively, from the operating general partner. Through December 31, 2014, management has also been able to address the deferred maintenance in some vacant units and make them rent ready with funds available since the Settlement Agreement installment payments were not being made. Utility expenses had also been a problem at the property since late 2010 when occupancy started to decline and the Operating Partnership needing to pay for basic heating and lighting costs (rather than tenants) for the increased number of vacant units. With increased occupancy through December 31, 2014, utility expenses have correspondingly decreased.

In recent years and in 2014 the Operating Partnership has experienced significant negative operations. In 2013 and 2012, the Operating Partnership reported net cash flow of approximately ($598,039) and ($665,046), respectively, due to low occupancy and the resulting low rental revenue, high debt service payment requirements from the Settlement Agreement, and high real estate taxes. Negative operations were primarily funded by advances from the operating general partner, accrual of real estate taxes, and unpaid installment payments owed per the terms of the New Mortgage Note and Settlement Agreement.

Effective November 1, 2013 the operating general partner engaged a new third party management company in an effort to stabilize and improve property operations, as well as to assist the operating general partner with a potential exit and sales strategy (further discussed below).

The operating general partner indicated that it is negotiating with the lender to extend, re-structure, or pay off at a significant discount the New Mortgage Note that matured on June 30, 2013. As of December 31, 2014, the Operating Partnership remains current on its property insurance obligation. As noted previously, real estate taxes for 2013, 2012 and 2011 totaling approximately $279,200 remain unpaid. The operating general partner indicated that it did file appeals for the 2014 and 2013 real estate assessments; these appeals are currently pending. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and unit turn costs. The operating general partner has been proposing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. Despite the existence of numerous payment defaults per the terms of the New Mortgage Note and Settlement Agreement, as of December 31, 2014, the lender has not issued a formal default notice nor has it sought to appoint a receiver as per the terms of the "consent and confession judgments" noted above. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $188,224 is equivalent to recapture and interest of $75 per 1,000 BACs.

Series 38

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at December 31, 2014, all of which were at 100% qualified occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 38 reflects a net loss from Operating Partnerships of $(300,854) and $(306,527), respectively, which includes depreciation and amortization of $760,700 and $791,171, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Operations remained below breakeven during the fourth quarter of 2014 due to high operating expenses and high debt payments. The property has struggled to maintain occupancy over 90% during the last several years and the local market has been very concession driven. However, there have been signs of improvement in 2014 and average occupancy was 98% through the fourth quarter. The operating general partner attributes this improvement to a recovering local economy. However, recent market surveys indicate the local area's rental rates have remained the same or in some cases have been slightly reduced in order to maintain occupancy at an acceptable level. Management continues to market the property via a resident referral program, online rental websites, and print media. No concessions are currently being offered. Maintenance expenses in the fourth quarter consisted of entrance gate repairs and normal expenses of vacant unit preparation, supplies, and concrete, HVAC and appliance repairs. Some of these expenses have been reimbursed from the replacement reserve. The operating general partner previously explored refinancing options that would lower the debt service on the property. However, the current loan includes a substantial yield maintenance premium which would be incurred upon early repayment and the lender is unwilling to negotiate this penalty. A refinance is therefore cost prohibitive. The balance sheet for the property showed little operating cash and high accounts payables; however, the payables were mainly due to affiliates of the operating general partner. The operating general partner's operating deficit guaranty has expired but they continue to fund deficits. The real estate tax, mortgage, and insurance payments are all current. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

Series 39

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 39 reflects net loss from Operating Partnerships of $(299,583) and $(333,641), respectively, which includes depreciation and amortization of $584,386 and $658,304, respectively. This is an interim period estimate; it is not indicative of the final year end results.

Columbia Creek, LP (Columbia Creek Apartments) is a 172-unit family property in Woodstock, GA. Operations remained below breakeven during the fourth quarter of 2014 due to high operating expenses and high debt payments. The property has struggled to maintain occupancy over 90% during the last several years and the local market has been very concession driven. However, there have been signs of improvement in 2014 and average occupancy was 98% through the fourth quarter. The operating general partner attributes this improvement to a recovering local economy. However, recent market surveys indicate the local area's rental rates have remained the same or in some cases have been slightly reduced in order to maintain occupancy at an acceptable level. Management continues to market the property via a resident referral program, online rental websites, and print media. No Concessions are currently being offered. Maintenance expenses in the fourth quarter consisted of entrance gate repairs and normal expenses of vacant unit preparation, supplies, and concrete, HVAC and appliance repairs. Some of these expenses have been reimbursed from the replacement reserve. The operating general partner previously explored refinancing options that would lower the debt service on the property. However, the current loan includes a substantial yield maintenance premium which would be incurred upon early repayment and the lender is unwilling to negotiate this penalty. A refinance is therefore cost prohibitive. The balance sheet for the property showed little operating cash and high accounts payables; however, the payables were mainly due to affiliates of the operating general partner. The operating general partner's operating deficit guaranty has expired but they continue to fund deficits. The real estate tax, mortgage, and insurance payments are all current. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

In November 2014, the investment general partner transferred 50% of its interest in Gouverneur Senior Housing Associates, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $529,091 and cash proceeds to the investment partnership of $34,999. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,999 were returned to cash reserves held by Series 39. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in December 2015 for the assumption of approximately $592,091 of the remaining outstanding mortgage balance and nominal consideration. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer has been recorded in the amount of $29,999 as of December 31, 2014.

Series 40

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at December 31, 2014, all of which at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 40 reflects a net loss from Operating Partnerships of $(416,105) and $(636,973), respectively, which includes depreciation and amortization of $1,107,484 and $989,733, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

The operating general partner indicated that it is negotiating with the lender to extend, re-structure, or pay off at a significant discount the New Mortgage Note that matured on June 30, 2013. As of December 31, 2014, the Operating Partnership remains current on its property insurance obligation. As noted previously, real estate taxes for 2013, 2012 and 2011 totaling approximately $279,200 remain unpaid. The operating general partner indicated that it did file appeals for the 2014 and 2013 real estate assessments; these appeals are currently pending. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and unit turn costs. The operating general partner has been proposing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. Despite the existence of numerous payment defaults per the terms of the New Mortgage Note and Settlement Agreement, as of December 31, 2014, the lender has not issued a formal default notice nor has it sought to appoint a receiver as per the terms of the "consent and confession judgments" noted above. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $38,594 is equivalent to recapture and interest of $15 per 1,000 BACs.

Center Place Apartments II Limited Partnership (Center Place Apartments) is a 32-unit family property in Center, TX. During 2014, the property incurred expenses required by the Federal Housing Administration. The property was required to repair and replace accessibility features; these approved repairs have not been fully reimbursed from replacement reserves. As of December 2014, average occupancy at the property has remained at 75%, which is down from 86% in 2013. Marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. The property continues to offer a move-in incentive to encourage qualified applicants to lease. The balance sheet shows insufficient cash to cover accounts payables; however, most payables are due to affiliated entities. A site inspection was conducted in November 2013 and the property received good ratings for its physical condition and excellent ratings for management. The operating general partner has stated that any cash flow deficits will be funded by deferring management fees and, if necessary, they will advance funds to the Operating Partnership. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Sedgwick Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. The property operated below breakeven due to insufficient rental rates, high expenses and high debt service. Despite high turnover due to a number of deaths and residents moving to assisted living facilities, average occupancy was high at 96% in 2013. In 2014 occupancy remains high averaging 95% through year end; however the property continues to operate just below breakeven due to insufficient rates. Management is reluctant to increase rents, as this is a senior property and residents are mostly on a fixed income stream (Social Security). Maintenance expenses increased due to plumbing supplies and costs associated with making units rent ready. The operating general partner was exploring refinancing options but found difficulties attracting lenders due to the size of the first permanent mortgage. The current lender has agreed to reduce the interest rate from 8.8% to 4%, but due to accelerated amortization, monthly debt service will not change. The real estate taxes, mortgage, and insurance payments are all current. The low income housing tax credit compliance period expires on December 31, 2016.

Oakland Partnership (Oakland Apartments) is a 46-unit family property in Oakdale, LA. In 2013, the property operated below breakeven with an average occupancy of 71%. Through the fourth quarter of 2014 operations were above breakeven due to an increase in occupancy. Average occupancy as of December 2014 was 83%, and the property was 85% occupied in December. Marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. The onsite management team continued to offer a move-in incentive to encourage qualified applicants to lease. Operating expenses increased in 2014 primarily due to an increase in the property insurance premium. The balance sheet shows sufficient cash to cover accounts payable. The operating general partner has stated that any deficits will be funded by deferring management fees and, if necessary, they will advance funds to the Operating Partnership. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Western Gardens Partnership (Western Gardens Apartments) is a 48-unit family property in Dequincey, LA. The property operated below breakeven in 2013 due to low occupancy and continued to operate below breakeven through 2014 for the same reason. The December 2014 year-to-date average occupancy at the property is 74%, which is up from 61% in 2013. For part of 2014 the operating general partner struggled with finding a manager for the property. A new manager started in July, since then occupancy has increased, averaging 89% during the fourth quarter 2014. Marketing efforts include the distribution of fliers to local businesses and advertising in area newspapers. Management continues to offer a move-in incentive to encourage qualified applicants to lease. The balance sheet shows considerable accounts payable; however, they are due mainly to affiliated entities. A site inspection was conducted in March 2014, and the property received good ratings for its physical condition, management, and the overall score. The operating general partner stated that deficits will be funded by deferring management fees and, if necessary, they will advance funds to the Operating Partnership. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Arbors at Ironwood II LP (Arbors at Ironwood Apartments II) is a 40-unit family property in Mishawaka, IN. The property began operating below breakeven in 2012 due to increased operating expenses. High maintenance expenses have been an issue since 2012 due to the age of the property and increased unit turnover cost. Occupancy in 2014 averaged 93%, with lower traffic early in the year due to the harsh winter. Occupancy ended 2014 at 98%. Management has stated that market conditions are improving, although many applicants do not qualify for LIHTC housing because their incomes are too high. Concessions have continued in 2014 and Section 8 voucher rates have dropped. As a result of the reduction in rental revenues, the property is operating below breakeven year to date. The operating general partner is focused on reducing operating costs by refinancing the permanent mortgage, which has an 8.2% interest rate. The mortgage, property taxes, and insurance are current as of December 31, 2014. The low income housing tax credit compliance period expires on December 31, 2016.

Capitol Five Limited Partnership (Mason's Points Apartments) is a 41-unit family property in Hopkinsville, Kentucky. In March 2014, a resident was murdered onsite. Management reported that this was an isolated violent crime incident at the property but also noted the Hopkinsville area is a high crime area. As a counter measure, security was increased onsite through the employment of two security officers and management is exploring the installation of security cameras. The murder further compounded previous occupancy issues from a fire that occurred at the end of December 2013. The fire caused the death of a tenant's adult son and a total of four units going offline due to fire, smoke, and water damage. There were no injuries to other residents. All displaced residents temporarily relocated to live with family or moved into vacant units at the property. Fire related repairs completed in March 2014 at a total cost of $110,000, all of which was covered through insurance proceeds other than a $1,000 deductible. All certificates of occupancy were received, and the state issued notices that all issues were corrected. As the property is beyond the credit period, there will be no credit loss caused by the units being uninhabitable as of December 31, 2013. During 2013, operations declined below breakeven as a result of increased maintenance expenses. Despite averaging 95% for 2013, occupancy began to decline at the end of 2013 and into 2014. After falling to 76% in January 2014, physical occupancy has since significantly improved and finished December 2014 at 93%. The property is operating slightly above. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2016.

Series 41

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 41 reflects a net loss from Operating Partnerships of $(269,883) and $(648,980), respectively, which includes depreciation and amortization of $1,088,288 and $1,676,222, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rural Housing Partners of Mt. Carroll, LP (Mill Creek Village) is a 12-unit family property in Mt. Carroll, IL. The property is located in a depressed rural area. The property was 67% occupied as of December 31, 2014. The low occupancy is the result of weak economic conditions in the area. Two of the units lost rental assistance from Rural Development several years ago because they were vacant for more than six months. It is now difficult to find tenants who can afford the rents of these two units without rental assistance. According to the operating general partner, there is little chance of regaining the lost rental assistance. As a result, the operating general partner has focused on reducing operating expenses. However, the property operated below breakeven through the fourth quarter of 2014. The mortgage, property taxes, and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. The property is located in a depressed rural area and receives rental assistance from Rural Development. The property has historically suffered from low occupancy which has been the result of the weak economic conditions in the area. Management has intensified its leasing efforts by using concessions and other incentives, such as one month rent free prorated over a 12-month lease. As a result of management's efforts, occupancy increased to 88% as of December 31, 2014. In addition, management has focused on reducing operating expenses. However, the property operated below breakeven through the fourth quarter of 2014. The mortgage, property taxes, and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

Rural Housing Partners of Fulton, LP (Palisades Park) is a 16-unit family property in Fulton, IL. The property is located in a depressed rural area and receives rental assistance from Rural Development. Management has intensified its leasing efforts by using concessions and other incentives, such as one month rent free prorated over a 12-month lease. As a result of management's efforts, occupancy increased and the property was 94% occupied as of December 31, 2014. However, the property operated below breakeven through the fourth quarter of 2014. The mortgage, property taxes, and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

Rural Housing Partners of Franklin Grove, LP (Franklin Green) is a 12-unit family property in Franklin Grove, IL. The property is located in a depressed rural area. The property has historically suffered from low occupancy which has been the result of the weak economic conditions in the area. Occupancy was 83% as of December 31, 2014. The operating general partner has increased marketing by adding new signage and increasing the property's newspaper and on-line presence. The operating general partner is also using a tenant referral incentive to help increase occupancy. In addition, management has focused on reducing operating expenses. However, the property operated below breakeven through the fourth quarter of 2014. The mortgage, property taxes, and insurance are current. The low income housing tax credit compliance period expires on December 31, 2016.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) owns a 28-unit property located in Beckley, West Virginia. Through the fourth quarter of 2014, the property operated at breakeven as a result of improved occupancy, collections, and expense control by the new management agent that took over property operations on June 1, 2013. The property was 100% occupied as of December 31, 2014. During the third quarter of 2013, the investment general partner learned that the Operating Partnership was cited by the U.S. Department of Justice for failing to design and construct the property in accordance with American Disabilities Act requirements, the Fair Housing Act, and the Uniform Federal Accessibility Standards. The operating general partner entered into a consent order with the DOJ on December 18, 2013 in which the operating partnership agreed to make the required repairs. The repairs were broken into three categories, accessible pedestrian route retrofits, public and common use retrofits, and interior retrofits. Pedestrian routes and interior work must be corrected no later than 2 years from the date the consent order is signed by the presiding judge, and public and common areas must be corrected no later than eighteen (18) months from the date the consent order is signed by the presiding judge. In addition, the operating general partner must complete various administrative tasks such as notifying previous tenants of the consent order. On September 29, 2014, the presiding judge signed the consent order. In November 2014, the operating general partner entered into a purchase and sale agreement to sell its interest in the operating partnership. The buyer, after proper due diligence and screening by the investment general partner, is forecasting the operating general partner transfer will take place in the second quarter of 2015. All mortgage, real estate tax, and insurance payments are current as of December 31, 2014.

Red Hill Apartments I Partnership (Red Hill Apartments I) is a 32-unit family property in Farmerville, LA. Through the fourth quarter of 2014, the property operated above breakeven due to decreased operating expenses and improved occupancy that averaged 91% by year end. Red Hill Apartments I has had difficulty in finding a good property manager. The property experienced high operating costs early in 2014 that were driven by contract labor costs associated with deferred maintenance repairs, including stairway work. These repairs were partially reimbursed from the replacement reserve. Low occupancy in previous quarters was due to numerous evictions as well as an ineffective property manager, who was replaced in December. Management has stated that the local economy is still relatively weak and job opportunities are limited, which has made it difficult to find qualified residents. The property is currently offering a move in special of $100 off the monthly rent for a 12 month lease. Marketing efforts also include the distribution of fliers to local businesses and advertising in area newspapers. The balance sheet for the property shows little operating cash and high accounts payables; however, the payables are mainly due to entities affiliated with the operating general partner. The operating general partner has stated that any deficits will be funded by deferring the management fee due to the affiliated management company. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2015.

Series 42

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 21 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 42 reflects a net loss from Operating Partnerships of $(141,925) and $(275,722), respectively, which includes depreciation and amortization of $1,246,081 and $1,308,459, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Commerce Parkway Limited Dividend Housing Associates (Park Meadows Apartments) is an 80-unit family property located in Gaylord, Michigan. The local market has suffered from a weak economy and significant job losses. In addition to the weak economy, there are two new LIHTC projects that recently opened in the market along with two others that are under construction. The two newly opened projects are located within three miles of Commerce Parkway and are contributing to the declining occupancy. In 2013, occupancy averaged 77% and the property operated below breakeven. In 2014, occupancy decreased to 65% before rebounding to 90% in August. The property ended 2014 89% occupied and operated below breakeven for the year. However, the increased occupancy has resulted in improved financial performance. The mortgage, taxes, and insurance are current. On December 31, 2011, the 15-year low income housing tax credit compliance period expired with respect to Commerce Parkway Limited Dividend Housing Associates.

Wingfield Apartments Partnership II, LP (Wingfield Apartments II) is a 42-unit elderly property in Kinder, LA. In 2013, the property operated below breakeven with an average occupancy of 84%. Through the fourth quarter of 2014 operations remained below breakeven. Average occupancy in 2014 was 89% and the property was 93% occupied in December 2014. Management stated that the local economy is stable; however, the obstacles contributing to the consistently low occupancy are twofold. The first is that casinos employ a large portion of the local population, and those employees typically have incomes that are too high to qualify for LIHTC housing. The second obstacle is leasing the property's second floor units. The manager stated that many applicants choose to rent at Wingfield I, located next to the property, because all of the units are at ground level, allowing easier access. Management continued to offer a move-in incentive in the third quarter to encourage qualified applicants to lease. The concession is an option to pay the security deposit, which is equal to one month's rent, over the first three months of occupancy rather than in a lump sum at move-in. The balance sheet shows considerable accounts payable, but they are due mainly to entities affiliated with the operating general partner. The operating general partner has stated that any operating deficits will be funded by deferring management fees and, if necessary, they will advance funds to the Operating Partnership. The investment general partner conducted a site visit in March 2014 and found the property in good condition. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2016.

Lynnelle Landing Limited Partnership (Lynnelle Landing Apartments) owns a 56-unit property located in Charleston, West Virginia. The property continued to operate below breakeven through the fourth quarter of 2014 as a result of low average occupancy and high unit turn costs. The property ended the quarter at 91% occupancy. During the fourth quarter of 2013, the investment general partner learned that the Operating Partnership was cited by the U.S. Department of Justice for failing to design and construct the property in accordance with American Disabilities Act requirements, the Fair Housing Act, and the Uniform Federal Accessibility Standards. The operating general partner entered into a consent order with the DOJ on December 18, 2013 in which the operating partnership agreed to make required repairs. The repairs have been broken into three categories, accessible pedestrian route retrofits, public and common use retrofits, and interior retrofits. Pedestrian routes and interior work must be corrected no later than 2 years from the date the consent order is signed by the presiding judge, and public and common areas must be corrected no later than eighteen (18) months from the date the consent order is signed by the presiding judge. The operating general partner must also complete various administrative tasks such as notifying previous tenants of the consent order. On September 29, 2014 the presiding judge signed the subject consent order. The investment general partner will work closely with the operating general partner to ensure that the consent order is addressed within the required timeframes. The investment general partner will also continue to encourage the management agent to implement more disciplined processes and procedures in an attempt to improve partnership operations. The operating general partner continues to fund deficits despite the expiration of his operating deficit guarantee. All mortgage, real estate tax, and insurance payments are current as of December 31, 2014. The low income housing tax credit compliance period expires on December 31, 2017.

Natchez Place Apartments II, LP (Natchez Place Apartments) is a 32-unit property located in Natchez, Louisiana. The property operated below breakeven through the fourth quarter of 2014 due to high operating expenses. Fluctuating occupancy seen in previous months has stabilized and occupancy ended the quarter at 91%. The operating general partner has stated that the fluctuating occupancy is a result of evictions for nonpayment of rent. No concessions are currently being offered. The property is marketed through rental websites, the local newspaper, and fliers to local businesses. Maintenance expenses over the year have included preventative property wide dryer vent and AC handler coil cleanouts and several one-time costs. These costs included property wide stair handrail repairs and a new property sign. Storm roof damage was also repaired. The replacement reserve only partially funded these expenses. The balance sheet for the partnership shows insufficient cash to cover accounts payable; however, payables are due mainly to entities affiliated to the operating general partner. The operating general partner has stated that any operating deficits will be funded by deferring related party management fees and, if necessary, they will advance funds to the Operating Partnership. All mortgage, tax, and insurance payments are current. The low income housing tax credit compliance period expires on December 31, 2016.

Series 43

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 23 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 43 reflects a net loss from Operating Partnerships of $(260,328) and $(291,508), respectively, which includes depreciation and amortization of $1,671,650 and $1,712,649, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Carpenter School I Elderly Apartments, LP (Carpenter School I Elderly Apartments) is a 38-unit property located in Natchez, Mississippi. The property averaged 93% occupancy in 2013 but operated below breakeven. Occupancy as of December 31, 2014, was 97%. Through 2014, average physical occupancy was 96%. The property continues to operate below breakeven due to increased real estate taxes and fluctuating occupancy. The property struggles to generate cash flow as its effective rents are low and cannot support its expenses. The management company continues to market the available units by working closely with the housing authority and by employing various marketing efforts to attract qualified applicants. Marketing consists of advertisements in the local newspaper and distributing fliers to local business, churches, and schools. The mortgage, real estate taxes, insurance, and account payables are all current. The low income housing tax credit compliance period expires on December 31, 2017.

Alexander Mills, Limited Partnership (Alexander Mills Apartments) is a 224-unit family property located approximately 30 miles northeast of Atlanta, in Lawrenceville, GA. Occupancy, which averaged 94% during 2008, began to decline in the fourth quarter of 2008, reaching 89% occupancy in December 2008. Occupancy was relatively stable during 2009 and the first half of 2010 at 90%, but this could only be achieved with rent concessions. During the third and fourth quarters of 2010 occupancy regressed to levels not seen since July 2009 and only averaged 85% and 83%, respectively, and ended 2010 at 83% occupancy due to move-outs, evictions and fewer new leases. The major employers in the area cut either staffing levels or worker's hours and this situation had not started to improve as of December 31, 2010. Since most residents of Alexander Mills are hourly employees, those who retained their jobs had their income significantly reduced. Also, the significant decline in the construction industry in the Atlanta Metro area led to additional vacancies at the site. Management was very proactive in managing expenses, collecting tenant receivables, and developing rent payment workout plans to retain residents where possible. In spite of these efforts, the management company reported a material increase in bad debt expense in the second quarter of 2010. Bad debt expense did decline in the third and fourth quarters of 2010 compared to the second quarter of 2010; however, it was still significantly above what would be considered normal for a multi-family apartment community. The investment general partner performed its most recent site visit in March 2014. The property was found to be in good physical condition. The investment general partner intends on continuing to monitor operations until they are stabilized with above breakeven operations.

The September 2009 mortgage payment was late and the operating general partner indicated it was unwilling to continue to advance funds to subsidize the Operating Partnership's below breakeven operations. In addition, the operating general partner hoped that its decision to stop mortgage payments would trigger negotiations with the first mortgage lender on a possible loan restructure or forbearance agreement. This tactic resulted in a forbearance agreement that closed on April 13, 2010, and converted the loan to an interest only payment schedule through December 31, 2011, at which time the obligatory mortgage amortization restarted. At closing on the forbearance agreement, the past due interest was paid and a $200,000 operating deficit reserve was established. At the time the forbearance agreement closed in April 2010, the investment general partner expected that property operations would be able to pay the interest only debt service payments through year end 2011 without needing to access monies in the newly established operating deficit reserve. That did not turn out to be the case as operations at Alexander Mills deteriorated over the second half of 2010 due to general weakness in the Lawrenceville, GA sub-market as evidenced by low physical and economic occupancy at the property and resulting incremental costs for bad debt, evictions and unit turn expenses. By December 31, 2011, the balance in the operating deficit reserve was fully depleted.

In the first quarter 2011 there were signs that the local economy was improving as occupancy increased to 90% from 83% in the fourth quarter 2010 and negative cash flow declined to ($29,000) for the first quarter 2011. This improvement in market conditions continued during the remainder of 2011 as physical occupancy improved to average 95% for the last three quarters of 2011. During the third and fourth quarters of 2011, the property operated at a breakeven level. Although the rental market started to improve in the first half of 2011, and continued to improve in the second half of 2011 and through the first half of 2012, operations at Alexander Mills were not strong enough at the start of 2012 to pay debt service including amortization which re-started with the February 1, 2012 mortgage payment. The operating general partner forecasted a cash flow deficit of $150,000 to $180,000 in 2012. As calendar year 2012 began, the operating general partner and the investment general partner agreed to start the year funding deficits on a month by month basis by reducing the property management fee to 3% (from 5%) and making advances from fund reserves while monitoring the local apartment market. Under this informal, undocumented arrangement, $152,422, $59,662 and $60,717 was advanced from fund reserves in 2012, 2013 and 2014, respectively, to keep the mortgage current. For 2015, the operating general partner is forecasting breakeven operations; however, the larger challenge for this operating partnership in 2015 is the first mortgage maturity on September 1, 2015. In the late fourth quarter of 2014, a mortgage banker indicated that he thought a re-financing of the existing first mortgage balance was possible as a result of improved operations in the second half of 2014 and the low interest rate environment for commercial real estate loans. The investment general partner and the operating general partner are concerned that the limiting factor for the mortgage sizing will the appraised value of the apartment community rather than a debt service coverage test. Consequently, the operating general partner authorized the mortgage banker to order an appraisal of Alexander Mills. The appraisal report is expected to be completed in the first half of February at which time the total upfront costs (including possible principal pay down) of the refinancing can be determined. If the upfront costs for the re-financing are significant, it is not known whether the investment general partner and the operating general partner will be able to raise the capital needed to complete the refinancing. An alternative to the refinancing would be attempting to sell the property for at least the mortgage debt amount to a buyer who would agree to manage the property compliant with Section 42 of the Tax Code (in order to avoid recapture). To ensure a closing on a sale prior to September 1, 2015, a real estate broker should be engaged by the end of March 2015. Without a refinancing or a sale by September 1, 2015, the investment general partner expects that the current mortgage lender would initiate a foreclosure action soon after the maturity and complete the foreclosure sale in late in the third or fourth quarter of 2015. If foreclosure and resulting recapture occurs in 2015, the Operating Partnership would have no remaining future tax credits to lose; however, it would incur recapture and interest penalty costs of $644,248, equivalent to approximately $177 per 1,000 BACs.

During 2014, physical occupancy averaged 95% and operations were reported nominally below breakeven level. As a result, $60,717 was advanced in the first three quarters of 2014 from fund reserves to pay some of the accruing aged payables; no advances were made in the fourth quarter of 2014. Below breakeven operations persist at Alexander Mills even though the unemployment rate in Gwinnett County has steadily declined from its peak in the low nine percent range in the second half of 2009 to a five and one half year low at 5.7% at the end of November 2014. This unemployment level in Gwinnett County is still higher than it was in late 2007 (i.e. the low four percent range) before the start of the Great Recession.

As a reminder, note that the operating general partner contacted the loan servicer in May 2011 to initiate conversations about extending the expiration date of the forbearance period or amending the mortgage loan terms in some other fashion. In June 2011, the loan was transferred to the special servicer to address the operating general partner's request. The investment general partner and the operating general partner negotiated with the special servicer throughout the fourth quarter of 2011; however, these negotiations were unsuccessful and the loan terms remained unchanged including the maturity date of September 1, 2015. Based on prior actions and commentary from the special servicer it seems unlikely that the lender will agree to a short term extension of the maturity date through the end of the compliance period on December 31, 2017. Since current property operations may not support a re-financing at the current mortgage balance without raising significant new capital to pay the costs of the refinancing application and to cover the refinancing gap, there is a reasonable likelihood that a loan default and foreclosure will occur in 2015 (see recapture amounts disclosed above). That being said, the mortgage payment, real estate taxes and insurance payments were current as of December 31, 2014.

Bohannon Place, Limited (Bohannon Place Apartments) is a 12-unit family property in Bowling Green, KY. The property operated at a deficit in 2012 and 2013 due to a bed bug issue that caused low occupancy and increased maintenance costs as well as an increase in bad debt. The 2013 deficit was funded by deferring required replacement reserve deposits and utilizing replacement reserve funds. The reserve funds were used for equipment replacement, carpet replacement, painting and unit turnover expense. Occupancy was 100% as of December 31, 2013 and remains strong at 100% as of December 31, 2014. Higher stabilized 2014 occupancy levels resulted in increased economic occupancy of above 90% versus 74% in 2013. The property operated above breakeven in the fourth quarter. As of December 31, 2014, there have been no reports or evidence of the recurring bed bug problems resulting in significantly reduced unit turnover. All mortgage, taxes and insurance are current through December 31, 2014. The operating deficit guarantee expired July 31, 2014. The low income housing tax credit compliance period expires on December 31, 2017.

Series 44

As of December 31, 2014 and 2013, the average Qualified Occupancy was 100%. The series had a total of 8 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 44 reflects a net loss from Operating Partnerships of $(286,253) and $(875,844), respectively, which includes depreciation and amortization of $1,144,382 and $1,725,913, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property in Atlanta, Georgia. Occupancy fell to a low of 89% in March 2007, as a result of crime in the surrounding neighborhood. Management responded by replacing chain link fencing with more durable hard fence, thinning shrub cover and installing alarm systems in every unit. Due to an operating general partnership transfer in June of 2008, the new operating general partner agreed to extend the operating deficit guarantee through June of 2011. The operating general partner continued to fund all deficits through the end of 2011 even though its operating deficit guarantee had expired. The operating deficits in 2009, 2010 and 2011 were ($76,000), ($132,000) and ($123,000), respectively. In early January 2012, the operating general partner informed the investment general partner that its willingness to continue to fund operating deficits for the remainder of the compliance period was limited. Both parties discussed alternatives for additional funding sources for 2012 and beyond. Although no agreement was reached between the operating general partner and the investment general partner, the operating general partner continued to fund $242,489 for deficits through the December 1, 2012 mortgage bond payment; however, the deficit funding stopped before the January 1, 2013 mortgage payment. As a result, only partial mortgage bond payments were made each month during the first half of 2013 and the Operating Partnership fell $163,000 into arrears. Note that the servicing agent for the mortgage bonds sent the Operating Partnership a default notice on January 14, 2013. The default remained uncured until June 28, 2013.

After the operating general partner stopped funding deficits it notified the investment general partner that it was willing to either: a) transfer its general partner interest to the investment general partner, or b) transfer the property to the lender in a deed in lieu of a foreclosure transaction if the investment general partner elected not to become the operating general partner. During the first and second quarters of 2013, the investment general partner and the State Tax Credit Syndicator negotiated with the servicing agent in an attempt to re-structure the payment terms for the mortgage bonds and avoid foreclosure and possible recapture. On June 28, 2013 the aforementioned parties executed a letter agreement (The Letter Agreement) in which the servicing agent agreed to allow the investment general partner and the state tax credit syndicator until February 28, 2014 to refinance the existing mortgage bonds. The servicing agent consented to early bond redemption and agreed that no penalties would be charged to the Operating Partnership. Concurrently with the Letter Agreement being signed, the investment general partner and the state tax credit syndicator cured the payment defaults on June 28, 2013, agreed to keep the bond payments current during the loan application process, and agreed to share the costs of the refinancing 50%/50%. The mortgage bank that was hired to coordinate the HUD loan application forecasted a funding shortfall of $400,000 - $500,000 based on interest rate levels in early July 2013. Including the payment in June 2013 to bring the bonds current and anticipated deficit funding through closing on the refinancing, the total new capital needed through the refinancing period was estimated to be $675,000 - $825,000. With the increase in interest rates by the time the loan application was completed in early December 2013 and the confirmation of increased upfront escrow requirements for repairs and deferred maintenance resulting from the physical needs assessment, the estimated funding shortfall increased to between $1,650,000 and $1,800,000. This represented new capital that would need to be provided to the Operating Partnership and raised by the State and Federal tax credit syndicators from new investors. The investment general partner investigated selling some or all of the remaining federal tax credits to source the federal tax credit investors' share of the new capital needed in order to: a) cure the mortgage bond default, b) facilitate the early redemption and re-financing of the existing mortgage bonds, and c) avoid foreclosure and the accompanying recapture costs. In late December 2013, the investment general partner and the State Tax Credit syndicator concluded they could not raise the capital required to close the refinancing. As a result, the January 1, 2014 bond payment was missed and a default notice was issued on January 3, 2014 by the servicing agent for the mortgage bonds. The servicing agent promptly initiated a foreclosure action and the foreclosure sale occurred on March 4, 2014. As a result, the investment limited partner will lose future tax credits of $27,713, and incur recapture and interest penalty costs of $59,658, equivalent to approximately $10 and $22 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

Although occupancy remained strong the last several years, the property continued to operate below breakeven in 2011, 2012 and 2013. The decline in cash flow is attributable to high tenant receivables, bad debt expense, higher than budgeted vacancy losses, rental concessions, and high utility costs. In June 2012 the operating general partner decided to change the property management company responsible for managing its apartment portfolio in the Southeastern United States including Brookside Park. The effective date of the management change was August 15, 2012. This was after the Operating Partnership reported negative cash flow in each year from 2008 - 2012. As noted above, after funding these deficits since 2008, the operating general partner notified the investment general partner in December 2012 that it had been unsuccessful in its attempt to negotiate a loan modification with the servicing agent for the mortgage bonds that finance Brookside Park Apartments and that it would no longer fund deficits. As a result, there was a payment default in January 2013 and the servicer sent the Operating Partnership a default notice on January 14, 2013. The cure period for the subject default ended on February 1, 2013 without the default being cured. As noted above, the investment general partner and the State Tax Credit Syndicator eventually cured this default on June 28, 2013. The property's real estate tax, insurance payments and bond payments remained current until the January 1, 2014 bond payment was not made.

In the first quarter 2011 there were signs that the local economy was improving as occupancy increased to 90% from 83% in the fourth quarter 2010 and negative cash flow declined to ($29,000) for the first quarter 2011. This improvement in market conditions continued during the remainder of 2011 as physical occupancy improved to average 95% for the last three quarters of 2011. During the third and fourth quarters of 2011, the property operated at a breakeven level. Although the rental market started to improve in the first half of 2011, and continued to improve in the second half of 2011 and through the first half of 2012, operations at Alexander Mills were not strong enough at the start of 2012 to pay debt service including amortization which re-started with the February 1, 2012 mortgage payment. The operating general partner forecasted a cash flow deficit of $150,000 to $180,000 in 2012. As calendar year 2012 began, the operating general partner and the investment general partner agreed to start the year funding deficits on a month by month basis by reducing the property management fee to 3% (from 5%) and making advances from fund reserves while monitoring the local apartment market. Under this informal, undocumented arrangement, $152,422, $59,662 and $60,717 was advanced from fund reserves in 2012, 2013 and 2014, respectively, to keep the mortgage current. For 2015, the operating general partner is forecasting breakeven operations; however, the larger challenge for this operating partnership in 2015 is the first mortgage maturity on September 1, 2015. In the late fourth quarter of 2014, a mortgage banker indicated that he thought a re-financing of the existing first mortgage balance was possible as a result of improved operations in the second half of 2014 and the low interest rate environment for commercial real estate loans. The investment general partner and the operating general partner are concerned that the limiting factor for the mortgage sizing will the appraised value of the apartment community rather than a debt service coverage test. Consequently, the operating general partner authorized the mortgage banker to order an appraisal of Alexander Mills. The appraisal report is expected to be completed in the first half of February at which time the total upfront costs (including possible principal pay down) of the refinancing can be determined. If the upfront costs for the re-financing are significant, it is not known whether the investment general partner and the operating general partner will be able to raise the capital needed to complete the refinancing. An alternative to the refinancing would be attempting to sell the property for at least the mortgage debt amount to a buyer who would agree to manage the property compliant with Section 42 of the Tax Code (in order to avoid recapture). To ensure a closing on a sale prior to September 1, 2015, a real estate broker should be engaged by the end of March 2015. Without a refinancing or a sale by September 1, 2015, the investment general partner expects that the current mortgage lender would initiate a foreclosure action soon after the maturity and complete the foreclosure sale in the late third or fourth quarter of 2015. If foreclosure and resulting recapture occurs in 2015, the Operating Partnership would have no remaining future tax credits to lose; however, it would incur recapture and interest penalty costs of $787,439, equivalent to approximately $291 per 1,000 BACs.

United Development CO. 2001 LP (Memphis 102) is a 102-unit single family home scattered site development, located in Memphis, TN. In September 2013, the court-appointed receiver for the Operating Partnership entered into an agreement to sell the property to a third-party buyer for $1,173,000; the sale transaction closed on November 26, 2013. After payment of the outstanding real estate taxes, the remaining proceeds of $210,000 were paid to the first mortgage lender. There were no cash proceeds to the investment partnership. The buyer agreed to operate the property in accordance with the land use and regulatory agreement as well as Section 42 of the Tax Code; therefore, resulting in no tax credit recapture or interest penalties for the investment limited partner stemming from the sale. The investment limited partners will; however, lose federal tax credits in 2013 and 2014 totaling $30,660 and $131,253, respectively, in addition to the recapture in 2012 totaling $281,707, equivalent to $104 per 1,000 BACs. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Despite the sale of the property, the low income housing tax credit compliance period for the tax credits received remains unchanged and will expire on December 31, 2018.

United Development Limited Partnership 2001 (Families First II) is a 66-unit single family house development located in West Memphis, AR. Average occupancy in recent years has not been strong due to continued weakness in the local economy and the ineffectiveness of prior management. The property operated below breakeven in 2014, as well as in 2013 and 2012. In 2014 and 2013, negative operations were primarily due to lower net rental income from high vacancies, as well as increased bad debt and maintenance expenses. Negative operations have been financed by increases in accounts payable, draws from the replacement reserves as well as advances from fund reserves of $65,663 and $25,431 in 2014 and 2013, respectively. On March 26, 2013, the investment general partner removed the property management company affiliated with the operating general partner and replaced it with a third party property management company due to ineffective and underachieving operations as well as incomplete and untimely reporting by prior management. Average occupancy in 2014 was 83% compared to 79% and 82% in 2013 and 2012, respectively. Occupancy remained relatively low in 2014 and 2013 partly due to an increase in evictions resulting from the new third party management company not accepting partial rent payments as the previous manager had done. Due to the subject evictions the operating partnership incurred increased bad debt expense in both 2014 and 2013. Occupancy also remained low in 2013 due to the limited traffic flow of qualified applicants. The replacement property management company has had difficulty maintaining staff and replaced the site manager twice in 2014. In addition, the replacement property management company needed to overhaul and expanded its marketing efforts in an attempt to increase traffic flow to the property. In mid-January 2015, the operating general partner and the investment general partner decided to hire a different third party management company in an effort to improve operations and occupancy; the effective date of the management change will be February 1, 2015. Mortgage payments, real estate taxes and insurance are current as of December 31, 2014. The low income housing tax credit compliance period expires on December 31, 2018.

Series 45

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 28 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 45 reflects a net loss from Operating Partnerships of $(632,794) and $(848,448), respectively, which includes depreciation and amortization of $1,515,556 and $2,080,236 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

The operating general partner indicated that it is negotiating with the lender to extend, re-structure, or pay off at a significant discount the New Mortgage Note that matured on June 30, 2013. As of December 31, 2014, the Operating Partnership remains current on its property insurance obligation. As noted previously, real estate taxes for 2013, 2012 and 2011 totaling approximately $279,200 remain unpaid. The operating general partner indicated that it did file appeals for the 2014 and 2013 real estate assessments; these appeals are currently pending. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations of the Settlement Agreement and real estate tax deficiencies, 2) pay down growing payables, and 3) fund deferred maintenance and unit turn costs. The operating general partner has been proposing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. Note that the 15-year low income housing tax credit compliance period for Baldwin Villas expires on December 31, 2015. Despite the existence of numerous payment defaults per the terms of the New Mortgage Note and Settlement Agreement, as of December 31, 2014, the lender has not issued a formal default notice nor has it sought to appoint a receiver as per the terms of the "consent and confession judgments" noted above. If the property is foreclosed in 2015, the estimated tax credit recapture cost and interest penalty of $11,378 is equivalent to recapture and interest of $3 per 1,000 BACs.

After the operating general partner stopped funding deficits it notified the investment general partner that it was willing to either: a) transfer its general partner interest to the investment general partner, or b) transfer the property to the lender in a deed in lieu of a foreclosure transaction if the investment general partner elected not to become the operating general partner. During the first and second quarters of 2013, the investment general partner and the State Tax Credit Syndicator negotiated with the servicing agent in an attempt to re-structure the payment terms for the mortgage bonds and avoid foreclosure and possible recapture. On June 28, 2013 the aforementioned parties executed a letter agreement (the Letter Agreement) in which the servicing agent agreed to allow the investment general partner and the state tax credit syndicator until February 28, 2014 to refinance the existing mortgage bonds. The servicing agent consented to early bond redemption and agreed that no penalties would be charged to the Operating Partnership. Concurrently with the Letter Agreement being signed, the investment general partner and the state tax credit syndicator cured the payment defaults on June 28, 2013, agreed to keep the bond payments current during the loan application process, and agreed to share the costs of the refinancing 50%/50%. The mortgage bank that was hired to coordinate the HUD loan application forecasted a funding shortfall of $400,000 - $500,000 based on interest rate levels in early July 2013. Including the payment in June 2013 to bring the bonds current and anticipated deficit funding through closing on the refinancing, the total new capital needed through the refinancing period was estimated to be $675,000 - $825,000. With the increase in interest rates by the time the loan application was completed in early December 2013 and the confirmation of increased upfront escrow requirements for repairs and deferred maintenance resulting from the physical needs assessment, the estimated funding shortfall increased to between $1,650,000 and $1,800,000. This represented new capital that would need to be provided to the Operating Partnership and raised by the State and Federal tax credit syndicators from new investors. The investment general partner investigated selling some or all of the remaining federal tax credits to source the federal tax credit investors' share of the new capital needed in order to: a) cure the mortgage bond default, b) facilitate the early redemption and re-financing of the existing mortgage bonds, and c) avoid foreclosure and the accompanying recapture costs. In late December 2013, the investment general partner and the State Tax Credit syndicator concluded they could not raise the capital required to close the refinancing. As a result, the January 1, 2014 bond payment was missed and a default notice was issued on January 3, 2014 by the servicing agent for the mortgage bonds. The servicing agent promptly initiated a foreclosure action and the foreclosure sale occurred on March 4, 2014. As a result, the investment limited partner will lose future tax credits of $742,111, and incur recapture and interest penalty costs of $1,597,559, equivalent to approximately $185 and $398 per 1,000 BACs respectively. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, no gain on the sale of the Operating Partnership has been recorded. Note that the low income housing tax credit compliance period for Brookside Park Limited Partnership would not have expired until December 31, 2019.

Although occupancy remained strong the last several years, the property continued to operate below breakeven in 2011, 2012 and 2013. The decline in cash flow was attributable to high tenant receivables, bad debt expense, higher than budgeted vacancy losses, rental concessions, and high utility costs. In June 2012 the operating general partner decided to change the property management company responsible for managing its apartment portfolio in the Southeastern United States including Brookside Park. The effective date of the management change was August 15, 2012. This was after the Operating Partnership reported negative cash flow in each year from 2008 - 2012. As noted above, after funding these deficits since 2008, the operating general partner notified the investment general partner in December 2012 that it had been unsuccessful in its attempt to negotiate a loan modification with the servicing agent for the mortgage bonds that finance Brookside Park Apartments and that it would no longer fund deficits. As a result, there was a payment default in January 2013 and the servicer sent the Operating Partnership a default notice on January 14, 2013. The cure period for the subject default ended on February 1, 2013 without the default being cured. As noted above, the investment general partner and the State Tax Credit Syndicator eventually cured this default on June 28, 2013. The property's real estate tax, insurance payments and bond payments remained current until the January 1, 2014 bond payment was not made.

Series 46

As of December 31, 2014 and 2013, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at December 31, 2014, all of which were at 100% Qualified Occupancy.

For the nine month periods ended December 31, 2014 and 2013, Series 46 reflects a net loss from Operating Partnerships of $(693,766) and $(430,566), respectively, which includes depreciation and amortization of $1,062,168 and $998,258, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Agent Kensington LP (Kensington Heights Apartments) is a 126-unit senior property in Kansas City, MO. The property has operated below breakeven since 2010 due to high operating expenses, specifically maintenance costs relating to bed bugs. Occupancy averaged 97% in 2013 and has continued to remain strong at 98% as of December 31, 2014. Operations at the property fluctuated in 2013 and were below breakeven for the year due to sporadically high maintenance and administrative expenses. Through the beginning of 2014, bed bug exterminating costs continued to challenge the property; however, as of the fourth quarter, exterminating costs have significantly decreased, and as of December 31, 2014, are roughly 381% less than the prorated 2013 exterminating expense. The property continues to operate slightly below breakeven in 2014. Several changes have occurred to get the bed bug issue resolved. First, a new property manager was hired in January 2014. Second, the maintenance staff was trained extensively on how to monitor the units for early signs of infestations. All units undergo alternating monthly inspections, 63 units one month, and the remaining 63 units the following month. Third, as of March 2014, management terminated the previous costly contract with the company that was conducting the monthly heat treatments. The property has hired a new pest control company, and the maintenance staff spot treats the units with a steam and vacuum process. Lastly, to address the repeat infestations, management has paired up with the local Housing Authority and implemented a program for tenant behavior modification. This program is not only cost effective, but has also had a 100% success rate at another property in the operating general partner's portfolio. Tenants are required to attend an informative seminar about the bed bug epidemic, which teaches them how to spot, eliminate, and prevent future infestations. Thereafter, management follows up weekly with tenants. These seminars are required quarterly for all tenants, and are mandatory for all new move-ins. In addition, the Health Department in Kansas City is offering free informative classes about bed bugs to anyone who is interested, as this issue is affecting several properties in the area. As of December 2014, the bed bug issue has spread to ten units, of which, the tenants have been deemed re-offenders. Management has started the eviction process for two of these units. The maintenance staff is continuously treating these units, and further educating the tenants to resolve this issue. Although the operating deficit guarantee has expired, the operating general partner continues to fund deficits. All mortgage, taxes and insurance are current. The low income housing tax credit compliance period expires on December 31, 2018.

Rosehill Place of Topeka, L.L.C. (Rosehill Apartments) owns a 48-unit senior apartment complex in Topeka, Kansas. This property experienced a minor decline in physical occupancy during the fourth quarter of 2014 due to one resident's death from natural causes, three move-outs and one offline unit requiring new flooring; average occupancy was 90%. Management is currently waiting on the contracted vendor's availability to begin work on the offline unit. The slight drop in occupancy and insufficient rents in addition to high real estate taxes, high interest rate mortgage debt, and increasing utility costs contributed to the property operating below breakeven during the fourth quarter of 2014. Furthermore, former management personnel were not diligent in raising rents to appropriate levels as dictated by the market conditions. In addition, they permitted tenants to convert to month to month leases after their initial 12 month lease terms expired. To create improved revenue certainty the current management team decided to attempt to convince tenants to sign 12 month leases. Notices explaining the new rental policy were delivered to existing tenants in late November and stated that beginning on January 1, 2015, and becoming effective on the tenant's recertification date, they can either sign a 12 month lease for a modest increase of $11.25/month or remain on a month to month lease for an additional $61.25/month. Despite many tenants expressing their displeasure with this new rental policy, most of the tenants are electing to sign 12 month leases rather than pay the higher month to month rental rate. Additionally, property operations and partnership financials have improved over 2013 results due to the cooperation of the bankruptcy court appointed receiver (i.e. the new manager of the operating managing member) and removal of the former principal from day to day management responsibilities due to his ongoing personal bankruptcy. The operating managing member reports that the monthly mortgage, real estate tax and insurance escrow payments are current as of December 31, 2014.

Deer Meadow Apartments, LP (Deer Meadow Apartments) is a 24-unit property in Tishomingo, OK. The property has low occupancy and below breakeven operations. Management reports that occupancy is 79% as of December 31, 2014. The operating general partner funded deficits by foregoing the payment of the required replacement reserve deposits. Although there is a healthy reserve balance at December 31, 2014 of $3,800 per unit, management has forecasted and budgeted capital needs for the next three years that would materially reduce this reserve account prior to the end of compliance. Mortgage, Tax and Insurance payments were current through December 31, 2014. The 15-year low income housing tax credit compliance period expires in 2018.

Off Balance Sheet Arrangements

None.

Principal Accounting Policies and Estimates

The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (GAAP), which require the Fund to make various estimates and assumptions. The following section is a summary of some aspects of those accounting policies that may require subjective or complex judgments and are most important to the portrayal of the Fund's financial condition and results of operations. The Fund believes that there is a low probability that the use of different estimates or assumptions in making these judgments would result in materially different amounts being reported in the financial statements.

The Fund is required to assess potential impairments to its long-lived assets, which are primarily investments in limited partnerships. The Fund accounts for its investment in limited partnerships in accordance with the equity method of accounting since the Fund does not control the operations of the Operating Partnerships. The purpose of an impairment analysis is to verify that the real estate investment balance reflected on the balance sheet does not exceed the value of the underlying investments.

If the book value of the Fund's investment in an Operating Partnership exceeds the estimated value derived by management, which generally consists of the remaining future Low-Income Housing Credits allocable to the Fund and the estimated residual value to the Fund, the Fund reduces its investment in the Operating Partnership.

The main reason an impairment loss typically occurs is that the annual operating losses, recorded in accordance with the equity method of accounting, of the investment in limited partnership does not reduce the balance as quickly as the annual use of the tax credits. In years prior to the year ended March 31, 2009, management included remaining tax credits as well as residual value in the calculated value of the underlying investments. However, management decided to take a more conservative approach to the investment calculation and determined that the majority of the residual value component of the valuation was zero for the years ended March 31, 2014 and 2013. However, it is important to note that this change in the accounting estimate to the calculation method of the impairment loss has no effect on the actual value or performance of the overall investment, nor does it have any effect on the remaining credits to be generated.

In accordance with the accounting guidance for the consolidation of variable interest entities, the Fund determines when it should include the assets, liabilities, and activities of a variable interest entity (VIE) in its financial statements, and when it should disclose information about its relationship with a VIE. The analysis that must be performed to determine which entity should consolidate a VIE focuses on control and economic factors. A VIE is a legal structure used to conduct activities or hold assets, which must be consolidated by a company if it is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE's economic performance and (2) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share such power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE.

Principal Accounting Policies and Estimates - continued

Based on this guidance, the Operating Partnerships in which the Fund invests meet the definition of a VIE because the owners of the equity at risk in these entities do not have the power to direct their operations. However, management does not consolidate the Fund's interests in these VIEs, as it is not considered to be the primary beneficiary since it does not have the power to direct the activities that are considered most significant to the economic performance of these entities. The Fund currently records the amount of its investment in these partnerships as an asset on its balance sheets, recognizes its share of partnership income or losses in the statements of operations, and discloses how it accounts for material types of these investments in its financial statements. The Fund's balance in investment in Operating Partnerships, advances made to Operating Partnerships, plus the risk of recapture of tax credits previously recognized on these investments, represents its maximum exposure to loss. The Fund's exposure to loss on these partnerships is mitigated by the condition and financial performance of the underlying Housing Complexes as well as the strength of the general partners and their guarantee against credit recapture to the investors of the Fund.

Recent Accounting Pronouncements

In January 2014, the FASB issued an amendment to the accounting and disclosure requirements for investments in qualified affordable housing projects. The amendments provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). The amendments are effective for interim and annual periods beginning after December 31, 2014 and should be applied retrospectively to all periods presented. Early adoption is permitted. The adoption of this update is not expected to materially affect the Partnership's financial statements.

Item 3	Quantitative and Qualitative Disclosures About Market Risk

	Not Applicable

Item 4	Controls and Procedures

	(a)	Evaluation of Disclosure Controls and Procedures
		As of the end of the period covered by this report, the Fund's general partner, under the supervision and with the participation of the Principal Executive Officer and Principal Financial Officer of C&M Management Inc., carried out an evaluation of the effectiveness of the Fund's "disclosure controls and procedures" as defined under the Securities Exchange Act of 1934 Rules 13a-15 and 15d-15 with respect to each series individually, as well as the Fund as a whole. Based on that evaluation, the Fund's Principal Executive Officer and Principal Financial Officer have concluded that as of the end of the period covered by this report, the Fund's disclosure controls and procedures were effective to ensure that information relating to any series or the Fund as a whole required to be disclosed by it in the reports that it files or submits under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to the Fund's management, including the Fund's Principal Executive Officer and Principal Financial Officer, as appropriate, to allow timely decisions regarding required disclosure with respect to each series individually, as well as the Fund as a whole.
	(b)	Changes in Internal Controls

		There were no changes in the Fund's internal control over financial reporting that occurred during the quarter ended December 31, 2014 that materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1.	Legal Proceedings

	None

Item 1A.	Risk Factors

	There have been no material changes from the risk factors set forth under Part I, Item 1A. "Risk Factors" in our Form 10-K for the fiscal year ended March 31, 2014.

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

	None

Item 3.	Defaults Upon Senior Securities

	None

Item 4.	Mine Safety Disclosures

	Not Applicable

Item 5.	Other Information

	None

Item 6.	Exhibits

		31.a Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

		31.b Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

		32.a Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of John P. Manning, Principal Executive Officer, filed herewith

		32.b Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Marc N. Teal, Principal Financial Officer, filed herewith

		101. The following materials from the Boston Capital Tax Credit Fund IV L.P. Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2014 formatted in Extensible Business Reporting Language (XBRL): (i) the Condensed Balance Sheets, (ii) the Condensed Statements of Operations, (iii) the Condensed Statements of Changes in Partners' Capital (Deficit), (iv) the Condensed Statements of Cash Flows and (v) related notes, furnished herewith

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto 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: February 13, 2015		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:

February 13, 2015	/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






February 13, 2015	/s/ Marc N. Teal Marc N. Teal	Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) C&M Management Inc.; Sr. Vice President, Chief Financial Officer (Principal Accounting and Financial Officer) BCTC IV Assignor Corp.

Attached files

BF Garden Tax Credit Fund IV L.P. Reports

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