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

Attached files

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EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40616cert906mnt.htm
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40616cert906jpm.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40616cert302mnt.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40616cert302jpm.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 June 30, 2016
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 JUNE 30, 2016

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets			3-30
		Condensed Statements of Operations			31-58
		Condensed Statements of Changes in Partners' Capital (Deficit)			59-68
		Condensed Statements of Cash Flows			69-96
		Notes to Condensed Financial Statements			97-132

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			133-182

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			183

	Item 4. Controls and Procedures			183

PART II OTHER INFORMATION

	Item 1. Legal Proceedings			184

	Item 1A. Risk Factors			184

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			184

	Item 3. Defaults Upon Senior Securities			184

	Item 4. Mine Safety Disclosures			184

	Item 5. Other Information			184

	Item 6. Exhibits			184

	Signatures			185

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


			June 30, 2016				March 31, 2016


ASSETS

Cash and cash equivalents	$		24,295,346		$		21,728,069
Notes receivable			22,790				22,790
Other assets			164,773				164,773

	$		24,482,909		$		21,915,632




LIABILITIES

Accounts payable and accrued expenses		$		669,179		$		685,806
Accounts payable affiliates (Note C)			44,818,860				49,270,814
Capital contributions payable			578,113				578,113

			46,066,152				50,534,733


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,428,546 outstanding as of June 30, 2016 and March 31, 2016.			(14,324,884)				(21,290,383)
General Partner			(7,258,359)				(7,328,718)

			(21,583,243)				(28,619,101)

	$		24,482,909		$		21,915,632

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	173,645	$	180,896
Notes receivable		-		-
Other assets		-		-

	$	173,645	$	180,896




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,450,297		1,442,059
Capital contributions payable		-		-

		1,450,297		1,442,059


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,843,500 outstanding as of June 30, 2016 and March 31, 2016.		(955,633)		(940,299)
General Partner		(321,019)		(320,864)

		(1,276,652)		(1,261,163)

	$	173,645	$	180,896

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	419,285	$	425,168
Notes receivable		-		-
Other assets		-		-

	$	419,285	$	425,168




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,463,083		1,460,365
Capital contributions payable		-		-

		1,463,083		1,460,365


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,881,000 outstanding as of June 30, 2016 and March 31, 2016.		(871,409)		(862,894)
General Partner		(172,389)		(172,303)

		(1,043,798)		(1,035,197)

	$	419,285	$	425,168

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	288,704	$	295,650
Notes receivable		-		-
Other assets		-		-

	$	288,704	$	295,650




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,826,991		2,819,689
Capital contributions payable		-		-

		2,826,991		2,819,689


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,559,800 outstanding as of June 30, 2016 and March 31, 2016.		(2,293,821)		(2,279,715)
General Partner		(244,466)		(244,324)

		(2,538,287)		(2,524,039)

	$	288,704	$	295,650

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	216,449	$	219,677
Notes receivable		-		-
Other assets		-		-

	$	216,449	$	219,677




LIABILITIES

Accounts payable and accrued expenses	$	995	$	-
Accounts payable affiliates (Note C)		2,061,864		2,052,312
Capital contributions payable		-		-

		2,062,859		2,052,312


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,323,327 outstanding as of June 30, 2016 and March 31, 2016.		(1,543,099)		(1,529,462)
General Partner		(303,311)		(303,173)

		(1,846,410)		(1,832,635)

	$	216,449	$	219,677

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	486,690	$	502,552
Notes receivable		-		-
Other assets		-		-

	$	486,690	$	502,552




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; 2,169,878 issued and 2,158,878 outstanding as of June 30, 2016 and March 31, 2016.		661,075		676,778
General Partner		(174,385)		(174,226)

		486,690		502,552

	$	486,690	$	502,552

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	381,276	$	395,797
Notes receivable		-		-
Other assets		1,250		1,250

	$	382,526	$	397,047




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 3,020,309 outstanding as of June 30, 2016 and March 31, 2016.		602,317		616,693
General Partner		(219,791)		(219,646)

		382,526		397,047

	$	382,526	$	397,047

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	773,818	$	809,362
Notes receivable		-		-
Other assets		-		-

	$	773,818	$	809,362




LIABILITIES

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

		4,960		4,960


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,983,600 outstanding as of June 30, 2016 and March 31, 2016.		1,079,512		1,114,701
General Partner		(310,654)		(310,299)

		768,858		804,402

	$	773,818	$	809,362

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	3,836,295	$	899,636
Notes receivable		-		-
Other assets		-		-

	$	3,836,295	$	899,636




LIABILITIES

Accounts payable and accrued expenses	$	5,000	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		5,000		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,453,500 outstanding as of June 30, 2016 and March 31, 2016.		3,999,429		1,097,087
General Partner		(168,134)		(197,451)

		3,831,295		899,636

	$	3,836,295	$	899,636

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	871,823	$	884,427
Notes receivable		-		-
Other assets		-		-

	$	871,823	$	884,427




LIABILITIES

Accounts payable and accrued expenses	$	2,500	$	7,500
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		2,500		7,500


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,000,738 issued and 3,994,238 outstanding as of June 30, 2016 and March 31, 2016.		1,142,467		1,149,995
General Partner		(273,144)		(273,068)

		869,323		876,927

	$	871,823	$	884,427

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	421,422	$	618,758
Notes receivable		-		-
Other assets		-		-

	$	421,422	$	618,758




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,445,551		3,578,505
Capital contributions payable		8,235		8,235

		3,453,786		3,586,740


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,980,400 outstanding as of June 30, 2016 and March 31, 2016.		(2,663,393)		(2,599,655)
General Partner		(368,971)		(368,327)

		(3,032,364)		(2,967,982)

	$	421,422	$	618,758

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	305,267	$	304,293
Notes receivable		-		-
Other assets		-		-

	$	305,267	$	304,293




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,589,713		1,572,292
Capital contributions payable		105,139		105,139

		1,694,852		1,677,431


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,636,000 outstanding as of June 30, 2016 and March 31, 2016.		(1,148,634)		(1,132,351)
General Partner		(240,951)		(240,787)

		(1,389,585)		(1,373,138)

	$	305,267	$	304,293

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	1,304,153	$	1,351,761
Notes receivable		-		-
Other assets		25,000		25,000

	$	1,329,153	$	1,376,761




LIABILITIES

Accounts payable and accrued expenses	$	-	$	3,000
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		66,294		66,294

		66,294		69,294


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,396,557 outstanding as of June 30, 2016 and March 31, 2016.		1,629,489		1,673,651
General Partner		(366,630)		(366,184)

		1,262,859		1,307,467

	$	1,329,153	$	1,376,761

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	965,224	$	1,061,685
Notes receivable		-		-
Other assets		-		-

	$	965,224	$	1,061,685




LIABILITIES

Accounts payable and accrued expenses	$	7,000	$	7,000
Accounts payable affiliates (Note C)		3,310,345		3,366,055
Capital contributions payable		1,229		1,229

		3,318,574		3,374,284


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,740,698 outstanding as of June 30, 2016 and March 31, 2016.		(1,923,453)		(1,883,110)
General Partner		(429,897)		(429,489)

		(2,353,350)		(2,312,599)

	$	965,224	$	1,061,685

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	1,267,858	$	1,266,455
Notes receivable		-		-
Other assets		-		-

	$	1,267,858	$	1,266,455




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,041,634		2,025,236
Capital contributions payable		69,154		69,154

		2,110,788		2,094,390


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,628,033 outstanding as of June 30, 2016 and March 31, 2016.		(608,721)		(593,876)
General Partner		(234,209)		(234,059)

		(842,930)		(827,935)

	$	1,267,858	$	1,266,455

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	426,004	$	674,173
Notes receivable		-		-
Other assets		-		-

	$	426,004	$	674,173




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,335,751		3,603,434
Capital contributions payable		-		-

		3,335,751		3,603,434


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,523,019 outstanding as of June 30, 2016 and March 31, 2016.		(2,580,260)		(2,599,579)
General Partner		(329,487)		(329,682)

		(2,909,747)		(2,929,261)

	$	426,004	$	674,173

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	3,096,274	$	1,693,223
Notes receivable		-		-
Other assets		-		-

	$	3,096,274	$	1,693,223




LIABILITIES

Accounts payable and accrued expenses	$	1,250	$	-
Accounts payable affiliates (Note C)		1,595,878		2,494,235
Capital contributions payable		-		-

		1,597,128		2,494,235


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,293,763 outstanding as of June 30, 2016 and March 31, 2016.		1,766,179		(510,977)
General Partner		(267,033)		(290,035)

		1,499,146		(801,012)

	$	3,096,274	$	1,693,223

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	2,860,083	$	979,340
Notes receivable		-		-
Other assets		-		-

	$	2,860,083	$	979,340




LIABILITIES

Accounts payable and accrued expenses	$	132,250	$	133,500
Accounts payable affiliates (Note C)		744,627		1,292,536
Capital contributions payable		-		-

		876,877		1,426,036


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,098,204 outstanding as of June 30, 2016 and March 31, 2016.		2,142,037		(263,566)
General Partner		(158,831)		(183,130)

		1,983,206		(446,696)

	$	2,860,083	$	979,340

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	351,523	$	340,689
Notes receivable		-		-
Other assets		-		-

	$	351,523	$	340,689




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,540,737		2,501,407
Capital contributions payable		138,438		138,438

		2,679,175		2,639,845


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,507,500 outstanding as of June 30, 2016 and March 31, 2016.		(2,088,811)		(2,060,600)
General Partner		(238,841)		(238,556)

		(2,327,652)		(2,299,156)

	$	351,523	$	340,689

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	329,584	$	333,474
Notes receivable		-		-
Other assets		-		-

	$	329,584	$	333,474




LIABILITIES

Accounts payable and accrued expenses	$	-	$	4,779
Accounts payable affiliates (Note C)		2,025,147		2,020,632
Capital contributions payable		-		-

		2,025,147		2,025,411


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,543,100 issued and 2,540,100 outstanding as of June 30, 2016 and March 31, 2016.		(1,460,323)		(1,456,733)
General Partner		(235,240)		(235,204)

		(1,695,563)		(1,691,937)

	$	329,584	$	333,474

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	328,952	$	313,691
Notes receivable		-		-
Other assets		-		-

	$	328,952	$	313,691




LIABILITIES

Accounts payable and accrued expenses	$	-	$	4,894
Accounts payable affiliates (Note C)		1,796,430		1,775,213
Capital contributions payable		-		-

		1,796,430		1,780,107


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,290,151 outstanding as of June 30, 2016 and March 31, 2016.		(1,256,360)		(1,255,309)
General Partner		(211,118)		(211,107)

		(1,467,478)		(1,466,416)

	$	328,952	$	313,691

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	231,324	$	510,705
Notes receivable		-		-
Other assets		-		-

	$	231,324	$	510,705




LIABILITIES

Accounts payable and accrued expenses	$	-	$	5,000
Accounts payable affiliates (Note C)		2,613,310		2,862,316
Capital contributions payable		102		102

		2,613,412		2,867,418


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,623,756 outstanding as of June 30, 2016 and March 31, 2016.		(2,133,323)		(2,108,202)
General Partner		(248,765)		(248,511)

		(2,382,088)		(2,356,713)

	$	231,324	$	510,705

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	227,586	$	331,029
Notes receivable		-		-
Other assets		1,218		1,218

	$	228,804	$	332,247




LIABILITIES

Accounts payable and accrued expenses	$	51	$	-
Accounts payable affiliates (Note C)		3,117,811		3,161,663
Capital contributions payable		100		100

		3,117,962		3,161,763


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 June 30, 2016 and March 31, 2016.		(2,611,098)		(2,552,052)
General Partner		(278,060)		(277,464)

		(2,889,158)		(2,829,516)

	$	228,804	$	332,247

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	1,769,186	$	3,412,757
Notes receivable		22,790		22,790
Other assets		51,003		51,003

	$	1,842,979	$	3,486,550




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		547,175		2,141,040
Capital contributions payable		73,433		73,433

		620,608		2,214,473


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,744,262 issued and 2,736,262 outstanding as of June 30, 2016 and March 31, 2016.		1,451,085		1,500,294
General Partner		(228,714)		(228,217)

		1,222,371		1,272,077

	$	1,842,979	$	3,486,550

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	1,856,357	$	2,886,991
Notes receivable		-		-
Other assets		82,514		82,514

	$	1,938,871	$	2,969,505




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,069,047		3,061,116
Capital contributions payable		99,265		99,265

		2,168,312		3,160,381


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 June 30, 2016 and March 31, 2016.		94,375		132,554
General Partner		(323,816)		(323,430)

		(229,441)		(190,876)

	$	1,938,871	$	2,969,505

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	54,699	$	44,503
Notes receivable		-		-
Other assets		-		-

	$	54,699	$	44,503




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,397,403		2,331,303
Capital contributions payable		-		-

		2,397,403		2,331,303


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,699,973 outstanding as of June 30, 2016 and March 31, 2016.		(2,081,829)		(2,026,484)
General Partner		(260,875)		(260,316)

		(2,342,704)		(2,286,800)

	$	54,699	$	44,503

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	798,795	$	748,100
Notes receivable		-		-
Other assets		-		-

	$	798,795	$	748,100




LIABILITIES

Accounts payable and accrued expenses	$	515,173	$	515,173
Accounts payable affiliates (Note C)		2,132,797		2,058,519
Capital contributions payable		16,724		16,724

		2,664,694		2,590,416


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 June 30, 2016 and March 31, 2016.		(1,493,578)		(1,470,231)
General Partner		(372,321)		(372,085)

		(1,865,899)		(1,842,316)

	$	798,795	$	748,100

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


		June 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	253,070	$	243,277
Notes receivable		-		-
Other assets		3,788		3,788

	$	256,858	$	247,065




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,713,269		1,650,887
Capital contributions payable		-		-

		1,713,269		1,650,887


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,980,998 issued and 2,971,998 outstanding as of June 30, 2016 and March 31, 2016.		(1,179,104)		(1,127,041)
General Partner		(277,307)		(276,781)

		(1,456,411)		(1,403,822)

	$	256,858	$	247,065

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 June 30,
(Unaudited)

		2016		2015

Income
Interest income	$	12,813	$	13,703
Other income		128,173		212,454

		140,986		226,157



Share of income (loss) from Operating Partnerships (Note D)		7,788,656		3,650,235


Expenses
Professional fees		186,023		119,700
Fund management fee, net (Note C)		587,049		863,134
General and administrative expenses		120,712		80,781

		893,784		1,063,615


NET INCOME (LOSS)	$	7,035,858	$	2,812,777




Net income (loss) allocated to assignees	$	6,965,499	$	2,784,649




Net income (loss) allocated to general partner	$	70,359	$	28,128




Net income (loss) per BAC	$	.08	$	.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 June 30,
(Unaudited)

Series 20

		2016		2015

Income
Interest income	$	104	$	135
Other income		-		-

		104		135



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


Expenses
Professional fees		3,063		3,480
Fund management fee, net (Note C)		7,538		6,855
General and administrative expenses		4,992		3,250

		15,593		13,585


NET INCOME (LOSS)	$	(15,489)	$	(13,450)




Net income (loss) allocated to assignees	$	(15,334)	$	(13,316)




Net income (loss) allocated to general partner	$	(155)	$	(134)




Net income (loss) per BAC	$	(.00)	$	(.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 June 30,
(Unaudited)

Series 21

		2016		2015

Income
Interest income	$	224	$	83
Other income		-		-

		224		83



Share of income (loss) from Operating Partnerships (Note D)		-		323,096


Expenses
Professional fees		2,982		2,820
Fund management fee, net (Note C)		2,255		14,325
General and administrative expenses		3,588		2,521

		8,825		19,666


NET INCOME (LOSS)	$	(8,601)	$	303,513




Net income (loss) allocated to assignees	$	(8,515)	$	300,478




Net income (loss) allocated to general partner	$	(86)	$	3,035




Net income (loss) per BAC	$	(.00)	$	.16

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 June 30,
(Unaudited)

Series 22

		2016		2015

Income
Interest income	$	106	$	38
Other income		-		-

		106		38



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


Expenses
Professional fees		3,355		3,645
Fund management fee, net (Note C)		6,802		9,279
General and administrative expenses		4,197		2,853

		14,354		15,777


NET INCOME (LOSS)	$	(14,248)	$	(15,739)




Net income (loss) allocated to assignees	$	(14,106)	$	(15,582)




Net income (loss) allocated to general partner	$	(142)	$	(157)




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 June 30,
(Unaudited)

Series 23

		2016		2015

Income
Interest income	$	91	$	67
Other income		-		-

		91		67



Share of income (loss) from Operating Partnerships (Note D)		3,550		-


Expenses
Professional fees		5,081		3,975
Fund management fee, net (Note C)		7,472		2,453
General and administrative expenses		4,863		3,180

		17,416		9,608


NET INCOME (LOSS)	$	(13,775)	$	(9,541)




Net income (loss) allocated to assignees	$	(13,637)	$	(9,446)




Net income (loss) allocated to general partner	$	(138)	$	(95)




Net income (loss) per BAC	$	(.00)	$	(.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 June 30,
(Unaudited)

Series 24

		2016		2015

Income
Interest income	$	105	$	689
Other income		1,680		1,680

		1,785		2,369



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


Expenses
Professional fees		3,519		3,480
Fund management fee, net (Note C)		9,398		9,898
General and administrative expenses		4,730		2,862

		17,647		16,240


NET INCOME (LOSS)	$	(15,862)	$	(13,871)




Net income (loss) allocated to assignees	$	(15,703)	$	(13,732)




Net income (loss) allocated to general partner	$	(159)	$	(139)




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 June 30,
(Unaudited)

Series 25

		2016		2015

Income
Interest income	$	88	$	2,853
Other income		-		-

		88		2,853



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


Expenses
Professional fees		3,030		3,315
Fund management fee, net (Note C)		5,934		5,934
General and administrative expenses		5,645		3,130

		14,609		12,379


NET INCOME (LOSS)	$	(14,521)	$	(9,526)




Net income (loss) allocated to assignees	$	(14,376)	$	(9,431)




Net income (loss) allocated to general partner	$	(145)	$	(95)




Net income (loss) per BAC	$	(.00)	$	(.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 June 30,
(Unaudited)

Series 26

		2016		2015

Income
Interest income	$	349	$	1,415
Other income		420		-

		769		1,415



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


Expenses
Professional fees		5,665		6,120
Fund management fee, net (Note C)		23,717		28,615
General and administrative expenses		6,931		3,560

		36,313		38,295


NET INCOME (LOSS)	$	(35,544)	$	(36,880)




Net income (loss) allocated to assignees	$	(35,189)	$	(36,511)




Net income (loss) allocated to general partner	$	(355)	$	(369)




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 June 30,
(Unaudited)

Series 27

		2016		2015

Income
Interest income	$	1,236	$	879
Other income		-		-

		1,236		879



Share of income (loss) from Operating Partnerships (Note D)		2,995,000		-


Expenses
Professional fees		34,369		3,810
Fund management fee, net (Note C)		26,358		28,358
General and administrative expenses		3,850		2,896

		64,577		35,064


NET INCOME (LOSS)	$	2,931,659	$	(34,185)




Net income (loss) allocated to assignees	$	2,902,342	$	(33,843)




Net income (loss) allocated to general partner	$	29,317	$	(342)




Net income (loss) per BAC	$	1.18	$	(.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 June 30,
(Unaudited)

Series 28

		2016		2015

Income
Interest income	$	302	$	4,327
Other income		7,976		6,400

		8,278		10,727



Share of income (loss) from Operating Partnerships (Note D)		5,000		1,197,000


Expenses
Professional fees		4,415		5,295
Fund management fee, net (Note C)		10,147		26,455
General and administrative expenses		6,320		3,389

		20,882		35,139


NET INCOME (LOSS)	$	(7,604)	$	1,172,588




Net income (loss) allocated to assignees	$	(7,528)	$	1,160,862




Net income (loss) allocated to general partner	$	(76)	$	11,726




Net income (loss) per BAC	$	(.00)	$	.29

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 June 30,
(Unaudited)

Series 29

		2016		2015

Income
Interest income	$	278	$	245
Other income		-		-

		278		245



Share of income (loss) from Operating Partnerships (Note D)		-		153,500


Expenses
Professional fees		39,049		4,965
Fund management fee, net (Note C)		20,546		25,385
General and administrative expenses		5,065		3,303

		64,660		33,653


NET INCOME (LOSS)	$	(64,382)	$	120,092




Net income (loss) allocated to assignees	$	(63,738)	$	118,891




Net income (loss) allocated to general partner	$	(644)	$	1,201




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 June 30,
(Unaudited)

Series 30

		2016		2015

Income
Interest income	$	218	$	199
Other income		1,243		-

		1,461		199



Share of income (loss) from Operating Partnerships (Note D)		-		6,000


Expenses
Professional fees		4,384		4,800
Fund management fee, net (Note C)		9,605		24,515
General and administrative expenses		3,919		2,763

		17,908		32,078


NET INCOME (LOSS)	$	(16,447)	$	(25,879)




Net income (loss) allocated to assignees	$	(16,283)	$	(25,620)




Net income (loss) allocated to general partner	$	(164)	$	(259)




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 June 30,
(Unaudited)

Series 31

		2016		2015

Income
Interest income	$	754	$	775
Other income		476		-

		1,230		775



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


Expenses
Professional fees		5,839		6,120
Fund management fee, net (Note C)		35,021		39,502
General and administrative expenses		4,978		3,539

		45,838		49,161


NET INCOME (LOSS)	$	(44,608)	$	(48,386)




Net income (loss) allocated to assignees	$	(44,162)	$	(47,902)




Net income (loss) allocated to general partner	$	(446)	$	(484)




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 June 30,
(Unaudited)

Series 32

		2016		2015

Income
Interest income	$	626	$	106
Other income		1,800		-

		2,426		106



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


Expenses
Professional fees		4,455		4,470
Fund management fee, net (Note C)		33,580		56,622
General and administrative expenses		5,142		3,568

		43,177		64,660


NET INCOME (LOSS)	$	(40,751)	$	(64,554)




Net income (loss) allocated to assignees	$	(40,343)	$	(63,908)




Net income (loss) allocated to general partner	$	(408)	$	(646)




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 June 30,

(Unaudited)

Series 33

		2016		2015

Income
Interest income	$	599	$	201
Other income		1,800		-

		2,399		201



Share of income (loss) from Operating Partnerships (Note D)		-		1,097,000


Expenses
Professional fees		3,685		3,480
Fund management fee, net (Note C)		9,898		23,733
General and administrative expenses		3,811		2,658

		17,394		29,871


NET INCOME (LOSS)	$	(14,995)	$	1,067,330




Net income (loss) allocated to assignees	$	(14,845)	$	1,056,657




Net income (loss) allocated to general partner	$	(150)	$	10,673




Net income (loss) per BAC	$	(.01)	$	.40

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 June 30,
(Unaudited)

Series 34

		2016		2015

Income
Interest income	$	472	$	233
Other income		11,691		16,763

		12,163		16,996



Share of income (loss) from Operating Partnerships (Note D)		27,500		37,000


Expenses
Professional fees		4,400		4,305
Fund management fee, net (Note C)		11,317		30,093
General and administrative expenses		4,432		5,044

		20,149		39,442


NET INCOME (LOSS)	$	19,514	$	14,554




Net income (loss) allocated to assignees	$	19,319	$	14,408




Net income (loss) allocated to general partner	$	195	$	146




Net income (loss) per BAC	$	.01	$	.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 June 30,
(Unaudited)

Series 35

		2016		2015

Income
Interest income	$	1,321	$	240
Other income		4,893		6,178

		6,214		6,418



Share of income (loss) from Operating Partnerships (Note D)		2,294,803		904,000


Expenses
Professional fees		4,057		3,810
Fund management fee, net (Note C)		(7,607)		37,982
General and administrative expenses		4,409		2,959

		859		44,751


NET INCOME (LOSS)	$	2,300,158	$	865,667




Net income (loss) allocated to assignees	$	2,277,156	$	857,010




Net income (loss) allocated to general partner	$	23,002	$	8,657




Net income (loss) per BAC	$	.69	$	.26

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 June 30,
(Unaudited)

Series 36

		2016		2015

Income
Interest income	$	563	$	267
Other income		1,146		2,683

		1,709		2,950



Share of income (loss) from Operating Partnerships (Note D)		2,417,303		-


Expenses
Professional fees		3,835		3,810
Fund management fee, net (Note C)		(18,208)		30,378
General and administrative expenses		3,483		2,576

		(10,890)		36,764


NET INCOME (LOSS)	$	2,429,902	$	(33,814)




Net income (loss) allocated to assignees	$	2,405,603	$	(33,476)




Net income (loss) allocated to general partner	$	24,299	$	(338)




Net income (loss) per BAC	$	1.16	$	(.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 June 30,
(Unaudited)

Series 37

		2016		2015

Income
Interest income	$	172	$	173
Other income		4,811		9,240

		4,983		9,413



Share of income (loss) from Operating Partnerships (Note D)		2,500		-


Expenses
Professional fees		3,509		3,315
Fund management fee, net (Note C)		28,812		35,816
General and administrative expenses		3,658		2,596

		35,979		41,727


NET INCOME (LOSS)	$	(28,496)	$	(32,314)




Net income (loss) allocated to assignees	$	(28,211)	$	(31,991)




Net income (loss) allocated to general partner	$	(285)	$	(323)




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 June 30,
(Unaudited)

Series 38

		2016		2015

Income
Interest income	$	154	$	82
Other income		31,791		3,160

		31,945		3,242



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


Expenses
Professional fees		4,036		3,810
Fund management fee, net (Note C)		27,782		36,900
General and administrative expenses		3,753		2,685

		35,571		43,395


NET INCOME (LOSS)	$	(3,626)	$	(40,153)




Net income (loss) allocated to assignees	$	(3,590)	$	(39,751)




Net income (loss) allocated to general partner	$	(36)	$	(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 June 30,
(Unaudited)

Series 39

		2016		2015

Income
Interest income	$	127	$	87
Other income		660		3,160

		787		3,247



Share of income (loss) from Operating Partnerships (Note D)		22,500		-


Expenses
Professional fees		3,845		3,645
Fund management fee, net (Note C)		17,017		27,285
General and administrative expenses		3,487		2,540

		24,349		33,470


NET INCOME (LOSS)	$	(1,062)	$	(30,223)




Net income (loss) allocated to assignees	$	(1,051)	$	(29,921)




Net income (loss) allocated to general partner	$	(11)	$	(302)




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 June 30,
(Unaudited)

Series 40

		2016		2015

Income
Interest income	$	132	$	25
Other income		-		-

		132		25



Share of income (loss) from Operating Partnerships (Note D)		20,500		-


Expenses
Professional fees		5,079		4,800
Fund management fee, net (Note C)		37,216		48,504
General and administrative expenses		3,712		2,484

		46,007		55,788


NET INCOME (LOSS)	$	(25,375)	$	(55,763)




Net income (loss) allocated to assignees	$	(25,121)	$	(55,205)




Net income (loss) allocated to general partner	$	(254)	$	(558)




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 June 30,
(Unaudited)

Series 41

		2016		2015

Income
Interest income	$	223	$	129
Other income		-		36,109

		223		36,238



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


Expenses
Professional fees		5,627		5,295
Fund management fee, net (Note C)		50,199		40,720
General and administrative expenses		4,039		2,811

		59,865		48,826


NET INCOME (LOSS)	$	(59,642)	$	(12,588)




Net income (loss) allocated to assignees	$	(59,046)	$	(12,462)




Net income (loss) allocated to general partner	$	(596)	$	(126)




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 June 30,
(Unaudited)

Series 42

		2016		2015

Income
Interest income	$	2,039	$	142
Other income		-		66,129

		2,039		66,271



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


Expenses
Professional fees		5,945		5,625
Fund management fee, net (Note C)		42,002		40,228
General and administrative expenses		3,798		2,590

		51,745		48,443


NET INCOME (LOSS)	$	(49,706)	$	17,828




Net income (loss) allocated to assignees	$	(49,209)	$	17,650




Net income (loss) allocated to general partner	$	(497)	$	178




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 June 30,
(Unaudited)

Series 43

		2016		2015

Income
Interest income	$	2,046	$	129
Other income		1,759		39,347

		3,805		39,476



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


Expenses
Professional fees		6,332		5,955
Fund management fee, net (Note C)		31,651		44,122
General and administrative expenses		4,387		2,912

		42,370		52,989


NET INCOME (LOSS)	$	(38,565)	$	(13,513)




Net income (loss) allocated to assignees	$	(38,179)	$	(13,378)




Net income (loss) allocated to general partner	$	(386)	$	(135)




Net income (loss) per BAC	$	(.01)	$	(.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 June 30,
(Unaudited)

Series 44

		2016		2015

Income
Interest income	$	12	$	2
Other income		13,649		-

		13,661		2



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


Expenses
Professional fees		4,301		3,975
Fund management fee, net (Note C)		61,470		63,657
General and administrative expenses		3,794		2,470

		69,565		70,102


NET INCOME (LOSS)	$	(55,904)	$	(70,100)




Net income (loss) allocated to assignees	$	(55,345)	$	(69,399)




Net income (loss) allocated to general partner	$	(559)	$	(701)




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 June 30,
(Unaudited)

Series 45

		2016		2015

Income
Interest income	$	311	$	42
Other income		28,826		21,605

		29,137		21,647



Share of income (loss) from Operating Partnerships (Note D)		-		(13,525)


Expenses
Professional fees		7,234		6,945
Fund management fee, net (Note C)		40,120		68,513
General and administrative expenses		5,366		2,952

		52,720		78,410


NET INCOME (LOSS)	$	(23,583)	$	(70,288)




Net income (loss) allocated to assignees	$	(23,347)	$	(69,585)




Net income (loss) allocated to general partner	$	(236)	$	(703)




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 June 30,
(Unaudited)

Series 46

		2016		2015

Income
Interest income	$	161	$	140
Other income		13,552		-

		13,713		140



Share of income (loss) from Operating Partnerships (Note D)		-		(53,836)


Expenses
Professional fees		4,932		4,635
Fund management fee, net (Note C)		57,007		57,007
General and administrative expenses		4,363		2,690

		66,302		64,332


NET INCOME (LOSS)	$	(52,589)	$	(118,028)




Net income (loss) allocated to assignees	$	(52,063)	$	(116,848)




Net income (loss) allocated to general partner	$	(526)	$	(1,180)




Net income (loss) per BAC	$	(.02)	$	(.04)

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)

Three Months Ended June 30, 2016
(Unaudited)


		Assignees		General Partner		Total


Partners' capital (deficit) April 1, 2016	$	(21,290,383)	$	(7,328,718)	$	(28,619,101)

Net income (loss)		6,965,499		70,359		7,035,858


Partners' capital (deficit), June 30, 2016	$	(14,324,884)	$	(7,258,359)	$	(21,583,243)

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 20
Partners' capital (deficit) April 1, 2016	$	(940,299)	$	(320,864)	$	(1,261,163)

Net income (loss)		(15,334)		(155)		(15,489)


Partners' capital (deficit), June 30, 2016	$	(955,633)	$	(321,019)	$	(1,276,652)

		Assignees		General Partner		Total

Series 21
Partners' capital (deficit) April 1, 2016	$	(862,894)	$	(172,303)	$	(1,035,197)

Net income (loss)		(8,515)		(86)		(8,601)


Partners' capital (deficit), June 30, 2016	$	(871,409)	$	(172,389)	$	(1,043,798)

		Assignees		General Partner		Total

Series 22
Partners' capital (deficit) April 1, 2016	$	(2,279,715)	$	(244,324)	$	(2,524,039)

Net income (loss)		(14,106)		(142)		(14,248)


Partners' capital (deficit), June 30, 2016	$	(2,293,821)	$	(244,466)	$	(2,538,287)

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 23
Partners' capital (deficit) April 1, 2016	$	(1,529,462)	$	(303,173)	$	(1,832,635)

Net income (loss)		(13,637)		(138)		(13,775)


Partners' capital (deficit), June 30, 2016	$	(1,543,099)	$	(303,311)	$	(1,846,410)

		Assignees		General Partner		Total

Series 24
Partners' capital (deficit) April 1, 2016	$	676,778	$	(174,226)	$	502,552

Net income (loss)		(15,703)		(159)		(15,862)


Partners' capital (deficit), June 30, 2016	$	661,075	$	(174,385)	$	486,690

		Assignees		General Partner		Total

Series 25
Partners' capital (deficit) April 1, 2016	$	616,693	$	(219,646)	$	397,047

Net income (loss)		(14,376)		(145)		(14,521)


Partners' capital (deficit), June 30, 2016	$	602,317	$	(219,791)	$	382,526

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 26
Partners' capital (deficit) April 1, 2016	$	1,114,701	$	(310,299)	$	804,402

Net income (loss)		(35,189)		(355)		(35,544)


Partners' capital (deficit), June 30, 2016	$	1,079,512	$	(310,654)	$	768,858

		Assignees		General Partner		Total

Series 27
Partners' capital (deficit) April 1, 2016	$	1,097,087	$	(197,451)	$	899,636

Net income (loss)		2,902,342		29,317		2,931,659


Partners' capital (deficit), June 30, 2016	$	3,999,429	$	(168,134)	$	3,831,295

		Assignees		General Partner		Total

Series 28
Partners' capital (deficit) April 1, 2016	$	1,149,995	$	(273,068)	$	876,927

Net income (loss)		(7,528)		(76)		(7,604)


Partners' capital (deficit), June 30, 2016	$	1,142,467	$	(273,144)	$	869,323

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 29
Partners' capital (deficit) April 1, 2016	$	(2,599,655)	$	(368,327)	$	(2,967,982)

Net income (loss)		(63,738)		(644)		(64,382)


Partners' capital (deficit), June 30, 2016	$	(2,663,393)	$	(368,971)	$	(3,032,364)

		Assignees		General Partner		Total

Series 30
Partners' capital (deficit) April 1, 2016	$	(1,132,351)	$	(240,787)	$	(1,373,138)

Net income (loss)		(16,283)		(164)		(16,447)


Partners' capital (deficit), June 30, 2016	$	(1,148,634)	$	(240,951)	$	(1,389,585)

		Assignees		General Partner		Total

Series 31
Partners' capital (deficit) April 1, 2016	$	1,673,651	$	(366,184)	$	1,307,467

Net income (loss)		(44,162)		(446)		(44,608)


Partners' capital (deficit), June 30, 2016	$	1,629,489	$	(366,630)	$	1,262,859

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 32
Partners' capital (deficit) April 1, 2016	$	(1,883,110)	$	(429,489)	$	(2,312,599)

Net income (loss)		(40,343)		(408)		(40,751)


Partners' capital (deficit), June 30, 2016	$	(1,923,453)	$	(429,897)	$	(2,353,350)

		Assignees		General Partner		Total

Series 33
Partners' capital (deficit) April 1, 2016	$	(593,876)	$	(234,059)	$	(827,935)

Net income (loss)		(14,845)		(150)		(14,995)


Partners' capital (deficit), June 30, 2016	$	(608,721)	$	(234,209)	$	(842,930)

		Assignees		General Partner		Total

Series 34
Partners' capital (deficit) April 1, 2016	$	(2,599,579)	$	(329,682)	$	(2,929,261)

Net income (loss)		19,319		195		19,514


Partners' capital (deficit), June 30, 2016	$	(2,580,260)	$	(329,487)	$	(2,909,747)

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 35
Partners' capital (deficit) April 1, 2016	$	(510,977)	$	(290,035)	$	(801,012)

Net income (loss)		2,277,156		23,002		2,300,158


Partners' capital (deficit), June 30, 2016	$	1,766,179	$	(267,033)	$	1,499,146

		Assignees		General Partner		Total

Series 36
Partners' capital (deficit) April 1, 2016	$	(263,566)	$	(183,130)	$	(446,696)

Net income (loss)		2,405,603		24,299		2,429,902


Partners' capital (deficit), June 30, 2016	$	2,142,037	$	(158,831)	$	1,983,206

		Assignees		General Partner		Total

Series 37
Partners' capital (deficit) April 1, 2016	$	(2,060,600)	$	(238,556)	$	(2,299,156)

Net income (loss)		(28,211)		(285)		(28,496)


Partners' capital (deficit), June 30, 2016	$	(2,088,811)	$	(238,841)	$	(2,327,652)

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 38
Partners' capital (deficit) April 1, 2016	$	(1,456,733)	$	(235,204)	$	(1,691,937)

Net income (loss)		(3,590)		(36)		(3,626)


Partners' capital (deficit), June 30, 2016	$	(1,460,323)	$	(235,240)	$	(1,695,563)

		Assignees		General Partner		Total

Series 39
Partners' capital (deficit) April 1, 2016	$	(1,255,309)	$	(211,107)	$	(1,466,416)

Net income (loss)		(1,051)		(11)		(1,062)


Partners' capital (deficit), June 30, 2016	$	(1,256,360)	$	(211,118)	$	(1,467,478)

		Assignees		General Partner		Total

Series 40
Partners' capital (deficit) April 1, 2016	$	(2,108,202)	$	(248,511)	$	(2,356,713)

Net income (loss)		(25,121)		(254)		(25,375)


Partners' capital (deficit), June 30, 2016	$	(2,133,323)	$	(248,765)	$	(2,382,088)

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 41
Partners' capital (deficit) April 1, 2016	$	(2,552,052)	$	(277,464)	$	(2,829,516)

Net income (loss)		(59,046)		(596)		(59,642)


Partners' capital (deficit), June 30, 2016	$	(2,611,098)	$	(278,060)	$	(2,889,158)

		Assignees		General Partner		Total

Series 42
Partners' capital (deficit) April 1, 2016	$	1,500,294	$	(228,217)	$	1,272,077

Net income (loss)		(49,209)		(497)		(49,706)


Partners' capital (deficit), June 30, 2016	$	1,451,085	$	(228,714)	$	1,222,371

		Assignees		General Partner		Total

Series 43
Partners' capital (deficit) April 1, 2016	$	132,554	$	(323,430)	$	(190,876)

Net income (loss)		(38,179)		(386)		(38,565)


Partners' capital (deficit), June 30, 2016	$	94,375	$	(323,816)	$	(229,441)

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)

Three Months Ended June 30, 2016
(Unaudited)

		Assignees		General Partner		Total

Series 44
Partners' capital (deficit) April 1, 2016	$	(2,026,484)	$	(260,316)	$	(2,286,800)

Net income (loss)		(55,345)		(559)		(55,904)


Partners' capital (deficit), June 30, 2016	$	(2,081,829)	$	(260,875)	$	(2,342,704)

		Assignees		General Partner		Total

Series 45
Partners' capital (deficit) April 1, 2016	$	(1,470,231)	$	(372,085)	$	(1,842,316)

Net income (loss)		(23,347)		(236)		(23,583)


Partners' capital (deficit), June 30, 2016	$	(1,493,578)	$	(372,321)	$	(1,865,899)

		Assignees		General Partner		Total

Series 46
Partners' capital (deficit) April 1, 2016	$	(1,127,041)	$	(276,781)	$	(1,403,822)

Net income (loss)		(52,063)		(526)		(52,589)


Partners' capital (deficit), June 30, 2016	$	(1,179,104)	$	(277,307)	$	(1,456,411)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	7,035,858	$	2,812,777
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		3,589
Share of (income) loss from Operating Partnerships		(7,788,656)		(3,650,235)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(16,627)		(8,976)
(Increase) in other assets		-		(30,733)
(Decrease) Increase in accounts payable affiliates		(4,451,954)		(2,663,231)


Net cash (used in) provided by operating activities		(5,221,379)		(3,536,809)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		7,788,656		3,957,596


Net cash provided by investing activities		7,788,656		3,957,596

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,567,277		420,787


Cash and cash equivalents, beginning		21,728,069		23,720,352


Cash and cash equivalents, ending	$	24,295,346	$	24,141,139

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 20

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(15,489)	$	(13,450)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		8,238		(62,342)


Net cash (used in) provided by operating activities		(7,251)		(75,792)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(7,251)		(75,792)


Cash and cash equivalents, beginning		180,896		310,195


Cash and cash equivalents, ending	$	173,645	$	234,403

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 21

		2016		2015


Cash flows from operating activities:
Net income (loss)	$	(8,601)	$	303,513
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(323,096)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		3,000
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		2,718		14,325


Net cash (used in) provided by operating activities		(5,883)		(2,258)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		323,096


Net cash provided by investing activities		-		323,096

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(5,883)		320,838


Cash and cash equivalents, beginning		425,168		127,394


Cash and cash equivalents, ending	$	419,285	$	448,232

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 22

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(14,248)	$	(15,739)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		7,302		12,990


Net cash (used in) provided by operating activities		(6,946)		(2,749)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(6,946)		(2,749)


Cash and cash equivalents, beginning		295,650		117,048


Cash and cash equivalents, ending	$	288,704	$	114,299

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 23

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(13,775)	$	(9,541)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(3,550)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		995		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		9,552		17,682


Net cash (used in) provided by operating activities		(6,778)		8,141


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		3,550		-


Net cash provided by investing activities		3,550		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(3,228)		8,141


Cash and cash equivalents, beginning		219,677		205,359


Cash and cash equivalents, ending	$	216,449	$	213,500

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 24

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(15,862)	$	(13,871)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(6,335)
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(15,862)		(20,206)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		80,040


Net cash provided by investing activities		-		80,040

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(15,862)		59,834


Cash and cash equivalents, beginning		502,552		1,005,871


Cash and cash equivalents, ending	$	486,690	$	1,065,705

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 25

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(14,521)	$	(9,526)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(14,521)		(9,526)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(14,521)		(9,526)


Cash and cash equivalents, beginning		395,797		3,811,919


Cash and cash equivalents, ending	$	381,276	$	3,802,393

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 26

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(35,544)	$	(36,880)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(15,507)
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(35,544)		(52,387)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		69,000


Net cash provided by investing activities		-		69,000

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(35,544)		16,613


Cash and cash equivalents, beginning		809,362		3,013,320


Cash and cash equivalents, ending	$	773,818	$	3,029,933

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 27

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	2,931,659	$	(34,185)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(2,995,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		5,000		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(58,341)		(34,185)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,995,000		-


Net cash provided by investing activities		2,995,000		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,936,659		(34,185)


Cash and cash equivalents, beginning		899,636		1,051,663


Cash and cash equivalents, ending	$	3,836,295	$	1,017,478

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 28

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(7,604)	$	1,172,588
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(5,000)		(1,197,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(5,000)		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		3,021


Net cash (used in) provided by operating activities		(17,604)		(21,391)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		5,000		1,197,000


Net cash provided by investing activities		5,000		1,197,000

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(12,604)		1,175,609


Cash and cash equivalents, beginning		884,427		5,774,634


Cash and cash equivalents, ending	$	871,823	$	6,950,243

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,

(Unaudited)

Series 29

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(64,382)	$	120,092
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(153,500)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		3,500
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(132,954)		(253,108)


Net cash (used in) provided by operating activities		(197,336)		(283,016)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		153,500


Net cash provided by investing activities		-		153,500

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(197,336)		(129,516)


Cash and cash equivalents, beginning		618,758		501,274


Cash and cash equivalents, ending	$	421,422	$	371,758

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 30

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(16,447)	$	(25,879)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(6,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		600
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		17,421		(48,115)


Net cash (used in) provided by operating activities		974		(79,394)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		57,000


Net cash provided by investing activities		-		57,000

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		974		(22,394)


Cash and cash equivalents, beginning		304,293		322,775


Cash and cash equivalents, ending	$	305,267	$	300,381

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 31

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(44,608)	$	(48,386)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(3,000)		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		(2,378,565)


Net cash (used in) provided by operating activities		(47,608)		(2,426,951)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(47,608)		(2,426,951)


Cash and cash equivalents, beginning		1,351,761		3,106,480


Cash and cash equivalents, ending	$	1,304,153	$	679,529

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 32

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(40,751)	$	(64,554)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(993)
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(55,710)		(36,794)


Net cash (used in) provided by operating activities		(96,461)		(102,341)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(96,461)		(102,341)


Cash and cash equivalents, beginning		1,061,685		354,807


Cash and cash equivalents, ending	$	965,224	$	252,466

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 33

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(14,995)	$	1,067,330
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		(1,097,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		2,350
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		16,398		(29,346)


Net cash (used in) provided by operating activities		1,403		(56,666)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		1,097,000


Net cash provided by investing activities		-		1,097,000

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,403		1,040,334


Cash and cash equivalents, beginning		1,266,455		281,704


Cash and cash equivalents, ending	$	1,267,858	$	1,322,038

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 34

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	19,514	$	14,554
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(27,500)		(37,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(802)
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(267,683)		(472,634)


Net cash (used in) provided by operating activities		(275,669)		(495,882)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		27,500		37,000


Net cash provided by investing activities		27,500		37,000

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(248,169)		(458,882)


Cash and cash equivalents, beginning		674,173		838,027


Cash and cash equivalents, ending	$	426,004	$	379,145

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 35

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	2,300,158	$	865,667
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(2,294,803)		(904,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		1,250		7,900
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(898,357)		37,982


Net cash (used in) provided by operating activities		(891,752)		7,549


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,294,803		904,000


Net cash provided by investing activities		2,294,803		904,000

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,403,051		911,549


Cash and cash equivalents, beginning		1,693,223		231,626


Cash and cash equivalents, ending	$	3,096,274	$	1,143,175

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 36

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	2,429,902	$	(33,814)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(2,417,303)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(1,250)		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(547,909)		33,120


Net cash (used in) provided by operating activities		(536,560)		(694)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,417,303		-


Net cash provided by investing activities		2,417,303		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,880,743		(694)


Cash and cash equivalents, beginning		979,340		430,583


Cash and cash equivalents, ending	$	2,860,083	$	429,889

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 37

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(28,496)	$	(32,314)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(2,500)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(1,024)
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		39,330		39,330


Net cash (used in) provided by operating activities		8,334		5,992


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,500		-


Net cash provided by investing activities		2,500		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		10,834		5,992


Cash and cash equivalents, beginning		340,689		345,467


Cash and cash equivalents, ending	$	351,523	$	351,459

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 38

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(3,626)	$	(40,153)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(4,779)		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		4,515		41,100


Net cash (used in) provided by operating activities		(3,890)		947


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(3,890)		947


Cash and cash equivalents, beginning		333,474		280,864


Cash and cash equivalents, ending	$	329,584	$	281,811

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 39

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(1,062)	$	(30,223)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(22,500)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(4,894)		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		21,217		31,485


Net cash (used in) provided by operating activities		(7,239)		1,262


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		22,500		-


Net cash provided by investing activities		22,500		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		15,261		1,262


Cash and cash equivalents, beginning		313,691		166,118


Cash and cash equivalents, ending	$	328,952	$	167,380

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 40

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(25,375)	$	(55,763)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		(20,500)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(5,000)		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(249,006)		51,844


Net cash (used in) provided by operating activities		(299,881)		(3,919)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		20,500		-

		-		-
Net cash provided by investing activities		20,500		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(279,381)		(3,919)


Cash and cash equivalents, beginning		510,705		97,731


Cash and cash equivalents, ending	$	231,324	$	93,812

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 41

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(59,642)	$	(12,588)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		51		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(43,852)		59,391


Net cash (used in) provided by operating activities		(103,443)		46,803


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(103,443)		46,803


Cash and cash equivalents, beginning		331,029		158,957


Cash and cash equivalents, ending	$	227,586	$	205,760

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 42

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(49,706)	$	17,828
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(1,665)
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(1,593,865)		(41,948)


Net cash (used in) provided by operating activities		(1,643,571)		(25,785)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		39,960


Net cash provided by investing activities		-		39,960

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,643,571)		14,175


Cash and cash equivalents, beginning		3,412,757		420,023


Cash and cash equivalents, ending	$	1,769,186	$	434,198

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 43

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(38,565)	$	(13,513)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(992,069)		76,695


Net cash (used in) provided by operating activities		(1,030,634)		63,182


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,030,634)		63,182


Cash and cash equivalents, beginning		2,886,991		354,147


Cash and cash equivalents, ending	$	1,856,357	$	417,329

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 44

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(55,904)	$	(70,100)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
(Increase) in other assets		-		(30,733)
(Decrease) Increase in accounts payable affiliates		66,100		105,452


Net cash (used in) provided by operating activities		10,196		4,619


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		10,196		4,619


Cash and cash equivalents, beginning		44,503		9,744


Cash and cash equivalents, ending	$	54,699	$	14,363

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 45

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(23,583)	$	(70,288)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		-
Share of (income) loss from Operating Partnerships		-		13,525
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		74,278		72,822


Net cash (used in) provided by operating activities		50,695		16,059


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		50,695		16,059


Cash and cash equivalents, beginning		748,100		147,398


Cash and cash equivalents, ending	$	798,795	$	163,457

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Three Months Ended June 30,
(Unaudited)

Series 46

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(52,589)	$	(118,028)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Distributions from Operating Partnerships		-		3,589
Share of (income) loss from Operating Partnerships		-		53,836
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
(Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		62,382		62,382


Net cash (used in) provided by operating activities		9,793		1,779


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		9,793		1,779


Cash and cash equivalents, beginning		243,277		255,224


Cash and cash equivalents, ending	$	253,070	$	257,003

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
June 30, 2016
(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
June 30, 2016
(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 June 30, 2016 and for the three 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, 2016.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2016
(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 June 30, 2016 and 2015, are as follows:

	2016	2015
Series 20	$ 8,238	$ 8,238
Series 21	2,718	14,325
Series 22	7,302	12,990
Series 23	9,552	17,682
Series 24	12,588	12,588
Series 25	5,934	5,934
Series 26	24,717	28,615
Series 27	38,358	38,358
Series 28	18,147	31,455
Series 29	20,546	25,385
Series 30	17,421	24,515
Series 31	37,521	47,002
Series 32	43,080	56,622
Series 33	16,398	23,733
Series 34	23,317	30,093
Series 35	29,893	37,982
Series 36	23,702	33,120
Series 37	39,330	39,330
Series 38	36,936	41,100
Series 39	21,217	31,485
Series 40	38,716	50,004
Series 41	56,148	59,391
Series 42	42,870	61,560
Series 43	57,693	76,695
Series 44	63,657	63,657
Series 45	70,800	70,800
Series 46	62,382	62,382
	$829,181	$1,005,041

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2016
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the three months ended June 30, 2016 and 2015 are as follows:

	2016	2015
Series 20	$ -	$ 70,580
Series 24	12,588	12,588
Series 25	5,934	5,934
Series 26	24,717	28,615
Series 27	38,358	38,358
Series 28	18,147	28,434
Series 29	153,500	278,493
Series 30	-	72,630
Series 31	37,521	2,425,567
Series 32	98,790	93,416
Series 33	-	53,079
Series 34	291,000	502,727
Series 35	928,250	-
Series 36	571,611	-
Series 38	32,421	-
Series 40	287,722	-
Series 41	100,000	-
Series 42	1,636,735	103,508
Series 43	1,049,762	-
	$5,287,056	$3,713,929

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At June 30, 2016 and 2015, the Fund has limited partnership interests in 246 and 297 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at June 30, 2016 and 2015 are as follows:

	2016	2015
Series 20	4	4
Series 21	2	3
Series 22	3	6
Series 23	5	9
Series 24	6	6
Series 25	4	4
Series 26	14	16
Series 27	6	7
Series 28	5	10
Series 29	8	9
Series 30	8	10
Series 31	17	19
Series 32	10	11
Series 33	5	5
Series 34	6	8
Series 35	5	7
Series 36	3	9
Series 37	5	6
Series 38	8	10
Series 39	6	9
Series 40	13	16

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

Series 41	18	19
Series 42	15	20
Series 43	19	23
Series 44	8	8
Series 45	28	28
Series 46	15	15
	246	297

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 June 30, 2016 and 2015, are as follows:

	2016	2015
Series 22	$ -	$ 9,352
Series 29	8,235	8,235
Series 30	105,139	105,139
Series 31	66,294	66,294
Series 32	1,229	1,229
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
	$578,113	$587,465

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the three months ended June 30, 2016 the Fund disposed of twelve Operating Partnerships. A summary of the dispositions by Series for June 30, 2016 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition		Gain on Disposition

Series 23	1	-		3,550		3,550
Series 27	-	1		2,995,000		2,995,000
Series 28	1	-		5,000		5,000
Series 34	1	-		27,500		27,500
Series 35	-	1		2,294,803		2,294,803
Series 36	3	1		2,417,303		2,417,303
Series 37	1	-		2,500		2,500
Series 39	1	-		22,500		22,500
Series 40	1	-		20,500		20,500
Total	9	3	$	7,788,656	$	7,788,656

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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the three months ended June 30, 2015 the Fund disposed of nine Operating Partnerships. A summary of the dispositions by Series for June 30, 2015 is as follows:

	Operating Partnership Interest Transferred	Sale of Underlying Operating Partnership	Fund Proceeds from Disposition *		Gain on Disposition

Series 21	1	-	$	323,096	$	323,096
Series 24	-	-		80,040		-
Series 26	1	-		69,000		-
Series 28	1	-		1,197,000		1,197,000
Series 29	-	1		153,500		153,500
Series 30	1	-		57,000		6,000
Series 33	1	-		1,097,000		1,097,000
Series 34	1	-		37,000		37,000
Series 35	1	1		904,000		904,000
Series 42	-	-		39,960		-
Total	7	2	$	3,957,596	$	3,717,596

* Fund proceeds from disposition include $80,040, $69,000, $51,000 and $39,960, for Series 24, Series 26, Series 30 and Series 42, respectively, recorded as a receivable as of March 31, 2015.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2016
(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 three months ended March 31, 2016.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

		2016	2015

Revenues
	Rental	$ 18,509,973	$ 24,122,148
	Interest and other	599,115	649,330
		19,109,088	24,771,478

Expenses
	Interest	3,086,598	4,308,164
	Depreciation and amortization	4,966,028	6,415,732
	Operating expenses	13,311,714	16,785,273
		21,364,340	27,509,169

NET LOSS		$ (2,255,252)	$ (2,737,691)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (2,232,699)	$ (2,710,313)

Net loss allocated to other Partners		$ (22,553)	$ (27,378)

* Amounts include $(2,232,699) and $(2,642,952) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 20

		2016	2015
Revenues
	Rental	$ 201,185	$ 210,550
	Interest and other	10,498	8,827
		211,683	219,377

Expenses
	Interest	22,806	23,642
	Depreciation and amortization	51,151	50,644
	Operating expenses	141,812	150,061
		215,769	224,347

NET LOSS		$ (4,086)	$ (4,970)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (4,045)	$ (4,920)

Net loss allocated to other Partners		$ (41)	$ (50)

* Amounts include $(4,045) and $(4,920) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 21

		2016	2015
Revenues
	Rental	$ 129,146	$ 186,127
	Interest and other	725	1,527
		129,871	187,654

Expenses
	Interest	15,458	26,766
	Depreciation and amortization	20,760	31,425
	Operating expenses	93,936	129,816
		130,154	188,007

NET LOSS		$ (283)	$ (353)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (280)	$ (349)

Net loss allocated to other Partners		$ (3)	$ (4)

* Amounts include $(280) and $(349) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 22

		2016	2015
Revenues
	Rental	$ 126,604	$ 316,462
	Interest and other	4,482	6,870
		131,086	323,332

Expenses
	Interest	14,772	50,636
	Depreciation and amortization	26,718	72,911
	Operating expenses	109,352	224,303
		150,842	347,850

NET LOSS		$ (19,756)	$ (24,518)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (19,558)	$ (24,273)

Net loss allocated to other Partners		$ (198)	$ (245)

* Amounts include $(19,558) and $(24,273) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 23

		2016	2015
Revenues
	Rental	$ 418,453	$ 836,752
	Interest and other	15,301	24,767
		433,754	861,519

Expenses
	Interest	27,296	113,187
	Depreciation and amortization	78,456	216,657
	Operating expenses	356,530	614,988
		462,282	944,832

NET LOSS		$ (28,528)	$ (83,313)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (28,242)	$ (82,479)

Net loss allocated to other Partners		$ (286)	$ (834)

* Amounts include $(28,242) and $(82,479) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 24

		2016	2015
Revenues
	Rental	$ 260,224	$ 249,137
	Interest and other	5,022	4,538
		265,246	253,675

Expenses
	Interest	23,138	23,719
	Depreciation and amortization	67,545	69,058
	Operating expenses	213,912	197,905
		304,595	290,682

NET LOSS		$ (39,349)	$ (37,007)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (38,956)	$ (36,637)

Net loss allocated to other Partners		$ (393)	$ (370)

* Amounts include $(38,956) and $(36,637) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 25

		2016	2015
Revenues
	Rental	$ 209,643	$ 211,094
	Interest and other	4,694	3,221
		214,337	214,315

Expenses
	Interest	34,116	34,116
	Depreciation and amortization	35,886	38,832
	Operating expenses	162,479	149,488
		232,481	222,436

NET LOSS		$ (18,144)	$ (8,121)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (17,963)	$ (8,040)

Net loss allocated to other Partners		$ (181)	$ (81)

* Amounts include $(17,963) and $(8,040) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 26

		2016	2015
Revenues
	Rental	$ 586,364	$ 697,669
	Interest and other	11,708	12,616
		598,072	710,285

Expenses
	Interest	91,631	107,767
	Depreciation and amortization	144,008	171,190
	Operating expenses	558,083	569,417
		793,722	848,374

NET LOSS		$ (195,650)	$ (138,089)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (193,693)	$ (136,708)

Net loss allocated to other Partners		$ (1,957)	$ (1,381)

* Amounts include $(193,693) and $(136,708) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 27

		2016	2015
Revenues
	Rental	$ 711,261	$ 1,057,831
	Interest and other	3,550	15,553
		714,811	1,073,384

Expenses
	Interest	116,238	214,189
	Depreciation and amortization	163,727	220,062
	Operating expenses	492,795	655,121
		772,760	1,089,372

NET LOSS		$ (57,949)	$ (15,988)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (57,369)	$ (15,828)

Net loss allocated to other Partners		$ (580)	$ (160)

* Amounts include $(57,369) and $(15,828) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 28

		2016	2015
Revenues
	Rental	$ 263,917	$ 526,810
	Interest and other	3,748	9,281
		267,665	536,091

Expenses
	Interest	30,526	43,134
	Depreciation and amortization	57,693	182,846
	Operating expenses	210,878	425,598
		299,097	651,578

NET LOSS		$ (31,432)	$ (115,487)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (31,118)	$ (114,332)

Net loss allocated to other Partners		$ (314)	$ (1,155)

* Amounts include $(31,118) and $(114,332) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 29

		2016	2015
Revenues
	Rental	$ 502,120	$ 512,625
	Interest and other	18,745	47,467
		520,865	560,092

Expenses
	Interest	91,472	105,040
	Depreciation and amortization	122,083	139,851
	Operating expenses	388,451	422,748
		602,006	667,639

NET LOSS		$ (81,141)	$ (107,547)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (80,330)	$ (106,472)

Net loss allocated to other Partners		$ (811)	$ (1,075)

* Amounts include $(80,330) and $(106,472) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 30

		2016	2015
Revenues
	Rental	$ 378,193	$ 777,196
	Interest and other	10,062	11,165
		388,255	788,361

Expenses
	Interest	50,242	76,532
	Depreciation and amortization	101,332	146,116
	Operating expenses	293,819	628,796
		445,393	851,444

NET LOSS		$ (57,138)	$ (63,083)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (56,567)	$ (62,452)

Net loss allocated to other Partners		$ (571)	$ (631)

* Amounts include $(56,567) and $(62,452) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 31

		2016	2015
Revenues
	Rental	$ 976,281	$ 1,418,086
	Interest and other	140,449	41,257
		1,116,730	1,459,343

Expenses
	Interest	110,227	169,297
	Depreciation and amortization	297,978	314,868
	Operating expenses	766,298	1,121,866
		1,174,503	1,606,031

NET LOSS		$ (57,773)	$ (146,688)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (57,195)	$ (145,221)

Net loss allocated to other Partners		$ (578)	$ (1,467)

* Amounts include $(57,195) and $(145,221) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 32

		2016	2015
Revenues
	Rental	$ 878,707	$ 1,185,949
	Interest and other	32,582	36,908
		911,289	1,222,857

Expenses
	Interest	124,969	240,075
	Depreciation and amortization	269,883	423,632
	Operating expenses	769,520	803,146
		1,164,372	1,466,853

NET LOSS		$ (253,083)	$ (243,996)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (250,552)	$ (241,556)

Net loss allocated to other Partners		$ (2,531)	$ (2,440)

* Amounts include $(250,552) and $(241,556) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 33

		2016	2015
Revenues
	Rental	$ 344,977	$ 339,761
	Interest and other	9,095	9,074
		354,072	348,835

Expenses
	Interest	52,140	55,051
	Depreciation and amortization	100,376	105,019
	Operating expenses	259,971	225,555
		412,487	385,625

NET LOSS		$ (58,415)	$ (36,790)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (57,831)	$ (36,422)

Net loss allocated to other Partners		$ (584)	$ (368)

* Amounts include $(57,831) and $(36,422) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 34

		2016	2015
Revenues
	Rental	$ 399,297	$ 687,500
	Interest and other	12,376	20,080
		411,673	707,580

Expenses
	Interest	61,004	113,505
	Depreciation and amortization	107,674	171,254
	Operating expenses	301,745	469,672
		470,423	754,431

NET LOSS		$ (58,750)	$ (46,851)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (58,162)	$ (46,382)

Net loss allocated to other Partners		$ (588)	$ (469)

* Amounts include $(58,162) and $(46,382) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 35

		2016	2015
Revenues
	Rental	$ 601,315	$ 782,421
	Interest and other	14,369	30,501
		615,684	812,922

Expenses
	Interest	109,503	157,142
	Depreciation and amortization	206,136	229,096
	Operating expenses	367,285	473,383
		682,924	859,621

NET LOSS		$ (67,240)	$ (46,699)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (66,568)	$ (46,232)

Net loss allocated to other Partners		$ (672)	$ (467)

* Amounts include $(66,568) and $(46,232) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 36

		2016	2015
Revenues
	Rental	$ 161,678	$ 755,337
	Interest and other	3,182	12,077
		164,860	767,414

Expenses
	Interest	27,174	135,444
	Depreciation and amortization	48,891	223,028
	Operating expenses	120,630	535,236
		196,695	893,708

NET LOSS		$ (31,835)	$ (126,294)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (31,517)	$ (125,031)

Net loss allocated to other Partners		$ (318)	$ (1,263)

* Amounts include $(31,517) and $(125,031) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 37

		2016	2015
Revenues
	Rental	$ 939,788	$ 979,753
	Interest and other	23,505	20,056
		963,293	999,809

Expenses
	Interest	168,919	204,446
	Depreciation and amortization	245,958	283,860
	Operating expenses	648,742	783,797
		1,063,619	1,272,103

NET LOSS		$ (100,326)	$ (272,294)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (99,323)	$ (269,571)

Net loss allocated to other Partners		$ (1,003)	$ (2,723)

* Amounts include $(99,323) and $(269,571) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 38

		2016	2015
Revenues
	Rental	$ 902,172	$ 925,671
	Interest and other	18,406	25,348
		920,578	951,019

Expenses
	Interest	153,120	171,918
	Depreciation and amortization	213,938	245,242
	Operating expenses	569,860	641,772
		936,918	1,058,932

NET LOSS		$ (16,340)	$ (107,913)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (16,177)	$ (106,834)

Net loss allocated to other Partners		$ (163)	$ (1,079)

* Amounts include $(16,177) and $(106,834) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 39

		2016	2015
Revenues
	Rental	$ 453,274	$ 682,961
	Interest and other	13,646	30,474
		466,920	713,435

Expenses
	Interest	82,679	122,779
	Depreciation and amortization	101,015	196,102
	Operating expenses	340,499	537,744
		524,193	856,625

NET LOSS		$ (57,273)	$ (143,190)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (56,700)	$ (141,758)

Net loss allocated to other Partners		$ (573)	$ (1,432)

* Amounts include $(56,700) and $(141,758) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 40

		2016	2015
Revenues
	Rental	$ 730,485	$ 1,078,979
	Interest and other	15,015	39,482
		745,500	1,118,461

Expenses
	Interest	132,739	224,002
	Depreciation and amortization	233,335	320,526
	Operating expenses	521,117	736,881
		887,191	1,281,409

NET LOSS		$ (141,691)	$ (162,948)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (140,274)	$ (161,319)

Net loss allocated to other Partners		$ (1,417)	$ (1,629)

* Amounts include $(140,274) and $(161,319) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 41

		2016	2015
Revenues
	Rental	$ 1,347,760	$ 1,455,639
	Interest and other	40,724	38,991
		1,388,484	1,494,630

Expenses
	Interest	258,443	286,370
	Depreciation and amortization	339,429	370,559
	Operating expenses	903,535	936,889
		1,501,407	1,593,818

NET LOSS		$ (112,923)	$ (99,188)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (111,794)	$ (98,196)

Net loss allocated to other Partners		$ (1,129)	$ (992)

* Amounts include $(111,794) and $(98,196) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 42

		2016	2015
Revenues
	Rental	$ 902,739	$ 1,553,147
	Interest and other	46,682	63,337
		949,421	1,616,484

Expenses
	Interest	186,584	306,400
	Depreciation and amortization	273,144	408,078
	Operating expenses	639,652	994,744
		1,099,380	1,709,222

NET LOSS		$ (149,959)	$ (92,738)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (148,459)	$ (91,811)

Net loss allocated to other Partners		$ (1,500)	$ (927)

* Amounts include $(148,459) and $(91,811) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 43

		2016	2015
Revenues
	Rental	$ 1,304,500	$ 1,955,258
	Interest and other	54,715	42,677
		1,359,215	1,997,935

Expenses
	Interest	179,952	342,836
	Depreciation and amortization	439,711	549,685
	Operating expenses	968,611	1,253,321
		1,588,274	2,145,842

NET LOSS		$ (229,059)	$ (147,907)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (226,768)	$ (146,428)

Net loss allocated to other Partners		$ (2,291)	$ (1,479)

* Amounts include $(226,768) and $(146,428) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 44

		2016	2015
Revenues
	Rental	$ 1,564,348	$ 1,487,031
	Interest and other	35,681	36,013
		1,600,029	1,523,044

Expenses
	Interest	366,966	399,238
	Depreciation and amortization	375,606	385,784
	Operating expenses	884,555	852,959
		1,627,127	1,637,981

NET LOSS		$ (27,098)	$ (114,937)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (26,827)	$ (113,788)

Net loss allocated to other Partners		$ (271)	$ (1,149)

* Amounts include $(26,827) and $(113,788) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 45

		2016	2015
Revenues
	Rental	$ 1,777,506	$ 1,807,037
	Interest and other	30,356	30,452
		1,807,862	1,837,489

Expenses
	Interest	258,058	250,958
	Depreciation and amortization	501,193	499,315
	Operating expenses	1,281,022	1,328,026
		2,040,273	2,078,299

NET LOSS		$ (232,411)	$ (240,810)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (230,087)	$ (238,402)

Net loss allocated to other Partners		$ (2,324)	$ (2,408)

* Amounts include $(230,087) and $(224,877) for 2016 and 2015, 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
June 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Three Months Ended March 31,
(Unaudited)

Series 46

		2016	2015
Revenues
	Rental	$ 1,438,036	$ 1,445,365
	Interest and other	19,797	26,771
		1,457,833	1,472,136

Expenses
	Interest	296,426	309,975
	Depreciation and amortization	342,402	350,092
	Operating expenses	946,625	922,041
		1,585,453	1,582,108

NET LOSS		$ (127,620)	$ (109,972)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (126,344)	$ (108,872)

Net loss allocated to other Partners		$ (1,276)	$ (1,100)

* Amounts include $(126,344) and $(55,036) for 2016 and 2015, 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
June 30, 2016

(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2016 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 2012 remain open.

NOTE G - SUBSEQUENT EVENTS

Subsequent to June 30, 2016, the Fund has entered into an agreement to transfer the interests in three operating limited partnerships. The estimated transfer prices and other terms for the dispositions of the operating limited partnerships have been determined. The estimated proceeds to be received for the operating limited partnerships are $332,500. The estimated gain on the transfer of the operating limited partnerships are $314,000 and are expected to be recognized in the second quarter of fiscal year ending March 31, 2017.

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, 2016. 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 June 30, 2016 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 June 30, 2016 were $829,181 and total fund management fees accrued as of June 30, 2016 were $44,229,024. During the three months ended June 30, 2016, $5,287,056 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 June 30, 2016, an affiliate of the general partner of the Fund advanced a total of $589,836 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 three months ended June 30, 2016, $5,921 was advanced to the Fund from an affiliate of the general partner. The advances made in the three months ended, as well as the total advances made as of June 30, 2016, are as follows:

	Current
	Period	Total

Series 34	$ -	$133,578
Series 39	-	220,455
Series 44	2,443	194,234
Series 45	3,478	41,569
	$ 5,921	$589,836

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 June 30, 2016.

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 June 30, 2016, 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 12 of the Operating Partnerships and 2 remain.

Prior to the quarter ended June 30, 2016, 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 26 of the Operating Partnerships and 3 remain.

Prior to the quarter ended June 30, 2016, Series 22 had released all payments of its capital contributions to the Operating Partnerships.

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 17 of the Operating Partnerships and 5 remain.

Prior to the quarter ended June 30, 2016, 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 18 of the Operating Partnerships and 6 remain.

Prior to the quarter ended June 30, 2016, 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 June 30, 2016, 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 31 of the Operating Partnerships and 14 remain.

Prior to the quarter ended June 30, 2016, Series 26 had released all payments of its capital contributions to the Operating Partnerships.

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 10 of the Operating Partnerships and 6 remain.

Prior to the quarter ended June 30, 2016, Series 27 had 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 21 of the Operating Partnerships and 5 remain.

Prior to the quarter ended June 30, 2016, Series 28 had released all payments of its capital contributions to the Operating Partnerships.

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 14 of the Operating Partnerships and 8 remain.

During the quarter ended June 30, 2016, 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 June 30, 2016. 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 12 of the Operating Partnerships and 8 remain.

During the quarter ended June 30, 2016, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 3 Operating Partnerships in the amount of $105,139 as of June 30, 2016. 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 10 of the Operating Partnerships and 17 remain.

During the quarter ended June 30, 2016, 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 June 30, 2016. 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 7 of the Operating Partnerships and 10 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 June 30, 2016, Series 32 did not record any releases of capital contributions. Series 32 has outstanding contributions payable to 1 Operating Partnership in the amount of $1,229 as of June 30, 2016. The remaining contributions will be released when the Operating Partnership has achieved the conditions set forth in its partnership agreement.

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 5 of the Operating Partnerships and 5 remain.

During the quarter ended June 30, 2016, 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 June 30, 2016. 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 8 of the Operating Partnerships and 6 remain.

Prior to the quarter ended June 30, 2016, 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 6 of the Operating Partnerships and 5 remain.

Prior to the quarter ended June 30, 2016, 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 8 of the Operating Partnerships and 3 remain.

Prior to the quarter ended June 30, 2016, 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. Series 37 has since sold its interest in 2 of the Operating Partnerships and 5 remain.

During the quarter ended June 30, 2016, 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 June 30, 2016. 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. Series 38 has since sold its interest in 2 of the Operating Partnerships and 8 remain. 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 June 30, 2016, 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. Series 39 has since sold its interest in 3 of the Operating Partnerships and 6 remain. 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 June 30, 2016, 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. Series 40 has since sold its interest in 3 of the Operating Partnerships and 13 remain. 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 June 30, 2016, 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 June 30, 2016. 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. Series 41 has since sold its interest in 5 of the Operating Partnerships and 18 remain. 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.

During the quarter ended June 30, 2016, 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 June 30, 2016. 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 8 of the Operating Partnerships and 15 remain.

During the quarter ended June 30, 2016, 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 June 30, 2016. 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. Series 43 has since sold its interest in 4 of the Operating Partnerships and 19 remain. 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 June 30, 2016, 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 June 30, 2016. 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. Series 44 has since sold its interest in 2 of the Operating Partnerships and 8 remain. 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.

Prior to the quarter ended June 30, 2016, 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. Series 45 has since sold its interest in 3 of the Operating Partnerships and 28 remain. 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.

During the quarter ended June 30, 2016, 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 June 30, 2016. 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 June 30, 2016, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of June 30, 2016 and 2015, the Fund held limited partnership interests in 246 and 297 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 months ended June 30, 2016, 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	$ 8,238	$ 700	$ 7,538
Series 21	2,718	463	2,255
Series 22	7,302	500	6,802
Series 23	9,552	2,080	7,472
Series 24	12,588	3,190	9,398
Series 25	5,934	0	5,934
Series 26	24,717	1,000	23,717
Series 27	38,358	12,000	26,358
Series 28	18,147	8,000	10,147
Series 29	20,546	-	20,546
Series 30	17,421	7,816	9,605
Series 31	37,521	2,500	35,021
Series 32	43,080	9,500	33,580
Series 33	16,398	6,500	9,898
Series 34	23,317	12,000	11,317
Series 35	29,893	37,500	(7,607)
Series 36	23,702	41,910	(18,208)
Series 37	39,330	10,518	28,812
Series 38	36,936	9,154	27,782
Series 39	21,217	4,200	17,017
Series 40	38,716	1,500	37,216
Series 41	56,148	5,949	50,199
Series 42	42,870	868	42,002
Series 43	57,693	26,042	31,651
Series 44	63,657	2,187	61,470
Series 45	70,800	30,680	40,120
Series 46	62,382	5,375	57,007
	$829,181	$242,132	$587,049

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 June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 20 reflects a net loss from Operating Partnerships of $(4,086) and $(4,970), respectively, which includes depreciation and amortization of $51,151 and $50,644, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 21

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 21 reflects a net loss from Operating Partnerships of $(283) and $(353), respectively, which includes depreciation and amortization of $20,760 and $31,425, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2015, the investment general partner transferred its interest in Centrum - Fairfax Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,185,225 and cash proceeds to the investment partnership of $331,096. Of the total proceeds received, $8,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $323,096 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 $323,096 as of June 30, 2015.

In August 2015, the investment general partner transferred its interest in Fort Halifax Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $913,861 and cash proceeds to the investment partnership of $3,177. The total proceeds of approximately $3,177 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 $3,177 as of September 30, 2015.

Series 22

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 22 reflects a net loss from Operating Partnerships of $(19,756) and $(24,518), respectively, which includes depreciation and amortization of $26,718 and $72,911, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In August 2015, the investment general partner transferred their respective interests in Birch Ridge Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,661,182 and cash proceeds to the investment partnerships of $231,966 and $214,257 for Series 22 and Series 23, respectively. Of the total proceeds received, $1,263 and $1,167 for Series 22 and Series 23, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $230,703 and $213,090 for Series 22 and Series 23, 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. 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 $230,703 and $213,090 for Series 22 and Series 23, respectively, as of September 30, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $693 for Series 22 was recorded as gain on the sale of the Operating Partnership as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in Swedesboro Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,331,558 and cash proceeds to the investment partnership of $1,593. The total proceeds of approximately $1,593 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 $1,593 as of September 30, 2015.

In February 2016, the investment general partner transferred its interest in Elks Tower Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $583,910 and cash proceeds to the investment partnership of $10,000. 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 $6,500 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 $6,500 as of March 31, 2016. In addition, equity outstanding for the Operating Partnership in the amount of $8,659 was recorded as gain on the sale of the Operating Partnership as of March 31, 2016.

Series 23

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 23 reflects a net loss from Operating Partnerships of $(28,528) and $(83,313), respectively, which includes depreciation and amortization of $78,456 and $216,657, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In July 2015 the investment general partner transferred its interest in Hurleyville Housing to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,020,330 and cash proceeds to the investment partnership of $2,369. The total proceeds of approximately $2,369 were returned to cash reserves held by Series 23. 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 $2,369 as of September 30, 2015.

In February 2016, the investment general partner transferred its interest in Village Woods Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,458,813 and cash proceeds to the investment partnership of $40,000. Of the total proceeds received, $8,030 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $31,970 were returned to cash reserves held by Series 23. 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 $31,970 as of March 31, 2016.

In June 2016, the investment general partner of Boston Capital Tax Credit Fund III - Series 16 and Series 23 transferred their respective interests in Mid City Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,890,361 and cash proceeds to the investment partnerships of $124,955 and $4,545, for Series 16 and Series 23, respectively. Of the total proceeds received, $27,340 and $995, for Series 16 and Series 23, respectively, will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $97,615 and $3,550, for Series 16 and Series 23, 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, net of the overhead and expense reimbursement, has been recorded in the amount of $97,615 and $3,550, for Series 16 and Series 23, respectively, as of June 30, 2016.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Colonna Redevelopment Company

Series 24

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 24 reflects a net loss from Operating Partnerships of $(39,349) and $(37,007), respectively, which includes depreciation and amortization of $67,545 and $69,058, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 was 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. 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 $127,287 and $63,548 for Series 24 and Series 42, respectively, as of March 31, 2015. On April 8, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's cash in the amount of $80,040 and $39,960 for Series 24 and Series 42, respectively, which was recorded as a receivable as of March 31, 2015 and returned to the cash reserves. On August 18, 2015, the investment partnerships received additional proceeds equal to their share of the Operating Partnership's final reconciliation of cash in the amount of $16,675 and $8,325 for Series 24 and Series 42, respectively, which were returned to the cash reserves.

Series 25

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 25 reflects a net loss from Operating Partnerships of $(18,144) and $(8,121), respectively, which includes depreciation and amortization of $35,886 and $38,832, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 26

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 26 reflects a net loss from Operating Partnerships of $(195,650) and $(138,089), respectively, which includes depreciation and amortization of $144,008 and $171,190, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2015, the investment general partner transferred its interest in V.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,076,922 and cash proceeds to the investment partnership of $72,000. 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 $69,000 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 $69,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015.

In May 2015, the investment general partner transferred its interest in Butler Estates, A LDHA to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $221,740 and nominal cash proceeds to the investment partnership. There were no cash proceeds available to pay expenses related to the transfer and no proceeds were returned to cash reserves held by Series 26. 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 June 30, 2015.

In July 2015, the investment general partner transferred its interest in G.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,064,433 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 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 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 $29,500 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in W.P.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,074,108 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $29,500 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 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 $29,500 as of September 30, 2015.

The investment general partner will continue to monitor the following Operating Partnerships because of operational or other issues. However, these Operating Partnerships have all exited their LIHTC compliance period and there is therefore no risk to past credit delivery.

Beckwood Manor One Limited Partnership

Southwind Apartments, A L.D.H.A.

T.R. Bobb Apartments Partnership, A L.D.H.A.

Warrensburg Heights, L.P.

Brookhaven Apartments Partnership, A LP

Series 27

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 27 reflects a net loss from Operating Partnerships of $(57,949) and $(15,988), respectively, which includes depreciation and amortization of $163,727 and $220,062, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2016, the operating general partner of Centrum - Fairfax II LP entered into an agreement to sell the property to an entity affiliated with the operating general partner and the transaction closed on June 20, 2016. The sales price of the property was $9,550,000, which included the outstanding mortgage balance of approximately $4,907,553 and cash proceeds to the investment partnership of $3,000,000. Of the total proceeds received by the investment partnership, $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 $2,995,000 will be 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 $2,995,000 as of June 30, 2016.

The investment general partner will continue to monitor the following Operating Partnership because of operational or other issues. However, this Operating Partnership has exited its LIHTC compliance period and there is therefore no risk to past credit delivery.

Angelou Court

Series 28

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 28 reflects a net loss from Operating Partnerships of $(31,432) and $(115,487), respectively, which includes depreciation and amortization of $57,693 and $182,846, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2015, the investment general partner transferred its interest in Fort Bend NHC, LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,589,698 and cash proceeds to the investment partnership of $1,200,000. 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 $1,197,000 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 $1,197,000 as of June 30, 2015.

In January 2016, the investment general partner transferred its interest in Terraceview Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $535,454 and cash proceeds to the investment partnership of $182,521. Of the total proceeds received, $2,000 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 $175,521 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 $175,521 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Chandler Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $833,586 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $21,500 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 $21,500 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Wellston Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $347,986 and cash proceeds to the investment partnership of $10,500. 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 $8,000 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 $8,000 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Yale Village Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $183,702 and cash proceeds to the investment partnership of $6,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $3,500 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 $3,500 as of March 31, 2016.

In June 2016, the investment general partner transferred its interest in Senior Suites Chicago Austin Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,875,732 and cash proceeds to the investment partnership of $10,000. 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 $5,000 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 $5,000 as of June 30, 2016.

Jackson Place Apartments, L.P.

Maplewood Apartments Partnership, A LA Partnership

Series 29

As of June 30, 2016 and 2015, the average Qualified Occupancy for the Series was 100% and 99.0%, respectively. The series had a total of 8 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 29 reflects a net loss from Operating Partnerships of $(81,141) and $(107,547), respectively, which includes depreciation and amortization of $122,083 and $139,851, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Lombard Partners, LP (Lombard Heights Apts.) was a 24-unit family property located in Springfield, Missouri. It was sold at a foreclosure sale on July 31, 2008. As a result of the foreclosure, the operating partnership lost remaining credits of $47,840 and experienced recapture and interest penalties of $199,516. This represented a loss of tax credits, and recapture and interest penalties of $12 and $49, respectively, per 1,000 BACs. Since the foreclosure sale, the investment general partner has pursued legal action against the operating general partner and guarantors in an effort to recover a portion of the lost tax credits, recapture costs and interest penalties. Counsel for the investment general partner initially needed to resolve jurisdictional issues which ultimately allowed pursuit of the guarantors in Massachusetts. After much legal maneuvering in 2009 thru early 2011, a Massachusetts court approved a damages judgment of $389,043, plus legal costs and interest of $29,726.

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. 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 appeared that the operating general partner had 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. 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 filed a motion in Missouri Court in October 2014 to record the aforementioned judgment and lift the stay. On January 6, 2015, the defendant's counsel confirmed that it was not contesting the judgment and motion to lift the stay. Consequently, the judgement and order to lift the stay were finally approved by the Missouri Court in late February 2015. As a result, the defendant began to provide piecemeal information on its current financial situation to the investment general partner in March and April 2015. This led investment general partner to conclude that the guarantor had the financial wherewithal to pay some portion of the judgement amount. In mid-July 2015, the Missouri court issued an ordered for non-binding mediation to both the plaintiff and the defendant. The mediation conference took place on September 10, 2015 and a settlement was agreed to at $275,000. Full payment of the settlement amount by the defendant was completed in January 2016 to conclude this matter.

In February 2015, the operating general partner of Forest Hill Apartments, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 29, 2015. The sales price of the property was $5,200,000, which included the outstanding mortgage balance of approximately $4,223,181 and cash proceeds to the investment partnership of $158,500. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $153,500 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, net of the overhead and expense reimbursement, has been recorded in the amount of $153,500 as of June 30, 2015.

In July 2015, the investment general partner transferred its interest in Dogwood Rural Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,258,767 and cash proceeds to the investment partnership of $48,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $45,500 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 $45,500 as of September 30, 2015.

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

Series 30

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 30 reflects a net loss from Operating Partnerships of $(57,138) and $(63,083), respectively, which includes depreciation and amortization of $101,332 and $146,116, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2015, the investment general partner transferred its interest in F.V.A. Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $840,102 and cash proceeds to the investment partnership of $54,000. 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 $51,000 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, net of the overhead and expense reimbursement, has been recorded in the amount of $51,000 as of March 31, 2015. As the proceeds from the transfer were not received until April 2015 a receivable for the gain on the transfer was recorded as of March 31, 2015. In addition, equity outstanding for the Operating Partnership in the amount of $22,257 was recorded as gain on the sale of the Operating Partnership as of March 31, 2015.

In April 2015, the investment general partner transferred their respective interests in Hillside Terrace Associates to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,513,389 and cash proceeds to the investment partnerships of $6,600 and $48,400 for Series 30 and Series 35, respectively. Of the total proceeds received, $600 and $4,400 for Series 30 and Series 35, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $6,000 and $44,000 for Series 30 and Series 35, 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 $6,000 and $44,000 for Series 30 and Series 35, respectively, as of June 30, 2015.

In August 2015, the investment general partner transferred its interest in Trinity Life Gardens, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $806,889 and cash proceeds to the investment partnership of $261,945. Of the total proceeds received, $6,484 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $255,461 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, net of the overhead and expense reimbursement, has been recorded in the amount of $255,461 as of September 30, 2015.

In December 2015 the investment general partner transferred its interest in West Swanzey Affordable Housing Associates LP to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $601,570 and cash proceeds to the investment partnership of $45,233. Of the total proceeds received, $30,240 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 $11,993 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, net of the overhead and expense reimbursement, has been recorded in the amount of $11,993 as of December 31, 2015.

Pyramid One, LP

Bellwood Four Limited Partnership

JMC Limited Liability Company

Linden Partners II, L.L.C.

Series 31

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 31 reflects a net loss from Operating Partnerships of $(57,773) and $(146,688), respectively, which includes depreciation and amortization of $297,978 and $314,868, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

The operating general partner of Level Creek Partners, L.P. entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on March 18, 2015. The sales price of the property was $16,005,000, which included the outstanding mortgage balance of approximately $11,301,146 and cash proceeds to the investment partnership of $2,660,062. Of the total proceeds received by the investment partnership, $2,500 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 $2,652,562 will be 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 sale of the Operating Partnership of the proceeds from the sale has been recorded in the amount of $2,652,562 as of March 31, 2015. On September 2, 2015, and February 4, 2016, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $213,572 and $25,086, respectively, which were returned to the cash reserves held by Series 31.

In August 2015, the investment general partner transferred its interest in Montfort Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,647,963 and cash proceeds to the investment partnership of $1,048,605. Of the total proceeds received, $6,075 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $1,042,530 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, net of the overhead and expense reimbursement, has been recorded in the amount of $1,042,530 as of September 30, 2015.

In November 2015, the operating general partner entered into an agreement to sell Riverbend Housing Associates, LP to a third-party buyer and the transaction closed on March 23, 2016. The sales price of the property was $760,655, which included the outstanding mortgage balance of approximately $660,916 and cash proceeds to the investment partnership of $50,000. Of the total proceeds received by the investment partnership, $3,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $47,000 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 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 $47,000 as of March 31, 2016

Mesquite Trails Apartments

Seagraves Apartments, L.P., A Texas Limited Partnership

Sencit Hampden Associates L.P.

Series 32

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at June 30, 2016, all of which were at 100% Qualified Occupancy

For the three month periods ended June 30, 2016 and 2015, Series 32 reflects a net loss from Operating Partnerships of $(253,083) and $(243,996), respectively, which includes depreciation and amortization of $269,883 and $423,632, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In August 2015, the operating general partner of Pearl Partners, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on October 1, 2015. The sales price of the property was $10,245,000, which included the outstanding mortgage balance of approximately $7,762,016 and cash proceeds to the investment partnership of $832,886. Of the total proceeds received by the investment partnership, $7,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $825,886 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 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 $825,886 as of December 31, 2015.

Cogic Village LDHA Limited Partnership

Indiana Development Limited Partnership

Parkside Plaza, LP

Pecan Manor Apartments

Series 33

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 33 reflects a net loss from Operating Partnerships of $(58,415) and $(36,790), respectively, which includes depreciation and amortization of $100,376 and $105,019, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In June 2015, the investment general partner transferred its interest in NHC Partnership 5, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,472,725 and cash proceeds to the investment partnership of $1,100,000. 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 $1,097,000 were returned to cash reserves held by Series 33. 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 $1,097,000 as of June 30, 2015.

Stearns Assisted Housing Associates, LP

Series 34

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 34 reflects a net loss from Operating Partnerships of $(58,750) and $(46,851), respectively, which includes depreciation and amortization of $107,674 and $171,254, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In April 2015, the investment general partner transferred its interest in Howard Park, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $400,000 and cash proceeds to the investment partnership of $42,000. 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 $37,000 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, net of the overhead and expense reimbursement, has been recorded in the amount of $37,000 as of June 30, 2015.

In January 2016, the investment general partner transferred its interest in Boerne Creekside Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,796,900 and cash proceeds to the investment partnership of $300,000. Of the total proceeds received, $9,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $291,000 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, net of the overhead and expense reimbursement, has been recorded in the amount of $291,000 as of March 31, 2016.

In May 2016, the investment general partner transferred its interest in Northwood Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $500,053 and cash proceeds to the investment partnership of $32,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $27,500 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, net of the overhead and expense reimbursement, has been recorded in the amount of $27,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Kerrville Meadows Apartments, Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,144,914 and cash proceeds to the investment partnership of $225,000. Of the total proceeds received, $10,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $215,000 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.

Belmont Affordable Housing II, L.P.

RHP 96-I, L.P.

Series 35

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 35 reflects a net loss from Operating Partnerships of $(67,240) and $(46,699), respectively, which includes depreciation and amortization of $206,136 and $229,096, 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. Due to high operating expenses and fluctuating occupancy the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Woods, LP expires on December 31, 2016.

In March 2015, the operating general partner of Mulvane Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on May 7, 2015. The sales price of the property was $2,800,000, which included the outstanding mortgage balance of approximately $1,186,526 and cash proceeds to the investment partnership of $865,000. Of the total proceeds received by the investment partnership, $5,000 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds of approximately $860,000 were returned to cash reserves held by Series 35. 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 $860,000 as of June 30, 2015. On September 9, 2015, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $68,250, which were returned to the cash reserves held by Series 35.

In January 2016 the investment general partner transferred its interest in Riverwalk Apartment Homes, Phase II LLC to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $287,847 and cash proceeds to the investment partnership of $537,353. 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 $532,353 were returned to cash reserves held by Series 35. 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 $532,353 as of March 31, 2016.

In March 2016, the operating general partner of Wedgewood Park Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on June 14, 2016. The sales price of the property was $13,900,000, which included the outstanding mortgage balance of approximately $4,364,386 and cash proceeds to the investment partnerships of $2,333,553 and $2,333,553 for Series 35 and Series 36, respectively. Of the total proceeds received by the investment partnerships, $37,500 and $37,500 for Series 35 and Series 36, respectively, represents reporting fees due to an affiliate of the investment partnerships and the balance represents proceeds from the sale. Of the remaining proceeds, $1,250 and $1,250 for Series 35 and Series 36, 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 $2,294,803 and $2,294,803 for Series 35 and Series 36, 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 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 $2,294,803 and $2,294,803 for Series 35 and Series 36, respectively, as of June 30, 2016.

Series 36

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 36 reflects a net loss from Operating Partnerships of $(31,835) and $(126,294), respectively, which includes depreciation and amortization of $48,891 and $223,028, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2015 the investment general partner transferred its interest in Riverview Bend LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,145,000 and cash proceeds to the investment partnership of $566,354. Of the total proceeds received, $13,243 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $553,111 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. 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 $553,111 as of December 31, 2015.

In March 2016, the investment general partner transferred its interest in Nowata Village, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,914 and cash proceeds to the investment partnership of $21,000. Of the total proceeds received, $2,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $18,500 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. 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 $18,500 as of March 31, 2016.

In May 2016, the investment general partner transferred its interest in Paris Place Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,065,498 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 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. 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 June 30, 2016.

In May 2016, the investment general partner transferred its interest in Valleyview Estates, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $259,710 and cash proceeds to the investment partnership of $50,000. 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 $45,000 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. 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 $45,000 as of June 30, 2016.

In June 2016, the investment general partner of Series 36 and Series 37 transferred their respective interests in Senior Suites Chicago Washington Heights Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $4,321,470 and cash proceeds to the investment partnerships of $5,000 and $5,000 for Series 36 and Series 37, respectively. Of the total proceeds received, $2,500 and $2,500 for Series 36 and Series 37, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,500 and $2,500 for Series 36 and Series 37, 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 $2,500 and $2,500 for Series 36 and Series 37, respectively, as of June 30, 2016.

Wingfield Apartments Limited Partnership

Ashton Ridge L.D.H.A., L.P.

Series 37

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 37 reflects a net loss from Operating Partnerships of $(100,326) and $(272,294), respectively, which includes depreciation and amortization of $245,958 and $283,860, 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. This partnership has operated with significant operating deficits for several years due to a lack of rent growth, high operating expenses and high debt service payments. As a result of the ongoing deficits, the partnership has high accounts payable and deferred maintenance issues, is severely delinquent on its real estate tax payments, and was in monetary default of its mortgage payments. On August 30, 2011, Baldwin Villas entered into a settlement agreement (the "First Settlement Agreement") with the lender resulting in a new mortgage note (the "New Note") being executed that was guaranteed by the operating general partner and its principals. The Operating Partnership did not make all required payments and was in default under the First Settlement Agreement and New Note. On December 31, 2014, the Operating Partnership entered into a second settlement agreement (the "Second Settlement Agreement") with the lender. Under terms of the Second Settlement Agreement, the total indebtedness due to the lender, $5,113,317, was bifurcated into two promissory notes, one named the MHT Note for $1,950,000 and one named the Deficiency Note for $3,163,317. The MHT note was purchased by MHT Housing, Inc., an affiliate of the operating general partner, for its face amount, $1,950,000, at the time of closing on the Second Settlement Agreement. Certain loan and title documents were assigned to MHT Housing, Inc., including a "confession judgment" issued by the Circuit Court of Oakland County, MI, which would have allowed the lender after a default of the First Settlement Agreement to immediately appoint a receiver who would have had the authority to sell the property. Also, the lender agreed to accept $1,950,000 as full payment over time for the Deficiency Note as long as required interest and quarterly principal payments are made when due. The principals of the operating general partner pledged their economic interests in several real estate partnerships to the lender as security for the Deficiency Note. Furthermore, in the case of a default under the Deficiency Note, the lender still retains its rights including the pursuit of a foreclosure action. The Second Settlement agreement was executed without the knowledge or consent of the investment general partner. On December 29, 2015, MHT Housing IV, Inc. purchased the Deficiency Note. MHT Housing IV, Inc. is also an affiliate of the operating general partner.

From inception through June 30, 2016, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,581,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the second quarter of 2016, this sales program had not yet commenced. In light of the amount of mortgage debt, the amount of operating deficit advances by the operating general partner over the years, and the fact that the 15-year low income housing tax credit compliance period for Baldwin Villas expired on December 31, 2015, the investment general partner concluded that the investment limited partner's interest in Baldwin Villas had no value. As a result, it agreed in the second quarter of 2016 to transfer the investment limited partner's interest in Baldwin Villas to an affiliate of the operating general partner for $1. The subject transfer is scheduled to be completed by December 31, 2016.

Stearns Assisted Housing Associates, LP

Ashton Ridge L.D.H.A., L.P.

Series 38

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at June 30, 2016, all of which were at 100% qualified occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 38 reflects a net loss from Operating Partnerships of $(16,340) and $(107,913), respectively, which includes depreciation and amortization of $213,938 and $245,242, 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. Due to stabilized operating expenses the property operated above breakeven in the second quarter of 2016. The investment general partner will continue to work with the operating general partner and the management company to reduce operating costs. While the interest on the debt is high, the mortgage cannot be refinanced because of a high prepayment penalty. The operating general partner's operating deficit guaranty has expired but they continue to fund deficits. The 15-year low income housing tax credit compliance period with respect to Columbia Creek, LP expires on December 31, 2016.

In March 2016, the investment general partner transferred its interest in Bristow Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,164,556 and cash proceeds to the investment partnership of $19,538. Of the total proceeds received, $2,326 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,212 were returned to cash reserves held by Series 38. 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 $17,212 as of March 31, 2016.

In March 2016, the investment general partner transferred its interest in Cushing Place Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,037,747 and cash proceeds to the investment partnership of $17,662. Of the total proceeds received, $2,453 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $15,209 were returned to cash reserves held by Series 38. 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 $15,209 as of March 31, 2016.

Series 39

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 39 reflects net loss from Operating Partnerships of $(57,273) and $(143,190), respectively, which includes depreciation and amortization of $101,015 and $196,102, respectively. This is an interim period estimate; it is not indicative of the final year end results.

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 was 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 was transferred on December 1, 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.

In March 2016, the investment general partner transferred its interest in Arbors at Ironwood, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,488,022 and cash proceeds to the investment partnership of $107,668. Of the total proceeds received, $4,894 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $102,774 were returned to cash reserves held by Series 39. 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 $102,774 as of March 31, 2016.

In May 2016, the investment general partner transferred its interest in Hillview, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $771,823 and cash proceeds to the investment partnership of $25,500. 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 $22,500 were returned to cash reserves held by Series 39. 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 $22,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Daystar Village, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $634,353 and cash proceeds to the investment partnership of $75,000. Of the total proceeds received, $4,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $70,500 were returned to cash reserves held by Series 39. 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 40

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at June 30, 2016, all of which at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 40 reflects a net loss from Operating Partnerships of $(141,691) and $(162,948), respectively, which includes depreciation and amortization of $233,335 and $320,526, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

From inception through June 30, 2016, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,581,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the second quarter of 2016, this sales program had not yet commenced. In light of the amount of mortgage debt, the amount of operating deficit advances by the operating general partner over the years, and the fact that the 15-year low income housing tax credit compliance period for Baldwin Villas expired on December 31, 2015, the investment general partner concluded that the investment limited partner's interest in Baldwin Villas had no value. As a result, it agreed in the second quarter of 2016 to transfer the investment limited partner's interest in Baldwin Villas to an affiliate of the investment general partner for $1. The subject transfer is scheduled to be completed by December 31, 2016.

Sedgwick Sundance Apartments, Limited Partnership (Sedgwick - Sundance Apartments) is a 24-unit senior property in Sedgwick, Kansas. Due to insufficient rental rates and high operating expenses, the property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and its affiliated management company to monitor and improve operations. The operating general partner continues to advance funds and accrue management fees to fund the deficit. The operating deficit guarantee remains in place through the end of the tax credit compliance period. The low income housing tax credit compliance period expires on December 31, 2016.

In March 2016, the investment general partner transferred its interest in Arbors at Ironwood II Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $742,529 and cash proceeds to the investment partnership of $33,000. 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 $28,000 were returned to cash reserves held by Series 40. 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 $28,000 as of March 31, 2016.

MA NO 2. LLC (Parkview Apartments) is a 25-unit family property located in Springfield, MA. Due to high maintenance cost (unit turnover and plumbing), the property operated below breakeven in 2015. The operating deficit is funded by operating advances made by the general partner. The investment general partner will continue to work with the operating general partner and the management company to reduce operating expenses. The operating general partner's operating deficit guarantee expired on December 31, 2006. The 15-year low income housing tax credit compliance period with respect to MA NO 2, LLC expires on December 31, 2016.

In December 2015, the investment general partner transferred its interest in KC Shalom LP to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $3,145,941 and cash proceeds to the investment partnership of $776,152. Of the total proceeds received, $14,141 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $762,011 were returned to cash reserves held by Series 40. 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 $762,011 as of December 31, 2015.

In May 2016, the investment general partner transferred its interest in Londontown Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $385,627 and cash proceeds to the investment partnership of $25,000. Of the total proceeds received, $4,500 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $20,500 were returned to cash reserves held by Series 40. 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 $20,500 as of June 30, 2016.

In July 2016, the investment general partner transferred its interest in Southbrook Homes, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $333,131 and cash proceeds to the investment partnership of $32,500. Of the total proceeds received, $4,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $28,500 were returned to cash reserves held by Series 40. 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.

Center Place Apartments II Limited Partnership

Oakland Partnership

Western Gardens Partnership

Series 41

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 41 reflects a net loss from Operating Partnerships of $(112,923) and $(99,188), respectively, which includes depreciation and amortization of $339,429 and $370,559, 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. Due to low occupancy the property has historically operated below breakeven. However, occupancy increased from an average of 68% in 2015 to 83% as of June 2016. The property has operated above breakeven in 2016 because of the increased occupancy. The investment general partner will continue to work with the operating general partner and the management company to further increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mt. Carroll, LP expires on December 31, 2016. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Rural Housing Partners of Mt. Carroll, LP subsequent to June 30, 2016.

Rural Housing Partners of Mendota, LP (Northline Terrace) is a 24-unit family property in Mendota, IL. Due to high operating expenses the property operates below breakeven. The investment general partner will continue to work with the operating general partner and the management company to reduce expenses and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Mendota, LP expires on December 31, 2016.

Rural Housing Partners of Franklin Grove, LP (Franklin Green) is a 12-unit family property in Franklin Grove, IL. Due to low occupancy and high operating expenses the property historically operated below breakeven. However, in 2015 the operating general partner was able to reduce operating costs by over 10%. These operating savings have continued into 2016. The investment general partner will continue to work with the operating general partner and the management company to increase occupancy and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to Rural Housing Partners of Franklin Grove, LP expires on December 31, 2016. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting Rural Housing Partners of Franklin Grove, LP subsequent to June 30, 2016.

Cranberry Cove Limited Partnership (Cranberry Cove Apartments) owns a 28-unit property located in Beckley, West Virginia. During 2015, the property operated above breakeven due to the management company's success reducing operating expenses compared to expenses incurred during 2014. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. Note that during the second quarter of 2016, the original operating general partner transferred its interest in Cranberry Cove Limited Partnership to a replacement operating general partner with the consent of the investment general partner. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Cranberry Cove, LP expires on December 31, 2016.

Harbor Pointe II/MHT LDHA Limited Partnership (Harbor Pointe II Apartments) is a 72-unit family property located in Benton Harbor, MI. The property continues to operate below breakeven. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period with will expire on December 31, 2017.

In July 2015, the investment general partner transferred its interest in DS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,806,690 and cash proceeds to the investment partnership of $466,222. Of the total proceeds received, $8,782 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $457,440 were returned to cash reserves held by Series 41. 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 $457,440 as of September 30, 2015.

Red Hill Apartments I Partnership

Series 42

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 42 reflects a net loss from Operating Partnerships of $(149,959) and $(92,738), respectively, which includes depreciation and amortization of $273,144 and $408,078, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Wingfield Apartments Partnership II, LP (Wingfield Apartments II) is a 42-unit elderly property in Kinder, LA. The property continues to operate below breakeven due to high operating expenses. The investment general partner will work with the operating general partner and the management company to increase occupancy and reduce operating costs. The operating general partner's operating deficit guarantee has expired. The 15-year 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. A new third party management company was hired by the Operating Partnership in August 2015. The property operated above breakeven during 2015, and the property continued to operate above breakeven during the first half of 2016. Note that during the second quarter of 2016, the original operating general partner transferred its interest in Lynnelle Landing Limited Partnership to a replacement operating general partner with the consent of the investment general partner. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income tax credit compliance period with respect to Lynnelle Landing Limited Partnership expires on December 31, 2017.

In July 2015, the investment general partner transferred its interest in CC Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $795,600 and cash proceeds to the investment partnership of $630,264. Of the total proceeds received, $9,755 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $620,509 were returned to cash reserves held by Series 42. 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 $620,509 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in CT Housing Limited Partnership an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,144,603 and cash proceeds to the investment partnership of $852,446. Of the total proceeds received, $11,055 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $841,391 were returned to cash reserves held by Series 42. 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 $841,391 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in HS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,418,804 and cash proceeds to the investment partnership of $513,359. Of the total proceeds received, $9,054 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $504,305 were returned to cash reserves held by Series 42. 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 $504,305 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in SM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,174,506 and cash proceeds to the investment partnership of $560,788. Of the total proceeds received, $9,327 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $551,461 were returned to cash reserves held by Series 42. 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 $551,461 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in TS Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,875,600 and cash proceeds to the investment partnership of $698,864. Of the total proceeds received, $10,160 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $688,704 were returned to cash reserves held by Series 42. 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 $688,704 as of September 30, 2015.

New Chester Townhouses II, A Limited Partnership (Chester Townhouses Phase II Apartments) is a 52-unit family property in Chester, SC. The property operated below breakeven in 2015 due to high operating expenses, specifically bad debt. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2021.

Series 43

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 43 reflects a net loss from Operating Partnerships of $(229,059) and $(147,907), respectively, which includes depreciation and amortization of $439,711 and $549,685, 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 operated above breakeven in 2015; however, replacement reserve account is underfunded. The investment general partner will continue to work with the operating general partner to improve operations. The mortgage, real estate taxes, insurance, and account payables are all current. The operating deficit guarantee expired in December 2014. The low income housing tax credit compliance period expires on December 31, 2017.

In July 2015, the investment general partner transferred its interest in AM Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,031,810 and cash proceeds to the investment partnership of $1,168,898. Of the total proceeds received, $12,963 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs, and $2,827 will be applied against outstanding receivables. The remaining proceeds of approximately $1,153,108 were returned to cash reserves held by Series 43. 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 $1,153,108 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in AP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,480,510 and cash proceeds to the investment partnership of $575,871. Of the total proceeds received, $9,415 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $566,456 were returned to cash reserves held by Series 43. 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 $566,456 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in KP Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,576,140 and cash proceeds to the investment partnership of $296,983. Of the total proceeds received, $7,759 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $289,224 were returned to cash reserves held by Series 43. 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 $289,224 as of September 30, 2015.

In July 2015, the investment general partner transferred its interest in SG Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $2,026,283 and cash proceeds to the investment partnership of $492,220. Of the total proceeds received, $8,914 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $483,306 were returned to cash reserves held by Series 43. 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 $483,306 as of September 30, 2015.

Riverview Apartments - Blissfield L.D.H.A., L.P. (Riverview Apartments) is a 32-unit Rural Development family property in Blissfield, MI. The property operated below breakeven in 2015 due to low occupancy and high bad debt. Occupancy has increased from 87% in 2015 to 92% in 2016; however, the property continues to operate below breakeven. The operating general partner continues to pursue tenant receivables and improve operations. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires December 31, 2017.

Parkside Plaza, LP

Series 44

As of June 30, 2016 and 2015, the average Qualified Occupancy was 100%. The series had a total of 8 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 44 reflects a net loss from Operating Partnerships of $(27,098) and $(114,937), respectively, which includes depreciation and amortization of $375,606 and $385,784, 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 located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the "Servicer"). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $27,710, and incurred recapture and interest penalty costs of $59,646, 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.

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. Due to low occupancy, deferred maintenance, high operating expenses and high debt service, the partnership operates below breakeven. The operating general partner, whose operating deficit guarantee has expired, provides limited oversight of property operations. For the most part, it has been the third party property management company and the investment general partner who have directed property operations since January 2014. Beginning in the fourth quarter of 2013 and continuing through October 23, 2015, the investment limited partner had advanced $201,849 from fund reserves to Families First II to finance operating deficits. No further advances have been made by the investment limited partner through the remainder of the fourth quarter of 2015 or during the first half of 2016. Since November 2015, mortgage payments have not been made by the Operating Partnership. On December 8, 2015, the lender issued a default notice declaring an event of default and accelerating payment of the mortgage principal balance. On February 10, 2016 the court appointed a receiver to manage the property during the period of time of the judicial foreclosure proceedings. The foreclosure of the property is expected to occur in third or fourth quarter of 2016 resulting in estimated tax credit recapture costs and interest penalties of $772,789 which is equivalent to recapture and interest of $286 per 1,000 BACs. Note that the 15-year low income housing tax credit compliance period for Families First II expires on December 31, 2018.

Series 45

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 28 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 45 reflects a net loss from Operating Partnerships of $(232,411) and $(240,810), respectively, which includes depreciation and amortization of $501,193 and $499,315 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

From inception through June 30, 2016, the operating general partner has provided operating deficit advances to Baldwin Villas totaling approximately $1,581,000. The investment general partner continues to press the operating general partner to provide operating deficit advances to: 1) pay the mortgage obligations agreed to in the Second Settlement Agreement and real estate tax deficiencies, 2) pay down growing vendor payables, and 3) fund deferred maintenance and unit turn costs. For several quarters the operating general partner has been discussing a house by house sales program that would be executed in coordination with a nonprofit affordable housing organization and the lender in an effort to maximize net sale proceeds to pay off the Deficiency Note; all sales would be to qualified low-income homebuyers in order to avoid recapture costs for the investment limited partner. As of the end of the second quarter of 2016, this sales program had not yet commenced. In light of the amount of mortgage debt, the amount of operating deficit advances by the operating general partner over the years, and the fact that the 15-year low income housing tax credit compliance period for Baldwin Villas expired on December 31, 2015, the investment general partner concluded that the investment limited partner's interest in Baldwin Villas had no value. As a result, it agreed in the second quarter of 2016 to transfer the investment limited partner's interest in Baldwin Villas to an affiliate of the investment general partner for $1. The subject transfer is scheduled to be completed by December 31, 2016.

Brookside Park Limited Partnership (Brookside Park Apartments) is a 200-unit family property located in Atlanta, Georgia. This property operated below breakeven each year from 2007 thru 2013. During this period of time the investment general partner worked with the operating general partner in an effort to improve operations and mitigate operating deficits. Despite the operating deficit guaranty having expired at the end of June 2011, the operating general partner and guarantor continued to fund deficits through November 2012 while it attempted to negotiate a mortgage bond re-structure with the servicer for the bonds (the "Servicer"). These negotiations were unsuccessful and, as a result, the operating general partner stopped funding deficits, a mortgage payment default occurred in January 2013, and a default notice was issued by the Servicer on January 14, 2013. After the default, the investment general partner and the State Tax Credit Syndicator negotiated an agreement with the Servicer, eventually executed on June 28, 2013, whereby the investment general partner and the State Tax Credit Syndicator cured the payment default and agreed to fund deficits while the operating partnership tried to refinance the mortgage bonds at a lower interest rate. In exchange, the Servicer agreed to permit a refinancing of the mortgage bonds by waiving the lockout on early bond redemption and not assessing any pre-payment or yield maintenance penalties if the re-financing could be completed before the end of the first quarter of 2014. The refinancing effort was unsuccessful for a number of reasons most importantly due to rising interest rates in the second half of 2013 with new loan proceeds falling $1,400,000 to $1,600,000 short of what was needed to redeem the mortgage bonds at par and to pay all costs of the refinancing. Since there was no source of additional capital for this financing gap, this led to a payment default in January 2014 when the investment general partner and the State Tax Credit Syndicator suspended deficit funding, an immediate foreclosure action by the Servicer, and a foreclosure sale on March 4, 2014. As a result, the investment limited partner lost future tax credits of $742,037, and incur recapture and interest penalty costs of $1,597,239, 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.

Jefferson Housing, LP (Jefferson House) is a 101-unit property located in Lynchburg, VA. Due to a workout agreement with the Lender, VHDA, the property was operating above breakeven. The workout agreement ended May 1, 2016 and operations are below breakeven because of high operating expenses. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations in conjunction with the Virginia Housing Development Authority's workout plan. The operating general partner's has an unlimited operating deficit guarantee. The low income housing tax credit compliance period expires on December 31, 2019.

Bartlett Bayou, L.P. (Bartlett Bayou Apartments) is a 48-unit family property in Pascagoula, MS. The property operated below breakeven in 2015 due to higher than average unit turnover resulting in an increase in maintenance costs. In 2016, occupancy at the property has improved and expenses have stabilized, allowing the property to operate above breakeven. The investment general partner will continue to work with the operating general partner and the management company to improve operations and reduce turnover. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period for Bartlett Bayou, L.P. expires on December 31, 2021.

Series 46

As of June 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at June 30, 2016, all of which were at 100% Qualified Occupancy.

For the three month periods ended June 30, 2016 and 2015, Series 46 reflects a net loss from Operating Partnerships of $(127,620) and $(109,972), respectively, which includes depreciation and amortization of $342,402 and $350,092, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Rosehill Place of Topeka, L.L.C. (Rosehill Apartments) owns a 48-unit senior apartment complex in Topeka, Kansas. Due to burdensome debt service and elevated repair costs caused by heavy rains and resulting erosion repairs the property operated below breakeven during 2015. In late March 2016, the existing first mortgage lender agreed to reduce the interest rate on the mortgage note. As a result, the annual debt service obligation of the operating partnership has been reduced by $55,320. Despite this reduction in debt service, the operating partnership operated nominally below breakeven during the first half of 2016. The investment general partner will continue to work with the operating general partner and the management company to monitor and improve operations. The operating general partner's operating deficit guarantee expired at the end of May 2008. The 15-year low income housing tax credit compliance period with respect to Rosehill Place of Topeka, LLC expires on December 31, 2018.

Jacksonville Square Ltd (Jacksonville Square Apartments) is a 44-unit family property in Jacksonville, TX. The property is operating above breakeven due to an increase to occupancy and income. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs and maintain the increase in occupancy. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting on Jacksonville Square Ltd subsequent to June 30, 2016.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property continues to operate below breakeven due to high operating expenses despite an increase in occupancy. The investment general partner continues to work with the operating general partner and the management company to reduce operating costs. The operating general partners operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period expires on December 31, 2018.

Linden - Shawnee Partners, Limited Partnership is a 54-unit family property in Shawnee, OK. The property operated above breakeven in 2015; however, occupancy declined throughout 2015 and during the first quarter of 2016 resulting in operations below breakeven status. The investment general partner will continue to work with the operating general partner and management company to improve occupancy and operations. The operating general partners operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period expires on December 31, 2020.

Agent Kensington LP (Kensington Heights Apartments) is a 120- unit elderly property located in Kansas City, MO. The property operated below breakeven in 2015 due to high utility and exterminating costs. A recent reduction in operating expenses has allowed the property to operate above breakeven through April 2016. The investment general partner will continue to work with the operating general partner and the management company to manage operating expenses. The operating general partner's operating deficit guarantee expired on February 28, 2008; however, the operating general partner continues to fund deficits. The 15-year low income housing tax credit compliance period expires on December 31, 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, 2016 and 2015. 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 Pronouncement

In February, 2015, the FASB issued ASU No. 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis". This will improve certain areas of consolidation guidance for reporting organizations that are required to evaluate whether to consolidate certain legal entities such as limited partnerships, limited liability corporations, and securitization structures. ASU 2015-02 simplified and improves GAAP by: eliminating the presumption that a general partner should consolidate a limited partnership, eliminating the indefinite deferral of FASB Statement No. 167, thereby reducing the number of Variable Interest Entity (VIE) consolidation models from four to two (including the limited partnership consolidation model), and clarifying when fees paid to a decision maker should be a factor to include in the consolidation of VIEs. ASU 2015-02 will be effective for periods beginning after December 15, 2015. The Fund has determined that there is no material impact to its financial statements as a result of this guidance.

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 June 30, 2016 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, 2016.

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 June 30, 2016 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, filed herein

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: August 12, 2016		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:

August 12, 2016	/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






August 12, 2016	/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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