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

Attached files

file	filename
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40916cert906mnt.htm
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40916cert906jpm.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40916cert302mnt.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40916cert302jpm.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 September 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 SEPTEMBER 30, 2016

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements

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

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			161-213

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			214

	Item 4. Controls and Procedures			214

PART II OTHER INFORMATION

	Item 1. Legal Proceedings			215

	Item 1A. Risk Factors			215

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			215

	Item 3. Defaults Upon Senior Securities			215

	Item 4. Mine Safety Disclosures			215

	Item 5. Other Information			215

	Item 6. Exhibits			215

	Signatures			216

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	22,407,386	$	21,728,069
Notes receivable		22,790		22,790
Other assets		164,773		164,773

	$	22,594,949	$	21,915,632




LIABILITIES

Accounts payable and accrued expenses	$	671,821	$	685,806
Accounts payable affiliates (Note C)		41,468,761		49,270,814
Capital contributions payable		578,113		578,113

		42,718,695		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 September 30, 2016 and March 31, 2016.		(12,879,983)		(21,290,383)
General Partner		(7,243,763)		(7,328,718)

		(20,123,746)		(28,619,101)

	$	22,594,949	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	298,805	$	180,896
Notes receivable		-		-
Other assets		-		-

	$	298,805	$	180,896




LIABILITIES

Accounts payable and accrued expenses	$	3,000	$	-
Accounts payable affiliates (Note C)		1,455,832		1,442,059
Capital contributions payable		-		-

		1,458,832		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 September 30, 2016 and March 31, 2016.		(840,174)		(940,299)
General Partner		(319,853)		(320,864)

		(1,160,027)		(1,261,163)

	$	298,805	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	256,648	$	425,168
Notes receivable		-		-
Other assets		-		-

	$	256,648	$	425,168




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,315,801		1,460,365
Capital contributions payable		-		-

		1,315,801		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 September 30, 2016 and March 31, 2016.		(886,610)		(862,894)
General Partner		(172,543)		(172,303)

		(1,059,153)		(1,035,197)

	$	256,648	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	271,102	$	295,650
Notes receivable		-		-
Other assets		-		-

	$	271,102	$	295,650




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,834,293		2,819,689
Capital contributions payable		-		-

		2,834,293		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 September 30, 2016 and March 31, 2016.		(2,318,475)		(2,279,715)
General Partner		(244,716)		(244,324)

		(2,563,191)		(2,524,039)

	$	271,102	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	198,308	$	219,677
Notes receivable		-		-
Other assets		-		-

	$	198,308	$	219,677




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,071,134		2,052,312
Capital contributions payable		-		-

		2,071,134		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 September 30, 2016 and March 31, 2016.		(1,569,251)		(1,529,462)
General Partner		(303,575)		(303,173)

		(1,872,826)		(1,832,635)

	$	198,308	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	462,127	$	502,552
Notes receivable		-		-
Other assets		-		-

	$	462,127	$	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 September 30, 2016 and March 31, 2016.		636,757		676,778
General Partner		(174,630)		(174,226)

		462,127		502,552

	$	462,127	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	376,568	$	395,797
Notes receivable		-		-
Other assets		1,250		1,250

	$	377,818	$	397,047




LIABILITIES

Accounts payable and accrued expenses	$	688	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		688		-


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 September 30, 2016 and March 31, 2016.		596,975		616,693
General Partner		(219,845)		(219,646)

		377,130		397,047

	$	377,818	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	752,769	$	809,362
Notes receivable		-		-
Other assets		-		-

	$	752,769	$	809,362




LIABILITIES

Accounts payable and accrued expenses	$	8,960	$	4,960
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		8,960		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 September 30, 2016 and March 31, 2016.		1,054,714		1,114,701
General Partner		(310,905)		(310,299)

		743,809		804,402

	$	752,769	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	3,799,627	$	899,636
Notes receivable		-		-
Other assets		-		-

	$	3,799,627	$	899,636




LIABILITIES

Accounts payable and accrued expenses	$	4,000	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		4,000		-


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 September 30, 2016 and March 31, 2016.		3,964,118		1,097,087
General Partner		(168,491)		(197,451)

		3,795,627		899,636

	$	3,799,627	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	838,478	$	884,427
Notes receivable		-		-
Other assets		-		-

	$	838,478	$	884,427




LIABILITIES

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

		-		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 September 30, 2016 and March 31, 2016.		1,111,930		1,149,995
General Partner		(273,452)		(273,068)

		838,478		876,927

	$	838,478	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	395,748	$	618,758
Notes receivable		-		-
Other assets		-		-

	$	395,748	$	618,758




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,466,098		3,578,505
Capital contributions payable		8,235		8,235

		3,474,333		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 September 30, 2016 and March 31, 2016.		(2,709,152)		(2,599,655)
General Partner		(369,433)		(368,327)

		(3,078,585)		(2,967,982)

	$	395,748	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	285,793	$	304,293
Notes receivable		-		-
Other assets		-		-

	$	285,793	$	304,293




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,607,134		1,572,292
Capital contributions payable		105,139		105,139

		1,712,273		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 September 30, 2016 and March 31, 2016.		(1,185,160)		(1,132,351)
General Partner		(241,320)		(240,787)

		(1,426,480)		(1,373,138)

	$	285,793	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	1,245,688	$	1,351,761
Notes receivable		-		-
Other assets		25,000		25,000

	$	1,270,688	$	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 September 30, 2016 and March 31, 2016.		1,571,609		1,673,651
General Partner		(367,215)		(366,184)

		1,204,394		1,307,467

	$	1,270,688	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	284,118	$	1,061,685
Notes receivable		-		-
Other assets		-		-

	$	284,118	$	1,061,685




LIABILITIES

Accounts payable and accrued expenses	$	-	$	7,000
Accounts payable affiliates (Note C)		2,695,425		3,366,055
Capital contributions payable		1,229		1,229

		2,696,654		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 September 30, 2016 and March 31, 2016.		(1,982,048)		(1,883,110)
General Partner		(430,488)		(429,489)

		(2,412,536)		(2,312,599)

	$	284,118	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	353,519	$	1,266,455
Notes receivable		-		-
Other assets		-		-

	$	353,519	$	1,266,455




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,158,032		2,025,236
Capital contributions payable		69,154		69,154

		1,227,186		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 September 30, 2016 and March 31, 2016.		(639,151)		(593,876)
General Partner		(234,516)		(234,059)

		(873,667)		(827,935)

	$	353,519	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	637,230	$	674,173
Notes receivable		-		-
Other assets		-		-

	$	637,230	$	674,173




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,354,103		3,603,434
Capital contributions payable		-		-

		3,354,103		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 September 30, 2016 and March 31, 2016.		(2,389,315)		(2,599,579)
General Partner		(327,558)		(329,682)

		(2,716,873)		(2,929,261)

	$	637,230	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	2,634,270	$	1,693,223
Notes receivable		-		-
Other assets		-		-

	$	2,634,270	$	1,693,223




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,085,590		2,494,235
Capital contributions payable		-		-

		1,085,590		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 September 30, 2016 and March 31, 2016.		1,815,218		(510,977)
General Partner		(266,538)		(290,035)

		1,548,680		(801,012)

	$	2,634,270	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	2,933,948	$	979,340
Notes receivable		-		-
Other assets		-		-

	$	2,933,948	$	979,340




LIABILITIES

Accounts payable and accrued expenses	$	131,000	$	133,500
Accounts payable affiliates (Note C)		752,253		1,292,536
Capital contributions payable		-		-

		883,253		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 September 30, 2016 and March 31, 2016.		2,208,851		(263,566)
General Partner		(158,156)		(183,130)

		2,050,695		(446,696)

	$	2,933,948	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	2,269,345	$	340,689
Notes receivable		-		-
Other assets		-		-

	$	2,269,345	$	340,689




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,575,162		2,501,407
Capital contributions payable		138,438		138,438

		2,713,600		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 September 30, 2016 and March 31, 2016.		(224,248)		(2,060,600)
General Partner		(220,007)		(238,556)

		(444,255)		(2,299,156)

	$	2,269,345	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	332,494	$	333,474
Notes receivable		-		-
Other assets		-		-

	$	332,494	$	333,474




LIABILITIES

Accounts payable and accrued expenses	$	-	$	4,779
Accounts payable affiliates (Note C)		2,062,083		2,020,632
Capital contributions payable		-		-

		2,062,083		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 September 30, 2016 and March 31, 2016.		(1,494,008)		(1,456,733)
General Partner		(235,581)		(235,204)

		(1,729,589)		(1,691,937)

	$	332,494	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	317,682	$	313,691
Notes receivable		-		-
Other assets		-		-

	$	317,682	$	313,691




LIABILITIES

Accounts payable and accrued expenses	$	9,000	$	4,894
Accounts payable affiliates (Note C)		1,709,936		1,775,213
Capital contributions payable		-		-

		1,718,936		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 September 30, 2016 and March 31, 2016.		(1,190,799)		(1,255,309)
General Partner		(210,455)		(211,107)

		(1,401,254)		(1,466,416)

	$	317,682	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	246,648	$	510,705
Notes receivable		-		-
Other assets		-		-

	$	246,648	$	510,705




LIABILITIES

Accounts payable and accrued expenses	$	-	$	5,000
Accounts payable affiliates (Note C)		2,647,920		2,862,316
Capital contributions payable		102		102

		2,648,022		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 September 30, 2016 and March 31, 2016.		(2,152,416)		(2,108,202)
General Partner		(248,958)		(248,511)

		(2,401,374)		(2,356,713)

	$	246,648	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	206,693	$	331,029
Notes receivable		-		-
Other assets		1,218		1,218

	$	207,911	$	332,247




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,173,959		3,161,663
Capital contributions payable		100		100

		3,174,059		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 September 30, 2016 and March 31, 2016.		(2,687,318)		(2,552,052)
General Partner		(278,830)		(277,464)

		(2,966,148)		(2,829,516)

	$	207,911	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	1,247,109	$	3,412,757
Notes receivable		22,790		22,790
Other assets		51,003		51,003

	$	1,320,902	$	3,486,550




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		85,740		2,141,040
Capital contributions payable		73,433		73,433

		159,173		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 September 30, 2016 and March 31, 2016.		1,391,049		1,500,294
General Partner		(229,320)		(228,217)

		1,161,729		1,272,077

	$	1,320,902	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	684,468	$	2,886,991
Notes receivable		-		-
Other assets		82,514		82,514

	$	766,982	$	2,969,505




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		973,632		3,061,116
Capital contributions payable		99,265		99,265

		1,072,897		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 September 30, 2016 and March 31, 2016.		18,665		132,554
General Partner		(324,580)		(323,430)

		(305,915)		(190,876)

	$	766,982	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	44,038	$	44,503
Notes receivable		-		-
Other assets		-		-

	$	44,038	$	44,503




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,460,923		2,331,303
Capital contributions payable		-		-

		2,460,923		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 September 30, 2016 and March 31, 2016.		(2,155,268)		(2,026,484)
General Partner		(261,617)		(260,316)

		(2,416,885)		(2,286,800)

	$	44,038	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	779,765	$	748,100
Notes receivable		-		-
Other assets		-		-

	$	779,765	$	748,100




LIABILITIES

Accounts payable and accrued expenses	$	515,173	$	515,173
Accounts payable affiliates (Note C)		2,208,060		2,058,519
Capital contributions payable		16,724		16,724

		2,739,957		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 September 30, 2016 and March 31, 2016.		(1,586,928)		(1,470,231)
General Partner		(373,264)		(372,085)

		(1,960,192)		(1,842,316)

	$	779,765	$	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


		September 30, 2016		March 31, 2016


ASSETS

Cash and cash equivalents	$	254,398	$	243,277
Notes receivable		-		-
Other assets		3,788		3,788

	$	258,186	$	247,065




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,775,651		1,650,887
Capital contributions payable		-		-

		1,775,651		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 September 30, 2016 and March 31, 2016.		(1,239,548)		(1,127,041)
General Partner		(277,917)		(276,781)

		(1,517,465)		(1,403,822)

	$	258,186	$	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 September 30,
(Unaudited)

		2016		2015

Income
Interest income	$	13,661	$	14,604
Other income		65,011		111,269

		78,672		125,873



Share of income (loss) from Operating Partnerships (Note D)		2,624,637		8,221,418


Expenses
Professional fees		394,385		414,251
Fund management fee, net (Note C)		675,651		843,244
General and administrative expenses		173,768		123,228

		1,243,804		1,380,723


NET INCOME (LOSS)	$	1,459,505	$	6,966,568




Net income (loss) allocated to assignees	$	1,444,911	$	6,896,905




Net income (loss) allocated to general partner	$	14,594	$	69,663




Net income (loss) per BAC	$	.02	$	.08

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 September 30,
(Unaudited)

Series 20

		2016		2015

Income
Interest income	$	117	$	132
Other income		-		-

		117		132



Share of income (loss) from Operating Partnerships (Note D)		138,000		-


Expenses
Professional fees		8,653		13,962
Fund management fee, net (Note C)		5,335		8,104
General and administrative expenses		7,503		5,431

		21,491		27,497


NET INCOME (LOSS)	$	116,626	$	(27,365)




Net income (loss) allocated to assignees	$	115,460	$	(27,091)




Net income (loss) allocated to general partner	$	1,166	$	(274)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 21

		2016		2015

Income
Interest income	$	156	$	144
Other income		859		-

		1,015		144



Share of income (loss) from Operating Partnerships (Note D)		-		3,177


Expenses
Professional fees		9,737		9,092
Fund management fee, net (Note C)		1,130		1,341
General and administrative expenses		5,503		3,847

		16,370		14,280


NET INCOME (LOSS)	$	(15,355)	$	(10,959)




Net income (loss) allocated to assignees	$	(15,201)	$	(10,849)




Net income (loss) allocated to general partner	$	(154)	$	(110)




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 September 30,
(Unaudited)

Series 22

		2016		2015

Income
Interest income	$	99	$	40
Other income		-		433

		99		473



Share of income (loss) from Operating Partnerships (Note D)		-		232,989


Expenses
Professional fees		11,304		12,422
Fund management fee, net (Note C)		7,302		11,181
General and administrative expenses		6,397		4,513

		25,003		28,116


NET INCOME (LOSS)	$	(24,904)	$	205,346




Net income (loss) allocated to assignees	$	(24,655)	$	203,293




Net income (loss) allocated to general partner	$	(249)	$	2,053




Net income (loss) per BAC	$	(.01)	$	.08

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 September 30,
(Unaudited)

Series 23

		2016		2015

Income
Interest income	$	74	$	68
Other income		-		1,299

		74		1,367



Share of income (loss) from Operating Partnerships (Note D)		-		215,459


Expenses
Professional fees		12,999		14,062
Fund management fee, net (Note C)		6,270		16,523
General and administrative expenses		7,220		5,223

		26,489		35,808


NET INCOME (LOSS)	$	(26,415)	$	181,018




Net income (loss) allocated to assignees	$	(26,151)	$	179,208




Net income (loss) allocated to general partner	$	(264)	$	1,810




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 24

		2016		2015

Income
Interest income	$	105	$	659
Other income		2,062		500

		2,167		1,159



Share of income (loss) from Operating Partnerships (Note D)		-		16,675


Expenses
Professional fees		9,631		12,009
Fund management fee, net (Note C)		11,150		11,754
General and administrative expenses		5,949		4,418

		26,730		28,181


NET INCOME (LOSS)	$	(24,563)	$	(10,347)




Net income (loss) allocated to assignees	$	(24,317)	$	(10,244)




Net income (loss) allocated to general partner	$	(246)	$	(103)




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 September 30,
(Unaudited)

Series 25

		2016		2015

Income
Interest income	$	87	$	2,846
Other income		10,162		10,162

		10,249		13,008



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


Expenses
Professional fees		8,628		11,600
Fund management fee, net (Note C)		224		4,992
General and administrative expenses		6,792		5,036

		15,644		21,628


NET INCOME (LOSS)	$	(5,395)	$	(8,620)




Net income (loss) allocated to assignees	$	(5,341)	$	(8,534)




Net income (loss) allocated to general partner	$	(54)	$	(86)




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 September 30,
(Unaudited)

Series 26

		2016		2015

Income
Interest income	$	229	$	1,394
Other income		796		2,363

		1,025		3,757



Share of income (loss) from Operating Partnerships (Note D)		18,500		59,000


Expenses
Professional fees		16,794		22,973
Fund management fee, net (Note C)		19,769		20,929
General and administrative expenses		8,011		5,904

		44,574		49,806


NET INCOME (LOSS)	$	(25,049)	$	12,951




Net income (loss) allocated to assignees	$	(24,799)	$	12,821




Net income (loss) allocated to general partner	$	(250)	$	130




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 September 30,
(Unaudited)

Series 27

		2016		2015

Income
Interest income	$	2,704	$	729
Other income		6,000		-

		8,704		729



Share of income (loss) from Operating Partnerships (Note D)		21,000		-


Expenses
Professional fees		33,467		13,834
Fund management fee, net (Note C)		25,866		36,358
General and administrative expenses		6,039		4,467

		65,372		54,659


NET INCOME (LOSS)	$	(35,668)	$	(53,930)




Net income (loss) allocated to assignees	$	(35,311)	$	(53,391)




Net income (loss) allocated to general partner	$	(357)	$	(539)




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 September 30,
(Unaudited)

Series 28

		2016		2015

Income
Interest income	$	305	$	4,891
Other income		-		4,853

		305		9,744



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


Expenses
Professional fees		14,957		21,139
Fund management fee, net (Note C)		8,844		19,889
General and administrative expenses		7,349		5,466

		31,150		46,494


NET INCOME (LOSS)	$	(30,845)	$	(36,750)




Net income (loss) allocated to assignees	$	(30,537)	$	(36,382)




Net income (loss) allocated to general partner	$	(308)	$	(368)




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 September 30,
(Unaudited)

Series 29

		2016		2015

Income
Interest income	$	179	$	234
Other income		-		50,000

		179		50,234



Share of income (loss) from Operating Partnerships (Note D)		-		45,500


Expenses
Professional fees		21,913		19,804
Fund management fee, net (Note C)		16,843		11,422
General and administrative expenses		7,645		5,368

		46,401		36,594


NET INCOME (LOSS)	$	(46,222)	$	59,140




Net income (loss) allocated to assignees	$	(45,760)	$	58,549




Net income (loss) allocated to general partner	$	(462)	$	591




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 September 30,
(Unaudited)

Series 30

		2016		2015

Income
Interest income	$	145	$	199
Other income		-		1,522

		145		1,721



Share of income (loss) from Operating Partnerships (Note D)		-		255,461


Expenses
Professional fees		13,780		17,603
Fund management fee, net (Note C)		17,421		15,686
General and administrative expenses		5,840		4,147

		37,041		37,436


NET INCOME (LOSS)	$	(36,896)	$	219,746




Net income (loss) allocated to assignees	$	(36,527)	$	217,549




Net income (loss) allocated to general partner	$	(369)	$	2,197




Net income (loss) per BAC	$	(.01)	$	.08

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 September 30,
(Unaudited)

Series 31

		2016		2015

Income
Interest income	$	679	$	601
Other income		114		590

		793		1,191



Share of income (loss) from Operating Partnerships (Note D)		-		1,256,102


Expenses
Professional fees		17,135		19,832
Fund management fee, net (Note C)		34,521		39,353
General and administrative expenses		7,601		5,457

		59,257		64,642


NET INCOME (LOSS)	$	(58,464)	$	1,192,651




Net income (loss) allocated to assignees	$	(57,879)	$	1,180,724




Net income (loss) allocated to general partner	$	(585)	$	11,927




Net income (loss) per BAC	$	(.01)	$	.27

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 September 30,
(Unaudited)

Series 32

		2016		2015

Income
Interest income	$	393	$	105
Other income		-		5,550

		393		5,655



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


Expenses
Professional fees		12,691		16,175
Fund management fee, net (Note C)		39,120		50,122
General and administrative expenses		7,768		5,420

		59,579		71,717


NET INCOME (LOSS)	$	(59,186)	$	(66,062)




Net income (loss) allocated to assignees	$	(58,594)	$	(65,401)




Net income (loss) allocated to general partner	$	(592)	$	(661)




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 September 30,

(Unaudited)

Series 33

		2016		2015

Income
Interest income	$	502	$	361
Other income		-		5,550

		502		5,911



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


Expenses
Professional fees		10,260		12,217
Fund management fee, net (Note C)		15,228		9,898
General and administrative expenses		5,750		3,963

		31,238		26,078


NET INCOME (LOSS)	$	(30,736)	$	(20,167)




Net income (loss) allocated to assignees	$	(30,429)	$	(19,965)




Net income (loss) allocated to general partner	$	(307)	$	(202)




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 September 30,
(Unaudited)

Series 34

		2016		2015

Income
Interest income	$	327	$	197
Other income		1,539		1,539

		1,866		1,736



Share of income (loss) from Operating Partnerships (Note D)		215,000		-


Expenses
Professional fees		12,364		15,022
Fund management fee, net (Note C)		5,152		25,961
General and administrative expenses		6,476		4,635

		23,992		45,618


NET INCOME (LOSS)	$	192,874	$	(43,882)




Net income (loss) allocated to assignees	$	190,945	$	(43,443)




Net income (loss) allocated to general partner	$	1,929	$	(439)




Net income (loss) per BAC	$	.05	$	(.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 September 30,
(Unaudited)

Series 35

		2016		2015

Income
Interest income	$	2,593	$	310
Other income		-		4,859

		2,593		5,169



Share of income (loss) from Operating Partnerships (Note D)		85,949		68,250


Expenses
Professional fees		12,823		12,889
Fund management fee, net (Note C)		19,606		25,197
General and administrative expenses		6,579		4,589

		39,008		42,675


NET INCOME (LOSS)	$	49,534	$	30,744




Net income (loss) allocated to assignees	$	49,039	$	30,437




Net income (loss) allocated to general partner	$	495	$	307




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 September 30,
(Unaudited)

Series 36

		2016		2015

Income
Interest income	$	1,313	$	243
Other income		5,279		-

		6,592		243



Share of income (loss) from Operating Partnerships (Note D)		85,949		-


Expenses
Professional fees		12,146		11,408
Fund management fee, net (Note C)		7,626		33,120
General and administrative expenses		5,280		3,694

		25,052		48,222


NET INCOME (LOSS)	$	67,489	$	(47,979)




Net income (loss) allocated to assignees	$	66,814	$	(47,499)




Net income (loss) allocated to general partner	$	675	$	(480)




Net income (loss) per BAC	$	.03	$	(.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 September 30,
(Unaudited)

Series 37

		2016		2015

Income
Interest income	$	681	$	182
Other income		-		-

		681		182



Share of income (loss) from Operating Partnerships (Note D)		1,932,139		-


Expenses
Professional fees		9,619		11,106
Fund management fee, net (Note C)		34,425		39,330
General and administrative expenses		5,379		3,828

		49,423		54,264


NET INCOME (LOSS)	$	1,883,397	$	(54,082)




Net income (loss) allocated to assignees	$	1,864,563	$	(53,541)




Net income (loss) allocated to general partner	$	18,834	$	(541)




Net income (loss) per BAC	$	.74	$	(.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 September 30,
(Unaudited)

Series 38

		2016		2015

Income
Interest income	$	159	$	63
Other income		16,000		1,195

		16,159		1,258



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


Expenses
Professional fees		12,659		11,967
Fund management fee, net (Note C)		31,936		44,166
General and administrative expenses		5,591		3,936

		50,186		60,069


NET INCOME (LOSS)	$	(34,027)	$	(58,811)




Net income (loss) allocated to assignees	$	(33,687)	$	(58,223)




Net income (loss) allocated to general partner	$	(340)	$	(588)




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 September 30,
(Unaudited)

Series 39

		2016		2015

Income
Interest income	$	148	$	93
Other income		-		-

		148		93



Share of income (loss) from Operating Partnerships (Note D)		99,600		-


Expenses
Professional fees		12,146		11,925
Fund management fee, net (Note C)		16,280		31,485
General and administrative expenses		5,095		3,656

		33,521		47,066


NET INCOME (LOSS)	$	66,227	$	(46,973)




Net income (loss) allocated to assignees	$	65,565	$	(46,503)




Net income (loss) allocated to general partner	$	662	$	(470)




Net income (loss) per BAC	$	.03	$	(.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 September 30,
(Unaudited)

Series 40

		2016		2015

Income
Interest income	$	103	$	30
Other income		-		-

		103		30



Share of income (loss) from Operating Partnerships (Note D)		28,500		-


Expenses
Professional fees		15,558		14,600
Fund management fee, net (Note C)		26,835		49,329
General and administrative expenses		5,496		3,627

		47,889		67,556


NET INCOME (LOSS)	$	(19,286)	$	(67,526)




Net income (loss) allocated to assignees	$	(19,093)	$	(66,851)




Net income (loss) allocated to general partner	$	(193)	$	(675)




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

Series 41

		2016		2015

Income
Interest income	$	133	$	159
Other income		1,302		-

		1,435		159



Share of income (loss) from Operating Partnerships (Note D)		-		457,440


Expenses
Professional fees		17,973		16,053
Fund management fee, net (Note C)		54,348		54,489
General and administrative expenses		6,103		4,489

		78,424		75,031


NET INCOME (LOSS)	$	(76,989)	$	382,568




Net income (loss) allocated to assignees	$	(76,219)	$	378,742




Net income (loss) allocated to general partner	$	(770)	$	3,826




Net income (loss) per BAC	$	(.03)	$	.13

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 42

		2016		2015

Income
Interest income	$	850	$	374
Other income		421		-

		1,271		374



Share of income (loss) from Operating Partnerships (Note D)		-		3,214,695


Expenses
Professional fees		19,287		18,278
Fund management fee, net (Note C)		36,417		48,684
General and administrative expenses		6,209		4,298

		61,913		71,260


NET INCOME (LOSS)	$	(60,642)	$	3,143,809




Net income (loss) allocated to assignees	$	(60,036)	$	3,112,371




Net income (loss) allocated to general partner	$	(606)	$	31,438




Net income (loss) per BAC	$	(.02)	$	1.13

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 43

		2016		2015

Income
Interest income	$	1,122	$	350
Other income		-		385

		1,122		735



Share of income (loss) from Operating Partnerships (Note D)		-		2,492,094


Expenses
Professional fees		20,142		19,107
Fund management fee, net (Note C)		50,345		61,071
General and administrative expenses		7,109		4,907

		77,596		85,085


NET INCOME (LOSS)	$	(76,474)	$	2,407,744




Net income (loss) allocated to assignees	$	(75,709)	$	2,383,667




Net income (loss) allocated to general partner	$	(765)	$	24,077




Net income (loss) per BAC	$	(.02)	$	.66

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 September 30,
(Unaudited)

Series 44

		2016		2015

Income
Interest income	$	13	$	4
Other income		981		2,769

		994		2,773



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


Expenses
Professional fees		10,661		11,304
Fund management fee, net (Note C)		58,769		62,657
General and administrative expenses		5,744		3,831

		75,174		77,792


NET INCOME (LOSS)	$	(74,180)	$	(75,019)




Net income (loss) allocated to assignees	$	(73,438)	$	(74,269)




Net income (loss) allocated to general partner	$	(742)	$	(750)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended September 30,
(Unaudited)

Series 45

		2016		2015

Income
Interest income	$	355	$	49
Other income		3,048		4,353

		3,403		4,402



Share of income (loss) from Operating Partnerships (Note D)		-		(25,484)


Expenses
Professional fees		21,698		25,397
Fund management fee, net (Note C)		68,800		60,553
General and administrative expenses		7,199		4,790

		97,697		90,740


NET INCOME (LOSS)	$	(94,294)	$	(111,822)




Net income (loss) allocated to assignees	$	(93,351)	$	(110,704)




Net income (loss) allocated to general partner	$	(943)	$	(1,118)




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 September 30,
(Unaudited)

Series 46

		2016		2015

Income
Interest income	$	90	$	147
Other income		16,448		13,347

		16,538		13,494



Share of income (loss) from Operating Partnerships (Note D)		-		(69,940)


Expenses
Professional fees		15,360		18,471
Fund management fee, net (Note C)		56,089		49,650
General and administrative expenses		6,141		4,288

		77,590		72,409


NET INCOME (LOSS)	$	(61,052)	$	(128,855)




Net income (loss) allocated to assignees	$	(60,441)	$	(127,566)




Net income (loss) allocated to general partner	$	(611)	$	(1,289)




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 OPERATIONS
Six Months Ended September 30,
(Unaudited)

		2016		2015

Income
Interest income	$	26,477	$	28,305
Other income		193,183		323,723

		219,660		352,028



Share of income (loss) from Operating Partnerships (Note D)		10,413,293		11,871,653


Expenses
Professional fees		580,410		533,951
Fund management fee, net (Note C)		1,262,700		1,708,377
General and administrative expenses		294,488		202,013

		2,137,598		2,444,341


NET INCOME (LOSS)	$	8,495,355	$	9,779,340




Net income (loss) allocated to assignees	$	8,410,400	$	9,681,545




Net income (loss) allocated to general partner	$	84,955	$	97,795




Net income (loss) per BAC	$	.10	$	.12

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 20

		2016		2015

Income
Interest income	$	221	$	266
Other income		-		-

		221		266



Share of income (loss) from Operating Partnerships (Note D)		138,000		-


Expenses
Professional fees		11,716		17,442
Fund management fee, net (Note C)		12,873		14,959
General and administrative expenses		12,496		8,681

		37,085		41,082


NET INCOME (LOSS)	$	101,136	$	(40,816)




Net income (loss) allocated to assignees	$	100,125	$	(40,408)




Net income (loss) allocated to general partner	$	1,011	$	(408)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 21

		2016		2015

Income
Interest income	$	380	$	226
Other income		859		-

		1,239		226



Share of income (loss) from Operating Partnerships (Note D)		-		326,273


Expenses
Professional fees		12,719		11,912
Fund management fee, net (Note C)		3,385		15,666
General and administrative expenses		9,091		6,368

		25,195		33,946


NET INCOME (LOSS)	$	(23,956)	$	292,553




Net income (loss) allocated to assignees	$	(23,716)	$	289,627




Net income (loss) allocated to general partner	$	(240)	$	2,926




Net income (loss) per BAC	$	(.01)	$	.15

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 22

		2016		2015

Income
Interest income	$	205	$	78
Other income		-		433

		205		511



Share of income (loss) from Operating Partnerships (Note D)		-		232,989


Expenses
Professional fees		14,659		16,067
Fund management fee, net (Note C)		14,104		20,460
General and administrative expenses		10,594		7,367

		39,357		43,894


NET INCOME (LOSS)	$	(39,152)	$	189,606




Net income (loss) allocated to assignees	$	(38,760)	$	187,710




Net income (loss) allocated to general partner	$	(392)	$	1,896




Net income (loss) per BAC	$	(.02)	$	.07

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 23

		2016		2015

Income
Interest income	$	165	$	136
Other income		-		1,299

		165		1,435



Share of income (loss) from Operating Partnerships (Note D)		3,550		215,459


Expenses
Professional fees		18,081		18,037
Fund management fee, net (Note C)		13,742		18,976
General and administrative expenses		12,083		8,403

		43,906		45,416


NET INCOME (LOSS)	$	(40,191)	$	171,478




Net income (loss) allocated to assignees	$	(39,789)	$	169,763




Net income (loss) allocated to general partner	$	(402)	$	1,715




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 24

		2016		2015

Income
Interest income	$	210	$	1,348
Other income		3,742		2,180

		3,952		3,528



Share of income (loss) from Operating Partnerships (Note D)		-		16,675


Expenses
Professional fees		13,150		15,489
Fund management fee, net (Note C)		20,548		21,652
General and administrative expenses		10,679		7,280

		44,377		44,421


NET INCOME (LOSS)	$	(40,425)	$	(24,218)




Net income (loss) allocated to assignees	$	(40,021)	$	(23,976)




Net income (loss) allocated to general partner	$	(404)	$	(242)




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
Six Months Ended September 30,
(Unaudited)

Series 25

		2016		2015

Income
Interest income	$	175	$	5,698
Other income		10,162		10,162

		10,337		15,860



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


Expenses
Professional fees		11,658		14,915
Fund management fee, net (Note C)		6,158		10,926
General and administrative expenses		12,438		8,167

		30,254		34,008


NET INCOME (LOSS)	$	(19,917)	$	(18,148)




Net income (loss) allocated to assignees	$	(19,718)	$	(17,967)




Net income (loss) allocated to general partner	$	(199)	$	(181)




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
Six Months Ended September 30,
(Unaudited)

Series 26

		2016		2015

Income
Interest income	$	578	$	2,808
Other income		1,216		2,363

		1,794		5,171



Share of income (loss) from Operating Partnerships (Note D)		18,500		59,000


Expenses
Professional fees		22,459		29,093
Fund management fee, net (Note C)		43,486		49,544
General and administrative expenses		14,942		9,465

		80,887		88,102


NET INCOME (LOSS)	$	(60,593)	$	(23,931)




Net income (loss) allocated to assignees	$	(59,987)	$	(23,692)




Net income (loss) allocated to general partner	$	(606)	$	(239)




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
Six Months Ended September 30,
(Unaudited)

Series 27

		2016		2015

Income
Interest income	$	3,940	$	1,608
Other income		6,000		-

		9,940		1,608



Share of income (loss) from Operating Partnerships (Note D)		3,016,000		-


Expenses
Professional fees		67,836		17,644
Fund management fee, net (Note C)		52,224		64,716
General and administrative expenses		9,889		7,363

		129,949		89,723


NET INCOME (LOSS)	$	2,895,991	$	(88,115)




Net income (loss) allocated to assignees	$	2,867,031	$	(87,234)




Net income (loss) allocated to general partner	$	28,960	$	(881)




Net income (loss) per BAC	$	1.17	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 28

		2016		2015

Income
Interest income	$	607	$	9,218
Other income		7,976		11,253

		8,583		20,471



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


Expenses
Professional fees		19,372		26,434
Fund management fee, net (Note C)		18,991		46,344
General and administrative expenses		13,669		8,855

		52,032		81,633


NET INCOME (LOSS)	$	(38,449)	$	1,135,838




Net income (loss) allocated to assignees	$	(38,065)	$	1,124,480




Net income (loss) allocated to general partner	$	(384)	$	11,358




Net income (loss) per BAC	$	(.01)	$	.28

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 29

		2016		2015

Income
Interest income	$	457	$	479
Other income		-		50,000

		457		50,479



Share of income (loss) from Operating Partnerships (Note D)		-		199,000


Expenses
Professional fees		60,962		24,769
Fund management fee, net (Note C)		37,389		36,807
General and administrative expenses		12,709		8,671

		111,060		70,247


NET INCOME (LOSS)	$	(110,603)	$	179,232




Net income (loss) allocated to assignees	$	(109,497)	$	177,440




Net income (loss) allocated to general partner	$	(1,106)	$	1,792




Net income (loss) per BAC	$	(.03)	$	.04

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 30

		2016		2015

Income
Interest income	$	363	$	398
Other income		1,243		1,522

		1,606		1,920



Share of income (loss) from Operating Partnerships (Note D)		-		261,461


Expenses
Professional fees		18,164		22,403
Fund management fee, net (Note C)		27,026		40,201
General and administrative expenses		9,758		6,911

		54,948		69,515


NET INCOME (LOSS)	$	(53,342)	$	193,866




Net income (loss) allocated to assignees	$	(52,809)	$	191,927




Net income (loss) allocated to general partner	$	(533)	$	1,939




Net income (loss) per BAC	$	(.02)	$	.07

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 31

		2016		2015

Income
Interest income	$	1,432	$	1,375
Other income		590		590

		2,022		1,965



Share of income (loss) from Operating Partnerships (Note D)		-		1,256,102


Expenses
Professional fees		22,974		25,952
Fund management fee, net (Note C)		69,542		78,855
General and administrative expenses		12,579		8,996

		105,095		113,803


NET INCOME (LOSS)	$	(103,073)	$	1,144,264




Net income (loss) allocated to assignees	$	(102,042)	$	1,132,821




Net income (loss) allocated to general partner	$	(1,031)	$	11,443




Net income (loss) per BAC	$	(.02)	$	.26

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 32

		2016		2015

Income
Interest income	$	1,019	$	211
Other income		1,800		5,550

		2,819		5,761



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


Expenses
Professional fees		17,146		20,645
Fund management fee, net (Note C)		72,700		106,744
General and administrative expenses		12,910		8,988

		102,756		136,377


NET INCOME (LOSS)	$	(99,937)	$	(130,616)




Net income (loss) allocated to assignees	$	(98,938)	$	(129,310)




Net income (loss) allocated to general partner	$	(999)	$	(1,306)




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
Six Months Ended September 30,

(Unaudited)

Series 33

		2016		2015

Income
Interest income	$	1,101	$	562
Other income		1,800		5,550

		2,901		6,112



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


Expenses
Professional fees		13,945		15,697
Fund management fee, net (Note C)		25,126		33,631
General and administrative expenses		9,562		6,621

		48,633		55,949


NET INCOME (LOSS)	$	(45,732)	$	1,047,163




Net income (loss) allocated to assignees	$	(45,275)	$	1,036,691




Net income (loss) allocated to general partner	$	(457)	$	10,472




Net income (loss) per BAC	$	(.02)	$	.39

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 34

		2016		2015

Income
Interest income	$	799	$	430
Other income		13,230		18,302

		14,029		18,732



Share of income (loss) from Operating Partnerships (Note D)		242,500		37,000


Expenses
Professional fees		16,764		19,327
Fund management fee, net (Note C)		16,469		58,054
General and administrative expenses		10,908		7,679

		44,141		85,060


NET INCOME (LOSS)	$	212,388	$	(29,328)




Net income (loss) allocated to assignees	$	210,264	$	(29,035)




Net income (loss) allocated to general partner	$	2,124	$	(293)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 35

		2016		2015

Income
Interest income	$	3,914	$	549
Other income		4,893		11,037

		8,807		11,586



Share of income (loss) from Operating Partnerships (Note D)		2,380,752		972,250


Expenses
Professional fees		16,880		16,699
Fund management fee, net (Note C)		11,999		63,179
General and administrative expenses		10,988		7,548

		39,867		87,426


NET INCOME (LOSS)	$	2,349,692	$	896,410




Net income (loss) allocated to assignees	$	2,326,195	$	887,446




Net income (loss) allocated to general partner	$	23,497	$	8,964




Net income (loss) per BAC	$	.71	$	.27

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 36

		2016		2015

Income
Interest income	$	1,877	$	510
Other income		6,425		2,683

		8,302		3,193



Share of income (loss) from Operating Partnerships (Note D)		2,503,252		-


Expenses
Professional fees		15,981		15,218
Fund management fee, net (Note C)		(10,582)		63,498
General and administrative expenses		8,764		6,269

		14,163		84,985


NET INCOME (LOSS)	$	2,497,391	$	(81,792)




Net income (loss) allocated to assignees	$	2,472,417	$	(80,974)




Net income (loss) allocated to general partner	$	24,974	$	(818)




Net income (loss) per BAC	$	1.18	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 37

		2016		2015

Income
Interest income	$	854	$	355
Other income		4,811		9,240

		5,665		9,595



Share of income (loss) from Operating Partnerships (Note D)		1,934,639		-


Expenses
Professional fees		13,128		14,421
Fund management fee, net (Note C)		63,237		75,146
General and administrative expenses		9,038		6,424

		85,403		95,991


NET INCOME (LOSS)	$	1,854,901	$	(86,396)




Net income (loss) allocated to assignees	$	1,836,352	$	(85,532)




Net income (loss) allocated to general partner	$	18,549	$	(864)




Net income (loss) per BAC	$	.73	$	(.03)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 38

		2016		2015

Income
Interest income	$	313	$	145
Other income		47,791		4,355

		48,104		4,500



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


Expenses
Professional fees		16,695		15,777
Fund management fee, net (Note C)		59,718		81,066
General and administrative expenses		9,343		6,621

		85,756		103,464


NET INCOME (LOSS)	$	(37,652)	$	(98,964)




Net income (loss) allocated to assignees	$	(37,275)	$	(97,974)




Net income (loss) allocated to general partner	$	(377)	$	(990)




Net income (loss) per BAC	$	(.01)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 39

		2016		2015

Income
Interest income	$	275	$	180
Other income		660		3,160

		935		3,340



Share of income (loss) from Operating Partnerships (Note D)		122,100		-


Expenses
Professional fees		15,991		15,570
Fund management fee, net (Note C)		33,297		58,770
General and administrative expenses		8,585		6,197

		57,873		80,537


NET INCOME (LOSS)	$	65,162	$	(77,197)




Net income (loss) allocated to assignees	$	64,510	$	(76,425)




Net income (loss) allocated to general partner	$	652	$	(772)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 40

		2016		2015

Income
Interest income	$	236	$	55
Other income		-		-

		236		55



Share of income (loss) from Operating Partnerships (Note D)		49,000		-


Expenses
Professional fees		20,637		19,400
Fund management fee, net (Note C)		64,051		97,833
General and administrative expenses		9,209		6,111

		93,897		123,344


NET INCOME (LOSS)	$	(44,661)	$	(123,289)




Net income (loss) allocated to assignees	$	(44,214)	$	(122,056)




Net income (loss) allocated to general partner	$	(447)	$	(1,233)




Net income (loss) per BAC	$	(.02)	$	(.05)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 41

		2016		2015

Income
Interest income	$	356	$	288
Other income		1,302		36,109

		1,658		36,397



Share of income (loss) from Operating Partnerships (Note D)		-		457,440


Expenses
Professional fees		23,600		21,348
Fund management fee, net (Note C)		104,547		95,209
General and administrative expenses		10,143		7,300

		138,290		123,857


NET INCOME (LOSS)	$	(136,632)	$	369,980




Net income (loss) allocated to assignees	$	(135,266)	$	366,280




Net income (loss) allocated to general partner	$	(1,366)	$	3,700




Net income (loss) per BAC	$	(.05)	$	.13

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 42

		2016		2015

Income
Interest income	$	2,890	$	518
Other income		421		66,129

		3,311		66,647



Share of income (loss) from Operating Partnerships (Note D)		-		3,214,695


Expenses
Professional fees		25,232		23,903
Fund management fee, net (Note C)		78,419		88,912
General and administrative expenses		10,008		6,888

		113,659		119,703


NET INCOME (LOSS)	$	(110,348)	$	3,161,639




Net income (loss) allocated to assignees	$	(109,245)	$	3,130,023




Net income (loss) allocated to general partner	$	(1,103)	$	31,616




Net income (loss) per BAC	$	(.04)	$	1.14

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 43

		2016		2015

Income
Interest income	$	3,168	$	479
Other income		1,759		39,732

		4,927		40,211



Share of income (loss) from Operating Partnerships (Note D)		-		2,492,094


Expenses
Professional fees		26,474		25,062
Fund management fee, net (Note C)		81,996		105,193
General and administrative expenses		11,496		7,819

		119,966		138,074


NET INCOME (LOSS)	$	(115,039)	$	2,394,231




Net income (loss) allocated to assignees	$	(113,889)	$	2,370,289




Net income (loss) allocated to general partner	$	(1,150)	$	23,942




Net income (loss) per BAC	$	(.03)	$	.65

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 44

		2016		2015

Income
Interest income	$	24	$	6
Other income		14,630		2,769

		14,654		2,775



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


Expenses
Professional fees		14,963		15,279
Fund management fee, net (Note C)		120,239		126,314
General and administrative expenses		9,537		6,301

		144,739		147,894


NET INCOME (LOSS)	$	(130,085)	$	(145,119)




Net income (loss) allocated to assignees	$	(128,784)	$	(143,668)




Net income (loss) allocated to general partner	$	(1,301)	$	(1,451)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 45

		2016		2015

Income
Interest income	$	667	$	91
Other income		31,874		25,958

		32,541		26,049



Share of income (loss) from Operating Partnerships (Note D)		-		(39,009)


Expenses
Professional fees		28,932		32,342
Fund management fee, net (Note C)		108,920		129,066
General and administrative expenses		12,565		7,742

		150,417		169,150


NET INCOME (LOSS)	$	(117,876)	$	(182,110)




Net income (loss) allocated to assignees	$	(116,697)	$	(180,289)




Net income (loss) allocated to general partner	$	(1,179)	$	(1,821)




Net income (loss) per BAC	$	(.03)	$	(.04)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF OPERATIONS
Six Months Ended September 30,
(Unaudited)

Series 46

		2016		2015

Income
Interest income	$	251	$	288
Other income		29,999		13,347

		30,250		13,635



Share of income (loss) from Operating Partnerships (Note D)		-		(123,776)


Expenses
Professional fees		20,292		23,106
Fund management fee, net (Note C)		113,096		106,656
General and administrative expenses		10,505		6,978

		143,893		136,740


NET INCOME (LOSS)	$	(113,643)	$	(246,881)




Net income (loss) allocated to assignees	$	(112,507)	$	(244,412)




Net income (loss) allocated to general partner	$	(1,136)	$	(2,469)




Net income (loss) per BAC	$	(.04)	$	(.08)

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)

Six Months Ended September 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)		8,410,400		84,955		8,495,355


Partners' capital (deficit), September 30, 2016	$	(12,879,983)	$	(7,243,763)	$	(20,123,746)

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)

Six Months Ended September 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)		100,125		1,011		101,136


Partners' capital (deficit), September 30, 2016	$	(840,174)	$	(319,853)	$	(1,160,027)

		Assignees		General Partner		Total

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

Net income (loss)		(23,716)		(240)		(23,956)


Partners' capital (deficit), September 30, 2016	$	(886,610)	$	(172,543)	$	(1,059,153)

		Assignees		General Partner		Total

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

Net income (loss)		(38,760)		(392)		(39,152)


Partners' capital (deficit), September 30, 2016	$	(2,318,475)	$	(244,716)	$	(2,563,191)

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)

Six Months Ended September 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)		(39,789)		(402)		(40,191)


Partners' capital (deficit), September 30, 2016	$	(1,569,251)	$	(303,575)	$	(1,872,826)

		Assignees		General Partner		Total

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

Net income (loss)		(40,021)		(404)		(40,425)


Partners' capital (deficit), September 30, 2016	$	636,757	$	(174,630)	$	462,127

		Assignees		General Partner		Total

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

Net income (loss)		(19,718)		(199)		(19,917)


Partners' capital (deficit), September 30, 2016	$	596,975	$	(219,845)	$	377,130

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)

Six Months Ended September 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)		(59,987)		(606)		(60,593)


Partners' capital (deficit), September 30, 2016	$	1,054,714	$	(310,905)	$	743,809

		Assignees		General Partner		Total

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

Net income (loss)		2,867,031		28,960		2,895,991


Partners' capital (deficit), September 30, 2016	$	3,964,118	$	(168,491)	$	3,795,627

		Assignees		General Partner		Total

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

Net income (loss)		(38,065)		(384)		(38,449)


Partners' capital (deficit), September 30, 2016	$	1,111,930	$	(273,452)	$	838,478

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)

Six Months Ended September 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)		(109,497)		(1,106)		(110,603)


Partners' capital (deficit), September 30, 2016	$	(2,709,152)	$	(369,433)	$	(3,078,585)

		Assignees		General Partner		Total

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

Net income (loss)		(52,809)		(533)		(53,342)


Partners' capital (deficit), September 30, 2016	$	(1,185,160)	$	(241,320)	$	(1,426,480)

		Assignees		General Partner		Total

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

Net income (loss)		(102,042)		(1,031)		(103,073)


Partners' capital (deficit), September 30, 2016	$	1,571,609	$	(367,215)	$	1,204,394

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)

Six Months Ended September 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)		(98,938)		(999)		(99,937)


Partners' capital (deficit), September 30, 2016	$	(1,982,048)	$	(430,488)	$	(2,412,536)

		Assignees		General Partner		Total

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

Net income (loss)		(45,275)		(457)		(45,732)


Partners' capital (deficit), September 30, 2016	$	(639,151)	$	(234,516)	$	(873,667)

		Assignees		General Partner		Total

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

Net income (loss)		210,264		2,124		212,388


Partners' capital (deficit), September 30, 2016	$	(2,389,315)	$	(327,558)	$	(2,716,873)

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)

Six Months Ended September 30, 2016
(Unaudited)

		Assignees		General Partner		Total

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

Net income (loss)		2,326,195		23,497		2,349,692


Partners' capital (deficit), September 30, 2016	$	1,815,218	$	(266,538)	$	1,548,680

		Assignees		General Partner		Total

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

Net income (loss)		2,472,417		24,974		2,497,391


Partners' capital (deficit), September 30, 2016	$	2,208,851	$	(158,156)	$	2,050,695

		Assignees		General Partner		Total

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

Net income (loss)		1,836,352		18,549		1,854,901


Partners' capital (deficit), September 30, 2016	$	(224,248)	$	(220,007)	$	(444,255)

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)

Six Months Ended September 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)		(37,275)		(377)		(37,652)


Partners' capital (deficit), September 30, 2016	$	(1,494,008)	$	(235,581)	$	(1,729,589)

		Assignees		General Partner		Total

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

Net income (loss)		64,510		652		65,162


Partners' capital (deficit), September 30, 2016	$	(1,190,799)	$	(210,455)	$	(1,401,254)

		Assignees		General Partner		Total

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

Net income (loss)		(44,214)		(447)		(44,661)


Partners' capital (deficit), September 30, 2016	$	(2,152,416)	$	(248,958)	$	(2,401,374)

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)

Six Months Ended September 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)		(135,266)		(1,366)		(136,632)


Partners' capital (deficit), September 30, 2016	$	(2,687,318)	$	(278,830)	$	(2,966,148)

		Assignees		General Partner		Total

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

Net income (loss)		(109,245)		(1,103)		(110,348)


Partners' capital (deficit), September 30, 2016	$	1,391,049	$	(229,320)	$	1,161,729

		Assignees		General Partner		Total

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

Net income (loss)		(113,889)		(1,150)		(115,039)


Partners' capital (deficit), September 30, 2016	$	18,665	$	(324,580)	$	(305,915)

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)

Six Months Ended September 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)		(128,784)		(1,301)		(130,085)


Partners' capital (deficit), September 30, 2016	$	(2,155,268)	$	(261,617)	$	(2,416,885)

		Assignees		General Partner		Total

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

Net income (loss)		(116,697)		(1,179)		(117,876)


Partners' capital (deficit), September 30, 2016	$	(1,586,928)	$	(373,264)	$	(1,960,192)

		Assignees		General Partner		Total

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

Net income (loss)		(112,507)		(1,136)		(113,643)


Partners' capital (deficit), September 30, 2016	$	(1,239,548)	$	(277,917)	$	(1,517,465)

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	8,495,355	$	9,779,340
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		(10,413,293)		(11,871,653)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(13,985)		69,197
Decrease (Increase) in other assets		-		(34,950)
(Decrease) Increase in accounts payable affiliates		(7,802,053)		(3,179,723)


Net cash (used in) provided by operating activities		(9,733,976)		(5,234,200)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		10,413,293		12,273,745


Net cash (used in) provided by investing activities		10,413,293		12,273,745



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		679,317		7,039,545


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


Cash and cash equivalents, ending	$	22,407,386	$	30,759,897

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 20

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	101,136	$	(40,816)
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		(138,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,000		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		13,773		(79,104)


Net cash (used in) provided by operating activities		(20,091)		(119,920)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		138,000		-


Net cash (used in) provided by investing activities		138,000		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		117,909		(119,920)


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


Cash and cash equivalents, ending	$	298,805	$	190,275

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 21

		2016		2015


Cash flows from operating activities:
Net income (loss)	$	(23,956)	$	292,553
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		-		(326,273)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(5,000)
Decrease (Increase) in other assets		-		3,000
(Decrease) Increase in accounts payable affiliates		(144,564)		17,717


Net cash (used in) provided by operating activities		(168,520)		(18,003)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		326,273


Net cash (used in) provided by investing activities		-		326,273



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(168,520)		308,270


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


Cash and cash equivalents, ending	$	256,648	$	435,664

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 22

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(39,152)	$	189,606
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		-		(232,989)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		1,263
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		14,604		24,771


Net cash (used in) provided by operating activities		(24,548)		(17,349)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		232,296


Net cash (used in) provided by investing activities		-		232,296



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(24,548)		214,947


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


Cash and cash equivalents, ending	$	271,102	$	331,995

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 23

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(40,191)	$	171,478
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)		(215,459)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		1,167
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		18,822		34,205


Net cash (used in) provided by operating activities		(24,919)		(8,609)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		3,550		215,459


Net cash (used in) provided by investing activities		3,550		215,459



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(21,369)		206,850


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


Cash and cash equivalents, ending	$	198,308	$	412,209

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 24

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(40,425)	$	(24,218)
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		-		(16,675)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(6,335)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(40,425)		(47,228)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		96,715


Net cash (used in) provided by investing activities		-		96,715



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(40,425)		49,487


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


Cash and cash equivalents, ending	$	462,127	$	1,055,358

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 25

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(19,917)	$	(18,148)
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		688		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(19,229)		(18,148)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(19,229)		(18,148)


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


Cash and cash equivalents, ending	$	376,568	$	3,793,771

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 26

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(60,593)	$	(23,931)
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		(18,500)		(59,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		4,000		(15,507)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(75,093)		(98,438)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		18,500		128,000


Net cash (used in) provided by investing activities		18,500		128,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(56,593)		29,562


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


Cash and cash equivalents, ending	$	752,769	$	3,042,882

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 27

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	2,895,991	$	(88,115)
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		(3,016,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		4,000		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(116,009)		(88,115)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		3,016,000		-


Net cash (used in) provided by investing activities		3,016,000		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,899,991		(88,115)


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


Cash and cash equivalents, ending	$	3,799,627	$	963,548

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 28

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(38,449)	$	1,135,838
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		(7,500)		(3,000)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(50,949)		(64,162)


Cash flows from investing activities:

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


Net cash (used in) provided by investing activities		5,000		1,197,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(45,949)		1,132,838


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


Cash and cash equivalents, ending	$	838,478	$	6,907,472

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 29

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(110,603)	$	179,232
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		-		(199,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(1,500)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(112,407)		(231,727)


Net cash (used in) provided by operating activities		(223,010)		(252,995)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		199,000


Net cash (used in) provided by investing activities		-		199,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(223,010)		(53,995)


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


Cash and cash equivalents, ending	$	395,748	$	447,279

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 30

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(53,342)	$	193,866
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		-		(261,461)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		6,484
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		34,842		(25,379)


Net cash (used in) provided by operating activities		(18,500)		(86,490)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		312,461


Net cash (used in) provided by investing activities		-		312,461



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(18,500)		225,971


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


Cash and cash equivalents, ending	$	285,793	$	548,746

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 31

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(103,073)	$	1,144,264
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		-		(1,256,102)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(3,000)		6,075
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		(2,748,408)


Net cash (used in) provided by operating activities		(106,073)		(2,854,171)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		1,256,102


Net cash provided by investing activities		-		1,256,102


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(106,073)		(1,598,069)


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


Cash and cash equivalents, ending	$	1,245,688	$	1,508,411

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 32

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(99,937)	$	(130,616)
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		(7,000)		(993)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(670,630)		(5,172)


Net cash (used in) provided by operating activities		(777,567)		(136,781)


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		(777,567)		(136,781)


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


Cash and cash equivalents, ending	$	284,118	$	218,026

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 33

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(45,732)	$	1,047,163
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		-		(650)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(867,204)		(67,608)


Net cash (used in) provided by operating activities		(912,936)		(118,095)


Cash flows from investing activities:

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


Net cash (used in) provided by investing activities		-		1,097,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(912,936)		978,905


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


Cash and cash equivalents, ending	$	353,519	$	1,260,609

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 34

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	212,388	$	(29,328)
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		(242,500)		(37,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(5,802)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(249,331)		(492,973)


Net cash (used in) provided by operating activities		(279,443)		(565,103)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		242,500		37,000


Net cash (used in) provided by investing activities		242,500		37,000



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(36,943)		(528,103)


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


Cash and cash equivalents, ending	$	637,230	$	309,924

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 35

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	2,349,692	$	896,410
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		(2,380,752)		(972,250)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(1,500)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(1,408,645)		70,097


Net cash (used in) provided by operating activities		(1,439,705)		(7,243)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,380,752		972,250


Net cash (used in) provided by investing activities		2,380,752		972,250



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		941,047		965,007


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


Cash and cash equivalents, ending	$	2,634,270	$	1,196,633

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 36

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	2,497,391	$	(81,792)
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		(2,503,252)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(2,500)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(540,283)		41,240


Net cash (used in) provided by operating activities		(548,644)		(40,552)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,503,252		-


Net cash (used in) provided by investing activities		2,503,252		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,954,608		(40,552)


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


Cash and cash equivalents, ending	$	2,933,948	$	390,031

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 37

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	1,854,901	$	(86,396)
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		(1,934,639)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(1,024)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		73,755		78,660


Net cash (used in) provided by operating activities		(5,983)		(8,760)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		1,934,639		-


Net cash (used in) provided by investing activities		1,934,639		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,928,656		(8,760)


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


Cash and cash equivalents, ending	$	2,269,345	$	336,707

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 38

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(37,652)	$	(98,964)
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)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		41,451		57,200


Net cash (used in) provided by operating activities		(980)		(41,764)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(980)		(41,764)


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


Cash and cash equivalents, ending	$	332,494	$	239,100

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 39

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	65,162	$	(77,197)
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		(122,100)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		4,106		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(65,277)		32,971


Net cash (used in) provided by operating activities		(118,109)		(44,226)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		122,100		-


Net cash (used in) provided by investing activities		122,100		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		3,991		(44,226)


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


Cash and cash equivalents, ending	$	317,682	$	121,892

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 40

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(44,661)	$	(123,289)
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		(49,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(5,000)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(214,396)		103,890


Net cash (used in) provided by operating activities		(313,057)		(19,399)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		49,000		-

		-		-
Net cash (used in) provided by investing activities		49,000		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(264,057)		(19,399)


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


Cash and cash equivalents, ending	$	246,648	$	78,332

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 41

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(136,632)	$	369,980
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		-		(457,440)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		8,782
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		12,296		(243,137)


Net cash (used in) provided by operating activities		(124,336)		(321,815)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		457,440


Net cash (used in) provided by investing activities		-		457,440



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(124,336)		135,625


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


Cash and cash equivalents, ending	$	206,693	$	294,582

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 42

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(110,348)	$	3,161,639
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		-		(3,214,695)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		47,686
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(2,055,300)		(264,463)


Net cash (used in) provided by operating activities		(2,165,648)		(269,833)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		3,254,655


Net cash (used in) provided by investing activities		-		3,254,655



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,165,648)		2,984,822


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


Cash and cash equivalents, ending	$	1,247,109	$	3,404,845

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 43

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(115,039)	$	2,394,231
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		-		(2,492,094)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		39,051
Decrease (Increase) in other assets		-		2,827
(Decrease) Increase in accounts payable affiliates		(2,087,484)		90,722


Net cash (used in) provided by operating activities		(2,202,523)		34,737


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		2,492,094


Net cash (used in) provided by investing activities		-		2,492,094



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(2,202,523)		2,526,831


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


Cash and cash equivalents, ending	$	684,468	$	2,880,978

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 44

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(130,085)	$	(145,119)
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		-		-
Decrease (Increase) in other assets		-		(40,777)
(Decrease) Increase in accounts payable affiliates		129,620		181,106


Net cash (used in) provided by operating activities		(465)		(4,790)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(465)		(4,790)


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


Cash and cash equivalents, ending	$	44,038	$	4,954

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 45

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(117,876)	$	(182,110)
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		-		39,009
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		149,541		145,905


Net cash (used in) provided by operating activities		31,665		2,804


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		31,665		2,804


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


Cash and cash equivalents, ending	$	779,765	$	150,202

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 46

		2016		2015


Cash flows from operating activities:

Net income (loss)	$	(113,643)	$	(246,881)
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		-		123,776
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		124,764		99,764


Net cash (used in) provided by operating activities		11,121		(19,752)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		-


Net cash (used in) provided by investing activities		-		-



INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		11,121		(19,752)


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


Cash and cash equivalents, ending	$	254,398	$	235,472

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS
September 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
September 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 September 30, 2016 and for the three and six 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
September 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 September 30, 2016 and 2015, are as follows:

	2016	2015
Series 20	$ 5,535	$ 8,238
Series 21	2,718	3,392
Series 22	7,302	11,781
Series 23	9,270	16,523
Series 24	12,588	12,588
Series 25	5,934	5,934
Series 26	23,269	25,929
Series 27	26,496	38,358
Series 28	8,844	22,389
Series 29	20,547	21,381
Series 30	17,421	22,736
Series 31	37,521	44,853
Series 32	43,080	56,622
Series 33	16,398	16,398
Series 34	18,352	29,661
Series 35	22,065	32,115
Series 36	7,626	33,120
Series 37	34,425	39,330
Series 38	36,936	41,100
Series 39	16,280	31,485
Series 40	34,610	50,004
Series 41	56,148	57,229
Series 42	42,870	49,100
Series 43	57,693	64,027
Series 44	59,769	63,657
Series 45	70,800	70,800
Series 46	62,382	62,382
	$ 756,879	$ 931,132

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

NOTE C - RELATED PARTY TRANSACTIONS (continued)

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

	2016	2015
Series 20	$ -	$ 95,580
Series 21	150,000	-
Series 24	25,176	25,176
Series 25	11,868	11,868
Series 26	47,986	54,544
Series 27	64,854	76,716
Series 28	26,991	53,844
Series 29	153,500	278,493
Series 30	-	72,630
Series 31	75,042	2,840,263
Series 32	756,790	118,416
Series 33	900,000	53,079
Series 34	291,000	552,727
Series 35	1,460,603	-
Series 36	571,611	25,000
Series 38	32,421	25,000
Series 39	102,774	29,999
Series 40	287,722	-
Series 41	100,000	-
Series 42	2,141,040	153,508
Series 43	2,202,870	50,000
Series 46	-	25,000
	$9,402,248	$4,541,843

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2016 and 2015, the Fund has limited partnership interests in 236 and 277 Operating Partnerships, respectively, which own or are constructing apartment complexes.

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

	2016	2015
Series 20	3	4
Series 21	2	2
Series 22	3	4
Series 23	5	7
Series 24	6	6
Series 25	4	4
Series 26	13	14
Series 27	5	7
Series 28	5	10
Series 29	8	8
Series 30	8	9
Series 31	17	18
Series 32	10	11
Series 33	5	5
Series 34	5	8
Series 35	5	7
Series 36	3	9
Series 37	4	6
Series 38	8	10

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

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

Series 39	3	9
Series 40	12	16
Series 41	18	18
Series 42	15	15
Series 43	19	19
Series 44	7	8
Series 45	28	28
Series 46	15	15
	236	277

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 September 30, 2016 and 2015, are as follows:

	2016	2015
Series 22	$ -	$ 8,659
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	$586,772

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

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2016 the Fund disposed of twenty two Operating Partnerships. A summary of the dispositions by Series for September 30, 2016 is as follows:

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

Series 20	-	1	$	138,000	$	138,000
Series 23	1	-		3,550		3,550
Series 26	1	-		18,500		18,500
Series 27	1	1		3,016,000		3,016,000
Series 28	1	-		5,000		5,000
Series 34	2	-		242,500		242,500
Series 35	-	1		2,380,752		2,380,752
Series 36	3	1		2,503,252		2,503,252
Series 37	2	-		1,934,639		1,934,639
Series 39	4	-		122,100		122,100
Series 40	2	-		49,000		49,000
Series 44	-	1		-		-
Total	17	5	$	10,413,293	$	10,413,293

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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

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

Series 21	2	-	$	326,273	$	326,273
Series 22	2	-		232,296		232,989
Series 23	2	-		215,459		215,459
Series 24	-	-		96,715		16,675
Series 26	3	-		128,000		59,000
Series 28	1	-		1,197,000		1,197,000
Series 29	1	1		199,000		199,000
Series 30	2	-		312,461		261,461
Series 31	1	-		1,256,102		1,256,102
Series 33	1	-		1,097,000		1,097,000
Series 34	1	-		37,000		37,000
Series 35	1	1		972,250		972,250
Series 41	1	-		457,440		457,440
Series 42	5	-		3,254,655		3,214,695
Series 43	4	-		2,492,094		2,492,094
Total	27	2	$	12,273,745	$	12,034,438

* 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. Fund proceeds from disposition does not include $693 which was due to a write-off of capital contribution payable Series 22.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 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 six months ended June 30, 2016.

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

		2016	2015

Revenues
	Rental	$ 36,065,499	$ 45,203,563
	Interest and other	1,352,575	1,285,405
		37,418,074	46,488,968

Expenses
	Interest	6,268,686	7,888,032
	Depreciation and amortization	9,906,888	12,463,273
	Operating expenses	26,167,804	30,752,781
		42,343,378	51,104,086

NET LOSS		$ (4,925,304)	$ (4,615,118)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (4,876,047)	$ (4,568,964)

Net loss allocated to other Partners		$ (49,257)	$ (46,154)

* Amounts include $(4,876,047) and $(4,406,179) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 20

		2016	2015
Revenues
	Rental	$ 334,521	$ 418,810
	Interest and other	17,848	19,006
		352,369	437,816

Expenses
	Interest	36,427	47,011
	Depreciation and amortization	86,616	101,632
	Operating expenses	256,689	310,583
		379,732	459,226

NET LOSS		$ (27,363)	$ (21,410)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (27,089)	$ (21,196)

Net loss allocated to other Partners		$ (274)	$ (214)

* Amounts include $(27,089) and $(21,196) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 21

		2016	2015
Revenues
	Rental	$ 254,448	$ 315,338
	Interest and other	1,593	2,100
		256,041	317,438

Expenses
	Interest	26,001	44,646
	Depreciation and amortization	41,517	51,789
	Operating expenses	189,063	244,856
		256,581	341,291

NET LOSS		$ (540)	$ (23,853)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (535)	$ (23,614)

Net loss allocated to other Partners		$ (5)	$ (239)

* Amounts include $(535) and $(23,614) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 22

		2016	2015
Revenues
	Rental	$ 253,512	$ 475,615
	Interest and other	9,919	11,730
		263,431	487,345

Expenses
	Interest	26,537	66,701
	Depreciation and amortization	55,366	113,609
	Operating expenses	215,687	349,376
		297,590	529,686

NET LOSS		$ (34,159)	$ (42,341)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (33,817)	$ (41,918)

Net loss allocated to other Partners		$ (342)	$ (423)

* Amounts include $(33,817) and $(41,918) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 23

		2016	2015
Revenues
	Rental	$ 984,595	$ 1,377,593
	Interest and other	32,230	42,646
		1,016,825	1,420,239

Expenses
	Interest	89,603	157,010
	Depreciation and amortization	307,885	324,218
	Operating expenses	804,619	1,095,569
		1,202,107	1,576,797

NET LOSS		$ (185,282)	$ (156,558)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (183,428)	$ (154,991)

Net loss allocated to other Partners		$ (1,854)	$ (1,567)

* Amounts include $(183,428) and $(154,991) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 24

		2016	2015
Revenues
	Rental	$ 515,358	$ 502,834
	Interest and other	9,973	10,154
		525,331	512,988

Expenses
	Interest	46,052	47,306
	Depreciation and amortization	136,278	137,080
	Operating expenses	410,197	418,156
		592,527	602,542

NET LOSS		$ (67,196)	$ (89,554)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (66,524)	$ (88,658)

Net loss allocated to other Partners		$ (672)	$ (896)

* Amounts include $(66,524) and $(88,658) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 25

		2016	2015
Revenues
	Rental	$ 427,000	$ 434,822
	Interest and other	12,744	10,457
		439,744	445,279

Expenses
	Interest	55,151	68,232
	Depreciation and amortization	78,604	77,664
	Operating expenses	328,546	316,742
		462,301	462,638

NET LOSS		$ (22,557)	$ (17,359)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (22,331)	$ (17,185)

Net loss allocated to other Partners		$ (226)	$ (174)

* Amounts include $(22,331) and $(17,185) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 26

		2016	2015
Revenues
	Rental	$ 1,133,662	$ 1,307,218
	Interest and other	24,802	25,613
		1,158,464	1,332,831

Expenses
	Interest	181,864	197,728
	Depreciation and amortization	288,199	352,022
	Operating expenses	1,002,380	1,039,030
		1,472,443	1,588,780

NET LOSS		$ (313,979)	$ (255,949)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (310,839)	$ (253,390)

Net loss allocated to other Partners		$ (3,140)	$ (2,559)

* Amounts include $(310,839) and $(253,390) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 27

		2016	2015
Revenues
	Rental	$ 1,380,003	$ 2,131,992
	Interest and other	6,276	23,304
		1,386,279	2,155,296

Expenses
	Interest	239,810	427,512
	Depreciation and amortization	309,373	446,408
	Operating expenses	944,846	1,293,531
		1,494,029	2,167,451

NET LOSS		$ (107,750)	$ (12,155)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (106,672)	$ (12,033)

Net loss allocated to other Partners		$ (1,078)	$ (122)

* Amounts include $(106,672) and $(12,033) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 28

		2016	2015
Revenues
	Rental	$ 500,121	$ 1,068,294
	Interest and other	9,336	22,268
		509,457	1,090,562

Expenses
	Interest	71,995	85,171
	Depreciation and amortization	115,386	354,444
	Operating expenses	433,166	847,019
		620,547	1,286,634

NET LOSS		$ (111,090)	$ (196,072)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (109,979)	$ (194,111)

Net loss allocated to other Partners		$ (1,111)	$ (1,961)

* Amounts include $(109,979) and $(194,111) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 29

		2016	2015
Revenues
	Rental	$ 962,895	$ 1,003,232
	Interest and other	63,597	64,239
		1,026,492	1,067,471

Expenses
	Interest	199,552	189,364
	Depreciation and amortization	244,583	274,358
	Operating expenses	770,811	797,043
		1,214,946	1,260,765

NET LOSS		$ (188,454)	$ (193,294)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (186,569)	$ (191,361)

Net loss allocated to other Partners		$ (1,885)	$ (1,933)

* Amounts include $(186,569) and $(191,361) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 30

		2016	2015
Revenues
	Rental	$ 751,561	$ 1,234,713
	Interest and other	45,948	24,356
		797,509	1,259,069

Expenses
	Interest	91,581	137,653
	Depreciation and amortization	202,659	262,136
	Operating expenses	610,909	974,484
		905,149	1,374,273

NET LOSS		$ (107,640)	$ (115,204)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (106,564)	$ (114,052)

Net loss allocated to other Partners		$ (1,076)	$ (1,152)

* Amounts include $(106,564) and $(114,052) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 31

		2016	2015
Revenues
	Rental	$ 1,940,685	$ 2,465,084
	Interest and other	174,470	89,374
		2,115,155	2,554,458

Expenses
	Interest	196,780	283,455
	Depreciation and amortization	567,427	594,205
	Operating expenses	1,541,743	1,901,611
		2,305,950	2,779,271

NET LOSS		$ (190,795)	$ (224,813)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (188,887)	$ (222,565)

Net loss allocated to other Partners		$ (1,908)	$ (2,248)

* Amounts include $(188,887) and $(222,565) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 32

		2016	2015
Revenues
	Rental	$ 1,722,521	$ 2,032,846
	Interest and other	159,181	63,023
		1,881,702	2,095,869

Expenses
	Interest	268,103	368,226
	Depreciation and amortization	537,645	727,641
	Operating expenses	1,427,978	1,391,384
		2,233,726	2,487,251

NET LOSS		$ (352,024)	$ (391,382)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (348,504)	$ (387,468)

Net loss allocated to other Partners		$ (3,520)	$ (3,914)

* Amounts include $(348,504) and $(387,468) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 33

		2016	2015
Revenues
	Rental	$ 687,842	$ 681,965
	Interest and other	21,964	17,096
		709,806	699,061

Expenses
	Interest	112,698	109,503
	Depreciation and amortization	192,599	210,065
	Operating expenses	518,800	452,542
		824,097	772,110

NET LOSS		$ (114,291)	$ (73,049)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (113,148)	$ (72,319)

Net loss allocated to other Partners		$ (1,143)	$ (730)

* Amounts include $(113,148) and $(72,319) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 34

		2016	2015
Revenues
	Rental	$ 792,078	$ 1,397,775
	Interest and other	25,072	37,799
		817,150	1,435,574

Expenses
	Interest	121,301	229,624
	Depreciation and amortization	214,454	360,388
	Operating expenses	618,888	944,799
		954,643	1,534,811

NET LOSS		$ (137,493)	$ (99,237)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (136,118)	$ (98,245)

Net loss allocated to other Partners		$ (1,375)	$ (992)

* Amounts include $(136,118) and $(98,245) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 35

		2016	2015
Revenues
	Rental	$ 1,175,230	$ 1,578,198
	Interest and other	38,304	51,707
		1,213,534	1,629,905

Expenses
	Interest	224,588	316,275
	Depreciation and amortization	412,269	468,066
	Operating expenses	732,303	935,527
		1,369,160	1,719,868

NET LOSS		$ (155,626)	$ (89,963)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (154,070)	$ (89,063)

Net loss allocated to other Partners		$ (1,556)	$ (900)

* Amounts include $(154,070) and $(89,063) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 36

		2016	2015
Revenues
	Rental	$ 317,822	$ 1,507,446
	Interest and other	8,517	25,672
		326,339	1,533,118

Expenses
	Interest	57,271	283,848
	Depreciation and amortization	97,781	485,787
	Operating expenses	243,903	1,023,950
		398,955	1,793,585

NET LOSS		$ (72,616)	$ (260,467)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (71,890)	$ (257,862)

Net loss allocated to other Partners		$ (726)	$ (2,605)

* Amounts include $(71,890) and $(257,862) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 37

		2016	2015
Revenues
	Rental	$ 1,452,093	$ 1,982,200
	Interest and other	58,318	37,642
		1,510,411	2,019,842

Expenses
	Interest	306,076	369,232
	Depreciation and amortization	459,576	567,481
	Operating expenses	1,053,614	1,444,391
		1,819,266	2,381,104

NET LOSS		$ (308,855)	$ (361,262)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (305,766)	$ (357,649)

Net loss allocated to other Partners		$ (3,089)	$ (3,613)

* Amounts include $(305,766) and $(357,649) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 38

		2016	2015
Revenues
	Rental	$ 1,756,776	$ 1,869,747
	Interest and other	45,784	56,081
		1,802,560	1,925,828

Expenses
	Interest	304,848	345,016
	Depreciation and amortization	420,171	526,055
	Operating expenses	1,187,985	1,314,846
		1,913,004	2,185,917

NET LOSS		$ (110,444)	$ (260,089)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (109,340)	$ (257,488)

Net loss allocated to other Partners		$ (1,104)	$ (2,601)

* Amounts include $(109,340) and $(257,488) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 39

		2016	2015
Revenues
	Rental	$ 746,462	$ 1,358,384
	Interest and other	28,669	60,845
		775,131	1,419,229

Expenses
	Interest	148,585	246,902
	Depreciation and amortization	172,026	386,912
	Operating expenses	534,006	1,037,607
		854,617	1,671,421

NET LOSS		$ (79,486)	$ (252,192)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (78,691)	$ (249,670)

Net loss allocated to other Partners		$ (795)	$ (2,522)

* Amounts include $(78,691) and $(249,670) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 40

		2016	2015
Revenues
	Rental	$ 1,448,000	$ 2,168,775
	Interest and other	29,090	67,170
		1,477,090	2,235,945

Expenses
	Interest	290,153	446,834
	Depreciation and amortization	434,196	697,543
	Operating expenses	1,003,602	1,374,402
		1,727,951	2,518,779

NET LOSS		$ (250,861)	$ (282,834)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (248,352)	$ (280,006)

Net loss allocated to other Partners		$ (2,509)	$ (2,828)

* Amounts include $(248,352) and $(280,006) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 41

		2016	2015
Revenues
	Rental	$ 2,720,284	$ 2,801,800
	Interest and other	73,131	91,172
		2,793,415	2,892,972

Expenses
	Interest	547,115	542,600
	Depreciation and amortization	678,310	721,750
	Operating expenses	1,828,142	1,739,882
		3,053,567	3,004,232

NET LOSS		$ (260,152)	$ (111,260)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (257,550)	$ (110,147)

Net loss allocated to other Partners		$ (2,602)	$ (1,113)

* Amounts include $(257,550) and $(110,147) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 42

		2016	2015
Revenues
	Rental	$ 1,799,442	$ 2,419,424
	Interest and other	129,594	120,967
		1,929,036	2,540,391

Expenses
	Interest	380,976	502,601
	Depreciation and amortization	558,935	709,510
	Operating expenses	1,364,820	1,615,686
		2,304,731	2,827,797

NET LOSS		$ (375,695)	$ (287,406)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (371,938)	$ (284,532)

Net loss allocated to other Partners		$ (3,757)	$ (2,874)

* Amounts include $(371,938) and $(284,532) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 43

		2016	2015
Revenues
	Rental	$ 2,590,713	$ 3,238,064
	Interest and other	109,734	119,246
		2,700,447	3,357,310

Expenses
	Interest	382,972	498,924
	Depreciation and amortization	875,902	994,350
	Operating expenses	1,963,968	1,915,389
		3,222,842	3,408,663

NET LOSS		$ (522,395)	$ (51,353)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (517,171)	$ (50,839)

Net loss allocated to other Partners		$ (5,224)	$ (514)

* Amounts include $(517,171) and $(50,839) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 44

		2016	2015
Revenues
	Rental	$ 2,977,712	$ 2,963,278
	Interest and other	77,859	78,935
		3,055,571	3,042,213

Expenses
	Interest	722,083	767,046
	Depreciation and amortization	727,408	770,821
	Operating expenses	1,702,100	1,709,863
		3,151,591	3,247,730

NET LOSS		$ (96,020)	$ (205,517)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (95,060)	$ (203,462)

Net loss allocated to other Partners		$ (960)	$ (2,055)

* Amounts include $(95,060) and $(203,462) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 45

		2016	2015
Revenues
	Rental	$ 3,583,687	$ 3,612,886
	Interest and other	68,543	68,998
		3,652,230	3,681,884

Expenses
	Interest	513,990	506,207
	Depreciation and amortization	1,005,493	1,002,855
	Operating expenses	2,559,633	2,473,948
		4,079,116	3,983,010

NET LOSS		$ (426,886)	$ (301,126)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (422,617)	$ (298,115)

Net loss allocated to other Partners		$ (4,269)	$ (3,011)

* Amounts include $(422,617) and $(259,106) 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
September 30, 2016
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

COMBINED CONDENSED SUMMARIZED STATEMENTS OF OPERATIONS
Six Months Ended June 30,
(Unaudited)

Series 46

		2016	2015
Revenues
	Rental	$ 2,856,476	$ 2,855,230
	Interest and other	70,079	43,805
		2,926,555	2,899,035

Expenses
	Interest	626,574	603,405
	Depreciation and amortization	686,230	744,484
	Operating expenses	1,919,406	1,790,565
		3,232,210	3,138,454

NET LOSS		$ (305,655)	$ (239,419)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (302,598)	$ (237,025)

Net loss allocated to other Partners		$ (3,057)	$ (2,394)

* Amounts include $(302,598) and $(113,249) 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
September 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

Events that occur after the balance sheet date but before the financial statements were available to be issued must be evaluated for recognition or disclosure. The effects of subsequent events that provide evidence about conditions that existed at the balance sheet date are recognized in the accompanying financial statements. Subsequent events, which provide evidence about conditions that existed after the balance sheet date, require disclosure in the accompanying notes. Management evaluated the activity of the Fund through the date the financial statements were issued, and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.

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 six months ended September 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 September 30, 2016 were $756,879 and total fund management fees accrued as of September 30, 2016 were $40,870,711. During the six months ended September 30, 2016, $9,402,248 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 September 30, 2016, an affiliate of the general partner of the Fund advanced a total of $598,050 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 six months ended September 30, 2016, $14,135 was advanced to the Fund from an affiliate of the general partner. The advances made in the six months ended, as well as the total advances made as of September 30, 2016, are as follows:

	Current
	Period	Total

Series 34	$ -	$133,578
Series 39	-	220,455
Series 44	6,194	197,985
Series 45	7,941	46,032
	$ 14,135	$598,050

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 September 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 21 of the Operating Partnerships and 3 remain.

Prior to the quarter ended September 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 September 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 September 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 September 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 September 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 September 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 32 of the Operating Partnerships and 13 remain.

Prior to the quarter ended September 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 11 of the Operating Partnerships and 5 remain.

Prior to the quarter ended September 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 September 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 September 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 September 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 September 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 September 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 September 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 September 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 September 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 September 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 September 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 September 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 9 of the Operating Partnerships and 5 remain.

Prior to the quarter ended September 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 September 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 September 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 3 of the Operating Partnerships and 4 remain.

During the quarter ended September 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 September 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 September 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 6 of the Operating Partnerships and 3 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 September 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 4 of the Operating Partnerships and 12 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 September 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 September 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 September 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 September 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 September 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 September 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 September 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 September 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 3 of the Operating Partnerships and 7 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 September 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 September 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 September 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 September 30, 2016, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of September 30, 2016 and 2015, the Fund held limited partnership interests in 236 and 277 Operating Partnerships, respectively. In each instance the apartment complex owned by the applicable Operating Partnership is eligible for the federal housing tax credit. Initial occupancy of a unit in each apartment complex which complied with the minimum set-aside test (i.e., initial occupancy by tenants with incomes equal to no more than a certain percentage of area median income) and the rent restriction test (i.e., gross rent charged tenants does not exceed 30% of the applicable income standards) is referred to as "Qualified Occupancy." Each of the Operating Partnerships and each of the respective apartment complexes are described more fully in the Prospectus or applicable report on Form 8-K. The general partner of the Fund believes that there is adequate casualty insurance on the properties.

The Fund incurred a fund management fee to Boston Capital Asset Management Limited Partnership in an amount equal to .5 percent of the aggregate cost of the apartment complexes owned by the Operating Partnerships, less the amount of various asset management and reporting fees paid by the Operating Partnerships. The fund management fees net of reporting fees incurred and the reporting fees paid by the Operating Partnerships for the three and six months ended September 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	$ 5,535	$ 200	$ 5,335
Series 21	2,718	1,588	1,130
Series 22	7,302	-	7,302
Series 23	9,270	3,000	6,270
Series 24	12,588	1,438	11,150
Series 25	5,934	5,710	224
Series 26	23,269	3,500	19,769
Series 27	26,496	630	25,866
Series 28	8,844	-	8,844
Series 29	20,547	3,704	16,843
Series 30	17,421	-	17,421
Series 31	37,521	3,000	34,521
Series 32	43,080	3,960	39,120
Series 33	16,398	1,170	15,228
Series 34	18,352	13,200	5,152
Series 35	22,065	2,459	19,606
Series 36	7,626	-	7,626
Series 37	34,425	-	34,425
Series 38	36,936	5,000	31,936
Series 39	16,280	-	16,280
Series 40	34,610	7,775	26,835
Series 41	56,148	1,800	54,348
Series 42	42,870	6,453	36,417
Series 43	57,693	7,348	50,345
Series 44	59,769	1,000	58,769
Series 45	70,800	2,000	68,800
Series 46	62,382	6,293	56,089
	$756,879	$81,228	$675,651

	6 Months Gross Fund Management Fee	6 Months Asset Management and Reporting Fee	6 Months Fund Management Fee Net of Asset Management and Reporting Fee

Series 20	$ 13,773	$ 900	$ 12,873
Series 21	5,436	2,051	3,385
Series 22	14,604	500	14,104
Series 23	18,822	5,080	13,742
Series 24	25,176	4,628	20,548
Series 25	11,868	5,710	6,158
Series 26	47,986	4,500	43,486
Series 27	64,854	12,630	52,224
Series 28	26,991	8,000	18,991
Series 29	41,093	3,704	37,389
Series 30	34,842	7,816	27,026
Series 31	75,042	5,500	69,542
Series 32	86,160	13,460	72,700
Series 33	32,796	7,670	25,126
Series 34	41,669	25,200	16,469
Series 35	51,958	39,959	11,999
Series 36	31,328	41,910	(10,582)
Series 37	73,755	10,518	63,237
Series 38	73,872	14,154	59,718
Series 39	37,497	4,200	33,297
Series 40	73,326	9,275	64,051
Series 41	112,296	7,749	104,547
Series 42	85,740	7,321	78,419
Series 43	115,386	33,390	81,996
Series 44	123,426	3,187	120,239
Series 45	141,600	32,680	108,920
Series 46	124,764	11,668	113,096
	$1,586,060	$323,360	$1,262,700

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

For the six month periods ended September 30, 2016 and 2015, Series 20 reflects a net loss from Operating Partnerships of $(27,363) and $(21,410), respectively, which includes depreciation and amortization of $86,616 and $101,632, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In March 2016, the operating general partner of Franklinton Elderly Housing 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 $1,655,869, which included the outstanding mortgage balance of approximately $1,514,869 and cash proceeds to the investment partnership of $141,000. Of the total proceeds received by the investment partnership, $3,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $138,000 were returned to cash reserves held by Series 20. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $138,000 as of September 30, 2016.

Series 21

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

For the six month periods ended September 30, 2016 and 2015, Series 21 reflects a net loss from Operating Partnerships of $(540) and $(23,853), respectively, which includes depreciation and amortization of $41,517 and $51,789, 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

For the six month periods ended September 30, 2016 and 2015, Series 22 reflects a net loss from Operating Partnerships of $(34,159) and $(42,341), respectively, which includes depreciation and amortization of $55,366 and $113,609, 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 September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 23 reflects a net loss from Operating Partnerships of $(185,282) and $(156,558), respectively, which includes depreciation and amortization of $307,885 and $324,218, 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, was 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 September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 24 reflects a net loss from Operating Partnerships of $(67,196) and $(89,554), respectively, which includes depreciation and amortization of $136,278 and $137,080, 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.

Overton Associates, L.P.

Series 25

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

For the six month periods ended September 30, 2016 and 2015, Series 25 reflects a net loss from Operating Partnerships of $(22,557) and $(17,359), respectively, which includes depreciation and amortization of $78,604 and $77,664, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 26

As of September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 13 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 26 reflects a net loss from Operating Partnerships of $(313,979) and $(255,949), respectively, which includes depreciation and amortization of $288,199 and $352,022, 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.

In July 2016, the investment general partner transferred its interest in Holly Hills Properties, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,392 and cash proceeds to the investment partnership of $22,500. 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 $18,500 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 $18,500 as of September 30, 2016.

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

For the six month periods ended September 30, 2016 and 2015, Series 27 reflects a net loss from Operating Partnerships of $(107,750) and $(12,155), respectively, which includes depreciation and amortization of $309,373 and $446,408, 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 was 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.

In July 2016, the investment general partner transferred its interest in Sunday Sun Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $794,703 and cash proceeds to the investment partnership of $25,000. 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 $21,000 were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $21,000 as of September 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

For the six month periods ended September 30, 2016 and 2015, Series 28 reflects a net loss from Operating Partnerships of $(111,090) and $(196,072), respectively, which includes depreciation and amortization of $115,386 and $354,444, 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 was 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 September 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 September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 29 reflects a net loss from Operating Partnerships of $(188,454) and $(193,294), respectively, which includes depreciation and amortization of $244,583 and $274,358, 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. Following the foreclosure sale, the investment general partner 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 remanded 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 had the financial capacity to pay the judgment and penalties that had been awarded. 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 the 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 September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 30 reflects a net loss from Operating Partnerships of $(107,640) and $(115,204), respectively, which includes depreciation and amortization of $202,659 and $262,136, 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 September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 17 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 31 reflects a net loss from Operating Partnerships of $(190,795) and $(224,813), respectively, which includes depreciation and amortization of $567,427 and $594,205, 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 September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 10 properties at September 30, 2016, all of which were at 100% Qualified Occupancy

For the six month periods ended September 30, 2016 and 2015, Series 32 reflects a net loss from Operating Partnerships of $(352,024) and $(391,382), respectively, which includes depreciation and amortization of $537,645 and $727,641, 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 was 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

For the six month periods ended September 30, 2016 and 2015, Series 33 reflects a net loss from Operating Partnerships of $(114,291) and $(73,049), respectively, which includes depreciation and amortization of $192,599 and $210,065, 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

For the six month periods ended September 30, 2016 and 2015, Series 34 reflects a net loss from Operating Partnerships of $(137,493) and $(99,237), respectively, which includes depreciation and amortization of $214,454 and $360,388, 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 was 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. 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 $215,000 as of September 30, 2016.

Belmont Affordable Housing II, L.P.

RHP 96-I, L.P.

Series 35

For the six month periods ended September 30, 2016 and 2015, Series 35 reflects a net loss from Operating Partnerships of $(155,626) and $(89,963), respectively, which includes depreciation and amortization of $412,269 and $468,066, 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, was 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. In September 2016, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,949 and $85,949 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

Series 36

For the six month periods ended September 30, 2016 and 2015, Series 36 reflects a net loss from Operating Partnerships of $(72,616) and $(260,467), respectively, which includes depreciation and amortization of $97,781 and $485,787, 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

For the six month periods ended September 30, 2016 and 2015, Series 37 reflects a net loss from Operating Partnerships of $(308,855) and $(361,262), respectively, which includes depreciation and amortization of $459,576 and $567,481, 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 September 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 third 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.

In September 2016, the investment general partner transferred its interest in FAH Silver Pond Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $2,695,732 and cash proceeds to the investment partnership of $1,932,139. The proceeds of approximately $1,932,139 were returned to cash reserves held by Series 37. 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 $1,932,139 as of September 30, 2016.

Stearns Assisted Housing Associates, LP

Ashton Ridge L.D.H.A., L.P.

Series 38

As of September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at September 30, 2016, all of which were at 100% qualified occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 38 reflects a net loss from Operating Partnerships of $(110,444) and $(260,089), respectively, which includes depreciation and amortization of $420,171 and $526,055, 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 increased operating expenses the property operated below breakeven in the third 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

For the six month periods ended September 30, 2016 and 2015, Series 39 reflects net loss from Operating Partnerships of $(79,486) and $(252,192), respectively, which includes depreciation and amortization of $172,026 and $386,912, 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 was 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. 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 $70,500 as of September 30, 2016.

In August 2016, the investment general partner transferred its interest in Tally Ho Apartments Partnership, A Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $479,836 and cash proceeds to the investment partnership of $22,100. Of the total proceeds received, $5,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $17,100 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 $17,100 as of September 30, 2016.

In July 2016, the investment general partner transferred its interest in Austin Acres, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $793,420 and cash proceeds to the investment partnership of $16,000. 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 $12,000 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 $12,000 as of September 30, 2016.

Series 40

As of September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 12 properties at September 30, 2016, all of which at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 40 reflects a net loss from Operating Partnerships of $(250,861) and $(282,834), respectively, which includes depreciation and amortization of $434,196 and $697,543, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

From inception through September 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 third 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 was 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. 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 $28,500 as of September 30, 2016.

Center Place Apartments II Limited Partnership

Oakland Partnership

Western Gardens Partnership

Series 41

As of September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 18 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 41 reflects a net loss from Operating Partnerships of $(260,152) and $(111,260), respectively, which includes depreciation and amortization of $678,310 and $721,750, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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.

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.

San Diego/Fox Hollow, L.P. (Hollywood Palms) is a 93-unit family property in San Diego, CA. The property operated with below breakeven operations in 2016 due decreased rental income and increased maintenance expenses from unit water leak damages that necessitated temporary tenant relocations. The investment general partner has requested more detail from the operating general partner on the causes of the unit damage, number of units impacted, completion of repairs and potential insurance claims. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to San Diego/Fox Hollow, L.P. expires on December 31, 2016.

Red Hill Apartments I Partnership

Series 42

As of September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 42 reflects a net loss from Operating Partnerships of $(375,695) and $(287,406), respectively, which includes depreciation and amortization of $558,935 and $709,510, 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 low occupancy and 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 nominally above breakeven for the first three quarters of 2016 despite average physical occupancy of 82% during the first half of the year. 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.

San Diego/Fox Hollow, L.P.(Hollywood Palms) is a 93-unit family property in San Diego, CA. The property operated with below breakeven operations in 2016 due to decreased rental income and increased maintenance expenses from unit water leak damages that necessitated temporary tenant relocations. The investment general partner has requested more detail from the operating general partner on the causes of the unit damage, number of units impacted, completion of repairs and potential insurance claims. The operating general partner's operating deficit guarantee has expired. The 15-year low income housing tax credit compliance period with respect to San Diego/Fox Hollow, L.P. expires on December 31, 2016.

Series 43

As of September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 43 reflects a net loss from Operating Partnerships of $(522,395) and $(51,353), respectively, which includes depreciation and amortization of $875,902 and $994,350, 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 93% in 2016; however, the property continues to operate below breakeven because of high accounts receivable and bad debt. The operating general partner continues to work on improving collections. The operating general partner's operating deficit guarantee has expired. The 15-year LIHTC compliance period expires December 31, 2017.

Gilbert Apartments, Limited (Gilbert Apartments) is a 40-unit property located in Corbin, KY. The property operated above breakeven in 2015. However, there was a fire in one unit that was contained to the bedroom in September 2016. There was an insurance claim filed as of a result of the fire. There was smoke damage to the entire unit, but no smoke or damages to neighboring units. The investment general partner will monitor the status of the insurance claim filing, status of repairs to the unit, and future occupancy. The mortgage, real estate taxes, and insurance are all current. The operating deficit guarantee expired December 1, 2007. The low income housing tax credit compliance period expires on December 31, 2018.

Parkside Plaza, LP

Series 44

As of September 30, 2016 and 2015, the average Qualified Occupancy was 100%. The series had a total of 7 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 44 reflects a net loss from Operating Partnerships of $(96,020) and $(205,517), respectively, which includes depreciation and amortization of $727,408 and $770,821, 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 were made by the investment limited partner through the remainder of the fourth quarter of 2015 or during the first half of 2016. Starting in November 2015, mortgage payments were not made by the Operating Partnership. As a result, the lender issued a default notice on December 8, 2015, and accelerated payment of the mortgage note. On February 10, 2016 the court appointed a receiver to manage the property. The foreclosure on the property occurred on July 21, 2016. The tax credit recapture costs and interest penalties as a result of the foreclosure sale is estimated at $772,789. This is equivalent to recapture costs and interest penalties of $286 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 foreclosure of the Operating Partnership has been recorded. Note that the 15-year low income housing tax credit compliance period for Families First II would have expired on December 31, 2018.

Series 45

As of September 30, 2016 and 2015, the average Qualified Occupancy for the series was 100%. The series had a total of 28 properties at September 30, 2016, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2016 and 2015, Series 45 reflects a net loss from Operating Partnerships of $(426,886) and $(301,126), respectively, which includes depreciation and amortization of $1,005,493 and $1,002,855 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

From inception through September 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 third 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. 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. Occupancy at the property has improved, averaging 98% in the first three quarters of 2016. Improved occupancy and decreased maintenance expenses have allowed 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

For the six month periods ended September 30, 2016 and 2015, Series 46 reflects a net loss from Operating Partnerships of $(305,655) and $(239,419), respectively, which includes depreciation and amortization of $686,230 and $744,484, 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. This reduction in the monthly debt service payments has allowed the operating partnership overall to operate above breakeven during the first three quarters 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.

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, (Linden's Apartments) 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 below breakeven operations. Occupancy has continued to improve throughout 2016; however, operations remain below breakeven. The investment general partner will continue to work with the operating general partner and management company to improve 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 126-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 in 2016. 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. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for Agent Kensington LP, subsequent to September 30, 2016.

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 September 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 September 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: November 14, 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:

November 14, 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






November 14, 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.

BF Garden Tax Credit Fund IV L.P. - FORM 10-Q - November 14, 2016

Attached files

BF Garden Tax Credit Fund IV L.P. Reports