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

Attached files

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EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40917cert906mnt.htm
EX-32 - BCTC IV CERTIFICATION 906 - BF Garden Tax Credit Fund IV L.P.	b40917cert906jpm.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40917cert302mnt.htm
EX-31 - BCTC IV CERTIFICATION 302 - BF Garden Tax Credit Fund IV L.P.	b40917cert302jpm.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, 2017
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, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer □		Accelerated Filer □
Non-accelerated filer □ (Do not check if a smaller reporting company)
		Smaller Reporting Company ý
		Emerging Growth Company □

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

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, 2017

TABLE OF CONTENTS

PART I FINANCIAL INFORMATION
			Pages
	Item 1. Condensed Financial Statements

		Condensed Balance Sheets			4-31
		Condensed Statements of Operations			32-87
		Condensed Statements of Changes in Partners' Capital (Deficit)			88-97
		Condensed Statements of Cash Flows			98-125
		Notes to Condensed Financial Statements			126-162

	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			163-206

	Item 3. Quantitative and Qualitative Disclosures About Market Risk			207

	Item 4. Controls and Procedures			207

PART II OTHER INFORMATION

	Item 1. Legal Proceedings			208

	Item 1A. Risk Factors			208

	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			208

	Item 3. Defaults Upon Senior Securities			208

	Item 4. Mine Safety Disclosures			208

	Item 5. Other Information			208

	Item 6. Exhibits			208

	Signatures			209

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)


		September 30, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		31,157,631		27,209,997
Notes receivable		22,790		22,790
Other assets		176,073		164,773

	$	31,356,494	$	27,397,560




LIABILITIES

Accounts payable and accrued expenses	$	680,585	$	697,432
Accounts payable affiliates (Note C)		35,052,389		39,637,826
Capital contributions payable		538,150		578,113

		36,271,124		40,913,371


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 83,651,080 issued and 83,310,666 outstanding as of September 30, 2017 and March 31, 2017.		2,177,044		(6,338,126)
General Partner		(7,091,674)		(7,177,685)

		(4,914,630)		(13,515,811)

	$	31,356,494	$	27,397,560

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		249,570		271,060
Notes receivable		-		-
Other assets		-		-

	$	249,570	$	271,060




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,477,973		1,466,902
Capital contributions payable		-		-

		1,477,973		1,466,902


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,866,700 issued and 3,833,200 outstanding as of September 30, 2017 and March 31, 2017.		(907,866)		(875,631)
General Partner		(320,537)		(320,211)

		(1,228,403)		(1,195,842)

	$	249,570	$	271,060

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		224,959		241,102
Notes receivable		-		-
Other assets		-		-

	$	224,959	$	241,102




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,326,675		1,321,237
Capital contributions payable		-		-

		1,326,675		1,321,237


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 1,892,700 issued and 1,879,500 outstanding as of September 30, 2017 and March 31, 2017.		(928,748)		(907,383)
General Partner		(172,968)		(172,752)

		(1,101,716)		(1,080,135)

	$	224,959	$	241,102

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		231,606		252,064
Notes receivable		-		-
Other assets		-		-

	$	231,606	$	252,064




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,863,503		2,848,897
Capital contributions payable		-		-

		2,863,503		2,848,897


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,564,400 issued and 2,557,045 outstanding as of September 30, 2017 and March 31, 2017.		(2,386,494)		(2,351,781)
General Partner		(245,403)		(245,052)

		(2,631,897)		(2,596,833)

	$	231,606	$	252,064

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,117,517		659,167
Notes receivable		-		-
Other assets		-		-

	$	1,117,517	$	659,167




LIABILITIES

Accounts payable and accrued expenses	$	5,000	$	-
Accounts payable affiliates (Note C)		1,612,236		2,089,674
Capital contributions payable		-		-

		1,617,236		2,089,674


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,336,727 issued and 3,314,827 outstanding as of September 30, 2017 and March 31, 2017.		(209,875)		(1,131,355)
General Partner		(289,844)		(299,152)

		(499,719)		(1,430,507)

	$	1,117,517	$	659,167

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 24


		September 30, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		382,400		427,181
Notes receivable		-		-
Other assets		-		-

	$	382,400	$	427,181




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 2,154,253 outstanding as of September 30, 2017 and March 31, 2017.		557,828		602,161
General Partner		(175,428)		(174,980)

		382,400		427,181

	$	382,400	$	427,181

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		427,166		344,461
Notes receivable		-		-
Other assets		1,250		1,250

	$	428,416	$	345,711




LIABILITIES

Accounts payable and accrued expenses	$	6,912	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		6,912		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,026,109 issued and 3,016,809 outstanding as of September 30, 2017 and March 31, 2017.		640,905		565,870
General Partner		(219,401)		(220,159)

		421,504		345,711

	$	428,416	$	345,711

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 26


		September 30, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		692,325		677,679
Notes receivable		-		-
Other assets		-		-

	$	692,325	$	677,679




LIABILITIES

Accounts payable and accrued expenses	$	6,000	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		6,000		-


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,995,900 issued and 3,977,000 outstanding as of September 30, 2017 and March 31, 2017.		997,805		989,245
General Partner		(311,480)		(311,566)

		686,325		677,679

	$	692,325	$	677,679

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED BALANCE SHEETS

(Unaudited)

Series 27


		September 30, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		6,780,449		3,606,473
Notes receivable		-		-
Other assets		-		-

	$	6,780,449	$	3,606,473




LIABILITIES

Accounts payable and accrued expenses	$	-	$	31,673
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		-		-

		-		31,673


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,460,700 issued and 2,446,400 outstanding as of September 30, 2017 and March 31, 2017.		6,919,092		3,745,499
General Partner		(138,643)		(170,699)

		6,780,449		3,574,800

	$	6,780,449	$	3,606,473

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		771,724		812,483
Notes receivable		-		-
Other assets		-		-

	$	771,724	$	812,483




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; 4,000,738 issued and 3,990,738 outstanding as of September 30, 2017 and March 31, 2017.		1,045,844		1,086,195
General Partner		(274,120)		(273,712)

		771,724		812,483

	$	771,724	$	812,483

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		322,400		345,648
Notes receivable		-		-
Other assets		-		-

	$	322,400	$	345,648




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,520,285		3,479,192
Capital contributions payable		8,235		8,235

		3,528,520		3,487,427


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,991,800 issued and 3,965,300 outstanding as of September 30, 2017 and March 31, 2017.		(2,835,412)		(2,771,714)
General Partner		(370,708)		(370,065)

		(3,206,120)		(3,141,779)

	$	322,400	$	345,648

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		527,892		270,126
Notes receivable		-		-
Other assets		-		-

	$	527,892	$	270,126




LIABILITIES

Accounts payable and accrued expenses	$	5,500	$	-
Accounts payable affiliates (Note C)		1,671,239		1,641,976
Capital contributions payable		65,176		105,139

		1,741,915		1,747,115


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,651,000 issued and 2,631,000 outstanding as of September 30, 2017 and March 31, 2017.		(974,827)		(1,235,163)
General Partner		(239,196)		(241,826)

		(1,214,023)		(1,476,989)

	$	527,892	$	270,126

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		2,021,298		2,047,648
Notes receivable		-		-
Other assets		25,000		25,000

	$	2,046,298	$	2,072,648




LIABILITIES

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

		69,294		66,294


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,417,857 issued and 4,395,557 outstanding as of September 30, 2017 and March 31, 2017.		2,336,492		2,365,549
General Partner		(359,488)		(359,195)

		1,977,004		2,006,354

	$	2,046,298	$	2,072,648

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,782,907		837,185
Notes receivable		-		-
Other assets		-		-

	$	1,782,907	$	837,185




LIABILITIES

Accounts payable and accrued expenses	$	5,000	$	2,000
Accounts payable affiliates (Note C)		2,241,214		2,772,531
Capital contributions payable		1,229		1,229

		2,247,443		2,775,760


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,754,198 issued and 4,740,198 outstanding as of September 30, 2017 and March 31, 2017.		(53,527)		(1,512,826)
General Partner		(411,009)		(425,749)

		(464,536)		(1,938,575)

	$	1,782,907	$	837,185

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		322,997		337,765
Notes receivable		-		-
Other assets		-		-

	$	322,997	$	337,765




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,223,623		1,190,828
Capital contributions payable		69,154		69,154

		1,292,777		1,259,982


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,636,533 issued and 2,626,533 outstanding as of September 30, 2017 and March 31, 2017.		(734,302)		(687,215)
General Partner		(235,478)		(235,002)

		(969,780)		(922,217)

	$	322,997	$	337,765

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		587,267		849,078
Notes receivable		-		-
Other assets		-		-

	$	587,267	$	849,078




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		3,003,829		3,221,597
Capital contributions payable		-		-

		3,003,829		3,221,597


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,529,319 issued and 3,517,419 outstanding as of September 30, 2017 and March 31, 2017.		(2,092,007)		(2,048,404)
General Partner		(324,555)		(324,115)

		(2,416,562)		(2,372,519)

	$	587,267	$	849,078

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		4,445,971		2,392,767
Notes receivable		-		-
Other assets		-		-

	$	4,445,971	$	2,392,767




LIABILITIES

Accounts payable and accrued expenses	$	3,000	$	-
Accounts payable affiliates (Note C)		-		551,982
Capital contributions payable		-		-

		3,000		551,982


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,300,463 issued and 3,288,363 outstanding as of September 30, 2017 and March 31, 2017.		4,680,566		2,104,402
General Partner		(237,595)		(263,617)

		4,442,971		1,840,785

	$	4,445,971	$	2,392,767

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		2,135,713		2,934,317
Notes receivable		-		-
Other assets		-		-

	$	2,135,713	$	2,934,317




LIABILITIES

Accounts payable and accrued expenses	$	131,000	$	131,000
Accounts payable affiliates (Note C)		-		767,505
Capital contributions payable		-		-

		131,000		898,505


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,106,838 issued and 2,095,704 outstanding as of September 30, 2017 and March 31, 2017.		2,163,329		2,194,117
General Partner		(158,616)		(158,305)

		2,004,713		2,035,812

	$	2,135,713	$	2,934,317

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		1,140,081		2,096,039
Notes receivable		-		-
Other assets		-		-

	$	1,140,081	$	2,096,039




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,109,078		2,043,715
Capital contributions payable		138,438		138,438

		1,247,516		2,182,153


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,512,500 issued and 2,495,600 outstanding as of September 30, 2017 and March 31, 2017.		109,204		130,312
General Partner		(216,639)		(216,426)

		(107,435)		(86,114)

	$	1,140,081	$	2,096,039

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		2,192,458		3,042,864
Notes receivable		-		-
Other assets		-		-

	$	2,192,458	$	3,042,864




LIABILITIES

Accounts payable and accrued expenses	$	-	$	6,543
Accounts payable affiliates (Note C)		720,560		1,515,985
Capital contributions payable		-		-

		720,560		1,522,528


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, 2017 and March 31, 2017.		1,675,463		1,723,417
General Partner		(203,565)		(203,081)

		1,471,898		1,520,336

	$	2,192,458	$	3,042,864

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		297,104		1,248,898
Notes receivable		-		-
Other assets		-		-

	$	297,104	$	1,248,898




LIABILITIES

Accounts payable and accrued expenses	$	-	$	6,543
Accounts payable affiliates (Note C)		237,492		1,154,240
Capital contributions payable		-		-

		237,492		1,160,783


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,292,151 issued and 2,288,351 outstanding as of September 30, 2017 and March 31, 2017.		255,459		283,677
General Partner		(195,847)		(195,562)

		59,612		88,115

	$	297,104	$	1,248,898

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		761,291		248,318
Notes receivable		-		-
Other assets		-		-

	$	761,291	$	248,318




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,693,533		2,684,058
Capital contributions payable		102		102

		2,693,635		2,684,160


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,630,256 issued and 2,622,756 outstanding as of September 30, 2017 and March 31, 2017.		(1,688,077)		(2,186,540)
General Partner		(244,267)		(249,302)

		(1,932,344)		(2,435,842)

	$	761,291	$	248,318

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		949,622		322,902
Notes receivable		-		-
Other assets		1,218		1,218

	$	950,840	$	324,120




LIABILITIES

Accounts payable and accrued expenses	$	-	$	4,500
Accounts payable affiliates (Note C)		3,321,341		3,286,255
Capital contributions payable		100		100

		3,321,441		3,290,855


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,891,626 issued and 2,884,126 outstanding as of September 30, 2017 and March 31, 2017.		(2,097,726)		(2,687,899)
General Partner		(272,875)		(278,836)

		(2,370,601)		(2,966,735)

	$	950,840	$	324,120

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		970,331		1,072,528
Notes receivable		22,790		22,790
Other assets		62,303		51,003

	$	1,055,424	$	1,146,321




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		-		-
Capital contributions payable		73,433		73,433

		73,433		73,433


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, 2017 and March 31, 2017.		1,213,109		1,303,097
General Partner		(231,118)		(230,209)

		981,991		1,072,888

	$	1,055,424	$	1,146,321

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		379,962		351,638
Notes receivable		-		-
Other assets		82,514		82,514

	$	462,476	$	434,152




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		887,180		771,794
Capital contributions payable		99,265		99,265

		986,445		871,059


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 3,637,987 issued and 3,632,487 outstanding as of September 30, 2017 and March 31, 2017.		(197,208)		(111,017)
General Partner		(326,761)		(325,890)

		(523,969)		(436,907)

	$	462,476	$	434,152

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		53,200		66,324
Notes receivable		-		-
Other assets		-		-

	$	53,200	$	66,324




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		2,707,154		2,584,641
Capital contributions payable		-		-

		2,707,154		2,584,641


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 2,701,973 issued and 2,699,473 outstanding as of September 30, 2017 and March 31, 2017.		(2,389,967)		(2,255,686)
General Partner		(263,987)		(262,631)

		(2,653,954)		(2,518,317)

	$	53,200	$	66,324

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		739,188		803,153
Notes receivable		-		-
Other assets		-		-

	$	739,188	$	803,153




LIABILITIES

Accounts payable and accrued expenses	$	515,173	$	515,173
Accounts payable affiliates (Note C)		2,443,905		2,357,846
Capital contributions payable		16,724		16,724

		2,975,802		2,889,743


PARTNERS' CAPITAL (DEFICIT)

Assignees
Units of limited partnership interest, $10 stated value per BAC; 101,500,000 authorized BACs; 4,014,367 issued and 4,009,667 outstanding as of September 30, 2017 and March 31, 2017.		(1,860,586)		(1,712,062)
General Partner		(376,028)		(374,528)

		(2,236,614)		(2,086,590)

	$	739,188	$	803,153

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, 2017		March 31, 2017


INVESTMENTS IN OPERATING PARTNERSHIPS	$	-	$	-

OTHER ASSETS
Cash and cash equivalents		650,233		651,129
Notes receivable		-		-
Other assets		3,788		3,788

	$	654,021	$	654,917




LIABILITIES

Accounts payable and accrued expenses	$	-	$	-
Accounts payable affiliates (Note C)		1,991,569		1,886,971
Capital contributions payable		-		-

		1,991,569		1,886,971


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, 2017 and March 31, 2017.		(1,061,430)		(956,991)
General Partner		(276,118)		(275,063)

		(1,337,548)		(1,232,054)

	$	654,021	$	654,917

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)

		2017		2016

Income
Interest income	$	22,898	$	13,661
Other income		104,930		65,011

		127,828		78,672



Share of income from Operating Partnerships (Note D)		5,720,798		2,624,637


Expenses
Professional fees		426,290		394,385
Fund management fee, net (Note C)		553,340		675,651
General and administrative expenses		142,325		173,768

		1,121,955		1,243,804


NET INCOME (LOSS)	$	4,726,671	$	1,459,505




Net income (loss) allocated to assignees	$	4,679,402	$	1,444,911




Net income (loss) allocated to general partner	$	47,269	$	14,594




Net income (loss) per BAC	$	.06	$	.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 20

		2017		2016

Income
Interest income	$	33	$	117
Other income		-		-

		33		117



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


Expenses
Professional fees		10,643		8,653
Fund management fee, net (Note C)		5,240		5,335
General and administrative expenses		5,809		7,503

		21,692		21,491


NET INCOME (LOSS)	$	(21,659)	$	116,626




Net income (loss) allocated to assignees	$	(21,442)	$	115,460




Net income (loss) allocated to general partner	$	(217)	$	1,166




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 21

		2017		2016

Income
Interest income	$	27	$	156
Other income		859		859

		886		1,015



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


Expenses
Professional fees		8,330		9,737
Fund management fee, net (Note C)		1,131		1,130
General and administrative expenses		4,643		5,503

		14,104		16,370


NET INCOME (LOSS)	$	(13,218)	$	(15,355)




Net income (loss) allocated to assignees	$	(13,086)	$	(15,201)




Net income (loss) allocated to general partner	$	(132)	$	(154)




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

		2017		2016

Income
Interest income	$	80	$	99
Other income		-		-

		80		99



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


Expenses
Professional fees		9,180		11,304
Fund management fee, net (Note C)		7,303		7,302
General and administrative expenses		5,130		6,397

		21,613		25,003


NET INCOME (LOSS)	$	(21,533)	$	(24,904)




Net income (loss) allocated to assignees	$	(21,318)	$	(24,655)




Net income (loss) allocated to general partner	$	(215)	$	(249)




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 23

		2017		2016

Income
Interest income	$	1,358	$	74
Other income		1,977		-

		3,335		74



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


Expenses
Professional fees		12,166		12,999
Fund management fee, net (Note C)		5,556		6,270
General and administrative expenses		5,637		7,220

		23,359		26,489


NET INCOME (LOSS)	$	(20,024)	$	(26,415)




Net income (loss) allocated to assignees	$	(19,824)	$	(26,151)




Net income (loss) allocated to general partner	$	(200)	$	(264)




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 24

		2017		2016

Income
Interest income	$	79	$	105
Other income		404		2,062

		483		2,167



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


Expenses
Professional fees		10,353		9,631
Fund management fee, net (Note C)		11,410		11,150
General and administrative expenses		5,055		5,949

		26,818		26,730


NET INCOME (LOSS)	$	(26,335)	$	(24,563)




Net income (loss) allocated to assignees	$	(26,072)	$	(24,317)




Net income (loss) allocated to general partner	$	(263)	$	(246)




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 25

		2017		2016

Income
Interest income	$	71	$	87
Other income		10,178		10,162

		10,249		10,249



Share of income from Operating Partnerships (Note D)		97,399		-


Expenses
Professional fees		9,698		8,628
Fund management fee, net (Note C)		3,748		224
General and administrative expenses		5,523		6,792

		18,969		15,644


NET INCOME (LOSS)	$	88,679	$	(5,395)




Net income (loss) allocated to assignees	$	87,792	$	(5,341)




Net income (loss) allocated to general partner	$	887	$	(54)




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

		2017		2016

Income
Interest income	$	132	$	229
Other income		106		796

		238		1,025



Share of income from Operating Partnerships (Note D)		80,000		18,500


Expenses
Professional fees		15,501		16,794
Fund management fee, net (Note C)		19,704		19,769
General and administrative expenses		6,160		8,011

		41,365		44,574


NET INCOME (LOSS)	$	38,873	$	(25,049)




Net income (loss) allocated to assignees	$	38,484	$	(24,799)




Net income (loss) allocated to general partner	$	389	$	(250)




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 27

		2017		2016

Income
Interest income	$	7,606	$	2,704
Other income		10,103		6,000

		17,709		8,704



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


Expenses
Professional fees		58,769		33,467
Fund management fee, net (Note C)		7,555		25,866
General and administrative expenses		5,070		6,039

		71,394		65,372


NET INCOME (LOSS)	$	(53,685)	$	(35,668)




Net income (loss) allocated to assignees	$	(53,148)	$	(35,311)




Net income (loss) allocated to general partner	$	(537)	$	(357)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 28

		2017		2016

Income
Interest income	$	146	$	305
Other income		-		-

		146		305



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


Expenses
Professional fees		11,689		14,957
Fund management fee, net (Note C)		8,844		8,844
General and administrative expenses		5,815		7,349

		26,348		31,150


NET INCOME (LOSS)	$	(26,202)	$	(30,845)




Net income (loss) allocated to assignees	$	(25,940)	$	(30,537)




Net income (loss) allocated to general partner	$	(262)	$	(308)




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

		2017		2016

Income
Interest income	$	87	$	179
Other income		-		-

		87		179



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


Expenses
Professional fees		12,992		21,913
Fund management fee, net (Note C)		17,160		16,843
General and administrative expenses		5,797		7,645

		35,949		46,401


NET INCOME (LOSS)	$	(35,862)	$	(46,222)




Net income (loss) allocated to assignees	$	(35,503)	$	(45,760)




Net income (loss) allocated to general partner	$	(359)	$	(462)




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

		2017		2016

Income
Interest income	$	69	$	145
Other income		-		-

		69		145



Share of income from Operating Partnerships (Note D)		2,091		-


Expenses
Professional fees		11,355		13,780
Fund management fee, net (Note C)		12,609		17,421
General and administrative expenses		4,886		5,840

		28,850		37,041


NET INCOME (LOSS)	$	(26,690)	$	(36,896)




Net income (loss) allocated to assignees	$	(26,423)	$	(36,527)




Net income (loss) allocated to general partner	$	(267)	$	(369)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 31

		2017		2016

Income
Interest income	$	1,393	$	679
Other income		640		114

		2,033		793



Share of income from Operating Partnerships (Note D)		45,000		-


Expenses
Professional fees		20,446		17,135
Fund management fee, net (Note C)		21,699		34,521
General and administrative expenses		5,823		7,601

		47,968		59,257


NET INCOME (LOSS)	$	(935)	$	(58,464)




Net income (loss) allocated to assignees	$	(926)	$	(57,879)




Net income (loss) allocated to general partner	$	(9)	$	(585)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 32

		2017		2016

Income
Interest income	$	459	$	393
Other income		-		-

		459		393



Share of income from Operating Partnerships (Note D)		1,533,999		-


Expenses
Professional fees		14,753		12,691
Fund management fee, net (Note C)		26,370		39,120
General and administrative expenses		5,839		7,768

		46,962		59,579


NET INCOME (LOSS)	$	1,487,496	$	(59,186)




Net income (loss) allocated to assignees	$	1,472,621	$	(58,594)




Net income (loss) allocated to general partner	$	14,875	$	(592)




Net income (loss) per BAC	$	.31	$	(.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

		2017		2016

Income
Interest income	$	88	$	502
Other income		-		-

		88		502



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


Expenses
Professional fees		9,843		10,260
Fund management fee, net (Note C)		16,397		15,228
General and administrative expenses		4,762		5,750

		31,002		31,238


NET INCOME (LOSS)	$	(30,914)	$	(30,736)




Net income (loss) allocated to assignees	$	(30,605)	$	(30,429)




Net income (loss) allocated to general partner	$	(309)	$	(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 34

		2017		2016

Income
Interest income	$	465	$	327
Other income		1,539		1,539

		2,004		1,866



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


Expenses
Professional fees		12,958		12,364
Fund management fee, net (Note C)		8,166		5,152
General and administrative expenses		5,226		6,476

		26,350		23,992


NET INCOME (LOSS)	$	(24,346)	$	192,874




Net income (loss) allocated to assignees	$	(24,103)	$	190,945




Net income (loss) allocated to general partner	$	(243)	$	1,929




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 35

		2017		2016

Income
Interest income	$	2,181	$	2,593
Other income		2,818		-

		4,999		2,593



Share of income from Operating Partnerships (Note D)		2,653,528		85,949


Expenses
Professional fees		12,474		12,823
Fund management fee, net (Note C)		15,022		19,606
General and administrative expenses		5,339		6,579

		32,835		39,008


NET INCOME (LOSS)	$	2,625,692	$	49,534




Net income (loss) allocated to assignees	$	2,599,435	$	49,039




Net income (loss) allocated to general partner	$	26,257	$	495




Net income (loss) per BAC	$	.79	$	.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

		2017		2016

Income
Interest income	$	1,896	$	1,313
Other income		1,294		5,279

		3,190		6,592



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


Expenses
Professional fees		13,115		12,146
Fund management fee, net (Note C)		7,626		7,626
General and administrative expenses		4,665		5,280

		25,406		25,052


NET INCOME (LOSS)	$	(22,216)	$	67,489




Net income (loss) allocated to assignees	$	(21,994)	$	66,814




Net income (loss) allocated to general partner	$	(222)	$	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 37

		2017		2016

Income
Interest income	$	2,064	$	681
Other income		5,432		-

		7,496		681



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


Expenses
Professional fees		12,645		9,619
Fund management fee, net (Note C)		12,501		34,425
General and administrative expenses		4,618		5,379

		29,764		49,423


NET INCOME (LOSS)	$	(22,268)	$	1,883,397




Net income (loss) allocated to assignees	$	(22,045)	$	1,864,563




Net income (loss) allocated to general partner	$	(223)	$	18,834




Net income (loss) per BAC	$	(.01)	$	.74

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

		2017		2016

Income
Interest income	$	2,611	$	159
Other income		10,160		16,000

		12,771		16,159



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


Expenses
Professional fees		13,776		12,659
Fund management fee, net (Note C)		17,734		31,936
General and administrative expenses		4,869		5,591

		36,379		50,186


NET INCOME (LOSS)	$	(23,608)	$	(34,027)




Net income (loss) allocated to assignees	$	(23,372)	$	(33,687)




Net income (loss) allocated to general partner	$	(236)	$	(340)




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 39

		2017		2016

Income
Interest income	$	447	$	148
Other income		-		-

		447		148



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


Expenses
Professional fees		14,305		12,146
Fund management fee, net (Note C)		1,709		16,280
General and administrative expenses		4,623		5,095

		20,637		33,521


NET INCOME (LOSS)	$	(20,190)	$	66,227




Net income (loss) allocated to assignees	$	(19,988)	$	65,565




Net income (loss) allocated to general partner	$	(202)	$	662




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 40

		2017		2016

Income
Interest income	$	64	$	103
Other income		1,250		-

		1,314		103



Share of income from Operating Partnerships (Note D)		588,952		28,500


Expenses
Professional fees		16,553		15,558
Fund management fee, net (Note C)		28,709		26,835
General and administrative expenses		4,812		5,496

		50,074		47,889


NET INCOME (LOSS)	$	540,192	$	(19,286)




Net income (loss) allocated to assignees	$	534,790	$	(19,093)




Net income (loss) allocated to general partner	$	5,402	$	(193)




Net income (loss) per BAC	$	.20	$	(.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 41

		2017		2016

Income
Interest income	$	258	$	133
Other income		-		1,302

		258		1,435



Share of income from Operating Partnerships (Note D)		719,829		-


Expenses
Professional fees		16,805		17,973
Fund management fee, net (Note C)		50,647		54,348
General and administrative expenses		5,261		6,103

		72,713		78,424


NET INCOME (LOSS)	$	647,374	$	(76,989)




Net income (loss) allocated to assignees	$	640,900	$	(76,219)




Net income (loss) allocated to general partner	$	6,474	$	(770)




Net income (loss) per BAC	$	.22	$	(.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 42

		2017		2016

Income
Interest income	$	328	$	850
Other income		15,789		421

		16,117		1,271



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


Expenses
Professional fees		14,660		19,287
Fund management fee, net (Note C)		36,957		36,417
General and administrative expenses		5,114		6,209

		56,731		61,913


NET INCOME (LOSS)	$	(40,614)	$	(60,642)




Net income (loss) allocated to assignees	$	(40,208)	$	(60,036)




Net income (loss) allocated to general partner	$	(406)	$	(606)




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 43

		2017		2016

Income
Interest income	$	95	$	1,122
Other income		6,909		-

		7,004		1,122



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


Expenses
Professional fees		16,878		20,142
Fund management fee, net (Note C)		51,006		50,345
General and administrative expenses		5,445		7,109

		73,329		77,596


NET INCOME (LOSS)	$	(66,325)	$	(76,474)




Net income (loss) allocated to assignees	$	(65,662)	$	(75,709)




Net income (loss) allocated to general partner	$	(663)	$	(765)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 44

		2017		2016

Income
Interest income	$	6	$	13
Other income		11,864		981

		11,870		994



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


Expenses
Professional fees		20,201		10,661
Fund management fee, net (Note C)		57,825		58,769
General and administrative expenses		4,851		5,744

		82,877		75,174


NET INCOME (LOSS)	$	(71,007)	$	(74,180)




Net income (loss) allocated to assignees	$	(70,297)	$	(73,438)




Net income (loss) allocated to general partner	$	(710)	$	(742)




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

		2017		2016

Income
Interest income	$	533	$	355
Other income		6,228		3,048

		6,761		3,403



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


Expenses
Professional fees		30,803		21,698
Fund management fee, net (Note C)		59,041		68,800
General and administrative expenses		6,383		7,199

		96,227		97,697


NET INCOME (LOSS)	$	(89,466)	$	(94,294)




Net income (loss) allocated to assignees	$	(88,571)	$	(93,351)




Net income (loss) allocated to general partner	$	(895)	$	(943)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 46

		2017		2016

Income
Interest income	$	322	$	90
Other income		17,380		16,448

		17,702		16,538



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


Expenses
Professional fees		15,399		15,360
Fund management fee, net (Note C)		41,671		56,089
General and administrative expenses		5,170		6,141

		62,240		77,590


NET INCOME (LOSS)	$	(44,538)	$	(61,052)




Net income (loss) allocated to assignees	$	(44,093)	$	(60,441)




Net income (loss) allocated to general partner	$	(445)	$	(611)




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
Six Months Ended September 30,
(Unaudited)

		2017		2016

Income
Interest income	$	36,833	$	26,477
Other income		192,644		193,183

		229,477		219,660



Share of income from Operating Partnerships (Note D)		10,250,429		10,413,293


Expenses
Professional fees		555,656		580,410
Fund management fee, net (Note C)		1,073,715		1,262,700
General and administrative expenses		249,354		294,488

		1,878,725		2,137,598


NET INCOME (LOSS)	$	8,601,181	$	8,495,355




Net income (loss) allocated to assignees	$	8,515,170	$	8,410,400




Net income (loss) allocated to general partner	$	86,011	$	84,955




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

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

		2017		2016

Income
Interest income	$	68	$	221
Other income		-		-

		68		221



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


Expenses
Professional fees		13,623		11,716
Fund management fee, net (Note C)		8,959		12,873
General and administrative expenses		10,047		12,496

		32,629		37,085


NET INCOME (LOSS)	$	(32,561)	$	101,136




Net income (loss) allocated to assignees	$	(32,235)	$	100,125




Net income (loss) allocated to general partner	$	(326)	$	1,011




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
Six Months Ended September 30,
(Unaudited)

Series 21

		2017		2016

Income
Interest income	$	56	$	380
Other income		859		859

		915		1,239



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


Expenses
Professional fees		10,960		12,719
Fund management fee, net (Note C)		3,387		3,385
General and administrative expenses		8,149		9,091

		22,496		25,195


NET INCOME (LOSS)	$	(21,581)	$	(23,956)




Net income (loss) allocated to assignees	$	(21,365)	$	(23,716)




Net income (loss) allocated to general partner	$	(216)	$	(240)




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 22

		2017		2016

Income
Interest income	$	164	$	205
Other income		-		-

		164		205



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


Expenses
Professional fees		12,160		14,659
Fund management fee, net (Note C)		14,106		14,104
General and administrative expenses		8,962		10,594

		35,228		39,357


NET INCOME (LOSS)	$	(35,064)	$	(39,152)




Net income (loss) allocated to assignees	$	(34,713)	$	(38,760)




Net income (loss) allocated to general partner	$	(351)	$	(392)




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
Six Months Ended September 30,
(Unaudited)

Series 23

		2017		2016

Income
Interest income	$	2,224	$	165
Other income		3,955		-

		6,179		165



Share of income from Operating Partnerships (Note D)		959,665		3,550


Expenses
Professional fees		15,921		18,081
Fund management fee, net (Note C)		9,362		13,742
General and administrative expenses		9,773		12,083

		35,056		43,906


NET INCOME (LOSS)	$	930,788	$	(40,191)




Net income (loss) allocated to assignees	$	921,480	$	(39,789)




Net income (loss) allocated to general partner	$	9,308	$	(402)




Net income (loss) per BAC	$	.28	$	(.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 24

		2017		2016

Income
Interest income	$	161	$	210
Other income		404		3,742

		565		3,952



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


Expenses
Professional fees		13,678		13,150
Fund management fee, net (Note C)		22,831		20,548
General and administrative expenses		8,837		10,679

		45,346		44,377


NET INCOME (LOSS)	$	(44,781)	$	(40,425)




Net income (loss) allocated to assignees	$	(44,333)	$	(40,021)




Net income (loss) allocated to general partner	$	(448)	$	(404)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 25

		2017		2016

Income
Interest income	$	143	$	175
Other income		10,178		10,162

		10,321		10,337



Share of income from Operating Partnerships (Note D)		97,399		-


Expenses
Professional fees		12,678		11,658
Fund management fee, net (Note C)		9,682		6,158
General and administrative expenses		9,567		12,438

		31,927		30,254


NET INCOME (LOSS)	$	75,793	$	(19,917)




Net income (loss) allocated to assignees	$	75,035	$	(19,718)




Net income (loss) allocated to general partner	$	758	$	(199)




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 26

		2017		2016

Income
Interest income	$	269	$	578
Other income		526		1,216

		795		1,794



Share of income from Operating Partnerships (Note D)		80,000		18,500


Expenses
Professional fees		20,226		22,459
Fund management fee, net (Note C)		41,249		43,486
General and administrative expenses		10,674		14,942

		72,149		80,887


NET INCOME (LOSS)	$	8,646	$	(60,593)




Net income (loss) allocated to assignees	$	8,560	$	(59,987)




Net income (loss) allocated to general partner	$	86	$	(606)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 27

		2017		2016

Income
Interest income	$	11,943	$	3,940
Other income		10,103		6,000

		22,046		9,940



Share of income from Operating Partnerships (Note D)		3,291,567		3,016,000


Expenses
Professional fees		76,539		67,836
Fund management fee, net (Note C)		22,523		52,224
General and administrative expenses		8,902		9,889

		107,964		129,949


NET INCOME (LOSS)	$	3,205,649	$	2,895,991




Net income (loss) allocated to assignees	$	3,173,593	$	2,867,031




Net income (loss) allocated to general partner	$	32,056	$	28,960




Net income (loss) per BAC	$	1.30	$	1.17

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

		2017		2016

Income
Interest income	$	295	$	607
Other income		446		7,976

		741		8,583



Share of income from Operating Partnerships (Note D)		-		5,000


Expenses
Professional fees		15,714		19,372
Fund management fee, net (Note C)		15,688		18,991
General and administrative expenses		10,098		13,669

		41,500		52,032


NET INCOME (LOSS)	$	(40,759)	$	(38,449)




Net income (loss) allocated to assignees	$	(40,351)	$	(38,065)




Net income (loss) allocated to general partner	$	(408)	$	(384)




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 29

		2017		2016

Income
Interest income	$	179	$	457
Other income		-		-

		179		457



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


Expenses
Professional fees		16,667		60,962
Fund management fee, net (Note C)		37,706		37,389
General and administrative expenses		10,147		12,709

		64,520		111,060


NET INCOME (LOSS)	$	(64,341)	$	(110,603)




Net income (loss) allocated to assignees	$	(63,698)	$	(109,497)




Net income (loss) allocated to general partner	$	(643)	$	(1,106)




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 30

		2017		2016

Income
Interest income	$	127	$	363
Other income		1,243		1,243

		1,370		1,606



Share of income from Operating Partnerships (Note D)		265,984		-


Expenses
Professional fees		15,030		18,164
Fund management fee, net (Note C)		(19,291)		27,026
General and administrative expenses		8,649		9,758

		4,388		54,948


NET INCOME (LOSS)	$	262,966	$	(53,342)




Net income (loss) allocated to assignees	$	260,336	$	(52,809)




Net income (loss) allocated to general partner	$	2,630	$	(533)




Net income (loss) per BAC	$	.10	$	(.02)

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

		2017		2016

Income
Interest income	$	2,411	$	1,432
Other income		1,116		590

		3,527		2,022



Share of income from Operating Partnerships (Note D)		45,000		-


Expenses
Professional fees		25,871		22,974
Fund management fee, net (Note C)		41,898		69,542
General and administrative expenses		10,108		12,579

		77,877		105,095


NET INCOME (LOSS)	$	(29,350)	$	(103,073)




Net income (loss) allocated to assignees	$	(29,057)	$	(102,042)




Net income (loss) allocated to general partner	$	(293)	$	(1,031)




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
Six Months Ended September 30,
(Unaudited)

Series 32

		2017		2016

Income
Interest income	$	782	$	1,019
Other income		-		1,800

		782		2,819



Share of income from Operating Partnerships (Note D)		1,548,505		-


Expenses
Professional fees		18,778		17,146
Fund management fee, net (Note C)		46,240		72,700
General and administrative expenses		10,230		12,910

		75,248		102,756


NET INCOME (LOSS)	$	1,474,039	$	(99,937)




Net income (loss) allocated to assignees	$	1,459,299	$	(98,938)




Net income (loss) allocated to general partner	$	14,740	$	(999)




Net income (loss) per BAC	$	.31	$	(.02)

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

		2017		2016

Income
Interest income	$	179	$	1,101
Other income		-		1,800

		179		2,901



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


Expenses
Professional fees		12,993		13,945
Fund management fee, net (Note C)		26,295		25,126
General and administrative expenses		8,454		9,562

		47,742		48,633


NET INCOME (LOSS)	$	(47,563)	$	(45,732)




Net income (loss) allocated to assignees	$	(47,087)	$	(45,275)




Net income (loss) allocated to general partner	$	(476)	$	(457)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

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

Series 34

		2017		2016

Income
Interest income	$	803	$	799
Other income		1,539		13,230

		2,342		14,029



Share of income from Operating Partnerships (Note D)		-		242,500


Expenses
Professional fees		16,633		16,764
Fund management fee, net (Note C)		20,532		16,469
General and administrative expenses		9,220		10,908

		46,385		44,141


NET INCOME (LOSS)	$	(44,043)	$	212,388




Net income (loss) allocated to assignees	$	(43,603)	$	210,264




Net income (loss) allocated to general partner	$	(440)	$	2,124




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

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

		2017		2016

Income
Interest income	$	3,635	$	3,914
Other income		2,818		4,893

		6,453		8,807



Share of income from Operating Partnerships (Note D)		2,653,528		2,380,752


Expenses
Professional fees		15,974		16,880
Fund management fee, net (Note C)		32,503		11,999
General and administrative expenses		9,318		10,988

		57,795		39,867


NET INCOME (LOSS)	$	2,602,186	$	2,349,692




Net income (loss) allocated to assignees	$	2,576,164	$	2,326,195




Net income (loss) allocated to general partner	$	26,022	$	23,497




Net income (loss) per BAC	$	.78	$	.71

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

		2017		2016

Income
Interest income	$	3,300	$	1,877
Other income		3,968		6,425

		7,268		8,302



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


Expenses
Professional fees		16,790		15,981
Fund management fee, net (Note C)		13,342		(10,582)
General and administrative expenses		8,235		8,764

		38,367		14,163


NET INCOME (LOSS)	$	(31,099)	$	2,497,391




Net income (loss) allocated to assignees	$	(30,788)	$	2,472,417




Net income (loss) allocated to general partner	$	(311)	$	24,974




Net income (loss) per BAC	$	(.01)	$	1.18

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

		2017		2016

Income
Interest income	$	3,225	$	854
Other income		16,657		4,811

		19,882		5,665



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


Expenses
Professional fees		15,970		13,128
Fund management fee, net (Note C)		16,984		63,237
General and administrative expenses		8,249		9,038

		41,203		85,403


NET INCOME (LOSS)	$	(21,321)	$	1,854,901




Net income (loss) allocated to assignees	$	(21,108)	$	1,836,352




Net income (loss) allocated to general partner	$	(213)	$	18,549




Net income (loss) per BAC	$	(.01)	$	.73

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

		2017		2016

Income
Interest income	$	3,346	$	313
Other income		10,546		47,791

		13,892		48,104



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


Expenses
Professional fees		17,801		16,695
Fund management fee, net (Note C)		35,968		59,718
General and administrative expenses		8,561		9,343

		62,330		85,756


NET INCOME (LOSS)	$	(48,438)	$	(37,652)




Net income (loss) allocated to assignees	$	(47,954)	$	(37,275)




Net income (loss) allocated to general partner	$	(484)	$	(377)




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 39

		2017		2016

Income
Interest income	$	694	$	275
Other income		386		660

		1,080		935



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


Expenses
Professional fees		17,980		15,991
Fund management fee, net (Note C)		3,418		33,297
General and administrative expenses		8,185		8,585

		29,583		57,873


NET INCOME (LOSS)	$	(28,503)	$	65,162




Net income (loss) allocated to assignees	$	(28,218)	$	64,510




Net income (loss) allocated to general partner	$	(285)	$	652




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
Six Months Ended September 30,
(Unaudited)

Series 40

		2017		2016

Income
Interest income	$	93	$	236
Other income		2,910		-

		3,003		236



Share of income from Operating Partnerships (Note D)		588,952		49,000


Expenses
Professional fees		21,453		20,637
Fund management fee, net (Note C)		58,475		64,051
General and administrative expenses		8,529		9,209

		88,457		93,897


NET INCOME (LOSS)	$	503,498	$	(44,661)




Net income (loss) allocated to assignees	$	498,463	$	(44,214)




Net income (loss) allocated to general partner	$	5,035	$	(447)




Net income (loss) per BAC	$	.19	$	(.02)

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

		2017		2016

Income
Interest income	$	409	$	356
Other income		11,143		1,302

		11,552		1,658



Share of income from Operating Partnerships (Note D)		719,829		-


Expenses
Professional fees		22,404		23,600
Fund management fee, net (Note C)		103,637		104,547
General and administrative expenses		9,206		10,143

		135,247		138,290


NET INCOME (LOSS)	$	596,134	$	(136,632)




Net income (loss) allocated to assignees	$	590,173	$	(135,266)




Net income (loss) allocated to general partner	$	5,961	$	(1,366)




Net income (loss) per BAC	$	.20	$	(.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 42

		2017		2016

Income
Interest income	$	672	$	2,890
Other income		15,789		421

		16,461		3,311



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


Expenses
Professional fees		19,678		25,232
Fund management fee, net (Note C)		78,792		78,419
General and administrative expenses		8,888		10,008

		107,358		113,659


NET INCOME (LOSS)	$	(90,897)	$	(110,348)




Net income (loss) allocated to assignees	$	(89,988)	$	(109,245)




Net income (loss) allocated to general partner	$	(909)	$	(1,103)




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 43

		2017		2016

Income
Interest income	$	194	$	3,168
Other income		40,981		1,759

		41,175		4,927



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


Expenses
Professional fees		22,721		26,474
Fund management fee, net (Note C)		95,956		81,996
General and administrative expenses		9,560		11,496

		128,237		119,966


NET INCOME (LOSS)	$	(87,062)	$	(115,039)




Net income (loss) allocated to assignees	$	(86,191)	$	(113,889)




Net income (loss) allocated to general partner	$	(871)	$	(1,150)




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 44

		2017		2016

Income
Interest income	$	13	$	24
Other income		11,864		14,630

		11,877		14,654



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


Expenses
Professional fees		24,226		14,963
Fund management fee, net (Note C)		114,651		120,239
General and administrative expenses		8,637		9,537

		147,514		144,739


NET INCOME (LOSS)	$	(135,637)	$	(130,085)




Net income (loss) allocated to assignees	$	(134,281)	$	(128,784)




Net income (loss) allocated to general partner	$	(1,356)	$	(1,301)




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

		2017		2016

Income
Interest income	$	899	$	667
Other income		27,833		31,874

		28,732		32,541



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


Expenses
Professional fees		42,889		28,932
Fund management fee, net (Note C)		124,852		108,920
General and administrative expenses		11,015		12,565

		178,756		150,417


NET INCOME (LOSS)	$	(150,024)	$	(117,876)




Net income (loss) allocated to assignees	$	(148,524)	$	(116,697)




Net income (loss) allocated to general partner	$	(1,500)	$	(1,179)




Net income (loss) per BAC	$	(.04)	$	(.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 46

		2017		2016

Income
Interest income	$	549	$	251
Other income		17,380		29,999

		17,929		30,250



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


Expenses
Professional fees		20,299		20,292
Fund management fee, net (Note C)		93,970		113,096
General and administrative expenses		9,154		10,505

		123,423		143,893


NET INCOME (LOSS)	$	(105,494)	$	(113,643)




Net income (loss) allocated to assignees	$	(104,439)	$	(112,507)




Net income (loss) allocated to general partner	$	(1,055)	$	(1,136)




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

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CHANGES IN PARTNERS' CAPITAL (DEFICIT)

Six Months Ended September 30, 2017
(Unaudited)


		Assignees		General Partner		Total


Partners' capital (deficit) April 1, 2017	$	(6,338,126)	$	(7,177,685)	$	(13,515,811)

Net income (loss)		8,515,170		86,011		8,601,181


Partners' capital (deficit), September 30, 2017	$	2,177,044	$	(7,091,674)	$	(4,914,630)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 20
Partners' capital (deficit) April 1, 2017	$	(875,631)	$	(320,211)	$	(1,195,842)

Net income (loss)		(32,235)		(326)		(32,561)


Partners' capital (deficit), September 30, 2017	$	(907,866)	$	(320,537)	$	(1,228,403)

		Assignees		General Partner		Total

Series 21
Partners' capital (deficit) April 1, 2017	$	(907,383)	$	(172,752)	$	(1,080,135)

Net income (loss)		(21,365)		(216)		(21,581)


Partners' capital (deficit), September 30, 2017	$	(928,748)	$	(172,968)	$	(1,101,716)

		Assignees		General Partner		Total

Series 22
Partners' capital (deficit) April 1, 2017	$	(2,351,781)	$	(245,052)	$	(2,596,833)

Net income (loss)		(34,713)		(351)		(35,064)


Partners' capital (deficit), September 30, 2017	$	(2,386,494)	$	(245,403)	$	(2,631,897)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 23
Partners' capital (deficit) April 1, 2017	$	(1,131,355)	$	(299,152)	$	(1,430,507)

Net income (loss)		921,480		9,308		930,788


Partners' capital (deficit), September 30, 2017	$	(209,875)	$	(289,844)	$	(499,719)

		Assignees		General Partner		Total

Series 24
Partners' capital (deficit) April 1, 2017	$	602,161	$	(174,980)	$	427,181

Net income (loss)		(44,333)		(448)		(44,781)


Partners' capital (deficit), September 30, 2017	$	557,828	$	(175,428)	$	382,400

		Assignees		General Partner		Total

Series 25
Partners' capital (deficit) April 1, 2017	$	565,870	$	(220,159)	$	345,711

Net income (loss)		75,035		758		75,793


Partners' capital (deficit), September 30, 2017	$	640,905	$	(219,401)	$	421,504

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 26
Partners' capital (deficit) April 1, 2017	$	989,245	$	(311,566)	$	677,679

Net income (loss)		8,560		86		8,646


Partners' capital (deficit), September 30, 2017	$	997,805	$	(311,480)	$	686,325

		Assignees		General Partner		Total

Series 27
Partners' capital (deficit) April 1, 2017	$	3,745,499	$	(170,699)	$	3,574,800

Net income (loss)		3,173,593		32,056		3,205,649


Partners' capital (deficit), September 30, 2017	$	6,919,092	$	(138,643)	$	6,780,449

		Assignees		General Partner		Total

Series 28
Partners' capital (deficit) April 1, 2017	$	1,086,195	$	(273,712)	$	812,483

Net income (loss)		(40,351)		(408)		(40,759)


Partners' capital (deficit), September 30, 2017	$	1,045,844	$	(274,120)	$	771,724

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 29
Partners' capital (deficit) April 1, 2017	$	(2,771,714)	$	(370,065)	$	(3,141,779)

Net income (loss)		(63,698)		(643)		(64,341)


Partners' capital (deficit), September 30, 2017	$	(2,835,412)	$	(370,708)	$	(3,206,120)

		Assignees		General Partner		Total

Series 30
Partners' capital (deficit) April 1, 2017	$	(1,235,163)	$	(241,826)	$	(1,476,989)

Net income (loss)		260,336		2,630		262,966


Partners' capital (deficit), September 30, 2017	$	(974,827)	$	(239,196)	$	(1,214,023)

		Assignees		General Partner		Total

Series 31
Partners' capital (deficit) April 1, 2017	$	2,365,549	$	(359,195)	$	2,006,354

Net income (loss)		(29,057)		(293)		(29,350)


Partners' capital (deficit), September 30, 2017	$	2,336,492	$	(359,488)	$	1,977,004

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 32
Partners' capital (deficit) April 1, 2017	$	(1,512,826)	$	(425,749)	$	(1,938,575)

Net income (loss)		1,459,299		14,740		1,474,039


Partners' capital (deficit), September 30, 2017	$	(53,527)	$	(411,009)	$	(464,536)

		Assignees		General Partner		Total

Series 33
Partners' capital (deficit) April 1, 2017	$	(687,215)	$	(235,002)	$	(922,217)

Net income (loss)		(47,087)		(476)		(47,563)


Partners' capital (deficit), September 30, 2017	$	(734,302)	$	(235,478)	$	(969,780)

		Assignees		General Partner		Total

Series 34
Partners' capital (deficit) April 1, 2017	$	(2,048,404)	$	(324,115)	$	(2,372,519)

Net income (loss)		(43,603)		(440)		(44,043)


Partners' capital (deficit), September 30, 2017	$	(2,092,007)	$	(324,555)	$	(2,416,562)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 35
Partners' capital (deficit) April 1, 2017	$	2,104,402	$	(263,617)	$	1,840,785

Net income (loss)		2,576,164		26,022		2,602,186


Partners' capital (deficit), September 30, 2017	$	4,680,566	$	(237,595)	$	4,442,971

		Assignees		General Partner		Total

Series 36
Partners' capital (deficit) April 1, 2017	$	2,194,117	$	(158,305)	$	2,035,812

Net income (loss)		(30,788)		(311)		(31,099)


Partners' capital (deficit), September 30, 2017	$	2,163,329	$	(158,616)	$	2,004,713

		Assignees		General Partner		Total

Series 37
Partners' capital (deficit) April 1, 2017	$	130,312	$	(216,426)	$	(86,114)

Net income (loss)		(21,108)		(213)		(21,321)


Partners' capital (deficit), September 30, 2017	$	109,204	$	(216,639)	$	(107,435)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 38
Partners' capital (deficit) April 1, 2017	$	1,723,417	$	(203,081)	$	1,520,336

Net income (loss)		(47,954)		(484)		(48,438)


Partners' capital (deficit), September 30, 2017	$	1,675,463	$	(203,565)	$	1,471,898

		Assignees		General Partner		Total

Series 39
Partners' capital (deficit) April 1, 2017	$	283,677	$	(195,562)	$	88,115

Net income (loss)		(28,218)		(285)		(28,503)


Partners' capital (deficit), September 30, 2017	$	255,459	$	(195,847)	$	59,612

		Assignees		General Partner		Total

Series 40
Partners' capital (deficit) April 1, 2017	$	(2,186,540)	$	(249,302)	$	(2,435,842)

Net income (loss)		498,463		5,035		503,498


Partners' capital (deficit), September 30, 2017	$	(1,688,077)	$	(244,267)	$	(1,932,344)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 41
Partners' capital (deficit) April 1, 2017	$	(2,687,899)	$	(278,836)	$	(2,966,735)

Net income (loss)		590,173		5,961		596,134


Partners' capital (deficit), September 30, 2017	$	(2,097,726)	$	(272,875)	$	(2,370,601)

		Assignees		General Partner		Total

Series 42
Partners' capital (deficit) April 1, 2017	$	1,303,097	$	(230,209)	$	1,072,888

Net income (loss)		(89,988)		(909)		(90,897)


Partners' capital (deficit), September 30, 2017	$	1,213,109	$	(231,118)	$	981,991

		Assignees		General Partner		Total

Series 43
Partners' capital (deficit) April 1, 2017	$	(111,017)	$	(325,890)	$	(436,907)

Net income (loss)		(86,191)		(871)		(87,062)


Partners' capital (deficit), September 30, 2017	$	(197,208)	$	(326,761)	$	(523,969)

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, 2017
(Unaudited)

		Assignees		General Partner		Total

Series 44
Partners' capital (deficit) April 1, 2017	$	(2,255,686)	$	(262,631)	$	(2,518,317)

Net income (loss)		(134,281)		(1,356)		(135,637)


Partners' capital (deficit), September 30, 2017	$	(2,389,967)	$	(263,987)	$	(2,653,954)

		Assignees		General Partner		Total

Series 45
Partners' capital (deficit) April 1, 2017	$	(1,712,062)	$	(374,528)	$	(2,086,590)

Net income (loss)		(148,524)		(1,500)		(150,024)


Partners' capital (deficit), September 30, 2017	$	(1,860,586)	$	(376,028)	$	(2,236,614)

		Assignees		General Partner		Total

Series 46
Partners' capital (deficit) April 1, 2017	$	(956,991)	$	(275,063)	$	(1,232,054)

Net income (loss)		(104,439)		(1,055)		(105,494)


Partners' capital (deficit), September 30, 2017	$	(1,061,430)	$	(276,118)	$	(1,337,548)

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)

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	8,601,181	$	8,495,355
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(10,250,429)		(10,413,293)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(16,847)		(13,985)
Decrease (Increase) in other assets		(11,300)		-
(Decrease) Increase in accounts payable affiliates		(4,585,437)		(7,802,053)


Net cash (used in) provided by operating activities		(6,262,832)		(9,733,976)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		10,210,466		10,413,293


Net cash (used in) provided by investing activities		10,210,466		10,413,293

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		3,947,634		679,317


Cash and cash equivalents, beginning		27,209,997		21,728,069


Cash and cash equivalents, ending	$	31,157,631	$	22,407,386

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(32,561)	$	101,136
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		11,071		13,773


Net cash (used in) provided by operating activities		(21,490)		(20,091)


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		(21,490)		117,909


Cash and cash equivalents, beginning		271,060		180,896


Cash and cash equivalents, ending	$	249,570	$	298,805

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

		2017		2016


Cash flows from operating activities:
Net income (loss)	$	(21,581)	$	(23,956)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		5,438		(144,564)


Net cash (used in) provided by operating activities		(16,143)		(168,520)


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		(16,143)		(168,520)


Cash and cash equivalents, beginning		241,102		425,168


Cash and cash equivalents, ending	$	224,959	$	256,648

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(35,064)	$	(39,152)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		14,606		14,604


Net cash (used in) provided by operating activities		(20,458)		(24,548)


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		(20,458)		(24,548)


Cash and cash equivalents, beginning		252,064		295,650


Cash and cash equivalents, ending	$	231,606	$	271,102

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	930,788	$	(40,191)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(959,665)		(3,550)
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		(477,438)		18,822


Net cash (used in) provided by operating activities		(501,315)		(24,919)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		959,665		3,550


Net cash (used in) provided by investing activities		959,665		3,550

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		458,350		(21,369)


Cash and cash equivalents, beginning		659,167		219,677


Cash and cash equivalents, ending	$	1,117,517	$	198,308

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(44,781)	$	(40,425)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(44,781)		(40,425)


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		(44,781)		(40,425)


Cash and cash equivalents, beginning		427,181		502,552


Cash and cash equivalents, ending	$	382,400	$	462,127

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	75,793	$	(19,917)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(97,399)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		6,912		688
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(14,694)		(19,229)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		97,399		-


Net cash (used in) provided by investing activities		97,399		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		82,705		(19,229)


Cash and cash equivalents, beginning		344,461		395,797


Cash and cash equivalents, ending	$	427,166	$	376,568

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	8,646	$	(60,593)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(80,000)		(18,500)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		6,000		4,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(65,354)		(75,093)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		80,000		18,500


Net cash (used in) provided by investing activities		80,000		18,500

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		14,646		(56,593)


Cash and cash equivalents, beginning		677,679		809,362


Cash and cash equivalents, ending	$	692,325	$	752,769

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	3,205,649	$	2,895,991
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(3,291,567)		(3,016,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(31,673)		4,000
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(117,591)		(116,009)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		3,291,567		3,016,000


Net cash (used in) provided by investing activities		3,291,567		3,016,000

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		3,173,976		2,899,991


Cash and cash equivalents, beginning		3,606,473		899,636


Cash and cash equivalents, ending	$	6,780,449	$	3,799,627

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(40,759)	$	(38,449)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(5,000)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		(7,500)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(40,759)		(50,949)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		5,000


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

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(40,759)		(45,949)


Cash and cash equivalents, beginning		812,483		884,427


Cash and cash equivalents, ending	$	771,724	$	838,478

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,

(Unaudited)

Series 29

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(64,341)	$	(110,603)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		41,093		(112,407)


Net cash (used in) provided by operating activities		(23,248)		(223,010)


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		(23,248)		(223,010)


Cash and cash equivalents, beginning		345,648		618,758


Cash and cash equivalents, ending	$	322,400	$	395,748

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	262,966	$	(53,342)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(265,984)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		5,500		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		29,263		34,842


Net cash (used in) provided by operating activities		31,745		(18,500)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		226,021		-


Net cash (used in) provided by investing activities		226,021		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		257,766		(18,500)


Cash and cash equivalents, beginning		270,126		304,293


Cash and cash equivalents, ending	$	527,892	$	285,793

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(29,350)	$	(103,073)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(45,000)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,000		(3,000)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		-		-


Net cash (used in) provided by operating activities		(71,350)		(106,073)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		45,000		-


Net cash provided by investing activities		45,000		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(26,350)		(106,073)


Cash and cash equivalents, beginning		2,047,648		1,351,761


Cash and cash equivalents, ending	$	2,021,298	$	1,245,688

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	1,474,039	$	(99,937)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(1,548,505)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		3,000		(7,000)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(531,317)		(670,630)


Net cash (used in) provided by operating activities		(602,783)		(777,567)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		1,548,505		-


Net cash provided by investing activities		1,548,505		-


INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		945,722		(777,567)


Cash and cash equivalents, beginning		837,185		1,061,685


Cash and cash equivalents, ending	$	1,782,907	$	284,118

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(47,563)	$	(45,732)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		32,795		(867,204)


Net cash (used in) provided by operating activities		(14,768)		(912,936)


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		(14,768)		(912,936)


Cash and cash equivalents, beginning		337,765		1,266,455


Cash and cash equivalents, ending	$	322,997	$	353,519

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(44,043)	$	212,388
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(242,500)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(217,768)		(249,331)


Net cash (used in) provided by operating activities		(261,811)		(279,443)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		-		242,500


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

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(261,811)		(36,943)


Cash and cash equivalents, beginning		849,078		674,173


Cash and cash equivalents, ending	$	587,267	$	637,230

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	2,602,186	$	2,349,692
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(2,653,528)		(2,380,752)
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		(551,982)		(1,408,645)


Net cash (used in) provided by operating activities		(600,324)		(1,439,705)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		2,653,528		2,380,752


Net cash (used in) provided by investing activities		2,653,528		2,380,752

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		2,053,204		941,047


Cash and cash equivalents, beginning		2,392,767		1,693,223


Cash and cash equivalents, ending	$	4,445,971	$	2,634,270

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(31,099)	$	2,497,391
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) 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		(767,505)		(540,283)


Net cash (used in) provided by operating activities		(798,604)		(548,644)


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		(798,604)		1,954,608


Cash and cash equivalents, beginning		2,934,317		979,340


Cash and cash equivalents, ending	$	2,135,713	$	2,933,948

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(21,321)	$	1,854,901
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(1,934,639)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(934,637)		73,755


Net cash (used in) provided by operating activities		(955,958)		(5,983)


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		(955,958)		1,928,656


Cash and cash equivalents, beginning		2,096,039		340,689


Cash and cash equivalents, ending	$	1,140,081	$	2,269,345

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(48,438)	$	(37,652)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(6,543)		(4,779)
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(795,425)		41,451


Net cash (used in) provided by operating activities		(850,406)		(980)


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		(850,406)		(980)


Cash and cash equivalents, beginning		3,042,864		333,474


Cash and cash equivalents, ending	$	2,192,458	$	332,494

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(28,503)	$	65,162
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		(122,100)
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(6,543)		4,106
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		(916,748)		(65,277)


Net cash (used in) provided by operating activities		(951,794)		(118,109)


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		(951,794)		3,991


Cash and cash equivalents, beginning		1,248,898		313,691


Cash and cash equivalents, ending	$	297,104	$	317,682

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	503,498	$	(44,661)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(588,952)		(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		9,475		(214,396)


Net cash (used in) provided by operating activities		(75,979)		(313,057)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		588,952		49,000

		-		-
Net cash (used in) provided by investing activities		588,952		49,000

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		512,973		(264,057)


Cash and cash equivalents, beginning		248,318		510,705


Cash and cash equivalents, ending	$	761,291	$	246,648

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	596,134	$	(136,632)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		(719,829)		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		(4,500)		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		35,086		12,296


Net cash (used in) provided by operating activities		(93,109)		(124,336)


Cash flows from investing activities:

Proceeds from the disposition of Operating Partnerships		719,829		-


Net cash (used in) provided by investing activities		719,829		-

		-

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		626,720		(124,336)


Cash and cash equivalents, beginning		322,902		331,029


Cash and cash equivalents, ending	$	949,622	$	206,693

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(90,897)	$	(110,348)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		(11,300)		-
(Decrease) Increase in accounts payable affiliates		-		(2,055,300)


Net cash (used in) provided by operating activities		(102,197)		(2,165,648)


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		(102,197)		(2,165,648)


Cash and cash equivalents, beginning		1,072,528		3,412,757


Cash and cash equivalents, ending	$	970,331	$	1,247,109

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(87,062)	$	(115,039)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		115,386		(2,087,484)


Net cash (used in) provided by operating activities		28,324		(2,202,523)


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		28,324		(2,202,523)


Cash and cash equivalents, beginning		351,638		2,886,991


Cash and cash equivalents, ending	$	379,962	$	684,468

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(135,637)	$	(130,085)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		122,513		129,620


Net cash (used in) provided by operating activities		(13,124)		(465)


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		(13,124)		(465)


Cash and cash equivalents, beginning		66,324		44,503


Cash and cash equivalents, ending	$	53,200	$	44,038

The accompanying notes are an integral part of this condensed statement

Boston Capital Tax Credit Fund IV L.P.

CONDENSED STATEMENTS OF CASH FLOWS

Six Months Ended September 30,
(Unaudited)

Series 45

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(150,024)	$	(117,876)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		86,059		149,541


Net cash (used in) provided by operating activities		(63,965)		31,665


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		(63,965)		31,665


Cash and cash equivalents, beginning		803,153		748,100


Cash and cash equivalents, ending	$	739,188	$	779,765

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

		2017		2016


Cash flows from operating activities:

Net income (loss)	$	(105,494)	$	(113,643)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities
Share of (income) from Operating Partnerships		-		-
Changes in assets and liabilities
(Decrease) Increase in accounts payable and accrued expenses		-		-
Decrease (Increase) in other assets		-		-
(Decrease) Increase in accounts payable affiliates		104,598		124,764


Net cash (used in) provided by operating activities		(896)		11,121


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		(896)		11,121


Cash and cash equivalents, beginning		651,129		243,277


Cash and cash equivalents, ending	$	650,233	$	254,398

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, 2017
(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, 2017
(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, 2017 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, 2017.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2017
(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, 2017 and 2016, are as follows:

	2017	2016
Series 20	$ 5,536	$ 5,535
Series 21	2,719	2,718
Series 22	7,303	7,302
Series 23	5,556	9,270
Series 24	12,588	12,588
Series 25	5,440	5,934
Series 26	22,545	23,269
Series 27	9,555	26,496
Series 28	8,844	8,844
Series 29	20,547	20,547
Series 30	12,609	17,421
Series 31	21,699	37,521
Series 32	26,370	43,080
Series 33	16,397	16,398
Series 34	12,366	18,352
Series 35	17,481	22,065
Series 36	7,626	7,626
Series 37	12,501	34,425
Series 38	18,234	36,936
Series 39	1,709	16,280
Series 40	28,709	34,610
Series 41	52,147	56,148
Series 42	42,870	42,870
Series 43	57,693	57,693
Series 44	57,825	59,769
Series 45	70,359	70,800
Series 46	52,299	62,382
	$609,527	$ 756,879

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2017
(Unaudited)

NOTE C - RELATED PARTY TRANSACTIONS (continued)

The fund management fees paid for the six months ended September 30, 2017 and 2016 are as follows:

	2017	2016
Series 21	$ -	$ 150,000
Series 23	488,550	-
Series 24	25,176	25,176
Series 25	11,374	11,868
Series 26	45,090	47,986
Series 27	24,523	64,854
Series 28	17,688	26,991
Series 29	-	153,500
Series 31	43,398	75,042
Series 32	584,057	756,790
Series 33	-	900,000
Series 34	242,500	291,000
Series 35	586,944	1,460,603
Series 36	782,757	571,611
Series 37	959,639	-
Series 38	831,893	32,421
Series 39	699,711	102,774
Series 40	49,000	287,722
Series 41	70,500	100,000
Series 42	85,740	2,141,040
Series 43	-	2,202,870
	$5,548,540	$9,402,248

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS

At September 30, 2017 and 2016, the Fund has limited partnership interests in 191 and 236 Operating Partnerships, respectively, which own or are constructing apartment complexes.

The breakdown of Operating Partnerships within the Fund at September 30, 2017 and 2016 are as follows:

	2017	2016
Series 20	3	3
Series 21	2	2
Series 22	3	3
Series 23	3	5
Series 24	6	6
Series 25	-	4
Series 26	9	13
Series 27	4	5
Series 28	5	5
Series 29	8	8
Series 30	6	8
Series 31	8	17
Series 32	6	10
Series 33	5	5
Series 34	4	5
Series 35	2	5
Series 36	3	3
Series 37	2	4
Series 38	4	8
Series 39	1	3
Series 40	9	12
Series 41	16	18
Series 42	15	15
Series 43	19	19
Series 44	7	7
Series 45	27	28
Series 46	14	15
	191	236

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS - (continued)

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, 2017 and 2016, are as follows:

	2017	2016
Series 29	$ 8,235	$ 8,235
Series 30	65,176	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
	$538,150	$578,113

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2017
(Unaudited)

NOTE D - INVESTMENTS IN OPERATING PARTNERSHIPS - (continued)

During the six months ended September 30, 2017 the Fund disposed of eighteen Operating Partnerships. A summary of the dispositions by Series for September 30, 2017 is as follows:

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

Series 23	-	1	$	959,665	$	959,665
Series 25	4	-		97,399		97,399
Series 26	4	-		80,000		80,000
Series 27	-	1		3,291,567		3,291,567
Series 30	1	1		226,021		265,984
Series 31	2	-		45,000		45,000
Series 32	-	1		1,548,505		1,548,505
Series 35	1	-		2,653,528		2,653,528
Series 40	1	-		588,952		588,952
Series 41	1	-		719,829		719,829
Total	14	4	$	10,210,466	$	10,250,429

* Fund proceeds from disposition does not include $39,963 which was due to a writeoff of capital contribution payable as of September 30, 2017, for Series 30.

The gain described above is for financial statement purposes only. There are significant differences between the equity method of accounting and the tax reporting of income and losses from Operating Partnership investments. The largest difference is the ability, for tax purposes, to deduct losses in excess of the Fund's investment in the Operating Partnership. As a result, the amount of gain recognized for tax purposes may be significantly higher than the gain recorded in the financial statements.

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
June 30, 2017
(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

Boston Capital Tax Credit Fund IV L.P.
NOTES TO CONDENSED FINANCIAL STATEMENTS - CONTINUED
September 30, 2017
(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, 2017.

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

		2017	2016

Revenues
	Rental	$ 26,987,297	$ 36,065,499
	Interest and other	852,756	1,352,575
		27,840,053	37,418,074

Expenses
	Interest	4,613,504	6,268,686
	Depreciation and amortization	7,332,051	9,906,888
	Operating expenses	19,961,263	26,167,804
		31,906,818	42,343,378

NET LOSS		$ (4,066,765)	$ (4,925,304)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (4,026,097)	$ (4,876,047)

Net loss allocated to other Partners		$ (40,668)	$ (49,257)

* Amounts include $(4,026,097) and $(4,876,047) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 20

		2017	2016
Revenues
	Rental	$ 266,942	$ 334,521
	Interest and other	16,914	17,848
		283,856	352,369

Expenses
	Interest	25,735	36,427
	Depreciation and amortization	72,185	86,616
	Operating expenses	235,116	256,689
		333,036	379,732

NET LOSS		$ (49,180)	$ (27,363)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (48,688)	$ (27,089)

Net loss allocated to other Partners		$ (492)	$ (274)

* Amounts include $(48,688) and $(27,089) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 21

		2017	2016
Revenues
	Rental	$ 246,778	$ 254,448
	Interest and other	1,720	1,593
		248,498	256,041

Expenses
	Interest	19,832	26,001
	Depreciation and amortization	41,440	41,517
	Operating expenses	196,601	189,063
		257,873	256,581

NET LOSS		$ (9,375)	$ (540)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (9,281)	$ (535)

Net loss allocated to other Partners		$ (94)	$ (5)

* Amounts include $(9,281) and $(535) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 22

		2017	2016
Revenues
	Rental	$ 255,056	$ 253,512
	Interest and other	9,109	9,919
		264,165	263,431

Expenses
	Interest	22,684	26,537
	Depreciation and amortization	69,003	55,366
	Operating expenses	207,737	215,687
		299,424	297,590

NET LOSS		$ (35,259)	$ (34,159)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (34,906)	$ (33,817)

Net loss allocated to other Partners		$ (353)	$ (342)

* Amounts include $(34,906) and $(33,817) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 23

		2017	2016
Revenues
	Rental	$ 211,249	$ 984,595
	Interest and other	10,596	32,230
		221,845	1,016,825

Expenses
	Interest	12,041	89,603
	Depreciation and amortization	44,899	307,885
	Operating expenses	175,607	804,619
		232,547	1,202,107

NET LOSS		$ (10,702)	$ (185,282)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (10,595)	$ (183,428)

Net loss allocated to other Partners		$ (107)	$ (1,854)

* Amounts include $(10,595) and $(183,428) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 24

		2017	2016
Revenues
	Rental	$ 512,589	$ 515,358
	Interest and other	10,241	9,973
		522,830	525,331

Expenses
	Interest	45,126	46,052
	Depreciation and amortization	140,696	136,278
	Operating expenses	413,532	410,197
		599,354	592,527

NET LOSS		$ (76,524)	$ (67,196)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (75,759)	$ (66,524)

Net loss allocated to other Partners		$ (765)	$ (672)

* Amounts include $(75,759) and $(66,524) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 25

		2017	2016
Revenues
	Rental	$ -	$ 427,000
	Interest and other	-	12,744
		-	439,744

Expenses
	Interest	-	55,151
	Depreciation and amortization	-	78,604
	Operating expenses	-	328,546
		-	462,301

NET LOSS		$ -	$ (22,557)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ -	$ (22,331)

Net loss allocated to other Partners		$ -	$ (226)

* Amounts include $- and $(22,331) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 26

		2017	2016
Revenues
	Rental	$ 900,779	$ 1,133,662
	Interest and other	18,548	24,802
		919,327	1,158,464

Expenses
	Interest	142,592	181,864
	Depreciation and amortization	232,520	288,199
	Operating expenses	780,980	1,002,380
		1,156,092	1,472,443

NET LOSS		$ (236,765)	$ (313,979)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (234,397)	$ (310,839)

Net loss allocated to other Partners		$ (2,368)	$ (3,140)

* Amounts include $(234,397) and $(310,839) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 27

		2017	2016
Revenues
	Rental	$ 402,299	$ 1,380,003
	Interest and other	5,622	6,276
		407,921	1,386,279

Expenses
	Interest	23,507	239,810
	Depreciation and amortization	120,642	309,373
	Operating expenses	329,597	944,846
		473,746	1,494,029

NET LOSS		$ (65,825)	$ (107,750)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (65,167)	$ (106,672)

Net loss allocated to other Partners		$ (658)	$ (1,078)

* Amounts include $(65,167) and $(106,672) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 28

		2017	2016
Revenues
	Rental	$ 501,140	$ 500,121
	Interest and other	12,635	9,336
		513,775	509,457

Expenses
	Interest	81,516	71,995
	Depreciation and amortization	112,889	115,386
	Operating expenses	391,916	433,166
		586,321	620,547

NET LOSS		$ (72,546)	$ (111,090)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (71,821)	$ (109,979)

Net loss allocated to other Partners		$ (725)	$ (1,111)

* Amounts include $(71,821) and $(109,979) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 29

		2017	2016
Revenues
	Rental	$ 874,203	$ 962,895
	Interest and other	84,101	63,597
		958,304	1,026,492

Expenses
	Interest	196,702	199,552
	Depreciation and amortization	247,758	244,583
	Operating expenses	777,606	770,811
		1,222,066	1,214,946

NET LOSS		$ (263,762)	$ (188,454)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (261,124)	$ (186,569)

Net loss allocated to other Partners		$ (2,638)	$ (1,885)

* Amounts include $(261,124) and $(186,569) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 30

		2017	2016
Revenues
	Rental	$ 515,042	$ 751,561
	Interest and other	12,640	45,948
		527,682	797,509

Expenses
	Interest	46,813	91,581
	Depreciation and amortization	145,249	202,659
	Operating expenses	404,406	610,909
		596,468	905,149

NET LOSS		$ (68,786)	$ (107,640)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (68,098)	$ (106,564)

Net loss allocated to other Partners		$ (688)	$ (1,076)

* Amounts include $(68,098) and $(106,564) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 31

		2017	2016
Revenues
	Rental	$ 779,319	$ 1,940,685
	Interest and other	22,666	174,470
		801,985	2,115,155

Expenses
	Interest	74,857	196,780
	Depreciation and amortization	264,177	567,427
	Operating expenses	695,785	1,541,743
		1,034,819	2,305,950

NET LOSS		$ (232,834)	$ (190,795)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (230,506)	$ (188,887)

Net loss allocated to other Partners		$ (2,328)	$ (1,908)

* Amounts include $(230,506) and $(188,887) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 32

		2017	2016
Revenues
	Rental	$ 1,022,002	$ 1,722,521
	Interest and other	26,860	159,181
		1,048,862	1,881,702

Expenses
	Interest	164,515	268,103
	Depreciation and amortization	311,842	537,645
	Operating expenses	816,689	1,427,978
		1,293,046	2,233,726

NET LOSS		$ (244,184)	$ (352,024)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (241,742)	$ (348,504)

Net loss allocated to other Partners		$ (2,442)	$ (3,520)

* Amounts include $(241,742) and $(348,504) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 33

		2017	2016
Revenues
	Rental	$ 704,712	$ 687,842
	Interest and other	25,494	21,964
		730,206	709,806

Expenses
	Interest	119,565	112,698
	Depreciation and amortization	179,293	192,599
	Operating expenses	538,916	518,800
		837,774	824,097

NET LOSS		$ (107,568)	$ (114,291)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (106,492)	$ (113,148)

Net loss allocated to other Partners		$ (1,076)	$ (1,143)

* Amounts include $(106,492) and $(113,148) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 34

		2017	2016
Revenues
	Rental	$ 485,873	$ 792,078
	Interest and other	17,506	25,072
		503,379	817,150

Expenses
	Interest	52,131	121,301
	Depreciation and amortization	137,814	214,454
	Operating expenses	377,235	618,888
		567,180	954,643

NET LOSS		$ (63,801)	$ (137,493)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (63,163)	$ (136,118)

Net loss allocated to other Partners		$ (638)	$ (1,375)

* Amounts include $(63,163) and $(136,118) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 35

		2017	2016
Revenues
	Rental	$ 571,313	$ 1,175,230
	Interest and other	16,103	38,304
		587,416	1,213,534

Expenses
	Interest	94,832	224,588
	Depreciation and amortization	173,454	412,269
	Operating expenses	334,048	732,303
		602,334	1,369,160

NET LOSS		$ (14,918)	$ (155,626)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (14,769)	$ (154,070)

Net loss allocated to other Partners		$ (149)	$ (1,556)

* Amounts include $(14,769) and $(154,070) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 36

		2017	2016
Revenues
	Rental	$ 322,092	$ 317,822
	Interest and other	9,178	8,517
		331,270	326,339

Expenses
	Interest	64,417	57,271
	Depreciation and amortization	84,557	97,781
	Operating expenses	248,232	243,903
		397,206	398,955

NET LOSS		$ (65,936)	$ (72,616)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (65,277)	$ (71,890)

Net loss allocated to other Partners		$ (659)	$ (726)

* Amounts include $(65,277) and $(71,890) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 37

		2017	2016
Revenues
	Rental	$ 407,915	$ 1,452,093
	Interest and other	40,351	58,318
		448,266	1,510,411

Expenses
	Interest	64,154	306,076
	Depreciation and amortization	139,403	459,576
	Operating expenses	316,589	1,053,614
		520,146	1,819,266

NET LOSS		$ (71,880)	$ (308,855)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (71,161)	$ (305,766)

Net loss allocated to other Partners		$ (719)	$ (3,089)

* Amounts include $(71,161) and $(305,766) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 38

		2017	2016
Revenues
	Rental	$ 887,427	$ 1,756,776
	Interest and other	10,837	45,784
		898,264	1,802,560

Expenses
	Interest	123,561	304,848
	Depreciation and amortization	186,314	420,171
	Operating expenses	640,508	1,187,985
		950,383	1,913,004

NET LOSS		$ (52,119)	$ (110,444)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (51,598)	$ (109,340)

Net loss allocated to other Partners		$ (521)	$ (1,104)

* Amounts include $(51,598) and $(109,340) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 39

		2017	2016
Revenues
	Rental	$ 84,216	$ 746,462
	Interest and other	-	28,669
		84,216	775,131

Expenses
	Interest	3,119	148,585
	Depreciation and amortization	14,546	172,026
	Operating expenses	73,250	534,006
		90,915	854,617

NET LOSS		$ (6,699)	$ (79,486)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (6,632)	$ (78,691)

Net loss allocated to other Partners		$ (67)	$ (795)

* Amounts include $(6,632) and $(78,691) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 40

		2017	2016
Revenues
	Rental	$ 1,149,937	$ 1,448,000
	Interest and other	26,095	29,090
		1,176,032	1,477,090

Expenses
	Interest	238,819	290,153
	Depreciation and amortization	335,439	434,196
	Operating expenses	935,512	1,003,602
		1,509,770	1,727,951

NET LOSS		$ (333,738)	$ (250,861)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (330,401)	$ (248,352)

Net loss allocated to other Partners		$ (3,337)	$ (2,509)

* Amounts include $(330,401) and $(248,352) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 41

		2017	2016
Revenues
	Rental	$ 2,581,490	$ 2,720,284
	Interest and other	53,502	73,131
		2,634,992	2,793,415

Expenses
	Interest	531,094	547,115
	Depreciation and amortization	613,670	678,310
	Operating expenses	1,808,103	1,828,142
		2,952,867	3,053,567

NET LOSS		$ (317,875)	$ (260,152)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (314,696)	$ (257,550)

Net loss allocated to other Partners		$ (3,179)	$ (2,602)

* Amounts include $(314,696) and $(257,550) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 42

		2017	2016
Revenues
	Rental	$ 1,823,744	$ 1,799,442
	Interest and other	76,131	129,594
		1,899,875	1,929,036

Expenses
	Interest	395,600	380,976
	Depreciation and amortization	560,944	558,935
	Operating expenses	1,360,604	1,364,820
		2,317,148	2,304,731

NET LOSS		$ (417,273)	$ (375,695)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (413,100)	$ (371,938)

Net loss allocated to other Partners		$ (4,173)	$ (3,757)

* Amounts include $(413,100) and $(371,938) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 43

		2017	2016
Revenues
	Rental	$ 2,619,352	$ 2,590,713
	Interest and other	131,204	109,734
		2,750,556	2,700,447

Expenses
	Interest	411,981	382,972
	Depreciation and amortization	863,189	875,902
	Operating expenses	2,020,128	1,963,968
		3,295,298	3,222,842

NET LOSS		$ (544,742)	$ (522,395)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (539,295)	$ (517,171)

Net loss allocated to other Partners		$ (5,447)	$ (5,224)

* Amounts include $(539,295) and $(517,171) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 44

		2017	2016
Revenues
	Rental	$ 2,931,740	$ 2,977,712
	Interest and other	90,941	77,859
		3,022,681	3,055,571

Expenses
	Interest	701,213	722,083
	Depreciation and amortization	683,908	727,408
	Operating expenses	1,757,026	1,702,100
		3,142,147	3,151,591

NET LOSS		$ (119,466)	$ (96,020)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (118,271)	$ (95,060)

Net loss allocated to other Partners		$ (1,195)	$ (960)

* Amounts include $(118,271) and $(95,060) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 45

		2017	2016
Revenues
	Rental	$ 3,620,177	$ 3,583,687
	Interest and other	73,570	68,543
		3,693,747	3,652,230

Expenses
	Interest	485,156	513,990
	Depreciation and amortization	984,440	1,005,493
	Operating expenses	2,621,021	2,559,633
		4,090,617	4,079,116

NET LOSS		$ (396,870)	$ (426,886)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (392,901)	$ (422,617)

Net loss allocated to other Partners		$ (3,969)	$ (4,269)

* Amounts include $(392,901) and $(422,617) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE D - INVESTMENT IN OPERATING PARTNERSHIPS - (continued)

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

Series 46

		2017	2016
Revenues
	Rental	$ 2,309,911	$ 2,856,476
	Interest and other	50,192	70,079
		2,360,103	2,926,555

Expenses
	Interest	471,942	626,574
	Depreciation and amortization	571,780	686,230
	Operating expenses	1,504,519	1,919,406
		2,548,241	3,232,210

NET LOSS		$ (188,138)	$ (305,655)

Net loss allocated to Boston Capital Tax Credit Fund IV L.P.*		$ (186,257)	$ (302,598)

Net loss allocated to other Partners		$ (1,881)	$ (3,057)

* Amounts include $(186,257) and $(302,598) for 2017 and 2016, 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, 2017
(Unaudited)

NOTE E - TAXABLE LOSS

The Fund's taxable loss for calendar year ended December 31, 2017 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 2013 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, 2017. 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, 2017 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, 2017 were $609,527 and total fund management fees accrued as of September 30, 2017 were $34,839,474. During the six months ended September 30, 2017, $5,548,540 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, 2017, an affiliate of the general partner of the Fund advanced a total of $212,915 to Series 44 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, 2017, $6,862 was advanced to Series 44 from an affiliate of the general partner, as well as $220,455 and $54,659 was paid back from Series 39 and Series 45, respectively, to an affiliate of the general partner. 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 2,980,998 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, 2017.

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, 2017, 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, 2017, 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, 2017, 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 19 of the Operating Partnerships and 3 remain.

Prior to the quarter ended September 30, 2017, 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, 2017, 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 all 22 Operating Partnerships.

Prior to the quarter ended September 30, 2017, 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 36 of the Operating Partnerships and 9 remain.

Prior to the quarter ended September 30, 2017, 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 12 of the Operating Partnerships and 4 remain.

Prior to the quarter ended September 30, 2017, 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, 2017, 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, 2017, 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, 2017. 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 14 of the Operating Partnerships and 6 remain.

During the quarter ended September 30, 2017, Series 30 did not record any releases of capital contributions. Series 30 has outstanding contributions payable to 2 Operating Partnerships in the amount of $65,176 as of September 30, 2017. 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 19 of the Operating Partnerships and 8 remain.

During the quarter ended September 30, 2017, 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, 2017. 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 11 of the Operating Partnerships and 6 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, 2017, 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, 2017. 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, 2017, 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, 2017. 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 10 of the Operating Partnerships and 4 remain.

Prior to the quarter ended September 30, 2017, 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 9 of the Operating Partnerships and 2 remain.

Prior to the quarter ended September 30, 2017, 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, 2017, 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 5 of the Operating Partnerships and 2 remain.

During the quarter ended September 30, 2017, 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, 2017. 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 6 of the Operating Partnerships and 4 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, 2017, 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 8 of the Operating Partnerships and 1 remains. 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, 2017, 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 7 of the Operating Partnerships and 9 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, 2017, 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, 2017. 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 7 of the Operating Partnerships and 16 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, 2017, 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, 2017. 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, 2017, 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, 2017. 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, 2017, 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, 2017. 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, 2017, 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 4 of the Operating Partnerships and 27 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, 2017, 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, 2017. 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. Series 46 has since sold its interest in 1 of the Operating Partnerships and 14 remain. 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, 2017, Series 46 had released all payments of its capital contributions to the Operating Partnerships.

Results of Operations

As of September 30, 2017 and 2016, the Fund held limited partnership interests in 191 and 236 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, 2017, 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	$ 5,536	$ 296	$ 5,240
Series 21	2,719	1,588	1,131
Series 22	7,303	-	7,303
Series 23	5,556	-	5,556
Series 24	12,588	1,178	11,410
Series 25	5,440	1,692	3,748
Series 26	22,545	2,841	19,704
Series 27	9,555	2,000	7,555
Series 28	8,844	-	8,844
Series 29	20,547	3,387	17,160
Series 30	12,609	-	12,609
Series 31	21,699	-	21,699
Series 32	26,370	-	26,370
Series 33	16,397	-	16,397
Series 34	12,366	4,200	8,166
Series 35	17,481	2,459	15,022
Series 36	7,626	-	7,626
Series 37	12,501	-	12,501
Series 38	18,234	500	17,734
Series 39	1,709	-	1,709
Series 40	28,709	-	28,709
Series 41	52,147	1,500	50,647
Series 42	42,870	5,913	36,957
Series 43	57,693	6,687	51,006
Series 44	57,825	-	57,825
Series 45	70,359	11,318	59,041
Series 46	52,299	10,628	41,671
	$609,527	$56,187	$553,340

	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	$ 11,071	$ 2,112	$ 8,959
Series 21	5,438	2,051	3,387
Series 22	14,606	500	14,106
Series 23	11,112	1,750	9,362
Series 24	25,176	2,345	22,831
Series 25	11,374	1,692	9,682
Series 26	45,090	3,841	41,249
Series 27	24,523	2,000	22,523
Series 28	17,688	2,000	15,688
Series 29	41,093	3,387	37,706
Series 30	29,263	48,554	(19,291)
Series 31	43,398	1,500	41,898
Series 32	52,740	6,500	46,240
Series 33	32,795	6,500	26,295
Series 34	24,732	4,200	20,532
Series 35	34,962	2,459	32,503
Series 36	15,252	1,910	13,342
Series 37	25,002	8,018	16,984
Series 38	36,468	500	35,968
Series 39	3,418	-	3,418
Series 40	58,475	-	58,475
Series 41	105,586	1,949	103,637
Series 42	85,740	6,948	78,792
Series 43	115,386	19,430	95,956
Series 44	115,651	1,000	114,651
Series 45	140,718	15,866	124,852
Series 46	104,598	10,628	93,970
	$1,231,355	$157,640	$1,073,715

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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 3 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 20 reflects a net loss from Operating Partnerships of $(49,180) and $(27,363), respectively, which includes depreciation and amortization of $72,185 and $86,616, 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 was 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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 2 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 21 reflects a net loss from Operating Partnerships of $(9,375) and $(540), respectively, which includes depreciation and amortization of $41,440 and $41,517, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 22

For the six month periods ended September 30, 2017 and 2016, Series 22 reflects a net loss from Operating Partnerships of $(35,259) and $(34,159), respectively, which includes depreciation and amortization of $69,003 and $55,366, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 23

For the six month periods ended September 30, 2017 and 2016, Series 23 reflects a net loss from Operating Partnerships of $(10,702) and $(185,282), respectively, which includes depreciation and amortization of $44,899 and $307,885, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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.

In March 2017, the investment general partner transferred its interest in Colonna Redevelopment Company to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $375,000 and cash proceeds to the investment partnership of $500,000. Of the total proceeds received, $15,000 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $485,000 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 $485,000 as of March 31, 2017.

In January 2017, the operating general partner of Sacramento SRO Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 21, 2017. The sales price of the property was $3,800,000, which included the outstanding mortgage balance of approximately $2,701,113 and cash proceeds to the investment partnership of $964,665. 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 $959,665 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 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 $959,665 as of June 30, 2017.

Series 24

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 24 reflects a net loss from Operating Partnerships of $(76,524) and $(67,196), respectively, which includes depreciation and amortization of $140,696 and $136,278, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Series 25

As of September 30, 2016, the average Qualified Occupancy for the series was 100%. The series did not have any properties as of September 30, 2017.

For the six month periods ended September 30, 2017 and 2016, Series 25 reflects a net loss from Operating Partnerships of $- and $(22,557), respectively, which includes depreciation and amortization of $- and $78,604, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In September 2017, the investment general partner transferred its interest in Ethel Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $736,238 and cash proceeds to the investment partnership of $21,000. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $19,500 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $19,500 as of September 30, 2017.

In August 2017, the investment general partner transferred its interest in Horse Cave Family Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $753,559 and cash proceeds to the investment partnership of $12,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $9,500 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $9,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Shannon Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,157,526 and cash proceeds to the investment partnership of $36,000. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $34,500 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $34,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in West Point Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $638,133 and cash proceeds to the investment partnership of $35,311. Of the total proceeds received, $1,412 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $33,899 were returned to cash reserves held by Series 25. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $33,899 as of September 30, 2017.

Series 26

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 26 reflects a net loss from Operating Partnerships of $(236,765) and $(313,979), respectively, which includes depreciation and amortization of $232,520 and $288,199, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 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 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.

In September 2017, the investment general partner transferred its interest in Mason Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $849,683 and cash proceeds to the investment partnership of $18,000. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $16,500 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 $16,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Maxton Green Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $802,661 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,500 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 $14,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Meridian Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $651,291 and cash proceeds to the investment partnership of $36,000. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $34,500 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 $34,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Timmonsville Green Associates Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $970,535 and cash proceeds to the investment partnership of $16,000. Of the total proceeds received, $1,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $14,500 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 $14,500 as of September 30, 2017.

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.

Brookhaven Apartments Partnership, A LP

Beauregard Apartments Partnership, A L.D.H.A.

Warrensburg Heights L.P.

Series 27

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 27 reflects a net loss from Operating Partnerships of $(65,825) and $(107,750), respectively, which includes depreciation and amortization of $120,642 and $309,373, 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 was 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.

In October 2016, the investment general partner transferred 50% of its interest in Canisteo Manor, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $438,188 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 27. The remaining 50% investment limited partner interest in the Operating Partnership is scheduled to be transferred in November 2017 for the assumption of approximately $438,188 of the remaining outstanding mortgage balance and nominal consideration.

In December 2016, the operating general partner of Wayne Housing Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 27, 2017. The sales price of the property was $12,800,000, which included the outstanding mortgage balance of approximately $5,844,046 and cash proceeds to the investment partnership of $3,291,567 which were returned to cash reserves held by Series 27. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $3,291,567 as of June 30, 2017.

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

Angelou Court

Series 28

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 5 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 28 reflects a net loss from Operating Partnerships of $(72,546) and $(111,090), respectively, which includes depreciation and amortization of $112,889 and $115,386, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 8 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 29 reflects a net loss from Operating Partnerships of $(263,762) and $(188,454), respectively, which includes depreciation and amortization of $247,758 and $244,583, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Edgewood Apartments Partnership, A Louisiana Partnership

Westfield Apartments Partnership, A Louisiana Partnership

Harbor Pointe/MHT LDHA

The Lincoln Hotel

Poplarville Housing Inc.

Series 30

For the six month periods ended September 30, 2017 and 2016, Series 30 reflects a net loss from Operating Partnerships of $(68,786) and $(107,640), respectively, which includes depreciation and amortization of $145,249 and $202,659, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In February 2017, the operating general partner of Linden Partners II, LLC entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on April 28, 2017. The sales price of the property was $1,125,000, which included the outstanding mortgage balance of approximately $681,507 and cash proceeds to the investment partnership of $192,168. Of the total proceeds received by the investment partnership, $40,738 represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the sale. Of the remaining proceeds, $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 $148,430 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 sale of the Operating Partnership of the proceeds from the sale, net of the overhead and expense reimbursement, has been recorded in the amount of $148,430 as of June 30, 2017. In July 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $2,091 which was returned to the cash reserves.

In June 2017, the investment general partner transferred its interest in C.V.V.A. Limited Partnership to a non-affiliated entity for its assumption of the outstanding mortgage balance of approximately $1,432,770 and cash proceeds to the investment partnership of $78,000. Of the total proceeds received, $2,500 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $75,500 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. The transfer proceeds were not received as of June 30, 2017, so a receivable in the amount of $75,500 was recorded. 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 $75,500 as of June 30, 2017. In addition, equity outstanding for the Operating Partnership in the amount of $39,963 for Series 30 was recorded as gain on the transfer of the Operating Partnership as of June 30, 2017.

Bellwood Four Limited Partnership

JMC Limited Liability Company

Series 31

For the six month periods ended September 30, 2017 and 2016, Series 31 reflects a net loss from Operating Partnerships of $(232,834) and $(190,795), respectively, which includes depreciation and amortization of $264,177 and $567,427, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred its interest in Eagles Ridge Terrace Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,391,732 and cash proceeds to the investment partnership of $72,000. 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 $69,500 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 $69,500 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Henderson Terrace Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $399,366 and cash proceeds to the investment partnership of $19,200. 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 $16,700 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 $16,700 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Lakeview Little Elm Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $340,752 and cash proceeds to the investment partnership of $19,200. 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 $16,700 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 $16,700 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Mesquite Trails Apartments to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $523,176 and cash proceeds to the investment partnership of $28,800. 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 $26,300 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 $26,300 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Pilot Point Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $587,525 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 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 $29,500 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Seagraves Apartments, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $354,789 and cash proceeds to the investment partnership of $12,800. 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 $10,300 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 $10,300 as of December 31, 2016.

In November 2016, the investment general partner transferred its interest in Silver Creek Apartments/MHT, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $3,332,447 and cash proceeds to the investment partnership of $627,947. 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 $622,947 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. The transfer proceeds were received in the first quarter of 2017; so a receivable in the amount of $622,947 was recorded as of December 31, 2016. 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 $622,947 as of December 31, 2016. In March 2017, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $85,464, which were returned to the cash reserves held by the Series.

In September 2017, the investment general partner transferred its interest in Ellisville Housing, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $508,068 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,500 will be 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 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 $22,500 as of September 30, 2017.

In September 2017, the investment general partner transferred its interest in Hattiesburg Housing, Inc. to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $773,195 and cash proceeds to the investment partnership of $24,000. Of the total proceeds received, $1,500 will be 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 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 $22,500 as of September 30, 2017.

Canton Housing One, L.P.

Canton Housing Two, L.P.

Canton Housing Three, L.P.

Canton Housing Four, L.P.

Series 32

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 6 properties at September 30, 2017, all of which were at 100% Qualified Occupancy

For the six month periods ended September 30, 2017 and 2016, Series 32 reflects a net loss from Operating Partnerships of $(244,184) and $(352,024), respectively, which includes depreciation and amortization of $311,842 and $537,645, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred its interest in Indiana Development Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,129,504 and cash proceeds to the investment partnership of $47,500. 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 $45,000 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $45,000 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Granada Rose, Limited Partnership, a Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $124,650 and cash proceeds to the investment partnership of $6,400. 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 $3,900 were returned to cash reserves held by Series 32. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $3,900 as of December 31, 2016.

In November 2016, the operating general partner of Cogic Village LDHA Limited Partnership entered into an agreement to sell the property to an unrelated third party buyer and the transaction closed on February 8, 2017. The sales price of the property was $3,275,000, which included the outstanding mortgage balance of approximately $1,991,521, and cash proceeds to the investment partnership of $522,652. Of the total proceeds received by the investment partnership, $2,000 will be paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $520,652 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 $520,652 as of March 31, 2017. In June 2017, the investment partnership received additional proceeds equal to its share of the Operating Partnership's cash in the amount of $14,506 which was returned to the cash reserves.

In July 2017, the operating general partner of Courtside Housing Associates, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on September 12, 2017. The sales price of the property was $3,625,000, which included the outstanding mortgage balance of approximately $600,000 and cash proceeds to the investment partnership of $1,536,999. 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 $1,533,999 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 $1,533,999 as of September 30, 2017.

Pecan Manor Apartments

Parkside Plaza, LLP

Series 33

For the six month periods ended September 30, 2017 and 2016, Series 33 reflects a net loss from Operating Partnerships of $(107,568) and $(114,291), respectively, which includes depreciation and amortization of $179,293 and $192,599, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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

Stearns Assisted Housing Associates, LP

Harbor Pointe/MHT LDHA

Series 34

For the six month periods ended September 30, 2017 and 2016, Series 34 reflects a net loss from Operating Partnerships of $(63,801) and $(137,493), respectively, which includes depreciation and amortization of $137,814 and $214,454, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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.

In December 2016, the investment general partner transferred their respective interests in Washington Courtyards Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,958,317 and cash proceeds to the investment partnerships of $394,536 and $165,090 for Series 34 and Series 35, respectively. Of the total proceeds received, $2,115 and $885 for Series 34 and Series 35, respectively, represents reporting fees due to an affiliate of the investment partnership and the balance represents proceeds from the transfer. Of the remaining proceeds, $4,230 and $1,770 for Series 34 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 $388,191 and $162,435 for Series 34 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 $388,191 and $162,435 for Series 34 and Series 35, respectively, as of December 31, 2016.

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

RHP 96-I, L.P.

Belmont Affordable Housing II, LP

Series 35

For the six month periods ended September 30, 2017 and 2016, Series 35 reflects a net loss from Operating Partnerships of $(14,918) and $(155,626), respectively, which includes depreciation and amortization of $173,454 and $412,269, 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 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. In January 2017, the investment partnership received additional proceeds for its share of the Operating Partnership's cash in the amount of $12,121 and $12,121 for Series 35 and Series 36, respectively, which were returned to the cash reserves held by the Series.

In November 2016, the operating general partner of Columbia Woods, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on February 6, 2017. The sales price of the property was $7,450,000, which included the outstanding mortgage balance of approximately $3,865,108 and cash proceeds to the investment partnerships of $168,307 and $422,243 for Series 35 and Series 37, respectively. Of the total proceeds received by the investment partnerships, $2,850 and $7,150 for Series 35 and Series 37, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $165,457 and $415,093 for Series 35 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 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 $165,457 and $415,093 for Series 35 and Series 37, respectively, as of March 31, 2017.

In September 2017, the investment general partner transferred its interest in Cypress Point Housing Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $1,480,787 and cash proceeds to the investment partnership of $2,656,528. Of the total proceeds received, $3,000 will be paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $2,653,528 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 $2,653,528 as of September 30, 2017.

Series 36

For the six month periods ended September 30, 2017 and 2016, Series 36 reflects a net loss from Operating Partnerships of $(65,936) and $(72,616), respectively, which includes depreciation and amortization of $84,557 and $97,781, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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, 2017 and 2016, Series 37 reflects a net loss from Operating Partnerships of $(71,880) and $(308,855), respectively, which includes depreciation and amortization of $139,403 and $459,576, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In December 2016, the investment general partner transferred their respective interests in Baldwin Villas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $5,226,317 and no cash proceeds to the investment partnerships and no cash proceeds returned to the cash reserves held by Series 37, Series 40 and Series 45, 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 transfer of the Operating Partnership has been recorded as of 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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 4 properties at September 30, 2017, all of which were at 100% qualified occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 38 reflects a net loss from Operating Partnerships of $(52,119) and $(110,444), respectively, which includes depreciation and amortization of $186,314 and $420,171, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

In November 2016, the operating general partner of Columbia Creek, Limited Partnership entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 3, 2017. The sales price of the property was $12,700,000, which included the outstanding mortgage balance of approximately $4,897,221 and cash proceeds to the investment partnerships of $1,112,310 and $1,157,711 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $4,900 and $5,100 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, were returned to cash reserves held by Series 38 and Series 39, respectively. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership'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 $1,107,410 and $1,152,611 for Series 38 and Series 39, respectively, as of March 31, 2017.

In June 2016, the operating general partner of Andover Housing Associates Limited Partnership entered into an agreement to sell the property to a non-affiliated third party buyer and the transaction closed on November 15, 2016. The sales price of the property was $4,402,000, which included the outstanding mortgage balance of approximately $2,136,141 and cash proceeds to the investment partnership of $1,790,410. Of the total proceeds received by the investment partnership, $2,500 was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $1,787,910 was 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 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 $1,787,910 as of December 31, 2016.

In December 2016, the investment general partner transferred its interest in Edna Vanderbilt, LP, A Texas Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $216,530 and cash proceeds to the investment partnership of $9,600. 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 $7,100 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 $7,100 as of December 31, 2016.

In October 2016, the operating general partner of Arbors at Eagle Crest LDHA LP entered into an agreement to sell the property to a non-affiliated entity and the transaction closed on January 26, 2017. The sales price of the property was $3,700,000, which included the outstanding mortgage balance of approximately $2,078,128 and cash proceeds to the investment partnerships of $377,821 and $377,821 for Series 38 and Series 39, respectively. Of the total proceeds received by the investment partnerships, $6,543 and $6,543 for Series 38 and Series 39, respectively, was paid to BCAMLP for expenses related to the sale, which include third party legal costs. The remaining proceeds from the sale of $371,278 and $371,278 for Series 38 and Series 39, 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 $371,278 and $371,278 for Series 38 and Series 39, respectively, as of March 31, 2017.

Series 39

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 1 property at September 30, 2017, which was at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 39 reflects net loss from Operating Partnerships of $(6,699) and $(79,486), respectively, which includes depreciation and amortization of $14,546 and $172,026, respectively. This is an interim period estimate; it is not indicative of the final year end results.

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 was 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 was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $12,000 were returned to cash reserves held by Series 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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 9 properties at September 30, 2017, all of which at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 40 reflects a net loss from Operating Partnerships of $(333,738) and $(250,861), respectively, which includes depreciation and amortization of $335,439 and $434,196, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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.

In January 2017, the investment general partner transferred its interest in Azle Fountainhead, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $924,937 and cash proceeds to the investment partnership of $47,200. 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 $44,700 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 $44,700 as of March 31, 2017.

In August 2017, the investment general partner transferred their respective interests in Springfield Metro, Limited Partnership to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $23,195,469 and cash proceeds to the investment partnerships of $589,289 and $720,242 for Series 40 and Series 41, respectively. Of the total proceeds received, $337 and $413 for Series 40 and Series 41, respectively, was paid to BCAMLP for expenses related to the transfer, which include third party legal costs. The remaining proceeds of approximately $588,952 and $719,829 for Series 40 and Series 41, respectively, were returned to cash reserves. The monies held in cash reserves will be utilized to pay current operating expenses, accrued but unpaid asset management fees, and accrued but unpaid expenses of the investment partnership. After all outstanding obligations of the investment partnership are satisfied, any remaining monies will be distributed based on the number of BACs held by each investor at the time of distribution. Annual losses generated by the Operating Partnership, which were applied against the investment limited partnership's investment in the Operating Partnership in accordance with the equity method of accounting, had previously reduced the investment limited partnership investment in the Operating Partnership to zero. Accordingly, a gain on the transfer of the Operating Partnership of the proceeds from the transfer, net of the overhead and expense reimbursement, has been recorded in the amount of $588,952 and $719,829 for Series 40 and Series 41, respectively, as of September 30, 2017.

Center Place Apartments II Limited Partnership

Oakland Partnership

Series 41

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 16 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 41 reflects a net loss from Operating Partnerships of $(317,875) and $(260,152), respectively, which includes depreciation and amortization of $613,670 and $678,310, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 will expire on December 31, 2017.

In March 2017, the investment general partner transferred its interest in Sunshine Village Apartments, Limited to an entity affiliated with the operating general partner for its assumption of the outstanding mortgage balance of approximately $680,145 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 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 $70,500 as of March 31, 2017.

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

Bienville Partnership, A L.P.

San Diego/Fox Hollow, LP

Series 42

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 15 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 42 reflects a net loss from Operating Partnerships of $(417,273) and $(375,695), respectively, which includes depreciation and amortization of $560,944 and $558,935, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

New Chester Townhouses II, A Limited Partnership (Chester Townhouses Phase II Apartments) is a 52-unit family property in Chester, SC. The low income housing tax credit compliance period expires on December 31, 2021. As the property has stabilized and is now operating above breakeven, the investment general partner will cease reporting for New Chester Townhouses II, A Limited Partnership subsequent to September 30, 2017.

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

San Diego/Fox Hollow LP.

Wingfield Apartments Partnership II, LP

Series 43

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 19 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 43 reflects a net loss from Operating Partnerships of $(544,742) and $(522,395), respectively, which includes depreciation and amortization of $863,189 and $875,902, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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

San Diego/Fox Hollow LP.

Parkside Plaza, LLP

Series 44

As of September 30, 2017 and 2016, the average Qualified Occupancy was 100%. The series had a total of 7 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 44 reflects a net loss from Operating Partnerships of $(119,466) and $(96,020), respectively, which includes depreciation and amortization of $683,908 and $727,408, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

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 was the third party property management company and the investment general partner who directed property operations starting in 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 during 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 $780,762. This is equivalent to recapture costs and interest penalties of $289 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 or loss on the foreclosure of the Operating Partnership has been reported. 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, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 27 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 45 reflects a net loss from Operating Partnerships of $(396,870) and $(426,886), respectively, which includes depreciation and amortization of $984,440 and $1,005,493 respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Brookside Square Limited Partnership (Brookside Square Apartments) is a 32-unit property located in Boykins, VA. On June 18, 2017 a guest of the property, while trying to park the car, drove into unit 202 causing significant structural damage. There were no injuries reported, and as a result of the accident units 202 and 203 were condemned by the building inspector. One resident was evicted as a result of the accident and one resident was relocated to a vacant unit. The property is seeking reimbursement through the owner's car insurance policy to cover the damage. The management agent hired a contractor to complete the repairs at a cost of $20,443. The work started October 3, 2017 and is scheduled to complete in 30 days. The units will be inspected before management can re-occupy the units. Insurance will also reimburse the site for loss of rents. The Operating Partnership will operate above breakeven once the proceeds to offset the repair costs are received. The property was 87.5% occupied as of September 30, 2017. The investment general partner will continue to work with the operating general partner and the management company to monitor the work currently in progress. 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, 2018.

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. However, the workout agreement ended May 1, 2016. As of September, 2017, the property is 99% occupied. Despite high occupancy 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 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. An increase in legal expenses and a drop in occupancy at the beginning of 2017 caused below breakeven operations to continue through the third quarter. However, occupancy improved to 100% in September 2017 and is averaging 96% for the year. The investment general partner will continue to work with the operating general partner and the management company to improve operations. 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.

Borger Fountainhead L.P. (La Mirage Apartments) is a 48-unit family property in Borger, Texas. The property operated below breakeven in 2016 due to high maintenance and administrative expenses and low occupancy. Occupancy has improved to 91% in 2017 and maintenance and administrative expenses have both decreased. 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 will expire on December 31, 2018.

Heritage Christian Home III, L.P. (Heritage Christian Home III, LP) is a 12-unit assisted living single room occupancy property for adults with developmental disabilities located in Rochester, NY. The property operated below breakeven in 2016 due to the allocation of staff salaries that had not been previously allocated to the property. Previously the salaries were funded by the operating general partner and guarantor. The staffs' salaries are now allocated to the property and any resulting operating deficits will be funded by the operating general partner. The operating general partners operating deficit guarantee is unlimited in time and amount. The 15-year low income housing tax credit compliance period for Heritage Christian Home III, LP expires on December 31, 2017.

Reese I Limited Partnership (Reese Village Apartments) is a 40-unit property located in Emporia, VA. The property is operating below breakeven with occupancy of 90% as of September 30, 2017. The property is aging, and requiring significant replacements and repairs for each unit turn. On May 27, 2017, a pipe burst in a unit and flooded the unit. Adjacent units also incurred water damage. None of the residents were displaced, and all of the work was completed on June 1, 2017. As the repair was done so quickly, there will be no 8823s issued. Management filed the claim in July with the insurance company for water damage and debris removal. The total claim amount is $3,956. Total proceeds received, less the $1,000 deductible, was $2,956. The investment general partner will work with the operating general partner on ways to improve resident retention efforts. The operating general partner's operating deficit guaranteed has expired. The 15-year low income housing tax credit compliance period will expire on December 31, 2019.

Series 46

As of September 30, 2017 and 2016, the average Qualified Occupancy for the series was 100%. The series had a total of 14 properties at September 30, 2017, all of which were at 100% Qualified Occupancy.

For the six month periods ended September 30, 2017 and 2016, Series 46 reflects a net loss from Operating Partnerships of $(188,138) and $(305,655), respectively, which includes depreciation and amortization of $571,780 and $686,230, respectively. This is an interim period estimate; it is not indicative of the final year-end results.

Panola Housing Ltd. (Panola Apartments) is a 32-unit family property in Carthage, TX. The property operated below breakeven in 2016 and through the third quarter of 2017. High operating expenses continue to be an issue at the property. The investment general partner continues to work with the operating general partner and the management company to ensure stabilized property operations. 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. Operations were below breakeven in 2016, largely due to management's inability to increase rents and retain current tenants, while incurring additional operating expenses. The investment general partner will continue to work with the operating general partner and management company to improve occupancy and overall operations. The operating general partner's operating deficit guarantee expires on December 31, 2020. The 15-year low income housing tax credit compliance period expires on December 31, 2020.

On November 22, 2016, the operating general partner of Agent Kensington Limited Partnership sold the property to an unrelated third party buyer. The sales price of the property was $6,625,000, which included the outstanding mortgage balance of approximately $4,023,594 and cash proceeds to the investment partnership of $398,183. 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 $393,183 were returned to cash reserves held by Series 46. 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 $393,183 as of December 31, 2016.

Saint Martin Apartments, L.P. (Saint Martin Apartments) is a 40-unit family property in McComb, MS. The property operated slightly above breakeven in 2016 but is operating below breakeven through the third quarter of 2017, mainly due to low occupancy. The investment limited partner will continue to work with the operating general partner on improving occupancy and will monitor operations. The 15-year low income housing tax credit compliance period for Saint Martin Apartments, L.P. expires on December 31, 2020.

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, 2017 and 2016. 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.

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, 2017 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, 2017.

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, 2017 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 13, 2017		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 13, 2017	/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 13, 2017	/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 13, 2017

Attached files

BF Garden Tax Credit Fund IV L.P. Reports