-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RqsDPSYkOD1dyaHbIPWDDb954o6T81shSdx/F0U0SC0JMqUMgh5y01EFAU3ALGmh PXKs5zbUTX/9TGEreUGVYQ== 0000840258-97-000002.txt : 19971119 0000840258-97-000002.hdr.sgml : 19971119 ACCESSION NUMBER: 0000840258-97-000002 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970930 FILED AS OF DATE: 19971118 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY PACIFIC HOUSING FUND I CENTRAL INDEX KEY: 0000809034 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 953938971 STATE OF INCORPORATION: CA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: SEC FILE NUMBER: 033-11194 FILM NUMBER: 97723789 BUSINESS ADDRESS: STREET 1: 1925 CENTURY PARK EAST STE 1760 CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 3102081888 MAIL ADDRESS: STREET 2: 1925 CENTURY PARK EAST SUITE 1760 CITY: LOS ANGELES STATE: CA ZIP: 90067 10-Q 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarter Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter ended September 30, 1997 Commission file number 33-11194 CENTURY PACIFIC HOUSING FUND-I (Exact name of registrant as specified in its charter) California 95-3938971 (state of other jurisdiction of (I.R.S. Employer incorporation of organization) Identification Number) 1925 Century Park East, Suite 1760 90067 Los Angeles, CA (Zip Code) (Address of principal executive offices) Registrant's telephone number, including area code: (800)262-8242 No Change (Former name, former address and former fiscal year if changed since last report) Indicate by a 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 [x} No[ ] EX-27 2
5 3-MOS MAR-31-1998 SEP-30-1997 1,457 0 15,549 0 0 0 0 0 353,069 816,196 0 0 0 0 0 353,069 400 400 0 0 44,177 (43,777) 0 (43,777) 0 0 0 0 0 (43,777) 0 0
EX-99 3 TABLE OF CONTENTS Page PART I FINANCIAL INFORMATION Item 1 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA . . . . . . . . . . . . 1 Item 2 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONS AND RESULTS OF OPERATION . . . . . . . . . . . . . . . 9 PART II OTHER INFORMATION . . . . . .(Not Applicable) CENTURY PACIFIC HOUSING FUND-I BALANCE SHEET (Unaudited) September 30, March 31, 1997 1997 ________ ________ ASSETS Cash $1,457 $693 Receivable from Related Parties(Note 3) 15,549 15,549 Investments in Limited Partnerships (Note 4) 336,063 394,391 _______ _______ $353,069 $410,633 ________ ________ LIABILITIES AND PARTNERS' EQUITY Accounts Payable and Accrued Expenses 10,800 11,600 Advance From Affiliate 62,455 62,455 Amounts Payable to Related Parties (Note 3) 742,941 712,141 _______ _______ 816,196 786,196 _______ _______ Partners' Equity, per accompanying statement General Partners (387,984) (386,233) Limited Partners (75,143) 10,670 _______ _______ (463,127) (375,563) _______ _______ 353,069 410,633 _______ _______ - Page 1 - CENTURY PACIFIC HOUSING FUND-I STATEMENT OF INCOME (Unaudited) Three Months Ended September 30, 1997 1996 ______ ______ Revenues: Interest Income $0 $0 Other Income 400 700 ______ ______ 400 700 ______ ______ Expenses: General and Administrative(Note 3) 15,013 15,029 Equity in Net Losses of Operating Partnership (Note 4) 29,164 17,751 ______ ______ 44,177 32,780 ______ ______ Net Loss 43,777 32,080 ________ ________ The accompanying notes are an integral part of this statement. - Page 2 - CENTURY PACIFIC HOUSING FUND-I STATEMENT OF PARTNERS' EQUITY September 30, 1997 (Unaudited) Original General Limited Limited Partners Partners Partners Total ________ ________ ________ ________ Balance at March 31, 1997 ($386,233) $0 $ 10,670 ($375,563) Net Income (Loss) (1,751) 0 (85,813) (87,564) __________ ____ ________ ________ Equity (Deficit) at Sept.30, 1997 ($387,984) $0 ($75,143) ($463,127) __________ ____ ________ ________ Percentage Interest Sept.30, 1997 1% 1% 98% 100% __________ ____ ________ ________ The accompanying notes are an integral part of this statement. - Page 3 - CENTURY PACIFIC HOUSING FUND-I STATEMENT OF CASH FLOWS (Unaudited) Three Months Ended September 30, 1997 1996 ______ ______ Cash Flow From Financing Activities: Increase (Decrease) in Amounts Payable to Related Parties $0 $0 Increase in Amounts Receivable From Related Parties 0 0 ______ ______ Net Cash Provided by Financing Activities $0 0 ______ ______ Cash Flow From Investing Activities: Net Investments in Limited Partnerships $0 $0 ______ ______ Net Cash Used in Investing Activities $0 $0 ______ ______ Cash Flow From Operating Activities: Interest Received $0 $0 Transfer Fees Received 400 700 General and Administrative Expenses (13) (29) Reduction in Accounts Payable 0 ______ ______ Net Cash Provided By (Used in) Operating Activities $387 $671 ______ ______ Net Increase (Decrease) in Cash and Cash Equivalents $387 $671 Cash and Cash Equivalents at Beginning of Period 1,070 70 ______ ______ Cash and Cash Equivalents at End of Period $1,457 $741 ______ ______ The accompanying notes are an integral part of this statement. - Page 4 - CENTURY PACIFIC HOUSING FUND-I a California Limited Partnership NOTES TO FINANCIAL STATEMENTS For the Quarter Ended September 30, 1997 NOTE 1 - DESCRIPTION OF THE PARTNERSHIP AND ITS ORGANIZATION: Century Pacific Housing Fund I, a California limited partnership (the "Partnership" or "CPHF-I") was formed on October 6, 1986 for the purpose of raising capital by offering and selling limited partnership interests and then acquiring limited partnership interests in partnerships (the "Operating Partnerships") which acquire and operate existing residential apartment rental properties (the "Properties"). The general partners of the Partnership are Century Pacific Capital Corporation, a California corporation ("CPCC"), and Irwin Jay Deutch, an individual (collectively, the "General Partners"). The General Partners and affiliates of the General Partners (the "General Partners and Affiliates") have interests in the Partnership and receive compensation from the Partnership and the Operating Partnerships (Note 3). The Properties qualify for the "Low-Income Housing Tax Credit" established by Section 42 of the Tax Reform Act of 1986 (the "Low-Income Housing Tax Credit") and one Property qualifies for Historic Rehabilitation Tax Credits (collectively the "Tax Credits"). These Properties are leveraged low-income multifamily residential complexes and some receive one or more forms of assistance from federal, state or local governments, or agencies (the "Government Agencies") while others do not receive any subsidy from Government Agencies although some may have mortgage loans insured by a Government Agency. In July 1987, the Partnership began raising capital from sales of limited partnership interests at $1,000 per interest ("unit"). The limited partnership offering closed in April 1988, with 22,315 units having been sold. The Partnership acquired limited partnership interest ranging from 90% to 97% in 21 Operating Partnerships, which have invested in rental property. NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: The following are the Partnership's significant accounting policies: Method of Accounting for Investments in Operating Partnerships: The Partnership uses the equity method to account for its investment in the Operating Partnerships in which it has invested (Note 4). Under the equity method of accounting, the investment is carried at cost and adjusted for the Partnership's share of the Operating Partnerships' results of operations and by cash distributions received. Equity in the loss of each Operating Partnership allocated to the Partnership is not recognized to the extent that the investment balance would become negative. - Page 5 - Basis of Accounting: The Partnership maintains its financial records on the tax basis. Memorandum entries, while not recorded in the records of the Partnership, have been made in the financial statements to reflect generally accepted accounting principles. On August 7, 1991, management of the Partnership changed from a calendar year end to a fiscal year end of March 31 for financial reporting purposes. Accordingly, the Partnership's quarterly periods end June 30, September 30, and December 31. The Operating Partnerships, for financial reporting purposes, have a calendar year. The Partnership, as well as the Operating Partnerships, have a calendar year for income tax purposes. Syndication Costs: Public offering costs have been recorded as a direct reduction to the capital accounts of the Limited Partners. Organization, Acquisition and Other Costs: Costs incurred in organizing the Partnership and expenditures made by the Partnership in connection with its acquiring limited partnership interests in Operating Partnerships are deferred and amortized over a period of sixty months on a straight-line basis. Costs paid by the Partnership for organization of the Operating Partnerships as well as direct costs of acquiring Properties, including acquisition fees and reimbursable acquisition expenses paid to the General Partners, have been capitalized as investments in Operating Partnerships. Other fees and expenses of the Partnership are recognized as expenses in the period the related services are received. Income Taxes: No provision has been made for income taxes in the accompanying financial statements since such taxes and/or the recapture of the Tax Credit benefits received, if any, are the liability of the individual partners. The Partnership uses the accrual method of accounting for tax purposes. NOTE 3 - TRANSACTIONS WITH THE GENERAL PARTNERS AND AFFILIATES OF THE GENERAL PARTNERS: The General Partners of the Partnership are CPCC and Irwin Jay Deutch. The original limited partner of the Partnership is Westwood Associates whose partners are Irwin Jay Deutch and key employees of CPCC. Century Pacific Placement Corporation ("CPPC"), an affiliate of the General Partners, served as the broker-dealer-manager for sales of limited partnership interests in the Partnership. Century Pacific Realty Corporation ("CPRC"), an affiliate of CPCC, is a general partner in each of the Operating Partnerships. The General Partners have an aggregate one percent interest in the Partnership, as does the original limited partner. CPRC has a one percent interest in each of the Operating Partnerships, except for one Operating Partnership in which it has a one-half percent interest. The General Partners and Affiliates receive compensation and reimbursement of expenses from the Partnership, as set forth in the limited partnership agreement, for their services in managing the Partnership and its business. The General Partners and Affiliates also receive compensation and reimbursement of expenses from the Operating Partnerships. This compensation and reimbursement includes services provided to the Partnership during its offering stage, acquisition stage, operational stage, and termination or refinancing stage. - Page 6 - NOTE 4 - INVESTMENTS IN OPERATING PARTNERSHIPS: The following is a summary of the Partnership's investments in Operating Partnerships: Six Months Ended September 30, 1997 __________________ Cash Contributions to Operating Partnerships to fund purchase of beneficial interest in Properties $15,497,467 Cash Contributions to Operating Partnerships to fund operations 6,150 Cash Distribution from Operating Partnerships (6,326) Acquisition and Organization Cost 3,342,778 Equity in net losses of Operating Partnerships (18,504,006) ____________ $ 336,063 ============ The names and locations of the Properties in which the Operating Partnerships hold beneficial interests are as follows: Name of Operating Partnership Property Name Location Century Pacific Housing Partnership - -I(CPHP-I) Charter House Dothan, Alabama CPHP-II Sunset Park Denver, Colorado CPHP-III Highland Park Topeka, Kansas CPHP-IV Forest Glen Estates Kansas City, Kansas CPHP-V Jaycee Towers Dayton, Ohio CPHP-VI Green Meadows Danville, Illinois CPHP-VII Gulfway Terrace New Orleans, Louisiana CPHP-VIII Sunset Townhouses Newton, Kansas CPHP-IX Wind Ridge Wichita, Kansas CPHP-X Bergen Circle Springfield, M.A. CPHP-XI Continental Terrace Fort Worth, Texas CPHP-XII Yale Village Houston, Texas CPHP-XIII Atlantis Virginia Beach, V.A. CPHP-XIV Kings Row Houston, Texas CPHPXV Castle Gardens Lubbock, Texas CPHP-XVI Rockwell Villas Oklahoma City, O.K. CPHP-XVII London Square Village Oklahoma City, O.K. CPHP-XVIII Ascension Towers Memphis, Tennessee CPHP-XIX Coleman Manor Baltimore, Maryland CPHP-XX Holiday Heights Fort Worth, Texas CPHP-XXII Harriet Tubman Terrace Berkeley, California The following combined statements of operations is prepared on the accrual basis and summarizes the operations of the Operating Partnerships for the six months ended September 30, 1997 and September 30, 1996. - Page 7 - CENTURY PACIFIC HOUSING FUND - I COMBINED STATEMENTS OF OPERATIONS OF PROPERTIES ACQUIRED BY THE OPERATING PARTNERSHIPS IN WHICH CENTURY PACIFIC HOUSING FUND-I HAS INVESTED (Unaudited) Three Months Ended September 30, 1997 1996 __________ __________ Revenues: Rental Income $4,124,070 $4,259,365 Other 15,860 11,921 __________ __________ 4,139,930 4,271,286 __________ __________ Expenses: Operating, General & Adm. 3,199,681 3,382,619 Depreciation 1,092,568 1,049,983 Interest 227,158 268,406 __________ __________ 4,519,407 4,701,008 __________ __________ Net Loss $379,477 $429,722 =========== =========== - Page 8 - CENTURY PACIFIC HOUSING FUND-I PROPERTY SUMMARY For the Quarter Ended September 30, 1997 CHARTER HOUSE APARTMENTS - Dothan, Alabama Charter House Apartments is a complex of 25 garden-style residential buildings comprised of 100 units and a separate office facility on 14 acres of well-landscaped, rolling terrain. The unit mix consists of 52 two-bedroom and 48 three-bedroom units. Occupancy rate was 100% at September 30, 1997. Cash flow from operations was adequate to cover operating costs, debt service, and reserve accounts while maintaining levels for contingencies. Property rents were last increased in July 1993, and current annual gross potential rental revenue is approximately $251,500. SUNSET PARK APARTMENTS - Denver, Colorado Sunset Park Apartments is a contemporary 13-story elevator building of steel and masonry construction. The 242 units in the building consist of 3 two-bedroom units, 155 one-bedroom, and 84 efficiency units. Occupancy rate averaged 93% during the quarter. Cash flow from operations was adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased in May and June, 1994, and the current annual gross potential rental revenue is approximately $1,136,000. HIGHLAND PARK APARTMENTS - Topeka, Kansas Highland Park Apartments is a 200-unit townhouse complex of 30 residential buildings situated on 15 acres. The two-story, modern townhouse buildings of wood frame and brick consist of 20 one-bedroom, 140 two-bedroom and 40 three-bedroom apartments. The property's occupancy rate averaged 88% for the quarter. Cash flow from operations was sufficient to cover operating costs, debt service and reserve accounts. A 7% property rent increase took effect in May 1995, bringing the annual gross potential revenue to approximately $709,400. FOREST GLEN ESTATES - Kansas City, Kansas Forest Glen Estates is a 160-unit complex of 26 residential buildings situated on 17 acres. The property is comprised of one, two and three bedroom units with 140 two and three bedrooms in a multi-level townhouse style consisting of ground floor living and dining areas, upstairs bedrooms, and a basement. Occupancy averaged 96% during the quarter. Cash flow from operations was barely adequate to meet operating costs, debt service, and reserve accounts. Property rents were last increased 7% in September 1994 and current annual gross potential rental revenue is approximately $723,300. - Page 9- JAYCEE TOWERS - Dayton, Ohio Jaycee Towers is a 204-unit high-rise apartment building designated for the elderly and/or handicapped. There are 2 elevators to accommodate the twelve floors. Occupancy during the quarter averaged 97%. Cash flow was ample to satisfy operating costs, debt service and reserve accounts. Property rents were increased in July 1995 bringing the annual gross potential rental revenue to approximately $781,000. GREEN MEADOWS APARTMENTS - Danville, Illinois Green Meadows is a 150-unit garden complex consisting of 40 one-bedroom, 78 two-bedroom and 32 three-bedroom apartments. The units are arranged in 10 two-story buildings on 12 acres of land. The property's occupancy rate averaged 89% for the quarter. Cash flow was adequate to cover operating expenses and debt service. Property rents were increased 1% on September 1, 1995, bringing the current annual gross potential rental revenue to approximately $783,600. GULFWAY TERRACE APARTMENTS - New Orleans, Louisiana Gulfway Terrace is an attractive 205-unit complex of 30 two-story apartment buildings and one single-story management office building on approximately 9 acres. The one-bedroom units are flats while the two and three-bedroom units are designed as townhouses. Occupancy was 81% at quarter's end. Cash flow was barely adequate to cover debt service and operating expenses. A 22% property rent increase took effect in January 1995, bringing the current annual gross potential rental revenue to approximately $982,000. SUNSET TOWNHOUSES - Newton, Kansas Sunset Townhouse Apartments is a garden style complex of 10 rectangular buildings designed as two-story townhouses on 6.4 acres of land. There are 50 units in the complex made up of 32 two-bedrooms and 18 three-bedroom units. Occupancy rate averaged 88% for the quarter. Cash flow was adequate to cover operating costs, debt service and reserves. Property rents were last increased in April 1996, and annual gross potential rental revenue is approximately $211,800. WIND RIDGE APARTMENTS (Aka Meridian Village) - Wichita, Kansas Wind Ridge Apartments is a 136-unit townhouse complex consisting of 35 two-story buildings situated on a 10-acre site. Constructed in 1969, the complex consists of 12 one-bedroom flats and 48 two-bedroom, 60 three-bedroom and 16 four-bedroom townhouse units. Occupancy averaged 97% during the quarter. Cash flow was barely adequate to cover operating expenses and debt service. Property rents were last increased 34% in January 1996 and annual gross potential rental revenue is approximately $929,100. BERGEN CIRCLE - Springfield, Massachusetts Bergen Circle is a modern complex of 201 residential units consisting of 41 three and four-bedroom townhouses, 2 seven-story towers with 160 one and two-bedroom units and a free standing one-story masonry building for commercial tenants. The property averaged a 95% occupancy rate. Cash flow from operations was adequate to meet operating costs, debt service, and reserve accounts. Property rents for the Section 8 covered units were last increased in November 1994, and current annual gross potential rental revenue is approximately $1,647,700. CONTINENTAL TERRACE - Fort Worth, Texas Constructed in 1971, this garden-style complex consists of 200 units arranged in 34 two-story buildings on over 12 acres of land. It has 48 one-bedroom flats with 88 two-bedroom, 56 three-bedroom and 8 four-bedroom townhouse units. Occupancy averaged 94% and cash flow was barely adequate to meet operating costs, debt service, reserve accounts and contingencies. A 1.5% property rent increase took effect in April 1995, raising the current annual gross potential rental revenue to $906,000. YALE VILLAGE - Houston, Texas Constructed in 1970, this garden-style complex consists of 250 units in 35 two-story buildings situated on 12.7 acres of land. There are 38 one-bedroom, 88 two-bedroom, 88 three-bedroom, 28 four-bedroom and 8 five-bedroom townhouse apartments. The property averaged a 93% occupancy rate and cash flow was barely adequate to cover operating costs, debt service and reserve accounts, and contingencies. Property rents were last increased 34% in March 1996 and annual gross potential rental revenue is approximately $1,707,600. ATLANTIS APARTMENTS - Virginia Beach, Virginia Constructed in 1970, this 208-unit complex is made up of 19 two-story buildings on over 14 acres of land. There are 20 one-bedroom, 96 two-bedroom and 92 three-bedroom apartments. The property's occupancy rate was 100% during the quarter. Cash flow was barely adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased in August 1994, and the current annual gross potential rental revenue is approximately $1,090,900. KINGS ROW - Houston, Texas Constructed in 1968, this garden-style apartment complex consists of 180 units arranged in 18 two-story buildings on approximately 10 acres of land. The complex includes 20 one-bedroom, 54 two-bedroom, 82 three-bedroom and 24 four-bedroom apartments. The property had a 97% occupancy rate for the quarter and cash flow was ample to satisfy debt service, operating costs, and reserve accounts. Property rents were last increased 8% in January 1995. Annual gross potential rental revenue is approximately $950,800. CASTLE GARDENS - Lubbock, Texas Constructed in 1971, this garden-style complex consists of 152 apartments arranged in 14 two-story rectangular buildings. It has 16 one-bedroom, 104 two-bedroom and 32 three-bedroom units. Occupancy rate was 86% during the quarter. Cash flow from operations was barely adequate to cover operating costs, debt service, reserve accounts and other contingencies. Property rents were increased in December 1994, and annual gross potential revenue is approximately $717,900. ROCKWELL VILLAS - Oklahoma City, Oklahoma This garden-style complex consists of 60 units arranged in 5 buildings on approximately 4 acres of land. Constructed in 1970, the buildings include 24 one-bedroom, 24 two-bedroom, and 12 three-bedroom apartments. Occupancy rate averaged 86% during the quarter. Cash flow was barely adequate to cover operating costs, debt service, and reserve accounts for contingencies. Property rents were last increased in October 1994, and annual gross potential rental revenue is approximately $266,000. LONDON SQUARE - Oklahoma City, Oklahoma Constructed in 1970, this garden-style complex is made up of 18 rectangular two-story buildings, situated on over 12 acres of land. There are a total of 200 units consisting of 24 one-bedroom, 96 two-bedroom and 80 three-bedroom apartments. The property's occupancy rate averaged 96% for the quarter. Cash flow was barely adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased in October 1994, and annual gross potential rental revenue is approximately $1,005,600. ASCENSION TOWERS - Memphis, Tennessee Constructed in 1975, the property is a 13-story high-rise apartment building designated for the elderly and/or handicapped. Situated on almost 2 acres of land, the building contains 195 one bedroom units and an office on the ground floor. The property ended the quarter at a 100% occupancy rate. Cash flow was adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased 4% in January 1995. Annual gross potential rental revenue is approximately $734,400. COLEMAN MANOR - Baltimore, Maryland This historic property, originally built in 1903, was reconstructed in 1988. This four-story building designated for the elderly and/or handicapped, consists of 47 one-bedroom units and 3 reserved guest/managerial units. Occupancy was 97% during the quarter. Cash flow was adequate to cover operating costs, debt service and reserve accounts. Property rents were last increased in December 1996, and annual gross potential rental revenue is approximately $363,700. HOLIDAY HEIGHTS - Fort Worth, Texas Constructed in 1972, the garden-style complex consists of 100 units, arranged in 20 two-story buildings, situated on over 9 acres of land. There are 40 one-bedroom, 44 two-bedroom and 16 three-bedroom apartments. The property had a 96% occupancy rate. Cash flow was adequate to cover operating costs, debt service, and reserve accounts. Annual gross potential rental revenue is approximately $528,700. HARRIET TUBMAN - Berkeley, California This property is a mid-rise apartment building with 91 units for the elderly and/or handicapped. Constructed in 1975, the six-story structure is made up of 1 two-bedroom, 42 one-bedroom and 48 studio apartments. Occupancy was 99% for the quarter and cash flow was adequate to satisfy debt service, operating costs, and reserve accounts. Property rents were increased in June 1996, and the current annual gross potential rental revenue is approximately $543,780. * * * SIGNATURE Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CENTURY PACIFIC HOUSING FUND-I a California limited partnership By: Century Pacific Capital Corporation, a California Corporation General Partner Irwin J. Deutch By: ______________________________ Irwin J. Deutch President -----END PRIVACY-ENHANCED MESSAGE-----