-----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, L8RwrKK916FbGtPwmfuqFJzveBL0I9fkBq6S5UGihTjktSwjCWzSBbKLDxkUnktB ydBgxgLuqvijP/slNGnXRg== 0000893220-08-000605.txt : 20080304 0000893220-08-000605.hdr.sgml : 20080304 20080304120410 ACCESSION NUMBER: 0000893220-08-000605 CONFORMED SUBMISSION TYPE: 10-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20080304 DATE AS OF CHANGE: 20080304 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-K SEC ACT: 1934 Act SEC FILE NUMBER: 033-11194 FILM NUMBER: 08662522 BUSINESS ADDRESS: STREET 1: 1925 CENTURY PARK EAST STE 1900 STREET 2: C/O CENTURY PACIFIC CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 3102081888 MAIL ADDRESS: STREET 1: C/O CENTURY PACIFIC STREET 2: 1925 CENTURY PARK EAST SUITE 1900 CITY: LOS ANGELES STATE: CA ZIP: 90067 10-K 1 w50755e10vk.htm FORM 10-K CENTURY PACIFIC HOUSING FUND-1 e10vk
 

 
 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE FISCAL YEAR ENDED MARCH 31, 2007
COMMISSION FILE NUMBER 033-11194
CENTURY PACIFIC HOUSING FUND-I
A CALIFORNIA LIMITED PARTNERSHIP
I.R.S. EMPLOYER IDENTIFICATION NO. 95-3938971
1 E. Stow Road, Marlton, NJ 08053
REGISTRANT’S TELEPHONE NUMBER: (856) 596-3008
Securities Registered Pursuant to Section 12(b) or 12(g) of the Act:
NONE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes o                    No þ
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o                    No þ
Indicate by check mark whether the registrant (1) has filed all reports required to be filed with the Commission by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding twelve months (or 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 þ                    No o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of the registrant’s knowledge, in definitive proxy or information statements incorporated by reference I Part III of this Form 10-K or any amendment to this Form 10-K. o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer o   Accelerated filer o   Non-accelerated filer þ   Smaller reporting company o
        (Do not check if a smaller reporting company)    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes o                    No þ
No market exists for the limited partnership interests of the registrant, and therefore, no aggregate market value can be determined.
Documents Incorporated by Reference
Registrant’s Prospectus dated April 15, 1987, as amended (the Prospectus) and the Registrant’s Supplement No. 3 dated December 21, 1988 to Prospectus dated April 15, 1987 (Supplement No. 3) but only to the extent expressly incorporated by reference in Parts I through IV hereof. Capitalized terms, which are not defined herein, have the same meaning as in the Prospectus.
 
 

 


 

TABLE OF CONTENTS
     
   
 
   
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 Certification Pursuant to 15 U.S.C. Section 7241
 Certification Pursuant to 15 U.S.C. Section 7241
 Certification Pursuant to 18 U.S.C. Section 1350
 Certification Pursuant to 18 U.S.C. Section 1350

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PART I
ITEM 1. BUSINESS
Century Pacific Housing Fund-I (the Partnership) was formed on October 6, 1986 as a limited partnership under the laws of the State of California to invest in multi-family housing developments. The Partnership’s business is to invest primarily in other limited partnerships (Operating Partnerships) that are organized for the purpose of either constructing or acquiring and operating existing affordable multi-family rental apartments that are eligible for the Low-Income Housing Tax Credit, or to a lesser extent, the Rehabilitation Tax Credit, both enacted by the Tax Reform Act of 1986 (sometimes referred to as Credits or Tax Credits). The Partnership invested in 21 properties (the properties), 6 of which are still owned at March 31, 2007. Each of the properties qualifies for the Low-Income Housing Tax Credit. All of these properties receive one or more forms of assistance from federal, state or local governments. A summary of the Partnership’s objectives and a summary of the Tax Credits are provided in the Prospectus under “Investment Objectives and Policies” and “Federal Income Tax Aspects” on pages 45 and 79, respectively, and are incorporated herein by reference.
In order to stimulate private investment in low and moderate income housing of the types in which the Partnership has invested, the federal government has provided investors with significant ownership incentives intended to reduce the risks and provide investors/owners with certain tax benefits, limited cash distributions and the possibility of long-term capital gains. The ownership incentives include interest subsidies, rent subsidies, mortgage insurance and other measures. However, significant risks remain inherent in this type of housing. Long-term investments in real estate limit the ability of the Partnership to vary its portfolio in response to changing economic, financial and investment conditions, and such investments are subject to changes in economic circumstances and housing patterns, rising operating costs and vacancies, rent controls and collection difficulties, costs and availability of energy, as well as other factors which normally affect real estate values. In addition, these properties usually are rent restricted and are subject to government agency programs which may or may not require prior consent to transfer ownership.
The Partnership acquired the properties by investing as the limited partner in Operating Partnerships which own the properties. As a limited partner, the Partnership’s liability for obligations of the Operating Partnerships is limited to its investment. The Partnership made capital contributions to the Operating Partnerships in amounts sufficient to pay the Operating Partnerships’ expenses and to reimburse the general partners for their costs incurred in forming the Operating Partnerships, if any, and acquiring the properties. For each acquisition, this typically included a cash down payment (in one or more installments), acceptance of the property’s mortgage indebtedness, and execution of a Purchase Money Note in favor of the seller of the property. For a summary of the acquisition financing activities for each property, see the financial information contained under Item 2.

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The Partnership’s primary objective is to provide Low-Income Housing Tax Credits to limited partners generally over a 10-year period. Each of the Partnership’s Operating Partnerships has been allocated by the relevant state tax credit agency an amount of the Low-Income Housing Tax Credit for 10 years from the date the property is placed-in-service. The required holding period of the properties is 15 years (the Compliance Period). The properties must satisfy rent restrictions, tenant income limitations and other requirements (the Low-Income Housing Tax Credit Requirements) in order to maintain eligibility for recognition of the Low-Income Housing Tax Credit at all times during the Compliance Period. Once an Operating Partnership has become eligible for the Low-Income Housing Tax Credit, it may lose such eligibility and suffer an event of recapture of previously taken tax credits if its property fails to remain in compliance with the Low-Income Housing Tax Credit requirements. During 2006, none of the Operating Partnerships have suffered an event of recapture of the Low-Income Housing Tax Credits. 2002 was the final year of credits.
Each of the Operating Partnerships receives rental subsidy payments, including payments under Section 8 of Title II of the Housing and Community Development Act of 1974 (“Section 8”). The subsidy agreements expire at various times during and after the 15-year compliance period of the Operating Partnerships. The United States Department of Housing and Urban Development (“HUD”) has issued a notice implementing provisions to renew expiring Section 8 contracts as requested by an owner, for an additional one year term at current rent levels. It is management’s intent to maintain the Operating Partnerships as affordable housing and to negotiate and renew the Section 8 contracts when they expire. At the present time, the Partnership cannot reasonably predict legislative initiatives and government budget negotiations, the outcome of which could result in a reduction in funds available for the various federal and state administered housing programs including the Section 8 program. Such changes could adversely affect the future net operating income and debt structure of any or all Operating Partnerships receiving such subsidy or similar subsidies.
Employees
The Partnership does not employ any persons. Alternatively, the Partnership reimburses an affiliate for overhead allocation consisting primarily of payroll costs.
ITEM 1A. RISK FACTORS
THERE IS NO PUBLIC MARKET FOR THE UNITS, AND A PARTNER MAY BE UNABLE TO SELL OR TRANSFER UNITS AT A TIME AND PRICE OF THEIR CHOOSING
There exists no public market for the units, and the General Partner does not expect a public market for units to develop. The units cannot be pledged or transferred without the consent of the General Partner.
THE PARTNERSHIP PAYS FEES TO THE GENERAL PARTNER AND AFFILIATES, WHICH MAY REDUCE CASH AVAILABLE, IF ANY, FOR DISTRIBUTIONS
The General Partner and affiliates receive certain fees. Such fees were established by the General Partner at the inception of the Partnership and were not based on arm’s length transactions.
THE PARTNERSHIP IS CURRENTLY EXPERIENCING A LIQUIDITY PROBLEM
The Partnership’s Operating Partnerships have not achieved the operating results required to provide the Partnership with sufficient cash distributions

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to fund the Partnership’s administrative costs. Additionally, as of March 31, 2007, the Partnership has incurred allocated losses from all of its Operating Partnerships to the extent of the Partnership’s cash contributions. As a result of the foregoing, the Partnership is dependent upon the general partners and affiliates for continued financial support.
ITEM 1B. UNRESOLVED STAFF COMMENTS
Not applicable.
ITEM 2. PROPERTIES
As of March 31, 2007, the Partnership had acquired equity interests in the Operating Partnerships set forth in the table below. Each of the properties acquired by the Operating Partnerships receives benefits under government assistance programs. The table set forth below summarizes the properties acquired, and the purchase price, encumbrances and the government assistance programs benefiting each property. Further information concerning these Properties may be found in Supplement No. 3 to the Prospectus, pages 4 through 66, which information is incorporated herein by reference and is summarized below.
                                                     
    Average                                    
Property Name   Occu-   Initial   Initial                           Government
Location   pancy   Purchase   Cash Down   Mortgage   Residual           Assistance
Rental Units   2006   Price   Payment   Assumed   Note   Other Notes   Program
 
Century Pacific
Housing
Partnership V — (CPHP V)
Jaycee Towers
Dayton, Ohio
204 residential units
    98 %   $ 5,700,000     $ 400,196     $ 1,341,204     $ 9,522,755     $ 264,703     Section 236
 
                                                   
CPHP — XX
Holiday Heights
Fort Worth, TX
100 residential units
    95 %     2,200,000       191,000       534,618       3,865,659           Section 236 Section 8
 
                                                   
CPHP — I —
Charter House
Dothan, AL
100 residential units
    100 %     2,146,460       196,000       499,275       2,026,720           Section 236
 
                                                   
CPHP — VII —
Gulfway Terrace
New Orleans, LA
206 residential units
    0 %     5,700,000       683,000       1,720,768       6,120,105       287,806     Section 236 Section 8
 
                                                   
CPHP —IX —
Windridge Apartments
Wichita, KS
136 residential units
    95 %     3,500,000       382,000       2,907,654       1,154,248       82,137     Section 221(d)(3) Section 8
Flexible Subsidy Loan
 
                                                   
CPHP — X —
Bergen Circle
Springfield, MA
201 residential units
    93 %     12,261,000       1,768,000       4,403,192       14,861,569       1,033,487     Section 236 Section 8
                 
 
          $ 31,507,460     $ 3,620,196     $ 11,406,711     $ 37,551,056     $ 1,668,133      
                 

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ITEM 3. LEGAL PROCEEDINGS
As of the date of this report, there were no pending legal proceedings against the Partnership or any Operating Partnership in which it has invested.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There were no submissions of matters to a vote of security holders during the year ended March 31, 2007.
PART II
ITEM 5. MARKET FOR THE REGISTRANT’S PARTNERSHIP INTERESTS
There is presently no public market for the Units of limited partnership interests (the Units), and it is unlikely that any public market for the Units will develop. See the Prospectus under “Transferability of Interests” on pages 29 and 72 of the Prospectus, which information is incorporated herein by reference. The number of owners of Units as of February 13, 2008 was approximately 2,088, holding 22,315 units. As of February 13, 2008 there were no cash distributions.
ITEM 6. SELECTED FINANCIAL DATA
The selected financial data set forth below, insofar as they relate to each of the three years ended March 31, 2007, and as of March 31, 2007 and 2006, are derived from, and are qualified by reference to, our audited financial statements included herein and should be read in conjunction with those financial statements and the notes thereto. The selected financial data as of March 31, 2005, 2004 and 2003 and for the years ended March 31, 2004 and 2003 are derived from audited financial statements not included herein. Results for past periods are not necessarily indicative of results that may be expected for future periods.
                                         
    YEAR ENDED MARCH 31,  
OPERATIONS   2007     2006     2005     2004     2003  
Revenues
  $     $     $     $     $  
 
                                       
Operating Expenses
    (60,000 )     (60,000 )     (60,000 )     (60,000 )     (65,623 )
 
                                       
Bad Debt Expense
          (4,934 )                  
 
                                       
Equity in Net Losses of Operating Partnerships
                             
 
                             
Net Loss
  $ (60,000 )   $ (64,934 )   $ (60,000 )   $ (60,000 )   $ (65,623 )
 
                             
 
                                       
Net Loss per Unit of Limited Partnership Interest
  $ (2.63 )   $ (2.85 )   $ (2.63 )   $ (2.63 )   $ (2.88 )
 
                             
 
                                       
FINANCIAL POSITION
                                       
Total Assets
  $     $     $ 4,934     $ 4,934     $ 4,934  
 
                             
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

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Liquidity and Capital Resources
The Partnership raised $8,517,000 in equity capital during calendar year 1987 and raised an additional $13,798,000 through April 15, 1988. In late December 1987, the Partnership invested in eight Operating Partnerships, which own eight multi-family properties located in various states representing $45,507,000 of property value. During 1988, the Partnership invested in an additional 13 properties located in eight states representing $52,953,900 of property value.
As of March 31, 2007, the Partnership’s portfolio consists of 6 properties. The properties are located in 6 states and contain 947 residential units. One property with 100 units located in Dothan, Alabama was sold in April 2007. One property with 136 units located in Wichita, Kansas was sold in September 2007. One property with 206 units located in New Orleans, Louisiana was sold in September 2007. One property with 100 units located in Fort Worth, Texas was sold in October 2007. The average occupancy level for all properties at December 31, 2006 was approximately 79% and most properties generated sufficient revenue to cover operating costs, debt service, and the funding of reserves. For a summary of the combined financial status of the Operating Partnerships and the properties, see the financial information contained under Item 15.
The government restricts rental rate increases. A substantial amount of the revenue generated by these properties comes from rental subsidy payments made by federal or state housing agencies. These features, which are characteristic of all low-income housing properties, limit the pool of potential buyers for these real estate assets. As a limited partner of the Operating Partnership, the Partnership does not control property disposition decisions. At the present time, management is aware of intentions of the general partners to sell the investment properties in the near future.
The Partnership is currently experiencing a liquidity problem. Under the Partnership Agreement, the Partnership is entitled to receive distributions of surplus cash from the Operating Partnerships which is to provide the funds necessary for the Partnership to meet its operating costs. To date, the Operating Partnerships have not provided sufficient cash distributions to enable the Partnership to meet its current obligations. The Partnership has also incurred allocated losses from all of its Operating Partnerships to the extent of the Partnership’s cash contributions and has a negative working capital. The Partnership’s Operating Partnerships have not achieved the operating results required to provide the Partnership with sufficient cash distributions to fund the Partnership’s administrative costs. Additionally, as of March 31, 2007, the Partnership has incurred allocated losses from all of its Operating Partnerships to the extent of the Partnership’s cash contributions. As a result of the foregoing, the Partnership is dependent upon the general partners and affiliates for continued financial support. Allocated administrative expenses paid or accrued to affiliates and the General Partners represent reimbursement of the actual cost of goods and materials used for or by the Partnership, salaries, related payroll costs and other administrative items incurred or allocated, and direct expenses incurred in rendering legal, accounting/bookkeeping, computer, printing and public relations services. Items excluded from the overhead allocation include overhead expenses of the General Partners, including rent and salaries of employees not specifically performing the services described above.
Unpaid allocated administrative expenses and partnership management fees, an annual amount up to ..5% of invested assets, will accrue for payment in future operating years.
Management believes the possibility exists that the Operating Partnerships may require additional capital, in addition to that previously contributed by the

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Partnership, to sustain operations. In such case, the source of the required capital needs may be from (i) limited reserves from the Partnership (which may include distributions received from the Operating Partnerships that would otherwise be available for distribution to partners), (ii) debt financing at the Operating Partnership level (which may not be available), or (iii) additional equity contributions from the general partner of the Operating Partnerships (which may not be available). There can be no assurance that any of these sources would be readily available to provide for possible additional capital requirements which may be necessary to sustain the operations of the Operating Partnerships. However, the Partnership is under no obligation to fund operating deficits of the Operating Partnerships in the form of additional contributions or loans.
Due to the uncertainty of the continuation of the Section 8 program, management has been forced to consider several options to prepare for the possible lack of subsidy income to the Operating Partnerships. The loss of subsidy income to the Operating Partnerships will make it more difficult for the Operating Partnerships to provide sufficient cash distributions to the Partnership. Management has identified the courses of action they will take as a result of the potential changes to the Section 8 program.
The plan that the Operating Partnerships follow will depend on the federal government’s decision to implement the decentralization or elimination of HUD. HUD’s proposed Mark-to-Market approach would create an atmosphere where the Projects would have to compete for residents in the conventional market. The following alternatives are listed as plans of action that management plans to pursue in response to HUD’s actions:
  1.   HUD may transfer project control to a local Housing Authority in the form of block grants. The Housing Authority would determine the market rents based on the area market. The projects will respond to the local Housing Authority and follow their procedures and guidelines.
 
  2.   The current tenants may receive a housing voucher administered by the local Housing Authority. The projects will accept vouchers and actively seek applicants who have vouchers. The projects will also accept non-voucher residents who will pay rent amounts not to exceed the maximum rents for persons at 60% of the median income level as in compliance with Section 42 of the Internal Revenue Code (IRC).
 
  3.   If no subsidies or vouchers are given to the projects or the tenants, all rents will be raised not to exceed the maximum rents for persons at 60% of the median income level and in compliance with Section 42 of the IRC. With rental rate increases, many of the current residents will be unable to pay the higher rents, thus forcing them to move from the projects and to seek housing elsewhere. An increase in the move out rate will cause a severe cash flow strain to the project. To compensate for the loss of income and increased vacancy turnover costs, the projects will require effective marketing, competitive rental rates and possible upgrading to units and/or common areas to attract qualified applicants and maintain a low vacancy rate.
 
  4.   HUD may restructure loans in order to minimize the monthly costs to the project and reduce the chances for default. Even with reduced or eliminated payments, the project will be forced to increase rents in order to operate.
 
  5.   The final option is to buy off the HUD insured loan making the complex free from HUD’s or the local Housing Authority’s regulations.
Upon dissolution of the Partnership, the Partnership assets or proceeds, if any, shall first be used to satisfy the Partnership debts and liabilities and the balance, if any, shall be distributed among the Partners in accordance with the Partnership Agreement.

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Contractual Obligations
The Operating Partnerships’ contractual cash obligations and other commercial commitments at March 31, 2007 are summarized in the following table:
                                         
            LESS THAN            
    MORTGAGE   1 YEAR   2-3 YEARS   4-5 YEARS   5 YEARS
     
Mortgage payable
  $ 11,406,711     $ 741,598     $ 1,654,264     $ 4,679,202     $ 4,331,647  
The Partnership is organized as a limited partnership and is a “pass through” tax entity which does not, itself, pay federal income tax. However, the partners of the Partnership, who are subject to federal income tax, may be affected by the Tax Reform Act of 1986, the Omnibus Budget Reconciliation Act of 1987, the Technical and Miscellaneous Revenue Act of 1988, the Omnibus Budget Reconciliation Act of 1989, the Omnibus Budget Reconciliation Act of 1990 and all subsequent tax acts (collectively the Tax Acts). The Partnership will consider the effect of certain aspects of the Tax Acts on the partners when making investment decisions. The Partnership does not anticipate that the Tax Acts will have a material adverse impact on the Partnership’s business operations, capital resources, plans or liquidity.
Results of Operations
2007 Compared to 2006
For the fiscal year ended March 31, 2007, the Partnership recorded a $60,000 net loss, compared to a $64,934 loss in 2006. Overhead expenses remained constant.
In accordance with the equity method of accounting for limited partnership interests, the Partnership does not recognize losses from investment properties when losses exceed the Partnership’s equity method basis in these properties. All of the Partnership’s investments have an equity method basis of zero at March 31, 2007.
Combined rental revenue of the Operating Partnerships decreased during the current year, due primarily to the sales of two properties in 2006. One property was located in Memphis, Tennessee and the other property was located in Baltimore, Maryland. Additionally, vacancies remained in 2006 at a property located in New Orleans, Louisiana which suffered damage as a result of Hurricane Katrina. This property was subsequently sold in September 2007. Other income increased for the year ended March 31, 2007 due primarily to the receipt of the insurance proceeds on the property in New Orleans. The combined total expenses of the Operating Partnerships decreased in the current year due primarily to the sales of the two properties.
The majority of the properties owned by the Operating Partnerships are in a position of functional obsolescence and need substantial rehabilitation. The Operating Partnerships do not have the funds to address the growing deferred maintenance. Infusion of capital is necessary to keep the projects viable and maintain them as decent, safe and quality housing. Refinancing is not an option due to the indebtedness on the properties surpassing their fair market value.
As a result of the above, in 2006, two Operating Partnerships sold the following properties:

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                                        CANCELLATION
OPERATING   PROJECT       DATE   SELLING   BASIS OF   GAIN/   OF DEBT
PARTNERSHIP   NAME   LOCATION   SOLD   PRICE   ASSET SOLD   (LOSS)   INCOME
 
Century Pacific
Housing
Partnership XVIII
  Ascension
Towers
  Memphis,
TN
  05/25/06   $ 3,015,000     $ 2,889,110     $ 125,890     $ 9,597,227  
 
                                           
Coleman Manor
Associates Limited
Partnership
  Coleman
Manor
  Baltimore,
MD
  12/28/06   $ 2,254,084     $ 1,406,135     $ 847,949     $ 292,654  
2006 Compared to 2005
For the fiscal year ended March 31, 2006, the Partnership recorded a $64,934 net loss compared to a $60,000 loss in 2005. Overhead expenses remained constant.
In accordance with the equity method of accounting for limited partnership interests, the Partnership does not recognize losses from investment properties when losses exceed the Partnership’s equity method basis in these properties. All of the Partnership’s investments have an equity method basis of zero at March 31, 2006.
Combined rental revenue of the Operating Partnerships decreased during the current year, due primarily to the sale of one property in Berkeley, California in 2005. Additionally, vacancies were created at a property located in New Orleans, Louisiana which suffered damage as a result of Hurricane Katrina. This property was subsequently sold in September 2007. The combined total expenses of the Operating Partnerships decreased in the current year due primarily to the sale of the property during 2005.
The majority of the properties owned by the Operating Partnerships are in a position of functional obsolescence and need substantial rehabilitation. The Operating Partnerships do not have the funds to address the growing deferred maintenance. Infusion of capital is necessary to keep the projects viable and maintain them as decent, safe and quality housing. Refinancing is not an option due to the indebtedness on the properties surpassing their fair market value.
As a result of the above, in 2005, one Operating Partnership sold the following property:
                                             
OPERATING   PROJECT       DATE   SELLING   BASIS OF   GAIN/   CANCELLATION OF
PARTNERSHIP   NAME   LOCATION   SOLD   PRICE   ASSET SOLD   (LOSS)   DEBT INCOME
 
Century Pacific
Housing
Partnership XXII
  Harriet
Tubman
  Berkeley,
CA
  05/13/05   $ 6,650,937     $ 2,418,460     $ 4,232,477     $ 1,938,185  
2005 Compared to 2004
For the fiscal year ended March 31, 2005, the Partnership recorded a $60,000 net loss, consistent with the prior fiscal year. Overhead expenses remained constant.
In accordance with the equity method of accounting for limited partnership interests, the Partnership does not recognize losses from investment properties when losses exceed the Partnership’s equity method basis in these properties. All of the Partnership’s investments have an equity method basis of zero at March 31, 2005.

10


 

Combined rental revenue of the Operating Partnerships decreased by approximately $736,000 during the calendar year, due primarily to the sales of four properties during the year. Of the nine remaining properties, combined rental revenues increased approximately 2.2% from 2003 to 2004. The average occupancy level, in total, remained relatively constant in the Operating Partnerships. The combined total expenses of the Operating Partnerships decreased by approximately $1,029,000 in the current year again due primarily to the sales of four properties during 2004. However, expenses of the nine remaining properties increased approximately 5.5% due primarily to increases in interest expense, utilities, and repairs and maintenance.
The majority of the properties owned by the Operating Partnerships are in a position of functional obsolescence and need substantial rehabilitation. The Operating Partnerships do not have the funds to address the growing deferred maintenance. Infusion of capital is necessary to keep the projects viable and maintain them as decent, safe and quality housing. Refinancing is not an option due to the indebtedness on the properties surpassing their fair market value.
As a result of the above, in 2004, the Operating Partnerships sold the following properties:
                                             
                        BASIS           CANCEL-
                        OF           LATION
OPERATING   PROJECT       DATE   SELLING   ASSET   GAIN/   OF DEBT
PARTNERSHIP   NAME   LOCATION   SOLD   PRICE   SOLD   (LOSS)   INCOME
 
Century Pacific
Housing
Partnership II
  Sunset
Park
  Denver,
CO
  08/30/04   $ 8,300,000     $ 4,301,705     $ 3,998,295     $ 3,306,348  
 
                                           
Century Pacific
Housing
Partnership XIII
  Atlantis
Apartments
  Virginia
Beach,
VA
  06/30/04   $ 8,400,000     $ 4,602,331     $ 3,797,669     $ 2,024,100  
 
                                           
Century Pacific
Housing
Partnership XVI
  Rockwell
Villa
  Oklahoma
City,
OK
  12/23/04   $ 1,100,000     $ 1,139,668     $ (39,668 )   $ 1,448,406  
 
                                           
Century Pacific
Housing
Partnership XVII
  London
Square
  Oklahoma
City,
OK
  12/23/04   $ 3,900,000     $ 2,780,690     $ 1,119,310     $ 2,765,936  
Inflation
Inflation is not expected to have a material adverse impact on the Partnership’s operations during its period of ownership of the Properties.
Other
The Partnership’s operations are not subject to any significant seasonal fluctuations. The Partnership believes it is in compliance with environmental regulations and does not anticipate material effects of continued compliance.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Not applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The financial statements together with the report of the independent registered public accounting firm thereon are incorporated by reference from the Registrants Financial Statements on the pages indicated in ITEM 15.

11


 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
Not applicable.
ITEM 9a. CONTROLS AND PROCEDURES
As of the end of the period reported in this report, an evaluation was carried out, under the supervision of our management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, pursuant to Rule 13a-15 of the Securities Exchange Act of 1934. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective, in all material respects, with respect to the recording, processing, summarizing and reporting of information required to be disclosed by us in the reports that we file or submit under the Exchange Act.
There have been no significant changes in our internal controls or in other factors that could significantly affect internal controls subsequent to the date of the evaluation described above.
ITEM 9b. OTHER INFORMATION
None.
PART III
ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
The Partnership has no officers or directors. Management of the Partnership is vested in Irwin Jay Deutch and Century Pacific Capital Corporation (CPCC) (the general partners). The general partners will involve themselves in the day-to-day affairs of the Partnership as required to protect the limited partners’ investment and advance the Partnership’s tax investment objectives.
Mr. Deutch, the managing general partner, has the overall responsibility for the preparation and transmittal of periodic reports to the limited partners, preparation and filing of the Partnership’s tax returns with the IRS and the appropriate state tax authorities, and the preparation and filing of reports to HUD and other government agencies.
Following is biographical information on Mr. Deutch and the Executive Officer of CPCC:
IRWIN JAY DEUTCH
Irwin Jay Deutch, age 66, is Chairman of the Board, President, and Chief Executive Officer of Century Pacific Realty Corporation (CPRC), a general partner of the Operating Partnerships that own the Properties in which CPHF-I has invested, and its Affiliates. Mr. Deutch has been involved with low-income housing investments. Since 1968, he has been the individual general partner in 83 private limited partnerships and two public limited partnerships investing in 236 properties, mostly affordable housing, consisting of 223 multi-family properties with 33,700 apartment units, 10 commercial projects, and 3 hotel properties. In his capacity as general partner and officer of CPRC, he oversees the management of these partnerships and assumes overall responsibility for the development, direction, and operation of all affiliated CPRC companies. Mr. Deutch was also a senior partner in a Michigan law firm specializing in real estate and tax law and in the early 1980’s served as counsel to the Los Angeles law firm of Manatt, Phelps, & Phillips. Mr. Deutch

12


 

is recognized as an expert in the field of affordable housing and frequently addresses professional groups on topics of real estate investment, syndication, tax law, and the Low-Income Housing Tax Credit program. Mr. Deutch received a B.B.A. with distinction from the University of Michigan School of Business Administration in 1962 and a Juris Doctor degree with honors from the University of Michigan Law School in 1965. He is a member of the Order of the Coif. Mr. Deutch served in the Honors Program in the Office of the Chief Counsel of the Internal Revenue Service from 1965 to 1967, where he was assigned to the Interpretative Division in Washington, D.C. He attended Georgetown Law Center and received his Master of Laws degree in taxation in 1967. From 1969 through 1975, Mr. Deutch was an adjunct Professor of Law, Federal Estate and Gift Tax Law at Wayne State University Law School. He is a member of the State Bars of Michigan and California, as well as the American, Federal, Los Angeles, and Beverly Hills Bar Associations.
KEY OFFICERS OF CPCC AND AFFILIATES
JAMES V. BLEILER
Mr. Bleiler is chief financial officer of Century Pacific Realty Corporation. He previously was a Senior Auditor for Arthur Anderson & Company, Controller for Atlantic Aviation Corporation and Assistant Controller for Provident National Bank. He has over 39 years of diversified experience in real estate accounting and commercial banking. Mr. Bleiler holds a Bachelor of Science degree in Accounting from Widener University, and is a Certified Public Accountant.
ITEM 11. EXECUTIVE COMPENSATION
The Partnership has no officers or directors. However, in connection with the operations of the Partnership and the Operating Partnerships, the general partners and their affiliates will or may receive certain fees, compensation, income and other payments which are described in the Prospectus under “Compensation, Fees and Reimbursements” on page 17, the terms of which are incorporated herein by reference.
During the fiscal years ended March 31, 2007, 2006, and 2005, CPCC, a general partner of the Partnership, and CPRC, a general partner of the Operating Partnerships, earned $53,925, $73,725, and $199,607, respectively, in compensation from the Operating Partnerships and $60,000 was accrued for each fiscal year for the reimbursement for overhead allocation from Century Pacific Equity Corporation (CPEC). During the fiscal year 2007, the general partners received no payments from the Operating Partnerships.
ITEM 12. PARTNERSHIP INTEREST OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
Irwin J. Deutch, the managing general partner, holds a one-half percent general partnership interest. Century Pacific Capital Corporation, general partner, holds a .005% partnership interest. Westwood Associates, an affiliate, holds a one percent limited partnership interest. The remaining limited investors own shares with the largest individual percentage of ownership at 8.5% at March 31, 2007.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
Irwin J. Deutch is the managing general partner of the Partnership, and CPCC is also a general partner. Irwin J. Deutch is the sole Director and President of CPCC, and the stock of CPCC is solely owned by the Deutch Family Trust. Mr. Deutch is also the President, sole Director and the Deutch Family Trust is the

13


 

sole stockholder of Century Pacific Realty Corporation (CPRC), the general partner of the Operating Partnerships that own the properties in which the Partnership has invested. The general partners were allocated their proportionate share of the Partnership’s tax losses and allocated tax credits. CPCC and CPRC accrued certain fees for their services in managing and advising the Partnership and its business. Century Pacific Equity Corporation (CPEC), an affiliate, provides all the services and materials necessary for the operation of the Partnership and is reimbursed for actual costs. These transactions are more particularly set forth in the financial statements found under ITEM 15.
A third-party buyer had entered into a conditional contract to acquire CPEC, CPCC, CPRC, and their affiliated companies and partnerships from Deutch’s family trust. As of March 31, 2007, these acquisitions had not yet occurred, but are anticipated to occur at a future unspecified date.
ITEM 14 PRINCIPAL ACCOUNTING FEES AND SERVICES
  a.   AUDIT FEES. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the Partnership’s annual financial statements and review of the financial statements included in the Partnership’s Forms 10-Q, or services that are normally provided by the accountant in connection with the statutory and regulatory filings or engagements for such two fiscal years, amounted to $27,500 in 2006 and $21,500 in 2005.
 
  b.   AUDIT RELATED FEES. There were no fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for assurance and related services by the principal accountant that were reasonably related to the performance of the audit or review of the Partnership’s financial statements.
 
  c.   TAX FEES. There were no fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning services.
 
  d.   ALL OTHER FEES. There were no fees billed in each of the last two fiscal years for products and services provided by the principal accountant other than the services reported in the three preceding paragraphs.
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT AND SCHEDULES, AND REPORTS ON FORM 8-K
(a) Exhibits and Financial Statement and Schedules
(1) Financial Statements:

14


 

(b)   Reports on Form 8-K
 
    Not applicable
 
(c)   Exhibits
  31.1   Certification Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
 
  31.2   Certification Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
 
  32.1   Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
 
  32.2   Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
(d)   Financial Statement Schedule
 
    Not applicable
 
*   Filed herewith

15


 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Partners
Century Pacific Housing Fund — I
We have audited the accompanying balance sheets of Century Pacific Housing Fund — I as of March 31, 2007 and 2006, and the related statements of operations, partners’ deficit and cash flows for each of the three years in the period ended March 31, 2007. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Century Pacific Housing Fund — I as of March 31, 2007 and 2006, and the results of its operations and its cash flows for each of the three years in the period ended March 31, 2007, in conformity with accounting principles generally accepted in the United States of America. Also, in our opinion, the related financial statement schedules, when considered in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information set forth therein.
The accompanying financial statements have been prepared assuming that the Partnership will continue as a going concern. As discussed in Note 3 to the financial statements, the Partnership has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding these matters also are described in Note 3. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ ASHER & COMPANY, LTD.
Philadelphia, PA
March 3, 2008

F-1


 

CENTURY PACIFIC HOUSING FUND-I
BALANCE SHEETS
                 
    MARCH 31,  
    2007     2006  
ASSETS
CURRENT ASSETS
               
 
               
Cash
  $     $  
 
               
Receivable from related parties (Note 4)
    4,934       4,934  
Less: Allowance for Doubtful Accounts
    (4,934 )     (4,934 )
 
           
TOTAL CURRENT ASSETS
           
Investments in Operating Partnerships (Notes 1 and 5)
           
 
           
TOTAL ASSETS
  $     $  
 
           
 
               
LIABILITIES AND PARTNERS’ DEFICIT
 
               
CURRENT LIABILITIES
               
 
               
Accounts payable and accrued expenses
  $ 10,800     $ 10,800  
Advance from affiliate (Note 4)
    62,455       62,455  
Payable to related parties (Note 4)
    1,384,072       1,324,072  
 
           
TOTAL CURRENT LIABILITIES
    1,457,327       1,397,327  
 
           
COMMITMENTS AND CONTINGENCIES (NOTE 6)
           
 
           
 
               
PARTNERS’ DEFICIT
               
General partners
    (407,869 )     (406,669 )
Limited partners, $1,000 stated value per unit, 50,000 units authorized, 22,315 units issued and outstanding (Note 2)
    (1,049,458 )     (990,658 )
 
           
TOTAL PARTNERS’ DEFICIT
    (1,457,327 )     (1,397,327 )
 
           
 
  $     $  
 
           
See accompanying notes to financial statements.

F-2


 

CENTURY PACIFIC HOUSING FUND-I
STATEMENTS OF OPERATIONS
                         
    FOR THE YEARS ENDED MARCH 31,  
    2007     2006     2005  
REVENUES
  $     $     $  
 
                 
EXPENSES
                       
Allocated overhead expenses – affiliate (Note 4)
    60,000       60,000       60,000  
 
                       
Bad debt expense
          4,934        
 
                 
TOTAL EXPENSES
    60,000       64,934       60,000  
 
                 
LOSS BEFORE EQUITY IN NET LOSSES OF OPERATING PARTNERSHIPS
    (60,000 )     (64,934 )     (60,000 )
 
                       
EQUITY IN NET LOSSES OF OPERATING PARTNERSHIPS (NOTE 5)
                 
 
                 
NET LOSS
  $ (60,000 )   $ (64,934 )   $ (60,000 )
 
                 
ALLOCATION OF NET LOSS
                       
General partners
  $ (1,200 )   $ (1,299 )   $ (1,200 )
Limited partners
    (58,800 )     (63,635 )     (58,800 )
 
                 
 
  $ (60,000 )   $ (64,934 )   $ (60,000 )
 
                 
 
                       
NET LOSS PER UNIT OF LIMITED PARTNERSHIP INTEREST (NOTE 1)
  $ (2.63 )   $ (2.85 )   $ (2.63 )
 
                 
AVERAGE NUMBER OF OUTSTANDING UNITS
    22,315       22,315       22,315  
 
                 
See accompanying notes to financial statements.

F-3


 

CENTURY PACIFIC HOUSING FUND-I
STATEMENTS OF PARTNERS’ DEFICIT
FOR THE YEARS ENDED MARCH 31, 2007, 2006, AND 2005
                         
    GENERAL     LIMITED        
    PARTNERS     PARTNERS     TOTAL  
PARTNERS’ DEFICIT — MARCH 31, 2004
    (404,170 )     (868,223 )     (1,272,393 )
 
                       
NET LOSS
    (1,200 )     (58,800 )     (60,000 )
 
                 
PARTNERS’ DEFICIT — MARCH 31, 2005
    (405,370 )     (927,023 )     (1,332,393 )
 
                       
NET LOSS
    (1,299 )     (63,635 )     (64,934 )
 
                 
PARTNERS’ DEFICIT — MARCH 31, 2006
    (406,669 )     (990,658 )     (1,397,327 )
 
                       
NET LOSS
    (1,200 )     (58,800 )     (60,000 )
 
                 
PARTNERS’ DEFICIT — MARCH 31, 2007
  $ (407,869 )   $ (1,049,458 )   $ (1,457,327 )
 
                 
PERCENTAGE INTEREST — MARCH 31, 2007
    2 %     98 %     100 %
 
                 
See accompanying notes to financial statements.

F-4


 

CENTURY PACIFIC HOUSING FUND-I
STATEMENTS OF CASH FLOWS
                         
    FOR THE YEARS ENDED MARCH 31,  
    2007     2006     2005  
CASH FLOWS FROM OPERATING ACTIVITIES
                       
Net loss
  $ (60,000 )   $ (64,934 )   $ (60,000 )
Adjustments to reconcile net loss to net cash used in operating activities:
                       
Bad debt expense
          4,934        
Increase in payable to related parties
    60,000       60,000       60,000  
 
                 
 
                       
NET CASH USED IN OPERATING ACTIVITIES
                 
 
                 
 
                       
NET DECREASE IN CASH
                 
 
                       
CASH — BEGINNING OF PERIOD
                 
 
                 
 
                       
CASH — END OF PERIOD
  $     $     $  
 
                 
See accompanying notes to financial statements.

F-5


 

CENTURY PACIFIC HOUSING FUND-I
NOTES TO FINANCIAL STATEMENTS
MARCH 31, 2007, 2006 AND 2005
1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
    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 order to prepare the financial statements in accordance with accounting principles generally accepted in the United States of America.
 
    The Partnership fiscal year end is 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, has a calendar year for income tax purposes.
 
    ESTIMATES AND ASSUMPTIONS
 
    The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
 
    RECEIVABLES
 
    The Partnership reviews the collectibility of receivables and adjusts its allowance for doubtful accounts accordingly.
 
    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 5). 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. Costs paid by the Partnership for organization of the Operating Partnership as well as direct costs of acquiring properties, including acquisition fees and reimbursable acquisition expenses paid to the general partner, have been capitalized as investments in Operating Partnerships.
 
    INCOME TAXES
 
    No provision has been made for income taxes in the accompanying financial statements since such taxes and/or the recapture of the Low-Income Housing Tax Credit benefits received, if any, are the liability of the individual partners. The Partnership uses the accrual method of accounting for tax purposes. For income tax purposes, a number of the Partnership’s investments in the Operating Partnerships have negative capital accounts amounting to approximately $(31,821,407) as of December 31, 2006. For financial statement purposes, such investments were zero at March 31, 2007.

F-6


 

CENTURY PACIFIC HOUSING FUND-I
Notes to Financial Statements (Continued)
  SYNDICATION COSTS
 
    Public offering costs have been recorded as a direct reduction to the capital accounts of the Limited Partners.
 
    NET LOSS PER UNIT OF LIMITED PARTNERSHIP INTEREST
 
    Net loss per unit of limited partnership interest is calculated based upon the weighted average number of units of limited partnership interest (units) outstanding.
 
    NEW ACCOUNTING PRONOUNCEMENTS
 
    In July 2006, FASB issued FASB Interpretation 48, “Accounting for Uncertainty in Income Taxes: An Interpretation of FASB Statement No. 109” (“FIN 48”). FIN 48 clarifies Statement 109, “Accounting for Income Taxes”, to indicate the criteria that an individual tax position would have to meet for some or all of the benefit of that position to be recognized in an entity’s financial statements. The Partnership does not expect any significant changes to the financial accounting and reporting as a result of this new accounting standard.
 
    In September 2006, the SEC issued Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements When Quantifying Misstatements in Current Year Financial Statements” (”SAB 108”). SAB 108 was issued to provide consistency in quantifying financial statements. This bulletin was implemented by the Partnership for the year ended March 31, 2007 and did not have an impact on the financial statements.
 
    In September 2006, the Financial Accounting Standards Board (“FASB”) issued Statement of Financial Accounting Standards No. 157, “Fair Value Measurements” (“SFAS 157”). SFAS 157 defines fair value, establishes the framework for measuring fair value, and expands disclosures required for fair value measurements. The Partnership does not expect any significant changes to the financial accounting and reporting as a result of this new accounting standard.
 
    In February 2007, the FASB issued Statement of Financial Accounting Standards No. 159, The Fair Value Option for Financial Assets and Financial Liabilities (“SFAS No. 159”). SFAS No. 159 permits entities to choose to measure many financial instruments and certain other items at fair value and establishes presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar types of assets and liabilities. The Partnership does not expect any significant changes to the financial accounting and reporting as a result of this new accounting standard.
 
    In December 2007, the FASB issued Statement of Financial Accounting Standards No. 141 (revised 2007), Business Combinations (“SFAS No. 141R”). The objective of SFAS No. 141R is to improve the relevance, representational faithfulness, and comparability of the information that a reporting entity provides in its financial reports about a business combination and its effects. The Partnership does not expect any significant changes to the financial accounting and reporting as a result of this new accounting standard.

F-7


 

CENTURY PACIFIC HOUSING FUND-I
Notes to Financial Statements (Continued)
  In December 2007, the FASB also issued Statement of Financial Accounting Standards No. 160, Noncontrolling Interests in Consolidated Financial Statements, an amendment of ARB No. 51 (“SFAS No. 160”). The objective of SFAS No. 160 is to improve the relevance, comparability and transparency of the financial information that a reporting entity provides in its consolidated financial statements by establishing accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. The Partnership does not expect any significant changes to the financial accounting and reporting as a result of this new accounting standard.
 
2.   OPERATIONS
 
    Century Pacific Housing Fund-I, a California limited partnership, (the Partnership), 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 21 limited partnerships (the Operating Partnerships), which acquired and operated 21 multi-family residential apartment properties (the properties). As of March 31, 2007, the Operating Partnerships still own 6 of these 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 4).
 
    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 multi-family residential complexes and receive one or more forms of assistance from federal, state or local government agencies (the Government Agencies).
 
    In July 1987, the Partnership began raising capital from sales of limited partnership interests, at $1,000 per unit, to limited partners. The Partnership authorized the issuance of a maximum of 50,000 partnership units of which 22,315 were subscribed and issued. The limited partnership interest offering closed in April 1988.
 
    The Partnership has acquired limited partnership interests ranging from 97% to 99% in the Operating Partnerships, which have invested in rental property.
 
3.   GOING CONCERN
 
    The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Partnership as a going concern. The Partnership’s Operating Partnerships have not achieved the operating results required to provide the Partnership with sufficient cash distributions to fund the Partnership’s administrative costs. Additionally, as of March 31, 2007, the Partnership has incurred allocated losses from all of its Operating Partnerships to the extent of the Partnership’s cash contributions. As a result of the foregoing, the Partnership is dependent upon the general partners and affiliates for continued financial support.

F-8


 

CENTURY PACIFIC HOUSING FUND-I
Notes to Financial Statements (Continued)
  The auditors’ reports on two of the Operating Partnerships’ financial statements contained an explanatory paragraph relating to going concern issues. One concerned the maturity of a purchase note for which the Operating Partnership may not be able to satisfy the obligation. The second concerned an Operating Partnership in which the property owned sustained significant damage by Hurricane Katrina in 2005. The property was subsequently sold in September 2007.
 
    Management maintains that the general partners and affiliates, though not required to do so, will continue to fund current operations by deferring payment to related parties of allocated overhead expenses, and by funding any Partnership operating costs. Unpaid allocated overhead expenses will accrue and become payable when the Operating Partnerships either generate sufficient cash distributions to the Partnership to cover such expenses or when the Operating Partnerships are sold. At the present time, the general partners are making a conscious effort to sell these properties. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
4.   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 the limited partnership interests in the Partnership. Century Pacific Realty Corporation (CPRC), an affiliate of CPCC, is a general partner in five of the remaining 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 three of the Operating Partnerships and a two percent interest in two of the Operating Partnerships.
 
    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 of refinancing stage.
 
    The general partners and affiliates earned the following fees for services provided to the Partnership and were entitled to reimbursement for costs incurred by the general partners and affiliates on behalf of the Partnership and the Operating Partnerships for the years ended March 31, 2007, 2006 and 2005 as follows:

F-9


 

CENTURY PACIFIC HOUSING FUND-I
Notes to Financial Statements (Continued)
                         
    2007   2006   2005
     
Fees and reimbursement from the Partnership:
                       
Reimbursement for overhead allocated from Century Pacific Equity Corporation (CPEC)
  $ 60,000     $ 60,000     $ 60,000  
     
 
                       
Fees and reimbursement from the Operating Partnerships:
                       
Supervisory management fee (CPCC and CPRC)
    15,638       21,380       47,903  
Partnership management fee (CPCC and CPRC)
    38,287       52,345       151,704  
     
 
  $ 53,925     $ 73,725     $ 199,607  
     
  At March 31, 2007 and 2006, payable to related parties totaling $1,384,072 and $1,324,072, respectively, consists of fees and certain general and administrative costs accrued as an unsecured non-interest bearing payable by the Partnership to the general partners and affiliates. Such fees and allocated costs have been deferred until the Partnership has sufficient cash to pay them.
 
    Receivable from related parties of $4,934 at March 31, 2007 and 2006 represents unsecured cash advances to several of the Operating Partnerships.
 
    At March 31, 2007 and 2006, CPRC was owed $62,455 for unsecured non-interest bearing, demand cash advances to the Partnership.
 
    The general partners may advance funds to the Partnership to fund operating deficits, but are not obligated to do so. Such advances shall be evidenced by a promissory note of a term no more than 12 months in length and at a rate of interest no lower than the prime rate. All such loans shall be repaid prior to any distributions of net cash flow. At March 31, 2007 and 2006, the Partnership had no outstanding advances due to the general partners.
 
5.   INVESTMENTS IN LIMITED PARTNERSHIPS
 
    At March 31, 2007, 2006, and 2005 the Partnership owned limited partnership interests in 6, 8, and 9 Operating Partnerships, respectively. At March 31, 2007 and 2006, the Operating Partnerships had investments in 6 and 8 multi-family rental properties, respectively.
 
    The Partnership’s equity in net operating losses in these Operating Partnerships has exceeded the investment balance. Consequently, the investment balances have been reduced to zero in accordance with the equity method of accounting.
 
    Summarized combined balance sheets as of December 31, 2006 and 2005 and statements of operations for the three years ended December 31, 2006 of the aforementioned Operating Partnerships are as follows:

F-10


 

CENTURY PACIFIC HOUSING FUND-I
Notes to Financial Statements (Continued)
CENTURY PACIFIC HOUSING FUND I
COMBINED BALANCE SHEETS
                 
    2006     2005  
ASSETS
Cash
  $ 359,757     $ 161,281  
Reserve for replacements
    953,047       930,064  
Land and buildings
    11,658,317       12,564,536  
Other assets
    1,568,404       876,031  
Assets to be disposed
    1,024,448       8,267,521  
 
           
 
  $ 15,563,973     $ 22,799,433  
 
           
 
               
LIABILITIES AND PARTNERS’ DEFICIT
Notes payable
  $ 48,099,905     $ 46,230,167  
Other liabilities
    2,679,398       2,731,745  
Liabilities to be disposed
    2,699,575       20,188,235  
 
           
 
    53,478,878       69,150,147  
Partners’ deficit
    (37,914,905 )     (46,350,714 )
 
           
 
  $ 15,563,973     $ 22,799,433  
 
           
COMBINED STATEMENTS OF OPERATIONS
                         
    2006     2005     2004  
REVENUES
                       
Rental income
  $ 4,458,447     $ 4,979,613     $ 5,043,164  
Other income
    1,446,830       270,735       203,015  
 
                 
TOTAL REVENUES
    5,905,277       5,250,348       5,246,179  
 
                       
EXPENSES
                       
Utilities
    787,837       848,560       838,456  
Repairs and maintenance
    1,229,256       1,378,887       1,625,803  
Management fees
    331,078       367,581       371,102  
Other operating expense
    1,631,089       1,761,301       1,816,266  
Interest
    2,772,049       2,606,985       2,450,787  
Depreciation and amortization
    957,743       1,153,488       1,181,346  
 
                 
TOTAL EXPENSES
    7,689,052       8,116,802       8,283,760  
 
                 
 
                       
OPERATING LOSS
    (1,783,775 )     (2,866,454 )     (3,037,581 )
 
DISCONTINUED OPERATIONS
                       
Loss from operations
    (639,133 )     (1,137,424 )     (3,419,706 )
Gain from property dispositions
    973,839       4,232,477       8,875,606  
Gain from debt cancellation
    9,889,881       1,938,185       1,702,146  
 
                 
 
    10,224,587       5,033,238       7,158,046  
 
                 
NET INCOME/(LOSS)
  $ 8,440,812     $ 2,166,784     $ 4,120,465  
 
                 
 
                       
ALLOCATION OF INCOME/(LOSS)
                       
Century Pacific Housing Fund — I
  $ 8,271,996     $ 2,133,448     $ 4,038,056  
General partners and other limited partners
    168,816       43,336       82,409  
 
                 
 
  $ 8,440,812     $ 2,166,784     $ 4,120,465  
 
                 

F-11


 

CENTURY PACIFIC HOUSING FUND-I
Notes to Financial Statements (Continued)
          In 2006, the Operating Partnerships sold the following properties:
                                             
                                        CANCELLATION
OPERATING   PROJECT       DATE   SELLING   BASIS OF   GAIN/   OF DEBT
PARTNERSHIP   NAME   LOCATION   SOLD   PRICE   ASSET SOLD   (LOSS)   INCOME
 
Century Pacific
Housing
Partnership XVIII
  Ascension
Towers
  Memphis,
TN
  05/25/06   $ 3,015,000     $ 2,889,110     $ 125,890     $ 9,597,227  
 
                                           
Coleman Manor
Associates Limited
Partnership
  Coleman
Manor
  Baltimore,
MD
  12/28/06   $ 2,254,084     $ 1,406,135     $ 847,949     $ 292,654  
  These properties were sold at fair market value, which was less than the existing debt on the books of the Operating Partnership.
 
    In 2005, the Operating Partnerships sold the following property:
                                             
                        BASIS OF           CANCELATION
OPERATING   PROJECT       DATE   SELLING   ASSET   GAIN/   OF DEBT
PARTNERSHIP   NAME   LOCATION   SOLD   PRICE   SOLD   (LOSS)   INCOME
 
Century Pacific
Housing
Partnership XXII
  Harriet
Tubman
  Berkeley,
CA
  05/13/05   $ 6,650,937     $ 2,418,460     $ 4,232,477     $ 1,938,185  
  This property was sold at its fair market value, which was less than the existing debt on the books of the Operating Partnership.
 
    In 2004, the Operating Partnerships sold the following properties:
                                             
                        BASIS           CANCEL-
                        OF           LATION
OPERATING   PROJECT       DATE   SELLING   ASSET   GAIN/   OF DEBT
PARTNERSHIP   NAME   LOCATION   SOLD   PRICE   SOLD   (LOSS)   INCOME
 
Century Pacific
Housing
Partnership II
  Sunset
Park
  Denver,
CO
  08/30/04   $ 8,300,000     $ 4,301,705     $ 3,998,295     $ 3,306,348  
 
                                           
Century Pacific
Housing
Partnership XIII
  Atlantis
Apartments
  Virginia
Beach,
VA
  06/30/04     8,400,000     $ 4,602,331     $ 3,797,669     $ 2,024,100  
 
                                           
Century Pacific
Housing
Partnership XVI
  Rockwell
Villa
  Oklahoma
City,
OK
  12/23/04   $ 1,100,000     $ 1,139,668     $ (39,668 )   $ 1,448,406  
 
                                           
Century Pacific
Housing
Partnership XVII
  London
Square
  Oklahoma
City,
OK
  12/23/04   $ 3,900,000     $ 2,780,690     $ 1,119,310     $ 2,765,936  
  These properties were sold at its fair market value, which was less than the existing debt on the books of the operating partnership.
 
6.   COMMITMENTS AND CONTINGENCIES
 
    The rents of the Operating Partnerships, all of which receive rental

F-12


 

CENTURY PACIFIC HOUSING FUND-I
Notes to Financial Statements (Continued)
  subsidy payments, including payments under Section 8 of Title II of the Housing and Community Development Act of 1974 (“Section 8”) are subject to specific laws, regulations, and agreements with federal and state agencies. The subsidy agreements expire at various times during and after the 15-year compliance period of the Operating Partnerships. The United States Department of Housing and Urban Development (“HUD”) has issued a notice implementing provisions to renew Section 8 contracts expiring during HUD’s fiscal year 2005, where requested by an owner, for an additional one-year term at current rent levels.
 
    It is management’s intent to maintain the Operating Partnerships as affordable housing and to negotiate and renew the Section 8 contracts when they expire. At the present time, the Partnership cannot reasonably predict legislative initiatives and governmental budget negotiations, the outcome of which could result in a reduction in funds available for the various federal and state administered housing programs including the Section 8 program. Such changes could adversely affect the future net operating income and debt structure of any or all Operating Partnerships receiving such subsidy or similar subsidies.
 
7.   FAIR VALUE OF FINANCIAL INSTRUMENTS
 
    It is not possible to estimate the fair value of related party receivables, advance from affiliate or payable to related parties since such amounts result from related party transactions, the terms of which may not be available from other sources.
 
8.   QUARTERLY FINANCIAL DATA (UNAUDITED)
 
    The Partnership’s unaudited quarterly financial information is as follows:
                 
            Net Loss per Unit of
Quarter Ended   Net Loss   Limited Partnership Interest
June 30, 2006
  $ (15,000 )   $ (0.66 )
September 30, 2006
  $ (15,000 )   $ (0.66 )
December 31, 2006
  $ (15,000 )   $ (0.66 )
March 31, 2007
  $ (15,000 )   $ (0.66 )
June 30, 2005
  $ (19,934 )   $ (0.88 )
September 30, 2005
  $ (15,000 )   $ (0.66 )
December 30, 2005
  $ (15,000 )   $ (0.66 )
March 31, 2006
  $ (15,000 )   $ (0.66 )
9.   SUBSEQUENT EVENTS
 
    In April 2007, an Operating Partnership, Charter House, located in Dothan, Alabama, was sold for $2,000,000. Cash proceeds from the sale were used to satisfy obligations of the Operating Partnership.
 
    In September 2007, two Operating Partnerships were sold to parties related to the management company. Windridge Apartments, located in Wichita, Kansas, was sold for $3,922,674. Gulfway Terrace, located in New Orleans, Louisiana, was sold for $3,500,000. Cash proceeds from these sales were used to satisfy obligations of the Operating Partnerships.
 
    In October 2007, an Operating Partnership, Holiday Heights, located in Fort Worth, Texas, was sold for $2,500,000. Cash proceeds from the sale were used to satisfy obligations of the Operating Partnership.

F-13


 

Schedule III
Page 1 Of 2
CENTURY PACIFIC HOUSING FUND-I
REAL ESTATE AND ACCUMULATED DEPRECIATION OF OPERATING
PARTNERSHIPS IN WHICH CPHF-I HAS LIMITED PARTNERSHIP INTERESTS
DECEMBER 31, 2006
                                         
                            COST CAPITALIZED
            INITIAL COST TO   (DISPOSED OF)
                            SUBSEQUENT TO
            OPERATING PARTNERSHIP   ACQUISITION
                    BUILDINGS            
DESCRIPTION   ENCUMBRANCES           AND           BUILDINGS AND
(1)   (2)   LAND   IMPROVEMENTS   LAND   IMPROVEMENTS
Century Pacific Housing
Partnership I (CPHP—I) —
Charter House
Dothan, Alabama
  $ 2,525,995     $ 179,578     $ 1,918,124     $     $ 266,647  
 
                                       
CPHP—VII
Gulfway Terrace
New Orleans, LA
    8,128,679       270,343       5,429,657       237       (33,320 )
 
                                       
CPHP—IX
Windridge
Wichita, Kansas
    4,144,039       169,514       3,330,486       146       1,026,277  
 
                                       
CPHP—X
Bergen Circle
Springfield, MA
    20,298,248       901,206       11,359,794             1,947,822  
 
                                       
CPHP—V
Jaycee Towers
Dayton, Ohio
    11,128,662       599,719       5,096,481             662,079  
 
                                       
CPHP—XX
Holiday Heights
Fort Worth, TX
    4,400,227       202,445       1,942,864             338,339  
     
 
  $ 50,625,900     $ 2,322,805     $ 29,077,406     $ 383     $ 4,207,844  
     

F-14


 

Schedule III
Page 2 Of 2
CENTURY PACIFIC HOUSING FUND-I
REAL ESTATE AND ACCUMULATED DEPRECIATION OF OPERATING PARTNERSHIPS
IN WHICH CPHF-I HAS LIMITED PARTNERSHIP INTERESTS, continued
DECEMBER 31, 2006
                                                 
                          LIFE ON WHICH
                          DEPRECIATION
                          IN LATEST
                                      DATE     DATE   INCOME
    GROSS AMOUNT AT WHICH   ACCUMULATED     OF     AC-   STATEMENT
    CARRIED AT CLOSE OF YEAR   DEPRECIATION     CNSTN     QUIRED   IS COMPUTED
            BUILDINGS           BUILDINGS      
DESCRIPTION           AND           AND      
(1)   LAND   IMPROVEMENTS   TOTAL   IMPROVEMENTS      
Century Pacific Housing
Partnership I (CPHP—I) —
Charter House
Dothan, Alabama
  $ 179,578     $ 2,184,771     $ 2,364,349     $ 1,501,393       1972     Dec-87   27.5 YEARS
 
                                               
CPHP—VII
Gulfway Terrace
New Orleans, LA
    270,580       5,396,337       5,666,917       3,803,814       1970     Dec-87   5-40 YEARS
 
                                               
CPHP—IX
Windridge
Wichita, Kansas
    169,660       4,356,763       4,526,423       3,066,076       1969     Dec-87   5-40 YEARS
 
                                               
CPHP—X
Bergen Circle
Springfield, MA
    901,206       13,307,616       14,208,822       9,222,356       1976     Dec-87   5-27.5 YEARS
 
                                               
CPHP—V
Jaycee Towers
Dayton, Ohio
    599,719       5,758,560       6,358,279       3,754,166       1970     Dec-88   27.5 YEARS
 
                                               
CPHP—XX
Holiday Heights
Fort Worth, TX
    202,445       2,281,203       2,483,648       1,739,360       1975     Aug-88   5-40 YEARS
                     
 
  $ 2,323,188     $ 33,285,250     $ 35,608,438     $ 23,087,165                  
                     

F-15


 

CENTURY PACIFIC HOUSING FUND-I
NOTES TO SCHEDULE III — REAL ESTATE AND ACCUMULATED
DEPRECIATION OF OPERATING PARTNERSHIPS IN WHICH
CPHF-I HAS LIMITED PARTNERSHIP INTERESTS
DECEMBER 31, 2006
NOTE 1 — DESCRIPTION OF PROPERTIES
The Properties held by the Operating Partnerships in which the Partnership has invested are housing projects, primarily for families and elderly or handicapped individuals of low and moderate income.
NOTE 2 — SCHEDULE OF ENCUMBRANCES
                                 
    Mortgage   Residual   Other    
    Notes   Note   Notes   Total
     
CPHP—I Charter House
  $ 499,275     $ 2,026,720     $     $ 2,525,995  
CPHP—V Jaycee Towers
    1,341,204       9,522,755       264,703       11,128,662  
CPHP—VII Gulfway Terrace
    1,720,768       6,120,105       287,806       8,128,679  
CPHP—IX Windridge
    2,907,654       1,154,248       82,137       4,144,039  
CPHP—X Bergen Circle
    4,403,192       14,861,569       1,033,487       20,298,248  
CPHP—XX Holiday Heights
    534,618       3,865,659             4,400,277  
     
 
  $ 11,406,711     $ 37,551,056     $ 1,668,133     $ 50,625,900  
     
NOTE 3 — RECONCILIATION OF REAL ESTATE AND ACCUMULATED DEPRECIATION
                 
            ACCUMULATED  
    COST     DEPRECIATION  
Balance at December 31, 2003
  $ 73,053,637     $ 41,058,447  
 
               
Additions during year:
               
Improvements
    355,944        
Depreciation
          2,259,733  
Deductions during year:
               
Cost of real estate sold
    (21,583,891 )      
Accumulated depreciation of Real estate sold
          (12,774,492 )
 
           
Balance at December 31, 2004
    51,825,690       30,543,688  
 
               
Additions during year:
               
Improvements
    319,146        
Depreciation
          1,710,396  
Deductions during year:
               
Cost of real estate sold
    (4,720,900 )        
Accumulated depreciation of Real estate sold
          (2,723,840 )
 
           
Balance at December 31, 2005
    47,423,936       29,530,244  
 
               
Additions during year:
               
Improvements
    196,433        
Depreciation
          1,206,802  
Deductions during year:
               
Write-down of assets
    (458,000 )     (322,369 )
Cost of Real Estate sold
    (11,553,931 )      
Accumulated depreciation of Real estate sold
          (7,327,512 )
 
           
Balance at December 31, 2006
  $ 35,608,438     $ 23,087,165  
 
           

F-16


 

CENTURY PACIFIC HOUSING FUND-I
MORTGAGE LOANS ON REAL ESTATE OF OPERATING
PARTNERSHIPS IN WHICH CPHF-I HAS
LIMITED PARTNERSHIP INTERESTS
DECEMBER 31, 2006
Schedule IV
Page 1 of 2
                                         
                    Monthly        
                    Payments   Original    
            Final   to Maturity   Face   Carrying
    Interest   Maturity   (Net of HUD   Amount of   Amount of
Description (1)   Rate   Date   Subsidy)   Mortgage   Mortgage (2)
 
Century Pacific Housing
Partnership I (CPHP—I) —
Charter House
          Mar                        
Dothan, Alabama
    7 %     2013     $ 8,238     $ 1,325,700     $ 499,275  
 
CPHP—VII
Gulfway Terrace
          June                        
New Orleans, Louisiana
    7 %     2015       8,320       3,616,200       1,720,768  
 
CPHP—IX
Windridge
          July                        
Wichita, Kansas
    8.625 %     2010       23,800       3,060,000       2,907,654  
 
CPHP—X
Bergen Circle
          Mar                        
Springfield, Massachusetts
    6.92 %     2018       4,818       7,381,100       4,403,192  
 
CPHP—V
Jaycee Towers
          Sept                        
Dayton, Ohio
    8.5 %     2012       7,701       3,361,200       1,341,204  
 
CPHP—XX
Holiday Heights
          April                        
Fort Worth, Texas
    7 %     2014       3,272       1,252,700       534,618  
                     
 
                  $ 56,149     $ 19,996,900     $ 11,406,711  
                     

F-17


 

CENTURY PACIFIC HOUSING FUND-I
MORTGAGE LOANS ON REAL ESTATE OF OPERATING
PARTNERSHIPS IN WHICH CPHF-I HAS
LIMITED PARTNERSHIP INTERESTS, continued
DECEMBER 31, 2006
Schedule IV
Page 2 Of 2
                                         
                    Monthly        
                    Payments   Original    
            Final   to Maturity   Face   Carrying
    Interest   Maturity   (Net of HUD   Amount of   Amount of
Description (1)   Rate   Date   Subsidy)   Mortgage   Mortgage (2)
 
Charter House
          December                        
Dothan, Alabama
    (1 )     2002       (1 )   $ 781,581     $ 2,026,720  
 
CPHP—VII
Gulfway Terrace
          December                        
New Orleans, Louisiana
    (1 )     2002       (1 )     1,255,000       6,120,105  
 
CPHP—IX
Windridge
          December                        
Wichita, Kansas
    (1 )     2002       (1 )     1,053,084       1,154,248  
 
CPHP—X
Bergen Circle
          July                        
Springfield, Massachusetts
    (1 )     2013       (1 )     3,547,072       14,861,569  
 
CPHP—V
Jaycee Towers
          October                        
Dayton, Ohio
    (1 )     2005       (1 )     2,245,673       9,522,755  
 
CPHP—XX
Holiday Heights
          October                        
Fort Worth, Texas
    (1 )     2004       (1 )     909,472       3,865,659  
                             
 
                          $ 9,791,882     $ 37,551,056  
                             

F-18


 

CENTURY PACIFIC HOUSING FUND-I
NOTES TO SCHEDULE IV — MORTGAGE LOANS ON REAL
ESTATE OF OPERATING PARTNERSHIPS IN WHICH
CPHF-I HAS LIMITED PARTNERSHIP INTERESTS
DECEMBER 31, 2006
NOTE 1 — DESCRIPTION
Each Operating Partnership has invested in a Property. The Operating
Partnerships assumed mortgage loan obligations from the sellers of the properties, and with the exception of two mortgages, all mortgage loan obligations are insured by the United States Department of Housing and Urban Development. All mortgages are secured by the land and building of the properties.
In addition, the Operating Partnerships issued residual notes to the sellers of the properties as partial consideration. The notes bear interest at the minimum long-term federal rate as announced from time-to-time pursuant to Section 1274 of the Internal Revenue Code, provided that such rate shall not be less than 7% or greater than 15%. The notes are secured by the interests of the partners in the owning partnership. The notes are repayable out of future cash available for distribution and unpaid principal and interest are due at maturity.
NOTE 2 — RECONCILIATION OF MORTGAGES AND RESIDUAL NOTES
                 
    MORTGAGE     RESIDUAL  
    LOANS     NOTES  
Balance at December 31, 2003
  $ 24,489,574     $ 67,894,018  
Additions during year:
               
Accrued interest
          3,434,909  
Deductions during year:
               
Forgiveness of note
    (5,106,553 )     (4,075,121 )
Payments
    (1,120,357 )     (18,213,189 )
 
           
 
               
Balance at December 31, 2004
    18,262,664       49,040,617  
Additions during year:
               
Accrued interest
          2,833,505  
Deductions during year:
               
Forgiveness of note
          (1,938,185 )
Payments
    (1,865,188 )     (5,449,677 )
 
           
Balance at December 31, 2005
    16,397,476       44,486,260  
Additions during year:
               
Accrued interest
          2,748,459  
Deductions during year:
               
Forgiveness of note
          (9,233,617 )
Payments
    (4,990,765 )     (450,046 )
 
           
Balance at December 31, 2006
  $ 11,406,711     $ 37,551,056  
 
           

F-19


 

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities 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    
 
       
Date: March 3, 2008
  /s/ IRWIN JAY DEUTCH    
 
 
 
By: Irwin Jay Deutch, as Managing General Partner
   
 
       
 
  and    
 
       
 
  Century Pacific Capital I Corporation, as Corporate General Partner and as Attorney-in-Fact for all Investor Limited Partners    
 
       
Date: March 3, 2008
  /s/ IRWIN JAY DEUTCH    
 
 
 
By: Irwin Jay Deutch, President
   

16


 

EXHIBITS
     
Exhibit    
Number   Description
 
   
31.1
  Certification Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
 
   
31.2
  Certification Pursuant to 15 U.S.C. Section 7241, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
 
   
32.1
  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
 
   
32.2
  Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
 
*   Filed herewith

 

EX-31.1 2 w50755exv31w1.htm CERTIFICATION PURSUANT TO 15 U.S.C. SECTION 7241 exv31w1
 

EXHIBIT 31.1
CERTIFICATIONS
I, Irwin J. Deutch, certify that:
1.   I have reviewed this annual report on Form 10-K of Century Pacific Housing Fund I;
 
2.   Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement were made, not misleading with respect to the period covered by this annual report;
 
3.   Based on my knowledge, the financial statements and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
 
4.   The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
  a.   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within the entity, particularly during the period in which this annual report is being prepared;
 
  b.   evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this annual report (the “Evaluation Date”) our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
  c.   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal year (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting; and
5.   The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
  a.   All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
  b.   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
     
March 3, 2008
 
Date
  /s/ Irwin J. Deutch
 
Irwin J. Deutch, President, Chief Executive Officer

 

EX-31.2 3 w50755exv31w2.htm CERTIFICATION PURSUANT TO 15 U.S.C. SECTION 7241 exv31w2
 

EXHIBIT 31.2
CERTIFICATIONS
I, James V. Bleiler, certify that:
1.   I have reviewed this annual report on Form 10-K of Century Pacific Housing Fund I;
 
2.   Based on my knowledge, this annual report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statement were made, not misleading with respect to the period covered by this annual report;
 
3.   Based on my knowledge, the financial statements and other financial information included in this annual report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this annual report;
 
4.   The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and we have:
  a.   designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, is made known to us by others within the entity, particularly during the period in which this annual report is being prepared;
 
  b.   evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this annual report (the “Evaluation Date”) our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
  c.   disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal year (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonable likely to materially affect, the registrant’s internal control over financial reporting; and
5.   The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent function):
  a.   All significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
  b.   any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
     
March 3, 2008
  /s/ James V. Bleiler
 
Date
 
 
James V. Bleiler, Chief Financial Officer

 

EX-32.1 4 w50755exv32w1.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 exv32w1
 

Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SABARNES-OXLEY ACT OF 2002
In connection with the Annual Report of Century Pacific Housing Fund I (the
“Partnership”) on Form 10-K for the year ending March 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Irwin J. Deutch, Chief Executive Officer of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
     (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     (2) The information contained in the Report fairly presents, in all material respects the financial condition and result of operations of the Partnership.
     
/s/ Irwin J. Deutch
   
 
Irwin J. Deutch
   
President, Chief Executive Officer
   
 
   
March 3, 2008
   
 
Date
   

 

EX-32.2 5 w50755exv32w2.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 exv32w2
 

Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SABARNES-OXLEY ACT OF 2002
In connection with the Annual Report of Century Pacific Housing Fund I (the
“Partnership”) on Form 10-K for the year ending March 31, 2007 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James V. Bleiler, Chief Financial Officer of the Partnership, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
     (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     (2) The information contained in the Report fairly presents, in all material respects the financial condition and result of operations of the Partnership.
     
/s/ James V. Bleiler
   
 
James V. Bleiler
   
Chief Financial Officer
   
 
   
March 3, 2008
   
 
Date
   

 

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