-----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, Q+6sbH/p8lLQ88yMc5IIXf7BxP/SDAIKBMCaI0HvVt2N4x1IKfcAz4VvU9ksV/RH GZLHbzbO7ghbttHiNZ9UmA== /in/edgar/work/20000814/0000810663-00-000042/0000810663-00-000042.txt : 20000921 0000810663-00-000042.hdr.sgml : 20000921 ACCESSION NUMBER: 0000810663-00-000042 CONFORMED SUBMISSION TYPE: 10QSB PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000630 FILED AS OF DATE: 20000814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L P IV CENTRAL INDEX KEY: 0000845035 STANDARD INDUSTRIAL CLASSIFICATION: [6513 ] IRS NUMBER: 043044617 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10QSB SEC ACT: SEC FILE NUMBER: 000-19765 FILM NUMBER: 696725 BUSINESS ADDRESS: STREET 1: 101 ARCH ST 16TH FLR CITY: BOSTON STATE: MA ZIP: 02110-1106 BUSINESS PHONE: 6174393911 MAIL ADDRESS: STREET 2: 101 ARCH STREET 16TH FL CITY: BOSTON STATE: MA ZIP: 021101106 10QSB 1 0001.txt QH4 6/00 10QSB August 14, 2000 Securities and Exchange Commission 450 Fifth Street, N.W. Washington, D.C. 20549 Re: Boston Financial Qualified Housing Tax Credits L.P. IV Report on Form 10-QSB for Quarter Ended June 30, 2000 File Number 0-19765 Dear Sir/Madam: Pursuant to the requirements of section 15(d) of the Securities Exchange Act of 1934, there is filed herewith a copy of subject report. Very truly yours, /s/Stephen Guilmette Stephen Guilmette Assistant Controller QH4-10Q1.DOC UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-QSB (Mark One) [ X ] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2000 ------------------------------------ OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-19765 Boston Financial Qualified Housing Tax Credits L.P. IV (Exact name of registrant as specified in its charter) Massachusetts 04-3044617 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 101 Arch Street, Boston, Massachusetts 02110-1106 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (617) 439-3911 ------------------------------ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No . BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) TABLE OF CONTENTS PART I - FINANCIAL INFORMATION Page No. - ------------------------------ -------- Item 1. Financial Statements Balance Sheet - June 30, 2000 (Unaudited) 1 Statements of Operations (Unaudited) - For the Three Months Ended June 30, 2000 and 1999 2 Statement of Changes in Partners' Equity (Deficiency) (Unaudited) - For the Three Months Ended June 30, 2000 3 Statements of Cash Flows (Unaudited) - For the Three Months Ended June 30, 2000 and 1999 4 Notes to the Financial Statements (Unaudited) 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 7 PART II - OTHER INFORMATION Items 1-6 11 SIGNATURE 12 BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) BALANCE SHEET June 30, 2000 (Unaudited)
Assets Cash and cash equivalents $ 61,448 Marketable securities, at fair value 891,884 Investments in Local Limited Partnerships, net (Note 1) 16,724,479 Other assets 14,174 -------------- Total Assets $ 17,691,985 ============== Liabilities and Partners' Equity Accounts payable to affiliates $ 373,129 Accounts payable and accrued expenses 66,859 -------------- Total Liabilities 439,988 General, Initial and Investor Limited Partners' Equity 17,254,534 Net unrealized losses on marketable securities (2,537) Total Partners' Equity 17,251,997 -------------- Total Liabilities and Partners' Equity $ 17,691,985 ==============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) STATEMENTS OF OPERATIONS For the Three Months Ended June 30, 2000 and 1999 (Unaudited)
1999 2000 (Restated) Revenue: Investment $ 13,314 $ 12,519 Other 119,552 75,507 ------------- ------------- Total Revenue 132,866 88,026 ------------- ------------- Expenses: Asset management fees, related party 45,776 46,669 General and administrative (includes reimbursements to affiliate in the amounts of $38,460 and $28,324, respectively) 69,445 67,590 Provision for valuation of investments in Local Limited Partnerships 58,429 221,039 Amortization 16,401 16,452 ------------- ------------- Total Expenses 190,051 351,750 ------------- ------------- Loss before equity in losses of Local Limited Partnerships and loss on liquidation of interest in Local Limited Partnership (57,185) (263,724) Equity in losses of Local Limited Partnerships (Note 1) (109,130) (27,867) Loss on liquidation of interest in Local Limited Partnership (Note 2) - (6,486) ------------- ------------- Net Loss $ (166,315) $ (298,077) ============= ============= Net Loss allocated: To General Partners $ (1,663) $ (2,981) To Limited Partners (164,652) (295,096) ------------- ------------- $ (166,315) $ (298,077) ============= ============= Net Loss per Limited Partnership Unit (68,043 Units) $ (2.42) $ (4.34) ============= ============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) STATEMENT OF CHANGES IN PARTNERS' EQUITY (DEFICIENCY) For the Three Months Ended June 30, 2000 (Unaudited)
Initial Investor Net General Limited Limited Unrealized Partners Partners Partners Losses Total Balance at March 31, 2000 $ (416,878) $ 5,000 $ 17,832,727 $ (3,991) $ 17,416,858 ----------- ----------- -------------- ----------- ------------- Comprehensive Loss: Change in net unrealized losses on marketable securities available for sale - - - 1,454 1,454 Net Loss (1,663) - (164,652) - (166,315) ----------- ----------- -------------- ----------- ------------- Comprehensive Loss (1,663) - (164,652) 1,454 (164,861) ----------- ----------- -------------- ----------- ------------- Balance at June 30, 2000 $ (418,541) $ 5,000 $ 17,668,075 $ (2,537) $ 17,251,997 =========== =========== ============== =========== ============= The accompanying notes are an integral part of these financial statements.
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) STATEMENTS OF CASH FLOWS For the Three Months Ended June 30, 2000 and 1999 (Unaudited)
1999 2000 (Restated) Net cash used for operating activities $ (28,389) $ (136,149) Net cash provided by investing activities 2,650 367,686 ------------- ------------- Net increase (decrease) in cash and cash equivalents (25,739) 231,537 Cash and cash equivalents, beginning 87,187 243,072 ------------- ------------- Cash and cash equivalents, ending $ 61,448 $ 474,609 ============= =============
The accompanying notes are an integral part of these financial statements. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) NOTES TO THE FINANCIAL STATEMENTS (Unaudited) The unaudited financial statements presented herein have been prepared in accordance with the instructions to Form 10-QSB and do not include all of the information and note disclosures required by generally accepted accounting principles. These statements should be read in conjunction with the financial statements and notes thereto included with the Partnership's Form 10-KSB for the year ended March 31, 2000. In the opinion of management, these financial statements include all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Partnership's financial position and results of operations. The results of operations for the periods may not be indicative of the results to be expected for the year. The Managing General Partner has elected to report results of the Local Limited Partnerships on a 90 day lag basis, because the Local Limited Partnerships report their results on a calendar year basis. Accordingly, the financial information of the Local Limited Partnerships that is included in the accompanying financial statements is as of March 31, 2000 and 1999. 1. Investments in Local Limited Partnerships The Partnership uses the equity method to account for its limited partnership interests in twenty-three Local Limited Partnerships which own and operate multi-family housing complexes, most of which are government-assisted. The Partnership, as Investor Limited Partner pursuant to the various Local Limited Partnership Agreements, which contain certain operating and distribution restrictions, has acquired a 99% interest in the profits, losses, tax credits and cash flows from operations of each of the Local Limited Partnerships. Upon dissolution, proceeds will be distributed according to each respective partnership agreement. The following is a summary of investments in Local Limited Partnerships at June 30, 2000:
Capital contributions and advances paid to Local Limited Partnerships and purchase price paid to withdrawing partners of Local Limited Partnerships $ 46,970,168 Cumulative equity in losses of Local Limited Partnerships (excluding cumulative unrecognized losses of $7,942,716) (27,685,424) Cumulative cash distributions received from Local Limited Partnerships (2,765,206) ------------- Investments in Local Limited Partnerships before adjustment 16,519,538 Excess of investment cost over the underlying net assets acquired: Acquisition fees and expenses 3,669,346 Accumulated amortization of acquisition fees and expenses (933,481) ------------- Investments in Local Limited Partnerships 19,255,403 Reserve for valuation of investments in Local Limited Partnerships (2,530,924) ------------- $ 16,724,479 =============
BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) NOTES TO THE FINANCIAL STATEMENTS (continued) (Unaudited) 1. Investments in Local Limited Partnerships (continued) The Partnership's share of the net losses of the Local Limited Partnerships for the three months ended June 30, 2000 is $567,862. For the three months ended June 30, 2000, the Partnership has not recognized $458,732 of equity in losses relating to certain Local Limited Partnerships where cumulative equity in losses and cumulative distributions exceeded its total investments in these Local Limited Partnerships. 2. Liquidation of Interests in Local Limited Partnerships For financial reporting purposes, loss on liquidation of interest in Local Limited Partnership of $6,486 was recognized in the three months ended June 30, 1999 as a result of the transfer of Gateway Village. 3. Litigation As previously reported, the IRS finalized its report from an audit of the 1993 tax return for Bentley Court. The IRS audit of the 1993 tax return for the project questioned the treatment of certain items and has findings of non-compliance in 1993. The Managing General Partner understands that the audit now also focuses on 1994 and 1995 tax credits. On behalf of the Partnership, the Managing General Partner retained counsel to appeal the findings in the IRS report in order to minimize the loss of credits. In June of 1998, the Managing General Partner was informed that the Local General Partner for this property was indicted on various criminal charges. The Local General Partner pled guilty to two of these counts. In the opinion of Management, there is a substantial risk that Bentley Court and, consequently, the Partnership will suffer significant tax credit recapture and/or credit disallowance as a result of the problems at this property. However, it is not possible to quantify the risk until the IRS completes its audits. Additionally, the Managing General Partner replaced the Local General Partner with an affiliated entity and replaced the property management company with an unaffiliated entity. The Managing General Partner will continue to monitor property operations closely. As a result of the continuing tax issues at this property, Management has decided to fully reserve the Partnership's investment in Bentley Court. On April 28, 2000, the Managing General Partner, on behalf of the Partnership, filed suit against the former General Partners of Bentley Court alleging mismanagement of the Local Limited Partnership. The Partnership is not a party to any other pending legal or administrative proceeding, and to the best of its knowledge, no legal or administrative proceeding is threatened or contemplated against it. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Certain matters discussed herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Partnership intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements and is including this statement for purposes of complying with these safe harbor provisions. Although the Partnership believes the forward-looking statements are based on reasonable assumptions, the Partnership can give no assurance that their expectations will be attained. Actual results and timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including, without limitation, general economic and real estate conditions and interest rates. Liquidity and Capital Resources At June 30, 2000, the Partnership had a decrease in cash and cash equivalents of $25,739 from $87,187 at March 31, 2000 to $61,448 at June 30, 2000. The decrease is mainly attributable to cash used for operating activities and cash used for purchases of marketable securities. These decreases are partially offset by cash provided by proceeds from sales and maturities of marketable securities and cash distributions received from Local Limited Partnerships. The Managing General Partner initially designated 4% of the Gross Proceeds as Reserves, as defined in the Partnership Agreement. The Reserves were established to be used for working capital of the Partnership and contingencies related to the ownership of Local Limited Partnership interests. Funds totaling approximately $1,304,000 have been withdrawn from the Reserve account to pay legal fees relating to various property issues. To date, Reserve funds in the amount of approximately $304,000 have been used to make additional capital contributions to a Local Limited Partnership. To date, the Partnership has used approximately $968,000 of operating funds to replenish Reserves. At June 30, 2000, approximately $792,000 of cash, cash equivalents and marketable securities has been designated as Reserves. Management believes that the investment income earned on the Reserves, along with cash distributions received from Local Limited Partnerships, to the extent available, will be sufficient to fund the Partnership's ongoing operations. Reserves may be used to fund Partnership operating deficits, if the Managing General Partner deems funding appropriate. If Reserves are not adequate to cover the Partnership's operations, the Partnership will seek other financing sources including, but not limited to, the deferral of Asset Management Fees to an affiliate of the Managing General Partner or working with Local Limited Partnerships to increase cash distributions. In the event a Local Limited Partnership encounters operating difficulties requiring additional funds, the Partnership's management might deem it in its best interests to voluntarily provide such funds in order to protect its investment. In addition to the $1,304,000 noted above, the Partnership also advanced approximately $1,292,000 to Local Limited Partnerships to fund operating deficits. Since the Partnership invests as a limited partner, the Partnership has no contractual obligation to provide additional funds to Local Limited Partnerships beyond its specified investment. Thus, at June 30, 2000, the Partnership had no contractual or other obligation to any Local Limited Partnership which had not been paid or provided for. Cash Distributions No cash distributions were made during the three months ended June 30, 2000. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Results of Operations The Partnership's results of operations for the three months ended June 30, 2000 resulted in a net loss of $166,315 as compared to a net loss of $298,077 for the same period in 1999. The decrease in net loss is primarily attributable to a decrease in provision for valuation of investments in Local Limited Partnerships. Provision for valuation of investments in Local Limited Partnerships was incurred during the three months ended June 30, 1999 due to the write-off of advances to the Local Limited Partnerships. Property Discussions As previously reported, Audobon Apartments (Boston, Massachusetts) and Brown Kaplan (Dorchester, Massachusetts), operate below break-even. Both properties receive a material amount of income subsidies through the State Housing Assistance Rental Program (SHARP). As originally conceived, the SHARP subsidy was scheduled to decline over time to match increases in net operating income. However, increases in net operating income failed to keep pace with the decline in the SHARP subsidy. Many of the SHARP properties (including Audobon Apartments and Brown Kaplan) sought restructuring workouts with the lender, Massachusetts Housing Finance Agency ("MHFA") that included additional subsidies in the form of Operating Deficit Loans ("ODL's"). In July 1997, MHFA refused to close the restructuring for Brown Kaplan. Effective October 1, 1997, MHFA, which provided the SHARP subsidies, withdrew funding of the ODL's from its portfolio of 77 subsidized properties. Properties unable to make full debt service payments were declared in default by MHFA. The Managing General Partner has joined a group of SHARP property owners called the Responsible SHARP Owners, Inc. (RSO) to find a solution to the problems that will result from the withdrawn subsidies. On September 16, 1998, the Partnership joined with the RSO and about 20 other SHARP property owners and filed suit against the MHFA (Mass. Sup. Court Civil Action #98-4720). Among other things, the suit seeks to enforce the MHFA's previous financial commitments to the SHARP properties. The lawsuit is complex and in its early stages, so no predictions can be made at this time as to the ultimate outcome. In the meantime, the Managing General Partner intends to continue to participate in the RSO's efforts to negotiate a resolution of this matter with MHFA. As a result of the existing operating deficits, Audobon was foreclosed on March 30, 2000. Given the existing operating deficits and its dependence on the SHARP subsidy, Brown Kaplan may default on its mortgage obligation in the near future. Due to concerns regarding the long-term viability of Brown Kaplan, the Managing General Partner negotiated a plan with the Local General Partner that will ultimately transfer the Partnership's interest in the property to the Local General Partner. The plan includes provisions to minimize the risk of recapture. Effective November 30, 1999, the Managing General Partner consummated the transfer of 49.5% of the Partnership's capital and profits in the properties to the Local General Partner. The Managing General Partner has the right to transfer the Partnership's remaining interest in the properties to the Local General Partner any time after one year has elapsed. In addition, effective November 30, 1999, a new investor was admitted into the lower tier partnership. This new investor will receive the remaining tax credits and a percentage of the losses for the property going forward. The Local General Partner of Buena Vista, (Buena Vista, Georgia) and Greentree Village (Greenville, Georgia) expressed to the Managing General Partner some concerns over the long-term financial health of the properties. In response to these concerns and to reduce possible future risk, the Managing General Partner is negotiating with the Local General Partner to develop a plan that will ultimately the Partnership's interest in the properties to the Local General Partner. The plan includes provisions to minimize the risk of recapture. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Property Discussions (continued) As previously reported, Bentley Court, located in Columbia, South Carolina, continues to generate deficits. Further, an IRS audit of the 1993 tax return for the project questioned the treatment of certain items and has findings of non-compliance in 1993. The Managing General Partner understands that the audit now also focuses on 1994 and 1995 tax credits. On behalf of the Partnership, the Managing General Partner retained counsel to appeal the findings in the IRS report in order to minimize the loss of credits. In June of 1998, the Managing General Partner was informed that the Local General Partner for this property was indicted on various criminal charges. The Local General Partner pled guilty to two of these counts. In the opinion of Management, there is a substantial risk that Bentley Court and, consequently, the Partnership will suffer significant tax credit recapture and/or credit disallowance as a result of the problems at this property. However, it is not possible to quantify the risk until the IRS completes its audits. Additionally, the Managing General Partner replaced the Local General Partner with an affiliated entity and replaced the property management company with an unaffiliated entity. The Managing General Partner will continue to monitor property operations closely. As a result of the continuing tax issues at this property, Management has decided to fully reserve the Partnership's investment in Bentley Court. On April 28, 2000, the Managing General Partner, on behalf of the Partnership, filed suit against the former General Partners of Bentley Court alleging mismanagement of the local limited partnership. On June 11, 2000, one of the buildings at Bentley Court caught on fire and was determined to be a total loss. Three out of the 16 units in that building were vacant, and the rest of the tenants were transferred to vacant units at the property. The insurance company has agreed to pay the limit of the policy coverage, however, estimates indicate that the insurance proceeds will not cover the costs to rebuild. It is possible that the Local Limited Partnership will not rebuild the building, which would decrease the property's future tax credits and cause recapture of tax credits previously taken with respect to such building. It also would likely cause a decrease in the property's cash flow. The Managing General Partner is currently evaluating the Local Limited Partnership's options with respect to the ruined building. As previously reported, BK Apartments (Jamestown, North Dakota) continues to generate operating deficits despite improved occupancy. In November 1997, due to concerns about the property's long term viability, the Managing General Partner consummated a transfer of 50% of the Partnership's interest in capital and profits of BK Apartments Limited Partnership to the Local General Partner. Subsequently, effective June 17, 1999, the Local General Partner transferred its general partner interest and transferred 48.5% of its interest in capital and profits of BK Apartments Limited Partnership to a new, nonprofit general partner. Additionally, the Managing General Partner has the right to put the Partnership's remaining interest to the new Local General Partner any time after June 17, 2000. The Partnership will retain its full share of tax credits until such time as the remaining interest is put to the new Local General Partner. In addition, the new Local General Partner has the right to call the remaining interest after the tax credit period has expired. As previously reported, 46 & Vincennes (Chicago, Illinois) continues to operate below break-even due to occupancy problems. A new site manager with significant experience in managing properties in similar inner city Chicago neighborhoods was recently hired at the property. In addition, the neighborhood has seen significant improvement in the last few years, with several buildings in the area renovated for market rate use. Effective January 13, 2000, the Managing General Partner and Local General Partner succeeded in gaining HUD's approval for a refinancing, thereby reducing the interest rate and increasing the loan maturity to a new 40 year term. The Managing General Partner continues to work closely with the Local General Partner and will continue to closely monitor property operations. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued) Property Discussions (continued) The Partnership has implemented policies and practices for assessing potential impairment of its investments in Local Limited Partnerships. The investments are analyzed by real estate experts to determine if impairment indicators exist. If so, the carrying value is compared to the undiscounted future cash flows expected to be derived from the asset. If there is a significant impairment in carrying value, a provision to write down the asset to fair value will be recorded in the Partnership's financial statements. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) PART II OTHER INFORMATION Items 1-5 Not applicable Item 6 Exhibits and reports on Form 8-K (a)Exhibits - None (b)Reports on Form 8-K - No reports on Form 8-K were filed during the quarter ended June 30, 2000. BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV (A Limited Partnership) SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. DATED: August 14, 2000 BOSTON FINANCIAL QUALIFIED HOUSING TAX CREDITS L.P. IV By: Arch Street IV, Inc., its Managing General Partner /s/Randolph G. Hawthorne Randolph G. Hawthorne Managing Director, Vice President and Chief Operating Officer EX-27 2 0002.txt QH4 FINANCIAL DATA SCHEDULE FOR Q1 FISCAL 2001
5 3-MOS MAR-31-2001 JUN-30-2000 61,448 891,884 000 000 000 000 000 000 17,691,985 000 000 000 000 000 17,251,997 17,691,985 000 132,866 000 000 190,051 000 000 000 000 000 000 000 000 (166,315) (2.42) 000 Included in Total Assets: Investments in Local Limited Partnerships of $16,724,479 and Other assets of $14,174 Included in Total Liabilities and Equity: Accounts payable to affiliates of $373,129 and Accounts payable and accrued expenses of $66,859 Included in Total Revenue: Investment of $13,314 and Other of $119,552 Included in Other Expenses: Asset management fees of $45,776, General and administrative of $69,445, Provision for valuation of investments in Local Limited Partnerships of $58,429 and Amortization of $16,401 Included in Net Loss: Equity in losses of Local Limited Partnerships of $109,130
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