-----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, PF6q5BhFpi+/F+ujUjOT452TRVU3kjQ7sRcsa19FS3V7uRS07BkAeAtBy7taOl2j l2DJYV8CXa8pXlXz0h2d8A== 0000912057-02-017401.txt : 20020430 0000912057-02-017401.hdr.sgml : 20020430 ACCESSION NUMBER: 0000912057-02-017401 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20020430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOSTON CAPITAL TAX CREDIT FUND IV LP CENTRAL INDEX KEY: 0000913778 STANDARD INDUSTRIAL CLASSIFICATION: OPERATORS OF APARTMENT BUILDINGS [6513] IRS NUMBER: 043208648 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 333-63510 FILM NUMBER: 02626948 BUSINESS ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108 BUSINESS PHONE: 6176248900 MAIL ADDRESS: STREET 1: ONE BOSTON PLACE STREET 2: STE 2100 CITY: BOSTON STATE: MA ZIP: 02108-4406 424B3 1 a2078236z424b3.txt 424B3 Y MAY 1, 2002 SUPPLEMENT NO. 1 TO PROSPECTUS FOR BOSTON CAPITAL TAX CREDIT FUND IV L.P. DATED MAY 1, 2002 (SUPPLEMENT OFFERING BCTC IV SERIES 42 AND IDENTIFYING CERTAIN ANTICIPATED INVESTMENTS) This Supplement is part of, and should be read in conjunction with, Boston Capital's Prospectus. Capitalized terms used herein but not defined have the meanings ascribed to them in the Prospectus. SERIES 42'S PURPOSE-- - - To invest in other limited partnerships that will each develop, own and operate an apartment complex used as low and moderate-income housing. TERMS OF OFFERING-- - - Series 42 is offering at least 250,000 ($2.5 million) and up to 3,500,000 ($35 million) Beneficial Assignee Certificates that are the equivalent of limited partnership interests in Series 42; - - the price of the certificates is $10 each with a minimum investment of $5,000; - - this offering will end no later than July 31, 2002; and - - your money will be held in escrow until at least 250,000 certificates are sold. SERIES 42'S INVESTORS WILL RECEIVE-- - - federal housing tax credits; - - tax losses that can offset passive income from any other investments; and - - profits, if any, from the sale of the apartment complexes. PRIOR PERFORMANCE OF BOSTON ASSOCIATES AND ITS AFFILIATES Boston Capital Tax Credit Fund IV L.P. (the "Fund") has issued other series in other offerings - Series 20 to Series 41. The Fund has issued a total of 66,567,867 certificates, raised $665,345,760 and admitted 71,184 investors within Series 20 through 41. See "Prior Performance of Boston Associates and Its Affiliates" in the Prospectus for information about Series 20 through 40. NEW LEGISLATIVE DEVELOPMENTS On December 15, 2000, the United States Congress passed a bill which revised certain provisions of the federal housing tax credit. When the initial legislation was enacted in 1986 creating the federal housing tax credit, the tax credit allocable to each state per year was limited to an amount of $1.25 for each resident in the state. Among the many provisions in this bill, was an increase of the $1.25 cap on the federal housing tax credit to $1.75 per state resident. The increase is in two steps - to $1.50 in 2001 and to $1.75 in 2002. 1 Thereafter, this legislation calls for an automatic adjustment indexed for inflation beginning in 2003. This means that through bi-partisan support, additional incentives should be available to finance the construction and rehabilitation of housing for low and moderate income people. INVESTMENT OBJECTIVES AND ACQUISITION POLICIES Series 42's principal business is to invest, as a limited partner, in other limited partnerships (the "Operating Partnerships"), each of which will develop, own and operate an apartment complex which is expected to qualify for federal housing tax credits in order to achieve the investment goals set forth in the Prospectus. To achieve its investment objectives, Series 42 will invest in apartment complexes with a goal of generating tax credits, upon completion and occupancy of all the apartment complexes, averaging approximately $.975 to $1.025 per certificate annually--9.75% - 10.25% annual tax credit as a percentage of capital invested--for the ten-year credit period. After consulting with the underwriter regarding tax-free returns currently available to investors in other similar tax credit investments, Series 42 has selected as an investment objective a 9.75% - 10.25% annual tax credit as a percentage of capital invested. No additional tax credits will be available for the remaining term of the fifteen-year federal housing tax credit compliance period. This calculation assumes: - - the applicability of current tax law; - - each apartment complex is occupied with qualifying individuals throughout the fifteen-year federal housing tax credit compliance period; and - - investors cannot use any passive tax losses generated by Series 42. POSSIBLE INTERNAL RATE OF RETURN The internal rate of return is the rate at which the present value of your future tax benefits would equal the cost of your investment. In essence, it illustrates your future tax credit benefit as a return of principal and interest in today's dollars. For investors in the 10% - 38.6% tax bracket respectively, the tax-free rate of return goal is approximately 1.8% - 3.9%, exclusive of any cash available for distribution, if: - - none of the apartment complexes invested in has any value at the end of the fifteen-year federal housing tax credit compliance period; and - - investors do use for tax purposes the assumed loss of the investor's entire capital contributions. The tax-free rate of return will exceed 1.8% - 3.9% if: - - the value of the apartment complexes exceeds indebtedness plus sale expenses; and - - investors receive distributions from these sales or refinancings. In accordance with the rules for the allocation of federal housing tax credits, Series 42's investment goal is for the following annual tax-free amounts for each $10,000 investment in Series 42: $150-$250 in 2002; $600-$800 in 2003; 2 $975-$1,025 in 2004 - 2011; $800-$900 in 2012; and $400-$500 in 2013. This tax credit investment goal is not a forecast of anticipated tax credits, nor does it represent a yield or return on investment. Rather it is an investment goal of Series 42 for the credit period applicable to its investments. There is no assurance that any particular tax-free internal rate of return will be achieved. The attainment of Series 42's investment objectives will depend on many factors, including the ability of Boston Associates to select suitable investments on a timely basis, the timely completion and successful management of such investments and future economic conditions in the United States. Accordingly, there can be no assurance that Series 42 will meet its investment objectives. ANTICIPATED INVESTMENTS Series 42 expects to invest in the ten Operating Partnerships described below. Each Operating Partnership will use a significant part of the funds invested by Series 42 to pay fees to the Operating General Partners. See the table entitled "Terms of Investment in Operating Partnerships" in this Supplement. While Boston Associates believes that Series 42 is reasonably likely to acquire interests in the apartment complexes described below, it may not be able to do so. Before any acquisition is made, Boston Associates will complete its due diligence review as to the Operating Partnership and its apartment complex. This process will include the review and analysis of information concerning, among other matters, market competition and environmental factors. If any significant adverse information is obtained by Boston Associates, either action will be taken to mitigate the adverse factor(s), or the acquisition will not be made. It is also possible that the acquisition terms may differ significantly from those described below. Accordingly, investors should not rely on the ability of Series 42 to invest in these apartment complexes or under the described investment terms in deciding whether to invest in Series 42. If Series 42 raises the entire $35 million, the anticipated acquisition of the Operating Partnership interests, described below, will represent approximately 75% of the total money which Series 42 currently expects to spend. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Because Series 42 is currently in the offering phase, it has no material assets or any operating history. Series 42 expects to acquire interests in the following 10 Operating Partnerships, which will develop, own and operate apartment complexes, 8 of which are to be newly constructed and 2 of which are to be rehabilitated:
OPERATING GENERAL PARTNERSHIP PARTNER(S) - ------------------------------------ ------------------------- 1. Amherst Elderly L.P. Great Bridge Properties (the "Amherst Partnership") Sougehan Valley Interfaith New Construction Housing Corporation 2. Bellamy Mills L.P. Great Bridge Properties (the "Bellamy Mills Partnership") Property Rehabilitation
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OPERATING GENERAL PARTNERSHIP PARTNER(S) - ------------------------------------ ------------------------- 3. Crittenden County Partner L.P. Park Plaza III, LLC (the "Crittenden Partnership") New Construction 4. Dorchester Court LDHA L.P. Royal Castle (the "Dorchester Court Partnership") New Construction 5. Harbor Pointe II/MHT LDHA L.P. MHT Properties XV (the "Harbor Pointe Partnership") New Construction 6. Lynnelle Landing L.P. Douglas E. Pauley (the "Lynnelle Landing Partnership") New Construction 7. Center Street Urban Renewal Association Conifer Realty, LLC (the "Merchantville Senior Housing Partnership") New Construction 8. Schoolhouse Apartments L.P. Wabuck Development (the "Schoolhouse Partnership") Company New Construction 9. Signature Station L.P. Universal Development (the "Signature Station Partnership") Corporation New Construction 10. Strawberry Lane L.P. Conifer Realty LLC (the "Strawberry Lane Partnership") Property Rehabilitation
None of the Operating General Partners or the management companies are affiliated with Boston Associates. Permanent mortgage loan financing for the apartment complexes will be provided from a variety of sources. Boston Associates believes that each of the apartment complexes will have adequate property insurance. The tables included in this Supplement describe in greater detail information concerning the apartment complexes and the anticipated terms of investment in each Operating Partnership. The priority return base for Series 42 is $1.00 per certificate (10%). The priority return base is the level of return that investors must receive before Boston Associates may receive a 5% share in the proceeds from the sale or refinancing of apartment complexes. In establishing the priority return base, Boston Associates does not represent that Series 42 is expected to provide this level of return to investors. Boston Associates will receive fees and compensation for services prior to investors receiving the priority return. 4 INFORMATION CONCERNING THE APARTMENT COMPLEXES
OPERATING NUMBER BASIC GOVERNMENT PERMANENT MORTGAGE ANNUAL ANNUAL PARTNERSHIP LOCATION OF MONTHLY ASSISTANCE MORTGAGE INTEREST RESERVE MANAGEMENT MANAGEMENT NAME OF PROPERTY UNITS RENTS(1) ANTICIPATED LOAN RATE AMOUNT AGENT FEE - ------------------------------------------------------------------------------------------------------------------------------------ 1. Amherst Amherst, 42 $607- HOME Investment New Hampshire 7% $12,600 Stewart 5.72% of net Partnership New Hampshire $1,100 1BR Partnership Housing Property rental $752- Program(2) Finance Management income $1,275 2BR Authority $3,040,000(2) 2. Bellamy Dover, 30 $466 1BR HOME Investment Boston 7.75% $9,000 Stewart 6% of net Mills New Hampshire $556- Partnerships Capital Property rental Partnership $798 2BR Program(3b) Finance, LLC Management income $770,000(3a) State of 5.72% New Hampshire $550,000(3b) 3. Crittenden West Memphis, 24 $346- Federal Housing AmSouth Bank 7.25% $4,800 Park 4% of net Partnership Arkansas $555 3BR Tax Credits $810,000(4) Management, Inc. rental income 4. Dorchester Port Huron 131 $432- Federal Independent 8% $26,000 Sterling 4% of net Court Township, $620 1BR Housing Bank Management rental Partnership Michigan $504- Tax Credits $3,900,000(5) income $650 2BR $599- $650 3BR 5. Harbor Benton 72 $303- Federal Boston 8% $14,400 Southeastern 6.23% of net Pointe Township, $430 1BR Housing Capital Michigan rental Partnership Michigan $364- Tax Credits Finance, LLC Housing, LLC income $510 2BR $1,660,000(6) 6. Lynnelle Charleston, 56 $363- U.S. West Virginia 7% $11,198 Encore 6.25% of net Landing West Virginia $405 1BR Department Housing Management rental Partnership $465 2BR of Agriculture Development income $525 3BR 538 Rural Fund Housing $1,443,096(7a) Guarantee West Virginia 2% Loan Program(7a) Housing Development Fund $170,000(7b)
5 INFORMATION CONCERNING THE APARTMENT COMPLEXES
OPERATING NUMBER BASIC GOVERNMENT PERMANENT MORTGAGE ANNUAL ANNUAL PARTNERSHIP LOCATION OF MONTHLY ASSISTANCE MORTGAGE INTEREST RESERVE MANAGEMENT MANAGEMENT NAME OF PROPERTY UNITS RENTS(1) ANTICIPATED LOAN RATE AMOUNT AGENT FEE - ------------------------------------------------------------------------------------------------------------------------------------ 7. Merchantville Merchantville, 74 $481- New Jersey Boston 7.75% $22,200 Realty 5.99% of net Senior New Jersey $800 1BR Department of Capital Corporation rental Housing $572- Community Finance, LLC income Partnership $1,000 2BR Affairs(8b) $1,862,978(8a) HOME State of 0% Investment New Jersey Partnerships $2,085,900(8b) Program(8c) City of 0% Merchantville $550,000(8c) 8. Schoolhouse Corbin, 40 $320 2BR Federal Federal 2% $10,000 Homeland Inc. 5% of net Partnership Kentucky $367 3BR Housing Home Loan rental Tax Credits Bank $589,000(9) income 9. Signature Lithonia, 262 $625- Federal Georgia 5.73% $78,600 Signature 5% of net Station Georgia $700 1BR LIHTC; Department of Management, rental Partnership $725- Georgia Community Inc income $800 2BR State LIHTC Affairs $830- $17,000,000(10) $935 3BR 10. Strawberry Clayton, 71 $270- Federal Clayton 7% $20,920 Conifer Realty 6% of net Lane New York $544 1BR Housing Housing Association rental Partnership $299 2BR Tax Credits Authority income $469,482(11a) Clayton 1% Housing Authority $722,897(11b) Development 4% Authority of the North County $400,000(11c) Clayton Housing 6% Authority $683,992(11d)
- ---------- (1) Exclusive of utilities, unless indicated otherwise. 6 (2) The terms of the Amherst Partnership's anticipated permanent first mortgage loan in the amount of $3,040,000 are expected to include a term of 40 years, an interest rate of 7% and payments of principal and interest on the basis of a 40-year amortization schedule. (3) (a) The terms of the Bellamy Mills Partnership's anticipated permanent first mortgage loan in the amount of $770,000 are expected to include a term of 30 years, an interest rate of 7.75% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Bellamy Mills Partnership's anticipated permanent second mortgage loan in the amount of $550,000 are expected to include a term of 30 years, an interest rate of 5.72% and payments of principal and interest on the basis of a 30-year amortization schedule. (4) The terms of the Crittenden Partnership's anticipated permanent first mortgage loan in the amount of $810,000 are expected to include a term of 30 years, an interest rate of 7.25% and payments of principal and interest on the basis of a 30-year amortization schedule. (5) The terms of the Dorchester Court Partnership's anticipated permanent first mortgage loan in the amount of $3,900,000 are expected to include a term of 30 years, an interest rate of 8% and payments of principal and interest on the basis of a 30-year amortization schedule. (6) The terms of the Harbor Pointe Partnership's anticipated permanent first mortgage loan in the amount of $1,660,000 are expected to include a term of 30 years, an interest rate of 8% and payments of principal and interest on the basis of a 30-year amortization schedule. (7) (a) The terms of the Lynnelle Landing Partnership's anticipated permanent first mortgage loan in the amount of $1,443,096 are expected to include a term of 30 years, an interest rate of 7% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Lynnelle Landing Partnership's anticipated permanent second mortgage loan in the amount of $170,000 are expected to include a term of 20 years, an interest rate of 2% and payments of principal and interest on the basis of a 20-year amortization schedule. (8) (a) The terms of the Merchantville Senior Housing Partnership's anticipated permanent first mortgage loan in the amount of $1,862,978 are expected to include a term of 30 years, an interest rate of 7.75% and payments of principal and interest on the basis of a 30-year amortization schedule. (b) The terms of the Merchantville Senior Housing Partnership's anticipated permanent second mortgage loan in the amount of $2,085,900 are expected to include a term of 30 years, an interest rate of 0% and payments of principal and interest on the basis of a 30-year amortization schedule. (c) The terms of the Merchantville Senior Housing Partnership's anticipated permanent third mortgage loan in the amount of $550,000 are expected to include a term of 30 years, an interest rate of 0% and payments of principal and interest on the basis of a 30-year amortization schedule. (9) The terms of the Schoolhouse Partnership's anticipated permanent first mortgage loan in the amount of $589,000 are expected to include a term of 30 years, an interest rate of 2% and payments of principal and interest on the basis of a 30-year amortization schedule. (10) The terms of the Signature Station Partnership's anticipated permanent first mortgage loan in the amount of $17,000,000 are expected to include a term of 30 years, an interest rate of 5.73% and payments of principal and interest on the basis of a 30-year amortization schedule. (11) (a) The terms of the Strawberry Lane Partnership's anticipated permanent first mortgage loan in the amount of $469,482 are expected to include a term of 30 years, an interest rate of 7% and payments of principal and interest on the basis of a 50-year amortization schedule. (b) The terms of the Strawberry Lane Partnership's anticipated permanent second mortgage loan in the amount of $722,897 are expected to include a term of 35 years, an interest rate of 1% and payments of principal and interest on the basis of a 50-year amortization schedule. (c) The terms of the Strawberry Lane Partnership's anticipated permanent third mortgage loan in the amount of $400,000 are expected to include a term of 15 years, an interest rate of 4% and payments of principal and interest on the basis of a 50-year amortization schedule. (d) The terms of the Strawberry Lane Partnership's anticipated permanent fourth mortgage loan in the amount of $683,992 are expected to include a term of 30 years, an interest rate of 6% and payments of principal and interest on the basis of a 50-year amortization schedule. 7 TERMS OF INVESTMENT IN OPERATING PARTNERSHIPS
OWNERSHIP INTEREST(%) DEVELOPMENT ANNUAL PROFITS, FUND'S FEE/OTHER PARTNERSHIP ASSET LOSSES, OPERATING APPROXIMATE DISTRIBUTIONS MANAGEMENT MANAGEMENT BCTC IV CREDIT/NET GENERAL OPERATING OPERATING AVERAGE ANNUAL TO FEE TO FEE PARTNERSHIP CAPITAL CASH FLOW/ PARTNER DEFICIT PARTNERSHIP'S ANTICIPATED OPERATING OPERATING TO BOSTON NAME CONTRIBUTION BACKEND CONTRIBUTION GUARANTEE CREDIT BASE FEDERAL CREDIT GP GP CAPITAL - ------------------------------------------------------------------------------------------------------------------------------------ 1. Amherst $558,011 99.99/10/40 $100,000 Unlimited $1,916,435 $67,451 $381,000 $2,500 $2,500 Partnership in amount for 3 years 2. Bellamy $2,545,280 99.99/10/40 $100 $300,000 in $3,821,502 $311,803 $360,000 $2,500 $2,500 Mills the aggregate Partnership for 3 years after Rental Achievement 3. Crittenden $1,223,897 99.90/10/20 $100 Unlimited $1,910,203 $156,910 $189,247 $10,000 $5,000 Partnership through Rental Achievement. Upon Rental Achievement and fixed rate financing, $75,000 for 3 years 4. Dorchester $5,613,829 99.99/20/40 $100 $500,000 in $9,042,603 $748,653 $1,000,000 $3,500 $3,500 Court the aggregate Partnership for 3 years after Rental Achievement 5. Harbor $2,013,704 99.99/30/30 $100 Unlimited $3,229,328 $264,456 $380,319 $2,700 $2,700 Pointe for 5 years Partnership
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OWNERSHIP INTEREST(%) DEVELOPMENT ANNUAL PROFITS, FUND'S FEE/OTHER PARTNERSHIP ASSET LOSSES, OPERATING APPROXIMATE DISTRIBUTIONS MANAGEMENT MANAGEMENT BCTC IV CREDIT/NET GENERAL OPERATING OPERATING AVERAGE ANNUAL TO FEE TO FEE PARTNERSHIP CAPITAL CASH FLOW/ PARTNER DEFICIT PARTNERSHIP'S ANTICIPATED OPERATING OPERATING TO BOSTON NAME CONTRIBUTION BACKEND CONTRIBUTION GUARANTEE CREDIT BASE FEDERAL CREDIT GP GP CAPITAL - ------------------------------------------------------------------------------------------------------------------------------------ 6. Lynnelle $2,042,494 99.99/50/50 $48,000 $144,000 in $3,403,275 $279,041 $571,485 $16,000 $2,000 Landing the aggregate Partnership for 3 years after Rental Achievement 7. Merchantville $3,104,568 99.99/10/40 $100 Unlimited in $5,027,667 $403,191 $495,000 $5,000 $5,000 Senior Housing duration and Partnership amount 8. Schoolhouse $2,525,871 99.00/20/20 $100 $150,000 in $3,972,800 $324,787 $268,000 $2,000 $2,000 Partnershipthe aggregate for 3 years after Rental Achievement 9. Signature $2,873,612 99.90/20/20 $100 $350,000 in $11,782,467 $413,685 $2,370,000 $250,000 $25,000 Station the aggregate Partnership for 3 years after Rental Achievement 10.Strawberry $672,823 99.99/90/90 $100 $376,000 in $2,157,108 $86,259 $301,257 $5,400 $3,000 Lane the aggregate Partnership for 5 years after Rental Achievement
9 THE AMHERST PARTNERSHIP (AMHERST ELDERLY APARTMENTS) Amherst Elderly Apartments is a 42-unit apartment complex for senior citizens which is being constructed in Amherst, New Hampshire. Amherst Elderly Apartments will consist of 34 one-bedroom units and 8 two-bedroom units contained in 2 buildings. The complex will offer a community room, recreation room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting, cable television hook-up and an emergency call system. Construction of Amherst Elderly Apartments began in December, 2001. The Operating General Partners anticipate that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - --------------------------------------------------------------------------- 4 February, 2002 18 January, 2003 4 March, 2002 6 February, 2003 4 April, 2002 6 March, 2003 4 May, 2002 6 April, 2003 4 June, 2002 6 May, 2003 4 July, 2002 4 August, 2002 4 September, 2002 4 October, 2002 4 November, 2002 2 December, 2002
THE BELLAMY MILLS PARTNERSHIP (BELLAMY MILLS APARTMENTS) Bellamy Mills Apartments is an existing 30-unit apartment complex for families which is to be rehabilitated at 50 Mill Street in Dover, New Hampshire. Bellamy Mills Apartments will consist of 6 one-bedroom units and 24 two-bedroom units contained in 1 building. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, air conditioning and cable television hook-up. Rehabilitation of Bellamy Mills Apartments began in April, 2002. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - ------------------------------------------------------------------------- 8 September, 2002 8 January, 2003 8 October, 2002 8 February, 2003 8 November, 2002 8 March, 2003 6 December, 2002 6 April, 2003
10 THE CRITTENDEN PARTNERSHIP (PARK PLAZA IV APARTMENTS) Park Plaza IV Apartments is a 24-unit apartment complex for families which is to be constructed on Frontage Road in West Memphis, Arkansas. Park Plaza IV Apartments will consist of 24 three-bedroom units contained in 3 buildings. The complex will offer a pool and recreation room. Individual units will contain a refrigerator, range, dishwasher, washer/dryer hook-ups, air conditioning and a patio. Construction of Park Plaza IV Apartments began in April, 2002. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - --------------------------------------------------------------------- 8 May, 2002 8 November, 2002 16 June, 2002 16 December, 2002
THE DORCHESTER COURT PARTNERSHIP (DORCHESTER COURT APARTMENTS) Dorchester Court Apartments is a 131-unit apartment complex for families which is being constructed on New Hampshire Avenue in Port Huron Township, Michigan. Dorchester Court Apartments will consist of 49 one-bedroom units, 66 two-bedroom units and 16 three-bedroom units contained in 4 buildings. The complex will offer a community room, pool, recreation room, individual storage units and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting, cable television hook-up and a patio or porch. Construction of Dorchester Court Apartments began in January, 2002. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------- 8 March, 2002 10 July, 2002 8 April, 2002 10 August, 2002 8 May, 2002 10 September, 2002 8 June, 2002 2 October, 2002 8 July, 2002 43 January, 2003 8 August, 2002 7 February, 2003 8 September, 2002 7 March, 2003 8 October, 2002 7 April, 2003 8 November, 2002 7 May, 2003 14 December, 2002 7 June, 2003 15 January, 2003 7 July, 2003 15 February, 2003 7 August, 2003 15 March, 2003 7 September, 2003
11 THE HARBOR POINTE PARTNERSHIP (HARBOR POINTE II APARTMENTS) Harbor Pointe II Apartments is a 72-unit apartment complex for senior citizens which is being constructed in Benton Township, Michigan. Harbor Pointe II Apartments will consist of 18 one-bedroom units and 54 two-bedroom units contained in 1 building. The complex will offer a community room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting, cable television hook-up and an emergency call system. Construction of Harbor Pointe II Apartments began in September, 2001. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - ------------------------------------------------------------------------- 8 August, 2002 8 September, 2002 8 September, 2002 8 October, 2002 8 October, 2002 8 November, 2002 8 November, 2002 8 December, 2002 8 December, 2002 8 January, 2003 8 January, 2003 8 February, 2003 8 February, 2003 8 March, 2003 8 March, 2003 8 April, 2003 8 April, 2003 8 May, 2003
THE LYNNELLE LANDING PARTNERSHIP (LYNNELLE LANDING APARTMENTS) Lynnelle Landing Apartments is a 56-unit apartment complex for families which is being constructed on Amanita Drive in Charleston, West Virginia. Lynnelle Landing Apartments will consist of 8 one-bedroom units, 40 two-bedroom units and 8 three-bedroom units contained in 7 buildings. The complex will offer a computer room, playground, tot lots, individual storage units and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal and air conditioning. Construction of Lynnelle Landing Apartments began in January, 2002. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - ---------------------------------------------------------------------- 20 May, 2002 20 October, 2002 20 June, 2002 20 November, 2002 16 July, 2002 16 December, 2002
12 THE MERCHANTVILLE SENIOR HOUSING PARTNERSHIP (MERCHANTVILLE SENIOR HOUSING APARTMENTS) Merchantville Senior Housing Apartments is a 74-unit apartment complex for senior citizens which is to be constructed on South Chestnut and Center Streets in Merchantville, New Jersey. Merchantville Senior Housing Apartments will consist of 62 one-bedroom units and 12 two-bedroom units contained in 1 building. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting, cable television hook-up and an emergency call system. Construction of Merchantville Senior Housing Apartments began in April, 2002. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - ------------------------------------------------------------------------- 9 November, 2002 9 April, 2003 9 December, 2002 9 May, 2003 8 January, 2003 8 June, 2003 8 February, 2003 8 July, 2003 8 March, 2003 8 August, 2003 8 April, 2003 8 September, 2003 8 May, 2003 8 October, 2003 8 June, 2003 8 November, 2003 8 July, 2003 8 December, 2003
THE SCHOOLHOUSE PARTNERSHIP (SCHOOLHOUSE APARTMENTS) Schoolhouse Apartments is a 40-unit apartment complex for families which is being constructed in Corbin, Kentucky. Schoolhouse Apartments will consist of 36 two-bedroom units and 4 three-bedroom units contained in 4 buildings. The complex will offer a community room, playground and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, air conditioning and washer and dryer hook-ups. Construction of Schoolhouse Apartments began in December, 2001. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - ---------------------------------------------------------------------- 10 April, 2002 10 August, 2002 15 May, 2002 15 October, 2002 15 June, 2002 15 December, 2002
13 THE SIGNATURE STATION PARTNERSHIP (ALEXANDER AT STONECREST APARTMENTS) Alexander at Stonecrest Apartments is a 262-unit apartment complex for families which is being constructed on Rock Chapel Road in Lithonia, Georgia. Alexander at Stonecrest Apartments will consist of 94 one-bedroom units, 112 two-bedroom units and 56 three-bedroom units contained in 9 buildings. The complex will offer a community room, recreation room and central laundry facilities. Individual units will contain a refrigerator, range, dishwasher, disposal, air conditioning, wall-to-wall carpeting, cable television hook-up and a patio or porch. Construction of Alexander at Stonecrest Apartments began in December, 2001. The Operating General Partner anticipates that construction completion and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - -------------------------------------------------------------------------- 18 June, 2002 13 October, 2002 18 July, 2002 13 November, 2002 20 August, 2002 13 December, 2002 24 September, 2002 14 January, 2003 25 October, 2002 15 February, 2003 25 November, 2002 14 March, 2003 25 December, 2002 14 April, 2003 25 January, 2003 14 May, 2003 25 February, 2003 14 June, 2003 25 March, 2003 14 July, 2003 14 April, 2003 14 August, 2003 18 May, 2003 14 September, 2003 14 October, 2003 14 November, 2003 68 December, 2003
14 THE STRAWBERRY LANE PARTNERSHIP (CLAYTON PHASE I AND II APARTMENTS) Clayton Phase I and II Apartments is an existing 71-unit apartment complex for senior citizens which is being rehabilitated on Strawberry Lane in Clayton, New York. Clayton Phase I and II Apartments will consist of 67 one-bedroom units and 4 two-bedroom units contained in 1 building. The complex will offer central laundry facilities. Individual units will contain a refrigerator, range and an emergency call system. Rehabilitation of Clayton Phase I and II Apartments began in October, 2001. The Operating General Partner anticipates that completion of rehabilitation and occupancy will occur as follows:
NUMBER OF UNITS COMPLETION NUMBER OF UNITS RENT-UP - --------------------------------------------------------------------------- 16 August, 2002 16 September, 2002 18 September, 2002 18 October, 2002 19 October, 2002 19 November, 2002 18 November, 2002 18 December, 2002
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